0001564590-22-019071 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	8 Clarke Drive
Entity Address, Address Line Two	Suite 3
Entity Address, City or Town	Cranbury
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08512
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,574,075
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001699382
Amendment Flag	false

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 115,772	$ 172,467
Restricted cash	822	822
Marketable securities, current	167,221	124,696
Prepaid expenses and other current assets	4,225	3,301
Total current assets	288,040	301,286
Property and equipment, net	5,238	3,090
Marketable securities, noncurrent	11,773	16,911
Right-of-use assets, operating leases	9,736	10,060
Other assets	221	221
Total assets	315,008	331,568
Current liabilities:
Accounts payable	4,864	3,189
Accrued expenses	6,563	8,627
Operating lease liability, current	258	403
Total current liabilities	11,685	12,219
Operating lease liability, noncurrent	11,480	10,790
Total liabilities	23,165	23,009
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at March 31, 2022 (unaudited) and December 31, 2021. No shares issued or outstanding at March 31, 2022 (unaudited) and December 31, 2021.
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 45,532,392 and 45,433,684 shares issued and outstanding at March 31, 2022 (unaudited) and December 31, 2021, respectively.
Additional paid-in capital	478,668	476,363
Accumulated deficit	(186,159)	(167,726)
Accumulated other comprehensive loss	(666)	(78)
Total stockholders’ equity	291,843	308,559
Total liabilities and stockholders’ equity	$ 315,008	$ 331,568

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	45,532,392	45,433,684
Common stock, shares outstanding	45,532,392	45,433,684

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 11,836	$ 7,500
General and administrative	6,783	4,174
Total operating expenses	18,619	11,674
Loss from operations	(18,619)	(11,674)
Other income (expense):
Interest income, net	229	128
Other expense	(41)	(52)
Total other income (expense)	188	76
Loss before provision for income taxes	(18,431)	(11,598)
Provision for income taxes	2	4
Net loss	(18,433)	(11,602)
Unrealized loss on marketable securities, net of tax	(588)	(13)
Comprehensive loss	$ (19,021)	$ (11,615)
Net loss per share -- basic and diluted	$ (0.41)	$ (0.26)
Weighted-average common shares outstanding	45,466,044	44,785,226

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2020	$ 359,121		$ 469,001		$ (109,880)
Balance, Shares at Dec. 31, 2020		44,777,818
Exercise of stock options	162		162
Exercise of stock options, Shares		103,351
Stock-based compensation expense	627		627
Net loss	(11,602)				(11,602)
Unrealized loss on available for sale investments	(13)			$ (13)
Balance at Mar. 31, 2021	348,295		469,790	(13)	(121,482)
Balance, Shares at Mar. 31, 2021		44,881,169
Balance at Dec. 31, 2021	$ 308,559		476,363	(78)	(167,726)
Balance, Shares at Dec. 31, 2021		45,433,684
Exercise of stock options, Shares	98,708
Exercise of stock options and common stock issued under the 2020 ESPP	$ 128		128
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		98,708
Stock-based compensation expense	2,177		2,177
Net loss	(18,433)				(18,433)
Unrealized loss on available for sale investments	(588)			(588)
Balance at Mar. 31, 2022	$ 291,843		$ 478,668	$ (666)	$ (186,159)
Balance, Shares at Mar. 31, 2022		45,532,392

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (18,433)	$ (11,602)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,177	627
Depreciation	84	79
Amortization of premiums on marketable securities	54	167
Non-cash lease expense	83
Change in operating assets and liabilities:
Prepaid expenses and other assets	(924)	(948)
Operating lease right-of-use assets and liabilities	786
Accounts payable	239	(355)
Accrued expenses	(2,064)	(872)
Net cash used in operating activities	(17,998)	(12,904)
Cash flows from investing activities:
Purchase of property and equipment	(796)	(120)
Purchase of marketable securities	(93,705)	(139,777)
Maturities of marketable securities	55,676
Net cash (used in) investing activities	(38,825)	(139,897)
Cash flows from financing activities:
Proceeds from exercise of stock options	128	162
Net cash provided by financing activities	128	162
Net decrease in cash and cash equivalents	(56,695)	(152,639)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash - beginning of period	173,289	361,422
Cash, cash equivalents, and restricted cash - end of period	116,594	208,783
Supplemental disclosures of noncash investing activities
Accrued purchases of property and equipment	1,436
Supplemental disclosures of cash flow information
Cash paid for income taxes	$ 2	$ 4

Formation and Business of the Company

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

Organization and Liquidity

PMV Pharmaceuticals, Inc. (the “Company” or “We”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at 8 Clarke Drive, Suite 3, Cranbury, New Jersey.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company has incurred net losses and negative cash flows from operations since its inception. During the three months ended March 31, 2022, the Company incurred a net loss of $18,433 and used $17,998 of cash for operations. As of March 31, 2022, the Company had an accumulated deficit of $186,159. Cash, cash equivalents, and marketable securities were $294,766 as of March 31, 2022. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for at least the next twelve months from the date of issuance of these financial statements.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 1, 2022. Since the date of those financial statements, there have been no changes to its significant accounting policies except as noted below.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of March 31, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three months ended March 31, 2022 and 2021, and the condensed statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021, has been derived from our audited financial statements.

Use of Estimates

The preparation of 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 at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but

are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates.

The length of time and full extent to which the COVID-19 pandemic directly or indirectly impacts our business, results of operations and financial condition, including expense, the supply chain, clinical trials, research and development costs, and employee-related costs, depends on future developments that are highly uncertain, subject to change and are difficult to predict, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19 as well as the economic impact on local, regional, national and international customers and markets.

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. As of March 31, 2022, the company’s long-term marketable debt securities have maturity dates no more than 2 years. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended March 31, 2022, and 2021, the Company recorded $54 and $167 of amortization, respectively.

Restricted cash as of March 31, 2022, included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.

Comprehensive Loss

The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world. The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-10 outbreak will impact its operations or financial results remains uncertain.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

3. Fair Value Measurements

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of March 31, 2022, and December 31, 2021:

	As of March 31, 2022
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	38,484	$	—	$	—		$	38,484	$	38,484	$	—	$	—
Corporate securities		202,605		3		(288	)		202,320		—		202,320		—
Government securities		52,845		1		(382	)		52,464		38,768		13,696		—
Total financial assets	$	293,934	$	4	$	(670	)	$	293,268	$	77,252	$	216,016	$	—

	As of December 31, 2021
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	40,960	$	—	$	—		$	40,960	$	40,960	$	—	$	—
Corporate securities		227,378		3		(19	)		227,362		—		227,362		—
Government securities		42,307		—		(62	)		42,245		—		42,245		—
Total financial assets	$	310,645	$	3	$	(81	)	$	310,567	$	40,960	$	269,607	$	—

Cash Equivalents — As of March 31, 2022, the Company had cash of $1,498 and cash equivalents of $114,274. Cash equivalents consisted of money market funds of $38,484 and corporate debt securities of $75,790. As of December 31, 2021, the Company had cash of $3,508 and cash equivalents of $168,960. Cash equivalents consisted of money market funds of $40,960 and corporate debt securities of $128,000. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within

level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.

Marketable Securities — Marketable securities of $178,994 as of March 31, 2022, consisted of corporate debt securities of $126,530 and government debt securities of $52,464. There were $167,221 current marketable securities and $11,773 noncurrent marketable securities as of March 31, 2022. Marketable securities of $141,607 as of December 31, 2021, consisted of corporate debt securities of $99,362 and government debt securities of $42,245. There were $124,696 current marketable securities and $16,911 noncurrent marketable securities as of December 31, 2021.

As of March 31, 2022, and December 31, 2021, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

- 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

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

	March 31, 2022			December 31, 2021
Machinery & equipment	$	2,261		$	2,261
Computers		13			8
Furniture & fixtures		69			9
Leasehold improvements		409			161
Assets not placed in service		4,438			2,519
Total property and equipment		7,190			4,958
Less: Accumulated depreciation		(1,952	)		(1,868	)
Property and equipment, net	$	5,238		$	3,090

Depreciation expense for the three months ended March 31, 2022, and 2021 was $84 and $79, respectively.

Accrued Expenses

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consist of the following:

	March 31, 2022		December 31, 2021
Accrued compensation	$	1,759	$	3,797
Accrued legal and professional services		280		—
Accrued research and development costs		4,471		4,734
Other accrued liabilities		53		96
Total	$	6,563	$	8,627

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s current headquarters.

In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases will expire June 2022, with an option to renew on a month-to-month basis, with an increase in base rent as per the lease, for up to an additional year. Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, real estate taxes and operating costs related to the premises.

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $15.50 per square foot and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expires in July 2022, with an option to renew on a month-to-month basis, with an increase in base rent as per the lease, for up to an additional year. The second lease is for office space in Lexington, Massachusetts, that expires August 2023, with an option to renew for a one-time, three-year extension. The initial annual base rent is $28.50 per square foot and will increase $1.00 per square foot at the end of each rent year.

In 2018, the Company received a lease incentive for the buildout of 420 Bedford Street in Lexington, MA. The Company was given an allowance for $165 on behalf of the lessor for construction of office space. Management recognizes this allowance as a lease incentive in its Right-of-Use asset and straight-lines the allowance throughout the term of the lease. As of March 31, 2022, the remaining rent incentive pertaining to the Lexington, MA lease totaled $54.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. The Company intends to complete the relocation of their headquarters from Cranbury, NJ to One Research Way in Princeton NJ in early 2022. That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters. Payment under this lease will total $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2021 and 2022. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. As of March 31, 2022, $786 of reimbursements were received.

The components of lease cost for the three months ended March 31, 2022, and 2021 are as follows, in thousands:

(in thousands)	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Operating lease cost	$	511	$	157
Variable lease cost		197		95
Total lease cost	$	708	$	252

Amounts reported in the balance sheet for leases where the Company is the lessee as of March 31, 2022, and December 31, 2021 were as follows, in thousands:

Operating Leases:	March 31, 2022			December 31, 2021
Right-of-use assets, operating leases	$	9,736		$	10,060

Operating lease liabilities, current	$	258		$	403
Operating lease liabilities, non-current		11,480			10,790
Total operating lease liabilities	$	11,738		$	11,193

Weighted-average remaining lease term (years)		9.93			10.02
Weighted-average discount rate		5.75	%		5.75	%

Other information related to leases for the three months ended March 31, 2022, and 2021 is as follows, in thousands:

Three Months

Ended

March 31,

2022

Three Months

Ended

March 31,

2021

Net cash paid for amounts included in the measurement of lease liabilities

(358

)

174

Leased assets obtained in exchange for new operating lease liabilities

10,349

Future minimum lease payments, net of reimbursements, remaining as of March 31, 2022, under operating leases by fiscal year were as follows, in thousands:

Fiscal year
2021	$	(2,251	)
2022		1,833
2023		1,814
2024		1,869
2025		1,925
Thereafter		11,477
Total minimum lease payments	$	16,667
Less: Amounts representing imputed interest		(4,929	)
Present value of lease liabilities	$	11,738

Rent expense recorded during the three months ended March 31, 2022, and 2021 was $511 and $137, respectively.

The Company currently subleases the office space at 420 Bedford Street in Lexington, MA to another company. This sublease agreement expires in August, 2023. As of March 31, sublease income for the Company was $29 and $25 for the three months ended 2022 and 2021, respectively.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. At March 31, 2022 and December 31, 2021, there were 45,532,392 and 45,433,684 shares of common stock issued and outstanding, respectively.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of March 31, 2022, no dividends on common stock had been declared by the Company.

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock Plan

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Plan

8. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan is 4,406,374, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent (5%) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2022, the board of directors exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,363,084 shares, effective as of January 1, 2022. As of March 31, 2022, there were 5,321,975 shares available for issuance under the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,572 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2022, the board waived the increase to the shares reserved under the 2020 ESPP. As of March 31, 2022, 47,066 shares are issued or outstanding, and there were 801,464 shares available for issuance, under the 2020 ESPP.

Stock-Based Compensation

The following table summarizes option activity for the three month period ended March 31, 2022:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances, December 31, 2021		4,951,680			4,246,007		$	8.22		6.86	$	68,506
Shares reserved for issuance		1,363,084			—			—
Options granted		(1,091,497	)		1,091,497		$	16.40
Options forfeited / cancelled		—			—			—
Options exercised		98,708			(98,708	)	$	1.29
Balances March 31, 2022		5,321,975			5,238,796		$	10.05		7.34	$	63,622
At March 31, 2022
Vested and expected to vest					5,238,796		$	10.05		7.34	$	63,622
Exercisable					2,740,691		$	4.11		5.78	$	46,968

At March 31, 2022, the total compensation cost related to nonvested awards not yet recognized is $25,961. The weighted-average period over which the nonvested awards is expected to be recognized is 3.3 years.

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

	Three Months Ended	Three Months Ended
	March 31,	March 31,
	2022	2021
Risk-free interest rate	1.48% - 2.01%	0.65%
Expected life (in years)	5.77 - 6.44	6.25
Dividend yield	0%	0%
Expected volatility	77.00%	79.90%

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term.

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Stock-based compensation expense recorded under ASC 718 related to stock options granted was allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended
	March 31,		March 31,
	2022		2021
Research and development	$	649	$	251
General and administrative		1,528		376
Total stock-based compensation	$	2,177	$	627

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

During the three months ended March 31, 2022, and 2021, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

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

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

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

+ Details

Net Loss per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share

10. Net Loss per Share

The Company excluded all outstanding stock options and restricted stock awards at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect.

	For the Three Months Ended
	March 31, 2022			March 31, 2021
Net loss	$	(18,433	)	$	(11,602	)
Weighted-average number of shares - basic and diluted		45,466,044			44,785,226
Net loss per share - basic and diluted	$	(0.41	)	$	(0.26	)

Related Parties

3 Months Ended

Mar. 31, 2022

Related Parties

11. Related Parties

The Company has consulting agreements with two members of its board of directors; one of which waived his consulting fees as of September 2021. The total of consulting fees paid in each of the three months ended March 31, 2022, and 2021 were $25 and $28, respectively. There were no amounts owed under the consulting agreements as of March 31, 2022.

The total of consulting fees paid as of the year ended December 31, 2021, was $110. In May of 2021, the two members of the board of directors were awarded 5,781 options of Company stock each, as per their updated Scientific Advisory Board agreements. There were no amounts owed under the consulting agreements as of March 31, 2021.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of March 31, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three months ended March 31, 2022 and 2021, and the condensed statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021, has been derived from our audited financial statements.
Use of Estimates	Use of Estimates The preparation of 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 at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates. The length of time and full extent to which the COVID-19 pandemic directly or indirectly impacts our business, results of operations and financial condition, including expense, the supply chain, clinical trials, research and development costs, and employee-related costs, depends on future developments that are highly uncertain, subject to change and are difficult to predict, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19 as well as the economic impact on local, regional, national and international customers and markets.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. As of March 31, 2022, the company’s long-term marketable debt securities have maturity dates no more than 2 years. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended March 31, 2022, and 2021, the Company recorded $54 and $167 of amortization, respectively. Restricted cash as of March 31, 2022, included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.
Comprehensive Loss	Comprehensive Loss The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
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 significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company. In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world. The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-10 outbreak will impact its operations or financial results remains uncertain.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values

	As of March 31, 2022
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	38,484	$	—	$	—		$	38,484	$	38,484	$	—	$	—
Corporate securities		202,605		3		(288	)		202,320		—		202,320		—
Government securities		52,845		1		(382	)		52,464		38,768		13,696		—
Total financial assets	$	293,934	$	4	$	(670	)	$	293,268	$	77,252	$	216,016	$	—

	As of December 31, 2021
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	40,960	$	—	$	—		$	40,960	$	40,960	$	—	$	—
Corporate securities		227,378		3		(19	)		227,362		—		227,362		—
Government securities		42,307		—		(62	)		42,245		—		42,245		—
Total financial assets	$	310,645	$	3	$	(81	)	$	310,567	$	40,960	$	269,607	$	—

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Summary of Property and Equipment, Net

	March 31, 2022			December 31, 2021
Machinery & equipment	$	2,261		$	2,261
Computers		13			8
Furniture & fixtures		69			9
Leasehold improvements		409			161
Assets not placed in service		4,438			2,519
Total property and equipment		7,190			4,958
Less: Accumulated depreciation		(1,952	)		(1,868	)
Property and equipment, net	$	5,238		$	3,090

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consist of the following:

	March 31, 2022		December 31, 2021
Accrued compensation	$	1,759	$	3,797
Accrued legal and professional services		280		—
Accrued research and development costs		4,471		4,734
Other accrued liabilities		53		96
Total	$	6,563	$	8,627

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

The components of lease cost for the three months ended March 31, 2022, and 2021 are as follows, in thousands:

(in thousands)	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Operating lease cost	$	511	$	157
Variable lease cost		197		95
Total lease cost	$	708	$	252

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the balance sheet for leases where the Company is the lessee as of March 31, 2022, and December 31, 2021 were as follows, in thousands:

Operating Leases:	March 31, 2022			December 31, 2021
Right-of-use assets, operating leases	$	9,736		$	10,060

Operating lease liabilities, current	$	258		$	403
Operating lease liabilities, non-current		11,480			10,790
Total operating lease liabilities	$	11,738		$	11,193

Weighted-average remaining lease term (years)		9.93			10.02
Weighted-average discount rate		5.75	%		5.75	%

Summary of Other Information Related to Leases

Other information related to leases for the three months ended March 31, 2022, and 2021 is as follows, in thousands:

Three Months

Ended

March 31,

2022

Three Months

Ended

March 31,

2021

Net cash paid for amounts included in the measurement of lease liabilities

(358

)

174

Leased assets obtained in exchange for new operating lease liabilities

10,349

Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases

Future minimum lease payments, net of reimbursements, remaining as of March 31, 2022, under operating leases by fiscal year were as follows, in thousands:

Fiscal year
2021	$	(2,251	)
2022		1,833
2023		1,814
2024		1,869
2025		1,925
Thereafter		11,477
Total minimum lease payments	$	16,667
Less: Amounts representing imputed interest		(4,929	)
Present value of lease liabilities	$	11,738

Stock Plan (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock Options Activity

The following table summarizes option activity for the three month period ended March 31, 2022:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances, December 31, 2021		4,951,680			4,246,007		$	8.22		6.86	$	68,506
Shares reserved for issuance		1,363,084			—			—
Options granted		(1,091,497	)		1,091,497		$	16.40
Options forfeited / cancelled		—			—			—
Options exercised		98,708			(98,708	)	$	1.29
Balances March 31, 2022		5,321,975			5,238,796		$	10.05		7.34	$	63,622
At March 31, 2022
Vested and expected to vest					5,238,796		$	10.05		7.34	$	63,622
Exercisable					2,740,691		$	4.11		5.78	$	46,968

Schedule of Estimated Fair Value of Stock Options

	Three Months Ended	Three Months Ended
	March 31,	March 31,
	2022	2021
Risk-free interest rate	1.48% - 2.01%	0.65%
Expected life (in years)	5.77 - 6.44	6.25
Dividend yield	0%	0%
Expected volatility	77.00%	79.90%

Stock-based Compensation Expense Related to Options Granted Recorded and Allocated

Stock-based compensation expense recorded under ASC 718 related to stock options granted was allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended
	March 31,		March 31,
	2022		2021
Research and development	$	649	$	251
General and administrative		1,528		376
Total stock-based compensation	$	2,177	$	627

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Net Loss per Share

	For the Three Months Ended
	March 31, 2022			March 31, 2021
Net loss	$	(18,433	)	$	(11,602	)
Weighted-average number of shares - basic and diluted		45,466,044			44,785,226
Net loss per share - basic and diluted	$	(0.41	)	$	(0.26	)

Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Net loss	$ 18,433	$ 11,602
Cash used in operating activities	17,998	$ 12,904
Accumulated deficit	186,159		$ 167,726
Cash, cash equivalents, and marketable securities	$ 294,766

- Definition

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

+ References

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Amortization of available-for-sale debt securities	$ 54	$ 167
Restricted cash	$ 822

Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	$ 293,934	$ 310,645
Gross Unrealized Gains	4	3
Gross Unrealized Losses	(670)	(81)
Fair Value	293,268	310,567
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	77,252	40,960
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	216,016	269,607
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	38,484	40,960
Fair Value	38,484	40,960
Money Market Funds \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	38,484	40,960
Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	202,605	227,378
Gross Unrealized Gains	3	3
Gross Unrealized Losses	(288)	(19)
Fair Value	202,320	227,362
Corporate Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	202,320	227,362
Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	52,845	42,307
Gross Unrealized Gains	1
Gross Unrealized Losses	(382)	(62)
Fair Value	52,464	42,245
Government Securities \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	38,768
Government Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 13,696	$ 42,245

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash	$ 1,498,000	$ 3,508,000
Cash equivalents	114,274,000	168,960,000
Marketable Securities	178,994,000	141,607,000
Marketable securities noncurrent	11,773,000	16,911,000
Marketable securities current	167,221,000	124,696,000
Allowance for credit losses	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	126,530,000	99,362,000
Corporate Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	75,790,000	128,000,000
Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	52,464,000	42,245,000
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 38,484,000	$ 40,960,000

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,190	$ 4,958
Less: Accumulated depreciation	(1,952)	(1,868)
Property and equipment, net	5,238	3,090
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,261	2,261
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	13	8
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	69	9
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	409	161
Assets Not Placed in Service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 4,438	$ 2,519

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Depreciation	$ 84	$ 79

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accrued compensation	$ 1,759	$ 3,797
Accrued legal and professional services	280
Accrued research and development costs	4,471	4,734
Other accrued liabilities	53	96
Total	$ 6,563	$ 8,627

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease $ / ft²	Mar. 31, 2022 USD ($) $ / ft²	Mar. 31, 2021 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2017 ft² $ / ft²	Jun. 30, 2015 ft² $ / ft²
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases \| Lease		2
Rent expense			$ 511,000	$ 137,000
Cranbury, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property \| ft²						6,000	13,000
Initial base rent per square foot \| $ / ft²						22.00	20.00
Operating lease expiration period			2022-06
Operating lease maintenance expense per square foot \| $ / ft²			3.00
Operating lease, description			Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent.
Management fee of base rent percentage			3.00%
South Brunswick, New Jersey.
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property \| ft²		6,000
Initial base rent per square foot \| $ / ft²		15.50
Operating lease expiration period		2022-07
Management fee of base rent percentage		3.00%
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Initial base rent per square foot \| $ / ft²		28.50
Operating lease expiration period		2023-08
Operating lease, renewal term		3 years
Initial base rent increased per square foot \| $ / ft²		1.00
Allowance on behalf of lessor for construction of office space.					$ 165,000
Remaining rent incentives			$ 54,000
Sublease expiration period			2023-08
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description			That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters
Lease area of square feet \| ft²	50,581
Operating Leases, extended year	2032
Operating leases, extension period	5 years
Operating lease, payments	$ 19,889,000
Operating leases extended month and year	2032-05
Tenant improvement allowance	$ 4,046,000
Reimbursements received			$ 786,000
Sublease income			$ 29,000	$ 25,000

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 511	$ 157
Variable lease cost	197	95
Total lease cost	$ 708	$ 252

Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases:
Right-of-use assets, operating leases	$ 9,736	$ 10,060
Operating lease liabilities, current	258	403
Operating lease liabilities, non-current	11,480	10,790
Total operating lease liabilities	$ 11,738	$ 11,193
Weighted-average remaining lease term (years)	9 years 11 months 4 days	10 years 7 days
Weighted-average discount rate	5.75%	5.75%

Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Net cash paid for amounts included in the measurement of lease liabilities	$ (358)	$ 174
Leased assets obtained in exchange for new operating lease liabilities	$ 10,349

Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
2021	$ (2,251)
2022	1,833
2023	1,814
2024	1,869
2025	1,925
Thereafter	11,477
Total minimum lease payments	16,667
Less: Amounts representing imputed interest	(4,929)
Present value of lease liabilities	$ 11,738	$ 11,193

Stockholder's Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	45,532,392	45,433,684
Common stock, shares outstanding	45,532,392	45,433,684
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Dividends, common stock declared	$ 0

Stock Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Sep. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation cost related to nonvested awards not yet recognized	$ 25,961
Weighted-average period over nonvested awards expected to be recognized	3 years 3 months 18 days
Dividend yield	0.00%	0.00%
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	4,406,374
Number of additional shares reserved for issuance, minimum	4,406,374
Percentage of number of shares of common stock outstanding increase	5.00%
Number of additional shares reserved for issuance, maximum			1,363,084
Shares issued	5,321,975
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	801,464			400,572
Percentage of number of shares of common stock outstanding increase				1.00%
Number of additional shares reserved for issuance, maximum				801,504
Shares issued	47,066
Shares outstanding	47,066

Stock Plan - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares Available For Grant
Shares Available for Grant, Balance	4,951,680
Shares Available for Grant, Shares reserved for issuance	1,363,084
Shares Available for Grant, Options granted	(1,091,497)
Shares Available for Grant, Options exercised	98,708
Shares Available for Grant, Balance	5,321,975	4,951,680
Number of Options
Options	4,246,007
Options granted, Number of Options	1,091,497
Options exercised, Number of Options	(98,708)
Options Outstanding, Number of Options	5,238,796	4,246,007
Vested and expected to vest, Number of Options	5,238,796
Exercisable, Number of Options	2,740,691
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price	$ 8.22
Options granted, Weighted Average Exercise Price	16.40
Options exercised, Weighted Average Exercise Price	1.29
Options Outstanding, Weighted Average Exercise Price	10.05	$ 8.22
Vested and expected to vest, Weighted Average Exercise Price	10.05
Exercisable, Weighted Average Exercise Price	$ 4.11
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	7 years 4 months 2 days	6 years 10 months 9 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life	7 years 4 months 2 days
Exercisable, Weighted-Average Remaining Contractual Life	5 years 9 months 10 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value	$ 63,622	$ 68,506
Vested and expected to vest, Aggregate Intrinsic Value	63,622
Exercisable, Aggregate Intrinsic Value	$ 46,968

Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		0.65%
Risk-free interest rate, minimum	1.48%
Risk-free interest rate, maximum	2.01%
Expected life (in years)		6 years 3 months
Dividend yield	0.00%	0.00%
Expected volatility	77.00%	79.90%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years 9 months 7 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 5 months 8 days

Stock Plan - Stock-based Compensation Expense Related to Options Granted Recorded and Allocated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,177	$ 627
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	649	251
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,528	$ 376

Net Loss per Share - Schedule of Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (18,433)	$ (11,602)
Weighted-average number of shares - basic and diluted	45,466,044	44,785,226
Net loss per share -- basic and diluted	$ (0.41)	$ (0.26)

- Definition

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

+ References

+ Details

Related Parties - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
Related Parties - Additional Information (Details)	May 31, 2021 Member shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($)	Sep. 30, 2021 Member	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Options awarded \| shares		1,091,497
Board of Directors
Related Party Transaction [Line Items]
Number of consulting agreement members \| Member	2			2
Consulting fees \| $		$ 25,000	$ 28,000		$ 110,000
Amount owed to related party \| $		$ 0			$ 0
Options awarded \| shares	5,781

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details