0001628280-22-027985 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity File Number	001-39567
Entity Registrant Name	C4 Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5617627
Entity Address, Address Line One	490 Arsenal Way
Entity Address, Address Line Two	Suite 120
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
Trading Symbol	CCCC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,957,007
Entity Central Index Key	0001662579
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 49,551	$ 76,124
Marketable securities, current	264,102	233,155
Accounts receivable	1,488	5,716
Prepaid expenses and other current assets	10,315	10,694
Total current assets	325,456	325,689
Marketable securities, non-current	52,358	142,200
Property and equipment, net	7,415	3,108
Right-of-use asset	71,618	31,945
Restricted cash	3,279	3,279
Other assets	1,313	544
Total assets	461,439	506,765
Current liabilities:
Accounts payable	2,370	4,506
Accrued expenses and other current liabilities	17,941	13,606
Deferred revenue, current	18,129	31,800
Operating lease liability, current	4,577	1,334
Long-term debt − related party, current	2,250	0
Total current liabilities	45,267	51,246
Deferred revenue, net of current	16,765	24,368
Operating lease liability, net of current	72,176	30,777
Long-term debt − related party, net of current	9,052	10,768
Total liabilities	143,260	117,159
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, 2022 and December 31, 2021, respectively	0	0
Common stock, par value of $0.0001 per share; 150,000,000 shares authorized, and 48,951,283 and 48,688,875 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	5	5
Additional paid-in capital	682,288	658,091
Accumulated other comprehensive loss	(5,409)	(775)
Accumulated deficit	(358,705)	(267,715)
Total stockholders’ equity	318,179	389,606
Total liabilities and stockholders’ equity	$ 461,439	$ 506,765

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars 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 (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	48,951,283	48,688,875
Common stock, shares outstanding	48,951,283	48,688,875

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue from collaboration agreements	$ 6,754	$ 8,500	$ 28,242	$ 25,707
Operating expenses:
Research and development	29,663	24,302	87,189	68,114
General and administrative	9,579	8,452	32,294	24,472
Total operating expenses	39,242	32,754	119,483	92,586
Loss from operations	(32,488)	(24,254)	(91,241)	(66,879)
Other (expense) income, net:
Interest expense and amortization of long-term debt − related party	(554)	(539)	(1,615)	(1,606)
Interest and other income, net	1,084	110	1,866	251
Total other income (expense), net	530	(429)	251	(1,355)
Net loss	$ (31,958)	$ (24,683)	$ (90,990)	$ (68,234)
Net loss per share attributable to common stockholders − basic (in dollars per share)	$ (0.65)	$ (0.51)	$ (1.86)	$ (1.51)
Net loss per share attributable to common stockholders − diluted (in dollars per share)	$ (0.65)	$ (0.51)	$ (1.86)	$ (1.51)
Weighted-average number of shares used in computed net loss per share − basic	48,921,928	48,490,533	48,827,503	45,163,444
Weighted-average number of shares used in computed net loss per share − diluted	48,921,928	48,490,533	48,827,503	45,163,444
Other comprehensive income (loss)
Unrealized gain (loss) on marketable securities	$ (828)	$ (86)	$ (4,634)	$ (168)
Comprehensive loss	$ (32,786)	$ (24,769)	$ (95,624)	$ (68,402)

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		43,059,632
Beginning balance at Dec. 31, 2020	$ 280,791	$ 4	$ 464,597	$ 13	$ (183,823)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		49,328
Exercise of stock options and release of stock units	166		166
Stock-based compensation	3,845		3,845
Unrealized loss on marketable securities	(107)			(107)
Net loss	(20,971)				(20,971)
Other	(19)		(19)
Ending balance (in shares) at Mar. 31, 2021		43,108,960
Ending balance at Mar. 31, 2021	263,705	$ 4	468,589	(94)	(204,794)
Beginning balance (in shares) at Dec. 31, 2020		43,059,632
Beginning balance at Dec. 31, 2020	280,791	$ 4	464,597	13	(183,823)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on marketable securities	(168)
Net loss	(68,234)
Ending balance (in shares) at Sep. 30, 2021		48,593,398
Ending balance at Sep. 30, 2021	398,780	$ 5	650,987	(155)	(252,057)
Beginning balance (in shares) at Mar. 31, 2021		43,108,960
Beginning balance at Mar. 31, 2021	263,705	$ 4	468,589	(94)	(204,794)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)		4,887,500
Issuance of common stock, net	169,483	$ 1	169,482
Shares issued upon warrant exercise - related party (in shares)		256,038
Exercise of stock options (in shares)		126,150
Exercise of stock options and release of stock units	539		539
Stock-based compensation	5,175		5,175
Unrealized loss on marketable securities	25			25
Net loss	(22,580)				(22,580)
Other (in shares)		1,411
Other	80		80
Ending balance (in shares) at Jun. 30, 2021		48,380,059
Ending balance at Jun. 30, 2021	416,427	$ 5	643,865	(69)	(227,374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		205,210
Exercise of stock options and release of stock units	873		873
Stock-based compensation	6,027		6,027
Unrealized loss on marketable securities	(86)			(86)
Net loss	(24,683)				(24,683)
Other (in shares)		8,129
Other	222		222
Ending balance (in shares) at Sep. 30, 2021		48,593,398
Ending balance at Sep. 30, 2021	398,780	$ 5	650,987	(155)	(252,057)
Beginning balance (in shares) at Dec. 31, 2021		48,688,875
Beginning balance at Dec. 31, 2021	389,606	$ 5	658,091	(775)	(267,715)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		52,707
Exercise of stock options and release of stock units	260		260
Issuances of common stock under 2020 ESPP (in shares)		8,028
Issuances of common stock under 2020 ESPP	220		220
Stock-based compensation	8,879		8,879
Unrealized loss on marketable securities	(2,875)			(2,875)
Net loss	(31,620)				(31,620)
Other (in shares)		1,880
Other	59		59
Ending balance (in shares) at Mar. 31, 2022		48,751,490
Ending balance at Mar. 31, 2022	364,529	$ 5	667,509	(3,650)	(299,335)
Beginning balance (in shares) at Dec. 31, 2021		48,688,875
Beginning balance at Dec. 31, 2021	389,606	$ 5	658,091	(775)	(267,715)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on marketable securities	(4,634)
Net loss	(90,990)
Ending balance (in shares) at Sep. 30, 2022		48,951,283
Ending balance at Sep. 30, 2022	318,179	$ 5	682,288	(5,409)	(358,705)
Beginning balance (in shares) at Mar. 31, 2022		48,751,490
Beginning balance at Mar. 31, 2022	364,529	$ 5	667,509	(3,650)	(299,335)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		124,677
Exercise of stock options and release of stock units	259		259
Stock-based compensation	8,109		8,109
Unrealized loss on marketable securities	(931)			(931)
Net loss	(27,412)				(27,412)
Other (in shares)		1,485
Other	39		39
Ending balance (in shares) at Jun. 30, 2022		48,877,652
Ending balance at Jun. 30, 2022	344,593	$ 5	675,916	(4,581)	(326,747)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		46,367
Exercise of stock options and release of stock units	211		211
Issuances of common stock under 2020 ESPP (in shares)		23,374
Issuances of common stock under 2020 ESPP	150		150
Stock-based compensation	5,980		5,980
Unrealized loss on marketable securities	(828)			(828)
Net loss	(31,958)				(31,958)
Other (in shares)		3,890
Other	31		31
Ending balance (in shares) at Sep. 30, 2022		48,951,283
Ending balance at Sep. 30, 2022	$ 318,179	$ 5	$ 682,288	$ (5,409)	$ (358,705)

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 11.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows used in operating activities:
Net loss	$ (90,990)	$ (68,234)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation expense	23,097	15,159
Depreciation expense	1,155	1,169
Reduction in carrying amount of right-of-use asset	4,394	980
Accretion of discount on marketable securities	1,118	1,032
Amortization of debt discount − related party	534	540
Changes in operating assets and liabilities:
Accounts receivable	4,229	(361)
Prepaid expenses and other current and long-term assets	217	(1,120)
Accounts payable	(2,257)	(1,939)
Accrued expenses and other current liabilities	2,391	2,242
Operating lease liability	575	(772)
Deferred revenue	(21,274)	(9,990)
Net cash used in operating activities	(76,811)	(61,294)
Cash flows provided by (used in) investing activities:
Proceeds from maturities of marketable securities	216,382	263,569
Purchases of marketable securities	(163,238)	(392,324)
Purchases of property and equipment	(4,006)	(1,168)
Net cash provided by (used in) investing activities	49,138	(129,923)
Cash flows provided by financing activities:
Proceeds from follow-on offering, net of issuance costs paid of $11.3 million (Note 10)	0	169,465
Proceeds from exercises of stock options	730	1,578
Payment of initial public offering costs	0	(286)
Other	370	177
Net cash provided by financing activities	1,100	170,934
Net change in cash, cash equivalents and restricted cash	(26,573)	(20,283)
Cash, cash equivalents and restricted cash at beginning of period	79,403	184,304
Cash, cash equivalents and restricted cash at end of period	52,830	164,021
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash at end of period	52,830	164,021
Less: restricted cash	(3,279)	(1,276)
Cash and cash equivalents at end of the period	49,551	162,745
Supplemental disclosures of cash flow information:
Cash paid for interest − related party	1,203	1,070
Supplemental disclosures of non-cash investing and financing activities:
Operating lease liabilities arising from obtaining right-of-use assets	44,067	0
Capital expenditures in accounts payable and accrued expenses	1,455	0
Aggregate exercise price of warrant net exercised - related party (Note 10)	$ 0	$ 3,002

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Statement of Cash Flows [Abstract]
Follow-on issuance costs paid	$ 11.3

Nature of the business and basis of presentation	9 Months Ended
Nature of the business and basis of presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the business and basis of presentation	Nature of the business and basis of presentation C4 Therapeutics, Inc., or, together with its subsidiary, the Company, is a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation science to create a new generation of small-molecule medicines that transform patients' lives. The Company is leveraging its proprietary technology platform, TORPEDO® (Target ORiented ProtEin Degrader Optimizer), to efficiently design and optimize small-molecule medicines that harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins, offering the potential to overcome drug resistance, drug undruggable targets, and improve patient outcomes. The Company is advancing multiple targeted oncology programs to the clinic and expanding its research platform to deliver the next wave of medicines for difficult-to-treat 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 and retaining 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 $91.0 million and $68.2 million for the nine months ended September 30, 2022 and 2021, respectively. In addition, as of September 30, 2022, the Company had an accumulated deficit of $358.7 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. The Company expects that its cash, cash equivalents, and marketable securities of $366.0 million as of September 30, 2022 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. 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 and intellectual property, ability to raise additional financing and compliance with the U.S. Food and Drug Administration, or the 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 either directly or through collaborations with other companies, the Company may be unable to produce product revenue or achieve 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 and maintained, any products developed will obtain 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 technology and substantial competition from pharmaceutical and biotechnology companies.

Summary of significant accounting policies	9 Months Ended
Summary of significant accounting policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation and consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S., 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, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021, 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, 2021, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 24, 2022. 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, prepaid and accrued research and development expense, incremental borrowing rate used in the measurement of lease liabilities, and estimated volatility used in fair valuation of stock options. 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, 2021, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 24, 2022. Since the date of those consolidated financial statements, there have been no material changes to the Company’s significant accounting policies. Recently issued accounting standards In March 2020, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or 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. In January 2021, the FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which extends some of Topic 848’s optional expedients to derivative contracts modified as a result of rate reform, including certain derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. The amendments in this ASU affect the guidance in ASU 2020-04 and are effective in the same timeframe as ASU 2020-04. The adoptions of ASU 2020-04 and ASU 2021-01 did not have a material effect on the Company’s condensed consolidated financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to provide certain disclosures when they (i) have received government assistance and (ii) use a grant or contribution accounting model by analogy to other accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2021. The adoption of ASU 2021-10 did not have a material effect on the Company’s condensed consolidated financial statements.

Fair value measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

The following table presents 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 these fair values as of September 30, 2022 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	35,593	$	35,593	$	—	$	—
Corporate debt securities	7,978		—		7,978		—
U.S. government debt securities	5,731		—		5,731		—
Marketable securities:
Corporate debt securities	232,865		—		232,865		—
U.S. government debt securities	54,383		—		54,383		—
U.S. Treasury securities	29,212		—		29,212		—
Total cash equivalents and marketable securities	$	365,762	$	35,593	$	330,169	$	—

There have been no transfers between fair value levels during the nine months ended September 30, 2022.


	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	59,162	$	59,162	$	—	$	—
Corporate debt securities	11,649		—		11,649		—
U.S. Treasury securities	5,000		—		5,000		—
Marketable securities:
Corporate debt securities	308,300		—		308,300		—
U.S. government debt securities	37,883		—		37,883		—
U.S. Treasury securities	29,172		—		29,172		—
Total cash equivalents and marketable securities	$	451,166	$	59,162	$	392,004	$	—

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 Accounting Standards Codification, 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.

- 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, 2022

Marketable Securities [Abstract]

Marketable securities

Marketable securities as of September 30, 2022 consisted of the following (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities, current:
Corporate debt securities	$	212,084	$	—	$	(2,735)	$	209,349
U.S. Treasury securities	29,655		—		(443)		29,212
U.S. government debt securities	25,984		—		(443)		25,541
Marketable securities, non-current:
U.S. government debt securities	29,996		—		(1,154)		28,842
Corporate debt securities	24,150		—		(634)		23,516

Total marketable securities, current and non-current	$	321,869	$	—	$	(5,409)	$	316,460

Marketable securities as of December 31, 2021 consisted of the following (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities, current:
Corporate debt securities	$	219,414	$	1	$	(250)	$	219,165
U.S. Treasury securities	8,987		—		(3)		8,984
U.S. government debt securities	5,006		—		—		5,006
Marketable securities, non-current:
Corporate debt securities	89,538		—		(403)		89,135
U.S. government debt securities	32,982		—		(105)		32,877
U.S. Treasury securities	20,203		—		(15)		20,188
Total marketable securities, current	$	376,130	$	1	$	(776)	$	375,355

Marketable securities classified as current have maturities of less than one year. Marketable securities classified as non-current are those that: (i) have a maturity of greater than one year, and (ii) we do not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale. No available-for-sale debt securities held as of September 30, 2022 or December 31, 2021 had remaining maturities greater than five years.

Marketable securities in unrealized loss positions as of September 30, 2022 consisted of the following (in thousands, except number of securities):


	Number of Securities	Fair Value		Gross Unrealized Losses
Marketable securities in continuous unrealized loss position for less than 12 months:
Corporate debt securities	67	$	158,906	$	(2,553)
U.S. government debt securities	12	49,527		(1,452)
U.S. Treasury securities	9	29,212		(443)
Marketable securities in continuous unrealized loss position for greater than 12 months:
Corporate debt securities	28	66,538		(816)
U.S. government debt securities	1	4,855		(145)
Total marketable securities in unrealized loss position	117	$	309,038	$	(5,409)

Based on factors such as historical experience, market data, issuer-specific factors, and current economic conditions, the Company did not record an allowance for credit losses as of September 30, 2022 related to these securities. Further, given the lack of significant change in the credit risk, the Company does not consider these marketable securities to be impaired.

As of December 31, 2021, no marketable securities were in a continuous unrealized loss position for 12 months or longer.

Property and equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment

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


	September 30, 2022		December 31, 2021
Property and equipment:
Laboratory equipment	$	8,651	$	8,276
Leasehold improvements	4,463		541
Furniture and fixtures	1,164		805
Office equipment	529		179
Computer equipment	191		223
Construction in progress	94		—
Total property and equipment	15,092		10,024
Less: accumulated depreciation	(7,677)		(6,916)
Total property and equipment, net	$	7,415	$	3,108

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense	$	415	$	330	$	1,155	$	1,169

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

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. In November 2021, the Company entered into an amendment to the Watertown Lease, or the Amended Lease. The Amended Lease serves to extend the lease term of the Company’s existing leased space, or the Existing Leased Space, and provides additional office and laboratory space in Suite 120, or the Newly Leased Space. The lease for the Newly Leased Space commenced in January 2022 and the Company’s obligation to pay rent on the Newly Leased Space commenced in March 2022, with the amount of this new rent obligation added to the Company’s continuing obligation to pay rent on the Existing Leased Space. The Amended Lease terminates in March 2032, which is 10 years from the rent commencement date for the Newly Leased Space. The Amended Lease is subject to fixed rate rent escalations, provides for up to $2.6 million in tenant improvements reimbursable to the Company, and provides an option for the Company to extend the lease term of the Amended Lease for one additional five-year period. Upon executing the Amended Lease, the Company increased the amount of its existing collateral to $3.3 million, which is recorded as restricted cash on the accompanying condensed consolidated balance sheets as of September 30, 2022. In addition to rent, under the terms of the Amended Lease, the Company is also responsible for paying its pro rata share of costs incurred for common area maintenance, real estate taxes and property insurance related to the leased space, including both the Existing Leased Space and, as of January 2022, the Newly Leased Space, which amounts are accounted for as variable lease costs.

Accounting for the Amended Lease

As the Amended Lease extends the term of the Existing Leased Space and provides access to the Newly Leased Space, in accordance with the provisions of ASC 842, the Company accounted for the Amended Lease as two separate contracts: (i) modification of the existing lease agreement to extend the lease term of the Existing Leased Space, and (ii) new lease agreement for the right-of-use of the Newly Leased Space.

As noted above, the lease for the Newly Leased Space commenced in January 2022. As a result, the Company recorded a right-of-use asset of $44.4 million, and a corresponding lease liability of $44.1 million for the Newly Leased Space. The calculation of the lease liability and the right-of-use asset of the Newly Leased Space does not include the additional five-year period option provided under the Amended Lease as the Company does not believe there is reasonable certainty that

the option will be exercised. As stated above, the Amended Lease provides for up to $2.6 million of tenant improvement allowance. As of September 30, 2022, the Company has incurred the full $2.6 million in qualified capital expenditures that are reimbursable by the landlord.

In May 2022, the Company entered into a sublease agreement with a third party, or the Sublease, of a portion of the office and laboratory space in Suite 200 at 490 Arsenal Way, Watertown, Massachusetts. The term of the Sublease ends in June 2025.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Lease cost:
Operating lease cost	$	2,508	$	637	$	7,523	$	1,912
Variable lease cost	499		245		1,472		613
Sublease income	(633)		—		(845)		—
Total lease cost	$	2,374	$	882	$	8,150	$	2,525

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


	September 30, 2022		December 31, 2021
Remaining lease term	9.4 years		10.2 years
Discount rate	5.3	%	5.2	%

Future lease payments under non-cancelable leases as of September 30, 2022 for each of the years ending December 31 are as follows (in thousands):


Undiscounted lease payments:
Remaining 2022	$	2,088
2023	8,571
2024	8,828
2025	9,093
2026	9,366
Thereafter	61,759
Total undiscounted lease payments	99,705
Less: imputed interest	(22,952)
Total operating lease liability	$	76,753

Accrued expenses and other current liabilities

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

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


	September 30, 2022		December 31, 2021
Accrued expenses and other current liabilities:
Accrued research and development	$	9,254	$	6,863
Accrued compensation and benefits	5,340		5,084
Accrued capital expenditures	1,337		—
Accrued professional fees	800		1,246
Other	1,210		413
Total accrued expenses and other current liabilities	$	17,941	$	13,606

Collaboration and license agreements

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and license agreements

Roche Collaboration and License Agreement

In March 2016, the Company entered into a license agreement with Roche, which was amended in June 2016 and amended further in March 2017. The Company and Roche amended and restated that agreement (as so amended) in December 2018. This amended and restated agreement is referred to as the Roche Agreement. Under the Roche Agreement, the Company and Roche agreed to collaborate in the research, development, manufacture and commercialization of target-binding degrader medicines using the Company’s proprietary TORPEDO platform for the treatment of cancers and other indications. Under the Roche Agreement, the Company may elect to opt into certain co-development rights, in which case the Company will receive an increased royalty rate on future product sales from products directed to that target. In addition, if the Company opts into certain co-detailing rights, it is also entitled to reimbursement of certain commercialization costs. Upon entry into the Roche Agreement, the Company received additional upfront consideration of $40.0 million from Roche.

In November 2020, the Company signed a further amendment, the effect of which was to provide 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. The November 2020 amendment also provides a mechanism through which the Company and Roche can mutually agree to terminate the Roche Agreement on a target-by-target basis by the entry into a Mutual Target Termination Agreement. Upon the entry into a Mutual Target Termination Agreement, the Roche Agreement provides that all rights and responsibilities for know-how and other intellectual property in support of products that use inhibition as their mode of action revert to Roche and all rights and responsibilities for know-how and other intellectual property in support of products that use degradation as their mode of action revert to the Company. In support of this allocation of rights, Roche provides the Company, and the Company provides Roche, with a perpetual irrevocable, fully paid up, exclusive (even as to party granting the license), sublicensable (including in multiple tiers) license to the patents and know-how that are allocated to a party under a Mutual Target Termination Agreement. As the research activities with Roche have progressed and evolved over time, there are now three targets on which the parties continue to collaborate, with Roche maintaining its option rights to license and commercialize products directed to those three targets.

Under the Roche Agreement, the Company receives 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. Finally, adjustments were made to the option exercise fees, whereby targets that have progressed through standard good laboratory practice, or GLP, toxicology studies at the time of exercise now have option exercise fees of $7.0 million to $12.0 million and those progressed through Phase 1 trials have option exercise fees of $20.0 million. For each target option exercised by Roche, the Company is eligible to receive milestone payments ranging from $260.0 million to $275.0 million upon the achievement of certain development and commercial milestones with respect to corresponding products, subject to certain reductions and exclusions based on intellectual property coverage. Roche is also required to pay the Company up to $150.0 million per target in one-time sales-based milestone payments upon the achievement of specified levels of net sales of a product directed to such target. Finally, Roche is required to pay the Company tiered royalties ranging from the mid-single digits to mid-teen percentages on net sales of products sold by Roche pursuant to its exercise of its option rights, subject to certain reductions. For sales of products for which the Company exercises its co-development right, the applicable royalty rates will be increased by a low-single digit percentage.

The collaboration is managed by a joint research committee. The Company has control over the joint research committee prior to Roche’s exercise of its option rights as to a particular target, with Roche assuming control of the joint research committee thereafter, 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

At commencement, the Company identified twelve performance obligations within the Roche Agreement, represented by the six potential research and development targets then included in the collaboration and the option rights held by Roche for each of those six targets. A non-exclusive royalty-free license to use the Company’s intellectual property to conduct research and development activities and participation on joint research committee were identified as promised services. However, the Company determined that the research and development license and research and development services were not distinct from one another, and participation on the joint research committee was determined to be quantitatively and qualitatively immaterial.

The total transaction price of the Roche Agreement is allocated to the performance obligations based on their relative standalone selling price. The allocated transaction price is recognized as revenue from collaboration agreements 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.

The following table summarizes the allocation of the total transaction price to the identified performance obligations under the Roche Agreement, and the amount of the transaction price unsatisfied as of September 30, 2022 (in thousands):


	Transaction Price Allocated		Transaction Price Unsatisfied
Performance obligations:
Research and development targets	$	61,074	$	25,933
Option rights	6,748		2,502
Total	$	67,822	$	28,435

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 from collaboration agreements are recorded in deferred revenue on the Company’s condensed consolidated balance sheet.

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. In February 2020, the Company and Biogen amended the Biogen Agreement to provide further clarity around Biogen’s ownership of target binding moieties (which are portions of molecules), and any related intellectual property that are directed at or bind to collaboration targets. This amendment further provided that Biogen licenses to the Company rights to use these Biogen target binding moieties and any related intellectual property as needed in order to conduct the research and development activities contemplated under the Biogen Agreement. Pursuant to the terms of the Biogen Agreement, the Company and Biogen agreed to collaborate on research activities to develop novel treatments for neurological conditions such as Alzheimer's disease and Parkinson's disease through medicines that rely on target protein degradation, or TPD, as their mode of action, all of which are created using the Company’s degrader technology. Under the terms of the Biogen Agreement, the Company was engaged to 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 for continued development of each target. Biogen also has the option to pay an additional $62.5 million to extend the agreement term 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 agreement), 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 was 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 were completed as of August 31, 2021. For any target, following the achievement of development candidate criteria and prior to any IND-enabling study, Biogen will bear all costs and expenses of and will have sole discretion and decision-making authority with respect to the performance of further activities with respect to any degrader under development under the Biogen Agreement and all products that incorporate that degrader. 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. All milestone and sales-based payments are made after the Company has met the defined criteria in the joint research plan for that target, at which time Biogen will have control of the products related to the targets for commercialization; the receipt of these payments is contingent on the further development of products directed to the targets to commercialization by Biogen, without any additional research and development efforts from the Company.

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 from collaboration agreements under the Biogen Agreement from two types of services: (i) research and development services, and (ii) 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 determined that the licenses and research activities were not distinct from one another, as the licenses have limited value without the performance of the research activities by the Company. Participation on the Biogen JSC to oversee the research activities and the technology transfer associated with the Biogen License Agreement were determined to be quantitatively and qualitatively immaterial and therefore are excluded from performance obligations. 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 had the option to fund sandbox activities in exchange for consideration at market rates, whereby the Company would 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 were recognized as services were performed and were not included in the transaction price allocated to the performance obligation described above. The Company recognized FTE reimbursement received for sandbox activities as revenue as incurred each quarter. As noted above, sandbox activities fully concluded on August 31, 2021.

As of September 30, 2022, the total transaction price of the Biogen Agreement of $55.0 million is allocated to the research and development services performance obligation and $12.3 million of the allocated transaction price remains unsatisfied.

Calico Collaboration and License Agreement

In March 2017, the Company entered into a collaboration and license agreement, or the Calico Agreement, with 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. 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 exercised the option resulting in a $1.0 million extension payment to the Company. 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.

Under the terms of the Calico Agreement, the Company was engaged to develop and commercialize small molecule protein degraders for up to five target proteins over the research term. Under the Calico Agreement, the Company is required to perform initial research and development activities for the nominated targets for drug discovery and preclinical development over the applicable research term, with the intent to provide a development candidate for each target to Calico once the agreed-upon research is complete. In addition, the Company provides Calico with a non-exclusive research and commercial license to its intellectual property and will participate on the Calico joint research committee, or the Calico JRC. Once Calico nominates a target and pays the applicable target initiation fee, the Company will commence research and development activities for that target. Calico is obligated to reimburse the Company for its research and development activities for each target at specified levels through the identification of a development candidate, after which time Calico shall assume full responsibility for candidate development and Calico is entitled to pursue commercial development of products related to that 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. For each target, the Company is eligible to receive up to

$132.0 million in potential 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. All milestone and sales-based payments are made after the Company has met the defined criteria in the joint research plan for that target, at which time Calico will have control of the products related to targets for commercialization; the receipt of these payments by the Company is contingent on the further development of the targets to commercialized products by Calico, without any additional research and development efforts required by us.

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.

Calico Agreement accounting

The Company identified one performance obligation at the outset of the Calico Agreement, which consists of: (i) the non-exclusive license and (ii) the research activities for the target evaluation phase for five targets and the joint research plan phase for two targets. The Company determined that the license and research activities were not distinct from one another, as the license has limited value without the performance of the research activities by the Company.

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 for one program and Calico’s obligation to pay an additional $1.0 million in transaction price, the Company now 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.

As of September 30, 2022, total transaction price of the Calico Agreement of $13.0 million is allocated to the research and development services performance obligation and $1.1 million of the allocated transaction price remains unsatisfied.

Summary of revenue recognized from collaboration agreements

Revenue from collaboration agreements for the three and nine months ended September 30, 2022 and 2021 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,
	2022		2021		2022		2021
Revenue from collaboration agreements:
Roche Agreement	$	875	$	2,330	$	4,548	$	7,416
Biogen Agreement	4,100		4,827		18,350		9,647
Calico Agreement	1,779		1,343		5,344		8,644
Total revenue from collaboration agreements	$	6,754	$	8,500	$	28,242	$	25,707

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, 2022 (in thousands):


	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	250	$	4,754	$	16,765	$	21,519
Biogen Agreement	—		12,292		—		12,292
Calico Agreement	1,238		1,083		—		1,083
Total	$	1,488	$	18,129	$	16,765	$	34,894

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, 2021 (in thousands):


	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	1,215	$	5,601	$	17,215	$	22,816
Biogen Agreement	3,000		24,032		6,611		30,643
Calico Agreement	1,501		2,167		542		2,709
Total	$	5,716	$	31,800	$	24,368	$	56,168

Supplemental financial information related to the collaboration and license agreements for the three and nine months ended September 30, 2022 and 2021 are (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue recognized that was included in the contract liability at the beginning of the period	$	5,517	$	7,479	$	24,005	$	17,060
Revenue recognized from performance obligations fully or partially satisfied in previous periods	$	—	$	—	$	518	$	713

As of September 30, 2022, 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 $41.8 million.

Long-term debt and warrant – related party

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

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 was considered a related party to the Company based on its ownership of the Company’s common stock at inception of the Credit Agreement.

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, 2022. 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%. The interest rate was 12.07% as of September 30, 2022, and the Term Loan is secured by a lien on substantially all of the Company’s assets. When the LIBOR interest rate is discontinued in the future, it is expected that the interest rate of the Term Loan would switch to Secured Overnight Financing Rate, or SOFR. As of September 30, 2022, the effect of switching from LIBOR to SOFR would not have been material to the Company’s condensed consolidated financial statements.

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, which would have been $1.6 million as of September 30, 2022.

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, 2022 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 2022	$	—
2023	3,000
2024	9,500
Total undiscounted, minimum long-term debt payments	12,500
Less: Unamortized debt issuance costs and debt discount	(1,198)
Total long-term debt—related party	$	11,302

Stockholders’ equity	9 Months Ended
Stockholders’ equity	Sep. 30, 2022
Equity [Abstract]
Stockholders’ equity	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. Public offerings 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 in May 2021. At-The-Market Equity Program In November 2021, the Company filed an automatically effective registration statement on Form S-3, or the Registration Statement, with the SEC that registers the offering, issuance and sale of an unspecified amount of common stock, preferred stock, debt securities, warrants, and/or units of any combination thereof. Simultaneously, the Company entered into an equity distribution agreement with Cowen and Company, LLC, as sales agent, to provide for the issuance and sale by the Company of up to $200.0 million of common stock from time to time in “at-the-market” offerings under the Registration Statement and related prospectus filed with the Registration Statement, or the ATM Program. As of September 30, 2022, no sales have been made under the ATM Program.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 13
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 18
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 16
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
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-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Stock-based compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

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, 2022, the Company had 10,981,021 shares reserved under the 2020 Plan and 2015 Plan, and 4,028,226 shares available for future issuance under the 2020 Plan.

Stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 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,
	2022		2021		2022		2021
Stock-based compensation expense:
Research and development	$	2,636	$	2,054	$	10,024	$	5,165
General and administrative	3,375		4,032		13,073		9,994
Total stock-based compensation expense	$	6,011	$	6,086	$	23,097	$	15,159

Stock options

The following table summarizes the stock option activity under the Company’s equity awards plans for the nine months ended September 30, 2022:


	Number of Stock Options	Weighted-Average Exercise Price
Outstanding as of December 31, 2021	5,983,425	$	22.33
Granted	2,166,800	19.51
Exercised	(169,655)	4.72
Cancelled or forfeited	(1,027,775)	23.44
Outstanding as of September 30, 2022	6,952,795	$	21.88
Options exercisable as of September 30, 2022	2,418,903	$	21.53
Vested and expected to vest as of September 30, 2022	6,952,795	$	21.88

As of September 30, 2022, the unrecognized compensation cost related to outstanding options was $64.2 million, which is expected to be recognized over a weighted-average period of 2.7 years.

Restricted stock units

During the nine months ended September 30, 2022, under the 2020 Plan, the Company’s Board of Directors authorized an issuance of restricted stock units, or RSUs, to certain employees, including members of the Company’s leadership team. These RSUs will vest in tranches as certain discovery milestones, clinical milestones, or specified market conditions are met. Upon vesting, each RSU automatically converts into one share of the Company’s common stock.

The following table summarizes the activity under the Company’s equity plans with respect to RSUs for the nine months ended September 30, 2022:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2021	—	$	—
Granted	563,500	25.47
Vested (1)	(64,383)	25.01
Forfeited	(30,801)	31.58
Outstanding as of September 30, 2022	468,316	$	25.13

(1) Vested RSUs include 10,287 shares retained by the Company to cover statutory minimum withholding taxes.

As of September 30, 2022, the unrecognized compensation cost related to outstanding RSUs was $10.7 million.

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income taxesDuring the three and nine months ended September 30, 2022 and 2021, the Company recorded no income tax provision or benefit. As of September 30, 2022 and December 31, 2021, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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

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

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

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

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

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

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

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

+ Details

Loss per share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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. For purposes of the dilutive net loss per share calculation, stock options, and restricted stock units for which the performance or market vesting conditions have been met are considered to be common stock equivalents, while restricted stock units with performance or market vesting conditions that were not met as of September 30, 2022 are not considered to be common stock equivalents. 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,
	2022	2021
Anti-dilutive common stock equivalents:
Options to purchase common stock	6,952,795	5,882,304

Total anti-dilutive common stock equivalents	6,952,795	5,882,304

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, 2022 and 2021 (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net loss	$	(31,958)	$	(24,683)	$	(90,990)	$	(68,234)
Denominator:
Weighted-average number of shares used in computed net loss per share − basic and diluted	48,921,928		48,490,533		48,827,503		45,163,444
Net loss per share attributable to common stockholders − basic and diluted	$	(0.65)	$	(0.51)	$	(1.86)	$	(1.51)

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S., 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.
Consolidation	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, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021, 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, 2021, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 24, 2022.
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, prepaid and accrued research and development expense, incremental borrowing rate used in the measurement of lease liabilities, and estimated volatility used in fair valuation of stock options. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.
Recently issued accounting standards	Recently issued accounting standards In March 2020, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or 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. In January 2021, the FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which extends some of Topic 848’s optional expedients to derivative contracts modified as a result of rate reform, including certain derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. The amendments in this ASU affect the guidance in ASU 2020-04 and are effective in the same timeframe as ASU 2020-04. The adoptions of ASU 2020-04 and ASU 2021-01 did not have a material effect on the Company’s condensed consolidated financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to provide certain disclosures when they (i) have received government assistance and (ii) use a grant or contribution accounting model by analogy to other accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2021. The adoption of ASU 2021-10 did not have a material effect on the Company’s condensed consolidated financial statements.

Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis


	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	35,593	$	35,593	$	—	$	—
Corporate debt securities	7,978		—		7,978		—
U.S. government debt securities	5,731		—		5,731		—
Marketable securities:
Corporate debt securities	232,865		—		232,865		—
U.S. government debt securities	54,383		—		54,383		—
U.S. Treasury securities	29,212		—		29,212		—
Total cash equivalents and marketable securities	$	365,762	$	35,593	$	330,169	$	—

There have been no transfers between fair value levels during the nine months ended September 30, 2022.


	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	59,162	$	59,162	$	—	$	—
Corporate debt securities	11,649		—		11,649		—
U.S. Treasury securities	5,000		—		5,000		—
Marketable securities:
Corporate debt securities	308,300		—		308,300		—
U.S. government debt securities	37,883		—		37,883		—
U.S. Treasury securities	29,172		—		29,172		—
Total cash equivalents and marketable securities	$	451,166	$	59,162	$	392,004	$	—

Marketable securities (Tables)

9 Months Ended

Sep. 30, 2022

Marketable Securities [Abstract]

Summary of marketable securities

Marketable securities as of September 30, 2022 consisted of the following (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities, current:
Corporate debt securities	$	212,084	$	—	$	(2,735)	$	209,349
U.S. Treasury securities	29,655		—		(443)		29,212
U.S. government debt securities	25,984		—		(443)		25,541
Marketable securities, non-current:
U.S. government debt securities	29,996		—		(1,154)		28,842
Corporate debt securities	24,150		—		(634)		23,516

Total marketable securities, current and non-current	$	321,869	$	—	$	(5,409)	$	316,460

Marketable securities as of December 31, 2021 consisted of the following (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities, current:
Corporate debt securities	$	219,414	$	1	$	(250)	$	219,165
U.S. Treasury securities	8,987		—		(3)		8,984
U.S. government debt securities	5,006		—		—		5,006
Marketable securities, non-current:
Corporate debt securities	89,538		—		(403)		89,135
U.S. government debt securities	32,982		—		(105)		32,877
U.S. Treasury securities	20,203		—		(15)		20,188
Total marketable securities, current	$	376,130	$	1	$	(776)	$	375,355

Summary of marketable securities in unrealized loss position

Marketable securities in unrealized loss positions as of September 30, 2022 consisted of the following (in thousands, except number of securities):


	Number of Securities	Fair Value		Gross Unrealized Losses
Marketable securities in continuous unrealized loss position for less than 12 months:
Corporate debt securities	67	$	158,906	$	(2,553)
U.S. government debt securities	12	49,527		(1,452)
U.S. Treasury securities	9	29,212		(443)
Marketable securities in continuous unrealized loss position for greater than 12 months:
Corporate debt securities	28	66,538		(816)
U.S. government debt securities	1	4,855		(145)
Total marketable securities in unrealized loss position	117	$	309,038	$	(5,409)

Property and equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of property and equipment

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


	September 30, 2022		December 31, 2021
Property and equipment:
Laboratory equipment	$	8,651	$	8,276
Leasehold improvements	4,463		541
Furniture and fixtures	1,164		805
Office equipment	529		179
Computer equipment	191		223
Construction in progress	94		—
Total property and equipment	15,092		10,024
Less: accumulated depreciation	(7,677)		(6,916)
Total property and equipment, net	$	7,415	$	3,108

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense	$	415	$	330	$	1,155	$	1,169

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of lease costs

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Lease cost:
Operating lease cost	$	2,508	$	637	$	7,523	$	1,912
Variable lease cost	499		245		1,472		613
Sublease income	(633)		—		(845)		—
Total lease cost	$	2,374	$	882	$	8,150	$	2,525

Summary of lease term and discount rate

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


	September 30, 2022		December 31, 2021
Remaining lease term	9.4 years		10.2 years
Discount rate	5.3	%	5.2	%

Summary of future lease payments under non-cancelable lease

Future lease payments under non-cancelable leases as of September 30, 2022 for each of the years ending December 31 are as follows (in thousands):


Undiscounted lease payments:
Remaining 2022	$	2,088
2023	8,571
2024	8,828
2025	9,093
2026	9,366
Thereafter	61,759
Total undiscounted lease payments	99,705
Less: imputed interest	(22,952)
Total operating lease liability	$	76,753

Accrued expenses and other current liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Summary of accrued liabilities

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


	September 30, 2022		December 31, 2021
Accrued expenses and other current liabilities:
Accrued research and development	$	9,254	$	6,863
Accrued compensation and benefits	5,340		5,084
Accrued capital expenditures	1,337		—
Accrued professional fees	800		1,246
Other	1,210		413
Total accrued expenses and other current liabilities	$	17,941	$	13,606

Collaboration and license agreements (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of allocation of transaction price


	Transaction Price Allocated		Transaction Price Unsatisfied
Performance obligations:
Research and development targets	$	61,074	$	25,933
Option rights	6,748		2,502
Total	$	67,822	$	28,435

Schedule of revenue from collaboration agreements


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue from collaboration agreements:
Roche Agreement	$	875	$	2,330	$	4,548	$	7,416
Biogen Agreement	4,100		4,827		18,350		9,647
Calico Agreement	1,779		1,343		5,344		8,644
Total revenue from collaboration agreements	$	6,754	$	8,500	$	28,242	$	25,707

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, 2022 (in thousands):


	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	250	$	4,754	$	16,765	$	21,519
Biogen Agreement	—		12,292		—		12,292
Calico Agreement	1,238		1,083		—		1,083
Total	$	1,488	$	18,129	$	16,765	$	34,894

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, 2021 (in thousands):


	Accounts Receivable		Deferred Revenue, Current		Deferred Revenue, Net of Current		Deferred Revenue, Total
Supplemental information:
Roche Agreement	$	1,215	$	5,601	$	17,215	$	22,816
Biogen Agreement	3,000		24,032		6,611		30,643
Calico Agreement	1,501		2,167		542		2,709
Total	$	5,716	$	31,800	$	24,368	$	56,168

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, 2022 and 2021 are (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue recognized that was included in the contract liability at the beginning of the period	$	5,517	$	7,479	$	24,005	$	17,060
Revenue recognized from performance obligations fully or partially satisfied in previous periods	$	—	$	—	$	518	$	713

Long-term debt and warrant – related party (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of anticipated future minimum payments on long-term debt


Undiscounted, minimum long-term debt payments:
Remaining 2022	$	—
2023	3,000
2024	9,500
Total undiscounted, minimum long-term debt payments	12,500
Less: Unamortized debt issuance costs and debt discount	(1,198)
Total long-term debt—related party	$	11,302

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock-based compensation expense:
Research and development	$	2,636	$	2,054	$	10,024	$	5,165
General and administrative	3,375		4,032		13,073		9,994
Total stock-based compensation expense	$	6,011	$	6,086	$	23,097	$	15,159

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, 2022:


	Number of Stock Options	Weighted-Average Exercise Price
Outstanding as of December 31, 2021	5,983,425	$	22.33
Granted	2,166,800	19.51
Exercised	(169,655)	4.72
Cancelled or forfeited	(1,027,775)	23.44
Outstanding as of September 30, 2022	6,952,795	$	21.88
Options exercisable as of September 30, 2022	2,418,903	$	21.53
Vested and expected to vest as of September 30, 2022	6,952,795	$	21.88

Summary of RSU activity

The following table summarizes the activity under the Company’s equity plans with respect to RSUs for the nine months ended September 30, 2022:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2021	—	$	—
Granted	563,500	25.47
Vested (1)	(64,383)	25.01
Forfeited	(30,801)	31.58
Outstanding as of September 30, 2022	468,316	$	25.13

(1) Vested RSUs include 10,287 shares retained by the Company to cover statutory minimum withholding taxes.

Loss per share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of diluted net loss per share attributable to common stockholders

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,
	2022	2021
Anti-dilutive common stock equivalents:
Options to purchase common stock	6,952,795	5,882,304

Total anti-dilutive common stock equivalents	6,952,795	5,882,304

Schedule of basic and diluted loss per share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net loss	$	(31,958)	$	(24,683)	$	(90,990)	$	(68,234)
Denominator:
Weighted-average number of shares used in computed net loss per share − basic and diluted	48,921,928		48,490,533		48,827,503		45,163,444
Net loss per share attributable to common stockholders − basic and diluted	$	(0.65)	$	(0.51)	$	(1.86)	$	(1.51)

Nature of the business and basis of presentation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 90,990	$ 68,234
Accumulated deficit	358,705		$ 267,715
Cash, cash equivalents and marketable securities	$ 366,000

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Marketable securities - Summary of marketable securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable securities, non-current:
Amortized Cost	$ 321,869	$ 376,130
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(5,409)	(776)
Fair Value	316,460	375,355
Corporate debt securities
Marketable securities, current:
Amortized Cost	212,084	219,414
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(2,735)	(250)
Fair Value	209,349	219,165
Marketable securities, non-current:
Amortized Cost	24,150	89,538
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(634)	(403)
Fair Value	23,516	89,135
U.S. Treasury securities
Marketable securities, current:
Amortized Cost	29,655	8,987
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(443)	(3)
Fair Value	29,212	8,984
Marketable securities, non-current:
Amortized Cost		20,203
Gross Unrealized Gains		0
Gross Unrealized Losses		(15)
Fair Value		20,188
U.S. government debt securities
Marketable securities, current:
Amortized Cost	25,984	5,006
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(443)	0
Fair Value	25,541	5,006
Marketable securities, non-current:
Amortized Cost	29,996	32,982
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,154)	(105)
Fair Value	$ 28,842	$ 32,877

Marketable securities - Summary of marketable securities in unrealized loss position (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 security
Number of Securities
Marketable securities in continuous unrealized loss position for greater than 12 months, Number of securities \| security		0
Total marketable securities in unrealized loss position, Number of securities \| security	117
Fair Value
Total marketable securities in unrealized loss position	$ 309,038
Gross Unrealized Losses
Total marketable securities in unrealized loss position	$ (5,409)
Corporate debt securities
Number of Securities
Marketable securities in continuous unrealized loss position for less than 12 months, Number of securities \| security	67
Marketable securities in continuous unrealized loss position for greater than 12 months, Number of securities \| security	28
Fair Value
Marketable securities in continuous unrealized loss position for less than 12 months	$ 158,906
Marketable securities in continuous unrealized loss position for greater than 12 months	66,538
Gross Unrealized Losses
Marketable securities in continuous unrealized loss position for less than 12 months	(2,553)
Marketable securities in continuous unrealized loss position for greater than 12 months	$ (816)
U.S. government debt securities
Number of Securities
Marketable securities in continuous unrealized loss position for less than 12 months, Number of securities \| security	12
Marketable securities in continuous unrealized loss position for greater than 12 months, Number of securities \| security	1
Fair Value
Marketable securities in continuous unrealized loss position for less than 12 months	$ 49,527
Marketable securities in continuous unrealized loss position for greater than 12 months	4,855
Gross Unrealized Losses
Marketable securities in continuous unrealized loss position for less than 12 months	(1,452)
Marketable securities in continuous unrealized loss position for greater than 12 months	$ (145)
U.S. Treasury securities
Number of Securities
Marketable securities in continuous unrealized loss position for less than 12 months, Number of securities \| security	9
Fair Value
Marketable securities in continuous unrealized loss position for less than 12 months	$ 29,212
Gross Unrealized Losses
Marketable securities in continuous unrealized loss position for less than 12 months	$ (443)

Marketable securities - Narrative (Details)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 security
Marketable Securities [Abstract]
Allowance for credit loss \| $	$ 0
Number of marketable securities in continuous unrealized loss position for 12 months or longer \| security		0

Property and equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Property and equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment	$ 15,092		$ 15,092		$ 10,024
Less: accumulated depreciation	(7,677)		(7,677)		(6,916)
Total property and equipment, net	7,415		7,415		3,108
Depreciation expense	415	$ 330	1,155	$ 1,169
Laboratory equipment
Property Plant And Equipment [Line Items]
Property and equipment	8,651		8,651		8,276
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment	4,463		4,463		541
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment	1,164		1,164		805
Office equipment
Property Plant And Equipment [Line Items]
Property and equipment	529		529		179
Computer equipment
Property Plant And Equipment [Line Items]
Property and equipment	191		191		223
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment	$ 94		$ 94		$ 0

Leases - Narrative (Details) $ in Thousands	1 Months Ended
Leases - Narrative (Details) $ in Thousands	Nov. 30, 2021 USD ($) contract	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee Lease Description [Line Items]
Right-of-use assets		$ 71,618	$ 31,945
Liabilities under lease		76,753
Watertown Lease
Lessee Lease Description [Line Items]
Tenant improvements	$ 2,600	2,600
Lease extension period	5 years
Restricted cash		$ 3,300
Right-of-use assets	$ 44,400
Liabilities under lease	$ 44,100
Watertown Lease \| Newly leased space
Lessee Lease Description [Line Items]
Lease term	10 years
Number of amended lease contracts \| contract	2

Leases - Summary of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease cost:
Operating lease cost	$ 2,508	$ 637	$ 7,523	$ 1,912
Variable lease cost	499	245	1,472	613
Sublease income	(633)	0	(845)	0
Total lease cost	$ 2,374	$ 882	$ 8,150	$ 2,525

Leases - Summary of lease term and discount rate (Details)	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Remaining lease term	9 years 4 months 24 days	10 years 2 months 12 days
Discount rate	5.30%	5.20%

Leases - Summary of future lease payments under non-cancelable lease (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2022	$ 2,088
2023	8,571
2024	8,828
2025	9,093
2026	9,366
Thereafter	61,759
Total undiscounted lease payments	99,705
Less: imputed interest	(22,952)
Total operating lease liability	$ 76,753

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued expenses and other current liabilities:
Accrued research and development	$ 9,254	$ 6,863
Accrued compensation and benefits	5,340	5,084
Accrued capital expenditures	1,337	0
Accrued professional fees	800	1,246
Other	1,210	413
Total accrued expenses and other current liabilities	$ 17,941	$ 13,606

Collaboration and license agreements - Narrative (Details) $ in Thousands	1 Months Ended						3 Months Ended		9 Months Ended		40 Months Ended
	Sep. 30, 2021 USD ($)	Aug. 31, 2021	Nov. 30, 2020 USD ($) target	Feb. 29, 2020 USD ($) target protein	Dec. 31, 2018 USD ($)	Mar. 31, 2017 USD ($) targetProtein	Sep. 30, 2022 USD ($) target performanceObligation	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) target performanceObligation	Sep. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized that was included in the contract liability at the beginning of the period							$ 5,517	$ 7,479	$ 24,005	$ 17,060
Transaction price allocated to performance obligation							$ 67,822		$ 67,822
Restated Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional upfront consideration received					$ 40,000
Number of potential targets \| target			5
Annual research plan payments receivables			$ 1,000
Annual research plan payments periods			3 years
Restated Roche Agreement \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Option exercise fees			$ 7,000
Restated Roche Agreement \| Minimum \| Research, development and commercial milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive			260,000
Restated Roche Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Option exercise fees			12,000
Option exercise fees, through Phase 1 trials			20,000
Restated Roche Agreement \| Maximum \| Research, development and commercial milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive			275,000
Restated Roche Agreement \| Maximum \| One-time sales-based payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive			150,000
Restated Roche Agreement \| Lead Series Identification Achievement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fees			2,000
Restated Roche Agreement \| Good Laboratory Practice (“GLP”) Toxicology (“Tox”) Study Phase
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fees			$ 3,000
Biogen License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research agreement, period				54 months
Research agreement, additional period				4 years
Additional payment on extension of agreement				$ 62,500
Nonrefundable upfront payment				$ 45,000
Number of performance obligation \| performanceObligation							1		1
Number of targets \| performanceObligation							5		5
Number of additional targets \| target									2
Biogen License Agreement \| Research and development services
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized that was included in the contract liability at the beginning of the period									$ 55,000
Transaction price allocated to performance obligation							$ 12,300		$ 12,300
Biogen License Agreement \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Written notice period for termination of agreement				90 days
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 \| Research and development milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received				$ 35,000
Biogen License Agreement \| Maximum \| One-time sales-based payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received				$ 26,000
Calico License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of performance obligation \| performanceObligation							1		1
Number of targets \| target							5		5
Research term						5 years
Research extend term		1 year
Amount payable for extend research term option	$ 1,000
Upfront payment											$ 5,000
Annual payments											$ 5,000
Initial contractual term on straight line basis									5 years
Additional transaction price allocated to performance obligation	$ 1,000
Contractual term	6 years
Calico License Agreement \| Research and development services
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized that was included in the contract liability at the beginning of the period									$ 13,000
Transaction price allocated to performance obligation							$ 1,100		1,100
Calico License Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of target proteins \| targetProtein						5
Calico License Agreement \| Maximum \| One-time sales-based payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received						$ 65,000
Calico License Agreement \| Maximum \| Potential research, development and commercial milestone payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received						$ 132,000
Roche Agreement, Biogen Agreement, and Calico Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to performance obligation							$ 41,800		$ 41,800

Collaboration and license agreements - Summary of allocation of transaction price (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction Price Allocated	$ 67,822
Transaction Price Unsatisfied	28,435
Research and development targets
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction Price Allocated	61,074
Transaction Price Unsatisfied	25,933
Option rights
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction Price Allocated	6,748
Transaction Price Unsatisfied	$ 2,502

Collaboration and license agreements - Schedule of revenue from collaboration agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	$ 6,754	$ 8,500	$ 28,242	$ 25,707
Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	875	2,330	4,548	7,416
Biogen Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	4,100	4,827	18,350	9,647
Calico Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	$ 1,779	$ 1,343	$ 5,344	$ 8,644

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Collaboration and license agreements - Schedule of financial information related to collaboration and license agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	$ 1,488	$ 5,716
Deferred revenue, current	18,129	31,800
Deferred revenue, net of current	16,765	24,368
Deferred revenue, total	34,894	56,168
Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	250	1,215
Deferred revenue, current	4,754	5,601
Deferred revenue, net of current	16,765	17,215
Deferred revenue, total	21,519	22,816
Biogen Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	0	3,000
Deferred revenue, current	12,292	24,032
Deferred revenue, net of current	0	6,611
Deferred revenue, total	12,292	30,643
Calico Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	1,238	1,501
Deferred revenue, current	1,083	2,167
Deferred revenue, net of current	0	542
Deferred revenue, total	$ 1,083	$ 2,709

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue recognized that was included in the contract liability at the beginning of the period	$ 5,517	$ 7,479	$ 24,005	$ 17,060
Revenue recognized from performance obligations fully or partially satisfied in previous periods	$ 0	$ 0	$ 518	$ 713

Long-term debt and warrant – related party - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Jun. 05, 2020	Sep. 30, 2022
Common Stock
Long Term Debt And Warrant Liability [Line Items]
Exercise price per share (in dollars per share)		$ 8.86
Maximum \| Common Stock
Long Term Debt And Warrant Liability [Line Items]
Warrant issued to purchase shares (in shares)		338,784
Term Loan \| Common Stock
Long Term Debt And Warrant Liability [Line Items]
Exercise price per share (in dollars per share)		$ 8.86
Term Loan \| Maximum \| Common Stock
Long Term Debt And Warrant Liability [Line Items]
Warrant issued to purchase shares (in shares)		338,784
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan
Long Term Debt And Warrant Liability [Line Items]
Aggregate principal borrowing amount	$ 20.0
Floor interest rate		1.75%
Interest at variable rate		12.07%
Percentage of principal payments until maturity	2.00%
Prepayment fee		$ 1.6
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan \| LIBOR
Long Term Debt And Warrant Liability [Line Items]
Applicable margin rate		9.50%
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan \| Minimum
Long Term Debt And Warrant Liability [Line Items]
Balance to be maintained in bank account while debt is outstanding	$ 3.0
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan \| Tranche one
Long Term Debt And Warrant Liability [Line Items]
Aggregate principal borrowing amount	12.5
Amount withdrawn		$ 12.5
Credit Agreement with Perceptive Life Sciences Master Fund LTD \| Term Loan \| Tranche two
Long Term Debt And Warrant Liability [Line Items]
Aggregate principal borrowing amount	$ 7.5

Long-term debt and warrant – related party - Summary of anticipated future minimum payments on long-term debt (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remaining 2022	$ 0
2023	3,000
2024	9,500
Total undiscounted, minimum long-term debt payments	12,500
Less: Unamortized debt issuance costs and debt discount	(1,198)
Total long-term debt—related party	$ 11,302

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stockholder's equity (Details) - USD ($)	1 Months Ended			3 Months Ended	9 Months Ended
Stockholder's equity (Details) - USD ($)	Nov. 30, 2021	Jun. 30, 2021	May 31, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 31, 2020
Stockholders Equity [Line Items]
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
Preferred stock, par value per share (in dollars per share)					$ 0.0001		$ 0.0001	$ 0.0001
Common stock, par value per share (in dollars per share)					$ 0.0001		$ 0.0001	$ 0.0001
Proceeds from follow-on public offering					$ 0	$ 169,465,000
Issuance of common stock, net				$ 169,483,000
At-the-market offerings \| Equity Distribution Agreement with Cowen and Company, LLC
Stockholders Equity [Line Items]
Issuance of common stock, net					$ 0
At-the-market offerings \| Maximum \| Equity Distribution Agreement with Cowen and Company, LLC
Stockholders Equity [Line Items]
Issuance of common stock, net	$ 200,000,000
Common Stock
Stockholders Equity [Line Items]
Issuance of common stock, net (in shares)				4,887,500
Exercise price per share (in dollars per share)					$ 8.86
Amount withheld equivalent to aggregate exercise price			$ 3,000,000
Shares issued upon warrant exercise - related party (in shares)			256,038	256,038
Issuance of common stock, net				$ 1,000
Common Stock \| Maximum
Stockholders Equity [Line Items]
Warrant issued to purchase shares (in shares)					338,784
Common Stock \| Follow-on public offering
Stockholders Equity [Line Items]
Issuance of common stock, net (in shares)		4,887,500
Proceeds from follow-on public offering		$ 169,500,000
Underwriters for IPO exercised in full overallotment option \| Common Stock \| Follow-on public offering
Stockholders Equity [Line Items]
Issuance of common stock, net (in shares)		637,500

Stock-based compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs \| $	$ 10.7
Share-based compensation, number of common stock issuable per RSU vested (in shares)	1
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 (in shares)	10,981,021
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 (in shares)	10,981,021
Stock-based compensation, common stock shares available for issuance (in shares)	4,028,226
Unrecognized compensation costs \| $	$ 64.2
Expected to be recognized over a weighted average period	2 years 8 months 12 days

Stock-based compensation - Schedule of stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,011	$ 6,086	$ 23,097	$ 15,159
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,636	2,054	10,024	5,165
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,375	$ 4,032	$ 13,073	$ 9,994

Stock-based compensation - Summary of stock option activity (Details) - 2020 Stock Option and Incentive Plan - $ / shares	9 Months Ended
	Sep. 30, 2022
Number of Stock Options
Outstanding, beginning balance (in shares)	5,983,425
Granted (in shares)	2,166,800
Exercised (in shares)	(169,655)
Cancelled or forfeited (in shares)	(1,027,775)
Outstanding, ending balance (in shares)	6,952,795
Options exercisable (in shares)	2,418,903
Vested and expected to vest (in shares)	6,952,795
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 22.33
Granted (in dollars per share)	19.51
Exercised (in dollars per share)	4.72
Cancelled or forfeited (in dollars per share)	23.44
Outstanding, ending balance (in dollars per share)	21.88
Options exercisable (in dollars per share)	21.53
Vested and expected to vest (in dollars per share)	$ 21.88

Stock-based compensation - Summary of RSU activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Outstanding, beginning balance (in shares)	0
Granted (in shares)	563,500
Vested (in shares)	(64,383)
Forfeited (in shares)	(30,801)
Outstanding, ending balance (in shares)	468,316
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	25.47
Vested (in dollars per share) \| $ / shares	25.01
Forfeited (in dollars per share) \| $ / shares	31.58
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 25.13
Number of shares retained to cover statutory minimum withholding taxes	10,287

Income taxes (Details) - USD ($)	9 Months Ended
Income taxes (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 0	$ 0

- 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 diluted net loss per share attributable to common stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	6,952,795	5,882,304
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	6,952,795	5,882,304

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, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (31,958)	$ (27,412)	$ (31,620)	$ (24,683)	$ (22,580)	$ (20,971)	$ (90,990)	$ (68,234)
Denominator:
Weighted-average number of shares used in computed net loss per share − basic	48,921,928			48,490,533			48,827,503	45,163,444
Weighted-average number of shares used in computed net loss per share − diluted	48,921,928			48,490,533			48,827,503	45,163,444
Net loss per share attributable to common stockholders − basic (in dollars per share)	$ (0.65)			$ (0.51)			$ (1.86)	$ (1.51)
Net loss per share attributable to common stockholders − diluted (in dollars per share)	$ (0.65)			$ (0.51)			$ (1.86)	$ (1.51)

- Definition

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

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- Definition

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

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

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+ Details

Fair value measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	$ 365,762	$ 451,166
Recurring \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	232,865	308,300
Recurring \| U.S. government debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	54,383	37,883
Recurring \| U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	29,212	29,172
Money market funds \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	35,593	59,162
Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	7,978
Corporate debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		11,649
U.S. government debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	5,731
U.S. Treasury securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		5,000
Level 1 \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	35,593	59,162
Level 1 \| Recurring \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Recurring \| U.S. government debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Recurring \| U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 \| Money market funds \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	35,593	59,162
Level 1 \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 1 \| Corporate debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		0
Level 1 \| U.S. government debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 1 \| U.S. Treasury securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		0
Level 2 \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	330,169	392,004
Level 2 \| Recurring \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	232,865	308,300
Level 2 \| Recurring \| U.S. government debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	54,383	37,883
Level 2 \| Recurring \| U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	29,212	29,172
Level 2 \| Money market funds \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	7,978
Level 2 \| Corporate debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		11,649
Level 2 \| U.S. government debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	5,731
Level 2 \| U.S. Treasury securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		5,000
Level 3 \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	0	0
Level 3 \| Recurring \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 \| Recurring \| U.S. government debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 \| Recurring \| U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 \| Money market funds \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 3 \| Corporate debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		0
Level 3 \| U.S. government debt securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 0
Level 3 \| U.S. Treasury securities \| Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		$ 0