0000950170-23-039805 | 10-Q | XBRL Viewer

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss	$	(98,298	)	$	(61,222	)	$	(166,396	)	$	(118,869	)
Denominator:
Weighted-average shares outstanding		106,885,561			74,298,307			100,894,443			74,237,943
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(1,376	)		(17,717	)		(3,068	)		(16,140	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		106,884,185			74,280,590			100,891,375			74,221,803
Net loss per share attributable to common stockholders, basic and diluted	$	(0.92	)	$	(0.82	)	$	(1.65	)	$	(1.60	)

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 June 30,
	2023		2022
Options to purchase common stock		10,789,298		8,030,257
Options early exercised subject to future vesting		872		17,796
Unvested restricted stock units of common stock		2,055,963		1,145,919
Expected shares to be purchased under ESPP		199,866		335,228
Total		13,045,999		9,529,200

Available-for-sale Securities

6 Months Ended

Jun. 30, 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:


	June 30, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	140,177	$	—	$	(80	)	$	140,097
U.S. and Canadian government and agency securities		379,639		31		(1,176	)		378,494
Corporate bonds		10,581		—		(13	)		10,568
Total marketable securities		530,397		31		(1,269	)		529,159
Cash equivalents:
Money market funds		265,660		—		—			265,660
Commercial paper		81,583		—		(24	)		81,559
U.S. and Canadian government and agency securities		35,184		11		—			35,195
Corporate bonds		—		—		—			—
Total cash equivalents		382,427		11		(24	)		382,414
Total available-for-sale investments	$	912,824	$	42	$	(1,293	)	$	911,573


	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 June 30, 2023:


	June 30, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	835,518	$	41	$	(930	)	$	834,629
Mature after one year through two years		77,306		1		(363	)		76,944
Total marketable securities	$	912,824	$	42	$	(1,293	)	$	911,573

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Follow-on Offering
Stock issuance cost		$ 21,294
Market offering
Stock issuance cost	$ 1,426

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	13,045,999	9,529,200
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	10,789,298	8,030,257
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	872	17,796
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,055,963	1,145,919
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	199,866	335,228

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2023 (remaining six months)	$ 535
2024	1,069
2025	869
Developed technology - tri-complex platform, Net book value	$ 2,473	$ 3,007

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2023	Nov. 30, 2021	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Accumulated deficit			$ 867,737	$ 867,737		$ 701,341
Common stock, shares, issued			109,141,094	109,141,094		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
Underwritten Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued	15,681,818
Common stock, price per share	$ 22
Net proceeds from issuance	$ 323,700
Underwriting discounts and commissions	20,700
Stock issuance expenses	$ 600
ATM \| Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance			$ 62,100	$ 62,100
Aggregate gross proceeds through equity issuance maximum potential amount		$ 250,000
Issuance of common stock upon offering, net of offering costs, shares			2,482,880	2,482,880
Proceeds from issuance of common stock gross			$ 63,500	$ 63,500
Commissions and expenses			$ 1,400	$ 1,400

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 36,547	$ 33,148
Less: accumulated depreciation and amortization	(16,829)	(14,489)
Property and equipment, net	19,718	18,659
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	19,594	17,163
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	11,468	11,404
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,631	3,965
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	688	616
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 166	$ 0

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 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 June 30, 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		(5,007	)		2,473		2.4
Total	$	63,280	$	(5,007	)	$	58,273

Amortization expense for the three months ended June 30, 2023 and 2022 was $0.3 million and for the six months ended June 30, 2023 and 2022 was $0.5 million.

As of June 30, 2023, future amortization expense is as follows:


	Amount
	(in thousands)
2023 (remaining six months)	$	535
2024		1,069
2025		869
Total	$	2,473

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 and six months ended June 30, 2023:


	Amount
	(in thousands)
Balance at December 31, 2022	$	14,608
Adjustment		—
Balance at June 30, 2023	$	14,608

No impairment has been recognized as of June 30, 2023. Goodwill recorded is not deductible for income tax purposes.

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent events

Merger Agreement

On July 31, 2023, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with EQRx, Inc., a Delaware corporation (EQRx), Equinox Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (Merger Sub I), and Equinox Merger Sub II LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Company (Merger Sub II).

Pursuant to the terms of the Merger Agreement, the Company will acquire EQRx in an all-stock transaction (the EQRx Acquisition), subject to satisfaction of customary closing conditions and approval by the Company’s and EQRx’s stockholders. At closing, EQRx stockholders will receive the number of shares of the Company’s common stock equal to the sum of 7,692,308 shares (determined as $200.0 million divided by $26.00 per share) plus a number of shares equal to $870.0 million divided by a price that is a 6% discount to the 5-day volume-weighted average share price of the Company’s common stock measured in close proximity to the stockholder vote.

The Merger Agreement provides for Merger Sub I to be merged with and into EQRx (the First Merger), with EQRx surviving the First Merger as a direct, wholly owned subsidiary of the Company (the Surviving Corporation), and as soon as practicable following the First Merger, the Surviving Corporation will be merged with and into Merger Sub II, with Merger Sub II surviving as a direct, wholly owned subsidiary of the Company.

The transaction is anticipated to close in November 2023.

Organization

6 Months Ended

Jun. 30, 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 June 30, 2023, the Company had an accumulated deficit of $867.7 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.

As discussed in Note 12, “Subsequent Events.” the Company intends to effect an all-stock transaction to acquire EQRx, Inc. (which is subject to customary closing conditions beyond the parties’ control). Although there is no assurance that the EQRx Acquisition will be successfully completed, the Company believes it can successfully complete the acquisition, further enabling it to continue as a going concern.

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 $250.0 million, through an at-the-market equity offering program (ATM). During the three and six months ended June 30, 2023, the Company sold an aggregate of 2,482,880 shares of common stock under the ATM, resulting in gross proceeds of $63.5 million. After deducting commissions and expenses of $1.4 million, net proceeds to the Company were $62.1 million during the three and six months ended June 30, 2023.

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.

Common Stock - Schedule of Common Stock for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	22,627,183	17,766,601
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	10,789,298	8,164,375
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	2,055,963	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	7,316,803	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	2,465,119	1,700,887

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (remaining six months)	$ 3,450
2024	7,100
2025	7,349
2026	7,606
2027	7,872
Thereafter	73,717
Total undiscounted lease payments	107,094
Less: Imputed interest	(42,838)
Less: Tenant improvement allowance	(1,000)
Total operating lease liabilities	$ 63,256	$ 64,205

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarterly period ended June 30, 2023, the following director and officers of the Company adopted Rule 10b5-1 trading arrangements that are each intended to satisfy the affirmative defense of Rule 10b5-1(c) promulgated under the Exchange Act. The details of these arrangements are as follows: • Mark A. Goldsmith, M.D., Ph.D., Chair of the Board, Chief Executive Officer and President, adopted a Rule 10b5-1 trading arrangement on May 31, 2023. Dr. Goldsmith’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Jack Anders, Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement on May 31, 2023, that will terminate following execution of all trades in the trading arrangement. Mr. Anders’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Steve Kelsey, M.D., FRCP, FRCPath, President, Research and Development, adopted a Rule 10b5-1 trading arrangement on May 31, 2023. Dr. Kelsey’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Margaret Horn, J.D., Chief Operating Officer, adopted a Rule 10b5-1 trading arrangement on May 31, 2023. Ms. Horn’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Jeff Cislini, Senior Vice President, General Counsel and Secretary, adopted a Rule 10b5-1 trading arrangement on May 31, 2023. Mr. Cislini’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. The aggregate number of shares to be sold pursuant to each trading arrangement described above is dependent on the number of restricted stock units awards that may be granted to the above individuals from time to time and the taxes on these restricted stock unit awards, and, therefore, is indeterminable at this time.
Mark A. Goldsmith [Member]
Trading Arrangements, by Individual
Name	Mark A. Goldsmith
Title	M.D., Ph.D., Chair of the Board, Chief Executive Officer and President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2023
Jack Anders [Member]
Trading Arrangements, by Individual
Name	Jack Anders
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2023
Steve Kelsey [Member]
Trading Arrangements, by Individual
Name	Steve Kelsey
Title	M.D., FRCP, FRCPath, President, Research and Development
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2023
Margaret Horn [Member]
Trading Arrangements, by Individual
Name	Margaret Horn
Title	J.D., Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2023
Jeff Cislini [Member]
Trading Arrangements, by Individual
Name	Jeff Cislini
Title	Senior Vice President, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 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	6 Months Ended	12 Months Ended
	Jun. 30, 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	1,190,127
Number of Shares, Restricted stock units vested	(260,143)
Number of Shares, Restricted stock units forfeited	(49,053)
Number of Shares, Ending balance	2,055,963	1,175,032
Number of Shares, Expected to vest	2,055,963
Weighted-average grant date fair value per share, Beginning balance	$ 23.25
Weighted-average grant date fair value per share, Ending balance	24.59	$ 23.25
Weighted-average grant date fair value per share, Expected to vest	$ 24.59
Weighted-average remaining contractual term (in years)	1 year 8 months 12 days	1 year 7 months 13 days
Weighted-average remaining contractual term, Expected to vest	1 year 8 months 12 days
Aggregate intrinsic value	$ 54,997	$ 27,989
Aggregate intrinsic value, Expected to vest	$ 54,997

Common Stock (Tables)

6 Months Ended

Jun. 30, 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:


	June 30,		December 31,
	2023		2022
Outstanding options to purchase common stock		10,789,298		8,164,375
Unvested restricted stock units of common stock		2,055,963		1,175,032
Available for future issuance under the 2020 Incentive Award Plan		7,316,803		6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan		2,465,119		1,700,887
Total		22,627,183		17,766,601

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (166,396)	$ (118,869)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets	1	19
Amortization of intangible assets	534	534
Stock-based compensation expense	22,679	14,742
Depreciation and amortization	2,428	1,832
Net amortization of premium or discount on marketable securities	(8,428)	675
Amortization of operating lease right-of-use asset	1,344	2,258
Changes in operating assets and liabilities:
Accounts receivable	2,163	305
Prepaid expenses and other current assets	476	(9,199)
Accounts payable	7,584	(1,444)
Accrued expenses and other current liabilities	13,382	5,763
Deferred revenue	(4,459)	(5,408)
Operating lease liability	(949)	(1,681)
Other noncurrent assets	178	(43)
Other noncurrent liabilities	(49)	(360)
Net cash used in operating activities	(129,512)	(110,876)
Cash flows from investing activities
Purchases of marketable securities	(369,272)	(239,470)
Maturities of marketable securities	332,601	350,311
Purchases of property and equipment	(2,877)	(4,415)
Net cash provided by (used in) investing activities	(39,548)	106,426
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 upon at-the-market offering, net of issuance costs	62,053	0
Proceeds from issuance of common stock under equity incentive plans	967	495
Proceeds from issuance of common stock related to employee stock purchase plan	2,109	1,239
Net cash provided by financing activities	388,835	1,734
Net increase (decrease) in cash, cash equivalents and restricted cash	219,775	(2,716)
Cash, cash equivalents and restricted cash - beginning of period	163,149	110,234
Cash, cash equivalents and restricted cash - end of period	382,924	107,518
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	380,330	105,781
Restricted cash	2,594	1,737
Cash, cash equivalents and restricted cash - end of period	382,924	107,518
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised options and restricted stock	0	55
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	2,030	2,930
Unpaid/deferred offering costs	$ 14	$ 17

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Follow-on Offering	Market offering	Common Stock	Common Stock Follow-on Offering	Common Stock Market offering	Additional Paid-In Capital	Additional Paid-In Capital Follow-on Offering	Additional Paid-In Capital Market 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 gain (loss) on marketable securities	(908)									(908)
Net Income (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
Net unrealized gain (loss) on marketable securities	(1,389)
Net Income (Loss)	(118,869)
Ending balance at Jun. 30, 2022	498,841			$ 8			1,072,103			(1,765)	(571,505)
Ending balance, shares at Jun. 30, 2022				74,462,077
Beginning balance at Mar. 31, 2022	550,993			$ 8			1,062,552			(1,284)	(510,283)
Beginning balance, shares at Mar. 31, 2022				74,227,672
Issuance of common stock pursuant to stock option exercises	190						190
Issuance of common stock pursuant to stock option exercises, shares				54,215
Issuance of common stock related to employee stock purchase plan	1,239						1,239
Issuance of common stock related to employee stock purchase plan, shares				85,802
Issuance of common stock related to vesting of restricted stock units, shares				94,388
Vesting of early exercised stock options	24						24
Stock-based compensation expense	8,098						8,098
Net unrealized gain (loss) on marketable securities	(481)									(481)
Net Income (Loss)	(61,222)										(61,222)
Ending balance at Jun. 30, 2022	498,841			$ 8			1,072,103			(1,765)	(571,505)
Ending balance, shares at Jun. 30, 2022				74,462,077
Beginning balance at Dec. 31, 2022	685,188			$ 9			1,388,300			(1,780)	(701,341)
Beginning 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 gain (loss) on marketable securities	1,224									1,224
Net Income (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
Beginning balance at Dec. 31, 2022	685,188			$ 9			1,388,300			(1,780)	(701,341)
Beginning balance, shares at Dec. 31, 2022				90,411,912
Net unrealized gain (loss) on marketable securities	529
Net Income (Loss)	(166,396)
Ending balance at Jun. 30, 2023	930,835			$ 11			1,799,812			(1,251)	(867,737)
Ending balance, shares at Jun. 30, 2023				109,141,094
Beginning balance at Mar. 31, 2023	952,218			$ 11			1,722,202			(556)	(769,439)
Beginning balance, shares at Mar. 31, 2023				106,298,077
Issuance of common stock pursuant to stock option exercises	468						468
Issuance of common stock pursuant to stock option exercises, shares				45,918
Issuance of common stock related to employee stock purchase plan	2,109						2,109
Issuance of common stock related to employee stock purchase plan, shares				139,967
Issuance of common stock related to vesting of restricted stock units, shares				174,252
Issuance of common stock upon offering, net of issuance cost			$ 62,053						$ 62,053
Issuance of common stock upon offering, net of issuance cost, shares						2,482,880
Stock-based compensation expense	12,980						12,980
Net unrealized gain (loss) on marketable securities	(695)									(695)
Net Income (Loss)	(98,298)										(98,298)
Ending balance at Jun. 30, 2023	$ 930,835			$ 11			$ 1,799,812			$ (1,251)	$ (867,737)
Ending balance, shares at Jun. 30, 2023				109,141,094

Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance \| shares	8,164,375
Number of Shares underlying options, Options granted \| shares	2,897,970
Number of Shares underlying options, Options exercised \| shares	(164,665)
Number of Shares underlying options, Options cancelled \| shares	(108,382)
Number of Shares underlying options, Ending balance \| shares	10,789,298	8,164,375
Number of Shares underlying options, Options vested and expected to vest \| shares	10,789,298
Number of Shares underlying options, Options vested and exercisable \| shares	5,456,406
Weighted-average exercise price, Beginning balance \| $ / shares	$ 16.09
Weighted-average exercise price, Options granted \| $ / shares	25.87
Weighted-average exercise price, Options exercised \| $ / shares	5.88
Weighted-average exercise price, Options cancelled \| $ / shares	27.66
Weighted-average exercise price, Ending balance \| $ / shares	18.76	$ 16.09
Weighted-average exercise price, Options vested and expected to vest \| $ / shares	18.76
Weighted-average exercise price, Options vested and exercisable \| $ / shares	$ 13.03
Weighted-average remaining contractual term (in years)	7 years 9 months 14 days	7 years 6 months 10 days
Weighted-average remaining contractual term, Options vested and expected to vest	7 years 9 months 14 days
Weighted-average remaining contractual term, Options vested and exercisable	6 years 6 months 10 days
Aggregate intrinsic value \| $	$ 103,139	$ 85,181
Aggregate intrinsic value, Options vested and expected to vest \| $	103,139
Aggregate intrinsic value, Options vested and exercisable \| $	$ 84,866

Sanofi Collaboration Agreement

6 Months Ended

Jun. 30, 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. The Sanofi Agreement was terminated in June 2023.

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.

Under the Sanofi Agreement, the Company had primary responsibility for early clinical development of RMC-4630 pursuant to an approved development plan. Sanofi was responsible for reimbursing the Company for all internal and external costs and expenses to perform its activities under approved development plans, except for costs and expenses related to the RMC-4630-03 study, for which Sanofi reimbursed the Company 50% of the costs and expenses.

Pursuant to the Sanofi Agreement, the Company received an upfront payment of $50 million from Sanofi in July 2018. The Sanofi Agreement included obligations for Sanofi to make certain milestone payments and royalty payments, all of which expired on termination of the Sanofi Agreement.

Upon termination of the Sanofi Agreement, the licenses granted to Sanofi thereunder became fully paid-up, royalty-free, perpetual and irrevocable and all rights and obligations of Sanofi under the Sanofi Agreement reverted to us.

During the three months ended June 30, 2023 and 2022, the Company recognized $3.8 million and $9.1 million of collaboration revenue associated with this agreement, respectively, and $10.8 million and $16.7 million for the six months ended June 30, 2023 and 2022, respectively.

As of June 30, 2023 and December 31, 2022, zero and $4.5 million of deferred revenue was classified as current, respectively.

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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (Loss)	$ (98,298)	$ (68,098)	$ (61,222)	$ (57,647)	$ (166,396)	$ (118,869)
Denominator:
Weighted-average shares outstanding	106,885,561		74,298,307		100,894,443	74,237,943
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(1,376)		(17,717)		(3,068)	(16,140)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	106,884,185		74,280,590		100,891,375	74,221,803
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	106,884,185		74,280,590		100,891,375	74,221,803
Net loss per share attributable to common stockholders, basic	$ (0.92)		$ (0.82)		$ (1.65)	$ (1.6)
Net loss per share attributable to common stockholders, diluted	$ (0.92)		$ (0.82)		$ (1.65)	$ (1.6)

- 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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+ Details

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 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	(5,007)	(4,473)
Developed technology - tri-complex platform, Net book value	$ 2,473	$ 3,007
Developed technology - tri-complex platform, Weighted-average remaining useful life	2 years 4 months 24 days	2 years 10 months 24 days
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 58,273	$ 58,807

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 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 June 30, 2023 and June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2023.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 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 June 30, 2023 and June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 3,824	$ 9,116	$ 10,838	$ 16,694
Revenue, Product and Service [Extensible Enumeration]	Collaboration Revenue Member	Collaboration Revenue Member	Collaboration Revenue Member	Collaboration Revenue Member
Operating expenses:
Research and development	$ 97,981	$ 61,001	$ 166,928	$ 117,491
General and administrative	14,640	10,204	27,864	19,242
Total operating expenses	112,621	71,205	194,792	136,733
Loss from operations	(108,797)	(62,089)	(183,954)	(120,039)
Other income (expense), net:
Interest income	10,499	867	17,558	1,170
Total other income, net	10,499	867	17,558	1,170
Loss before income taxes	(98,298)	(61,222)	(166,396)	(118,869)
Benefit from income taxes	0	0	0	0
Net loss	$ (98,298)	$ (61,222)	$ (166,396)	$ (118,869)
Net loss per share attributable to common stockholders, basic	$ (0.92)	$ (0.82)	$ (1.65)	$ (1.6)
Net loss per share attributable to common stockholders, diluted	$ (0.92)	$ (0.82)	$ (1.65)	$ (1.6)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	106,884,185	74,280,590	100,891,375	74,221,803
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	106,884,185	74,280,590	100,891,375	74,221,803

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 300,000	$ 300,000	$ 534,000	$ 534,000
Goodwill impairment			$ 0

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	265,660	$	265,660	$	—	$	—
Commercial paper		221,656		—		221,656		—
U.S. and Canadian government and agency securities		413,689		—		413,689		—
Corporate bonds		10,568		—		10,568		—
Total	$	911,573	$	265,660	$	645,913	$	—


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

Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, current	$ 0		$ 0		$ 4,459
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment received						$ 50,000
Percentage of reimbursement of internal and external research costs and expenses under research plan			50.00%
Collaboration revenue recognized	3,800	$ 9,100	$ 10,800	$ 16,700
Deferred revenue, current	$ 0		$ 0		$ 4,500

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1.2	$ 0.9	$ 2.4	$ 1.8

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 9,164	$ 13,281
Accrued research and development	32,125	15,161
Accrued professional services	918	499
Other	350	505
Total accrued expenses and other current liabilities	$ 42,557	$ 29,446

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Research and development	$	7,642	$	4,543	$	13,342	$	8,398
General and administrative		5,338		3,555		9,337		6,344
Total	$	12,980	$	8,098	$	22,679	$	14,742

2020 Plan and 2014 Plan

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

Summary of Option Activity Under the 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		2,897,970			25.87
Options exercised		(164,665	)		5.88
Options cancelled		(108,382	)		27.66
Balance, June 30, 2023		10,789,298		$	18.76		7.79	$	103,139
Options vested and expected to vest as of June 30, 2023		10,789,298		$	18.76		7.79	$	103,139
Options vested and exercisable as of June 30, 2023		5,456,406		$	13.03		6.53	$	84,866

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 six months ended June 30, 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		1,190,127
Restricted stock units vested		(260,143	)
Restricted stock units forfeited		(49,053	)
Balance, June 30, 2023		2,055,963		$	24.59		1.70		54,997
Expected to vest as of June 30, 2023		2,055,963		$	24.59		1.70		54,997

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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+ Details

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following as of June 30, 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		(5,007	)		2,473		2.4
Total	$	63,280	$	(5,007	)	$	58,273

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 June 30, 2023, future amortization expense is as follows:


	Amount
	(in thousands)
2023 (remaining six months)	$	535
2024		1,069
2025		869
Total	$	2,473

Summary of Change in Carrying Value of Goodwill

The following summarizes the change in the carrying value of goodwill for the three and six months ended June 30, 2023:


	Amount
	(in thousands)
Balance at December 31, 2022	$	14,608
Adjustment		—
Balance at June 30, 2023	$	14,608

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 380,330	$ 161,412
Marketable securities	529,159	483,531
Accounts receivable	2,510	4,673
Prepaid expenses and other current assets	10,093	10,569
Total current assets	922,092	660,185
Property and equipment, net	19,718	18,659
Operating lease right-of-use asset	53,733	55,077
Intangible assets, net	58,273	58,807
Goodwill	14,608	14,608
Restricted cash	2,594	1,737
Other noncurrent assets	2,691	2,857
Total assets	1,073,709	811,930
Current liabilities:
Accounts payable	29,784	21,306
Accrued expenses and other current liabilities	42,557	29,446
Operating lease liability, current	5,718	6,773
Deferred revenue, current	0	4,459
Total current liabilities	78,059	61,984
Deferred tax liability	7,025	7,025
Operating lease liability, noncurrent	57,538	57,432
Other noncurrent liabilities	252	301
Total liabilities	142,874	126,742
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; zero shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 109,141,094 and 90,411,912 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	11	9
Additional paid-in capital	1,799,812	1,388,300
Accumulated other comprehensive loss	(1,251)	(1,780)
Accumulated deficit	(867,737)	(701,341)
Total stockholders' equity	930,835	685,188
Total liabilities and stockholders' equity	$ 1,073,709	$ 811,930

Fair Value Measurements

6 Months Ended

Jun. 30, 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:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	265,660	$	265,660	$	—	$	—
Commercial paper		221,656		—		221,656		—
U.S. and Canadian government and agency securities		413,689		—		413,689		—
Corporate bonds		10,568		—		10,568		—
Total	$	911,573	$	265,660	$	645,913	$	—


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

Money market funds include funds held in sweep accounts and 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

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 29, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		22,627,183		22,627,183		17,766,601
Unrecognized stock-based compensation expense related to unvested stock options		$ 83,500		$ 83,500
Unrecognized stock-based compensation expense, weighted-average period of recognition				2 years 11 months 23 days
Stock-based compensation expense		12,980	$ 8,098	$ 22,679	$ 14,742
Consultant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		0	$ 100	0	$ 300
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		$ 48,600		$ 48,600
Unrecognized stock-based compensation expense, weighted-average period of recognition				3 years 2 months 12 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		2,465,119		2,465,119
Purchase price rate	85.00%
Shares purchased		139,967		139,967
Unrecognized compensation cost related to ESPP		$ 2,100		$ 2,100

Subsequent Events - Additional Information (Details) - Subsequent Event - Eqrx Acquisition $ / shares in Units, $ in Millions	Jul. 31, 2023 USD ($) $ / shares shares
Subsequent Event [Line Items]
Stock issued to EQRx stockholders \| shares	7,692,308
Shares issued, value	$ 200.0
Share value at discount	$ 870.0
Share price \| $ / shares	$ 26
Share price discount rate	6.00%
Transaction closing date	2023-11

Stock-Based Compensation

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023, there were 139,967 shares of common stock purchased under the ESPP. As of June 30, 2023, a total of 2,465,119 shares of common stock were available for future issuance under the ESPP. As of June 30, 2023, there was $2.1 million of unrecognized compensation cost related to the ESPP.

Stock options

Activity under the 2020 Plan and 2014 Plan with respect to the Company’s options during the six months ended June 30, 2023 was as follows:


	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		2,897,970			25.87
Options exercised		(164,665	)		5.88
Options cancelled		(108,382	)		27.66
Balance, June 30, 2023		10,789,298		$	18.76		7.79	$	103,139
Options vested and expected to vest as of June 30, 2023		10,789,298		$	18.76		7.79	$	103,139
Options vested and exercisable as of June 30, 2023		5,456,406		$	13.03		6.53	$	84,866

As of June 30, 2023, there was $83.5 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.98 years.

Restricted stock units

Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the six months ended June 30, 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		1,190,127
Restricted stock units vested		(260,143	)
Restricted stock units forfeited		(49,053	)
Balance, June 30, 2023		2,055,963		$	24.59		1.70		54,997
Expected to vest as of June 30, 2023		2,055,963		$	24.59		1.70		54,997

The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of June 30, 2023, there was $48.6 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.20 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Research and development	$	7,642	$	4,543	$	13,342	$	8,398
General and administrative		5,338		3,555		9,337		6,344
Total	$	12,980	$	8,098	$	22,679	$	14,742

Stock-based compensation related to options and RSUs granted to non-employees was zero and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and zero and $0.3 million for the six months ended June 30, 2023 and 2022, respectively.

Commitment and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 5,718	$ 6,773
Operating lease liability – noncurrent	57,538	57,432
Total operating lease liabilities	$ 63,256	$ 64,205

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 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:


	June 30,		December 31,
	2023		2022
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	5,718	$	6,773
Operating lease liability – noncurrent		57,538		57,432
Total operating lease liabilities	$	63,256	$	64,205

Schedule of Maturities of Operating Lease Liabilities

As of June 30, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2023 (remaining six months)	$	3,450
2024		7,100
2025		7,349
2026		7,606
2027		7,872
Thereafter		73,717
Total undiscounted lease payments	$	107,094
Less: Imputed interest		(42,838	)
Less: Tenant improvement allowance		(1,000	)
Total operating lease liabilities	$	63,256

Intangible Assets and Goodwill - Summary of Change in Carrying Value of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2022	$ 14,608
Adjustment	0
Balance at June 30, 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

Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance sheet components

Property and equipment, net

Property and equipment, net consists of the following:


	June 30,			December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	19,594		$	17,163
Leasehold improvements		11,468			11,404
Computer equipment and software		4,631			3,965
Furniture and fixtures		688			616
Construction in progress		166			—
		36,547			33,148
Less: accumulated depreciation and amortization		(16,829	)		(14,489	)
Property and equipment, net	$	19,718		$	18,659

Depreciation expense for property and equipment amounted to $1.2 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively, and $2.4 million and $1.8 million for the six months ended June 30, 2023 and 2022, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	June 30,		December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	9,164	$	13,281
Accrued research and development		32,125		15,161
Accrued professional services		918		499
Other		350		505
Total accrued expenses and other current liabilities	$	42,557	$	29,446

Commitment and Contingencies - Additional Information (Details)	1 Months Ended		3 Months Ended			6 Months Ended
	Nov. 30, 2021 USD ($) ft²	Apr. 30, 2020 USD ($) ft²	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 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			$ 53,733,000			$ 53,733,000		$ 55,077,000
Operating lease liability			63,256,000			63,256,000		$ 64,205,000
Operating lease cost			1,900,000		$ 1,400,000	3,700,000	$ 2,800,000
Sublease income					800,000	300,000	1,600,000
Operating cash flows for operating leases						$ 900,000
Operating cash flows for operating leases			$ 300,000		$ 1,000,000		$ 1,700
Operating lease, weighted average discount rate			8.40%			8.40%
Operating lease, weighted average remaining lease term			12 years 6 months			12 years 6 months		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				$ 300,000
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	$ 26,800,000
Redwood City Lease \| Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit			$ 2,600,000			$ 2,600,000		$ 1,500,000
Redwood City Lease \| The 700 Building and 300 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset	$ 8,600,000
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						$ 4,600,000
Redwood City Lease \| The 300 Building \| ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset		$ 6,400,000
Operating lease liability		9,000,000
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						$ 4,400,000
Redwood City Lease \| The 700 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset		$ 14,800,000
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						$ 600,000
Cambridge, Massachusetts
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year						2023-02
Area of space leased \| ft²									22,000

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 912,824	$ 647,465
Gross Unrealized Gain	42	47
Gross Unrealized Loss	(1,293)	(1,827)
Estimated Fair Value	911,573	$ 645,685
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	835,518
Gross Unrealized Gain	41
Gross Unrealized Loss	(930)
Estimated Fair Value	834,629
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	77,306
Gross Unrealized Gain	1
Gross Unrealized Loss	(363)
Estimated Fair Value	$ 76,944

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (98,298)	$ (68,098)	$ (61,222)	$ (57,647)	$ (166,396)	$ (118,869)

- Definition

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

+ References

+ Details

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss	$	(98,298	)	$	(61,222	)	$	(166,396	)	$	(118,869	)
Denominator:
Weighted-average shares outstanding		106,885,561			74,298,307			100,894,443			74,237,943
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(1,376	)		(17,717	)		(3,068	)		(16,140	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		106,884,185			74,280,590			100,891,375			74,221,803
Net loss per share attributable to common stockholders, basic and diluted	$	(0.92	)	$	(0.82	)	$	(1.65	)	$	(1.60	)

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 June 30,
	2023		2022
Options to purchase common stock		10,789,298		8,030,257
Options early exercised subject to future vesting		872		17,796
Unvested restricted stock units of common stock		2,055,963		1,145,919
Expected shares to be purchased under ESPP		199,866		335,228
Total		13,045,999		9,529,200

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	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 912,824	$ 647,465
Gross Unrealized Gain	42	47
Gross Unrealized Loss	(1,293)	(1,827)
Estimated Fair Value	911,573	645,685
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	530,397	485,280
Gross Unrealized Gain	31	43
Gross Unrealized Loss	(1,269)	(1,792)
Estimated Fair Value	529,159	483,531
Marketable Securities \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	140,177	216,765
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(80)	(328)
Estimated Fair Value	140,097	216,437
Marketable Securities \| Us and Canadian Government Agencies Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	379,639	236,916
Gross Unrealized Gain	31	43
Gross Unrealized Loss	(1,176)	(1,270)
Estimated Fair Value	378,494	235,689
Marketable Securities \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,581	31,599
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(13)	(194)
Estimated Fair Value	10,568	31,405
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	382,427	162,185
Gross Unrealized Gain	11	4
Gross Unrealized Loss	(24)	(35)
Estimated Fair Value	382,414	162,154
Cash Equivalents \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	265,660	48,522
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	265,660	48,522
Cash Equivalents \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	81,583	97,526
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(24)	(35)
Estimated Fair Value	81,559	97,491
Cash Equivalents \| Us and Canadian Government Agencies Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	35,184
Gross Unrealized Gain	11
Gross Unrealized Loss	0
Estimated Fair Value	35,195
Cash Equivalents \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	0	16,137
Gross Unrealized Gain	0	4
Gross Unrealized Loss	0	0
Estimated Fair Value	$ 0	$ 16,141

Common Stock

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Common Stock

Common stock

As of June 30, 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 June 30, 2023, no dividends had been declared.

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


	June 30,		December 31,
	2023		2022
Outstanding options to purchase common stock		10,789,298		8,164,375
Unvested restricted stock units of common stock		2,055,963		1,175,032
Available for future issuance under the 2020 Incentive Award Plan		7,316,803		6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan		2,465,119		1,700,887
Total		22,627,183		17,766,601

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	June 30,			December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	19,594		$	17,163
Leasehold improvements		11,468			11,404
Computer equipment and software		4,631			3,965
Furniture and fixtures		688			616
Construction in progress		166			—
		36,547			33,148
Less: accumulated depreciation and amortization		(16,829	)		(14,489	)
Property and equipment, net	$	19,718		$	18,659

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	June 30,		December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	9,164	$	13,281
Accrued research and development		32,125		15,161
Accrued professional services		918		499
Other		350		505
Total accrued expenses and other current liabilities	$	42,557	$	29,446

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (98,298)	$ (61,222)	$ (166,396)	$ (118,869)
Other comprehensive loss:
Unrealized gain (loss) on investments, net	(695)	(481)	529	(1,389)
Comprehensive loss	$ (98,993)	$ (61,703)	$ (165,867)	$ (120,258)

- Definition

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

+ References

+ Details

Available-for-sale Securities (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	140,177	$	—	$	(80	)	$	140,097
U.S. and Canadian government and agency securities		379,639		31		(1,176	)		378,494
Corporate bonds		10,581		—		(13	)		10,568
Total marketable securities		530,397		31		(1,269	)		529,159
Cash equivalents:
Money market funds		265,660		—		—			265,660
Commercial paper		81,583		—		(24	)		81,559
U.S. and Canadian government and agency securities		35,184		11		—			35,195
Corporate bonds		—		—		—			—
Total cash equivalents		382,427		11		(24	)		382,414
Total available-for-sale investments	$	912,824	$	42	$	(1,293	)	$	911,573


	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 June 30, 2023:


	June 30, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	835,518	$	41	$	(930	)	$	834,629
Mature after one year through two years		77,306		1		(363	)		76,944
Total marketable securities	$	912,824	$	42	$	(1,293	)	$	911,573

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 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		109,169,897
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 BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	109,141,094	90,411,912
Common stock, shares, outstanding	109,141,094	90,411,912

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 911,573	$ 645,685
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	265,660	48,522
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	221,656	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	413,689	251,830
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	10,568	31,405
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	265,660	48,522
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	265,660	48,522
Level 1 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
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	0	0
Level 1 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	645,913	597,163
Level 2 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	221,656	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	413,689	251,830
Level 2 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	10,568	31,405
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
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	0	0
Level 3 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 0	$ 0

Common Stock - Additional Information (Details)	6 Months Ended
Common Stock - Additional Information (Details)	Jun. 30, 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

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 12,980	$ 8,098	$ 22,679	$ 14,742
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	7,642	4,543	13,342	8,398
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,338	$ 3,555	$ 9,337	$ 6,344

Commitments and Contingencies

6 Months Ended

Jun. 30, 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 $2.6 million and $1.5 million as of June 30, 2023 and December 31, 2022, respectively.

Through June 30, 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 will be accounted for as an operating lease upon commencement, 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 was through the expiration of the Cambridge Lease term in February 2023.

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


	June 30,		December 31,
	2023		2022
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	5,718	$	6,773
Operating lease liability – noncurrent		57,538		57,432
Total operating lease liabilities	$	63,256	$	64,205

For the three months ended June 30, 2023 and 2022, operating lease cost was $1.9 million and $1.4 million, respectively, net of sublease income of zero and $0.8 million, respectively. For the six months ended June 30, 2023 and 2022, operating lease cost was $3.7 million and $2.8 million, respectively, net of sublease income of $0.3 million and $1.6 million, respectively. The operating cash flows used in operating leases were $0.3 million and $1.0 million for the three months ended June 30, 2023 and 2022, respectively. The operating cash flows used in operating leases were $0.9 million and $1.7 million for the six months ended June 30, 2023 and 2022, respectively. Short-term lease costs were immaterial for the three and six months ended June 30, 2023 and 2022, respectively.

As of June 30, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2023 (remaining six months)	$	3,450
2024		7,100
2025		7,349
2026		7,606
2027		7,872
Thereafter		73,717
Total undiscounted lease payments	$	107,094
Less: Imputed interest		(42,838	)
Less: Tenant improvement allowance		(1,000	)
Total operating lease liabilities	$	63,256

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 June 30, 2023 and December 31, 2022, the weighted-average remaining lease term was 12.5 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 June 30, 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.