0001564590-20-053333 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 09, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Revolution Medicines, Inc.
Entity Central Index Key	0001628171
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		66,380,190
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock $0.0001 Par Value per Share
Trading Symbol	RVMD
Security Exchange Name	NASDAQ
Entity File Number	001-39219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2029180
Entity Address, Address Line One	700 Saginaw Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	481-6801
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 64,871	$ 16,659
Marketable securities	401,269	106,099
Receivable from related party	9,299	8,737
Prepaid expenses and other current assets	7,459	2,486
Total current assets	482,898	133,981
Property and equipment, net	7,035	7,147
Operating lease right-of-use asset	28,194
Intangible assets, net	61,212	62,013
Goodwill	14,608	14,608
Restricted cash	1,084	214
Other noncurrent assets	39	2,566
Total assets	595,070	220,529
Current liabilities:
Accounts payable	6,656	11,400
Accrued expenses and other current liabilities	18,974	14,528
Operating lease liability, current	3,645
Deferred revenue, related party, current	13,109	17,124
Total current liabilities	42,384	43,052
Deferred rent, noncurrent		1,741
Deferred revenue, related party, noncurrent	9,773	14,727
Deferred tax liability	7,085	7,819
Operating lease liability, noncurrent	29,669
Other noncurrent liabilities	1,089	655
Total liabilities	90,000	67,994
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $0.0001 par value; zero and 192,904,770 shares authorized at September 30, 2020 and December 31, 2019, respectively; zero and 39,600,423 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively; aggregate liquidation preference of zero and $308,688 at September 30, 2020 and December 31, 2019, respectively		305,109
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 10,000,000 and zero shares authorized at September 30, 2020 and December 31, 2019, respectively; zero shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
Common stock, $0.0001 par value; 300,000,000 and 249,000,000 shares authorized at September 30, 2020 and December 31, 2019, respectively; 66,324,753 and 3,292,124 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	7
Additional paid-in capital	736,193	4,738
Accumulated other comprehensive income	211	74
Accumulated deficit	(231,341)	(157,386)
Total stockholders' equity (deficit)	505,070	(152,574)
Total liabilities, redeemable convertible preferred stock and stockholders' equity	$ 595,070	$ 220,529

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	192,904,770
Temporary equity, shares issued	0	39,600,423
Temporary equity, shares outstanding	0	39,600,423
Temporary equity, liquidation preference	$ 0	$ 308,688
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	249,000,000
Common stock, shares, issued	66,324,753	3,292,124
Common stock, shares, outstanding	66,324,753	3,292,124

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Total revenue	$ 12,661	$ 12,506	$ 34,232	$ 37,953
Operating expenses:
Research and development	34,871	22,962	95,246	64,265
General and administrative	5,341	3,103	15,603	8,244
Total operating expenses	40,212	26,065	110,849	72,509
Loss from operations	(27,551)	(13,559)	(76,617)	(34,556)
Other income, net:
Interest income	347	766	1,986	1,571
Interest and other expense	(17)	(25)	(57)	(83)
Total other income, net	330	741	1,929	1,488
Loss before income taxes	(27,221)	(12,818)	(74,688)	(33,068)
Benefit from income taxes			733
Net loss	(27,221)	(12,818)	(73,955)	(33,068)
Redeemable convertible preferred stock dividends - undeclared and cumulative		(4,247)	(2,219)	(9,987)
Net loss attributable to common stockholders	$ (27,221)	$ (17,065)	$ (76,174)	$ (43,055)
Net loss per share attributable to common stockholders - basic and diluted	$ (0.42)	$ (6.08)	$ (1.49)	$ (15.81)
Weighted-average common shares used to compute net loss per share, basic and diluted	64,892,868	2,806,470	51,031,003	2,723,541
Collaboration Revenue, Related Party
Revenue:
Total revenue	$ 12,661	$ 12,506	$ 34,232	$ 37,953

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (27,221)	$ (12,818)	$ (73,955)	$ (33,068)
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net	(80)	69	137	54
Total comprehensive loss	$ (27,301)	$ (12,749)	$ (73,818)	$ (33,014)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Initial Public Offering	Follow-on Offering	Common Stock	Common Stock Initial Public Offering	Common Stock Follow-on Offering	Additional Paid-In Capital	Additional Paid-In Capital Initial Public Offering	Additional Paid-In Capital Follow-on Offering	Accumulated Other Comprehensive Income	Accumulated Deficit	Redeemable Convertible Preferred Stock	Series C Preferred Stock
Beginning balance at Dec. 31, 2018	$ (108,422)						$ 1,300				$ (109,722)
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2018												29,595,909
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2018												$ 205,081
Beginning balance, shares at Dec. 31, 2018				3,208,924
Issuance of common stock pursuant to stock option exercises	14						14
Issuance of common stock pursuant to stock option exercises, shares				3,766
Issuance of common stock pursuant to early exercised stock options, shares				13,640
Vesting of early exercised stock options	27						27
Repurchases of early exercised stock, shares				(1,948)
Stock-based compensation expense	403						403
Net loss	(10,131)										(10,131)
Ending balance at Mar. 31, 2019	(118,109)						1,744				(119,853)
Redeemable convertible preferred stock, ending balance, shares at Mar. 31, 2019												29,595,909
Redeemable convertible preferred stock, ending balance at Mar. 31, 2019												$ 205,081
Ending balance, shares at Mar. 31, 2019				3,224,382
Beginning balance at Dec. 31, 2018	(108,422)						1,300				(109,722)
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2018												29,595,909
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2018												$ 205,081
Beginning balance, shares at Dec. 31, 2018				3,208,924
Net unrealized gains (loss) on marketable securities	54
Net loss	(33,068)
Ending balance at Sep. 30, 2019	(139,446)						3,290			$ 54	(142,790)
Redeemable convertible preferred stock, ending balance, shares at Sep. 30, 2019												39,600,423
Redeemable convertible preferred stock, ending balance at Sep. 30, 2019												$ 305,114
Ending balance, shares at Sep. 30, 2019				3,301,886
Beginning balance at Mar. 31, 2019	(118,109)						1,744				(119,853)
Redeemable convertible preferred stock, beginning balance, shares at Mar. 31, 2019												29,595,909
Redeemable convertible preferred stock, beginning balance at Mar. 31, 2019												$ 205,081
Beginning balance, shares at Mar. 31, 2019				3,224,382
Issuance of Series C redeemable convertible preferred stock for cash at $10.03 per share, net of issuance costs													$ 89,935
Issuance of Series C redeemable convertible preferred stock for cash at $10.03 per share, net of issuance costs, shares													8,991,731
Issuance of common stock pursuant to stock option exercises	1						1
Issuance of common stock pursuant to stock option exercises, shares				1,391
Issuance of common stock pursuant to early exercised stock options, shares				5,998
Vesting of early exercised stock options	35						35
Repurchases of early exercised stock, shares				(51,375)
Stock-based compensation expense	506						506
Net unrealized gains (loss) on marketable securities	(15)									(15)
Net loss	(10,119)										(10,119)
Ending balance at Jun. 30, 2019	(127,701)						2,286			(15)	(129,972)
Redeemable convertible preferred stock, ending balance, shares at Jun. 30, 2019												38,587,640
Redeemable convertible preferred stock, ending balance at Jun. 30, 2019												$ 295,016
Ending balance, shares at Jun. 30, 2019				3,180,396
Issuance of Series C redeemable convertible preferred stock for cash at $10.03 per share, net of issuance costs													$ 10,098
Issuance of Series C redeemable convertible preferred stock for cash at $10.03 per share, net of issuance costs, shares													1,012,783
Issuance of common stock pursuant to stock option exercises	99						99
Issuance of common stock pursuant to stock option exercises, shares				65,008
Issuance of common stock pursuant to early exercised stock options, shares				81,222
Vesting of early exercised stock options	51						51
Repurchases of early exercised stock, shares				(24,740)
Stock-based compensation expense	854						854
Net unrealized gains (loss) on marketable securities	69									69
Net loss	(12,818)										(12,818)
Ending balance at Sep. 30, 2019	(139,446)						3,290			54	(142,790)
Redeemable convertible preferred stock, ending balance, shares at Sep. 30, 2019												39,600,423
Redeemable convertible preferred stock, ending balance at Sep. 30, 2019												$ 305,114
Ending balance, shares at Sep. 30, 2019				3,301,886
Beginning balance at Dec. 31, 2019	$ (152,574)						4,738			74	(157,386)
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2019	39,600,423											39,600,423
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2019	$ 305,109											$ 305,109
Beginning balance, shares at Dec. 31, 2019				3,292,124
Conversion of redeemable convertible preferred stock into common stock	305,109			$ 4			305,105					$ (305,109)
Conversion of redeemable convertible preferred stock into common stock, shares				39,600,423								(39,600,423)
Issuance of common stock upon offering, net of offering costs		$ 250,697			$ 2			$ 250,695
Issuance of common stock upon offering, net of offering costs, shares					16,100,000
Issuance of common stock pursuant to stock option exercises	27						27
Issuance of common stock pursuant to stock option exercises, shares				11,097
Vesting of early exercised stock options	47						47
Stock-based compensation expense	1,567						1,567
Net unrealized gains (loss) on marketable securities	(38)									(38)
Net loss	(19,519)										(19,519)
Ending balance at Mar. 31, 2020	385,316			$ 6			562,179			36	(176,905)
Ending balance, shares at Mar. 31, 2020				59,003,644
Beginning balance at Dec. 31, 2019	$ (152,574)						4,738			74	(157,386)
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2019	39,600,423											39,600,423
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2019	$ 305,109											$ 305,109
Beginning balance, shares at Dec. 31, 2019				3,292,124
Issuance of common stock pursuant to stock option exercises, shares	447,966
Net unrealized gains (loss) on marketable securities	$ 137
Net loss	(73,955)
Ending balance at Sep. 30, 2020	$ 505,070			$ 7			736,193			211	(231,341)
Redeemable convertible preferred stock, ending balance, shares at Sep. 30, 2020	0
Ending balance, shares at Sep. 30, 2020				66,324,753
Beginning balance at Mar. 31, 2020	$ 385,316			$ 6			562,179			36	(176,905)
Beginning balance, shares at Mar. 31, 2020				59,003,644
Issuance of common stock pursuant to stock option exercises	86						86
Issuance of common stock pursuant to stock option exercises, shares				21,578
Vesting of early exercised stock options	39						39
Repurchase of common stock, shares				(9,354)
Stock-based compensation expense	2,017						2,017
Net unrealized gains (loss) on marketable securities	255									255
Net loss	(27,215)										(27,215)
Ending balance at Jun. 30, 2020	360,498			$ 6			564,321			291	(204,120)
Ending balance, shares at Jun. 30, 2020				59,015,868
Issuance of common stock upon offering, net of offering costs			$ 167,767			$ 1			$ 167,766
Issuance of common stock upon offering, net of offering costs, shares						6,900,000
Issuance of common stock pursuant to stock option exercises	1,390						1,390
Issuance of common stock pursuant to stock option exercises, shares				415,291
Vesting of early exercised stock options	46						46
Repurchase of common stock, shares				(6,406)
Stock-based compensation expense	2,670						2,670
Net unrealized gains (loss) on marketable securities	(80)									(80)
Net loss	(27,221)										(27,221)
Ending balance at Sep. 30, 2020	$ 505,070			$ 7			$ 736,193			$ 211	$ (231,341)
Redeemable convertible preferred stock, ending balance, shares at Sep. 30, 2020	0
Ending balance, shares at Sep. 30, 2020				66,324,753

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Sep. 30, 2019
Series C Preferred Stock
Stock issuance cost			$ 254
Shares issued price per share			$ 10.03	$ 10.03
Initial Public Offering
Stock issuance cost		$ 23,003
Follow-on Offering
Stock issuance cost	$ 11,633

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (73,955)	$ (33,068)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets	801	802
Stock-based compensation expense	6,254	1,763
Depreciation and amortization	1,937	1,675
Loss on disposal of property and equipment		50
Loss on disposal of held-for-sale assets		597
Net amortization (accretion) of premium (discount) on marketable securities	382	(307)
Amortization of operating lease right-of-use asset	2,107
Changes in operating assets and liabilities:
Receivable from related party	(562)	(1,647)
Prepaid expenses and other current assets	(2,082)	(1,934)
Accounts payable	(4,311)	1,031
Accrued expenses and other current liabilities	5,046	4,632
Deferred revenue, related party	(8,969)	(10,136)
Deferred tax liability	(734)
Deferred rent		(373)
Operating lease liability	(1,915)
Other noncurrent assets	405	(1,259)
Other noncurrent liabilities	566	210
Net cash used in operating activities	(75,030)	(37,964)
Cash flows from investing activities
Purchases of marketable securities	(499,257)	(143,682)
Maturities of marketable securities	200,837	29,579
Sales of marketable securities	3,005
Purchases of property and equipment	(1,764)	(2,079)
Proceeds from sale of property and equipment		192
Proceeds from sale of held-for-sale assets		6,000
Net cash used in investing activities	(297,179)	(109,990)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	420,101
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		100,033
Proceeds from issuance of common stock under equity incentive plans	1,190	227
Repurchases of early exercised stock		40
Payments of deferred offering costs		(108)
Net cash provided by financing activities	421,291	100,192
Net increase (decrease) in cash, cash equivalents and restricted cash	49,082	(47,762)
Cash, cash equivalents and restricted cash - beginning of period	16,873	69,800
Cash, cash equivalents and restricted cash - end of period	65,955	22,038
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	64,871	21,824
Restricted cash	1,084	214
Cash, cash equivalents and restricted cash - end of period	65,955	22,038
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised options and restricted stock	132	113
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	441	254
Right-of-use assets obtained in exchange for operating lease liabilities	21,188
Unpaid deferred offering costs	$ 34	$ 1,194

Organization

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1.	Organization

Revolution Medicines, Inc. (the Company) is a clinical-stage precision oncology company focused on developing targeted therapies to inhibit frontier targets in RAS-addicted cancers. The Company was founded in October 2014 and is headquartered in Redwood City, California.

Liquidity

The Company has incurred net operating losses in each year since inception. As of September 30, 2020, the Company had an accumulated deficit of $231.3 million. Management believes that its existing cash, cash equivalents and marketable securities will enable the Company to fund planned operations for at least 12 months following the issuance date of these condensed consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock and redeemable convertible preferred stock in addition to upfront payments and research and development cost reimbursement received under the Company’s collaboration agreement with Genzyme Corporation, an affiliate of Sanofi. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under the Sanofi collaboration agreement or future collaboration agreements, if any. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Public Offerings

In February 2020, the Company closed its initial public offering (IPO), and issued 16,100,000 shares of its common stock (including the exercise in full by the underwriters of their option to purchase an additional 2,100,000 shares of common stock) at a price to the public of $17.00 per share for net proceeds of $250.7 million, after deducting underwriting discounts and commissions of $19.2 million and expenses of $3.8 million.

In July 2020, the Company issued and sold 6,900,000 shares of its common stock in an underwritten public offering (including the exercise in full by the underwriters of their option to purchase an additional 900,000 shares of the Company’s common stock) at a price of $26.00 per share for net proceeds of $167.8 million, after deducting underwriting discounts and commissions of $10.8 million and expenses of $0.8 million.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company's financial position and results of operations for the reported periods. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 30, 2020. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The condensed consolidated financial statements for the periods ended September 30, 2020 and September 30, 2019 include the accounts of the Company and its wholly owned subsidiary, Warp Drive Bio, Inc. (Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar.

Reverse Stock Split

On February 7, 2020, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-4.8661 reverse stock split of the Company’s common stock and redeemable convertible preferred stock. The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill, and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended September 30, 2020. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial institutions in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents.

The Company is subject to credit risk as its receivable and collaboration revenue, related party are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi Collaboration Agreement.”

The Company’s clinical trial sites for its RMC-4630 clinical studies may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in our RMC-4630 clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials.

Leases

The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment of the applicable country or region. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred.

Recently Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, Leases (ASU 2016-02). ASU 2016-02 provides accounting guidance for both lessee and lessor accounting models. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU 2018-10, Codification Improvements to Topic 842, Leases, ASU 2018-11, Leases (Topic 842): Targeted Improvements and ASU 2019-01, Leases (Topic 842): Codification Improvements. ASU 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.

The Company adopted these ASUs on January 1, 2020. For its operating leases with a term greater than twelve months, the Company recognizes a right-of-use asset and a lease liability on its condensed consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach, which resulted in the initial recognition of a lease liability of $11.5 million, and a right‑to‑use asset of $9.1 million, with no adjustment to the accumulated deficit balance. In connection with the lease adoption, the Company also derecognized deferred rent of $2.4 million. The adoption of the new standard did not have an impact on the condensed consolidated statements of operations. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. In order to estimate the incremental borrowing rate, management estimated its credit rating, adjusted the credit rating for the nature of the collateral, and benchmarked the borrowing rate against observable yields on comparable securities with a similar term. As of the adoption date, the Company estimated the incremental borrowing rate to be approximately 5%. The Company determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. The Company elected the practical expedients permitted under ASU 2018-11, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2020. The Company elected to exclude from its condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases). The Company elected to apply the practical expedient and accounted for each lease component and related non-lease component as one single component.

In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07). ASU 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The Company adopted ASU 2018-07 on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework (ASU 2018-13). ASU 2018-13 is part of a broader disclosure framework project by the FASB to improve the effectiveness of disclosures by more clearly communicating the information to the user. ASU 2018-13 is applicable to the Company for the fiscal year beginning after December 15, 2019. The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements.

In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (ASU 2018-18). ASU 2018-18 clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the counterparty is a customer for a distinct good or service (i.e. a unit of account). For units of account that are in the scope of Topic 606, all of the guidance in Topic 606 should be applied, including the guidance on recognition, measurement, presentation and disclosure. ASU 2018-18 also adds a reference in ASC Topic 808, Collaborative Arrangements (Topic 808) to the unit of account guidance in Topic 606 and requires that it be applied only to assess whether transactions in a collaborative arrangement are in the scope of Topic 606. ASU 2018-18 precludes entities from presenting amounts related to transactions with a counterparty in a collaborative arrangement that is not a customer as revenue from contracts with customers. The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning on January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of these ASUs will have on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 31, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company is currently evaluating the impact of ASU 2018-15 on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. ASU 2019-12 will be effective for the Company in the first quarter of 2021 with early adoption permitted. The Company is currently assessing the impact of ASU 2019-12 on its consolidated financial statements.

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (ASU 2020-08). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact of ASU 2020-08 on the Company’s consolidated financial statements.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

3.	Fair Value Measurements

The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. Refer to Note 4 regarding the fair value of the Company’s available-for-sale securities.

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation:

	September 30, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds ⁽¹⁾	$	14,231	$	14,231	$	—	$	—
Commercial paper ^{(1, 2)}		154,034		—		154,034		—
U.S. government and agency securities^{(1, 2)}		296,272		—		296,272		—
Corporate bonds ⁽²⁾		3,155		—		3,155		—
Total	$	467,692	$	14,231	$	453,461	$	—


	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds ⁽¹⁾	$	9,369	$	9,369	$	—	$	—
Commercial paper ^{(1, 2)}		32,597		—		32,597		—
U.S. government and agency securities⁽²⁾		42,814		—		42,814		—
Corporate bonds ⁽²⁾		38,837		—		38,837		—
Total	$	123,617	$	9,369	$	114,248	$	—

(1)	Included in cash and cash equivalents on the consolidated balance sheets.

(2)	Included in marketable securities on the consolidated balance sheets.

Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities.

There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Available-for-sale Securities

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

Available-for-sale securities

4.	Available-For-Sale Securities

The following tables summarize the estimated value of the Company’s available-for-sale securities and cash equivalents and the gross unrealized gains and losses:

	September 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	107,540	$	8	$	(7	)	$	107,541
U.S. government and agency securities		290,369		209		(5	)		290,573
Corporate bonds		3,148		7		—			3,155
Total marketable securities		401,057		224		(12	)		401,269
Cash equivalents:
Money market funds		14,231		—		—			14,231
Commercial paper		46,494		—		(1	)		46,493
U.S. government and agency securities		5,699		—		—			5,699
Total cash equivalents		66,424		—		(1	)		66,423
Total available-for-sale investments	$	467,481	$	224	$	(13	)	$	467,692

	December 31, 2019
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	Cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	24,446	$	3	$	(1	)	$	24,448
U.S. government and agency securities		42,777		39		(2	)		42,814
Corporate bonds		38,802		37		(2	)		38,837
Total marketable securities		106,025		79		(5	)		106,099
Cash equivalents:
Money market funds		9,369		—		—			9,369
Commercial paper		8,149		—		—			8,149
Total cash equivalents		17,518		—		—			17,518
Total available-for-sale investments	$	123,543	$	79	$	(5	)	$	123,617

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of September 30, 2020:

	September 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	430,266	$	206	$	(13	)	$	430,459
Mature after one year through two years		37,215		18		—			37,233
Total marketable securities	$	467,481	$	224	$	(13	)	$	467,692

Balance Sheet Components

9 Months Ended

Sep. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

5.	Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consists of the following:

	September 30,			December 31,
	2020			2019
	(in thousands)
Laboratory equipment	$	9,456		$	8,032
Leasehold improvements		3,387			3,342
Computer equipment and software		1,521			1,284
Furniture and fixtures		48			48
Construction in progress		118			—
		14,530			12,706
Less: accumulated depreciation and amortization		(7,495	)		(5,559	)
Property and equipment, net	$	7,035		$	7,147

Depreciation and amortization expense for property and equipment amounted to $0.7 million and $0.6 million for the three months ended September 30, 2020 and 2019, respectively and $1.9 million and $1.7 million for the nine months ended September 30, 2020 and 2019, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

	September 30,		December 31,
	2020		2019
	(in thousands)
Accrued compensation	$	4,580	$	4,069
Accrued research and development		13,621		7,195
Deferred rent, current		—		609
Accrued professional services		618		1,607
Finance lease, current		64		172
Other		91		876
Total accrued expenses and other current liabilities	$	18,974	$	14,528

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

6.	Intangible Assets and Goodwill

Intangible Assets, Net

Intangible assets, net consist of the following as of September 30, 2020:

	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development - RAS programs	$	55,800	$	—		$	55,800	n/a
Developed technology - tri-complex platform		7,480		(2,068	)		5,412		5.1
Total	$	63,280	$	(2,068	)	$	61,212

Amortization expense for the three months ended September 30, 2020 and 2019 was $0.3 million and $0.3 million, respectively and for the nine months ended September 30, 2020 and 2019 was $0.8 million and $0.8 million, respectively.

As of September 30, 2020, future amortization expense is as follows:

	Amount
	(in thousands)
2020 (remaining three months)	$	266
2021		1,069
2022		1,069
2023		1,069
2024		1,069
2025		870
Total	$	5,412

Intangible assets, net consist of the following as of December 31, 2019:

	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development – RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology - tri-complex platform		7,480		(1,267	)		6,213		5.8
Total	$	63,280	$	(1,267	)	$	62,013

Goodwill

Goodwill consists of the following:

	Amount
	(in thousands)
Balance at December 31, 2019	$	14,608
Adjustment		—
Balance at September 30, 2020	$	14,608

No impairment has been recognized as of September 30, 2020. Goodwill recorded is not deductible for income tax purposes.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

7.	Commitments and Contingencies

Leases

In January 2015, as amended in September 2016, the Company entered into an operating lease for approximately 42,000 square feet of office and laboratory space located at 700 Saginaw Drive, Redwood City, California, or the 700 Building, with a term through April 2023. In April 2020, the Company amended the lease to lease an additional 19,000 square feet of office, laboratory and research and development space located at 300 Saginaw Drive, Redwood City, California, or the 300 Building, beginning on December 15, 2020 and ending December 31, 2030, and to extend the Company’s existing lease term for the 700 Building until December 31, 2030. The Company has the option to extend the lease term for the 700 Building and the 300 Building together for an additional ten years after December 31, 2030. In connection with the lease amendment the Company issued a letter of credit for $0.9 million, which is included in restricted cash on the condensed consolidated balance sheet as of September 30, 2020.

The annual base rent for the lease of the 300 Building is $1.2 million until December 31, 2021, after which the annual base rent will increase by approximately 3.5% in each subsequent year of the lease term. The annual base rent for the lease of the 700 Building remains unchanged through April 30, 2023, and increases to $2.8 million for the 12 month period ending April 30, 2024, after which the annual base rent increases by approximately 3.5% in each subsequent year of the lease term.

In conjunction with the lease amendment, the Company assumed a lease in April 2020 for the 300 Building with a lease term expiring on December 14, 2020 for an annual base rent of $0.5 million and subsequently subleased approximately 50% of the 300 Building with an initial term expiring on December 14, 2020.

Through September 30, 2020, the landlord has provided the Company with $3.4 million in tenant improvement allowances for the 700 Building, which were recognized as a lease incentive. The lease amendment provides the Company with an additional tenant improvement allowance for a total of $3.3 million to complete the renovation to the 300 building, which the Company has determined to be lessee owned. The lease incentive is being amortized as an offset to rent expense over the lease term in the condensed consolidated statements of operations.

Upon the execution of the amendment, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the adoption of ASC 842 for the lease. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 300 Building, which is being accounted for as a new operating lease, and the other is related to the modification of the original lease term for the original 700 Building. As a result, the Company recorded a right-of-use asset of $6.4 million and a lease liability of $9.0 million for the 300 Building and an increase of $14.8 million to the right-of-use asset and lease liability for the 700 Building upon the lease amendment. The Company is recognizing rent expense on a straight-line basis through the remaining extended term of the respective leases.

As part of the Warp Drive acquisition in October 2018, the Company assumed an operating lease for approximately 22,000 square feet of office and laboratory space located in Cambridge, Massachusetts (Cambridge Lease), which expires in February 2023, with an option to extend the term through February 2028, subject to certain conditions. In March 2019, the Company fully subleased the Cambridge Lease to Casma Therapeutics, Inc. (Casma), a related party, on financial terms substantially the same as the original lease. The sublease term with Casma is through the remainder of the Cambridge Lease term. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by Third Rock Ventures, LLC, a related party. In conjunction with the Cambridge Lease, the Company issued a letter of credit for $0.2 million, which is included in restricted cash on the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019.

The balance sheet classification of the Company’s lease liabilities was as follows:

	September 30, 2020
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	3,645
Operating lease liability – noncurrent		29,669
Total operating lease liabilities		33,314
Financing lease liabilities:
Accrued expenses and other current liabilities		64
Total financing lease liabilities		64
Total lease liabilities	$	33,378

For the three months ended September 30, 2020, operating lease cost was $0.8 million, net of sublease income of $0.5 million and tenant improvement allowance credits of $0.1 million. For the nine months ended September 30, 2020, operating lease cost was $1.9 million, net of sublease income of $1.4 and tenant improvement allowance credits of $0.2 million. The operating cash flows for operating leases were $0.6 million and $1.9 million for the three months and nine months ended September 30, 2020, respectively. Short-term lease costs were immaterial for the three months and nine months ended September 30, 2020.

As of September 30, 2020, the maturities of the Company’s operating lease liabilities were as follows (in thousands):



2020 (remaining three months)	$	1,129
2021		4,381
2022		5,144
2023		4,173
2024		4,215
Thereafter		28,576
Total undiscounted lease payments	$	47,618
Less: Imputed interest		(11,030	)
Less: Tenant improvement allowance		(3,274	)
Total operating lease liabilities	$	33,314

The amounts reflected in the table above include our lease payments for the Cambridge lease, but do not reflect any offset for the sublease payments we are entitled to receive from Casma. The amounts representing the tenant improvement allowance, which are recorded in prepaid expenses and other current assets, are expected to be fully received by the Company by the end of the first quarter of 2021.

Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate. The weighted-average discount rate used to determine the operating lease liability was 7.1%. As of September 30, 2020, the weighted-average remaining lease term is 9.3 years.

As of December 31, 2019, future minimum payments and receipts under the Company’s operating and capital leases and sublease, under the prior lease standard, ASC 840, were as follows:

	Gross lease commitments		Sublease income			Net lease commitments
	(in thousands)
2020	$	3,885	$	(1,701	)	$	2,184
2021		3,786		(1,752	)		2,034
2022		3,886		(1,804	)		2,082
2023		1,003		(302	)		701
Total future minimum lease payments	$	12,560	$	(5,559	)	$	7,001

Included in the amounts above are $0.2 million of capital lease obligations.

Rent expense under ASC 840 was $2.0 million for the year ended December 31, 2019, net of sublease income and tenant improvement allowance credits.

Legal Matters

From time to time, the Company may become involved in litigation or other legal proceedings. The Company accrues for these matters when it is probable that losses will be incurred, and these losses can be reasonably estimated. The Company is not currently a party to any litigation or legal proceedings that, in the opinion of the Company’s management, are probable to have a material adverse effect on our business, financial condition, results of operations or prospects.

Indemnification

The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is minimal.

Sanofi Collaboration Agreement

9 Months Ended

Sep. 30, 2020

Collaboration Agreement [Abstract]

Sanofi Collaboration Agreement

8.	Sanofi Collaboration Agreement

In June 2018, the Company entered into a collaborative research, development and commercialization agreement with Aventis, Inc. (an affiliate of Sanofi), or the Sanofi Agreement, to research and develop SHP2 inhibitors, including RMC-4630, for any indications. The Sanofi Agreement was assigned to Genzyme Corporation, a Sanofi affiliate, in December 2018. Pursuant to the Sanofi Agreement, the Company granted Sanofi a worldwide, exclusive, sublicensable (subject to the Company’s consent in certain circumstances) license under certain of the Company’s patents and know-how to research, develop, manufacture, use, sell, offer for sale, import and otherwise commercialize SHP2 inhibitors, including RMC-4630, for any and all uses, subject to the Company’s exercise of rights and performance obligations under the Sanofi Agreement.

In October 2018, the Company acquired Warp Drive in exchange for issuance of shares of the Company’s Series B redeemable convertible preferred stock and payment of cash. Sanofi was a stockholder of Warp Drive and received the Company’s Series B redeemable convertible preferred stock during the transaction and accordingly became an investor and related party of the Company.

Under the Sanofi Agreement, the Company received a non-refundable, upfront cash payment of $50 million in July 2018 and could also receive up to $520 million in development and regulatory milestone payments, including up to $235 million upon the achievement of specified development milestones and up to $285 million upon the achievement of certain marketing approval milestones.

The Company has primary responsibility for early clinical development and for the manufacture of SHP2 inhibitors for Phase 1 and non-registrational Phase 2 clinical trials of RMC-4630 pursuant to an initial development plan. A joint research and development committee is responsible for preparing development plans for other SHP2 inhibitors approved by this committee for development, if any. Sanofi is responsible to reimburse the Company all internal and external costs and expenses to perform the Company’s activities under the development plans.

The Company is also primarily responsible for performing preclinical research on SHP2 inhibitors, pursuant to an initial research plan from 2018-2020. The research plans beyond 2020 will be determined by the joint research and development committee, over which Sanofi has final decision-making power subject to certain exceptions. Sanofi is responsible to reimburse the Company all internal and external costs and expenses incurred to perform activities under the research plans, with the exception of internal and external research costs and expenses under the research plans for 2019 and 2020, for which Sanofi will reimburse the Company 80%. The Company is responsible for 20% of all internal and external research costs incurred under the research plans for 2019 and 2020.

In the United States, the Company will share equally with Sanofi the profits and losses applicable to commercialization of SHP2 inhibitor products, pursuant to a profit/loss share agreement that the parties will negotiate based on key terms agreed in the Sanofi Agreement. On a product-by-product basis, Sanofi will also be required to pay the Company tiered royalties on annual net sales of each product outside the United States ranging from high single digit to mid-teen percentages.

Unless terminated earlier, the Sanofi Agreement will continue in effect until the later of the expiration of all of Sanofi’s milestone and royalty payment obligations and the expiration of the profit/loss share agreement. Sanofi may terminate the Sanofi Agreement in its entirety or on a country-by-country or product-by-product basis for any reason or for significant safety concerns, upon prior notice to the Company. Sanofi may terminate the Sanofi Agreement in its entirety upon a change of control in the Company, with prior notice. Either party may terminate the Sanofi Agreement if an undisputed material breach by the other party is not cured within a defined period of time, or immediately upon notice for insolvency-related events of the other party. The Company may terminate the Sanofi Agreement after a certain number of years if Sanofi develops a competing program without commencing a registrational clinical trial for a SHP2 inhibitor product candidate, and subject to certain other conditions. The Company may also terminate the Sanofi Agreement at any time, if Sanofi ceases certain critical activities for SHP2 inhibitor product candidates for more than a specified period of time, provided that such cessations of critical activity were not a result of certain specified factors, and subject to certain other conditions. Upon any termination of the Sanofi Agreement with respect to any product or country, all licenses to Sanofi with respect to such product or country shall automatically terminate and all rights generally revert back to the Company.

The Company identified the following promises in the agreement (1) the license related to SHP2 inhibitors, (2) the performance of research and development services for Phase 1 clinical studies and Phase 2 clinical trials that are non-registrational clinical trials and (3) the performance of manufacturing services for the non-registrational clinical trials. The Company determined that the license is not distinct from the services within the context of the agreement because the research, development and manufacturing significantly increase the utility of the intellectual property. The intellectual property (IP) related to SHP2 inhibitors, which is proprietary to the Company, is the foundation for the research and development activities. The manufacturing services are a necessary and integral part of the research and development services as they could only be conducted utilizing the outcomes of these services. Given the research and development services under the Sanofi Agreement are expected to involve significant further development of the initial IP, the Company has concluded that the research, development and manufacturing services are not distinct from the license, and thus the license, research and development services and manufacturing services are combined into a single performance obligation.

For revenue recognition purposes, the Company determined that the duration of the contract begins on the effective date of the Sanofi Agreement in July 2018 and ends upon completion of the non-registrational clinical trials. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. The Company analyzed the impact of Sanofi terminating the agreement prior to the completion of these trials and determined that there were significant economic costs to Sanofi for doing so.

The Company determined that the transaction price of the Sanofi Agreement was $196.1 million as of September 30, 2020. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. The Company determined that the $50.0 million upfront payment and $146.1 million of estimated variable consideration for expense reimbursements from Sanofi for agreed upon research and development services as of September 30, 2020 constituted consideration to be included in the transaction price, which is to be allocated to the combined performance obligation. Development and regulatory milestones under the Sanofi Agreement were considered but not included in the transaction price, as it is probable that a significant revenue reversal could occur if they were included. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

The license, research, development and manufacturing services are combined as one performance obligation that will be performed over the duration of the contract, which is from the effective date of the Sanofi Agreement through to the completion of studies. The Company concluded that it would utilize a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to estimated costs to fulfill the combined performance obligation. These costs consist primarily of internal full-time equivalent efforts and third-party costs. Revenue is recognized based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligations. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated.

During the three months ended September 30, 2020 and 2019, the Company recognized $12.7 million and $12.5 million of collaboration revenue associated with this agreement, respectively, and $34.2 million and $38.0 million for the nine months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020 and December 31, 2019, $13.1 million and $17.1 million of deferred revenue, related party is classified as current and $9.8 million and $14.7 million is classified as noncurrent.

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2020

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

9.	Redeemable Convertible Preferred Stock

From December 2014 to May 2017, the Company issued a total of 14,430,799 shares of Series A redeemable convertible preferred stock at a price per share of $4.87, for aggregate proceeds of $70.1 million, net of issuance costs.

In March and June 2018, the Company issued a total of 7,731,155 shares of Series B redeemable convertible preferred stock at a price per share of $7.30 for proceeds of $56.2 million, net of issuance costs. In October 2018, the Company issued 6,797,915 shares of Series B redeemable convertible preferred stock in conjunction with acquiring Warp Drive. As part of the Warp Drive acquisition, the Company assumed $2.0 million in convertible notes payable, which was fully converted into 200,493 shares of Series B redeemable convertible preferred stock in October 2018. In November 2018, the Company issued 435,547 shares of Series B redeemable convertible preferred stock at a price per share of $10.03, for proceeds of $4.3 million, net of issuance costs.

In June and July 2019, the Company issued a total 10,004,514 shares of Series C redeemable convertible preferred stock at a price per share of $10.03 for proceeds of $100.0 million, net of issuance costs.

Redeemable convertible preferred stock consists of the following as of December 31, 2019:

	As of December 31, 2019
	Shares authorized		Shares issued and outstanding		Net carrying Value		Aggregate liquidation preference
	(in thousands, except share data)
Series A		70,221,732		14,430,799	$	72,248	$	84,865
Series B		74,000,000		15,165,110		132,833		120,152
Series C		48,683,038		10,004,514		100,028		103,671
Total		192,904,770		39,600,423	$	305,109	$	308,688

Upon the closing of the IPO in February 2020, all shares of redeemable convertible preferred stock then outstanding converted into 39,600,423 shares of common stock. There were no shares of redeemable convertible preferred stock outstanding as of September 30, 2020.

The redeemable convertible preferred stock was recorded outside of permanent equity because while it was not mandatorily redeemable, it would have become redeemable upon the occurrence of certain liquidation events that are considered not solely within the Company’s control. Accordingly, the redeemable convertible preferred stock has been presented in the mezzanine section on the consolidated balance sheets.

Common Stock

9 Months Ended

Sep. 30, 2020

Stockholders Equity Note [Abstract]

Common Stock

10.	Common Stock

As of September 30, 2020 and December 31, 2019, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares and 249,000,000 shares of common stock, respectively, at a par value of $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of the redeemable convertible preferred stockholders. As of September 30, 2020, no dividends have been declared to date.

The Company has reserved shares of common stock, on an as-converted basis, for future issuance as follows:

	September 30,		December 31,
	2020		2019
Redeemable convertible preferred stock		—		39,600,423
Outstanding options to purchase common stock		5,306,220		4,918,299
Unvested restricted stock units of common stock		67,260		—
Available for future issuance under the 2020 Incentive Award Plan		4,883,812		803,652
Available for issuance under the 2020 Employee Stock Purchase Plan		528,959		—
Total		10,786,251		45,322,374

Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

11.	Stock-Based Compensation

2020 Incentive Award Plan

In February 2020, the Company adopted the 2020 Equity Incentive Plan, or the 2020 Plan. The 2020 Plan became effective on February 11, 2020. The 2020 Plan provides for a variety of stock-based compensation awards, including stock options, stock appreciation rights, or SARs, restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options and restricted stock unit awards granted typically vest over a four-year period, but may be granted with different vesting terms.

Following the effectiveness of the 2020 Plan, the Company will not make any further grants under the 2014 Equity Incentive Plan, or the 2014 Plan. However, the 2014 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2014 Plan that are forfeited or lapse unexercised and which following the effective date of the 2020 Plan are not issued under the 2014 Plan will be available for issuance under the 2020 Plan.

As of September 30, 2020, there were 4,883,812 shares of common stock reserved for issuance pursuant to the 2020 Plan.

2014 Equity Incentive Plan

In December 2014, the Company adopted the 2014 Plan which provided for the Company to issue restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Board of Directors and consultants of the Company under terms and provisions established by the Board of Directors. The Company generally granted stock-based awards with service-based vesting conditions only. Options granted typically vest over a four-year period but may be granted with different vesting terms.

The Company allows its employees, non-employees and directors to exercise options granted under the 2014 Plan prior to vesting. The shares related to early exercised stock options are subject to the Company’s lapsing repurchase right upon termination of employment at the original purchase price. In order to vest, the holders are required to provide continued service to the Company. The proceeds are initially recorded in other noncurrent liabilities and are reclassified to common stock and additional paid-in capital as the repurchase right lapses. As of September 30, 2020 and December 31, 2019, there were 181,234 and 349,501 shares, respectively, and $0.2 million and $0.3 million, respectively, recorded in other noncurrent liabilities, related to early exercised shares that were subject to repurchase.

2020 Employee Stock Purchase Plan

In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan, or the 2020 ESPP. Under the 2020 ESPP, employees have the ability to purchase shares of our common stock through payroll deductions at a discount during a series of offering periods of 24 months, each comprised of four six-month purchase periods. The purchase price will be the lower of 85% of the closing trading price per share of the Company’s common stock on the first day of an offering period in which an employee is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period.

The Company has reserved for issuance 528,959 shares of common stock pursuant to the 2020 ESPP. As of September 30, 2020, there have been no purchases under the 2020 ESPP.

Stock Options

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:

	Number of Shares underlying options			Weighted- average exercise price		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2019		4,918,299		$	3.59		8.96	$	51,276
Options granted		897,694			22.24
Options exercised		(447,966	)		3.40
Options cancelled		(61,807	)		7.78
Balance, September 30, 2020		5,306,220		$	6.71		8.40	$	149,351
Options vested and expected to vest as of September 30, 2020		5,306,220		$	6.71		8.40	$	149,351
Options vested and exercisable as of September 30, 2020		1,866,174		$	3.35		7.66	$	58,704

As of September 30, 2020, there was $22.6 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.6 years.

Restricted Stock Units

Restricted stock primarily consists of restricted stock unit (RSU) awards which have been granted to employees. The value of an RSU award is based on the Company’s stock price on the date of grant. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock. The Company has granted RSUs through the 2020 plan.

Activity under the 2020 Plan with respect to the Company’s RSUs during the nine months ended September 30, 2020 was as follows:

	Number of Shares		Weighted- average grant date fair value per share		Weighted- average remaining contractual term		Aggregate intrinsic value
					(in years)		(in thousands)
Balance, December 31, 2019		—	$	—		—	$	—
Restricted stock units granted		67,260		34.50
Restricted stock units vested		—		—
Restricted stock units forfeited		—		—
Balance, September 30, 2020		67,260	$	34.50		1.81	$	2,341
Expected to vest as of September 30, 2020		67,260	$	34.50		1.81	$	2,341

As of September 30, 2020, there was $2.1 million of total unrecognized compensation cost related to restricted stock units that that is expected to be recognized over a weighted average period of 3.3 years.

Stock-Based Compensation Expense

Total stock-based compensation expense related to stock options, RSUs and employee stock purchase plan by function was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Research and development	$	1,403	$	435	$	3,466	$	941
General and administrative		1,267		419		2,788		822
Total	$	2,670	$	854	$	6,254	$	1,763

Stock-based compensation related to options granted to non-employees was $0.3 million and $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and $0.7 million and $0.3 million for the nine months ended September 30, 2020 and 2019, respectively.

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

12.	Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss	$	(27,221	)	$	(12,818	)	$	(73,955	)	$	(33,068	)
Redeemable convertible preferred stock dividends- undeclared and cumulative		—			(4,247	)		(2,219	)		(9,987	)
Net loss attributable to common stockholders	$	(27,221	)	$	(17,065	)	$	(76,174	)	$	(43,055	)
Denominator:
Weighted-average shares outstanding		65,099,432			3,186,207			51,293,687			3,209,801
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(206,564	)		(379,737	)		(262,684	)		(486,260	)
Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted		64,892,868			2,806,470			51,031,003			2,723,541
Net loss per share attributable to common stockholders-basic and diluted	$	(0.42	)	$	(6.08	)	$	(1.49	)	$	(15.81	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:

	As of September 30,
	2020		2019
Redeemable convertible preferred stock		—		39,600,423
Options to purchase common stock		5,306,220		4,670,745
Options early exercised subject to future vesting		181,234		424,780
Unvested restricted stock units of common stock		67,260		—
Expected shares to be purchased under ESPP		119,806		—
Total		5,674,520		44,695,948

Related Party Relationships

9 Months Ended

Sep. 30, 2020

Related Party Relationships

13.	Related Party Relationships

Following the Company’s acquisition of Warp Drive, in January 2019, the Company entered into a sublease agreement with Casma to sublease the Cambridge Lease. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by an affiliate of Third Rock Ventures.

In connection with the Company’s obligations and responsibilities under the Sanofi Agreement, in April 2019, the Company entered into a Clinical Supply Agreement with Genzyme Corporation, or Genzyme, an affiliate of Sanofi, and a Quality Agreement with Sanofi-Aventis Recherche & Developpement, an affiliate of Sanofi. The Quality Agreement was amended in December 2019. Sanofi was a related party at the time both agreements were entered into. The Clinical Supply Agreement governs how the Company will oversee the manufacture and supply of any SHP2 inhibitors requested by Genzyme for use in its clinical development activities under the Sanofi Agreement and provides that Genzyme will compensate the Company for the costs to manufacture any such product plus a 10% fee. The Quality Agreement requires that the production of RMC-4630 meets certain quality standards and puts certain conditions on the Company’s arrangements with subcontractors. The Quality Agreement does not contemplate that any consideration be paid separate from the Sanofi Agreement.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company's financial position and results of operations for the reported periods. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 30, 2020. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The condensed consolidated financial statements for the periods ended September 30, 2020 and September 30, 2019 include the accounts of the Company and its wholly owned subsidiary, Warp Drive Bio, Inc. (Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar.
Reverse Stock Split	Reverse Stock Split On February 7, 2020, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-4.8661 reverse stock split of the Company’s common stock and redeemable convertible preferred stock. The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill, and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended September 30, 2020. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial institutions in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company is subject to credit risk as its receivable and collaboration revenue, related party are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi Collaboration Agreement.” The Company’s clinical trial sites for its RMC-4630 clinical studies may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in our RMC-4630 clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials.
Leases	Leases The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment of the applicable country or region. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, Leases (ASU 2016-02). ASU 2016-02 provides accounting guidance for both lessee and lessor accounting models. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU 2018-10, Codification Improvements to Topic 842, Leases, ASU 2018-11, Leases (Topic 842): Targeted Improvements and ASU 2019-01, Leases (Topic 842): Codification Improvements. ASU 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted these ASUs on January 1, 2020. For its operating leases with a term greater than twelve months, the Company recognizes a right-of-use asset and a lease liability on its condensed consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach, which resulted in the initial recognition of a lease liability of $11.5 million, and a right‑to‑use asset of $9.1 million, with no adjustment to the accumulated deficit balance. In connection with the lease adoption, the Company also derecognized deferred rent of $2.4 million. The adoption of the new standard did not have an impact on the condensed consolidated statements of operations. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. In order to estimate the incremental borrowing rate, management estimated its credit rating, adjusted the credit rating for the nature of the collateral, and benchmarked the borrowing rate against observable yields on comparable securities with a similar term. As of the adoption date, the Company estimated the incremental borrowing rate to be approximately 5%. The Company determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. The Company elected the practical expedients permitted under ASU 2018-11, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2020. The Company elected to exclude from its condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases). The Company elected to apply the practical expedient and accounted for each lease component and related non-lease component as one single component. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07). ASU 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The Company adopted ASU 2018-07 on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework (ASU 2018-13). ASU 2018-13 is part of a broader disclosure framework project by the FASB to improve the effectiveness of disclosures by more clearly communicating the information to the user. ASU 2018-13 is applicable to the Company for the fiscal year beginning after December 15, 2019. The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (ASU 2018-18). ASU 2018-18 clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the counterparty is a customer for a distinct good or service (i.e. a unit of account). For units of account that are in the scope of Topic 606, all of the guidance in Topic 606 should be applied, including the guidance on recognition, measurement, presentation and disclosure. ASU 2018-18 also adds a reference in ASC Topic 808, Collaborative Arrangements (Topic 808) to the unit of account guidance in Topic 606 and requires that it be applied only to assess whether transactions in a collaborative arrangement are in the scope of Topic 606. ASU 2018-18 precludes entities from presenting amounts related to transactions with a counterparty in a collaborative arrangement that is not a customer as revenue from contracts with customers. The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning on January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of these ASUs will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 31, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company is currently evaluating the impact of ASU 2018-15 on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. ASU 2019-12 will be effective for the Company in the first quarter of 2021 with early adoption permitted. The Company is currently assessing the impact of ASU 2019-12 on its consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (ASU 2020-08). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact of ASU 2020-08 on the Company’s consolidated financial statements.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation:

	September 30, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds ⁽¹⁾	$	14,231	$	14,231	$	—	$	—
Commercial paper ^{(1, 2)}		154,034		—		154,034		—
U.S. government and agency securities^{(1, 2)}		296,272		—		296,272		—
Corporate bonds ⁽²⁾		3,155		—		3,155		—
Total	$	467,692	$	14,231	$	453,461	$	—


	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds ⁽¹⁾	$	9,369	$	9,369	$	—	$	—
Commercial paper ^{(1, 2)}		32,597		—		32,597		—
U.S. government and agency securities⁽²⁾		42,814		—		42,814		—
Corporate bonds ⁽²⁾		38,837		—		38,837		—
Total	$	123,617	$	9,369	$	114,248	$	—

(1)	Included in cash and cash equivalents on the consolidated balance sheets.

(2)	Included in marketable securities on the consolidated balance sheets.

Available-for-sale Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses

The following tables summarize the estimated value of the Company’s available-for-sale securities and cash equivalents and the gross unrealized gains and losses:

	September 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	107,540	$	8	$	(7	)	$	107,541
U.S. government and agency securities		290,369		209		(5	)		290,573
Corporate bonds		3,148		7		—			3,155
Total marketable securities		401,057		224		(12	)		401,269
Cash equivalents:
Money market funds		14,231		—		—			14,231
Commercial paper		46,494		—		(1	)		46,493
U.S. government and agency securities		5,699		—		—			5,699
Total cash equivalents		66,424		—		(1	)		66,423
Total available-for-sale investments	$	467,481	$	224	$	(13	)	$	467,692

	December 31, 2019
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	Cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	24,446	$	3	$	(1	)	$	24,448
U.S. government and agency securities		42,777		39		(2	)		42,814
Corporate bonds		38,802		37		(2	)		38,837
Total marketable securities		106,025		79		(5	)		106,099
Cash equivalents:
Money market funds		9,369		—		—			9,369
Commercial paper		8,149		—		—			8,149
Total cash equivalents		17,518		—		—			17,518
Total available-for-sale investments	$	123,543	$	79	$	(5	)	$	123,617

Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of September 30, 2020:

	September 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	430,266	$	206	$	(13	)	$	430,459
Mature after one year through two years		37,215		18		—			37,233
Total marketable securities	$	467,481	$	224	$	(13	)	$	467,692

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:

	September 30,			December 31,
	2020			2019
	(in thousands)
Laboratory equipment	$	9,456		$	8,032
Leasehold improvements		3,387			3,342
Computer equipment and software		1,521			1,284
Furniture and fixtures		48			48
Construction in progress		118			—
		14,530			12,706
Less: accumulated depreciation and amortization		(7,495	)		(5,559	)
Property and equipment, net	$	7,035		$	7,147

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

	September 30,		December 31,
	2020		2019
	(in thousands)
Accrued compensation	$	4,580	$	4,069
Accrued research and development		13,621		7,195
Deferred rent, current		—		609
Accrued professional services		618		1,607
Finance lease, current		64		172
Other		91		876
Total accrued expenses and other current liabilities	$	18,974	$	14,528

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following as of September 30, 2020:

	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development - RAS programs	$	55,800	$	—		$	55,800	n/a
Developed technology - tri-complex platform		7,480		(2,068	)		5,412		5.1
Total	$	63,280	$	(2,068	)	$	61,212

Intangible assets, net consist of the following as of December 31, 2019:

	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development – RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology - tri-complex platform		7,480		(1,267	)		6,213		5.8
Total	$	63,280	$	(1,267	)	$	62,013

Schedule of Future Amortization Expense

As of September 30, 2020, future amortization expense is as follows:

	Amount
	(in thousands)
2020 (remaining three months)	$	266
2021		1,069
2022		1,069
2023		1,069
2024		1,069
2025		870
Total	$	5,412

Schedule of Goodwill

Goodwill consists of the following:

	Amount
	(in thousands)
Balance at December 31, 2019	$	14,608
Adjustment		—
Balance at September 30, 2020	$	14,608

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Balance Sheet Classification of Lease Liabilities

The balance sheet classification of the Company’s lease liabilities was as follows:

	September 30, 2020
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	3,645
Operating lease liability – noncurrent		29,669
Total operating lease liabilities		33,314
Financing lease liabilities:
Accrued expenses and other current liabilities		64
Total financing lease liabilities		64
Total lease liabilities	$	33,378

Schedule of Maturities of Operating Lease Liabilities

As of September 30, 2020, the maturities of the Company’s operating lease liabilities were as follows (in thousands):



2020 (remaining three months)	$	1,129
2021		4,381
2022		5,144
2023		4,173
2024		4,215
Thereafter		28,576
Total undiscounted lease payments	$	47,618
Less: Imputed interest		(11,030	)
Less: Tenant improvement allowance		(3,274	)
Total operating lease liabilities	$	33,314

Schedule of Future Minimum Payment and Receipts Under Operating and Capital Lease and Sublease

As of December 31, 2019, future minimum payments and receipts under the Company’s operating and capital leases and sublease, under the prior lease standard, ASC 840, were as follows:

	Gross lease commitments		Sublease income			Net lease commitments
	(in thousands)
2020	$	3,885	$	(1,701	)	$	2,184
2021		3,786		(1,752	)		2,034
2022		3,886		(1,804	)		2,082
2023		1,003		(302	)		701
Total future minimum lease payments	$	12,560	$	(5,559	)	$	7,001

Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2020

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock consists of the following as of December 31, 2019:

	As of December 31, 2019
	Shares authorized		Shares issued and outstanding		Net carrying Value		Aggregate liquidation preference
	(in thousands, except share data)
Series A		70,221,732		14,430,799	$	72,248	$	84,865
Series B		74,000,000		15,165,110		132,833		120,152
Series C		48,683,038		10,004,514		100,028		103,671
Total		192,904,770		39,600,423	$	305,109	$	308,688

Common Stock (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders Equity Note [Abstract]

Schedule of Common Stock Reserved on Converted Basis for Future Issuance

The Company has reserved shares of common stock, on an as-converted basis, for future issuance as follows:

	September 30,		December 31,
	2020		2019
Redeemable convertible preferred stock		—		39,600,423
Outstanding options to purchase common stock		5,306,220		4,918,299
Unvested restricted stock units of common stock		67,260		—
Available for future issuance under the 2020 Incentive Award Plan		4,883,812		803,652
Available for issuance under the 2020 Employee Stock Purchase Plan		528,959		—
Total		10,786,251		45,322,374

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan

Total stock-based compensation expense related to stock options, RSUs and employee stock purchase plan by function was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Research and development	$	1,403	$	435	$	3,466	$	941
General and administrative		1,267		419		2,788		822
Total	$	2,670	$	854	$	6,254	$	1,763

2020 Plan and 2014 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Option Activity Under the Plan

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:

	Number of Shares underlying options			Weighted- average exercise price		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2019		4,918,299		$	3.59		8.96	$	51,276
Options granted		897,694			22.24
Options exercised		(447,966	)		3.40
Options cancelled		(61,807	)		7.78
Balance, September 30, 2020		5,306,220		$	6.71		8.40	$	149,351
Options vested and expected to vest as of September 30, 2020		5,306,220		$	6.71		8.40	$	149,351
Options vested and exercisable as of September 30, 2020		1,866,174		$	3.35		7.66	$	58,704

2020 Equity Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of RSUs Activity Under the Plan

Activity under the 2020 Plan with respect to the Company’s RSUs during the nine months ended September 30, 2020 was as follows:

	Number of Shares		Weighted- average grant date fair value per share		Weighted- average remaining contractual term		Aggregate intrinsic value
					(in years)		(in thousands)
Balance, December 31, 2019		—	$	—		—	$	—
Restricted stock units granted		67,260		34.50
Restricted stock units vested		—		—
Restricted stock units forfeited		—		—
Balance, September 30, 2020		67,260	$	34.50		1.81	$	2,341
Expected to vest as of September 30, 2020		67,260	$	34.50		1.81	$	2,341

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss	$	(27,221	)	$	(12,818	)	$	(73,955	)	$	(33,068	)
Redeemable convertible preferred stock dividends- undeclared and cumulative		—			(4,247	)		(2,219	)		(9,987	)
Net loss attributable to common stockholders	$	(27,221	)	$	(17,065	)	$	(76,174	)	$	(43,055	)
Denominator:
Weighted-average shares outstanding		65,099,432			3,186,207			51,293,687			3,209,801
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(206,564	)		(379,737	)		(262,684	)		(486,260	)
Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted		64,892,868			2,806,470			51,031,003			2,723,541
Net loss per share attributable to common stockholders-basic and diluted	$	(0.42	)	$	(6.08	)	$	(1.49	)	$	(15.81	)

Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:

	As of September 30,
	2020		2019
Redeemable convertible preferred stock		—		39,600,423
Options to purchase common stock		5,306,220		4,670,745
Options early exercised subject to future vesting		181,234		424,780
Unvested restricted stock units of common stock		67,260		—
Expected shares to be purchased under ESPP		119,806		—
Total		5,674,520		44,695,948

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	Feb. 18, 2020	Jul. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Accumulated deficit			$ 231,341	$ 157,386
Common stock, shares, issued			66,324,753	3,292,124
Net proceeds from issuance			$ 420,101
Initial Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued	16,100,000
Common stock, price per share	$ 17.00
Net proceeds from issuance	$ 250,700
Underwriting discounts and commissions	19,200
Stock issuance expenses	$ 3,800
Underwriter's Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock, shares, issued	2,100,000	900,000
Underwritten Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued		6,900,000
Common stock, price per share		$ 26.00
Net proceeds from issuance		$ 167,800
Underwriting discounts and commissions		10,800
Stock issuance expenses		$ 800

Summary of Significant Accounting Policies - Additional Information (Details)			9 Months Ended
	Feb. 07, 2020	Jan. 01, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split	0.2055
Reverse stock split, description			1-for-4.8661
Operating lease liability			$ 33,314,000
Operating right-to-use asset			28,194,000
Accumulated deficit			$ (231,341,000)	$ (157,386,000)
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date			Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption			false
Change in accounting principle, accounting standards update, adopted			true
Change in accounting principle, accounting standards update, immaterial effect			true
Operating lease liability		$ 11,500,000
Operating right-to-use asset		9,100,000
Deferred rent derecognized		$ 2,400,000
Estimated incremental borrowing rate of funds		5.00%
ASU 2016-02 \| Cumulative Effect Period of Adoption Adjustment
Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit		$ 0
ASU 2018-11
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date			Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption			false
Change in accounting principle, accounting standards update, adopted			true
Change in accounting principle, accounting standards update, immaterial effect			true
ASU 2019-01
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date			Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption			false
Change in accounting principle, accounting standards update, adopted			true
Change in accounting principle, accounting standards update, immaterial effect			true
ASU 2018-07
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date			Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption			false
Change in accounting principle, accounting standards update, adopted			true
Change in accounting principle, accounting standards update, immaterial effect			true
ASU 2018-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date			Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption			false
Change in accounting principle, accounting standards update, adopted			true
Change in accounting principle, accounting standards update, immaterial effect			true
ASU 2018-18
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date			Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption			false
Change in accounting principle, accounting standards update, adopted			true
Change in accounting principle, accounting standards update, immaterial effect			true

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 467,692	$ 123,617
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	14,231	9,369
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	154,034	32,597
U.s. Government And Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	296,272	42,814
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	3,155	38,837
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	14,231	9,369
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	14,231	9,369
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	453,461	114,248
Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	154,034	32,597
Level 2 \| U.s. Government And Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	296,272	42,814
Level 2 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 3,155	$ 38,837

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

Available-for-sale Securities - Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 467,481	$ 123,543
Gross Unrealized Gain	224	79
Gross Unrealized Loss	(13)	(5)
Estimated Fair Value	467,692	123,617
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	401,057	106,025
Gross Unrealized Gain	224	79
Gross Unrealized Loss	(12)	(5)
Estimated Fair Value	401,269	106,099
Marketable Securities \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,148	38,802
Gross Unrealized Gain	7	37
Gross Unrealized Loss		(2)
Estimated Fair Value	3,155	38,837
Marketable Securities \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	107,540	24,446
Gross Unrealized Gain	8	3
Gross Unrealized Loss	(7)	(1)
Estimated Fair Value	107,541	24,448
Marketable Securities \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	290,369	42,777
Gross Unrealized Gain	209	39
Gross Unrealized Loss	(5)	(2)
Estimated Fair Value	290,573	42,814
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	66,424	17,518
Gross Unrealized Loss	(1)
Estimated Fair Value	66,423	17,518
Cash Equivalents \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	46,494	8,149
Gross Unrealized Loss	(1)
Estimated Fair Value	46,493	8,149
Cash Equivalents \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	5,699
Estimated Fair Value	5,699
Cash Equivalents \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	14,231	9,369
Estimated Fair Value	$ 14,231	$ 9,369

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 467,481	$ 123,543
Gross Unrealized Gain	224	79
Gross Unrealized Loss	(13)	(5)
Estimated Fair Value	467,692	$ 123,617
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	430,266
Gross Unrealized Gain	206
Gross Unrealized Loss	(13)
Estimated Fair Value	430,459
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	37,215
Gross Unrealized Gain	18
Estimated Fair Value	$ 37,233

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 14,530	$ 12,706
Less: accumulated depreciation and amortization	(7,495)	(5,559)
Property and equipment, net	7,035	7,147
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	9,456	8,032
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,387	3,342
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,521	1,284
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	48	$ 48
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 118

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Depreciation and amortization expense	$ 0.7	$ 0.6	$ 1.9	$ 1.7

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 4,580	$ 4,069
Accrued research and development	13,621	7,195
Deferred rent, current		609
Accrued professional services	618	1,607
Finance lease, current	64	172
Other	91	876
Total accrued expenses and other current liabilities	$ 18,974	$ 14,528

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
In-process research and development-RAS programs	$ 55,800	$ 55,800
Developed technology - tri-complex platform, Gross value	7,480	7,480
Developed technology - tri-complex platform, Accumulated amortization	(2,068)	(1,267)
Developed technology - tri-complex platform, Net book value	$ 5,412	$ 6,213
Developed technology - tri-complex platform, Weighted-average remaining useful life	5 years 1 month 6 days	5 years 9 months 18 days
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 61,212	$ 62,013

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 300,000	$ 300,000	$ 801,000	$ 802,000
Goodwill impairment			$ 0

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Future Amortization Expense, [Abstract]
2020 (remaining three months)	$ 266
2021	1,069
2022	1,069
2023	1,069
2024	1,069
2025	870
Developed technology - tri-complex platform, Net book value	$ 5,412	$ 6,213

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Balance at December 31, 2019	$ 14,608
Adjustment	0
Balance at September 30, 2020	$ 14,608

Commitment and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2020 USD ($) ft²	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2020 USD ($)	Oct. 31, 2018 ft²	Jan. 31, 2015 ft²
Lessee Lease Description [Line Items]
Operating lease right-of-use asset		$ 28,194	$ 28,194
Operating lease liability		33,314	33,314
Increase in operating lease liability			(1,915)
Operating lease cost		800	1,900
Sublease income		500	1,400
Tenant improvement allowance credits		100	200
Operating cash flows for operating leases		$ 600	$ 1,900
Operating lease, weighted average discount rate		7.10%	7.10%
Operating lease, weighted average remaining lease term		9 years 3 months 18 days	9 years 3 months 18 days
Capital lease obligations				$ 200
Rent expense				2,000
ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset					$ 9,100
Operating lease liability					$ 11,500
Redwood City Lease \| Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit		$ 900	$ 900
Redwood City Lease \| The 700 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2023-04
Area of space leased \| ft²							42,000
Lease expiration date	Dec. 31, 2030
Lessee, operating lease, option to extend			Option to extend the lease term for the 700 Building and the 300 Building together for an additional ten years after December 31, 2030.
Lessee, operating lease option to extend lease term	10 years
Percentage of increase in annual base rent	3.50%
Operating lease, rent description	The annual base rent for the lease of the 700 Building remains unchanged through April 30, 2023, and increases to $2.8 million for the 12 month period ending April 30, 2024, after which the annual base rent increases by approximately 3.5% in each subsequent year of the lease term.
Tenant improvement allowance			$ 3,400
Redwood City Lease \| The 700 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset	$ 14,800
Increase in operating lease liability	14,800
Redwood City Lease \| The 700 Building \| Lease Term Until April 30, 2023
Lessee Lease Description [Line Items]
Annual base rent for lease	$ 2,800
Redwood City Lease \| The 300 Building
Lessee Lease Description [Line Items]
Area of space leased \| ft²	19,000
Lease beginning date	Dec. 15, 2020
Lease expiration date	Dec. 31, 2030
Lessee, operating lease, option to extend			Option to extend the lease term for the 700 Building and the 300 Building together for an additional ten years after December 31, 2030
Lessee, operating lease option to extend lease term	10 years
Percentage of increase in annual base rent	3.50%
Operating lease, rent description	The annual base rent for the lease of the 300 Building is $1.2 million until December 31, 2021, after which the annual base rent will increase by approximately 3.5% in each subsequent year of the lease term.
Lease initial term expiration date	Dec. 14, 2020
Percentage of sublease building	50.00%
Tenant improvement allowance			$ 3,300
Redwood City Lease \| The 300 Building \| ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 6,400
Operating lease liability	9,000
Redwood City Lease \| The 300 Building \| Lease Term Expiring Until December 31, 2021
Lessee Lease Description [Line Items]
Annual base rent for lease	1,200
Redwood City Lease \| The 300 Building \| Lease Term Expiring on December 14, 2020
Lessee Lease Description [Line Items]
Annual base rent for lease	$ 500
Cambridge, Massachusetts
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2023-02
Area of space leased \| ft²						22,000
Lessee, operating lease, option to extend			Option to extend the term through February 2028
Cambridge, Massachusetts \| Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit		$ 200	$ 200	$ 200

Commitment and Contingencies - Summary of Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 3,645
Operating lease liability – noncurrent	29,669
Total operating lease liabilities	33,314
Accrued expenses and other current liabilities	$ 64	$ 172
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	rvmd:AccruedResearchAndDevelopmentExpenseCurrent
Total financing lease liabilities	$ 64
Total lease liabilities	$ 33,378

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020 (remaining three months)	$ 1,129
2021	4,381
2022	5,144
2023	4,173
2024	4,215
Thereafter	28,576
Total undiscounted lease payments	47,618
Less: Imputed interest	(11,030)
Less: Tenant improvement allowance	(3,274)
Total operating lease liabilities	$ 33,314

Commitment and Contingencies - Schedule of Future Minimum Payment and Receipts Under Operating and Capital Lease and Sublease (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Gross lease commitments 2020	$ 3,885
Gross lease commitments 2021	3,786
Gross lease commitments 2022	3,886
Gross lease commitments 2023	1,003
Total Gross lease commitments	12,560
Sublease income 2020	(1,701)
Sublease income 2021	(1,752)
Sublease income 2022	(1,804)
Sublease income 2023	(302)
Total Sublease income	(5,559)
Net lease commitments 2020	2,184
Net lease commitments 2021	2,034
Net lease commitments 2022	2,082
Net lease commitments 2023	701
Total Net lease commitments	$ 7,001

Sanofi Collaboration Agreement - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jul. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, related party, current	$ 13,109,000		$ 13,109,000		$ 17,124,000
Deferred revenue, related party, noncurrent	9,773,000		9,773,000		$ 14,727,000
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment received	50,000,000		$ 50,000,000			$ 50,000,000
Maximum development and regulatory milestone payments to be received						520,000,000
Maximum milestone payments receivable upon achievement of specified development milestones						235,000,000
Maximum milestone payments receivable upon achievement of certain marketing approval milestones						$ 285,000,000
Percentage of reimbursement of internal and external research costs and expenses under research plan			80.00%		80.00%
Percentage of other internal and external costs and expenses incurred under research and development plans			20.00%		20.00%
Transaction price			$ 196,100,000
Estimated variable consideration for expense reimbursements upon research and development services	146,100,000		146,100,000
Collaboration revenue recognized	12,700,000	$ 12,500,000	34,200,000	$ 38,000,000
Deferred revenue, related party, current	13,100,000		13,100,000		$ 17,100,000
Deferred revenue, related party, noncurrent	$ 9,800,000		$ 9,800,000		$ 14,700,000

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	4 Months Ended	9 Months Ended	30 Months Ended
	Nov. 30, 2018	Oct. 31, 2018	Jul. 31, 2019	Jun. 30, 2018	Sep. 30, 2019	May 31, 2017	Sep. 30, 2020	Feb. 29, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs					$ 100,033
Temporary equity, shares outstanding							0		39,600,423
Initial Public Offering
Temporary Equity [Line Items]
Temporary equity, shares outstanding								39,600,423
Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued						14,430,799
Redeemable convertible preferred stock, issued price per share						$ 4.87
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs						$ 70,100
Temporary equity, shares outstanding									14,430,799
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued	435,547			7,731,155
Redeemable convertible preferred stock, issued price per share	$ 10.03			$ 7.30
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	$ 4,300			$ 56,200
Temporary equity, shares outstanding									15,165,110
Series B Redeemable Convertible Preferred Stock \| Warp Drive Bio, Inc
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued		6,797,915
Convertible notes payable		$ 2,000
Conversion of shares		200,493
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued			10,004,514
Redeemable convertible preferred stock, issued price per share			$ 10.03
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 100,000
Temporary equity, shares outstanding									10,004,514

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Shares authorized	0	192,904,770
Shares issued	0	39,600,423
Shares outstanding	0	39,600,423
Net carrying Value		$ 305,109
Aggregate liquidation preference	$ 0	$ 308,688
Series A
Temporary Equity [Line Items]
Shares authorized		70,221,732
Shares issued		14,430,799
Shares outstanding		14,430,799
Net carrying Value		$ 72,248
Aggregate liquidation preference		$ 84,865
Series B
Temporary Equity [Line Items]
Shares authorized		74,000,000
Shares issued		15,165,110
Shares outstanding		15,165,110
Net carrying Value		$ 132,833
Aggregate liquidation preference		$ 120,152
Series C
Temporary Equity [Line Items]
Shares authorized		48,683,038
Shares issued		10,004,514
Shares outstanding		10,004,514
Net carrying Value		$ 100,028
Aggregate liquidation preference		$ 103,671

Common Stock - Additional Information (Details)	9 Months Ended
Common Stock - Additional Information (Details)	Sep. 30, 2020 USD ($) Vote $ / shares shares	Dec. 31, 2019 $ / shares shares
Stockholders Equity Note [Abstract]
Common stock, shares authorized \| shares	300,000,000	249,000,000
Common stock, par or stated value per share \| $ / shares	$ 0.0001	$ 0.0001
Common stock, voting rights	Each share of common stock is entitled to one vote
Number of voting rights per common share \| Vote	1
Common stock, dividends declared \| $	$ 0

Common Stock - Schedule of Common Stock Reserved on Converted Basis for Future Issuance (Details) - shares	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	10,786,251	45,322,374
Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total		39,600,423
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	5,306,220	4,918,299
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	67,260
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	4,883,812	803,652
Available for issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	528,959

Stock-Based Compensation - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 29, 2020 shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total \| shares		10,786,251		10,786,251		45,322,374
Shares subject to repurchase \| shares		181,234		181,234		349,501
Exercise price of early exercised shares \| $		$ 200		$ 200		$ 300
Unrecognized stock-based compensation expense related to unvested stock options \| $		22,600		$ 22,600
Unrecognized stock-based compensation expense, weighted-average period of recognition				2 years 7 months 6 days
Share-based compensation related to options granted \| $		2,670	$ 854	$ 6,254	$ 1,763
Non-employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation related to options granted \| $		300	$ 100	$ 700	$ 300
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense, weighted-average period of recognition				3 years 3 months 18 days
Share-based compensation arrangement by share-based payment award, stock awards conversion ratio				1
Unrecognized compensation cost \| $		$ 2,100		$ 2,100
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
Common stock reserved for future issuance, Total \| shares		4,883,812		4,883,812
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total \| shares	528,959
Purchase price rate	85.00%
Shares purchases \| shares				0

Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance \| shares	4,918,299
Number of Shares underlying options, Options granted \| shares	897,694
Number of Shares underlying options, Options exercised \| shares	(447,966)
Number of Shares underlying options, Options cancelled \| shares	(61,807)
Number of Shares underlying options, Ending balance \| shares	5,306,220	4,918,299
Number of Shares underlying options, Options vested and expected to vest \| shares	5,306,220
Number of Shares underlying options, Options vested and exercisable \| shares	1,866,174
2020 Plan and 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average exercise price, Beginning balance \| $ / shares	$ 3.59
Weighted-average exercise price, Options granted \| $ / shares	22.24
Weighted-average exercise price, Options exercised \| $ / shares	3.40
Weighted-average exercise price, Options cancelled \| $ / shares	7.78
Weighted-average exercise price, Ending balance \| $ / shares	6.71	$ 3.59
Weighted-average exercise price, Options vested and expected to vest \| $ / shares	6.71
Weighted-average exercise price, Options vested and exercisable \| $ / shares	$ 3.35
Weighted-average remaining contractual term (in years)	8 years 4 months 24 days	8 years 11 months 15 days
Weighted-average remaining contractual term, Options vested and expected to vest	8 years 4 months 24 days
Weighted-average remaining contractual term, Options vested and exercisable	7 years 7 months 28 days
Aggregate intrinsic value \| $	$ 149,351	$ 51,276
Aggregate intrinsic value, Options vested and expected to vest \| $	149,351
Aggregate intrinsic value, Options vested and exercisable \| $	$ 58,704

Stock-Based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Restricted stock units granted \| shares	67,260
Number of Shares, Ending balance \| shares	67,260
Number of Shares, Expected to vest \| shares	67,260
Weighted-average grant date fair value per share, Restricted stock units granted \| $ / shares	$ 34.50
Weighted-average grant date fair value per share, Ending balance \| $ / shares	34.50
Weighted-average grant date fair value per share, Expected to vest \| $ / shares	$ 34.50
Weighted-average remaining contractual term (in years)	1 year 9 months 21 days
Weighted-average remaining contractual term, Expected to vest	1 year 9 months 21 days
Aggregate intrinsic value \| $	$ 2,341
Aggregate intrinsic value, Expected to vest \| $	$ 2,341

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,670	$ 854	$ 6,254	$ 1,763
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,403	435	3,466	941
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,267	$ 419	$ 2,788	$ 822

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net loss	$ (27,221)	$ (27,215)	$ (19,519)	$ (12,818)	$ (10,119)	$ (10,131)	$ (73,955)	$ (33,068)
Redeemable convertible preferred stock dividends - undeclared and cumulative				(4,247)			(2,219)	(9,987)
Net loss attributable to common stockholders	$ (27,221)			$ (17,065)			$ (76,174)	$ (43,055)
Denominator:
Weighted-average shares outstanding	65,099,432			3,186,207			51,293,687	3,209,801
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(206,564)			(379,737)			(262,684)	(486,260)
Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted	64,892,868			2,806,470			51,031,003	2,723,541
Net loss per share attributable to common stockholders - basic and diluted	$ (0.42)			$ (6.08)			$ (1.49)	$ (15.81)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	5,674,520	44,695,948
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares		39,600,423
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	5,306,220	4,670,745
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	181,234	424,780
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	67,260
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	119,806