0000950170-23-018805 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 427,222	$ 161,412
Marketable securities	482,578	483,531
Accounts receivable	3,995	4,673
Prepaid expenses and other current assets	8,958	10,569
Total current assets	922,753	660,185
Property and equipment, net	18,536	18,659
Operating lease right-of-use asset	54,302	55,077
Intangible assets, net	58,540	58,807
Goodwill	14,608	14,608
Restricted cash	1,737	1,737
Other noncurrent assets	2,772	2,857
Total assets	1,073,248	811,930
Current liabilities:
Accounts payable	19,912	21,306
Accrued expenses and other current liabilities	27,368	29,446
Operating lease liability, current	5,921	6,773
Deferred revenue, current	1,434	4,459
Total current liabilities	54,635	61,984
Deferred tax liability	7,025	7,025
Operating lease liability, noncurrent	57,676	57,432
Other noncurrent liabilities	1,694	301
Total liabilities	121,030	126,742
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; zero shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; 106,298,077 and 90,411,912 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	11	9
Additional paid-in capital	1,722,202	1,388,300
Accumulated other comprehensive loss	(556)	(1,780)
Accumulated deficit	(769,439)	(701,341)
Total stockholders' equity	952,218	685,188
Total liabilities and stockholders' equity	$ 1,073,248	$ 811,930

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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

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


	Three Months Ended March 31,
	2023			2022
	(in thousands, except share and per share data)
Numerator:
Net loss	$	(68,098	)	$	(57,647	)
Denominator:
Weighted-average shares outstanding		94,836,463			74,183,111
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(4,484	)		(20,748	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		94,831,979			74,162,363
Net loss per share attributable to common stockholders, basic and diluted	$	(0.72	)	$	(0.78	)

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 March 31,
	2023		2022
Options to purchase common stock		10,257,899		7,878,559
Options early exercised subject to future vesting		2,563		20,657
Unvested restricted stock units of common stock		2,003,526		1,140,200
Expected shares to be purchased under ESPP		413,372		176,131
Total		12,677,360		9,215,547

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 5,841	$ 13,281
Accrued research and development	20,611	15,161
Accrued professional services	519	499
Other	397	505
Total accrued expenses and other current liabilities	$ 27,368	$ 29,446

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (remaining nine months)	$ 5,113
2024	7,100
2025	7,349
2026	7,606
2027	7,872
Thereafter	73,717
Total undiscounted lease payments	108,757
Less: Imputed interest	(44,160)
Less: Tenant improvement allowance	1,000
Total operating lease liabilities	$ 63,597	$ 64,205

Commitment and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 5,921	$ 6,773
Operating lease liability – noncurrent	57,676	57,432
Total operating lease liabilities	$ 63,597	$ 64,205

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 04, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	Revolution Medicines, Inc.
Entity Central Index Key	0001628171
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		106,313,250
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock $0.0001 Par Value per Share
Trading Symbol	RVMD
Security Exchange Name	NASDAQ
Entity File Number	001-39219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2029180
Entity Address, Address Line One	700 Saginaw Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	481-6801
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Total revenue	$ 7,014	$ 7,578
Operating expenses:
Research and development	68,947	56,490
General and administrative	13,224	9,037
Total operating expenses	82,171	65,527
Loss from operations	(75,157)	(57,949)
Other income (expense), net:
Interest income	7,059	302
Total other income, net	7,059	302
Loss before income taxes	(68,098)	(57,647)
Benefit from income taxes	0	0
Net loss	$ (68,098)	$ (57,647)
Net loss per share attributable to common stockholders, basic	$ (0.72)	$ (0.78)
Net loss per share attributable to common stockholders, diluted	$ (0.72)	$ (0.78)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	94,831,979	74,162,363
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	94,831,979	74,162,363
Collaboration Revenue
Revenue:
Total revenue	$ 7,014	$ 7,578

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Mar. 31, 2023	Jul. 31, 2022	Nov. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Accumulated deficit	$ 769,439			$ 769,439		$ 701,341
Common stock, shares, issued	106,298,077			106,298,077		90,411,912
Net proceeds from issuance				$ 323,706	$ 0
Underwriter's Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock, shares, issued	2,045,454	1,725,000		2,045,454
Underwritten Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued	15,681,818	13,225,000		15,681,818
Common stock, price per share	$ 22.00	$ 20.00		$ 22.00
Net proceeds from issuance	$ 323,700	$ 248,100
Underwriting discounts and commissions	20,700	15,900
Stock issuance expenses	$ 600	$ 500
ATM \| Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance						$ 49,900	$ 10,100
Aggregate gross proceeds through equity issuance maximum potential amount			$ 250,000
Issuance of common stock upon offering, net of offering costs, shares				0		2,385,846	339,302
Proceeds from issuance of common stock gross						$ 51,300	$ 10,400
Commissions and expenses						$ 1,400	$ 300

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (68,098)	$ (57,647)
Denominator:
Weighted-average shares outstanding	94,836,463	74,183,111
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(4,484)	(20,748)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	94,831,979	74,162,363
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	94,831,979	74,162,363
Net loss per share attributable to common stockholders, basic	$ (0.72)	$ (0.78)
Net loss per share attributable to common stockholders, diluted	$ (0.72)	$ (0.78)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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+ Details

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2023 (remaining nine months)	$ 802
2024	1,069
2025	869
Developed technology - tri-complex platform, Net book value	$ 2,740	$ 3,007

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

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. In March 2023, the Company amended the lease to lease an additional approximately 40,000 square feet of office, laboratory and research and development space located at 900 Saginaw Drive, Redwood City, California (the 900 Building), and to extend the lease term through December 31, 2035. The Company has the option to extend the lease for an additional ten years after December 31, 2035. The Company expects to take possession of the 900 Building in the fourth quarter of 2023.

The Company maintains letters of credit for the benefit of the landlord which is disclosed as restricted cash in the unaudited condensed consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $1.7 million and $1.5 million as of March 31, 2023 and December 31, 2022, respectively.

Through March 31, 2023, the landlord had provided the Company with $4.4 million in tenant improvement allowances for the 700 Building, $4.6 million for the 300 Building and $0.6 million for the 900 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 unaudited condensed consolidated statements of operations and comprehensive loss.

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.

Upon the execution of the lease amendment in March 2023, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the lease amendment in November 2021. 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 900 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 November 2021, for the 700 Building, 300 Building and 800 Building. The lease of the 900 Building had not commenced as of March 31, 2023. Per the lease amendment, the lease commencement is the later of (i) January 1, 2024 or (ii) the date the Company takes possession of the premises. As a result, the Company recorded an aggregate increase of $0.3 million to the right-of-use assets and lease liabilities for the 700 Building, 300 Building and 800 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 expired in February 2023. In March 2019, the Company fully subleased the Cambridge Lease to Casma Therapeutics, Inc. (Casma), on financial terms substantially the same as the original lease. The sublease term with Casma is through the expiration of the Cambridge Lease term in February 2023. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by Third Rock Ventures, LLC.

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


	March 31,		December 31,
	2023		2022
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	5,921	$	6,773
Operating lease liability – noncurrent		57,676		57,432
Total operating lease liabilities	$	63,597	$	64,205

For the three months ended March 31, 2023 and 2022, operating lease cost was $1.8 million and $1.4 million, respectively, net of sublease income of $0.3 million and $0.8 million, respectively. The operating cash flows provided by (used in) operating leases were $0.6 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively. Short-term lease costs were immaterial for the three months ended March 31, 2023 and 2022, respectively.

As of March 31, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2023 (remaining nine months)	$	5,113
2024		7,100
2025		7,349
2026		7,606
2027		7,872
Thereafter		73,717
Total undiscounted lease payments	$	108,757
Less: Imputed interest		(44,160	)
Less: Tenant improvement allowance		(1,000	)
Total operating lease liabilities	$	63,597

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 8.4%. As of March 31, 2023 and December 31, 2022, the weighted-average remaining lease term was 12.8 years and 10.9 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. The Company believes that as of March 31, 2023 and December 31, 2022 no such matters, individually or in the aggregate, would 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.

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following as of March 31, 2023:


	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		(4,740	)		2,740		2.7
Total	$	63,280	$	(4,740	)	$	58,540

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

Schedule of Future Amortization Expense

As of March 31, 2023, future amortization expense is as follows:


	Amount
	(in thousands)
2023 (remaining nine months)	$	802
2024		1,069
2025		869
Total	$	2,740

Summary of Change in Carrying Value of Goodwill

The following summarizes the change in the carrying value of goodwill for the three months ended March 31, 2023:


	Amount
	(in thousands)
Balance at December 31, 2022	$	14,608
Adjustment		—
Balance at March 31, 2023	$	14,608

- Definition

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

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+ Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	March 31,			December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	17,885		$	17,163
Leasehold improvements		11,411			11,404
Computer equipment and software		4,254			3,965
Furniture and fixtures		656			616
		34,206			33,148
Less: accumulated depreciation and amortization		(15,670	)		(14,489	)
Property and equipment, net	$	18,536		$	18,659

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	March 31,		December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	5,841	$	13,281
Accrued research and development		20,611		15,161
Accrued professional services		519		499
Other		397		505
Total accrued expenses and other current liabilities	$	27,368	$	29,446

Commitment and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Nov. 30, 2021 USD ($) ft²	Apr. 30, 2020 USD ($) ft²	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2018 ft²	Jan. 31, 2015 ft²
Lessee Lease Description [Line Items]
Operating lease right-of-use asset			$ 54,302		$ 55,077
Operating lease liability			63,597		$ 64,205
Operating lease cost			1,800	$ 1,400
Sublease income			300	800
Operating cash flows for operating leases			$ 600
Operating cash flows for operating leases				$ 700
Operating lease, weighted average discount rate			8.40%
Operating lease, weighted average remaining lease term			12 years 9 months 18 days		10 years 10 months 24 days
The 700 Building, 300 Building and 800 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset			$ 300
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			$ 1,700		$ 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			$ 4,400
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 December 31, 2035. The Company expects to take possession of the 900 Building in the fourth quarter of 2023.
Redwood City Lease \| The 900 Building
Lessee Lease Description [Line Items]
Area of space leased \| ft²			40,000
Tenant improvement allowance			$ 600
Cambridge, Massachusetts
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2023-02
Area of space leased \| ft²						22,000

Common Stock

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Common Stock

Common stock

As of March 31, 2023 and December 31, 2022, 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 March 31, 2023, no dividends have been declared to date.

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


	March 31,		December 31,
	2023		2022
Outstanding options to purchase common stock		10,257,899		8,164,375
Unvested restricted stock units of common stock		2,003,526		1,175,032
Available for future issuance under the 2020 Incentive Award Plan		3,599,651		6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan		2,605,086		1,700,887
Total		18,466,162		17,766,601

- 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.

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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

Sanofi Collaboration Agreement

3 Months Ended

Mar. 31, 2023

Collaboration Agreement [Abstract]

Sanofi Collaboration Agreement

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, the Company refers 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 for reimbursing the Company for all internal and external costs and expenses incurred to perform activities under approved research plans 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 March 31, 2023. 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 March 31, 2023 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.

During the three months ended March 31, 2023 and 2022, the Company recognized $7.0 million and $7.6 million of collaboration revenue associated with this agreement, respectively.

As of March 31, 2023 and December 31, 2022, $1.4 million and $4.5 million of deferred revenue was classified as current, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Follow-on Offering
Stock issuance cost	$ 21,294

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

Mar. 31, 2023

Dec. 31, 2022

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

Assets fair value

$ 912,654

$ 645,685

Money Market Funds

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

Assets fair value

^[1]

290,427

48,522

Commercial Paper

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

Assets fair value

^[1],[2]

280,074

313,928

US and Canadian Government Agencies Agency Securities

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

Assets fair value

^[2]

325,207

251,830

^[1]

Corporate Bonds

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

Assets fair value

^[2]

16,946

^[1]

31,405

Level 1

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

Assets fair value

290,427

48,522

Level 1 | Money Market Funds

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

Assets fair value

^[1]

290,427

48,522

Level 1 | Commercial Paper

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

Assets fair value

^[1],[2]

Level 1 | US and Canadian Government Agencies Agency Securities

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

Assets fair value

^[2]

^[1]

Level 1 | Corporate Bonds

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

Assets fair value

^[2]

^[1]

Level 2

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

Assets fair value

622,227

597,163

Level 2 | Money Market Funds

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

Assets fair value

^[1]

Level 2 | Commercial Paper

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

Assets fair value

^[1],[2]

280,074

313,928

Level 2 | US and Canadian Government Agencies Agency Securities

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

Assets fair value

^[2]

325,207

251,830

^[1]

Level 2 | Corporate Bonds

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

Assets fair value

^[2]

16,946

^[1]

31,405

Level 3

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

Assets fair value

Level 3 | Money Market Funds

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

Assets fair value

^[1]

Level 3 | Commercial Paper

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

Assets fair value

^[1],[2]

Level 3 | US and Canadian Government Agencies Agency Securities

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

Assets fair value

^[2]

^[1]

Level 3 | Corporate Bonds

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

Assets fair value

^[2]

$ 0

^[1]

$ 0

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

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 913,210	$ 647,465
Gross Unrealized Gain	318	47
Gross Unrealized Loss	(874)	(1,827)
Estimated Fair Value	912,654	$ 645,685
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	843,375
Gross Unrealized Gain	93
Gross Unrealized Loss	(870)
Estimated Fair Value	842,598
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	69,835
Gross Unrealized Gain	225
Gross Unrealized Loss	(4)
Estimated Fair Value	$ 70,056

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1.2	$ 0.9

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of significant accounting policies Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company’s financial position and results of operations for the reported periods. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 27, 2023. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed consolidated financial statements for the periods ended March 31, 2023 and March 31, 2022 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. 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, impairment of in-process research and development and developed technologies, 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 unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held at a limited number of financial institutions in the United States, which management believes to be of high credit quality. Such deposits may, at times, exceed federally insured limits. 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.” Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date. No new pronouncements have been adopted by the Company for the three months ended March 31, 2023.

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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	1,175,032
Number of Shares, Restricted stock units granted	936,344
Number of Shares, Restricted stock units vested	(85,891)
Number of Shares, Restricted stock units forfeited	(21,959)
Number of Shares, Ending balance	2,003,526	1,175,032
Number of Shares, Expected to vest	2,003,526
Weighted-average grant date fair value per share, Beginning balance	$ 23.25
Weighted-average grant date fair value per share, Ending balance	24.65	$ 23.25
Weighted-average grant date fair value per share, Expected to vest	$ 24.65
Weighted-average remaining contractual term (in years)	1 year 9 months 7 days	1 year 7 months 13 days
Weighted-average remaining contractual term, Expected to vest	1 year 9 months 7 days
Aggregate intrinsic value	$ 43,396	$ 27,989
Aggregate intrinsic value, Expected to vest	$ 43,396

Common Stock - Schedule of Common Stock for Future Issuance (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	18,466,162	17,766,601
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	10,257,899	8,164,375
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	2,003,526	1,175,032
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	3,599,651	6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	2,605,086	1,700,887

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (68,098)	$ (57,647)
Other comprehensive loss:
Unrealized gain (loss) on investments, net	1,224	(908)
Comprehensive loss	$ (66,874)	$ (58,555)

- Definition

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

+ References

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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:


	March 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds(1)	$	290,427	$	290,427	$	—	$	—
Commercial paper(1, 2)		280,074		—		280,074		—
U.S. and Canadian government and agency securities(1, 2)		325,207		—		325,207		—
Corporate bonds(1, 2)		16,946		—		16,946		—
Total	$	912,654	$	290,427	$	622,227	$	—


	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(1, 2)		251,830		—		251,830		—
Corporate bonds(2)		31,405		—		31,405		—
Total	$	645,685	$	48,522	$	597,163	$	—

(1)

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

(2)

Included in marketable securities on the consolidated balance sheets.

Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance sheet components

Property and equipment, net

Property and equipment, net consists of the following:


	March 31,			December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	17,885		$	17,163
Leasehold improvements		11,411			11,404
Computer equipment and software		4,254			3,965
Furniture and fixtures		656			616
		34,206			33,148
Less: accumulated depreciation and amortization		(15,670	)		(14,489	)
Property and equipment, net	$	18,536		$	18,659

Depreciation expense for property and equipment amounted to $1.2 million and $0.9 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	March 31,		December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	5,841	$	13,281
Accrued research and development		20,611		15,161
Accrued professional services		519		499
Other		397		505
Total accrued expenses and other current liabilities	$	27,368	$	29,446

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

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:


	March 31,		December 31,
	2023		2022
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	5,921	$	6,773
Operating lease liability – noncurrent		57,676		57,432
Total operating lease liabilities	$	63,597	$	64,205

Schedule of Maturities of Operating Lease Liabilities

As of March 31, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2023 (remaining nine months)	$	5,113
2024		7,100
2025		7,349
2026		7,606
2027		7,872
Thereafter		73,717
Total undiscounted lease payments	$	108,757
Less: Imputed interest		(44,160	)
Less: Tenant improvement allowance		(1,000	)
Total operating lease liabilities	$	63,597

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 29, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		18,466,162		17,766,601
Unrecognized stock-based compensation expense related to unvested stock options		$ 82,500
Unrecognized stock-based compensation expense, weighted-average period of recognition		3 years 21 days
Stock-based compensation expense		$ 9,699	$ 6,644
Consultant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 100
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		$ 47,300
Unrecognized stock-based compensation expense, weighted-average period of recognition		3 years 4 months 9 days
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		2,605,086
Purchase price rate	85.00%
Shares purchased		0
Unrecognized compensation cost related to ESPP		$ 2,600

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Follow-on Offering	Common Stock	Common Stock Follow-on Offering	Additional Paid-In Capital	Additional Paid-In Capital Follow-on Offering	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 602,568		$ 8		$ 1,055,572		$ (376)	$ (452,636)
Beginning balance, shares at Dec. 31, 2021			74,142,619
Issuance of common stock pursuant to stock option exercises	305				305
Issuance of common stock pursuant to stock option exercises, shares			58,122
Issuance of common stock related to vesting of restricted stock units, shares			26,931
Vesting of early exercised stock options	31				31
Stock-based compensation expense	6,644				6,644
Net unrealized loss on marketable securities	(908)						(908)
Net loss	(57,647)							(57,647)
Ending balance at Mar. 31, 2022	550,993		$ 8		1,062,552		(1,284)	(510,283)
Ending balance, shares at Mar. 31, 2022			74,227,672
Beginning balance at Dec. 31, 2021	602,568		$ 8		1,055,572		(376)	(452,636)
Beginning balance, shares at Dec. 31, 2021			74,142,619
Ending balance at Dec. 31, 2022	685,188		$ 9		1,388,300		(1,780)	(701,341)
Ending balance, shares at Dec. 31, 2022			90,411,912
Issuance of common stock pursuant to stock option exercises	499				499
Issuance of common stock pursuant to stock option exercises, shares			118,747
Issuance of common stock related to vesting of restricted stock units, shares			85,891
Issuance of common stock upon offering, net of issuance cost		$ 323,706		$ 2		$ 323,704
Issuance of common stock upon offering, net of issuance cost, shares				15,681,818
Repurchases of early exercised stock, shares			(291)
Stock-based compensation expense	9,699				9,699
Net unrealized loss on marketable securities	1,224						1,224
Net loss	(68,098)							(68,098)
Ending balance at Mar. 31, 2023	$ 952,218		$ 11		$ 1,722,202		$ (556)	$ (769,439)
Ending balance, shares at Mar. 31, 2023			106,298,077

Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance	8,164,375
Number of Shares underlying options, Options granted	2,265,840
Number of Shares underlying options, Options exercised	(118,747)
Number of Shares underlying options, Options cancelled	(53,569)
Number of Shares underlying options, Ending balance	10,257,899	8,164,375
Number of Shares underlying options, Options vested and expected to vest	10,257,899
Number of Shares underlying options, Options vested and exercisable	4,879,823
Weighted-average exercise price, Beginning balance	$ 16.09
Weighted-average exercise price, Options granted	26.48
Weighted-average exercise price, Options exercised	4.20
Weighted-average exercise price, Options cancelled	28.48
Weighted-average exercise price, Ending balance	18.46	$ 16.09
Weighted-average exercise price, Options vested and expected to vest	18.46
Weighted-average exercise price, Options vested and exercisable	$ 12.11
Weighted-average remaining contractual term (in years)	7 years 10 months 24 days	7 years 6 months 10 days
Weighted-average remaining contractual term, Options vested and expected to vest	7 years 10 months 24 days
Weighted-average remaining contractual term, Options vested and exercisable	6 years 6 months 18 days
Aggregate intrinsic value	$ 69,221	$ 85,181
Aggregate intrinsic value, Options vested and expected to vest	69,221
Aggregate intrinsic value, Options vested and exercisable	$ 59,985

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (68,098)	$ (57,647)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets	1	19
Amortization of intangible assets	267	267
Stock-based compensation expense	9,699	6,644
Depreciation and amortization	1,205	901
Net amortization of premium or discount on marketable securities	(3,577)	648
Amortization of operating lease right-of-use asset	1,061	1,122
Changes in operating assets and liabilities:
Accounts receivable	678	546
Prepaid expenses and other current assets	1,611	(3,416)
Accounts payable	(1,050)	(492)
Accrued expenses and other current liabilities	(1,752)	(2,114)
Deferred revenue	(3,025)	(1,836)
Operating lease liability	(894)	(719)
Other noncurrent assets	90	(114)
Other noncurrent liabilities	1,393	1,031
Net cash used in operating activities	(62,391)	(55,160)
Cash flows from investing activities
Purchases of marketable securities	(193,097)	(111,818)
Maturities of marketable securities	198,851	157,732
Purchases of property and equipment	(1,758)	(1,889)
Net cash provided by investing activities	3,996	44,025
Cash flows from financing activities
Proceeds from issuance of common stock upon follow-on offering, net of issuance costs	323,706	0
Proceeds from issuance of common stock under equity incentive plans	499	305
Net cash provided by financing activities	324,205	305
Net increase in cash, cash equivalents and restricted cash	265,810	(10,830)
Cash, cash equivalents and restricted cash - beginning of period	163,149	110,234	$ 110,234
Cash, cash equivalents and restricted cash - end of period	428,959	99,404	163,149
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	427,222	97,667	$ 161,412
Restricted cash	1,737	1,737
Cash, cash equivalents and restricted cash - end of period	428,959	99,404
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised options and restricted stock	0	31
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	744	1,672
Right-of-use assets obtained in exchange for operating lease liabilities	286	0
Unpaid deferred offering costs	$ 7	$ 89

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2023

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 March 31, 2023:


	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		(4,740	)		2,740		2.7
Total	$	63,280	$	(4,740	)	$	58,540

Amortization expense for the three months ended March 31, 2023 and 2022 was $0.3 million.

As of March 31, 2023, future amortization expense is as follows:


	Amount
	(in thousands)
2023 (remaining nine months)	$	802
2024		1,069
2025		869
Total	$	2,740

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

Goodwill

The following summarizes the change in the carrying value of goodwill for the three months ended March 31, 2023:


	Amount
	(in thousands)
Balance at December 31, 2022	$	14,608
Adjustment		—
Balance at March 31, 2023	$	14,608

No impairment has been recognized as of March 31, 2023. Goodwill recorded is not deductible for income tax purposes.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10.

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 ceased making grants under the 2014 Equity Incentive Plan (the 2014 Plan). However, the 2014 Plan continues 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.

For the three months ended March 31, 2023, there were zero shares of common stock purchased under the ESPP. As of March 31, 2023, a total of 2,605,086 shares of common stock were available for future issuance under the ESPP. As of March 31, 2023, there was $2.6 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, 2022		8,164,375		$	16.09		7.53	$	85,181
Options granted		2,265,840			26.48
Options exercised		(118,747	)		4.20
Options cancelled		(53,569	)		28.48
Balance, March 31, 2023		10,257,899		$	18.46		7.90	$	69,221
Options vested and expected to vest as of March 31, 2023		10,257,899		$	18.46		7.90	$	69,221
Options vested and exercisable as of March 31, 2023		4,879,823		$	12.11		6.55	$	59,985

As of March 31, 2023, there was $82.5 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 3.06 years.

Restricted stock units

Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the three months ended March 31, 2023 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, 2022		1,175,032		$	23.25		1.62	$	27,989
Restricted stock units granted		936,344
Restricted stock units vested		(85,891	)
Restricted stock units forfeited		(21,959	)
Balance, March 31, 2023		2,003,526		$	24.65		1.77		43,396
Expected to vest as of March 31, 2023		2,003,526		$	24.65		1.77		43,396

The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of March 31, 2023, there was $47.3 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.36 years.

Stock-based compensation expense

Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP by function was as follows:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Research and development	$	5,699	$	3,855
General and administrative		4,000		2,789
Total	$	9,699	$	6,644

Stock-based compensation related to options and RSUs granted to non-employees was zero and $0.1 million for the three months ended March 31, 2023 and 2022, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	106,298,077	90,411,912
Common stock, shares, outstanding	106,298,077	90,411,912

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	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 913,210	$ 647,465
Gross Unrealized Gain	318	47
Gross Unrealized Loss	(874)	(1,827)
Estimated Fair Value	912,654	645,685
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	483,145	485,280
Gross Unrealized Gain	298	43
Gross Unrealized Loss	(865)	(1,792)
Estimated Fair Value	482,578	483,531
Marketable Securities \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	200,814	216,765
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(193)	(328)
Estimated Fair Value	200,621	216,437
Marketable Securities \| Us and Canadian Government Agencies Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	265,714	236,916
Gross Unrealized Gain	298	43
Gross Unrealized Loss	(603)	(1,270)
Estimated Fair Value	265,409	235,689
Marketable Securities \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,617	31,599
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(69)	(194)
Estimated Fair Value	16,548	31,405
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	430,065	162,185
Gross Unrealized Gain	20	4
Gross Unrealized Loss	(9)	(35)
Estimated Fair Value	430,076	162,154
Cash Equivalents \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	290,427	48,522
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	290,427	48,522
Cash Equivalents \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	79,462	97,526
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(9)	(35)
Estimated Fair Value	79,453	97,491
Cash Equivalents \| Us and Canadian Government Agencies Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	59,778
Gross Unrealized Gain	20
Gross Unrealized Loss	0
Estimated Fair Value	59,798
Cash Equivalents \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	398	16,137
Gross Unrealized Gain	0	4
Gross Unrealized Loss	0	0
Estimated Fair Value	$ 398	$ 16,141

Intangible Assets and Goodwill - Summary of Change in Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2022	$ 14,608
Adjustment	0
Balance at March 31, 2023	$ 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

Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, current	$ 1,434		$ 4,459
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	7,000	$ 7,600
Deferred revenue, current	$ 1,400		$ 4,500

Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Common Stock for Future Issuance

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


	March 31,		December 31,
	2023		2022
Outstanding options to purchase common stock		10,257,899		8,164,375
Unvested restricted stock units of common stock		2,003,526		1,175,032
Available for future issuance under the 2020 Incentive Award Plan		3,599,651		6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan		2,605,086		1,700,887
Total		18,466,162		17,766,601

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

11.

Net loss per share attributable to common stockholders

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


	Three Months Ended March 31,
	2023			2022
	(in thousands, except share and per share data)
Numerator:
Net loss	$	(68,098	)	$	(57,647	)
Denominator:
Weighted-average shares outstanding		94,836,463			74,183,111
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(4,484	)		(20,748	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		94,831,979			74,162,363
Net loss per share attributable to common stockholders, basic and diluted	$	(0.72	)	$	(0.78	)

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 March 31,
	2023		2022
Options to purchase common stock		10,257,899		7,878,559
Options early exercised subject to future vesting		2,563		20,657
Unvested restricted stock units of common stock		2,003,526		1,140,200
Expected shares to be purchased under ESPP		413,372		176,131
Total		12,677,360		9,215,547

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value measurements

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

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:


	March 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds(1)	$	290,427	$	290,427	$	—	$	—
Commercial paper(1, 2)		280,074		—		280,074		—
U.S. and Canadian government and agency securities(1, 2)		325,207		—		325,207		—
Corporate bonds(1, 2)		16,946		—		16,946		—
Total	$	912,654	$	290,427	$	622,227	$	—


	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(1, 2)		251,830		—		251,830		—
Corporate bonds(2)		31,405		—		31,405		—
Total	$	645,685	$	48,522	$	597,163	$	—

(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

Available-for-sale Securities (Tables)

3 Months Ended

Mar. 31, 2023

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:


	March 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	200,814	$	—	$	(193	)	$	200,621
U.S. and Canadian government and agency securities		265,714		298		(603	)		265,409
Corporate bonds		16,617		—		(69	)		16,548
Total marketable securities		483,145		298		(865	)		482,578
Cash equivalents:
Money market funds		290,427		—		—			290,427
Commercial paper		79,462		—		(9	)		79,453
U.S. and Canadian government and agency securities		59,778		20		—			59,798
Corporate bonds		398		—		—			398
Total cash equivalents		430,065		20		(9	)		430,076
Total available-for-sale investments	$	913,210	$	318	$	(874	)	$	912,654


	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

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

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of March 31, 2023:


	March 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	843,375	$	93	$	(870	)	$	842,598
Mature after one year through two years		69,835		225		(4	)		70,056
Total marketable securities	$	913,210	$	318	$	(874	)	$	912,654

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 34,206	$ 33,148
Less: accumulated depreciation and amortization	(15,670)	(14,489)
Property and equipment, net	18,536	18,659
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	17,885	17,163
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	11,411	11,404
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,254	3,965
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 656	$ 616

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 9,699	$ 6,644
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,699	3,855
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,000	$ 2,789

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
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	(4,740)	(4,473)	$ (4,740)
Developed technology - tri-complex platform, Net book value	$ 2,740	$ 3,007
Developed technology - tri-complex platform, Weighted-average remaining useful life	2 years 8 months 12 days	2 years 10 months 24 days
Intangible assets, Gross value		$ 63,280	63,280
Intangible assets, Net book value	$ 58,540	$ 58,807	$ 58,540

Available-for-sale Securities

3 Months Ended

Mar. 31, 2023

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:


	March 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	200,814	$	—	$	(193	)	$	200,621
U.S. and Canadian government and agency securities		265,714		298		(603	)		265,409
Corporate bonds		16,617		—		(69	)		16,548
Total marketable securities		483,145		298		(865	)		482,578
Cash equivalents:
Money market funds		290,427		—		—			290,427
Commercial paper		79,462		—		(9	)		79,453
U.S. and Canadian government and agency securities		59,778		20		—			59,798
Corporate bonds		398		—		—			398
Total cash equivalents		430,065		20		(9	)		430,076
Total available-for-sale investments	$	913,210	$	318	$	(874	)	$	912,654


	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

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of March 31, 2023:


	March 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	843,375	$	93	$	(870	)	$	842,598
Mature after one year through two years		69,835		225		(4	)		70,056
Total marketable securities	$	913,210	$	318	$	(874	)	$	912,654

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 267,000	$ 267,000
Goodwill impairment	$ 0

Organization

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, the Company had an accumulated deficit of $769.4 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 unaudited condensed consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock and redeemable convertible preferred stock in addition to upfront payments and research and development cost reimbursement received under the Company’s collaboration agreement with Genzyme Corporation, an affiliate of Sanofi. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development. 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 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. During the three months ended March 31, 2023, the Company did not issue shares of the Company’s common stock under the ATM.

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.

In March 2023, the Company issued and sold 15,681,818 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 2,045,454 shares of the Company’s common stock) at a price to the public of $22.00 per share, for net proceeds of $323.7 million, after deducting underwriting discounts and commissions of $20.7 million and expenses of $0.6 million.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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

Summary of RSUs Activity Under the Plan

Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP by function was as follows:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Research and development	$	5,699	$	3,855
General and administrative		4,000		2,789
Total	$	9,699	$	6,644

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, 2022		8,164,375		$	16.09		7.53	$	85,181
Options granted		2,265,840			26.48
Options exercised		(118,747	)		4.20
Options cancelled		(53,569	)		28.48
Balance, March 31, 2023		10,257,899		$	18.46		7.90	$	69,221
Options vested and expected to vest as of March 31, 2023		10,257,899		$	18.46		7.90	$	69,221
Options vested and exercisable as of March 31, 2023		4,879,823		$	12.11		6.55	$	59,985

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 restricted stock units (RSUs) during the three months ended March 31, 2023 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, 2022		1,175,032		$	23.25		1.62	$	27,989
Restricted stock units granted		936,344
Restricted stock units vested		(85,891	)
Restricted stock units forfeited		(21,959	)
Balance, March 31, 2023		2,003,526		$	24.65		1.77		43,396
Expected to vest as of March 31, 2023		2,003,526		$	24.65		1.77		43,396

Common Stock - Additional Information (Details)	3 Months Ended
Common Stock - Additional Information (Details)	Mar. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 $ / 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

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company’s financial position and results of operations for the reported periods. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 27, 2023. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed consolidated financial statements for the periods ended March 31, 2023 and March 31, 2022 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.
Use of Estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, impairment of in-process research and development and developed technologies, 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 unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held at a limited number of financial institutions in the United States, which management believes to be of high credit quality. Such deposits may, at times, exceed federally insured limits. 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.”
Recent Accounting Pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date. No new pronouncements have been adopted by the Company for the three months ended March 31, 2023.

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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	12,677,360	9,215,547
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	10,257,899	7,878,559
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,563	20,657
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,003,526	1,140,200
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	413,372	176,131