0001564590-21-056223 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	CCCC
Entity Registrant Name	C4 Therapeutics, Inc.
Entity Central Index Key	0001662579
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,625,608
Entity File Number	001-39567
Entity Tax Identification Number	47-5617627
Entity Address, Address Line One	490 Arsenal Way
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	231-0700
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 162,745	$ 181,727
Marketable securities, current	239,326	189,962
Accounts receivable	4,845	4,484
Prepaid expenses and other current assets	5,378	4,836
Total current assets	412,294	381,009
Marketable securities, non-current	78,191
Property and equipment, net	3,323	3,323
Right-of-use asset	12,249	13,229
Restricted cash	1,276	2,577
Other assets	578
Total assets	507,911	400,138
Current liabilities:
Accounts payable	3,745	5,683
Accrued expenses and other current liabilities	11,471	9,524
Deferred revenue, current	32,294	27,603
Operating lease liability, current	1,177	1,042
Total current liabilities	48,687	43,852
Deferred revenue, net of current	38,936	53,617
Operating lease liability, net of current	10,920	11,826
Long-term debt − related party	10,588	10,052
Total liabilities	109,131	119,347
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized, and no shares issued or outstanding as of September 30, 2021 and December 31, 2020, respectively
Common stock, par value of $0.0001 per share; 150,000,000 shares authorized, and 48,593,398 and 43,059,632 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	5	4
Additional paid-in capital	650,987	464,597
Accumulated other comprehensive (loss) income	(155)	13
Accumulated deficit	(252,057)	(183,823)
Total stockholders’ equity	398,780	280,791
Total liabilities and stockholders’ equity	$ 507,911	$ 400,138

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par 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 value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	48,593,398	43,059,632
Common stock, shares outstanding	48,593,398	43,059,632

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue from collaboration agreements	$ 8,500	$ 8,447	$ 25,707	$ 24,933
Operating expenses:
Research and development	24,302	23,935	68,114	58,007
General and administrative	8,452	2,861	24,472	8,472
Total operating expenses	32,754	26,796	92,586	66,479
Loss from operations	(24,254)	(18,349)	(66,879)	(41,546)
Other (expense) income, net:
Interest expense and amortization of long-term debt − related party	(539)	(562)	(1,606)	(689)
Interest and other income, net	110	50	251	334
Change in fair value of warrant liability		(3,141)		(3,141)
Total other (expense) income, net	(429)	(3,653)	(1,355)	(3,496)
Loss before income taxes	(24,683)	(22,002)	(68,234)	(45,042)
Income tax benefit		167		502
Net loss	(24,683)	(21,835)	(68,234)	(44,540)
Unrealized gain (loss) on marketable securities	(86)	10	(168)	8
Comprehensive loss	(24,769)	(21,825)	(68,402)	(44,532)
Reconciliation of net loss to net loss attributable to common stockholders:
Net loss	(24,683)	(21,835)	(68,234)	(44,540)
Accrual of preferred stock dividends		(5,212)		(10,363)
Net loss attributable to common stockholders	$ (24,683)	$ (27,047)	$ (68,234)	$ (54,903)
Net loss per share attributable to common stockholders − basic and diluted	$ (0.51)	$ (17.55)	$ (1.51)	$ (36.76)
Weighted-average number of shares used in computed net loss per share − basic and diluted	48,490,533	1,540,902	45,163,444	1,493,521

Condensed Consolidated Statements of Stockholder's Equity (Deficit) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ (111,962)			$ 1	$ 5,525	$ (117,488)
Beginning balance, Shares at Dec. 31, 2019				1,426,641
Redeemable convertible preferred stock, Beginning balance, Shares at Dec. 31, 2019		113,145,900
Redeemable convertible preferred stock, Beginning balance at Dec. 31, 2019		$ 110,995
Exercise of stock options	156				156
Exercise of stock options, Shares				49,031
Stock-based compensation	116				116
Repurchase of common stock	(202)				(202)
Vested stock option settlement	(728)				(728)
Net loss	(11,912)					(11,912)
Ending balance at Mar. 31, 2020	(124,532)			$ 1	4,867	(129,400)
Ending balance, Shares at Mar. 31, 2020				1,475,672
Redeemable convertible preferred stock, Ending balance, Shares at Mar. 31, 2020		113,145,900
Redeemable convertible preferred stock, Ending balance at Mar. 31, 2020		$ 110,995
Beginning balance at Dec. 31, 2019	(111,962)			$ 1	5,525	(117,488)
Beginning balance, Shares at Dec. 31, 2019				1,426,641
Redeemable convertible preferred stock, Beginning balance, Shares at Dec. 31, 2019		113,145,900
Redeemable convertible preferred stock, Beginning balance at Dec. 31, 2019		$ 110,995
Unrealized gain (loss) on marketable securities	8
Net loss	(44,540)
Ending balance at Sep. 30, 2020	(155,924)		$ 8	$ 1	6,095	(162,028)
Ending balance, Shares at Sep. 30, 2020				1,634,121
Redeemable convertible preferred stock, Ending balance, Shares at Sep. 30, 2020		256,003,042
Redeemable convertible preferred stock, Ending balance at Sep. 30, 2020		$ 256,520
Beginning balance at Mar. 31, 2020	(124,532)			$ 1	4,867	(129,400)
Beginning balance, Shares at Mar. 31, 2020				1,475,672
Redeemable convertible preferred stock, Beginning balance, Shares at Mar. 31, 2020		113,145,900
Redeemable convertible preferred stock, Beginning balance at Mar. 31, 2020		$ 110,995
Issuance of Series B redeemable convertible preferred stock		$ 141,026
Issuance of Series B redeemable convertible preferred stock, Shares		138,571,428
Exercise of stock options	109				109
Exercise of stock options, Shares				38,378
Stock-based compensation	161				161
Unrealized gain (loss) on marketable securities	(2)		(2)
Repurchase of common stock	78				78
Repurchase of common stock, Shares				(23,714)
Vested stock option settlement	(85)				(85)
Net loss	(10,793)					(10,793)
Ending balance at Jun. 30, 2020	(135,064)		(2)	$ 1	5,130	(140,193)
Ending balance, Shares at Jun. 30, 2020				1,490,336
Redeemable convertible preferred stock, Ending balance, Shares at Jun. 30, 2020		251,717,328
Redeemable convertible preferred stock, Ending balance at Jun. 30, 2020		$ 252,021
Issuance of Series B redeemable convertible preferred stock		$ 4,499
Issuance of Series B redeemable convertible preferred stock, Shares		4,285,714
Exercise of stock options	529				529
Exercise of stock options, Shares				164,057
Stock-based compensation	436				436
Unrealized gain (loss) on marketable securities	10		10
Repurchase of common stock, Shares				(20,272)
Net loss	(21,835)					(21,835)
Ending balance at Sep. 30, 2020	(155,924)		8	$ 1	6,095	(162,028)
Ending balance, Shares at Sep. 30, 2020				1,634,121
Redeemable convertible preferred stock, Ending balance, Shares at Sep. 30, 2020		256,003,042
Redeemable convertible preferred stock, Ending balance at Sep. 30, 2020		$ 256,520
Beginning balance at Dec. 31, 2020	280,791		13	$ 4	464,597	(183,823)
Beginning balance, Shares at Dec. 31, 2020				43,059,632
Exercise of stock options	166				166
Exercise of stock options, Shares				49,328
Stock-based compensation	3,845				3,845
Unrealized gain (loss) on marketable securities	(107)		(107)
Net loss	(20,971)					(20,971)
Other	(19)				(19)
Ending balance at Mar. 31, 2021	263,705		(94)	$ 4	468,589	(204,794)
Ending balance, Shares at Mar. 31, 2021				43,108,960
Beginning balance at Dec. 31, 2020	$ 280,791		13	$ 4	464,597	(183,823)
Beginning balance, Shares at Dec. 31, 2020				43,059,632
Exercise of stock options, Shares	380,688
Unrealized gain (loss) on marketable securities	$ (168)
Net loss	(68,234)
Ending balance at Sep. 30, 2021	398,780		(155)	$ 5	650,987	(252,057)
Ending balance, Shares at Sep. 30, 2021				48,593,398
Beginning balance at Mar. 31, 2021	263,705		(94)	$ 4	468,589	(204,794)
Beginning balance, Shares at Mar. 31, 2021				43,108,960
Issuance of common stock, net of estimated issuance costs of $11.3 million (Note 10)	169,483			$ 1	169,482
Issuance of common stock, net of estimated issuance costs of $11.3 million (Note 10), Shares				4,887,500
Shares issued upon warrant exercise - related party (Note 10), Shares				256,038
Exercise of stock options	539				539
Exercise of stock options, Shares				126,150
Stock-based compensation	5,175				5,175
Unrealized gain (loss) on marketable securities	25		25
Net loss	(22,580)					(22,580)
Other	80				80
Other, Shares				1,411
Ending balance at Jun. 30, 2021	416,427		(69)	$ 5	643,865	(227,374)
Ending balance, Shares at Jun. 30, 2021				48,380,059
Exercise of stock options	873				873
Exercise of stock options, Shares				205,210
Stock-based compensation	6,027				6,027
Unrealized gain (loss) on marketable securities	(86)		(86)
Net loss	(24,683)					(24,683)
Other	222				222
Other, Shares				8,129
Ending balance at Sep. 30, 2021	$ 398,780		$ (155)	$ 5	$ 650,987	$ (252,057)
Ending balance, Shares at Sep. 30, 2021				48,593,398

Condensed Consolidated Statements of Stockholder's Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Common Stock
Common stock issuance costs	$ 11.3
Redeemable Convertible Preferred Stock
Issuance of series B preferred stock value of issuance costs		$ 4.5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows used in operating activities:
Net loss	$ (68,234)	$ (44,540)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation expense	15,159	713
Depreciation expense	1,169	1,252
Reduction in carrying amount of right-of-use asset	980	910
Accretion of discount on marketable securities	1,032	8
Amortization of debt discount − related party	540	229
Change in fair value of warrant liability		3,141
Changes in operating assets and liabilities:
Accounts receivable	(361)	482
Prepaid expenses and other current and long-term assets	(1,120)	(1,798)
Accounts payable	(1,939)	(133)
Accrued expenses and other current liabilities	2,242	3,156
Operating lease liability	(772)	(651)
Deferred revenue	(9,990)	(8,425)
Net cash used in operating activities	(61,294)	(45,656)
Cash flows used in investing activities:
Proceeds from maturities of marketable securities	263,569
Purchases of marketable securities	(392,324)	(135,979)
Purchases of property and equipment	(1,168)	(359)
Net cash used in investing activities	(129,923)	(136,338)
Cash flows provided by financing activities:
Proceeds from follow-on offering, net of issuance costs paid of $11.3 million (Note 10)	169,465
Proceeds from exercises of stock options	1,578	764
Payment of initial public offering costs	(286)	(2,446)
Proceeds from the issuance of Series B shares, net of issuance costs of $4.5 million		145,525
Proceeds from long-term debt and warrant − related party, net of issuance costs of $0.5 million		11,973
Repurchase of common stock		(210)
Vested stock option settlement		(727)
Other	177
Net cash provided by financing activities	170,934	154,879
Net change in cash, cash equivalents and restricted cash	(20,283)	(27,115)
Cash, cash equivalents and restricted cash at beginning of period	184,304	93,126
Cash, cash equivalents and restricted cash at end of period	164,021	66,011
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash at end of period	164,021	66,011
Less: restricted cash	(1,276)	(2,577)
Cash and cash equivalents at end of the period	162,745	63,434
Supplemental disclosures of cash flow information:
Cash paid for interest − related party	1,070	461
Supplemental disclosures of non-cash investing and financing activities:
Aggregate exercise price of warrant net exercised − related party (Note 10)	$ 3,002
Initial public offering costs in accrued expenses		474
Capital expenditures in accounts payable and accrued expenses		10
Stock option exercises included in prepaid and other current assets		33
Fair value of warrant issued in connection with debt issuance		$ 5,465

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement Of Cash Flows [Abstract]
Follow-on offering, net issuance costs paid	$ 11.3
Stock issuance costs		$ 4.5
Long-term debt and warrant, net of issuance costs		$ 0.5

Nature of the Business and Basis of Presentation

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

Note 1. Nature of the business and basis of presentation

C4 Therapeutics, Inc., or, together with its subsidiary, the Company, is a clinical-stage biopharmaceutical company focused on harnessing the body’s natural regulation of protein levels to develop novel therapeutic candidates to target and eliminate disease-causing proteins for the treatment of cancer and other diseases. The Company was incorporated in Delaware on October 7, 2015 and has its principal office in Watertown, Massachusetts.

Liquidity and capital resources

Since its inception, the Company’s primary activities have been focused on research and development activities, building the Company’s intellectual property, recruiting personnel and raising capital to support these activities. To date, the Company has funded its operations primarily with proceeds received from the sales of redeemable convertible preferred stock, public offerings of the Company’s common stock, through its collaboration agreements, and debt financing.

The Company has incurred recurring losses since its inception, including net losses of $68.2 million and $44.5 million for the nine months ended September 30, 2021 and 2020, respectively. In addition, as of September 30, 2021, the Company had an accumulated deficit of $252.1 million. To date, the Company has not generated any revenue from product sales as none of its product candidates has been approved for commercialization. The Company expects to continue to generate operating losses for the foreseeable future.

As further discussed in Note 10, Stockholders’ equity, on October 6, 2020, the Company completed its initial public offering, or the IPO. The net proceeds to the Company were $191.2 million, after deducting underwriting discounts and commissions, and expenses. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 30,355,379 shares of common stock. In June 2021, the Company completed a follow-on offering. The net proceeds to the Company were $169.5 million, after deducting underwriting discounts and commissions, and expenses.

The Company expects that its cash, cash equivalents and marketable securities of $480.3 million as of September 30, 2021 will be sufficient to fund its operations for at least the next twelve months from the date of issuance of these condensed consolidated financial statements. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Reverse stock split

On September 25, 2020, the Company effected a one-for-8.4335 reverse stock split of its issued and then outstanding common stock and stock options, and a proportional adjustment to the existing conversion ratios for the Company’s convertible preferred stock. Accordingly, all issued and then outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.

Risks and uncertainties

The Company is subject to risks common to other life science companies in the early development stage including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing and compliance with the U.S. Food and Drug Administration, or FDA, and other government regulations. If the Company does not successfully advance its programs into and through human clinical trials and commercialize any of its product candidates, the Company may be unable to produce product revenue or achieve profitability. Additionally, if the Company elects to enter into collaborations for its programs, the success of those collaborations may significantly impact its revenue and profitability. There can be no assurance that the Company’s research and development efforts will be successful, adequate protection for the Company’s intellectual property will be obtained, any products developed will obtain or maintain necessary government regulatory approval, or any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in science and technology and substantial competition from pharmaceutical and biotechnology companies.

COVID-19 pandemic

The impact of the ongoing coronavirus, or COVID-19, pandemic on the Company’s business, results of operations and financial condition continues to remain uncertain and will depend on future developments, including the impact of vaccines and new variant strains of COVID-19, and any governmental advisories and restrictions.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of significant accounting policies

Basis of presentation and consolidation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of C4 Therapeutics, Inc. and its subsidiary C4T Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation.

Unaudited interim financial information

The accompanying condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of stockholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the related interim disclosures are unaudited. These unaudited condensed consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for year ended December 31, 2020, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. 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 condensed consolidated financial statements and the 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. This process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements if these results differ from historical experience or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company’s research and development collaboration arrangements and accrued research and development expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.

Significant accounting policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021. Since the date of those financial statements, there have been no material changes to the Company’s significant accounting policies, except as noted below.

Marketable securities

The Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current assets. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income as a component of stockholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income (expense).

Recently issued accounting standards

In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU 2019-12, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted the provisions of ASU 2019-12 effective January 1, 2021, which did not have a material effect on the Company’s condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance for a limited time to ease the potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate, or LIBOR. Optional expedients in Topic 848 are generally available until December 31, 2022. The adoption of ASU 2020-04 is not expected have a material effect on the Company’s condensed consolidated financial statements.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair value measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2021 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	120,448	$	120,448	$	—	$	—
U.S. Treasury securities		38,998		—		38,998		—
Corporate debt securities		2,999		—		2,999		—
Marketable securities:
Corporate debt securities		297,495		—		297,495		—
U.S. government debt securities		10,023		—		10,023		—
U.S. Treasury securities		9,999		—		9,999		—
Total cash equivalents and marketable securities	$	479,962	$	120,448	$	359,514	$	—

The Company classifies its money market funds, which are valued based on quoted market prices in active markets, with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

Marketable securities consist of U.S. Treasury securities, U.S. government debt securities, and corporate debt securities, all of which are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies on a recurring basis.

There have been no transfers between fair value levels during the nine months ended September 30, 2021.

- 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

Marketable Securities

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

Marketable Securities

Note 4. Marketable securities

Marketable securities as of September 30, 2021 consisted of the following:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
Corporate debt securities	$	297,650	$	1	$	(156	)	$	297,495
U.S. government debt securities		10,024		1		(2	)		10,023
U.S. Treasury securities		9,998		1		—			9,999
Total marketable securities, current and non-current	$	317,672	$	3	$	(158	)	$	317,517

Marketable securities as of December 31, 2020 consisted of the following:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities:
U.S. Treasury securities	$	189,949	$	13	$	—	$	189,962
Total marketable securities, current	$	189,949	$	13	$	—	$	189,962

As of September 30, 2021, the Company held 91 marketable securities, with an aggregate fair value of $247.5 million, in an unrealized loss position. There were no individual securities that were in a significant unrealized loss position as of September 30, 2021, and the Company did not record an allowance for credit losses as of September 30, 2021 related to these securities. Further, given the lack of significant change in the credit risk of these investments, the Company did not recognize any other-than-temporary impairment losses.

Property and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Note 5. Property and equipment

Property and equipment consisted of the following (in thousands):

	September 30, 2021			December 31, 2020
Property and equipment:
Laboratory equipment	$	8,376		$	7,207
Furniture and fixtures		805			805
Leasehold improvements		541			541
Computer equipment		223			223
Office equipment		179			179
Total property and equipment		10,124			8,955
Less: accumulated depreciation		(6,801	)		(5,632	)
Total property and equipment, net	$	3,323		$	3,323

Depreciation expense related to property and equipment is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Depreciation expense	$	330	$	420	$	1,169	$	1,252

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Note 6. Leases

In July 2017, the Company entered into a lease of office and laboratory space for its headquarters at 490 Arsenal Way, Suite 200 in Watertown, Massachusetts, or the Watertown Lease. The Watertown Lease commenced in April 2018 with rent payment commencing in May 2018. The lease has a non-cancelable term of ten years with an option to extend for one additional five-year period and is subject to rent escalation throughout the term and requires the Company to provide collateral. The collateral is $1.3 million, which is recorded as restricted cash on the accompanying condensed consolidated balance sheet as of September 30, 2021.

The elements of lease costs were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease cost:
Operating lease cost	$	637	$	637	$	1,912	$	1,912
Variable lease cost		245		420		613		1,207
Total lease cost		882		1,057		2,525		3,119

The following table summarizes the lease term and discount rate applied in arriving at the lease liability:

September 30,

2021

December 31,

2020

Remaining lease term

6.6 years

7.3 years

Discount rate

Future lease payments under non-cancelable leases as of September 30, 2021 for each of the years ending December 31 are as follows (in thousands):

Undiscounted lease payments:
Remaining 2021	$	568
2022		2,340
2023		2,410
2024		2,482
2025		2,557
Thereafter		6,277
Total undiscounted lease payments		16,634
Less: imputed interest		(4,537	)
Total operating lease liability	$	12,097

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 7. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

	September 30, 2021		December 31, 2020
Accrued expenses and other current liabilities:
Accrued research and development	$	6,871	$	3,799
Accrued compensation and benefits		3,444		3,724
Accrued professional fees		955		1,532
Other		201		469
Total accrued expenses and other current liabilities	$	11,471	$	9,524

Collaboration and License Agreements

9 Months Ended

Sep. 30, 2021

Collaboration And License Agreements [Abstract]

Collaboration and License Agreements

Note 8. Collaboration and license agreements

Roche Collaboration and License Agreement

In March 2016, the Company entered into a license agreement, or the Original Roche Agreement, with Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc., or Roche. Pursuant to the terms of the Original Roche Agreement, the Company and Roche agreed to collaborate on research activities to develop novel treatments in the field of targeted protein degradation using the Company’s degrader technology.

On December 22, 2018, the Company and Roche executed the Amended and Restated Roche License Agreement, or the Roche Agreement, which was further amended in November 2020. Under the Roche Agreement, if the Company opts into certain co-development rights, the parties will share future development costs of the targets and the Company will receive an increased royalty rate on product sales from commercialized products directed to those targets. If the Company opts into certain co-detailing rights, the Company is entitled to reimbursement of certain commercialization costs. Following the November 2020 amendment, the Roche Agreement provided that the parties would develop up to five potential targets, with Roche maintaining its option rights to license and commercialize products directed to those targets. In November 2021, the Company and Roche mutually agreed to terminate the Roche Agreement as to the target BRAF, converting BRAF into a proprietary program for the Company. As a result, the parties will now develop up to four targets, with Roche maintaining its option rights to license and commercialize products related to those targets.

Upon signing the Roche Agreement, the Company received upfront consideration of $40.0 million from Roche. In addition, Roche will make annual research plan payments of $1.0 million for up to three years for each active research plan. For certain targets, Roche is required to pay the Company fees of $2.0 million and $3.0 million upon the progression of targets to the lead series identification achievement and good laboratory practice toxicology study phase, respectively. Option exercise fees ranges from $7.0 million to $20.0 million depending on the target. For each target option exercised by Roche, the Company is eligible to receive up to $275.0 million in research and development milestones per target and commercial milestone payments, with the commercial milestones being dependent on underlying net sales. Roche is also required to pay the Company up to $150.0 million per product directed to targets in one-time sales-based payments if the product achieves certain levels of net sales. In addition, Roche is required to pay the Company royalties, at percentages from the mid-single digits to the low double-digits, on a licensed product-by licensed product basis, on worldwide net product sales.

The collaboration is managed by a joint research committee. The Company has control over the committee and may terminate the Roche Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice.

Roche Agreement accounting

The Company identified twelve performance obligations within the Roche Agreement, represented by the six potential research and development targets and the option rights held by Roche for each of the six targets. The transaction price is allocated to the performance obligations based on their relative standalone selling price. The allocated transaction price is recognized as revenue in one of two ways:

•

Research and development targets: The Company recognizes the portion of the transaction price allocated to each of the research and development performance obligations as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation.

•

Option rights: The transaction price allocated to the options rights, which are considered material rights, is recognized in the period that Roche elects to exercise or elects to not exercise its option right to license and commercialize the underlying research and development target.

Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet.

Under the terms of the Roche Agreement, the Company and Roche equally shared development costs associated with the BRAF program upon certain development milestones being met. During the nine months ended September 30, 2021, the Company incurred costs of $2.4 million related to development activities performed under the terms of the Roche Agreement, $1.2 million of which will be reimbursed by Roche. The amount is recorded in accounts receivable on the Company’s condensed consolidated balance sheet as of September 30, 2021. In addition, this reimbursement of $1.2 million was added to the transaction price and will be recognized as collaboration revenue under the input method described above. As a result of the mutual termination of the Roche Agreement as to the target BRAF, the two parties will not share future development costs associated with the BRAF program.

Biogen Collaboration Research and License Agreement

In December 2018, the Company entered into a collaboration research and license agreement, or the Biogen Agreement, with Biogen MA, Inc., or Biogen, which was amended in February 2020. Pursuant to the terms of the Biogen Agreement, the Company and Biogen agreed to collaborate on research activities to develop novel treatments in the field of target protein degradation, or TPD, using the Company’s degrader technology. Under the terms of the Biogen Agreement, the Company will initially develop TPD therapeutics that utilize degrader technology for up to five target proteins over a period of 54 months, ending in June 2023. On a target-by-target basis, after successful completion of a defined target evaluation period, Biogen assumes full rights and responsibility to each degrader to meet certain criteria against a target. Biogen also has the option to pay an additional $62.5 million to extend the contract for four additional years and select up to five additional targets for development.

In exchange for the non-exclusive research license from Biogen, as well as a $45.0 million nonrefundable upfront payment, the Company has granted a license to develop, commercialize and manufacture products related to each of the targets (which is contingent on not cancelling the contract), performs initial research services for drug discovery, has provided a non-exclusive research and commercial license to its intellectual property and participates on the joint steering committee, or the Biogen JSC. The Company is also obligated to participate in early research activities for other potential targets or sandbox activities, at Biogen’s election up to a maximum amount; any work performed for these services is reimbursed by Biogen, and Biogen reimburses the Company for certain full-time equivalent, or FTE, costs. The Company’s obligations under the sandbox activities are completed as of September 30, 2021. Biogen is also required to pay the Company up to $35.0 million per target in development milestones and $26.0 million per target in one-time sales-based payments for the first product to achieve certain levels of net sales. In addition, Biogen is required to pay the Company royalties on a licensed product-by-licensed product basis, on worldwide net product sales.

The collaboration is managed by the Biogen JSC, which Biogen has control over, and Biogen may terminate the Biogen Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice.

Biogen Agreement accounting

The Company recognizes revenue under the Biogen Agreement from two types of services: 1) research and development services, and 2) sandbox activities, which are discovery-type research services.

•

Research and development services: The Company identified one performance obligation at the outset of the Biogen Agreement, representing a combined performance obligation consisting of (1) the licenses, (2) the research activities for the target evaluation phase for all five targets and (3) the joint research plan phase for each target.

The Company recognizes the transaction price allocated to this performance obligation as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation.

•

Sandbox activities: Biogen has the option to fund sandbox activities in exchange for consideration at market rates, whereby the Company will perform discovery-type research at Biogen’s election to develop other potential targets that may be used as replacement targets for the initially nominated targets or two additional targets under the Biogen Agreement. Revenues earned under this option are recognized as services are performed and are not included in the transaction price allocated to the performance obligation described above. The Company recognizes FTE reimbursement received for sandbox activities as revenue as the hours are incurred each quarter.

In May 2021, the Company achieved a $3.0 million lead fee under the Biogen Agreement. This amount was deemed to be consideration for research and development services and recorded as deferred revenue. The deferred revenue is recognized as revenue from collaboration agreements consistent with the revenue recognition method for research and development services described above.

Calico Collaboration and License Agreement

In March 2017, the Company entered into a collaboration and license agreement, or the Calico Agreement, with Calico Life Sciences LLC, or Calico, whereby the Company and Calico agreed to collaborate to develop and commercialize small molecule protein degraders for diseases of aging, including cancer, for a five-year period ending in March 2022. As further described below, during September 2021, the research term for a certain program was extended to March 2023.

Under the terms of the Calico Agreement, the Company will initially develop and commercialize small molecule protein degraders for up to five target proteins over the research term. On a target-by-target basis, after successful completion of a defined target evaluation period, Calico has an exclusive option to pursue further pre-clinical development and commercialization via a joint research plan for each target.

Under the Calico Agreement, Calico paid an upfront amount of $5.0 million and certain annual payments totaling $5.0 million through June 30, 2020 and pays target initiation fees and reimburses the Company for a number of FTEs, depending on the stage of the research, at specified market rates. Upon completion of the required discovery research and development services on any target, Calico is entitled to pursue commercial development of products related to that target. The Company will perform initial research services for drug discovery and preclinical development, provide a non-exclusive research and commercial license to its IP and will participate on the Calico joint research committee, or the Calico JRC. For each target, the Company is eligible to receive up to $132.0 million in potential research, development and commercial milestone payments, on sales of all products resulting from the collaboration efforts. Calico is also required to pay the Company up to $65.0 million in one-time sales-based payments for the first product to achieve certain levels of net sales. In addition, Calico is required to pay the Company royalties, at percentages in the mid-single digits, on a licensed product-by-licensed product basis, on worldwide net product sales.

The Calico Agreement is managed by the Calico JRC. Calico has control over the Calico JRC and may terminate the Calico Agreement on a target-by-target or product-by-product basis under several scenarios, upon prior written notice.

In August 2021, the Company provided Calico with an option to extend the research term with respect to a certain program for up to a one year period ending in March 2023. In September 2021, Calico elected to exercise the option resulting in a $1.0 million extension payment to the Company. The extension payment is recorded within accounts receivable as of September 30, 2021. In addition, Calico will continue to reimburse the Company for a number of FTEs, depending on the stage of the research, at specified market rates.

Calico Agreement accounting

The Company identified one performance obligation at the outset of the Calico Agreement, which consists of: (1) the non-exclusive license and (2) the research activities for the target evaluation phase for all five targets and the joint research plan phase for targets 1 and 2.

The transaction price consists of the upfront amount, the committed anniversary payments, the target initiation fees related to the targets nominated at the execution of the Calico Agreement, and the extension payment upon exercise of the extension option discussed above. Initially, the Company amortized the transaction price on a straight-line basis over the initial five-year term of the Calico Agreement. Beginning in September 2021, as a result of the extension of the research term and additional transaction price, the Company amortizes the revised transaction price on a straight-line basis over the six-year term of the Calico Agreement. Straight-line amortization of the transaction price was considered the best measure of progress because the customer has access to research and development services throughout the period. Incremental fees for research and development services are paid at agreed upon FTE rates and recognized in the period incurred. Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet.

In May 2021, the Company achieved a $1.0 million milestone payment under the Calico Agreement. As the underlying obligation to this milestone payment was determined to have been satisfied, the amount was included within revenue from collaboration agreements during the nine months ended September 30, 2021.

Summary of revenue recognized from collaboration agreements

Revenue from collaboration agreements for the three and nine months ended September 30, 2021 and 2020 in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue from collaboration agreements:
Roche Agreement	$	2,330	$	1,395	$	7,416	$	7,424
Biogen Agreement		4,827		3,525		9,647		6,827
Calico Agreement		1,343		3,527		8,644		10,682
Total revenue from collaboration agreements	$	8,500	$	8,447	$	25,707	$	24,933

Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of September 30, 2021 (in thousands):

	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	1,950	$	8,816	$	25,448	$	34,264
Biogen Agreement		102		21,311		12,405		33,716
Calico Agreement		2,793		2,167		1,083		3,250
Total	$	4,845	$	32,294	$	38,936	$	71,230

Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of December 31, 2020 (in thousands):

	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	750	$	11,238	$	26,991	$	38,229
Biogen Agreement		776		13,965		26,026		39,991
Calico Agreement		2,958		2,400		600		3,000
Total	$	4,484	$	27,603	$	53,617	$	81,220

Supplemental financial information related to the collaboration and license agreements for the three and nine months ended September 30, 2021 and 2020 are (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue recognized that was included in the contract liability at the beginning of the period	$	7,479	$	4,889	$	17,060	$	13,697
Revenue recognized from performance obligations fully or partially satisfied in previous periods		—		—		713		227

As of September 30, 2021, the aggregate amount of the transaction price allocated to performance obligations under the Roche Agreement, the Biogen Agreement, and the Calico Agreement that are partially unsatisfied was $79.0 million.

Long-term Debt and Warrant - Related Party

9 Months Ended

Sep. 30, 2021

Long Term Debt And Warrant Related Party [Abstract]

Long Term Debt and Warrant - Related Party

Note 9. Long-term debt and warrant – related party

On June 5, 2020, contemporaneously with the completion of its Series B Financing, the Company entered into a Credit Agreement, or the Credit Agreement, with Perceptive Credit Holdings III, LP, an affiliate of Perceptive Advisors LLC, or Perceptive, that provided for an aggregate principal borrowing amount of up to $20.0 million, available in two tranches of $12.5 million and $7.5 million. Perceptive is a considered a related party to the Company based on its ownership of the Company’s common stock.

In June 2020, the Company drew down on the first tranche of $12.5 million, or the Term Loan, which is outstanding as of September 30, 2021. The Company elected not to draw down the second tranche, which expired on June 30, 2021. The Term Loan bears interest at a variable rate using the greater of LIBOR or 1.75%, plus 9.50%, 11.25% as of September 30, 2021, and is secured by a lien on substantially all of the Company’s assets. The Credit Agreement requires the Company to maintain a minimum aggregate cash balance of $3.0 million in one or more controlled accounts and contains various affirmative and negative covenants that limit its ability to engage in specified types of transactions.

The Company is required to make interest-only payments until December 5, 2022, after which point the Company will be required to make payments of principal equal to 2% of the Term Loan until maturity on June 5, 2024, or the Maturity Date. If the Company pays off the Term Loan prior to the Maturity Date, it will be required to pay a prepayment fee of $3.1 million as of September 30, 2021.

Under the terms of the Credit Agreement, Perceptive held a warrant to purchase up to 338,784 shares of the Company’s common stock at an exercise price of $8.86 per share. As further described in Note 10, Stockholders’ equity, in May 2021, Perceptive exercised its warrant using the net exercise method provided by the Credit Agreement.

The following table contains the anticipated future minimum payments on long-term debt as of September 30, 2021 for each of the years ending December 31 and a reconciliation to the carrying value of long-term debt on the Company’s condensed consolidated balance sheets (in thousands):

Undiscounted, minimum long-term debt payments:
Remaining 2021	$	—
2022		—
2023		3,000
2024		9,500
Total undiscounted, minimum long-term debt payments		12,500
Less: Unamortized debt issuance costs and debt discount		(1,912	)
Total long-term debt—related party	$	10,588

Stockholder's Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholder's Equity

Note 10. Stockholders’ equity

In October 2020, the Company authorized preferred stock issuable of 10,000,000 shares and increased its authorized common stock issuable to 150,000,000 shares, both with a $0.0001 par value per share.

Reverse stock split

As described in Note 1, Nature of the business and basis of presentation, on September 25, 2020 the Company effected a one-for-8.4335 reverse stock split of its issued and then outstanding common stock, stock options and common stock warrant and a proportional adjustment to the existing conversion ratios for the Company’s convertible preferred stock. Accordingly, all issued and then outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.

Public offerings of common stock

On October 6, 2020, the Company completed its IPO at which time the Company issued 11,040,000 shares of its common stock at a price to the public of $19.00 per share, which number includes 1,440,000 shares of common stock that were issued to the underwriters for the IPO when they exercised in full their overallotment option. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 30,355,379 shares of common stock.

In June 2021, the Company completed a follow-on offering, at which time the Company issued 4,887,500 shares of its common stock, including 637,500 shares of common stock that were issued to the underwriters when they exercised in full their overallotment option. Net proceeds from the follow-on offering, including the exercise in full of the underwriters’ option to purchase additional shares, were $169.5 million, after deducting underwriting discounts and commissions, and expenses.

Perceptive warrant – related party

As described in Note 9, Long-term debt and warrant – related party, Perceptive held a warrant to purchase up to 338,784 shares of the Company’s common stock at an exercise price of $8.86 per share. In May 2021, Perceptive exercised its warrant using the net exercise method provided by the Credit Agreement. Under the net exercise method, Perceptive requested that the Company withhold the number of shares equivalent to the aggregate exercise price, or $3.0 million. As a result of the net exercise, the Company issued Perceptive 256,038 shares of the Company’s common stock.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

Note 11. Stock-based compensation

The C4 Therapeutics, Inc. 2015 Incentive Stock Option and Grant Plan, or the 2015 Plan, adopted by the Company’s board of directors in December 2015 provides for the grant of incentive stock options, nonqualified stock options and restricted stock awards to eligible employees, outside directors and consultants of the Company.

In September 2020, the Company’s board of directors adopted the C4 Therapeutics, Inc. 2020 Stock Option and Incentive Plan, or the 2020 Plan. Following the effectiveness of the 2020 Plan, the Company ceased making grants under the 2015 Plan. However, the 2015 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 2015 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2015 Plan will be available for issuance under the 2020 Plan. As of September 30, 2021, the Company had 9,798,580 shares reserved under the 2020 Plan and 2015 Plan, and 3,916,276 shares available for future issuance under the 2020 Plan.

On March 3, 2020, the Company’s former president and chief executive officer, or the Former CEO, terminated employment with the Company. The Company repurchased all of the Former CEO’s exercised shares for total consideration of $0.1 million. The Former CEO also relinquished his right to purchase common shares through the exercise of vested options, for total consideration paid by the Company of $0.7 million. The Company recorded the repurchase liability once the termination was deemed probable during the nine months ended September 30, 2020. The Company recognized the repurchase price of the common shares and the relinquishment of the vested options in additional-paid-in-capital on the condensed consolidated balance sheet as of March 31, 2020.

Stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Stock-based compensation expense:
Research and development	$	2,054	$	345	$	5,165	$	620
General and administrative		4,032		91		9,994		93
Total stock-based compensation expense	$	6,086	$	436	$	15,159	$	713

The following table summarizes the stock option activity under the Company’s equity awards plans for the nine months ended September 30, 2021:

	Number of Stock Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2020		5,029,364		$	12.72
Granted		1,629,304			41.85
Exercised		(380,688	)		4.14
Cancelled or forfeited		(395,676	)		13.55
Outstanding as of September 30, 2021		5,882,304		$	21.29
Options exercisable as of September 30, 2021		1,120,931		$	15.48
Vested and expected to vest as of September 30, 2021		5,882,304		$	21.29

As of September 30, 2021, the unrecognized compensation cost related to outstanding options was $72.8 million, which is expected to be recognized over a weighted-average period of 3.1 years.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income taxes

Income tax benefit for the three and nine months ended September 30, 2021 and 2020 in the condensed consolidated statement of operations and comprehensive loss are (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Income tax benefit	$	—	$	167	$	—	$	502

As of September 30, 2021 and December 31, 2020, 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 profitable 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI 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

Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Loss Per Share

Note 13. Loss per share

For periods in which the Company reports a net loss attributable to common stockholders, potentially dilutive securities have been excluded from the computation of diluted net loss per share as their effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares presented based on amounts outstanding at 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:

	As of September 30,
	2021		2020
Anti-dilutive common stock equivalents:
Series Seed Preferred Stock		—		474,298
Series A Preferred Stock		—		12,941,857
Series B Preferred Stock		—		16,939,224
Warrant to purchase common stock		—		338,784
Options to purchase common stock		5,882,304		2,355,854
Total anti-dilutive common stock equivalents		5,882,304		33,050,017

All redeemable, convertible preferred stock, including those that were outstanding as of September 30, 2020, as shown above, were effected for a one-for-8.4335 reverse stock split and converted to shares of the Company’s common stock.

Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding for the three and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(24,683	)	$	(21,835	)	$	(68,234	)	$	(44,540	)
Accrual of preferred stock dividends		—			(5,212	)		—			(10,363	)
Net loss attributable to common stockholders	$	(24,683	)	$	(27,047	)	$	(68,234	)	$	(54,903	)
Denominator:
Weighted-average number of shares used in computed net loss per share − basic and diluted		48,490,533			1,540,902			45,163,444			1,493,521
Net loss per share attributable to common stockholders − basic and diluted	$	(0.51	)	$	(17.55	)	$	(1.51	)	$	(36.76	)

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of C4 Therapeutics, Inc. and its subsidiary C4T Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited interim financial information The accompanying condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of stockholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the related interim disclosures are unaudited. These unaudited condensed consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for year ended December 31, 2020, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021.
Use of Estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 condensed consolidated financial statements and the 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. This process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements if these results differ from historical experience or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company’s research and development collaboration arrangements and accrued research and development expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.
Significant Accounting Policies	Significant accounting policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021. Since the date of those financial statements, there have been no material changes to the Company’s significant accounting policies, except as noted below.
Marketable securities	Marketable securities The Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current assets. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income as a component of stockholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income (expense).
Recently Issued Accounting Standards	Recently issued accounting standards In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU 2019-12, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted the provisions of ASU 2019-12 effective January 1, 2021, which did not have a material effect on the Company’s condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance for a limited time to ease the potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate, or LIBOR. Optional expedients in Topic 848 are generally available until December 31, 2022. The adoption of ASU 2020-04 is not expected have a material effect on the Company’s condensed consolidated financial statements.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	120,448	$	120,448	$	—	$	—
U.S. Treasury securities		38,998		—		38,998		—
Corporate debt securities		2,999		—		2,999		—
Marketable securities:
Corporate debt securities		297,495		—		297,495		—
U.S. government debt securities		10,023		—		10,023		—
U.S. Treasury securities		9,999		—		9,999		—
Total cash equivalents and marketable securities	$	479,962	$	120,448	$	359,514	$	—

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

Summary of Marketable Securities

Marketable securities as of September 30, 2021 consisted of the following:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
Corporate debt securities	$	297,650	$	1	$	(156	)	$	297,495
U.S. government debt securities		10,024		1		(2	)		10,023
U.S. Treasury securities		9,998		1		—			9,999
Total marketable securities, current and non-current	$	317,672	$	3	$	(158	)	$	317,517

Marketable securities as of December 31, 2020 consisted of the following:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities:
U.S. Treasury securities	$	189,949	$	13	$	—	$	189,962
Total marketable securities, current	$	189,949	$	13	$	—	$	189,962

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following (in thousands):

	September 30, 2021			December 31, 2020
Property and equipment:
Laboratory equipment	$	8,376		$	7,207
Furniture and fixtures		805			805
Leasehold improvements		541			541
Computer equipment		223			223
Office equipment		179			179
Total property and equipment		10,124			8,955
Less: accumulated depreciation		(6,801	)		(5,632	)
Total property and equipment, net	$	3,323		$	3,323

Summary of Depreciation Expense Related to Property and Equipment

Depreciation expense related to property and equipment is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Depreciation expense	$	330	$	420	$	1,169	$	1,252

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Lessee Lease Description [Line Items]

Summary of Lease Term and Discount Rate Applied in Arriving at Lease Liability

The following table summarizes the lease term and discount rate applied in arriving at the lease liability:

September 30,

2021

December 31,

2020

Remaining lease term

6.6 years

7.3 years

Discount rate

Undiscounted Minimum Future Lease Payments Under Non-cancelable Leases

Future lease payments under non-cancelable leases as of September 30, 2021 for each of the years ending December 31 are as follows (in thousands):

Undiscounted lease payments:
Remaining 2021	$	568
2022		2,340
2023		2,410
2024		2,482
2025		2,557
Thereafter		6,277
Total undiscounted lease payments		16,634
Less: imputed interest		(4,537	)
Total operating lease liability	$	12,097

Watertown Lease

Lessee Lease Description [Line Items]

Summary of Lease Costs

The elements of lease costs were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease cost:
Operating lease cost	$	637	$	637	$	1,912	$	1,912
Variable lease cost		245		420		613		1,207
Total lease cost		882		1,057		2,525		3,119

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables And Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

	September 30, 2021		December 31, 2020
Accrued expenses and other current liabilities:
Accrued research and development	$	6,871	$	3,799
Accrued compensation and benefits		3,444		3,724
Accrued professional fees		955		1,532
Other		201		469
Total accrued expenses and other current liabilities	$	11,471	$	9,524

Collaboration and License Agreements (Tables)

9 Months Ended

Sep. 30, 2021

Collaboration And License Agreements [Abstract]

Schedule of Revenue from Collaboration Agreements

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue from collaboration agreements:
Roche Agreement	$	2,330	$	1,395	$	7,416	$	7,424
Biogen Agreement		4,827		3,525		9,647		6,827
Calico Agreement		1,343		3,527		8,644		10,682
Total revenue from collaboration agreements	$	8,500	$	8,447	$	25,707	$	24,933

Schedule of Financial Information Related to Collaboration and License Agreements

Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of September 30, 2021 (in thousands):

	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	1,950	$	8,816	$	25,448	$	34,264
Biogen Agreement		102		21,311		12,405		33,716
Calico Agreement		2,793		2,167		1,083		3,250
Total	$	4,845	$	32,294	$	38,936	$	71,230

Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of December 31, 2020 (in thousands):

	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	750	$	11,238	$	26,991	$	38,229
Biogen Agreement		776		13,965		26,026		39,991
Calico Agreement		2,958		2,400		600		3,000
Total	$	4,484	$	27,603	$	53,617	$	81,220

Schedule of Supplemental Financial Information Related to Collaboration and License Agreements

Supplemental financial information related to the collaboration and license agreements for the three and nine months ended September 30, 2021 and 2020 are (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue recognized that was included in the contract liability at the beginning of the period	$	7,479	$	4,889	$	17,060	$	13,697
Revenue recognized from performance obligations fully or partially satisfied in previous periods		—		—		713		227

Long Term Debt and Warrant - Related Party (Tables)

9 Months Ended

Sep. 30, 2021

Long Term Debt And Warrant Related Party [Abstract]

Summary of Anticipated Future Minimum Payments of Long-term Debt

Undiscounted, minimum long-term debt payments:
Remaining 2021	$	—
2022		—
2023		3,000
2024		9,500
Total undiscounted, minimum long-term debt payments		12,500
Less: Unamortized debt issuance costs and debt discount		(1,912	)
Total long-term debt—related party	$	10,588

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-based Compensation Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Stock-based compensation expense:
Research and development	$	2,054	$	345	$	5,165	$	620
General and administrative		4,032		91		9,994		93
Total stock-based compensation expense	$	6,086	$	436	$	15,159	$	713

Summary of Stock Option Activity

The following table summarizes the stock option activity under the Company’s equity awards plans for the nine months ended September 30, 2021:

	Number of Stock Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2020		5,029,364		$	12.72
Granted		1,629,304			41.85
Exercised		(380,688	)		4.14
Cancelled or forfeited		(395,676	)		13.55
Outstanding as of September 30, 2021		5,882,304		$	21.29
Options exercisable as of September 30, 2021		1,120,931		$	15.48
Vested and expected to vest as of September 30, 2021		5,882,304		$	21.29

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Benefit

Income tax benefit for the three and nine months ended September 30, 2021 and 2020 in the condensed consolidated statement of operations and comprehensive loss are (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Income tax benefit	$	—	$	167	$	—	$	502

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

	As of September 30,
	2021		2020
Anti-dilutive common stock equivalents:
Series Seed Preferred Stock		—		474,298
Series A Preferred Stock		—		12,941,857
Series B Preferred Stock		—		16,939,224
Warrant to purchase common stock		—		338,784
Options to purchase common stock		5,882,304		2,355,854
Total anti-dilutive common stock equivalents		5,882,304		33,050,017

Schedule of Basic and Diluted Loss Per Share

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(24,683	)	$	(21,835	)	$	(68,234	)	$	(44,540	)
Accrual of preferred stock dividends		—			(5,212	)		—			(10,363	)
Net loss attributable to common stockholders	$	(24,683	)	$	(27,047	)	$	(68,234	)	$	(54,903	)
Denominator:
Weighted-average number of shares used in computed net loss per share − basic and diluted		48,490,533			1,540,902			45,163,444			1,493,521
Net loss per share attributable to common stockholders − basic and diluted	$	(0.51	)	$	(17.55	)	$	(1.51	)	$	(36.76	)

Nature of the Business and Basis of Presentation - Additional Information (Details) $ in Thousands			1 Months Ended	9 Months Ended
	Oct. 06, 2020 USD ($) shares	Sep. 25, 2020	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Class Of Stock [Line Items]
Net loss				$ 68,234	$ 44,540
Accumulated deficit				252,057		$ 183,823
Net proceeds from issuance of follow-on after deducting underwriting discounts, commission and expenses			$ 169,500
Cash, cash equivalents and marketable securities				$ 480,300
Reverse stock split		one-for-8.4335		one-for-8.4335
Stock split conversion ratio		0.118574732		0.118574732
Common Stock \| IPO
Class Of Stock [Line Items]
Initial public offering closing date	Oct. 06, 2020
Net proceeds after deducting underwriting discounts, commissions and expenses	$ 191,200
Outstanding shares of preferred stock automatically converted \| shares	30,355,379

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Marketable securities:
Total cash equivalents and marketable securities	$ 479,962
Level 1
Marketable securities:
Total cash equivalents and marketable securities	120,448
Level 2
Marketable securities:
Total cash equivalents and marketable securities	359,514
Money Market Funds
Cash equivalents:
Cash equivalents	120,448
Money Market Funds \| Level 1
Cash equivalents:
Cash equivalents	120,448
Corporate Debt Securities
Cash equivalents:
Cash equivalents	2,999
Marketable securities:
Marketable securities:	297,495
Corporate Debt Securities \| Level 2
Cash equivalents:
Cash equivalents	2,999
Marketable securities:
Marketable securities:	297,495
U.S. Treasury Securities
Cash equivalents:
Cash equivalents	38,998
Marketable securities:
Marketable securities:	9,999
U.S. Treasury Securities \| Level 2
Cash equivalents:
Cash equivalents	38,998
Marketable securities:
Marketable securities:	9,999
U.S. Government Debt Securities
Marketable securities:
Marketable securities:	10,023
U.S. Government Debt Securities \| Level 2
Marketable securities:
Marketable securities:	$ 10,023

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0
Fair value, liabilities, level 1 to level 2 transfers, amount	0
Fair value, liabilities, level 2 to level 1 transfers, amount	0
Fair value, assets, level 1 to level 3 transfers, amount	0
Fair value, assets, level 3 to level 1 transfers, amount	0
Fair value, liabilities, level 1 to level 3 transfers, amount	0
Fair value, liabilities, level 3 to level 1 transfers, amount	0
Fair value, assets, level 2 to level 3 transfers, amount	0
Fair value, assets, level 3 to level 2 transfers, amount	0
Fair value, liabilities, level 2 to level 3 transfers, amount	0
Fair value, liabilities, level 3 to level 2 transfers, amount	$ 0

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 317,672	$ 189,949
Gross Unrealized Gains	3	13
Gross Unrealized Losses	(158)
Fair Value	317,517	189,962
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	297,650
Gross Unrealized Gains	1
Gross Unrealized Losses	(156)
Fair Value	297,495
U.S. Government Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,024
Gross Unrealized Gains	1
Gross Unrealized Losses	(2)
Fair Value	10,023
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,998	189,949
Gross Unrealized Gains	1	13
Fair Value	$ 9,999	$ 189,962

Marketable Securities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021 USD ($) MarketableSecurity
Marketable Securities [Abstract]
Number of marketable securities \| MarketableSecurity	91
Marketable securities	$ 247,500
Individual securities	0
Other-than-temporary impairment losses	$ 0

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 10,124	$ 8,955
Less: accumulated depreciation	(6,801)	(5,632)
Total property and equipment, net	3,323	3,323
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,376	7,207
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	805	805
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	541	541
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	223	223
Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 179	$ 179

Property and Equipment - Summary of Depreciation Expense Related to Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 330	$ 420	$ 1,169	$ 1,252

Leases - Additional Information (Details) - Watertown Lease $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Lessee Lease Description [Line Items]
Lessee operating lease, description	In July 2017, the Company entered into a lease of office and laboratory space for its headquarters at 490 Arsenal Way, Suite 200 in Watertown, Massachusetts, or the Watertown Lease. The Watertown Lease commenced in April 2018 with rent payment commencing in May 2018.
Lease commencement date	2018-04
Rent commencing date	2018-05
Lease non-cancelable term	10 years
Restricted Cash
Lessee Lease Description [Line Items]
Lease collateral amount	$ 1.3

Leases - Summary of Lease Costs (Details) - Watertown Lease - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease cost:
Operating lease cost	$ 637	$ 637	$ 1,912	$ 1,912
Variable lease cost	245	420	613	1,207
Total lease cost	$ 882	$ 1,057	$ 2,525	$ 3,119

Leases - Summary of Lease Term and Discount Rate Applied In Arriving at Lease Liability (Details)	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remaining lease term	6 years 7 months 6 days	7 years 3 months 18 days
Discount rate	10.00%	10.00%

Leases - Undiscounted Minimum Future Lease Payments Under Non-cancelable Leases (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
Remaining 2021	$ 568
2022	2,340
2023	2,410
2024	2,482
2025	2,557
Thereafter	6,277
Total undiscounted lease payments	16,634
Less: imputed interest	(4,537)
Total operating lease liability	$ 12,097

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities:
Accrued research and development	$ 6,871	$ 3,799
Accrued compensation and benefits	3,444	3,724
Accrued professional fees	955	1,532
Other	201	469
Total accrued expenses and other current liabilities	$ 11,471	$ 9,524

Collaboration and License Agreements - Additional Information (Details)		1 Months Ended				3 Months Ended		9 Months Ended
	Dec. 22, 2018 USD ($) Target	Sep. 30, 2021 USD ($) Target Performanceobligation TargetProtein	Aug. 31, 2021	May 31, 2021 USD ($)	Dec. 31, 2018 USD ($) Target Protein	Sep. 30, 2021 USD ($) Target Performanceobligation TargetProtein	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) Target Performanceobligation TargetProtein	Sep. 30, 2020 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Incurred costs related to development activities						$ 24,302,000	$ 23,935,000	$ 68,114,000	$ 58,007,000
Transaction price recognized as collaboration revenue						7,479,000	$ 4,889,000	$ 17,060,000	$ 13,697,000
Restated Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of potential targets \| Target	5
Number of targets \| Target	4
Additional upfront consideration received	$ 40,000,000.0
Annual research plan payments receivables	$ 1,000,000.0
Annual research plan payments periods	3 years
Collaboration description								The Company has control over the committee and may terminate the Roche Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice.
Incurred costs related to development activities								$ 2,400,000
Reimbursement recorded as accounts receivable		$ 1,200,000				$ 1,200,000		1,200,000
Transaction price recognized as collaboration revenue								$ 1,200,000
Restated Roche Agreement \| Lead Series Identification Achievement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fees	$ 2,000,000.0
Restated Roche Agreement \| Good Laboratory Practice (“GLP”) Toxicology (“Tox”) Study Phase
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fees	3,000,000.0
Restated Roche Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Option exercise fees	20,000,000.0
Restated Roche Agreement \| Maximum \| Research, Development and Commercial Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive	275,000,000.0
Restated Roche Agreement \| Maximum \| One-Time Sales-Based Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive	150,000,000.0
Restated Roche Agreement \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Option exercise fees	$ 7,000,000.0
Biogen License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets \| Target		5				5		5
Agreement date					2018-12
Research agreement, period					54 months
Additional payment on extension of contract					$ 62,500,000
Nonrefundable upfront payment								$ 45,000,000.0
Number of performance obligation \| Performanceobligation		1				1		1
Number of additional targets \| Target								2
Lead fee achieved				$ 3,000,000.0
Biogen License Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targeted protein degradation \| Protein					5
Additional targets for development \| Target					5
Biogen License Agreement \| Maximum \| One-Time Sales-Based Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received								$ 26,000,000.0
Biogen License Agreement \| Maximum \| Research And Development Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received								$ 35,000,000.0
Biogen License Agreement \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Written notice period for termination of agreement								90 days
Calico License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets \| Target		5				5		5
Number of performance obligation \| Performanceobligation		1				1		1
Research term								5 years
Upfront payment								$ 5,000,000.0
Annual Payments								$ 5,000,000.0
Research extend term			1 year
Amount payable for extend research term option		$ 1,000,000.0
Initial contractual term on straight line basis								5 years
Contractual term								6 years
Milestone payment received				$ 1,000,000.0
Calico License Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of target proteins \| TargetProtein		5				5		5
Calico License Agreement \| Maximum \| One-Time Sales-Based Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received								$ 65,000,000.0
Calico License Agreement \| Maximum \| Potential Research, Development and Commercial Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received								132,000,000.0
Restated Roche Agreement, Biogen License Agreement and Calico License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate amount of the transaction price allocated to the performance obligations that are partially unsatisfied as of the end of the reporting period								$ 79,000,000.0

Collaboration and License Agreements - Schedule of Revenue from Collaboration Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	$ 8,500	$ 8,447	$ 25,707	$ 24,933
Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	2,330	1,395	7,416	7,424
Biogen Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	4,827	3,525	9,647	6,827
Calico Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	$ 1,343	$ 3,527	$ 8,644	$ 10,682

Collaboration and License Agreements - Schedule of Financial Information Related to Collaboration and License Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	$ 4,845	$ 4,484
Deferred Revenue, Current	32,294	27,603
Deferred Revenue, Net of Current	38,936	53,617
Deferred Revenue, Total	71,230	81,220
Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	1,950	750
Deferred Revenue, Current	8,816	11,238
Deferred Revenue, Net of Current	25,448	26,991
Deferred Revenue, Total	34,264	38,229
Biogen Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	102	776
Deferred Revenue, Current	21,311	13,965
Deferred Revenue, Net of Current	12,405	26,026
Deferred Revenue, Total	33,716	39,991
Calico Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	2,793	2,958
Deferred Revenue, Current	2,167	2,400
Deferred Revenue, Net of Current	1,083	600
Deferred Revenue, Total	$ 3,250	$ 3,000

Collaboration and License Agreements - Schedule of Supplemental Financial Information Related to Collaboration and License Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Transaction price recognized as collaboration revenue	$ 7,479	$ 4,889	$ 17,060	$ 13,697
Revenue recognized from performance obligations fully or partially satisfied in previous periods			$ 713	$ 227

Long Term Debt and Warrant - Related Party - Additional Information (Details) - USD ($)		9 Months Ended
	Jun. 05, 2020	Sep. 30, 2021
Common Stock
Long Term Debt And Warrant Liability Related Party [Line Items]
Exercise price per share		$ 8.86
Maximum \| Common Stock
Long Term Debt And Warrant Liability Related Party [Line Items]
Warrant issued to purchase shares		338,784
Term Loan \| Common Stock
Long Term Debt And Warrant Liability Related Party [Line Items]
Exercise price per share		$ 8.86
Term Loan \| Maximum \| Common Stock
Long Term Debt And Warrant Liability Related Party [Line Items]
Warrant issued to purchase shares		338,784
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan
Long Term Debt And Warrant Liability Related Party [Line Items]
Aggregate principal borrowing amount	$ 20,000,000.0
Description of Variable Rate Basis		greater of LIBOR or 1.75%, plus 9.50%
Applicable margin rate	9.50%
Interest at variable rate		11.25%
Date until which interest only payments are made	Dec. 05, 2022
Maturity date	Jun. 05, 2024
Percentage of principal payments until maturity	2.00%
Prepayment fee		$ 3,100,000
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan \| Minimum
Long Term Debt And Warrant Liability Related Party [Line Items]
Balance to be maintained in bank account while debt is outstanding	$ 3,000,000.0
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan \| Tranche One
Long Term Debt And Warrant Liability Related Party [Line Items]
Aggregate principal borrowing amount	12,500,000
Amount withdrawn		$ 12,500,000
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan \| Tranche Two
Long Term Debt And Warrant Liability Related Party [Line Items]
Aggregate principal borrowing amount	$ 7,500,000

Long Term Debt and Warrant - Related Party - Summary of Anticipated Future Minimum Payments of Long-term Debt (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Long Term Debt By Maturity [Abstract]
2023	$ 3,000
2024	9,500
Total undiscounted, minimum long-term debt payments	12,500
Less: Unamortized debt issuance costs and debt discount	(1,912)
Total long-term debt—related party	$ 10,588

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Stockholder's Equity - Additional Information (Details) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended	9 Months Ended
	Oct. 06, 2020 $ / shares shares	Sep. 25, 2020	Jun. 30, 2021 USD ($) shares	May 31, 2021 USD ($) shares	Jun. 30, 2021 shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares	Oct. 31, 2020 $ / shares shares
Stockholders Equity [Line Items]
Common stock, par value per share \| $ / shares						$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized						10,000,000	10,000,000	10,000,000
Common stock, shares authorized						150,000,000	150,000,000	150,000,000
Reverse stock split		one-for-8.4335				one-for-8.4335
Stock split conversion ratio		0.118574732				0.118574732
Proceeds from follow-on offering \| $						$ 169,465
Common Stock
Stockholders Equity [Line Items]
Issued shares of common stock					4,887,500
Exercise price per share \| $ / shares						$ 8.86
Number of shares withhold equivalent to aggregate exercise price \| $				$ 3,000
Shares issued upon warrant exercise - related party (Note 10), Shares				256,038	256,038
Common Stock \| Maximum
Stockholders Equity [Line Items]
Warrant issued to purchase shares						338,784
Common Stock \| IPO
Stockholders Equity [Line Items]
Initial public offering closing date	Oct. 06, 2020
Issued shares of common stock	11,040,000
Shares issued price per share \| $ / shares	$ 19.00
Outstanding shares of preferred stock automatically converted	30,355,379
Common Stock \| Follow-on Offering
Stockholders Equity [Line Items]
Issued shares of common stock			4,887,500
Proceeds from follow-on offering \| $			$ 169,500
Underwriters for IPO Exercised in full Overallotment Option \| Common Stock \| IPO
Stockholders Equity [Line Items]
Issued shares of common stock	1,440,000
Underwriters for IPO Exercised in full Overallotment Option \| Common Stock \| Follow-on Offering
Stockholders Equity [Line Items]
Issued shares of common stock			637,500

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Mar. 03, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payments for repurchase of common stock	$ 100		$ 210
Payments for relinquishment of right to purchase common stock upon exercise of stock options	$ 700
Unrecognized compensation costs		$ 72,800
Expected to be recognized over a weighted average period		3 years 1 month 6 days
2015 Incentive Stock Option and Grant Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, common stock shares reserved for issuance		9,798,580
2020 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, common stock shares reserved for issuance		9,798,580
Stock-based compensation, common stock shares available for issuance		3,916,276

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,086	$ 436	$ 15,159	$ 713
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,054	345	5,165	620
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,032	$ 91	$ 9,994	$ 93

Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021
Compensation Related Costs [Abstract]
Number of stock options, Outstanding as of December 31, 2020	5,029,364
Number of stock options, Granted	1,629,304
Number of stock options, Exercised	(380,688)
Number of stock options, Cancelled or forfeited	(395,676)
Number of stock options, Outstanding as of June 30, 2021	5,882,304
Number of stock options, Options exercisable as of June 30,2021	1,120,931
Number of stock options, Vested and expected to vest as of June 30, 2021	5,882,304
Weighted-average exercise price, Outstanding as of December 31, 2020	$ 12.72
Weighted-average exercise price, Granted	41.85
Weighted-average exercise price, Exercised	4.14
Weighted-average exercise price, Cancelled or forfeited	13.55
Weighted-average exercise price, Outstanding as of June 30, 2021	21.29
Weighted-average exercise price, Options exercisable as of June 30, 2021	15.48
Weighted-average exercise price, Vested and expected to vest as of June 30, 2021	$ 21.29

Income Taxes - Summary of Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ 167	$ 502

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Loss Per Share - Schedule of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	5,882,304	33,050,017
Series Seed Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents		474,298
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents		12,941,857
Series B Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents		16,939,224
Warrant to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents		338,784
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	5,882,304	2,355,854

Loss Per Share - Additional Information (Details)		9 Months Ended
Loss Per Share - Additional Information (Details)	Sep. 25, 2020	Sep. 30, 2021
Earnings Per Share [Abstract]
Reverse stock split	one-for-8.4335	one-for-8.4335
Stock split conversion ratio	0.118574732	0.118574732

Loss Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (24,683)	$ (22,580)	$ (20,971)	$ (21,835)	$ (10,793)	$ (11,912)	$ (68,234)	$ (44,540)
Accrual of preferred stock dividends				(5,212)				(10,363)
Net loss attributable to common stockholders	$ (24,683)			$ (27,047)			$ (68,234)	$ (54,903)
Denominator:
Weighted-average number of shares used in computed net loss per share − basic and diluted	48,490,533			1,540,902			45,163,444	1,493,521
Net loss per share attributable to common stockholders − basic and diluted	$ (0.51)			$ (17.55)			$ (1.51)	$ (36.76)

- Definition

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

+ References

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- Definition

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

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