0000950170-23-004645 | 10-K | XBRL Viewer

Sanofi Collaboration Agreement	12 Months Ended
Dec. 31, 2022
Collaboration Agreement [Abstract]
Sanofi Collaboration Agreement	8. Sanofi collaboration agreement In June 2018, the Company entered into a collaborative research, development and commercialization agreement (the Sanofi Agreement) with Aventis, Inc. (an affiliate of Sanofi) 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. For the purposes of this discussion, we refer to Genzyme Corporation as Sanofi. 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 of obligations under the Sanofi Agreement. In December 2022, the Company received notice of Sanofi’s decision to terminate for convenience under the Sanofi Agreement, with a termination date in June 2023. Upon effectiveness of the termination of the Sanofi Agreement (the termination date), the licenses granted to Sanofi thereunder shall become fully paid-up, royalty-free, perpetual and irrevocable and all rights and obligations of Sanofi under the Sanofi Agreement will revert to the Company. 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. As a result of the Company’s underwritten offering of common stock in February 2021, Sanofi’s ownership percentage in the Company decreased and Sanofi is no longer considered a related party. Under the Sanofi Agreement, the Company received a non-refundable, upfront cash payment of $50 million in July 2018. Prior to the termination date, the Company has primary responsibility for early clinical development of RMC-4630 and is responsible for the manufacture of SHP2 inhibitors for Phase 1 and non-registrational Phase 2 clinical trials pursuant to an approved development plan. In August 2021, the Company entered into a letter agreement with Sanofi (the Letter Agreement) to include an additional clinical study, RMC-4630-03, as part of the Company’s responsibilities under the development plan. Sanofi is responsible to reimburse the Company all internal and external costs and expenses to perform the Company’s activities under approved development plans up to the termination date, except for the RMC-4630-03 study, for which Sanofi will reimburse the Company for 50% of the costs and expenses up to the termination date. In addition to the ongoing development plan, the Company was also primarily responsible for performing preclinical research on SHP2 inhibitors pursuant to a research plan through 2021. Sanofi was responsible to reimburse the Company for all internal and external costs and expenses incurred to perform activities under approved research plan for 2021. 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 on the termination date in June 2023. The Company determined that the transaction price of the Sanofi Agreement was $186.9 million as of December 31, 2022. 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 $136.9 million of estimated variable consideration for expense reimbursements from Sanofi for agreed upon research and development services as of December 31, 2022 constituted consideration to be included in the transaction price, which is to be allocated to the combined performance obligation. 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 the termination date. 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. As noted above, a percentage of the actual costs incurred under approved research and development plans are reimbursed by Sanofi under the collaboration agreement. The research and development plans are determined by a joint research and development committee, over which Sanofi has final decision-making subject to certain exceptions. Revenue is recognized under the collaboration agreement with Sanofi, based on actual costs incurred as a percentage of total estimated costs to be incurred over the performance obligation as the Company completes its performance obligation. 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. Pursuant to the termination noticed provided by Sanofi in December 2022, effective as of the termination date, Sanofi will have no further reimbursement obligations post termination. As a result of the termination and development plan adjustments during the year, the Company updated the accounting transaction price for the estimated consideration to be received and updated the estimated costs to fulfill the performance obligation, which increased the Company’s percentage of completion under the agreement with Sanofi, and resulted in total cumulative catch-up adjustments that increased collaboration revenue by $3.0 million for the year ended December 31, 2022. As a result of entering into the Letter Agreement for the RMC-4630-03 study in August 2021, the Company updated the transaction price for the estimated consideration to be received, and updated the estimated costs to fulfill the performance obligation, which decreased the estimated percentage of completion to date and resulted in a cumulative catch-up adjustment that reduced collaboration revenue by $8.5 million for the year ended December 31, 2021. During the years ended December 31, 2022, 2021 and 2020, the Company recognized $35.4 million, $29.4 million and $43.0 million of collaboration revenue associated with this agreement, respectively. As of December 31, 2022 and 2021, $4.5 million and $12.4 million of deferred revenue is classified as current and zero and $6.6 million is classified as noncurrent, respectively.

Sanofi Collaboration Agreement

12 Months Ended

Dec. 31, 2022

Sanofi collaboration agreement

In June 2018, the Company entered into a collaborative research, development and commercialization agreement (the Sanofi Agreement) with Aventis, Inc. (an affiliate of Sanofi) 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. For the purposes of this discussion, we refer to Genzyme Corporation as Sanofi. 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 of obligations under the Sanofi Agreement. In December 2022, the Company received notice of Sanofi’s decision to terminate for convenience under the Sanofi Agreement, with a termination date in June 2023. Upon effectiveness of the termination of the Sanofi Agreement (the termination date), the licenses granted to Sanofi thereunder shall become fully paid-up, royalty-free, perpetual and irrevocable and all rights and obligations of Sanofi under the Sanofi Agreement will revert to the Company.

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. As a result of the Company’s underwritten offering of common stock in February 2021, Sanofi’s ownership percentage in the Company decreased and Sanofi is no longer considered a related party.

Under the Sanofi Agreement, the Company received a non-refundable, upfront cash payment of $50 million in July 2018.

Prior to the termination date, the Company has primary responsibility for early clinical development of RMC-4630 and is responsible for the manufacture of SHP2 inhibitors for Phase 1 and non-registrational Phase 2 clinical trials pursuant to an approved development plan. In August 2021, the Company entered into a letter agreement with Sanofi (the Letter Agreement) to include an additional clinical study, RMC-4630-03, as part of the Company’s responsibilities under the development plan. Sanofi is responsible to reimburse the Company all internal and external costs and expenses to perform the Company’s activities under approved development plans up to the termination date, except for the RMC-4630-03 study, for which Sanofi will reimburse the Company for 50% of the costs and expenses up to the termination date.

In addition to the ongoing development plan, the Company was also primarily responsible for performing preclinical research on SHP2 inhibitors pursuant to a research plan through 2021. Sanofi was responsible to reimburse the Company for all internal and external costs and expenses incurred to perform activities under approved research plan for 2021.

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 on the termination date in June 2023.

The Company determined that the transaction price of the Sanofi Agreement was $186.9 million as of December 31, 2022. 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 $136.9 million of estimated variable consideration for expense reimbursements from Sanofi for agreed upon research and development services as of December 31, 2022 constituted consideration to be included in the transaction price, which is to be allocated to the combined performance obligation. 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 the termination date. 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. As noted above, a percentage of the actual costs incurred under approved research and development plans are reimbursed by Sanofi under the collaboration agreement. The research and development plans are determined by a joint research and development committee, over which Sanofi has final decision-making subject to certain exceptions. Revenue is recognized under the collaboration agreement with Sanofi, based on actual costs incurred as a percentage of total estimated costs to be incurred over the performance obligation as the Company completes its performance obligation. 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.

Pursuant to the termination noticed provided by Sanofi in December 2022, effective as of the termination date, Sanofi will have no further reimbursement obligations post termination. As a result of the termination and development plan adjustments during the year, the Company updated the accounting transaction price for the estimated consideration to be received and updated the estimated costs to fulfill the performance obligation, which increased the Company’s percentage of completion under the agreement with Sanofi, and resulted in total cumulative catch-up adjustments that increased collaboration revenue by $3.0 million for the year ended December 31, 2022.

As a result of entering into the Letter Agreement for the RMC-4630-03 study in August 2021, the Company updated the transaction price for the estimated consideration to be received, and updated the estimated costs to fulfill the performance obligation, which decreased the estimated percentage of completion to date and resulted in a cumulative catch-up adjustment that reduced collaboration revenue by $8.5 million for the year ended December 31, 2021.

During the years ended December 31, 2022, 2021 and 2020, the Company recognized $35.4 million, $29.4 million and $43.0 million of collaboration revenue associated with this agreement, respectively.

As of December 31, 2022 and 2021, $4.5 million and $12.4 million of deferred revenue is classified as current and zero and $6.6 million is classified as noncurrent, respectively.

Available-for-sale Securities (Tables)

12 Months Ended

Dec. 31, 2022

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 marketable securities and cash equivalents and the gross unrealized gains and losses:


	December 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized				Estimated
	cost		gain		loss				fair value
	(in thousands)
Marketable securities:
Commercial paper	$	216,765	$	—	$	(328	)		$	216,437
U.S. and Canadian government and agency securities		236,916		43		(1,270	)			235,689
Corporate bonds		31,599		—		(194	)			31,405
Total marketable securities		485,280		43		(1,792	)			483,531
Cash equivalents:
Money market funds		48,522		—		—				48,522
Commercial paper		97,526		—		(35	)			97,491
Corporate bonds		16,137		4		—				16,141
Total cash equivalents		162,185		4		(35	)	—		162,154
Total available-for-sale investments	$	647,465	$	47	$	(1,827	)		$	645,685


	December 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	239,176	$	1	$	(63	)	$	239,114
U.S. and Canadian government and agency securities		87,926		—		(181	)		87,745
Corporate bonds		141,829		—		(131	)		141,698
Total marketable securities		468,931		1		(375	)		468,557
Cash equivalents:
Money market funds		57,134		—		—			57,134
Commercial paper		52,257		—		(2	)		52,255
Total cash equivalents		109,391		—		(2	)		109,389
Total available-for-sale investments	$	578,322	$	1	$	(377	)	$	577,946

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

The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents by contractual maturity are summarized below as of December 31, 2022:


	December 31, 2022
			Gross			Gross
	Amortized		unrealized			unrealized			Estimated
	cost		gain			loss			fair value
	(in thousands)
Mature in one year or less	$	618,025	$	48		$	(1,752	)	$	616,321
Mature after one year through two years		29,440		(1	)		(75	)		29,364
Total marketable securities	$	647,465	$	47		$	(1,827	)	$	645,685

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 (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 (the 300 Building), and to extend the lease term through December 2030. In November 2021, the Company amended the lease to lease an additional 41,000 square feet of office, laboratory and research and development space located at 800 Saginaw Drive, Redwood City, California (the 800 Building), and to extend the lease term through November 2033. The Company has the option to extend the lease for an additional ten years after November 30, 2033.

The Company maintains letters of credit for the benefit of the landlord which is disclosed as restricted cash in the consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $1.5 million and $1.5 million as of December 31, 2022 and December 31, 2021, respectively.

Through December 31, 2022, the landlord had provided the Company with $3.4 million in tenant improvement allowances for the 700 Building, and $4.6 million for the 300 building, which were recognized as lease incentives. The lease incentives are being amortized as an offset to rent expense over the lease term in the consolidated statements of operations.

Upon the execution of the lease in April 2020, 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 an operating lease, and the other is related to the modification of the original lease term for the 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 execution of the lease amendment. The Company is recognizing rent expense for both buildings on a straight-line basis through the remaining extended term of the lease.

Upon the execution of the lease amendment in November 2021, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the lease amendment in April 2020. 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 800 Building, which is being accounted for as an operating lease, and the other is related to the modification of the lease term, as amended in April 2020, for the 700 Building and 300 Building. As a result, the Company recorded a right-of-use asset and a lease liability of $26.8 million for the 800 Building and an aggregate increase of $8.6 million to the right-of-use assets and lease liabilities for the 700 Building and 300 Building upon execution of the lease amendment. The Company is recognizing rent expense for the buildings on a straight-line basis through the remaining extended term of the lease.

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 consolidated balance sheets as of December 31, 2022 and 2021.

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


	December 31,
	2022
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	6,773
Operating lease liability – noncurrent		57,432
Total operating lease liabilities	$	64,205

For the years ended December 31, 2022 and 2021, operating lease cost was $6.4 million and $3.4 million, respectively, net of sublease income of $2.5 million and $2.1 million, respectively. The operating cash flows for operating leases were $2.4 million and $1.5 million year ended December 31, 2022 and 2021, respectively. Short-term lease costs were immaterial for the years ended December 31, 2022 and 2021.

As of December 31, 2022, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2023	$	6,961
2024		7,100
2025		7,349
2026		7,606
2027		7,872
Thereafter		52,550
Total undiscounted lease payments	$	89,438
Less: Imputed interest		(25,233	)
Less: Tenant improvement allowance		—
Total operating lease liabilities	$	64,205

The amounts reflected in the table above include the Company’s lease payments for the Cambridge lease, but do not reflect any offset for the sublease payments the Company is entitled to receive from Casma.

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 6.1%. As of December 31, 2022 and 2021, the weighted-average remaining lease term is 10.9 years and 11.6 years, respectively.

Legal matters

From time to time, the Company may be involved in litigation related to claims that arise in the ordinary course of its business activities. The Company accrues for these matters when it is probable that losses will be incurred and these losses can be reasonably estimated. As of December 31, 2022 and 2021, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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.

Other

The Company enters into agreements in the ordinary course of business with contract research organizations for clinical trials, contract manufacturing organizations to provide clinical trial materials and with vendors for preclinical studies and other services and products for operating purposes which are generally cancelable at any time by us upon 30 to 90 days prior written notice.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value measurements

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:


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds(1)	$	48,522	$	48,522	$	—	$	—
Commercial paper(1, 2)		313,928		—		313,928		—
U.S. and Canadian government and agency securities(2)		251,830		—		251,830		—
Corporate bonds(1, 2)		31,405		—		31,405		—
Total	$	645,685	$	48,522	$	597,163	$	—


	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds(1)	$	57,134	$	57,134	$	—	$	—
Commercial paper(1, 2)		291,369		—		291,369		—
U.S. and Canadian government and agency securities(2)		87,745		—		87,745		—
Corporate bonds(2)		141,698		—		141,698		—
Total	$	577,946	$	57,134	$	520,812	$	—

(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. and Canadian government debt securities, 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

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	9,724,754	6,681,068	5,426,621
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	8,164,375	6,050,938	5,118,979
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	6,918	30,378	130,793
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	1,175,032	423,621	85,639
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	378,429	176,131	91,210

Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance sheet components

Property and equipment, net

Property and equipment, net consists of the following:


	December 31,
	2022			2021
	(in thousands)
Laboratory equipment	$	17,163		$	12,727
Leasehold improvements		11,404			7,245
Computer equipment and software		3,965			2,186
Furniture and fixtures		616			69
Construction in progress		—			129
		33,148			22,356
Less: accumulated depreciation and amortization		(14,489	)		(10,812	)
Property and equipment, net	$	18,659		$	11,544

Depreciation and amortization expense for property and equipment amounted to $4.0 million, $3.1 million and $2.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2022		2021
	(in thousands)
Accrued compensation	$	13,281	$	9,852
Accrued research and development		15,161		17,018
Accrued professional services		499		540
Other		505		311
Total accrued expenses and other current liabilities	$	29,446	$	27,721

Stock-Based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	423,621
Number of Shares, Restricted stock units granted	1,142,366
Number of Shares, Restricted stock units vested	(278,848)
Number of Shares, Restricted stock units forfeited	(112,107)
Number of Shares, Ending balance	1,175,032	423,621
Number of Shares, Expected to vest	1,175,032
Weighted-average grant date fair value per share, Beginning balance	$ 37.16
Weighted-average grant date fair value per share, Restricted stock units granted	19.43
Weighted-average grant date fair value per share, Restricted stock units vested	28.23
Weighted-average grant date fair value per share, Restricted stock units forfeited	24.58
Weighted-average grant date fair value per share, Ending balance	23.25	$ 37.16
Weighted-average grant date fair value per share, Expected to vest	$ 23.25
Weighted-average remaining contractual term (in years)	1 year 7 months 13 days	3 years 1 month 28 days
Weighted-average remaining contractual term, Expected to vest	1 year 7 months 13 days
Aggregate intrinsic value	$ 27,989	$ 10,663
Aggregate intrinsic value, Expected to vest	$ 27,989

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,
	2022			2021
	(in thousands)
Laboratory equipment	$	17,163		$	12,727
Leasehold improvements		11,404			7,245
Computer equipment and software		3,965			2,186
Furniture and fixtures		616			69
Construction in progress		—			129
		33,148			22,356
Less: accumulated depreciation and amortization		(14,489	)		(10,812	)
Property and equipment, net	$	18,659		$	11,544

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2022		2021
	(in thousands)
Accrued compensation	$	13,281	$	9,852
Accrued research and development		15,161		17,018
Accrued professional services		499		540
Other		505		311
Total accrued expenses and other current liabilities	$	29,446	$	27,721

Commitment and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2021 USD ($) ft²	Apr. 30, 2020 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2018 ft²	Jan. 31, 2015 ft²
Lessee Lease Description [Line Items]
Operating lease right-of-use asset			$ 55,077	$ 59,692
Operating lease liability			64,205
Operating lease cost			6,400	3,400
Sublease income			2,500	2,100
Operating cash flows for operating leases			$ 2,400	$ 1,500
Operating lease, weighted average discount rate			6.10%
Operating lease, weighted average remaining lease term			10 years 10 months 24 days	11 years 7 months 6 days
Redwood City Lease
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2033-11
Area of space leased \| ft²	41,000
Lessee, operating lease option to extend lease term	10 years
Redwood City Lease \| ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 26,800
Redwood City Lease \| Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit			$ 1,500	$ 1,500
Redwood City Lease \| The 700 Building and 300 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset	$ 8,600
Redwood City Lease \| The 300 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2030-12
Area of space leased \| ft²		19,000
Tenant improvement allowance			$ 4,600
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 700 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2023-04
Area of space leased \| ft²						42,000
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
Redwood City Lease \| The 800 Building
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend			The Company has the option to extend the lease for an additional ten years after November 30, 2033.
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

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

13.

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:


	Years Ended December 31,
	2022			2021			2020
	(in thousands, except share and per share data)
Numerator:
Net loss	$	(248,705	)	$	(187,091	)	$	(108,159	)
Redeemable convertible preferred stock dividends-undeclared and cumulative		—			—			(2,219	)
Net loss attributable to common stockholders	$	(248,705	)	$	(187,091	)	$	(110,378	)
Denominator:
Weighted-average shares outstanding		80,636,570			72,866,022			55,109,929
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(10,045	)		(59,943	)		(235,810	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		80,626,525			72,806,079			54,874,119
Net loss per share attributable to common stockholders, basic and diluted	$	(3.08	)	$	(2.57	)	$	(2.01	)

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 December 31,
	2022		2021		2020
Options to purchase common stock		8,164,375		6,050,938		5,118,979
Options early exercised subject to future vesting		6,918		30,378		130,793
Unvested restricted stock units of common stock		1,175,032		423,621		85,639
Expected shares to be purchased under ESPP		378,429		176,131		91,210
Total		9,724,754		6,681,068		5,426,621

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Initial Public Offering	Follow-on Offering	At The Market Equity Offering	Common Stock	Common Stock Initial Public Offering	Common Stock Follow-on Offering	Common Stock At The Market Equity Offering	Additional Paid-In Capital	Additional Paid-In Capital Initial Public Offering	Additional Paid-In Capital Follow-on Offering	Additional Paid-In Capital At The Market Equity Offering	Accumulated Other Comprehensive Income	Accumulated Deficit	Redeemable Convertible Preferred Stock
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
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2019															$ 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 from offering, net of offering costs		$ 250,697	$ 167,767			$ 2	$ 1			$ 250,695	$ 167,766
Issuance of common stock from offering, net of offering costs, shares						16,100,000	6,900,000
Issuance of common stock pursuant to stock option exercises	1,877								1,877
Issuance of common stock pursuant to stock option exercises, shares					694,441
Issuance of common stock related to employee stock purchase plan	832								832
Issuance of common stock related to employee stock purchase plan, shares					29,237
Issuance of common stock related to vesting of restricted stock units, shares					1,681
Vesting of early exercised stock options	199								199
Repurchases of early exercised stock, shares					(18,158)
Stock-based compensation expense	8,886								8,886
Net unrealized gains (loss) on marketable securities	42												42
Net loss	(108,159)													(108,159)
Ending balance at Dec. 31, 2020	474,676				$ 7				740,098				116	(265,545)
Ending balance, shares at Dec. 31, 2020					66,599,748
Issuance of common stock from offering, net of offering costs			281,145	$ 10,096			$ 1				281,144	$ 10,096
Issuance of common stock from offering, net of offering costs, shares							6,666,666	339,302
Issuance of common stock pursuant to stock option exercises	1,487								1,487
Issuance of common stock pursuant to stock option exercises, shares					388,695
Issuance of common stock related to employee stock purchase plan	1,875								1,875
Issuance of common stock related to employee stock purchase plan, shares					75,991
Issuance of common stock related to vesting of restricted stock units, shares					78,010
Vesting of early exercised stock options	148								148
Repurchases of early exercised stock, shares					(5,793)
Stock-based compensation expense	20,724								20,724
Net unrealized gains (loss) on marketable securities	(492)												(492)
Net loss	(187,091)													(187,091)
Ending balance at Dec. 31, 2021	$ 602,568				$ 8				1,055,572				(376)	(452,636)
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2021	0
Ending balance, shares at Dec. 31, 2021					74,142,619
Issuance of common stock from offering, net of offering costs	$ 49,919		$ 248,126				$ 1				$ 248,125	$ 49,919
Issuance of common stock from offering, net of offering costs, shares							13,225,000	2,385,846
Issuance of common stock pursuant to stock option exercises	1,481								1,481
Issuance of common stock pursuant to stock option exercises, shares					249,544
Issuance of common stock related to employee stock purchase plan	1,864								1,864
Issuance of common stock related to employee stock purchase plan, shares					130,327
Issuance of common stock related to vesting of restricted stock units, shares					278,848
Vesting of early exercised stock options	143								143
Repurchases of early exercised stock, shares					(272)
Stock-based compensation expense									31,196
Net unrealized gains (loss) on marketable securities	(1,404)												(1,404)
Net loss	(248,705)													(248,705)
Ending balance at Dec. 31, 2022	$ 685,188				$ 9				$ 1,388,300				$ (1,780)	$ (701,341)
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2022	0
Ending balance, shares at Dec. 31, 2022					90,411,912

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Useful Lives of Property and Equipment

Useful lives of property and equipment are as follows:


Property and equipment		Estimated useful life
Laboratory equipment		4-5 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Computer equipment and software		3 years
Furniture and fixtures		5 years

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2021	$ 14,608
Adjustment	0
Balance at December 31, 2022	$ 14,608

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Organization - Additional Information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Jul. 31, 2022	Nov. 30, 2021	Feb. 28, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Accumulated deficit				$ 701,341,000	$ 452,636,000
Common stock, shares, issued				90,411,912	74,142,619
Net proceeds from issuance				$ 248,126,000	$ 281,145,000	$ 420,067,000
Initial Public Offering \| Common Stock
Class Of Stock [Line Items]
Shares issued						16,100,000
Underwriter's Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock, shares, issued	1,725,000		869,565
Underwritten Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued	13,225,000		6,666,666
Common stock, price per share	$ 20.00		$ 45.00
Net proceeds from issuance	$ 248,100,000		$ 281,100,000
Underwriting discounts and commissions	15,900,000		18,000,000.0
Stock issuance expenses	$ 500,000		$ 900,000
ATM \| Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance				$ 49,900,000	$ 10,100,000
Shares issued				2,385,846	339,302
Aggregate gross proceeds through equity issuance maximum potential amount		$ 250,000,000
Commissions and expenses				$ 1,400,000	$ 300,000
Proceeds from issuance of common stock gross				$ 51,300,000	$ 10,400,000

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 647,465	$ 578,322
Gross Unrealized Gain	47	1
Gross Unrealized Loss	(1,827)	(377)
Estimated Fair Value	645,685	$ 577,946
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	618,025
Gross Unrealized Gain	48
Gross Unrealized Loss	(1,752)
Estimated Fair Value	616,321
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	29,440
Gross Unrealized Gain	1
Gross Unrealized Loss	(75)
Estimated Fair Value	$ 29,364

Common Stock

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Common Stock

10.

Common stock

As of December 31, 2022 and 2021, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock, 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 December 31, 2022, no dividends have been declared to date.

The Company has reserved shares of common stock for future issuance as follows:


	December 31,		December 31,
	2022		2021
Outstanding options to purchase common stock		8,164,375		6,050,938
Unvested restricted stock units of common stock		1,175,032		423,621
Available for future issuance under the 2020 Incentive Award Plan		6,726,307		6,403,548
Available for issuance under the 2020 Employee Stock Purchase Plan		1,700,887		1,089,728
Total		17,766,601		13,967,835

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of significant accounting policies

Basis of presentation

The 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 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 consolidated financial statements for the years ended December 31, 2022, 2021 and 2020 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 intangibles, the incremental borrowing rate for determining operating lease assets and liabilities, 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 consolidated financial statements as of and for the twelve months ended December 31, 2022. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods.

Cash and cash equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. As of December 31, 2022 and 2021, cash equivalents consist of amounts invested in money market funds, commercial paper and corporate bonds with original maturities of three months or less at the date of purchase.

Marketable securities

Investments in marketable securities primarily consist of U.S. government debt securities, U.S. government agency bonds, commercial paper, Canadian government securities and corporate bonds. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s investments in marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. Realized gains and losses are included in interest income on the consolidated statements of operations.

The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment’s fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations. As of December 31, 2022, no other-than-temporary-impairment has been recorded.

Restricted cash

As of December 31, 2022 and 2021, the Company had $1.7 million and $1.7 million, respectively, of noncurrent restricted cash related to Company issued letters of credit in connection with leases. These amounts are held in separate bank accounts to support letter of credit agreements for the leases.

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 are entirely related to its collaboration agreement with Sanofi. For more information, see Note 8, “Sanofi collaboration agreement.”

The Company’s clinical trial sites 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 its 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.

Fair value measurement

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. For more information, 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.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of operations.

Useful lives of property and equipment are as follows:


Property and equipment		Estimated useful life
Laboratory equipment		4-5 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Computer equipment and software		3 years
Furniture and fixtures		5 years

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. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets.

Impairment of long-lived assets

Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts of the asset group to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented.

Acquired intangible assets

Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (IPR&D) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2022, there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses in the consolidated statements of operations.

Finite-lived intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date and are carried at cost less accumulated amortization and impairment. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets and is included in research and development expenses in the consolidated statement of operations. Intangible assets are reviewed for impairment at least annually or more frequently if indicators of potential impairment exist. As of December 31, 2022, no such impairment has been recorded.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first assessing the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Qualitative indicators assessed include consideration of macroeconomic, industry and market conditions, the Company’s overall financial performance and personnel or strategy changes. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company’s single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2022, no goodwill impairment has been identified.

Redeemable convertible preferred stock

The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because while it is not mandatorily redeemable, in the event of certain events considered not solely within the Company’s control, such as a merger, acquisition or sale of all or substantially all of the Company’s assets (each, a deemed liquidation event), the redeemable convertible preferred stock would have become redeemable at the option of the holders of at least a majority of the then outstanding such shares. The Company did not adjust the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because it was uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock.

Revenue recognition

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, sales and distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees.

Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Research, development and regulatory milestone payments: At the inception of each arrangement that includes research, development, or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price.

Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any sales-based milestone or royalty revenue resulting from its collaboration arrangements.

Deferred revenue represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation.

Research and development expenditures

Research and development expenses consist of costs incurred for the Company’s own and for collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on the Company’s behalf. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions, contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly.

Stock-based compensation

The Company measures its stock-based awards granted to employees and directors based on the estimated fair values of the awards and recognizes the compensation on a straight-line basis over the requisite service period. The fair value of options issued under the employee stock purchase plan is calculated using the Black-Scholes option-pricing model. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant.

Comprehensive loss

For the years ended December 31, 2022, 2021 and 2020, other comprehensive loss includes net unrealized gains or losses on marketable securities.

Income taxes

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of interest expense.

Net loss per share attributable to common stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods.

Deferred offering costs

The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit (equity) as a reduction of additional paid-in capital generated as a result of the equity financing. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. As of December 31, 2022 and 2021, $0.6 million and $0.5 million of deferred offering costs, respectively, were capitalized in other noncurrent assets on the consolidated balance sheets.

Segment reporting

The Company has one operating and reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. All of the Company’s long-lived assets are located in the United States.

401(k) retirement plans

The Company maintains a 401(k) retirement plan for its employees. The Company is responsible for administrative costs of the 401(k) plan. The Company may, at its discretion, make matching or profit-sharing contributions to the 401(k) plan. For the years ended December 31, 2022, 2021 and 2020, the Company made $1.3 million, $0.9 million and $0.2 million matching contributions, respectively, under the plan.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below.

Recently adopted accounting pronouncements

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (ASU 2020-08). ASU 2020-08 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, 2021. 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 adopted the standard for the fiscal year beginning on January 1, 2022 and concluded that adoption of the standard did not have a material impact on its consolidated financial statements.

In October 2020, FASB issued ASU 2020-10, Codification Improvements (ASU 2020-10). ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The amendments are effective for the Company for fiscal years beginning after December 15, 2021, including interim period within those fiscal years. Early

adoption is permitted. Adoption shall be applied retrospectively. The Company adopted the standard for the fiscal year beginning on January 1, 2022 and concluded that adoption of the standard did not have a material impact on its consolidated financial statements.

Redeemable Convertible Preferred Stock	12 Months Ended
Redeemable Convertible Preferred Stock	Dec. 31, 2022
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	9. Redeemable convertible preferred stock Upon the closing of the Company’s initial public offering 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 December 31, 2022 and 2021.

Income Taxes - Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income tax rate, net of federal benefit	9.40%	8.90%
Research tax credits	3.20%	2.20%
Change in valuation allowance	(32.40%)	(31.40%)
Non-deductible permanent expenses	(1.00%)	(0.50%)
Other	0.00%	(0.20%)
Benefit from income taxes	0.20%	0.00%

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Feb. 07, 2020	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split	0.2055
Reverse stock split, description	1-for-4.8661
Other-than-temporary impairment		$ 0
Restricted cash		1,737,000	$ 1,737,000
Operating lease liability		64,205,000
Operating lease right-of-use asset		55,077,000	59,692,000
Adjustment to accumulated deficit		(701,341,000)	(452,636,000)
Impairments of long-lived assets		0	0	$ 0
Impairment of intangible assets, indefinite-lived		0
Impairment of intangible assets, finite-lived		0
Goodwill impairment		0
Deferred offering costs		$ 600,000	500,000
Number of operating segment \| Segment		1
Number of reportable segment \| Segment		1
Retirement plan name description		401(k) retirement plan
Retirement plan, matching contributions		$ 1,300,000	900,000	$ 200,000
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adoption					true
Change in accounting principle, accounting standards update, adopted					true
Change in accounting principle, accounting standards update, immaterial effect					true
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives		5 years
Letter Of Credit
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 1,700,000	$ 1,700,000

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

$ 645,685

$ 577,946

Money Market Funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[1]

48,522

57,134

Commercial Paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[1],[2]

313,928

291,369

U.S. and Canadian Government And Agency Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[2]

251,830

87,745

^[1]

Corporate Bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[2]

31,405

^[1]

141,698

Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

48,522

57,134

Level 1 | Money Market Funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[1]

48,522

57,134

Level 1 | Commercial Paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[1],[2]

Level 1 | U.S. and Canadian Government And Agency Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[1],[2]

Level 1 | Corporate Bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[2]

Level 2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

597,163

520,812

Level 2 | Commercial Paper

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[1],[2]

313,928

291,369

Level 2 | U.S. and Canadian Government And Agency Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[2]

251,830

87,745

^[1]

Level 2 | Corporate Bonds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Assets fair value

^[2]

$ 31,405

^[1]

$ 141,698

[1]	Included in cash and cash equivalents on the consolidated balance sheets.
[2]	Included in marketable securities on the consolidated balance sheets.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

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

Summary of Fair Value of Stock Option Awards Estimated at Date of Grant

The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Year Ended December 31,
	2022	2021	2020
Expected term (years)	6	6	6
Expected volatility	70-73%	70-75%	74-80%
Risk-free interest rate	1.5%-4.2%	0.5%-1.3%	0.2%-1.5%
Dividend yield	0%	0%	0%

Non-employee stock option awards were measured at fair value at each reporting period using a Black-Scholes option-pricing model with the following assumptions:


	Year Ended December 31,
	2022	2021	2020
Expected term (years)	6	6	6-10
Expected volatility	70-71%	70-75%	74-80%
Risk-free interest rate	1.6%-3.4%	0.9%-1.3%	1.2%-1.5%
Dividend yield	0%	0%	0%

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 the ESPP by function was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Research and development	$	18,113	$	11,847	$	4,848
General and administrative		13,083		8,877		4,038
Total	$	31,196	$	20,724	$	8,886

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, 2021		6,050,938		$	14.88		7.74	$	83,953
Options granted		2,758,710			19.37
Options exercised		(249,544	)		6.12
Options cancelled		(395,729	)		26.78
Balance, December 31, 2022		8,164,375		$	16.09		7.53	$	85,181
Options vested and expected to vest as of December 31, 2022		8,164,375		$	16.09		7.53	$	85,181
Options vested and exercisable as of December 31, 2022		4,555,124		$	11.43		6.65	$	66,783

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 year ended December 31, 2022 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, 2021		423,621		$	37.16		3.16	$	10,663
Restricted stock units granted		1,142,366			19.43
Restricted stock units vested		(278,848	)		28.23
Restricted stock units forfeited		(112,107	)		24.58
Balance, December 31, 2022		1,175,032		$	23.25		1.62		27,989
Expected to vest as of December 31, 2022		1,175,032		$	23.25		1.62		27,989

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 29, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total		17,766,601	13,967,835
Intrinsic value of the options exercised		$ 3,800	$ 13,100	$ 21,700
Weighted-average grant-date fair value of options granted			$ 25.13	$ 15.59
Unrecognized stock-based compensation expense related to unvested stock options		$ 48,800
Unrecognized stock-based compensation expense, weighted-average period of recognition		2 years 6 months 25 days
Stock-based compensation expense		$ 31,196	$ 20,724	$ 8,886
Consultant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		500	700	800
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options		$ 25,800
Unrecognized stock-based compensation expense, weighted-average period of recognition		3 years 25 days
RSU vested, fair value		$ 7,900	$ 3,100	$ 100
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total		1,700,887
Purchase price rate	85.00%
Shares purchases		235,555
Unrecognized compensation cost related to ESPP		$ 3,200

Available-for-sale Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities

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


	December 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized				Estimated
	cost		gain		loss				fair value
	(in thousands)
Marketable securities:
Commercial paper	$	216,765	$	—	$	(328	)		$	216,437
U.S. and Canadian government and agency securities		236,916		43		(1,270	)			235,689
Corporate bonds		31,599		—		(194	)			31,405
Total marketable securities		485,280		43		(1,792	)			483,531
Cash equivalents:
Money market funds		48,522		—		—				48,522
Commercial paper		97,526		—		(35	)			97,491
Corporate bonds		16,137		4		—				16,141
Total cash equivalents		162,185		4		(35	)	—		162,154
Total available-for-sale investments	$	647,465	$	47	$	(1,827	)		$	645,685


	December 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	239,176	$	1	$	(63	)	$	239,114
U.S. and Canadian government and agency securities		87,926		—		(181	)		87,745
Corporate bonds		141,829		—		(131	)		141,698
Total marketable securities		468,931		1		(375	)		468,557
Cash equivalents:
Money market funds		57,134		—		—			57,134
Commercial paper		52,257		—		(2	)		52,255
Total cash equivalents		109,391		—		(2	)		109,389
Total available-for-sale investments	$	578,322	$	1	$	(377	)	$	577,946

The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents by contractual maturity are summarized below as of December 31, 2022:


	December 31, 2022
			Gross			Gross
	Amortized		unrealized			unrealized			Estimated
	cost		gain			loss			fair value
	(in thousands)
Mature in one year or less	$	618,025	$	48		$	(1,752	)	$	616,321
Mature after one year through two years		29,440		(1	)		(75	)		29,364
Total marketable securities	$	647,465	$	47		$	(1,827	)	$	645,685

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Initial Public Offering
Stock issuance cost			$ 23,003
Follow-on Offering
Stock issuance cost	$ 16,374	$ 18,855	$ 11,633

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	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 647,465	$ 578,322
Gross Unrealized Gain	47	1
Gross Unrealized Loss	(1,827)	(377)
Estimated Fair Value	645,685	577,946
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	485,280	468,931
Gross Unrealized Gain	43	1
Gross Unrealized Loss	(1,792)	(375)
Estimated Fair Value	483,531	468,557
Marketable Securities \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	31,599	141,829
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(194)	(131)
Estimated Fair Value	31,405	141,698
Marketable Securities \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	216,765	239,176
Gross Unrealized Gain	0	1
Gross Unrealized Loss	(328)	(63)
Estimated Fair Value	216,437	239,114
Marketable Securities \| U.S. and Canadian Government And Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	236,916	87,926
Gross Unrealized Gain	43	0
Gross Unrealized Loss	(1,270)	(181)
Estimated Fair Value	235,689	87,745
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	162,185	109,391
Gross Unrealized Gain	4	0
Gross Unrealized Loss	(35)	(2)
Estimated Fair Value	162,154	109,389
Cash Equivalents \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,137
Gross Unrealized Gain	4
Gross Unrealized Loss	0
Estimated Fair Value	16,141
Cash Equivalents \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	48,522	57,134
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	48,522	57,134
Cash Equivalents \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	97,526	52,257
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(35)	(2)
Estimated Fair Value	$ 97,491	$ 52,255

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
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	300,000,000
Common stock, shares, issued	90,411,912	74,142,619
Common stock, shares, outstanding	90,411,912	74,142,619

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Reverse Stock Split

Reverse stock split

Use of Estimates

Use of estimates

Cash and Cash Equivalents

Cash and cash equivalents

Marketable Securities

Marketable securities

Restricted Cash

Restricted cash

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of credit risk and other risks and uncertainties

Fair Value Measurement

Fair value measurement

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

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.

Property and Equipment, Net

Property and equipment, net

Useful lives of property and equipment are as follows:


Property and equipment		Estimated useful life
Laboratory equipment		4-5 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Computer equipment and software		3 years
Furniture and fixtures		5 years

Leases

Impairment of Long-Lived Assets

Impairment of long-lived assets

Acquired Intangible Assets

Acquired intangible assets

Goodwill

Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock

Revenue Recognition

Revenue recognition

Research and Development Expenditures

Research and development expenditures

Stock-Based Compensation

Stock-based compensation

Comprehensive Loss

Comprehensive loss

For the years ended December 31, 2022, 2021 and 2020, other comprehensive loss includes net unrealized gains or losses on marketable securities.

Income Taxes

Income taxes

Net Loss per Share Attributable to Common Stockholders

Net loss per share attributable to common stockholders

Deferred Offering Costs

Deferred offering costs

Segment Reporting

Segment reporting

401(k) Retirement Plans

401(k) retirement plans

Recent Accounting Pronouncements

Recent accounting pronouncements

Recently adopted accounting pronouncements

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 13,281	$ 9,852
Accrued research and development	15,161	17,018
Accrued professional services	499	540
Other	505	311
Total accrued expenses and other current liabilities	$ 29,446	$ 27,721

Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 December 31, 2022, the Company had an accumulated deficit of $701.3 million. Management believes that its existing cash, cash equivalents and marketable securities will enable the Company to fund its planned operations for at least 12 months following the issuance date of these 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. 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 business objectives.

Public offerings

In February 2021, the Company issued and sold 6,666,666 shares of its common stock in an underwritten public offering at a price of $45.00 per share (including the exercise in full by the underwriters of their option to purchase an additional 869,565 shares of its common stock) for net proceeds of $281.1 million, after deducting underwriting discounts and commissions of $18.0 million and expenses of $0.9 million.

In November 2021, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen) to sell shares of its common stock, from time to time, with aggregate gross proceeds of up to $250 million, through an at-the-market equity offering program (ATM). During the year ended December 31, 2021, the Company sold an aggregate of 339,302 shares of common stock under the ATM resulting in gross proceeds of $10.4 million. After deducting commissions and expenses of $0.3 million, net proceeds to the Company for the year ended December 31, 2021 were $10.1 million. During the year ended December 31, 2022, the Company sold an aggregate of 2,385,846 shares of common stock under the ATM resulting in gross proceeds of $51.3 million. After deducting commissions and expenses of $1.4 million, net proceeds to the Company for the year ended December 31, 2022 were $49.9 million.

In July 2022, the Company issued and sold 13,225,000 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 1,725,000 shares of the Company’s common stock) at a price to the public of $20.00 per share, for net proceeds of $248.1 million, after deducting underwriting discounts and commissions of $15.9 million and expenses of $0.5 million.

Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Feb. 29, 2020
Temporary Equity [Line Items]
Temporary equity, shares outstanding	0	0
Initial Public Offering
Temporary Equity [Line Items]
Temporary equity, shares outstanding			39,600,423

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	Revolution Medicines, Inc.
Entity Central Index Key	0001628171
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		90,491,696
Entity Shell Company	false
Entity Small Business	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
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Entity Public Float			$ 1,231
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the Registrant’s 2023 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The proxy statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2022.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Jose, California
Auditor Firm ID	238

Summary of Fair Value of Stock Option Awards Estimated at Date of Grant (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	70.00%
Expected volatility, maximum	73.00%
Risk-free interest rate, minimum	1.50%
Risk-free interest rate, maximum	4.20%
Dividend yield	0.00%
Employee And Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years	6 years	6 years
Expected volatility, minimum		70.00%	74.00%
Expected volatility, maximum		75.00%	80.00%
Risk-free interest rate, minimum		0.50%	0.20%
Risk-free interest rate, maximum		1.30%	1.50%
Dividend yield		0.00%	0.00%
Consultant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years	6 years
Expected volatility, minimum	70.00%	70.00%	74.00%
Expected volatility, maximum	71.00%	75.00%	80.00%
Risk-free interest rate, minimum	1.60%	0.90%	1.20%
Risk-free interest rate, maximum	3.40%	1.30%	1.50%
Dividend yield	0.00%	0.00%	0.00%
Consultant \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)			6 years
Consultant \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)			10 years

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (248,705)	$ (187,091)	$ (108,159)
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net	(1,404)	(492)	42
Total comprehensive loss	$ (250,109)	$ (187,583)	$ (108,117)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 1,069
2024	1,068
2025	870
Developed technology - tri-complex platform, Net book value	$ 3,007	$ 4,076

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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:


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds(1)	$	48,522	$	48,522	$	—	$	—
Commercial paper(1, 2)		313,928		—		313,928		—
U.S. and Canadian government and agency securities(2)		251,830		—		251,830		—
Corporate bonds(1, 2)		31,405		—		31,405		—
Total	$	645,685	$	48,522	$	597,163	$	—


	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds(1)	$	57,134	$	57,134	$	—	$	—
Commercial paper(1, 2)		291,369		—		291,369		—
U.S. and Canadian government and agency securities(2)		87,745		—		87,745		—
Corporate bonds(2)		141,698		—		141,698		—
Total	$	577,946	$	57,134	$	520,812	$	—

(1)

Included in cash and cash equivalents on the consolidated balance sheets.

(2)

Included in marketable securities on the consolidated balance sheets.

Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance	6,050,938
Number of Shares underlying options, Options granted	2,758,710
Number of Shares underlying options, Options exercised	(249,544)
Number of Shares underlying options, Options cancelled	(395,729)
Number of Shares underlying options, Ending balance	8,164,375	6,050,938
Number of Shares underlying options, Options vested and expected to vest	8,164,375
Number of Shares underlying options, Options vested and exercisable	4,555,124
Weighted-average exercise price, Beginning balance	$ 14.88
Weighted-average exercise price, Options granted	19.37
Weighted-average exercise price, Options exercised	6.12
Weighted-average exercise price, Options cancelled	26.78
Weighted-average exercise price, Ending balance	16.09	$ 14.88
Weighted-average exercise price, Options vested and expected to vest	16.09
Weighted-average exercise price, Options vested and exercisable	$ 11.43
Weighted-average remaining contractual term (in years)	7 years 6 months 10 days	7 years 8 months 26 days
Weighted-average remaining contractual term, Options vested and expected to vest	7 years 6 months 10 days
Weighted-average remaining contractual term, Options vested and exercisable	6 years 7 months 24 days
Aggregate intrinsic value	$ 85,181	$ 83,953
Aggregate intrinsic value, Options vested and expected to vest	85,181
Aggregate intrinsic value, Options vested and exercisable	$ 66,783

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Benefit from income taxes	$ 420,000	$ 0	$ 371,000
Increase in valuation allowance	$ 80,700,000	58,800,000
Tax cut and jobs act net operating loss deduction limitation percentage	80.00%
Research and development credit carryforwards	$ 22,558,000	14,449,000
Net operating losses, limitations on use	Federal, California, Massachusetts and New Jersey tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in 2014, 2018, and 2020 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $5.5 million in California net operating losses. The Company's deferred tax assets have been reduced by the amount of net operating loss carryforwards expected to expire due to the limitation. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes.The TCJA amended Internal Revenue Code Section 174 requiring capitalization of specified research and experimental expenditures paid or incurred in tax years beginning after December 31, 2021 and amortizing over a period of 5 or 15 years. This resulted in a deferred tax asset for capitalized research expenses in 2022. Also on August 16, 2022, the United States enacted the Inflation Reduction Act (the IRA), which contains among other things, numerous income tax provisions. At this time, the Company does not anticipate the IRA to have a material impact on its financial statements.
Unrecognized tax benefits that would affect effective tax rate if recognized	$ 7,100,000	4,700,000
Interest or penalties related to uncertain tax positions	$ 0	$ 0
Years remain open to examination	2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Federal
Income Taxes [Line Items]
Net operating loss carryforwards subject to expire	$ 448,300,000
Net operating loss carryforwards expiration beginning year	2035
Net operating loss carryforwards which can be carried forward indefinitely	$ 354,700,000
Research and development credit carryforwards	$ 20,600,000
Research and development credit carryforwards expiration starting year	2034
State and Local Net
Income Taxes [Line Items]
Net operating loss carryforwards subject to expire	$ 445,500,000
Net operating loss carryforwards expiration beginning year	2035
Research and development credit carryforwards	$ 11,600,000
Research and development credit carryforwards expiration starting year	2031
Research and development credit carryforwards which can be carried forward indefinitely	$ 10,700,000
Net operating losses expected to expire unutilized as a result of the limitation	$ 5,500,000

Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance	$ 5,143	$ 3,593
Changes related to tax positions taken in the prior year	(7)	(21)
Changes related to tax positions taken in current year	2,466	1,571
Ending balance	$ 7,602	$ 5,143

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 31,196	$ 20,724	$ 8,886
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	18,113	11,847	4,848
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 13,083	$ 8,877	$ 4,038

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,069,000	$ 1,069,000	$ 1,068,000
Goodwill impairment	$ 0

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Laboratory Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	4 years
Laboratory Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful life, description	Lesser of estimated useful life or remaining lease term
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life	5 years

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets and goodwill

Intangible assets, net

Intangible assets, net consist of the following as of December 31, 2022:


	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		(4,473	)		3,007		2.9
Total	$	63,280	$	(4,473	)	$	58,807

Amortization expense for the years ended December 31, 2022, 2021 and 2020 were $1.1 million, $1.1 million and $1.1 million, respectively.

As of December 31, 2022, future amortization expense is as follows:


	Amount
	(in thousands)
2023	$	1,069
2024		1,068
2025		870
Total	$	3,007

Intangible assets, net consist of the following as of December 31, 2021:


	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		(3,404	)		4,076		3.9
Total	$	63,280	$	(3,404	)	$	59,876

Goodwill

Goodwill consists of the following:


	Amount
	(in thousands)
Balance at December 31, 2021	$	14,608
Adjustment		—
Balance at December 31, 2022	$	14,608

No impairment has been recognized as of December 31, 2022. Goodwill is not deductible for income tax purposes.

Income Taxes - Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 132,080	$ 123,991
Accruals and reserves	5,494	9,164
Research and development credits	22,558	14,449
Lease liability	18,998	19,979
Stock-based compensation	7,063	3,829
Capitalized research expenses	64,149
Other	42	33
Gross deferred tax assets	250,384	171,445
Less: valuation allowance	(224,125)	(143,474)
Total deferred tax assets	26,259	27,971
Deferred tax liabilities:
Fixed assets and finite-lived intangible assets	(9,961)	(10,073)
Indefinite-lived intangible assets	(7,025)	(7,444)
Lease asset	0
Right-of-use asset	(16,298)	(17,898)
Gross deferred tax liabilities	(33,284)	(35,415)
Net deferred tax liability	$ (7,025)	$ (7,444)

Common Stock (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Common Stock for Future Issuance

The Company has reserved shares of common stock for future issuance as follows:


	December 31,		December 31,
	2022		2021
Outstanding options to purchase common stock		8,164,375		6,050,938
Unvested restricted stock units of common stock		1,175,032		423,621
Available for future issuance under the 2020 Incentive Award Plan		6,726,307		6,403,548
Available for issuance under the 2020 Employee Stock Purchase Plan		1,700,887		1,089,728
Total		17,766,601		13,967,835

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 33,148	$ 22,356
Less: accumulated depreciation and amortization	(14,489)	(10,812)
Property and equipment, net	18,659	11,544
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	17,163	12,727
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	11,404	7,245
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,965	2,186
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	616	69
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 0	$ 129

Common Stock - Schedule of Common Stock for Future Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	17,766,601	13,967,835
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	8,164,375	6,050,938
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	1,175,032	423,621
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	6,726,307	6,403,548
Available for issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	1,700,887	1,089,728

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (248,705)	$ (187,091)	$ (108,159)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Loss on disposal of fixed assets	19	119	0
Amortization of intangible assets	1,069	1,069	1,068
Stock-based compensation expense	31,196	20,724	8,886
Depreciation and amortization	3,972	3,083	2,611
Net amortization of premium (discount) on marketable securities	(3,078)	3,012	968
Amortization of operating lease right-of-use asset	4,615	3,180	2,866
Changes in operating assets and liabilities:
Accounts receivable	1,256	464	2,344
Prepaid expenses and other current assets	(3,779)	198	(1,924)
Accounts payable	7,288	2,239	305
Accrued expenses and other current liabilities	1,502	8,720	4,855
Deferred revenue	(14,472)	(1,661)	(11,259)
Operating lease liability	(2,428)	(1,468)	(2,565)
Deferred tax liability	(419)	0	(375)
Other noncurrent assets	(2,247)	81	139
Other noncurrent liabilities	(190)	151	176
Net cash used in operating activities	(224,401)	(147,180)	(100,064)
Cash flows from investing activities
Purchases of marketable securities	(612,769)	(671,335)	(544,133)
Maturities of marketable securities	599,469	526,754	309,828
Sales of marketable securities	0	8,992	3,005
Purchases of property and equipment	(10,816)	(6,528)	(2,933)
Net cash used in investing activities	(24,116)	(142,117)	(234,233)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	248,126	281,145	420,067
Proceeds from issuance of common stock from at-the-market offering	49,919	10,096	0
Proceeds from issuance of common stock under equity incentive plans	1,481	1,487	1,877
Proceeds from issuance of common stock under employee stock purchase plan	1,864	1,875	832
Payments of deferred offering costs	42	(424)	0
Net cash provided by financing activities	301,432	294,179	422,776
Net increase in cash, cash equivalents and restricted cash	52,915	4,882	88,479
Cash, cash equivalents and restricted cash - beginning of year	110,234	105,352	16,873
Cash, cash equivalents and restricted cash - end of year	163,149	110,234	105,352
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	161,412	108,497	104,268
Restricted cash	1,737	1,737	1,084
Cash, cash equivalents and restricted cash - end of year	163,149	110,234	105,352
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised options and restricted stock	143	149	199
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	1,419	1,129	1,813
Advance payments for property and equipment	82	0	0
Right-of-use assets obtained in exchange for operating lease liabilities	0	35,437	21,188
Unpaid deferred offering costs	$ 2	$ 110	$ 0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Balance Sheet Classification of Operating Lease Liabilities

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


	December 31,
	2022
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	6,773
Operating lease liability – noncurrent		57,432
Total operating lease liabilities	$	64,205

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2022, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2023	$	6,961
2024		7,100
2025		7,349
2026		7,606
2027		7,872
Thereafter		52,550
Total undiscounted lease payments	$	89,438
Less: Imputed interest		(25,233	)
Less: Tenant improvement allowance		—
Total operating lease liabilities	$	64,205

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 6,961
2024	7,100
2025	7,349
2026	7,606
2027	7,872
Thereafter	52,550
Total undiscounted lease payments	89,438
Less: Imputed interest	(25,233)
Less: Tenant improvement allowance	0
Total operating lease liabilities	$ 64,205

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Years Ended December 31,
	2022			2021			2020
	(in thousands, except share and per share data)
Numerator:
Net loss	$	(248,705	)	$	(187,091	)	$	(108,159	)
Redeemable convertible preferred stock dividends-undeclared and cumulative		—			—			(2,219	)
Net loss attributable to common stockholders	$	(248,705	)	$	(187,091	)	$	(110,378	)
Denominator:
Weighted-average shares outstanding		80,636,570			72,866,022			55,109,929
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(10,045	)		(59,943	)		(235,810	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		80,626,525			72,806,079			54,874,119
Net loss per share attributable to common stockholders, basic and diluted	$	(3.08	)	$	(2.57	)	$	(2.01	)

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 December 31,
	2022		2021		2020
Options to purchase common stock		8,164,375		6,050,938		5,118,979
Options early exercised subject to future vesting		6,918		30,378		130,793
Unvested restricted stock units of common stock		1,175,032		423,621		85,639
Expected shares to be purchased under ESPP		378,429		176,131		91,210
Total		9,724,754		6,681,068		5,426,621

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11.

Stock-based compensation

2020 Incentive Award Plan

In February 2020, the Company adopted the 2020 Equity Incentive Plan (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, 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 (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 were not issued under the 2014 Plan are available for issuance under the 2020 Plan.

2020 Employee Stock Purchase Plan

In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the ESPP). Under the ESPP, employees have the ability to purchase shares of the Company’s 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.

As of December 31, 2022, there have been 235,555 shares of common stock purchased under the ESPP. As of December 31, 2022, a total of 1,700,887 shares of common stock were available for future issuance under the ESPP. As of December 31, 2022, there was $3.2 million of unrecognized compensation cost related to the 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, 2021		6,050,938		$	14.88		7.74	$	83,953
Options granted		2,758,710			19.37
Options exercised		(249,544	)		6.12
Options cancelled		(395,729	)		26.78
Balance, December 31, 2022		8,164,375		$	16.09		7.53	$	85,181
Options vested and expected to vest as of December 31, 2022		8,164,375		$	16.09		7.53	$	85,181
Options vested and exercisable as of December 31, 2022		4,555,124		$	11.43		6.65	$	66,783

The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock by the Board of Directors. The intrinsic value of the options exercised for the years December 31, 2022, 2021 and 2020 was $3.8 million, $13.1 million and $21.7 million, respectively.

During the years ended December 31, 2022, 2021 and 2020, the weighted-average grant-date fair value of options granted was $12.33, $25.13 and $15.59 per share, respectively. As of December 31, 2022, there was $48.8 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.57 years.

The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Year Ended December 31,
	2022	2021	2020
Expected term (years)	6	6	6
Expected volatility	70-73%	70-75%	74-80%
Risk-free interest rate	1.5%-4.2%	0.5%-1.3%	0.2%-1.5%
Dividend yield	0%	0%	0%

Non-employee stock option awards were measured at fair value at each reporting period using a Black-Scholes option-pricing model with the following assumptions:


	Year Ended December 31,
	2022	2021	2020
Expected term (years)	6	6	6-10
Expected volatility	70-71%	70-75%	74-80%
Risk-free interest rate	1.6%-3.4%	0.9%-1.3%	1.2%-1.5%
Dividend yield	0%	0%	0%

The Black-Scholes model assumptions that determine the fair value of stock-based awards include:

Expected term—The expected term is calculated using the simplified method, which is available where there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method.

Expected volatility—Given the Company does not have sufficient trading history for its common stock, the expected volatility was estimated based on the average volatility of the Company and comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty.

Risk-free interest rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option.

Expected dividend—The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Restricted stock units

Restricted stock units (RSUs) have been granted to employees and directors. The fair 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 pursuant to the 2020 plan.

Activity under the 2020 Plan with respect to the Company’s RSUs during the year ended December 31, 2022 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, 2021		423,621		$	37.16		3.16	$	10,663
Restricted stock units granted		1,142,366			19.43
Restricted stock units vested		(278,848	)		28.23
Restricted stock units forfeited		(112,107	)		24.58
Balance, December 31, 2022		1,175,032		$	23.25		1.62		27,989
Expected to vest as of December 31, 2022		1,175,032		$	23.25		1.62		27,989

The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of December 31, 2022, there was $25.8 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.07 years.

The total fair value of RSUs vested for the years ended December 31, 2022, 2021 and 2020 was $7.9 million, $3.1 million and $0.1 million, respectively.

Stock-based compensation expense

Total stock-based compensation expense related to stock options, RSUs and the ESPP by function was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Research and development	$	18,113	$	11,847	$	4,848
General and administrative		13,083		8,877		4,038
Total	$	31,196	$	20,724	$	8,886

Stock-based compensation related to options and RSUs granted to non-employees was $0.5 million, $0.7 million and $0.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 161,412	$ 108,497
Marketable securities	483,531	468,557
Account receivable	4,673	5,929
Prepaid expenses and other current assets	10,569	6,790
Total current assets	660,185	589,773
Property and equipment, net	18,659	11,544
Operating lease right-of-use asset	55,077	59,692
Intangible assets, net	58,807	59,876
Goodwill	14,608	14,608
Restricted cash	1,737	1,737
Other noncurrent assets	2,857	758
Total assets	811,930	737,988
Current liabilities:
Accounts payable	21,306	14,057
Accrued expenses and other current liabilities	29,446	27,721
Operating lease liability, current	6,773	6,214
Deferred revenue, current	4,459	12,358
Total current liabilities	61,984	60,350
Deferred revenue, noncurrent	0	6,573
Deferred tax liability	7,025	7,444
Operating lease liability, noncurrent	57,432	60,419
Other noncurrent liabilities	301	634
Total liabilities	126,742	135,420
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at December 31, 2022 and December 31, 2021, respectively; zero shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized at December 31, 2022 and December 31, 2021, respectively; 90,411,912 and 74,142,619 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	9	8
Additional paid-in capital	1,388,300	1,055,572
Accumulated other comprehensive loss	(1,780)	(376)
Accumulated deficit	(701,341)	(452,636)
Total stockholders' equity	685,188	602,568
Total liabilities and stockholders' equity	$ 811,930	$ 737,988

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes

The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:


	Year Ended December 31,
	2022			2021
Federal statutory income tax rate		21.0	%		21.0	%
State income tax rate, net of federal benefit		9.4	%		8.9	%
Research tax credits		3.2	%		2.2	%
Change in valuation allowance		-32.4	%		-31.4	%
Non-deductible permanent expenses		-1.0	%		-0.5	%
Other		0.0	%		-0.2	%
Benefit from income taxes		0.2	%		0.0	%

Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets

The categories that give rise to significant components of the deferred tax assets are as follows (in thousands):


	December 31,
	2022			2021
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	132,080		$	123,991
Accruals and reserves		5,494			9,164
Research and development credits		22,558			14,449
Lease liability		18,998			19,979
Stock-based compensation		7,063			3,829
Capitalized research expenses		64,149			—
Other		42			33
Gross deferred tax assets		250,384			171,445
Less: valuation allowance		(224,125	)		(143,474	)
Total deferred tax assets		26,259			27,971
Deferred tax liabilities:
Fixed assets and finite-lived intangible assets		(9,961	)		(10,073	)
Indefinite-lived intangible assets		(7,025	)		(7,444	)
Lease asset		—			—
Right-of-use asset		(16,298	)		(17,898	)
Gross deferred tax liabilities		(33,284	)		(35,415	)
Net deferred tax liability	$	(7,025	)	$	(7,444	)

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	December 31,
	2022			2021
	(in thousands)
Beginning balance	$	5,143		$	3,593
Changes related to tax positions taken in the prior year		(7	)		(21	)
Changes related to tax positions taken in the current year		2,466			1,571
Ending balance	$	7,602		$	5,143

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (248,705)	$ (187,091)	$ (108,159)
Redeemable convertible preferred stock dividends - undeclared and cumulative	0	0	(2,219)
Net loss attributable to common stockholders	$ (248,705)	$ (187,091)	$ (110,378)
Denominator:
Weighted-average shares outstanding	80,636,570	72,866,022	55,109,929
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(10,045)	(59,943)	(235,810)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	80,626,525	72,806,079	54,874,119
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	80,626,525	72,806,079	54,874,119
Net loss per share attributable to common stockholders, basic	$ (3.08)	$ (2.57)	$ (2.01)
Net loss per share attributable to common stockholders, diluted	$ (3.08)	$ (2.57)	$ (2.01)

Commitments and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 6,773	$ 6,214
Operating lease liability – noncurrent	57,432	$ 60,419
Total operating lease liabilities	$ 64,205

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

12.

Income taxes

The Company recorded an income tax benefit of 0.4 million and zero for the years ended December 31, 2022 and 2021, respectively, which reflects state tax rates applied to the indefinite lived intangibles recorded as part of the Company’s acquisition of Warp Drive Bio in 2018. The Company has incurred net pre-tax losses in the United States only for all periods presented. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the carrying amounts of existing assets and liabilities in the financial statements and their respective tax bases using tax rates expected to be in effect during the years in which the basis differences reverse.

The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:


	Year Ended December 31,
	2022			2021
Federal statutory income tax rate		21.0	%		21.0	%
State income tax rate, net of federal benefit		9.4	%		8.9	%
Research tax credits		3.2	%		2.2	%
Change in valuation allowance		-32.4	%		-31.4	%
Non-deductible permanent expenses		-1.0	%		-0.5	%
Other		0.0	%		-0.2	%
Benefit from income taxes		0.2	%		0.0	%

Deferred income tax reflects the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The categories that give rise to significant components of the deferred tax assets are as follows (in thousands):


	December 31,
	2022			2021
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	132,080		$	123,991
Accruals and reserves		5,494			9,164
Research and development credits		22,558			14,449
Lease liability		18,998			19,979
Stock-based compensation		7,063			3,829
Capitalized research expenses		64,149			—
Other		42			33
Gross deferred tax assets		250,384			171,445
Less: valuation allowance		(224,125	)		(143,474	)
Total deferred tax assets		26,259			27,971
Deferred tax liabilities:
Fixed assets and finite-lived intangible assets		(9,961	)		(10,073	)
Indefinite-lived intangible assets		(7,025	)		(7,444	)
Lease asset		—			—
Right-of-use asset		(16,298	)		(17,898	)
Gross deferred tax liabilities		(33,284	)		(35,415	)
Net deferred tax liability	$	(7,025	)	$	(7,444	)

The realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the net deferred tax assets have been offset by a valuation allowance excluding certain indefinite lived intangibles. The valuation allowance increased by $80.7 million and $58.8 million during the years ended December 31, 2022 and 2021, respectively. The Company had federal and state net operating loss carryforwards of $448.3 million and $445.5 million, respectively, as of December 31, 2022. The federal net operating loss carryforwards, if not utilized, will expire beginning in 2035, with the exception of $354.7 million in federal net operating loss carryforwards, which can be carried forward indefinitely. State net operating loss carryforwards, if not utilized, will expire beginning in 2035. Under the Tax Cuts and Jobs Act (the TCJA), federal net operating losses arising after December 31, 2017 do not expire and cannot be carried back. However, the TCJA limits the amount of federal net operating losses that can be used annually to 80% of taxable income for periods beginning after December 31, 2017. Existing federal net operating losses arising in years ending on or before December 31, 2017 are not affected by these provisions.

The Company also had federal and state research and development credit carryforwards of $20.6 million and $11.6 million, respectively, as of December 31, 2022. The federal credits will expire starting in 2034 if not utilized and the state research credits will expire beginning in 2031, with the exception of $10.7 million in California research credits, which can be carried forward indefinitely. Federal, California, Massachusetts and New Jersey tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in 2014, 2018, and 2020 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $5.5 million in California net operating losses. The Company's deferred tax assets have been reduced by the amount of net operating loss carryforwards expected to expire due to the limitation. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes.

The TCJA amended Internal Revenue Code Section 174 requiring capitalization of specified research and experimental expenditures paid or incurred in tax years beginning after December 31, 2021 and amortizing over a period of 5 or 15 years. This resulted in a deferred tax asset for capitalized research expenses in 2022. Also on August 16, 2022, the United States enacted the Inflation Reduction Act (the IRA), which contains among other things, numerous income tax provisions. At this time, the Company does not anticipate the IRA to have a material impact on its financial statements.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	December 31,
	2022			2021
	(in thousands)
Beginning balance	$	5,143		$	3,593
Changes related to tax positions taken in the prior year		(7	)		(21	)
Changes related to tax positions taken in the current year		2,466			1,571
Ending balance	$	7,602		$	5,143

The Company has unrecognized tax benefits of $7.1 million and $4.7 million as of December 31, 2022 and 2021, which would affect the effective tax rate if recognized; however, recognition would be in the form of a deferred tax attribute which would likely be offset by a valuation allowance. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. The Company has recognized no interest or penalties related to uncertain tax positions for the periods presented.

Income tax returns are filed in the United States. The years 2010 through 2022 remain open to examination by the domestic taxing jurisdictions to which the Company is subject. Net operating losses generated on a tax return basis by the Company for 2010 through 2022 remain open to examination by the domestic taxing jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	(4,473)	(3,404)
Developed technology - tri-complex platform, Net book value	$ 3,007	$ 4,076
Developed technology - tri-complex platform, Weighted-average remaining useful life	2 years 10 months 24 days	3 years 10 months 24 days
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 58,807	$ 59,876

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following as of December 31, 2022:


	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		(4,473	)		3,007		2.9
Total	$	63,280	$	(4,473	)	$	58,807

Intangible assets, net consist of the following as of December 31, 2021:


	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		(3,404	)		4,076		3.9
Total	$	63,280	$	(3,404	)	$	59,876

Schedule of Future Amortization Expense

As of December 31, 2022, future amortization expense is as follows:


	Amount
	(in thousands)
2023	$	1,069
2024		1,068
2025		870
Total	$	3,007

Schedule of Goodwill

Goodwill consists of the following:


	Amount
	(in thousands)
Balance at December 31, 2021	$	14,608
Adjustment		—
Balance at December 31, 2022	$	14,608

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 35,380,000	$ 29,390,000	$ 42,983,000
Operating expenses:
Research and development	253,073,000	186,948,000	132,252,000
General and administrative	40,586,000	30,450,000	21,428,000
Total operating expenses	293,659,000	217,398,000	153,680,000
Loss from operations	(258,279,000)	(188,008,000)	(110,697,000)
Other income (expense), net:
Interest income	9,154,000	929,000	2,238,000
Interest expense	0	(12,000)	(71,000)
Total other income, net	9,154,000	917,000	2,167,000
Loss before income taxes	(249,125,000)	(187,091,000)	(108,530,000)
Benefit from income taxes	420,000	0	371,000
Net loss	(248,705,000)	(187,091,000)	(108,159,000)
Redeemable convertible preferred stock dividends - undeclared and cumulative	0	0	(2,219,000)
Net loss attributable to common stockholders	$ (248,705,000)	$ (187,091,000)	$ (110,378,000)
Net loss per share attributable to common stockholders, basic	$ (3.08)	$ (2.57)	$ (2.01)
Net loss per share attributable to common stockholders, diluted	$ (3.08)	$ (2.57)	$ (2.01)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	80,626,525	72,806,079	54,874,119
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	80,626,525	72,806,079	54,874,119
Collaboration Revenue
Revenue:
Total revenue	$ 35,380,000	$ 29,390,000	$ 42,983,000

Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, current	$ 4,459	$ 12,358
Deferred revenue, noncurrent	0	6,573
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment received	$ 50,000			$ 50,000
Percentage of reimbursement of internal and external research costs and expenses under research plan	50.00%
Transaction price	$ 186,900
Estimated variable consideration for expense reimbursements upon research and development services	136,900
Collaboration revenue recognized	35,400	29,400	$ 43,000
Deferred revenue, current	4,500	12,400
Deferred revenue, noncurrent		$ 6,600
Sanofi Agreement \| Letter Agreement for the RMC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Reduction in Collaboration Revenue	$ 8,500

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization expense	$ 4.0	$ 3.1	$ 2.6

Common Stock - Additional Information (Details)	12 Months Ended
Common Stock - Additional Information (Details)	Dec. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Stockholders' Equity Note [Abstract]
Common stock, shares authorized \| shares	300,000,000	300,000,000
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