0000950170-22-021543 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	KYMR
Entity Registrant Name	KYMERA THERAPEUTICS, INC.
Entity Central Index Key	0001815442
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		54,864,727
Entity Shell Company	false
Entity File Number	001-39460
Entity Tax Identification Number	81-2992166
Entity Address, Address Line One	200 Arsenal Yards Blvd
Entity Address, Address Line Two	Suite 230
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	857
Local Phone Number	285-5300
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 155,658	$ 47,976
Marketable securities (Note 4)	326,250	394,442
Contract assets	2,882	135
Prepaid expenses and other current assets	9,232	8,720
Total current assets	494,022	451,273
Marketable securities, non-current (Note 4)	113,701	125,187
Property and equipment, net (Note 6)	12,569	11,881
Right-of-use assets, operating leases	9,048	9,426
Other non-current assets	3,016	2,022
Restricted cash	6,116	6,116
Total assets	638,472	605,905
Current liabilities:
Accounts payable	6,327	4,005
Accrued expenses (Note 8)	24,692	22,971
Deferred revenue	55,776	61,739
Operating lease liabilities	2,516	2,461
Finance lease liabilities	1,103	1,138
Other current liabilities	710	228
Total current liabilities	91,124	92,542
Non-current liabilities
Deferred revenue, net of current portion	21,086	39,295
Operating lease liabilities, net of current portion	12,431	13,224
Finance lease liabilities, net of current portion	690	1,140
Other non-current liabilities	256	66
Total liabilities	125,587	146,267
Stockholders’ equity:
Common stock, $0.0001 par value; 150,000,000 shares authorized as of September 30, 2022 and December 31 2021, 54,751,429 and 51,573,924 shares issued at September 30, 2022 and December 31, 2021, respectively; 54,751,429 and 51,536,181 shares outstanding at September 30, 2022 and December 31, 2021, respectively	6	5
Additional paid-in capital	867,717	689,275
Accumulated deficit	(348,925)	(228,982)
Accumulated other comprehensive loss	(5,913)	(660)
Total stockholders’ equity	512,885	459,638
Total liabilities and stockholders’ equity	$ 638,472	$ 605,905

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	150,000,000	150,000,000
Common stock, issued	54,751,429	51,573,924
Common Stock, outstanding	54,751,429	51,536,181

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Collaboration Revenue—from related parties	$ 9,551	$ 20,336	$ 30,687	$ 57,557
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:RevenueFromRelatedParties	us-gaap:RevenueFromRelatedParties	us-gaap:RevenueFromRelatedParties	us-gaap:RevenueFromRelatedParties
Operating expenses:
Research and development	$ 43,877	$ 38,306	$ 121,115	$ 99,488
General and administrative	10,556	10,667	32,198	24,605
Total operating expenses	54,433	48,973	153,313	124,093
Loss from operations	(44,882)	(28,637)	(122,626)	(66,536)
Other income (expense):
Interest and other Income	1,916	125	2,800	343
Interest and other expense	(36)	(70)	(117)	(124)
Total other income:	1,880	55	2,683	219
Net loss	(43,002)	(28,582)	(119,943)	(66,317)
Other comprehensive loss:
Unrealized (loss) gain on marketable securities	(1,930)	(146)	(5,253)	(18)
Total comprehensive loss	(44,932)	(28,728)	(125,196)	(66,335)
Net loss	$ (43,002)	$ (28,582)	$ (119,943)	$ (66,317)
Net loss per share, basic and diluted	$ (0.79)	$ (0.56)	$ (2.28)	$ (1.42)
Net loss per share, basic and diluted	$ (0.79)	$ (0.56)	$ (2.28)	$ (1.42)
Weighted average common shares outstanding, basic and diluted	54,535,514	50,714,846	52,600,103	46,841,636
Weighted average common shares outstanding, basic and diluted	54,535,514	50,714,846	52,600,103	46,841,636

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning Balance at Dec. 31, 2020	$ 283,888	$ 4	$ 412,777	$ (128,765)	$ (128)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020		44,482,186
Exercise of stock options	5,875	$ 1	5,874
Exercise of stock options, Shares		1,193,773
Vesting restricted stock, Shares		54,736
Issuance of shares under employee stock purchase plan	307		307
Issuance of shares under employee stock purchase plan, Shares		7,680
Issuance of shares in connection with public offering net of underwriting discounts and costs, Shares		5,468,250
Issuance of shares in connection with public offering net of underwriting discounts and cost	240,760		240,760
Stock-based compensation expense	16,294		16,294
Unrealized gain (loss) on marketable securities	(18)				(18)
Issuance of shares in concurrent private placement,shares		49,928
Issuance of shares in concurrent private placement	2,346		2,346
Net Loss	(66,317)			(66,317)
Ending Balance at Sep. 30, 2021	483,135	$ 5	678,358	(195,082)	(146)
Shares, Outstanding, Ending Balance at Sep. 30, 2021		51,256,553
Beginning Balance at Jun. 30, 2021	258,104	$ 5	424,599	(166,500)
Shares, Outstanding, Beginning Balance at Jun. 30, 2021		45,327,681
Exercise of stock options	3,257	$ 0	3,257
Exercise of stock options, Shares		392,540
Vesting restricted stock, Shares		18,154
Issuance of shares in connection with public offering net of underwriting discounts and costs, Shares		5,468,250
Issuance of shares in connection with public offering net of underwriting discounts and cost	240,760		240,760
Stock-based compensation expense	7,396		7,396
Unrealized gain (loss) on marketable securities	(146)				(146)
Issuance of shares in concurrent private placement,shares		49,928
Issuance of shares in concurrent private placement	2,346		2,346
Net Loss	(28,582)			(28,582)
Ending Balance at Sep. 30, 2021	483,135	$ 5	678,358	(195,082)	(146)
Shares, Outstanding, Ending Balance at Sep. 30, 2021		51,256,553
Beginning Balance at Dec. 31, 2021	459,638	$ 5	689,275	(228,982)	(660)
Shares, Outstanding, Beginning Balance at Dec. 31, 2021		51,536,181
Issuance of Common Stock and accompanying Pre-Funded Warrants at Private Placement, net of issuance costs	149,826	$ 1	149,825
Issuance of common stock and accompanying pre-funded warrants from private placement, net of issuance costs, shares		2,769,228
Exercise of stock options	1,790		1,790
Exercise of stock options, Shares		388,061
Vesting restricted stock
Vesting restricted stock, Shares		36,866
Issuance of shares under employee stock purchase plan	256		256
Issuance of shares under employee stock purchase plan, Shares		21,093
Stock-based compensation expense	26,571		26,571
Unrealized gain (loss) on marketable securities	(5,253)				5,253
Net Loss	(119,943)			(119,943)
Ending Balance at Sep. 30, 2022	512,885	$ 6	867,717	(348,925)	(5,913)
Shares, Outstanding, Ending Balance at Sep. 30, 2022		54,751,429
Beginning Balance at Jun. 30, 2022	397,951	$ 5	707,852	(305,923)	(3,983)
Shares, Outstanding, Beginning Balance at Jun. 30, 2022		51,847,049
Issuance of Common Stock and accompanying Pre-Funded Warrants at Private Placement, net of issuance costs	149,826	$ 1	149,825
Issuance of common stock and accompanying pre-funded warrants from private placement, net of issuance costs, shares		2,769,228
Exercise of stock options	964		964
Exercise of stock options, Shares		125,534
Vesting restricted stock, Shares		9,618
Stock-based compensation expense	9,076		9,076
Unrealized gain (loss) on marketable securities	(1,930)				1,930
Net Loss	(43,002)			(43,002)
Ending Balance at Sep. 30, 2022	$ 512,885	$ 6	$ 867,717	$ (348,925)	$ (5,913)
Shares, Outstanding, Ending Balance at Sep. 30, 2022		54,751,429

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Underwriting discounts, offering costs and issuance costs		$ 16,207		$ 16,207
Private placement, net of issuance costs	$ 174		$ 174

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net loss	$ (119,943)	$ (66,317)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	26,571	16,294
Depreciation and amortization	2,159	1,708
Premiums and discounts on available-for-sale marketable securities	1,794	4,171
Loss on disposal of property and equipment		18
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(512)	(1,068)
Receivables—due from related parties		577
Contract asset—due from related parties	(2,747)	(717)
Accounts payable	2,321	1,082
Accrued expenses and other current liabilities	1,677	8,803
Deferred revenue	(24,172)	(54,217)
Operating lease right-of-use assets	378	305
Operating lease liabilities	(738)	(794)
Other assets and liabilities	(337)	(439)
Net cash (used in) provided by operating activities	(113,549)	(90,594)
Investing activities
Purchase of property and equipment, net	(2,463)	(1,096)
Purchases of investments	(298,736)	(292,006)
Maturities of investments	371,384	261,286
Net cash used in investing activities	70,185	(31,816)
Financing activities
Issuance of Common Stock and accompanying Pre-Funded Warrants at Private Placement, net of issuance costs	149,825	0
Proceeds from stock option exercises	1,790	5,874
Proceeds from employee stock purchase plan	256	307
Payments of offering costs in connection with initial public offering		(397)
Payments on finance leases	(825)	(693)
Proceeds from follow on offering, net of underwriting discounts and offering costs		240,788
Proceeds from concurrent private placement follow on		2,347
Net cash provided by financing activities	151,046	248,226
Net (decrease) increase in cash, cash equivalents and restricted cash	107,682	125,816
Cash, cash equivalents and restricted cash at beginning of period	54,092	32,593
Cash, cash equivalents and restricted cash at end of period	161,774	158,409
Supplemental disclosure of cash flow activities
Cash paid for interest	124	106
Supplemental disclosure of noncash investing and financing activities
Property and equipment purchases included in accounts payable and accrued expenses	340	65
Purchase of property and equipment through finance lease	87	1,918
Offering costs included in accrued expenses		28
Cash and cash equivalents	155,658	156,819
Restricted cash	6,116	1,590
Total cash, cash equivalents, and restricted cash	$ 161,774	$ 158,409

Organization and Nature of Business

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

1. Organization and Nature of Business

Kymera Therapeutics, Inc., together with its subsidiary Kymera Securities Corporation, is referred to on a consolidated basis as the “Company”. The Company is a biopharmaceutical company focused on discovering and developing small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body’s own natural cellular process, a method known as targeted protein degradation. The Company has devoted its efforts principally to research and development since formation. The Company has not yet completed product development, filed for or obtained regulatory approvals for any products, nor verified the market acceptance and demand for such products. As a result, the Company is subject to a number of risks common to emerging companies in the biotech industry. Principal among these risks are the uncertainties of the product discovery and development process, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors, protection of proprietary technology, compliance with government regulations and approval requirements, the Company’s ability to access capital and uncertainty of market acceptance of products.

The Company has historical net losses and anticipates that it will continue to incur losses for the foreseeable future and had an accumulated deficit of $348.9 million as of September 30, 2022. The Company has funded these losses principally through issuance of preferred stock, convertible notes, common stock, including its initial public offering and concurrent private placement completed in August 2020 (“IPO”), follow-on offering and concurrent private placement completed in July 2021 ("Follow-on Offering"), August 2022 Private Investment in Public Equity ("PIPE") offering, and from cash proceeds received in connection with the Company’s collaboration agreements with Vertex Pharmaceuticals Incorporated (“Vertex”) and Genzyme Corporation (“Sanofi”) (see Note 5). The Company expects to continue to incur operating losses and negative cash flows until such time as it generates a level of revenue that is sufficient to support its cost structure.

As of September 30, 2022, the Company had cash, cash equivalents and marketable securities of $595.6 million. The Company believes these cash, cash equivalents and marketable securities will be sufficient to fund its operations and capital expenditure requirements through at least twelve months from the issuance of these condensed consolidated financial statements.

The Company expects to finance the future research and development costs of its product portfolio with its existing cash, cash equivalents and marketable securities, or through strategic financing opportunities that could include, but are not limited to future offerings of its equity, collaboration agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders. If the Company fails to obtain additional future capital, it may be unable to complete its planned preclinical studies and clinical trials.

Initial Public Offering

On August 20, 2020, the Company’s registration statement on Form S-1 relating to its initial public offering of its common stock was declared effective by the Securities and Exchange Commission (“SEC”). In the IPO, which closed on August 25, 2020, the Company issued and sold 9,987,520 shares of common stock, including full exercise of the underwriters’ over-allotment option to purchase an additional 1,302,720 shares, at a public offering price of $20.00 per share and the aggregate gross proceeds before deducting underwriting discounts and commissions, and other estimated offering expenses payable by the Company, were approximately $199.8 million. Concurrent with the IPO, the Company issued and sold 676,354 shares of common stock at $20.00 per share in a private placement to Vertex and the aggregate proceeds were $13.5 million.

Follow-on Public Offering

On July 6, 2021, the Company completed a follow-on offering of its common stock and issued and sold 5,468,250 shares of common stock, including full exercise of the underwriters’ over-allotment option to purchase an additional 713,250 shares, at a public offering price of $47.00 per share. The aggregate gross proceeds before deducting underwriting discounts and commissions, and other estimated offering expenses payable by the Company were approximately $257.0 million. Concurrent with the follow-on offering, the Company issued and sold 49,928 shares of common stock at $47.00 per share in a private placement to Vertex and the aggregate proceeds were $2.3 million.

Private Investment in Public Equity "PIPE" offering

On August 18, 2022, the Company and certain accredited investors entered into a securities purchase agreement pursuant to which the Company agreed to sell and issue to such investors in a private placement (i) an aggregate of 2,769,228 shares of the Company’s common stock at a purchase price of $26.00 per share, and (ii) 3,000,000 pre-funded warrants to purchase common stock, at a purchase price of $25.9999 per Pre-Funded Warrant. The Pre-Funded Warrants will have an exercise price of $0.0001 per share of common stock. The offering closed on August 22, 2022, resulting in net proceeds of $149.8 million after offering expenses.

As the pre-funded warrants are indexed to the Company’s common stock (and otherwise meet the requirements to be classified in equity), the Company recorded the consideration received from the issuance of the pre-funded warrants as additional paid-in capital on the Company’s consolidated balance sheets. The pre-funded warrants are exercisable at any time. The holders of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

During the nine months ended September 30, 2022, no pre-funded warrants were exercised. As of September 30, 2022, there were 3,000,000 pre-funded warrants outstanding.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note, and elsewhere in the accompanying condensed consolidated financial statements and notes.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Kymera Securities Corporation. All intercompany transactions and balances have been eliminated in consolidation.

Basis of Presentation

The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 24, 2022.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021, and, in the opinion of management, reflect all adjustments necessary, all of which were normal and recurring, for the fair statement of the Company’s financial position as of September 30, 2022, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results for the year ended December 31, 2022 or for any future period.

Significant Accounting Policies

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2022 are consistent with those discussed in Note 2 to the consolidated financial statements in the 2021 Annual Report on Form 10-K except with the exception of the below new policy.

Warrants

The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity, and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares.

If warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable U.S. GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of operations as a gain or loss. Equity classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2022 and December 31, 2021 (in thousands):


	Fair Value Measurements at September 30, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	45,209	$	—	$	—	$	45,209
US government agencies		19,893		—		—		19,893
Corporate bonds		74,794		—		—		74,794
Marketable securities, current
US treasuries		92,889		—		—		92,889
US government agencies		83,109		—		—		83,109
Corporate bonds		—		150,252		—		150,252
Marketable securities, non-current
US treasuries		25,547		—		—		25,547
US government agencies		52,121		—		—		52,121
Corporate bonds		—		36,033		—		36,033
Restricted cash		6,116				—		6,116
Total	$	399,678	$	186,285	$	—	$	585,963


	Fair Value Measurements at December 31, 2021:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	43,182	$	—	$	—	$	43,182
Marketable securities, current
US treasuries		169,481		—		—		169,481
US government agencies		32,170		—		—		32,170
Corporate bonds		—		192,791		—		192,791
Marketable securities, non-current
US treasuries		17,172		—		—		17,172
US government agencies		47,363		—		—		47,363
Corporate bonds		—		60,652		—		60,652
Restricted cash		6,116		—		—		6,116
Total	$	315,484	$	253,443	$	—	$	568,927

During the nine months ended September 30, 2022 and the year ended December 31, 2021, there were no transfers between Level 1, Level 2 and Level 3.

- 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

4. Marketable Securities

The following tables summarize the available-for-sale debt securities held at September 30, 2022 and December 31, 2021 (in thousands):


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
September 30, 2022
US treasury securities	$	119,810	$	6	$	(1,381	)	$	118,435
US government agencies		137,241		5		(2,015	)		135,231
Corporate securities		188,794		—		(2,509	)		186,285
Total	$	445,845	$	11	$	(5,905	)	$	439,951


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2021
US treasury securities	$	186,700	$	—	$	(45	)	$	186,655
US government agencies		79,657		—		(125	)		79,532
Corporate securities		253,929		1		(488	)		253,442
Total	$	520,286	$	1	$	(658	)	$	519,629

As of September 30, 2022, the Company held 159 securities that had been in an unrealized loss position for less than 12 months with an aggregate fair value of $426.9 million. As of December 31, 2021, the Company held 113 securities that had been in an unrealized loss position for less than 12 months with an aggregate fair value of $515.4 million.

As of September 30, 2022, the Company had 106 securities with a fair value of $326.3 million with a contractual maturity of less than 12 months and 57 securities with a fair value of $113.7 million with a contractual maturity of greater than 12 months. As of December 31, 2021, the Company had 79 securities with a fair value of $394.4 million with a contractual maturity of less than 12 months and 37 securities with a fair value of $125.2 million with a contractual maturity of greater than 12 months. There were no sales of marketable securities during the nine months ending September 30, 2022 and 2021.

The Company is required to determine whether a decline in the fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions.

Unrealized losses on available-for-sale securities presented in the previous table have not been recognized in the condensed consolidated statements of operations because the securities are high credit quality, investment grade securities that the Company does not intend to sell and will not be required to sell prior to their anticipated recovery, and the decline in fair value is attributable to factors other than credit losses. Based on its evaluation, the Company determined it does not have any credit losses related to its available-for-sale securities as of September 30, 2022 and December 31, 2021.

Collaborations

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborations

5. Collaborations

Sanofi Collaboration Arrangement

Agreement Terms

On July 7, 2020, the Company entered into a collaboration agreement, or the Sanofi Agreement, with Sanofi, to co-develop drug candidates directed to two biological targets. Under the Sanofi Agreement, the Company granted to Sanofi a worldwide exclusive license to develop, manufacture and commercialize certain lead compounds generated during the collaboration directed against IRAK4, or Collaboration Target 1, and one additional undisclosed target in an undisclosed field of use, or Collaboration Target 2. Such license is exercisable on a collaboration target-by-collaboration target basis only after specified milestones. For compounds directed against IRAK4, the field of use includes diagnosis, treatment, cure, mitigation or prevention of any diseases, disorders or conditions, excluding oncology and immuno-oncology.

Pursuant to the Sanofi Agreement, the Company is responsible for discovery and preclinical research and conducting a Phase 1 clinical trial for at least one degrader directed against IRAK4 plus up to three backup degraders. With respect to both targets, Sanofi is responsible for development, manufacturing, and commercialization of product candidates after a specified development milestone occurs with respect to each collaboration candidate.

In addition, pursuant to the Sanofi Agreement, Sanofi will grant to the Company an exclusive option, or Opt-In Right, exercisable on a collaboration target-by-collaboration target basis that will include the right to (i) to fund 50% of the United States development costs for collaboration products directed against such target in the applicable field of use and (ii) share equally in the net profits and net losses of commercializing collaboration products directed against such target in the applicable field of use in the United States. In addition, if the Company exercises the Opt-In Right, Sanofi will grant to the Company an exclusive option, applicable to each collaboration target, which upon exercise will allow the Company to conduct certain co-promotion activities in the field in the United States.

The Sanofi Agreement, unless earlier terminated, will expire on a product-by-product basis on the date of expiration of all payment obligations under the Sanofi Agreement with respect to such product. The Company or Sanofi may terminate the agreement upon the other party’s material breach or insolvency or for certain patent challenges. In addition, Sanofi may terminate the Sanofi Agreement for convenience or for a material safety event upon advance prior written notice, and the Company may terminate the Sanofi Agreement with respect to any collaboration candidate if, following Sanofi’s assumption of responsibility for the development, commercialization or manufacturing of collaboration candidates with respect to a particular target, Sanofi ceases to exploit any collaboration candidates directed to such target for a specified period.

In consideration for the exclusive licenses granted to Sanofi under the Sanofi Agreement, Sanofi paid to the Company an upfront payment of $150.0 million. The Company will also be reimbursed for certain research activities for a certain backup degrader under the IRAK4 program as well as contract manufacturing costs for the lead 474 program, unless certain criteria are not met for an initial IRAK4 degrader. In addition to the upfront payment and the reimbursements, the Company is eligible to receive certain development milestone payments of up to $1.48 billion in the aggregate, of which more than $1.0 billion relates to the IRAK4 program, upon the achievement of certain developmental or regulatory events. The Company will be eligible to receive certain commercial milestone payments up to $700.0 million in the aggregate, of which $400.0 million relates to the IRAK4 program, which are payable upon the achievement of certain net sales thresholds. The Company will be eligible to receive tiered royalties for each program on net sales ranging from the high-single digits to high teens, subject to low-single digits upward adjustments in certain circumstances.

Accounting Treatment

The Company analyzed the discovery and pre-clinical research activities as well as the exclusive license grants under the Sanofi Agreement and concluded that the arrangement was indicative of a vendor-customer relationship and would be accounted for under ASC 606.

The Company identified the following material promises under the arrangement: (1) research services for Collaboration Target 1, (2) research license for Collaboration Target 1, (3) exclusive license for Collaboration Target 1, (4) research services for Collaboration Target 2, (5) research license for Collaboration Target 2, (6) exclusive license for Collaboration Target 2, (7) option to extend the research term, and (8) optional research services during the development period.

The Company determined that Collaboration Targets 1 and 2 are distinct from each other. The research associated with degraders directed to each target is at different stages and the licensed field, should development activities be successful, are different from each other. As such, all promises associated with each target are considered distinct from promises associated with the other target.

The research and development services for each collaboration target were determined not to be distinct from the research license and the exclusive license and have been combined into a single performance obligation for each collaboration target. That is, two performance obligations were identified, the combined research services, research license and exclusive license for Collaboration Target 1 and the combined research services, research license and exclusive license for Collaboration Target 2. The exclusive license for each target is not distinct from the pre-clinical and clinical research and development services under the Sanofi Agreement, primarily due to the highly specialized nature of the research and novel technology involved with developing protein degraders – the pre-clinical activities and studies and first phase 1 clinical trial could not be conducted by another party in the manner required.

The option to extend the research term and optional research services during the development period were evaluated as material rights. The fees associated with each option are at or above the standalone selling price. As such, the underlying options are not performance obligations and fees associated with each option are excluded from the transaction price until the underlying option is exercised.

The Company determined the total transaction price to be $150.0 million, which consists solely of the upfront payment. All milestone payments and option payments are constrained as the achievement of such milestones are contingent upon the success of the underlying research and development activities and are generally outside the control of the Company. The reimbursement of costs for the IRAK4 backup degrader is also treated as constrained variable consideration as the criteria for reimbursement may not always be met, under which circumstances the Company would be responsible for the costs related to the backup degrader. Upon becoming unconstrained, the reimbursement consideration will be added to the transaction price and allocated to Collaboration Target 1.

The Company allocated the upfront payment to each performance obligation based on the relative standalone selling price, as follows:

•

Collaboration Target 1: $120.0 million

•

Collaboration Target 2: $30.0 million

The Company determined the allocation of the $150.0 million transaction price between Collaboration Target 1 and Collaboration Target 2 based on the value of the research and development for the programs from projected research and development costs for each collaboration target plus a developer’s profit and the total potential milestones for each collaboration target.

The Company recognizes revenue associated with each performance obligation as the research and development services are provided using an input method, according to costs incurred as related to the research and development activities for each individual program and the costs expected to be incurred in the future to satisfy that individual performance obligation. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying each performance obligation. The amounts received that have not yet been recognized as revenue are deferred as a contract liability on the Company’s consolidated balance sheet and will be recognized over the remaining research and development period until the performance obligation is satisfied. Reimbursement consideration added to the transaction price will be recognized as revenue on the same pattern as Collaboration Target 1, with a cumulative catch-up upon becoming unconstrained. The performance obligations have not been fully satisfied as of September 30, 2022. In the three months ended September 30, 2022, the Company recognized $7.1 million in revenue under the Sanofi Agreement, of which $4.5 million was associated with Collaboration Target 1 and $2.6 million was associated with Collaboration Target 2. In the nine months ended September 30, 2022, the Company recognized $22.1 million in revenue under the Sanofi Agreement, of which $14.5 million was associated with Collaboration Target 1 and $7.6 million was associated with Collaboration Target 2. In the three months ended September 30, 2021, the Company recognized $16.5 million in revenue under the Sanofi Agreement, of which $14.5 million was associated with Collaboration Target 1 and $2.0 million was associated with Collaboration Target 2. In the nine months ended September 30, 2021, the Company recognized $42.5 million in revenue under the Sanofi Agreement, of which $36.0 million was associated with Collaboration Target 1 and $6.5 million was associated with Collaboration Target 2. Of the $22.1 million of revenue recognized in the nine months ended September 30, 2022, $18.3 million was recognized from amounts that were recorded in deferred revenue as of December 31, 2021. The aggregate amount of the transaction price allocated to the Company’s unsatisfied performance obligations and recorded in deferred revenue at September 30, 2022 and December 31, 2021 is $66.3 million and $81.8 million, respectively. During the nine months ended September 30, 2022, the Company received $3.8 million in cost reimbursement payments. No milestone or royalty payments have been received under the Sanofi Agreement. As of September 30, 2022, the Company recorded a contract asset for unbilled accounts receivable of $2.9 million related to reimbursable research and development costs under the Sanofi Agreement for activities performed during the third quarter of 2022. As of September 30, 2022, the Company did not have any amounts recorded in accounts receivable under the Sanofi Agreement. The Company will recognize the deferred revenue related to the research and development services based on a cost input method, as described, over the remaining research term, which is a maximum of 1.3 years as of September 30, 2022.

Any consideration related to performance-based milestones will be recognized when the risk of probable reversal is resolved, at which point the Company shall adjust the transaction price determined for the agreement accordingly and recognize revenue on a cumulative-catch up basis, reallocating the revised arrangement consideration to the performance obligations. Any consideration related to sales milestone payments and royalties will be recognized when the related milestone events or sales occur and therefore are recognized at the later of when the related sales occur or the relevant performance obligation is satisfied. As part of its evaluation of constraining the milestones, the Company considered numerous factors, including the fact that the achievement of the research and development milestones are contingent upon the results of the underlying research and development activities and are thus outside of the control of the Company.

Vertex Agreement

On May 9, 2019 (the “Effective Date”), the Company entered into a collaboration agreement (the “Vertex Agreement”) with Vertex to advance small molecule protein degraders against up to six targets. Under the Vertex Agreement, Vertex has the exclusive option to license the rights to the product candidates developed for the designated targets at which point Vertex will control development and commercialization. Pursuant to the Vertex Agreement, the Company is only responsible for discovery and preclinical research on the targets, and Vertex is responsible for development, manufacturing, and commercialization of the product candidates after it exercises its option to license. The initial research term of the collaboration is four (4) years, extendable for an additional one (1) year period upon mutual agreement by the parties and payment by Vertex of certain per-target fees.

Vertex provided the Company with a non-refundable upfront payment of $50.0 million and purchased 3,059,695 shares of the Company’s Series B-1 Convertible Preferred Stock (the “Series B-1 Preferred Stock”) at $6.54 a share, pursuant to a separate, but simultaneously executed Share Purchase Agreement. The shares were purchased at a premium of $5.9 million, which was included in the transaction price and will be recognized as revenue over the period of performance. As a result of this purchase, Vertex is considered a related party.

The Company is eligible to receive up to $170.0 million in payments per target, including development, regulatory and commercial milestones as well as option exercise payments. In addition, Vertex is obligated to pay the Company tiered royalties on future net sales on any products that may result from the Vertex Agreement. None of the payments under the Vertex Agreement are refundable. The Company may also perform follow-on research for an optioned target upon Vertex’s request and at Vertex’s expense.

The term of the Vertex Agreement began on the Effective Date and expires upon the expiration of all payment obligations from Vertex to Company under the Vertex Agreement or, if Vertex does not exercise any of its options, the lapse of all Vertex’s option rights under the Vertex Agreement. Vertex also has the ability to terminate for convenience with prior written notice to the Company, and either party may terminate for an uncured material breach.

Accounting Treatment

The Company analyzed the joint research activities required under the Vertex Agreement and concluded that the arrangement was indicative of a vendor-customer relationship and would be accounted for under ASC 606.

The Company identified the following material promises under the arrangement: (1) the non-exclusive, royalty-free research license; (2) the research and development services to be performed on up to six targets; and (3) the option to license each of the targets for development, manufacturing, and commercialization efforts. The research and development services were determined not to be distinct from the research and development license and have been combined into a single performance obligation. The Company determined that the option to license the targets in the future was not priced at a discount, and that the option exercise fee for each target is at or above the standalone selling price for research at this stage of development; as such, the options and the underlying licenses are excluded from the performance obligation and the option exercise fees are excluded from the transaction price until the underlying option is exercised.

As part of its evaluation of constraining the research and development milestones, the Company considered numerous factors, including the fact that the achievement of the research and development milestones is contingent upon the results of the underlying research and development activities and is thus outside of the control of the Company.

At the commencement of the arrangement, two units of accounting were identified: the issuance of 3,059,695 shares of the Series B-1 Preferred Stock and the research activities the Company will perform over the Research Term. The Company determined the total transaction price to be $55.9 million, which consists of $5.9 million attributed to the premium from the shares of Series B-1 Preferred Stock sold to Vertex and the $50.0 million upfront payment. To determine the fair value of the Series B-1 Preferred Stock issued to Vertex, the Company performed a valuation of the shares of the Company’s common and preferred stock, which took into consideration recent financings, and the Company’s recent development and future exit strategies, as well as a discount for lack of marketability.

The Company recognizes revenue associated with the performance obligation as the research and development services are provided using an input method, according to the costs incurred as related to the research and development activities on each program and the costs expected to be incurred in the future to satisfy the performance obligation. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The amounts received that have not yet been recognized as revenue are deferred as a contract liability on the Company’s consolidated balance sheet and will be recognized over the remaining research and development period until the performance obligation is satisfied. The performance obligation has not been fully satisfied as of September 30, 2022. During the three months ended September 30, 2022 and 2021, the Company recognized $2.5 million and $3.8 million, respectively, under the Vertex Agreement. During the nine months ended September 30, 2022 and 2021, the Company recognized $8.6 million and $15.1 million, respectively, under the Vertex Agreement. All $8.6 million of revenue recognized in the nine months ended September 30, 2022 was recognized from amounts that were recorded in deferred revenue as of December 31, 2021. The aggregate amount of the transaction price allocated to the Company’s unsatisfied performance obligation and recorded in deferred revenue at September 30, 2022 and December 31, 2021 is $10.6 million and $19.2 million, respectively. The Company will recognize the deferred revenue related to the research and development services based on a cost input method, over the remaining research term, which is a maximum of 0.8 years as of September 30, 2022.

Any consideration related to sales milestone payments (including royalties) will be recognized when the related milestone events or sales occur and therefore is recognized at the later of when the related sales occur or the relevant performance obligation is satisfied.

Compound Collaboration

In October 2017, the Company entered into a collaboration agreement (the “Collaboration”) with a pharmaceutical company to jointly identify, research and conduct preclinical development of collaboration compounds against specified collaboration targets to identify drug candidates. Under the terms of the Collaboration, both parties provided one another with a non-exclusive, royalty-free, sub-licensable research and development license to each party’s intellectual property to develop five agreed-upon collaboration targets, as well as an exclusive, royalty-bearing development and commercialization license to sell any licensed products that stem from such research. The parties also have the ability to nominate additional collaboration targets if agreed-upon, as long as there are no more than five targets at any given time.

In exchange for the non-exclusive license rights, the Company provided the pharmaceutical company with an equity grant and is required to make tiered royalty payments based on net sales of all products licensed under the agreement in the low single-digit percentages. In conjunction with the Collaboration, the Company initially issued 886,305 Series A Preferred Units (“Series A Preferred Units”) to the pharmaceutical company. On November 1, 2018, these Series A Preferred Units were exchanged on a one-for-one basis for shares of Series A Convertible Preferred Stock (the “Series A Preferred Stock”). These shares vested in equal installments over three years and the Company recorded expense over the vesting period based on the fair value of the shares under the Collaboration. As of December 31, 2020, all shares under the Collaboration were fully vested and all expenses had been recognized.

The royalty payments are contingent and as such are not being recorded until incurred. The Company determined that the license is representative of an in-process research and development asset, with no future alternative use. As such, the Company recorded the expense related to the vesting of shares of Series A Preferred Stock as research and development expense in the Company’s condensed consolidated statements of operations and comprehensive loss.

The Collaboration was terminated by the parties effective April 27, 2022.

The following table presents the changes in accounts receivable, contract assets and contract liabilities for the nine months ended September 30, 2022 (in thousands):


	Balance at December 31, 2021		Additions		Deductions			Balance at September 30, 2022
Accounts receivable and contract assets:
Billed receivables - Sanofi	$	—	$	3,768	$	(3,768	)	$	—
Unbilled receivables - Sanofi		135		6,515		(3,768	)		2,882
Total accounts receivable and contract assets	$	135	$	10,283	$	(7,536	)	$	2,882
Contract liabilities:
Deferred revenue - Vertex	$	19,212	$	—	$	(8,608	)	$	10,604
Deferred revenue - Sanofi		81,822		6,515		(22,079	)		66,258
Total contract liabilities	$	101,034	$	6,515	$	(30,687	)	$	76,862

Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Property and equipment consists of the following as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022			December 31, 2021
Lab and office equipment under finance right-of-use asset	$	4,309		$	3,969
Lab equipment		4,093			2,805
Computer equipment		355			273
Furniture & fixtures		1,064			943
Leasehold improvements		7,803			7,741
Assets not yet in service		1,020			66
Total property and equipment		18,644			15,797
Less accumulated depreciation		(6,075	)		(3,916	)
Property and equipment, net	$	12,569		$	11,881

Depreciation expense for the three months ended September 30, 2022 and 2021 was $0.8 million and $0.7 million, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $2.2 million and $1.7 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $4.3 million and accumulated amortization expense of $2.3 million and $1.5 million as of September 30, 2022 and December 31, 2021, respectively.

Amortization expense related to right-of-use assets during the three months ended September 30, 2022 and 2021 was $0.3 million and $0.3 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2022 and 2021 was $0.9 million and $0.7 million, respectively.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

7. Leases

In October 2019, the Company entered into a noncancelable facility lease agreement (the “the 2019 Lease”) for 34,522 square feet of research and development and office space in Watertown, Massachusetts. The term of the 2019 Lease is 120 months and expires on March 31, 2030. The 2019 Lease has an option to be extended for an additional five years. The lease is not reasonably certain to be extended and as such the additional term is not included in the measurement of the lease. The 2019 Lease includes a rent escalation clause, and rent expense is being recorded on a straight-line basis. In accordance with the lease agreement, the Company is required to maintain a security deposit and provided a letter of credit to the landlord for $1.6 million, which is recorded in restricted cash as of September 30, 2022 and December 31, 2021.

In December 2021, the Company entered into a noncancelable lease (the "2021 Lease") for 100,624 square feet of office and laboratory space in Watertown, Massachusetts, which the Company expects to begin occupying in November 2023. The 2021 Lease is subject to base rent of $0.8 million per month beginning two months after the commencement date, plus the Company’s ratable share of taxes, maintenance and other operating expenses. Base rent is subject to a 3% annual increase over the lease term of approximately 134 months following the commencement date. The Company also has two consecutive options to extend the term of the lease for five years each at then-market rates. The 2021 Lease also includes a tenant improvement allowance of approximately $20.1 million. In connection with the signing of the 2021 Lease, the Company issued a letter of credit for $4.5 million which is classified as restricted cash as of September 30, 2022 and December 31, 2021. The Company also paid first month’s rent of $0.8 million upon execution of the 2021 Lease in December 2021 which is classified as other non-current assets as of September 30, 2022 and December 31, 2021. As of September 30, 2022, the Company has not taken control of the space associated with the 2021 Lease and therefore, the Company has not recorded a right of use asset or lease liability related to the space as of September 30, 2022.

The Company’s finance lease obligations consist of certain property and equipment financed through finance leases.

The components of the lease costs for the three and nine months ended September 30, 2022 and 2021, were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease costs	$	524	$	524	$	1,571	$	1,571
Finance lease costs:
Amortization of right-to-use assets, finance leases		297		279		855		650
Interest expense for finance lease liabilities		39		52		124		106
Variable lease costs		297		358		870		743
Total lease costs	$	1,157	$	1,213	$	3,420	$	3,070

Supplemental cash flow information relating to the Company’s leases for the nine months ended September 30, 2022 and 2021, were as follows (in thousands):


	Nine Months Ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	1,931	$	2,060
Operating cash flows used in finance leases	$	833	$	593
Financing cash flows used in finance leases	$	124	$	106

Weighted average remaining lease terms and discount rates as of September 30, 2022 and 2021 were as follows:


	Nine Months Ended September 30,
	2022			2021
Remaining lease term:
Operating lease	7.59 years			8.59 years
Finance lease	1.81 years			2.61 years
Discount Rate:
Operating lease		10.50	%		10.50	%
Finance lease		8.73	%		8.75	%

The undiscounted future lease payments for operating and finance leases as of September 30, 2022, were as follows (in thousands):


Fiscal Year	Operating Leases			Finance Leases
2022 (excluding the first, second, and third quarters)	$	650		$	287
2023		2,659			1,097
2024		2,732			473
2025		2,814			75
2026		2,898			—
Thereafter		10,027			—
Total minimum lease payments		21,780			1,932
Less amounts representing interest or imputed interest		(6,833	)		(139	)
Present value of lease liabilities		14,947			1,793

Excluded from the table above are all future payments related to the 2021 Lease.

Accrued Expenses

9 Months Ended

Sep. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Expenses

8. Accrued Expenses

Accrued expenses consist of the following as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022		December 31, 2021
Research and development expenses	$	16,762	$	15,169
Payroll and payroll-related		6,160		6,033
Professional fees		1,577		1,417
Other		193		352
Accrued expenses	$	24,692	$	22,971

Other Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Other Commitments and Contingencies

9. Other Commitments and Contingencies

Legal Proceedings

In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred. The Company is not currently a party to any legal proceedings.

Indemnification Arrangements

As permitted under Delaware law, the Company has agreements whereby it indemnifies its investors, employees, officers, and directors (collectively, the “Indemnified Parties”) for certain events or occurrences while the Indemnified Parties are, or were serving, at its request in such capacity. The term of the indemnification period is for the Indemnified Parties’ lifetime. The Company believes the estimated fair value of these indemnification agreements is minimal. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of September 30, 2022 or December 31, 2021.

Equity-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

10. Equity-Based Compensation

2018 Stock Option and Grant Plan

In November 2018, the Company adopted, and its stockholders approved, the 2018 Stock Option and Grant Plan (the “2018 Plan”), which provides for the granting of stock options and other equity-based awards at the discretion of the Board of Directors or any subcommittee of the Board of Directors to the Company’s employees, officers, directors, and independent contractors. No further grants will be made under the 2018 Plan. However, the 2018 Plan will continue to govern outstanding equity awards granted thereunder. To the extent outstanding options granted under the 2018 Plan are cancelled, forfeited or otherwise terminated without being exercised and would otherwise have been returned to the share reserve under the 2018 Plan, the number of shares underlying such awards will be available for future grant under the 2020 Stock Option and Incentive Plan.

2020 Stock Option and Incentive Plan

In August 2020, the Company and its stockholders approved the 2020 Stock Option and Incentive Plan (the “2020 Plan”), which became effective on August 20, 2020. The 2020 Plan replaced the 2018 Plan as the Company’s Board of Directors has determined not to make additional awards under the 2018 Plan following the closing of the Company’s IPO. The 2020 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The Company has initially reserved 4,457,370 shares of its common stock for the issuance of awards under the 2020 Plan, which includes the shares of common stock remaining available for issuance under its 2018 Plan as of the business day immediately prior to the effective date of the registration statement. The 2020 Plan provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2021 and each January 1 thereafter, by 4% of the Company’s outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation committee. These limits are subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of September 30, 2022, there were an aggregate of 3,705,158 shares remaining available for future grants.

2020 Employee Stock Purchase Plan

In August 2020, the Company and its stockholders approved the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective August 20, 2020. The 2020 ESPP initially reserves and authorizes the issuance of up to a total of 445,653 shares of common stock to participating employees. The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2021 and each January 1 thereafter through January 1, 2030, by the lesser of (i) 438,898 shares of common stock, (ii) 1% of the Company’s outstanding number of shares of common stock on the immediately preceding December 31 or (iii) such lesser number of shares of common stock as determined by the administrator of the 2020 ESPP. The number of shares reserved under the 2020 ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of September 30, 2022, there were an aggregate 1,282,669 shares remaining available for future grants.

Stock Options

A summary of stock option activity under the 2020 Plan during the nine months ended September 30, 2022 is as follows (in thousands except share and per share data):


	Number of Options Outstanding			Weighted Average Strike Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2021		6,239,182		$	23.91		8.56	$	246,933
Granted		1,607,066			36.26
Exercised		(388,061	)		4.61
Forfeited		(440,556	)		31.85
Outstanding at September 30, 2022		7,017,631		$	27.31		8.20	$	49,515
Exercisable at September 30, 2022		3,211,321		$	21.57		7.78	$	31,362

The intrinsic value of stock options exercised during the three months ended September 30, 2022 and 2021 was $2.8 million and $18.7 million, respectively. The intrinsic value of stock options exercised during the nine months ended September 30, 2022 and 2021 was $11.5 million and $55.8 million, respectively.

The weighted-average fair value of options granted during the three months ended September 30, 2022 and 2021 was $14.18 and $35.38, respectively. The weighted-average fair value of options granted during the nine months ended September 30, 2022 and 2021 was $20.62 and $29.55, respectively.

As of September 30, 2022, the total unrecognized stock-based compensation expense for unvested stock options was $66.9 million, with a weighted average recognition period of 2.3 years.

The following table outlines our equity-based compensation expense for stock options for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	4,348	$	3,255	$	12,383	$	7,713
General and administrative		4,052		3,995		12,689		8,222
Total equity-based compensation	$	8,400	$	7,250	$	25,072	$	15,935

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Expected term (in years)		6.01			6.06			5.84			5.86
Volatility		63	%		66	%		62	%		66	%
Risk-free interest rate		3.01	%		0.91	%		1.95	%		0.90	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%

Restricted Common Stock

The Company has granted shares of restricted common stock with service-based and performance-based vesting conditions. A summary of restricted stock activity during the nine months ended September 30, 2022 is as follows:


	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2021		37,745		$	1.60
Granted		283,328
Vested		(36,866	)
Forfeited		(9,916	)
Unvested at September 30, 2022		274,291		$	23.87

The Company granted 283,328 shares of restricted common stock during the nine months ended September 30, 2022. No restricted stock awards were granted during the three and nine months ended September 30, 2021. As of September 30, 2022, the total unrecognized stock-based compensation expense for unvested restricted stock was $5.6 million with a weighted average recognition period of 2.7 years.

During the three months ended September 30, 2022 the Company recognized approximately $0.5 million of expense for restricted stock of which $0.4 million and $0.1 million was recorded in research and development and general and administrative expense, respectively. During the nine months ended September 30, 2022 the Company recognized approximately $0.9 million for restricted stock of which $0.7 million and $0.2 million was recorded in research and development and general and administrative expense, respectively. During the three months ended September 30, 2021, the Company recognized an immaterial amount of equity-based compensation expense for restricted stock. During the nine months ended September 30, 2021, the Company recognized $0.1 million for restricted stock of which approximately $0.1 million and an immaterial amount were included in research and development and general and administrative expense, respectively.

Equity-Based Compensation Expense

Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	4,852	$	3,377	$	13,522	$	8,019
General and administrative		4,224		4,019		13,049		8,275
Total equity-based compensation	$	9,076	$	7,396	$	26,571	$	16,294

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

11. Related-Party Transactions

Other than the collaborations discussed in Note 5, the Company had no related party transactions for the periods presented in the accompanying condensed consolidated financial statements, which have not otherwise been discussed in these notes to the condensed consolidated financial statements.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

Income taxes for the three and nine months ended September 30, 2022 and 2021 have been calculated based on an estimated annual effective tax rate and certain discrete items. For the three and nine months ended September 30, 2022 and 2021, no income tax was recorded.

The Company has never been examined by the Internal Revenue Service or any other jurisdiction for any tax years and, as such, all years within the applicable statutes of limitations are potentially subject to audit.

- 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
-SubTopic 10
-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
-SubTopic 270
-Section 50
-Paragraph 1
-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

Net Loss per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss per Share

13. Net Loss per Share

Net Loss per Share

Basic and diluted loss per share is computed by dividing net loss by the weighted-average common shares outstanding for the period, including the pre-funded warrants given their nominal exercise price (in thousands, except for share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(43,002	)	$	(28,582	)	$	(119,943	)	$	(66,317	)
Denominator:
Weighted average common shares outstanding, basic and diluted		54,535,514			50,714,846			52,600,103			46,841,636
Net loss per share, basic and diluted	$	(0.79	)	$	(0.56	)	$	(2.28	)	$	(1.42	)

The Company’s potentially dilutive securities, which include restricted stock and stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2022 and 2021 because including them would have had an anti-dilutive effect:


	Nine Months Ended September 30,
	2022		2021
Unvested restricted stock		274,291		55,368
Options to purchase common stock		7,017,631		6,625,555
Total		7,291,922		6,680,923

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Kymera Securities Corporation. All intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 24, 2022. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021, and, in the opinion of management, reflect all adjustments necessary, all of which were normal and recurring, for the fair statement of the Company’s financial position as of September 30, 2022, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results for the year ended December 31, 2022 or for any future period.
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2022 are consistent with those discussed in Note 2 to the consolidated financial statements in the 2021 Annual Report on Form 10-K except with the exception of the below new policy. Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity, and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable U.S. GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of operations as a gain or loss. Equity classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis


	Fair Value Measurements at September 30, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	45,209	$	—	$	—	$	45,209
US government agencies		19,893		—		—		19,893
Corporate bonds		74,794		—		—		74,794
Marketable securities, current
US treasuries		92,889		—		—		92,889
US government agencies		83,109		—		—		83,109
Corporate bonds		—		150,252		—		150,252
Marketable securities, non-current
US treasuries		25,547		—		—		25,547
US government agencies		52,121		—		—		52,121
Corporate bonds		—		36,033		—		36,033
Restricted cash		6,116				—		6,116
Total	$	399,678	$	186,285	$	—	$	585,963


	Fair Value Measurements at December 31, 2021:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	43,182	$	—	$	—	$	43,182
Marketable securities, current
US treasuries		169,481		—		—		169,481
US government agencies		32,170		—		—		32,170
Corporate bonds		—		192,791		—		192,791
Marketable securities, non-current
US treasuries		17,172		—		—		17,172
US government agencies		47,363		—		—		47,363
Corporate bonds		—		60,652		—		60,652
Restricted cash		6,116		—		—		6,116
Total	$	315,484	$	253,443	$	—	$	568,927

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2022

Marketable Securities [Abstract]

Summary of Available-for-Sale Debt Securities

The following tables summarize the available-for-sale debt securities held at September 30, 2022 and December 31, 2021 (in thousands):


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
September 30, 2022
US treasury securities	$	119,810	$	6	$	(1,381	)	$	118,435
US government agencies		137,241		5		(2,015	)		135,231
Corporate securities		188,794		—		(2,509	)		186,285
Total	$	445,845	$	11	$	(5,905	)	$	439,951


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2021
US treasury securities	$	186,700	$	—	$	(45	)	$	186,655
US government agencies		79,657		—		(125	)		79,532
Corporate securities		253,929		1		(488	)		253,442
Total	$	520,286	$	1	$	(658	)	$	519,629

Collaborations (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Change in Accounts Receivable, Contract Asset and Liabilities

The following table presents the changes in accounts receivable, contract assets and contract liabilities for the nine months ended September 30, 2022 (in thousands):


	Balance at December 31, 2021		Additions		Deductions			Balance at September 30, 2022
Accounts receivable and contract assets:
Billed receivables - Sanofi	$	—	$	3,768	$	(3,768	)	$	—
Unbilled receivables - Sanofi		135		6,515		(3,768	)		2,882
Total accounts receivable and contract assets	$	135	$	10,283	$	(7,536	)	$	2,882
Contract liabilities:
Deferred revenue - Vertex	$	19,212	$	—	$	(8,608	)	$	10,604
Deferred revenue - Sanofi		81,822		6,515		(22,079	)		66,258
Total contract liabilities	$	101,034	$	6,515	$	(30,687	)	$	76,862

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consists of the following as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022			December 31, 2021
Lab and office equipment under finance right-of-use asset	$	4,309		$	3,969
Lab equipment		4,093			2,805
Computer equipment		355			273
Furniture & fixtures		1,064			943
Leasehold improvements		7,803			7,741
Assets not yet in service		1,020			66
Total property and equipment		18,644			15,797
Less accumulated depreciation		(6,075	)		(3,916	)
Property and equipment, net	$	12,569		$	11,881

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Components of Lease Costs

The components of the lease costs for the three and nine months ended September 30, 2022 and 2021, were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease costs	$	524	$	524	$	1,571	$	1,571
Finance lease costs:
Amortization of right-to-use assets, finance leases		297		279		855		650
Interest expense for finance lease liabilities		39		52		124		106
Variable lease costs		297		358		870		743
Total lease costs	$	1,157	$	1,213	$	3,420	$	3,070

Supplemental Cash Flow Information Relating to Leases

Supplemental cash flow information relating to the Company’s leases for the nine months ended September 30, 2022 and 2021, were as follows (in thousands):


	Nine Months Ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	1,931	$	2,060
Operating cash flows used in finance leases	$	833	$	593
Financing cash flows used in finance leases	$	124	$	106

Summary of Weighted Average Remaining Lease Terms and Discount Rates

Weighted average remaining lease terms and discount rates as of September 30, 2022 and 2021 were as follows:


	Nine Months Ended September 30,
	2022			2021
Remaining lease term:
Operating lease	7.59 years			8.59 years
Finance lease	1.81 years			2.61 years
Discount Rate:
Operating lease		10.50	%		10.50	%
Finance lease		8.73	%		8.75	%

Summary of Undiscounted Future Lease Payments for Operating and Finance Leases

The undiscounted future lease payments for operating and finance leases as of September 30, 2022, were as follows (in thousands):


Fiscal Year	Operating Leases			Finance Leases
2022 (excluding the first, second, and third quarters)	$	650		$	287
2023		2,659			1,097
2024		2,732			473
2025		2,814			75
2026		2,898			—
Thereafter		10,027			—
Total minimum lease payments		21,780			1,932
Less amounts representing interest or imputed interest		(6,833	)		(139	)
Present value of lease liabilities		14,947			1,793

Excluded from the table above are all future payments related to the 2021 Lease.

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consist of the following as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022		December 31, 2021
Research and development expenses	$	16,762	$	15,169
Payroll and payroll-related		6,160		6,033
Professional fees		1,577		1,417
Other		193		352
Accrued expenses	$	24,692	$	22,971

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the nine months ended September 30, 2022 is as follows (in thousands except share and per share data):


	Number of Options Outstanding			Weighted Average Strike Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2021		6,239,182		$	23.91		8.56	$	246,933
Granted		1,607,066			36.26
Exercised		(388,061	)		4.61
Forfeited		(440,556	)		31.85
Outstanding at September 30, 2022		7,017,631		$	27.31		8.20	$	49,515
Exercisable at September 30, 2022		3,211,321		$	21.57		7.78	$	31,362

Summary of Equity-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	4,852	$	3,377	$	13,522	$	8,019
General and administrative		4,224		4,019		13,049		8,275
Total equity-based compensation	$	9,076	$	7,396	$	26,571	$	16,294

Summary of Weighted-Average Assumptions


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Expected term (in years)		6.01			6.06			5.84			5.86
Volatility		63	%		66	%		62	%		66	%
Risk-free interest rate		3.01	%		0.91	%		1.95	%		0.90	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%

Stock Options

Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	4,348	$	3,255	$	12,383	$	7,713
General and administrative		4,052		3,995		12,689		8,222
Total equity-based compensation	$	8,400	$	7,250	$	25,072	$	15,935

Summary of Restricted Stock Activity


	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2021		37,745		$	1.60
Granted		283,328
Vested		(36,866	)
Forfeited		(9,916	)
Unvested at September 30, 2022		274,291		$	23.87

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Loss Per Share


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(43,002	)	$	(28,582	)	$	(119,943	)	$	(66,317	)
Denominator:
Weighted average common shares outstanding, basic and diluted		54,535,514			50,714,846			52,600,103			46,841,636
Net loss per share, basic and diluted	$	(0.79	)	$	(0.56	)	$	(2.28	)	$	(1.42	)

Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders Anti-Diluted Effect

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2022 and 2021 because including them would have had an anti-dilutive effect:


	Nine Months Ended September 30,
	2022		2021
Unvested restricted stock		274,291		55,368
Options to purchase common stock		7,017,631		6,625,555
Total		7,291,922		6,680,923

Organization and Nature of Business - Additional Information (Details) - USD ($)				3 Months Ended	9 Months Ended
	Aug. 18, 2022	Jul. 06, 2021	Aug. 25, 2020	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Organization and Nature of Business [Line Items]
Accumulated deficit				$ (348,925,000)	$ (348,925,000)	$ (228,982,000)
Cash, cash equivalents and marketable securities				595,600	595,600
Aggregate proceeds from issuance of private placement				$ 174,000	$ 174,000
Initial Public Offering
Organization and Nature of Business [Line Items]
Stock Issued During Period, Shares, New Issues			9,987,520
Common stock per share			$ 20.00
Gross proceeds from issuance initial public offering			$ 199,800,000
Private Placement \| Vertex Pharmaceuticals Incorporated
Organization and Nature of Business [Line Items]
Stock Issued During Period, Shares, New Issues		49,928	676,354
Common stock per share		$ 47.00	$ 20.00
Aggregate proceeds from issuance of private placement		$ 2,300,000	$ 13,500,000
Underwriters
Organization and Nature of Business [Line Items]
Stock Issued During Period, Shares, New Issues		713,250	1,302,720
Follow-on Offering
Organization and Nature of Business [Line Items]
Net proceeds from sale of common stock in public offering		$ 257,000,000.0
Stock Issued During Period, Shares, New Issues		5,468,250
Common stock per share		$ 47.00
Private Investment in Public Equity "PIPE" [Member]
Organization and Nature of Business [Line Items]
Stock Issued During Period, Shares, New Issues	2,769,228
Common stock per share	$ 26.00
Pre-funded warrants to purchase	$ 3,000,000,000
Pre-funded warrant purchase price	$ 25.9999
Pre-funded warrants per share	$ 0.0001
Offering expenses	$ 149,800,000
Pre-funded warrants outstanding				3,000,000	3,000,000
Pre-funded warrants, exercised					$ 0
Increase or decrease pre-funded warrants, maximum	19.99%
Minimum pre-funded warrants, exercise	4.99%
Prior notice period, minimum	61 days

Summary of Significant Accounting Policies - Additional Information (Details)	Jun. 30, 2022
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities	$ 439,951		$ 519,629
Fair Value, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Restricted cash	6,116		6,116
Total	585,963		568,927
Fair Value, Recurring \| Money Market Fund
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	45,209		43,182
Fair Value, Recurring \| US government agencies
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	19,893
Marketable securities, current	83,109		32,170
Marketable securities, non-current	52,121		47,363
Fair Value, Recurring \| Corporate Bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	74,794
Marketable securities, current	150,252		192,791
Marketable securities, non-current	36,033		60,652
Fair Value, Recurring \| US Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current	92,889		169,481
Marketable securities, non-current	25,547		17,172
Fair Value, Recurring \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Restricted cash	6,116		6,116
Total	399,678		315,484
Fair Value, Recurring \| Level 1 \| Money Market Fund
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	45,209		43,182
Fair Value, Recurring \| Level 1 \| US government agencies
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	19,893
Marketable securities, current	83,109		32,170
Marketable securities, non-current	52,121		47,363
Fair Value, Recurring \| Level 1 \| Corporate Bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	74,794
Marketable securities, current	0		0
Marketable securities, non-current	0		0
Fair Value, Recurring \| Level 1 \| US Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current	92,889		169,481
Marketable securities, non-current	25,547		17,172
Fair Value, Recurring \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Restricted cash			0
Total	186,285		253,443
Fair Value, Recurring \| Level 2 \| Money Market Fund
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	0		0
Fair Value, Recurring \| Level 2 \| US government agencies
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current			0
Marketable securities, non-current	0		0
Fair Value, Recurring \| Level 2 \| Corporate Bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	0
Marketable securities, current	150,252		192,791
Marketable securities, non-current	36,033		60,652
Fair Value, Recurring \| Level 2 \| US Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current	0		0
Marketable securities, non-current	0		0
Fair Value, Recurring \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents			0
Restricted cash			0
Total	0
Fair Value, Recurring \| Level 3 \| Money Market Fund
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	0		0
Fair Value, Recurring \| Level 3 \| US government agencies
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current		$ 0	0
Marketable securities, non-current	0		0
Fair Value, Recurring \| Level 3 \| Corporate Bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	0
Marketable securities, current	0		0
Marketable securities, non-current	0		0
Fair Value, Recurring \| Level 3 \| US Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current			0
Marketable securities, non-current	$ 0		$ 0

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 3 transfers, amount	$ 0	$ 0
Fair value assets, level 3 to level 1 transfers, amount	0	0
Fair value assets, level 3 to level 2 transfers, amount	0	0
Fair value assets, level 2 to level 3 transfers, amount	$ 0	$ 0

Marketable Securities - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized Cost	$ 445,845	$ 520,286
Unrealized Gains	11	1
Unrealized Losses	(5,905)	(658)
Fair Value	439,951	519,629
U.S. Treasury Securities
Marketable Securities [Line Items]
Amortized Cost	119,810	186,700
Unrealized Gains	6	0
Unrealized Losses	(1,381)	(45)
Fair Value	118,435	186,655
US Government Agencies
Marketable Securities [Line Items]
Amortized Cost	137,241	79,657
Unrealized Gains	5	0
Unrealized Losses	(2,015)	(125)
Fair Value	135,231	79,532
Corporate Securities
Marketable Securities [Line Items]
Amortized Cost	188,794	253,929
Unrealized Gains	0	1
Unrealized Losses	(2,509)	(488)
Fair Value	$ 186,285	$ 253,442

Marketable Securities - Additional Information (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) Security	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) Security
Marketable Securities [Abstract]
Number of available-for-sale debt securities, continuous unrealized loss position for less than 12 months \| Security	159		113
Aggregate fair value of available-for-sale debt securities, continuous unrealized loss position for less than 12 months	$ 426,900,000		$ 515,400,000
Number of available-for-sale debt securities, contractual maturity of less than 12 months \| Security	106		79
Fair value of available-for-sale debt securities, contractual maturity of less than 12 months	$ 326,300,000		$ 394,400,000
Number of available-for-sale debt securities, contractual maturity of greater than 12 months \| Security	57		37
Fair value of available-for-sale debt securities, contractual maturity of greater than 12 months	$ 113,701,000		$ 125,187,000
Sales of marketable securities	0	$ 0
Available-for-sale securities, credit losses	$ 0		$ 0

Collaborations - Additional Information (Details)					3 Months Ended		9 Months Ended		12 Months Ended
Collaborations - Additional Information (Details)	Jul. 07, 2020 USD ($)	May 09, 2019 USD ($) $ / shares shares	Nov. 01, 2018	Oct. 31, 2017 shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration termination date							Apr. 27, 2022
Cost reimbursement payment received							$ 3,800,000
Unbilled accounts receivable					$ 2,900,000		2,900,000
Research and development					43,877,000	$ 38,306,000	121,115,000	$ 99,488,000
Revenue recognized					9,551,000	20,336,000	30,687,000	57,557,000
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment	$ 150,000,000.0
Collaboration agreement transaction price	150,000,000.0
Revenue recognized recorded in deferred revenue					7,100,000				$ 18,300,000
Unsatisfied performance obligation					66,300,000		66,300,000		81,800,000
Milestone receivable					0		0
Royalty receivable					0		0
Research and development							$ 0
Remaining research term of collaboration							1 year 3 months 18 days
Revenue recognized						16,500,000	$ 22,100,000	42,500,000
Sanofi Agreement \| Collaboration Target 1
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement transaction price	120,000,000.0
Revenue recognized recorded in deferred revenue					4,500,000
Revenue recognized						14,500,000	14,500,000	36,000,000.0
Sanofi Agreement \| Collaboration Target 2
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement transaction price	30,000,000.0
Revenue recognized recorded in deferred revenue					2,600,000
Revenue recognized						2,000,000.0	7,600,000	6,500,000
Sanofi Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development milestone payments	1,480,000,000
Commercial Milestone Payments	700,000,000.0
Sanofi Agreement \| Minimum \| IRAK4 Program
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development milestone payments	1,000,000,000.0
Commercial Milestone Payments	$ 400,000,000.0
Vertex Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized recorded in deferred revenue							8,600,000
Unsatisfied performance obligation					10,600,000		10,600,000		$ 19,200,000
Initial research term of collaboration		4 years
Extended research term of collaboration		1 year
Revenue recognized					$ 2,500,000	$ 3,800,000	$ 8,600,000	$ 15,100,000
Vertex Agreement \| Series B-1 Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement transaction price		$ 55,900,000
Non refundable upfront payment received		$ 50,000,000.0
Issuance of shares, Shares \| shares		3,059,695
Stock issued price per share \| $ / shares		$ 6.54
Preferred stock premium		$ 5,900,000
Vertex Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Eligible to receive payments including development, regulatory and commercial milestones		$ 170,000,000.0
Revenue remaining research term					9 months 18 days		9 months 18 days
Compound Collaboration \| Series A Preferred Units
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of shares, Shares \| shares				886,305
Stock split, conversion ratio			100
Share-based compensation vesting period			3 years

Collaborations - Change in Accounts Receivable, Contract Asset and Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable and contract assets, Beginning balance	$ 135
Accounts receivable and contract assets, Additions	10,283
Accounts receivable and contract assets, Deductions	(7,536)
Accounts receivable and contract assets, Ending balance	2,882
Contract Liabilities, Beginning balance	101,034
Contract Liabilities, Additions	6,515
Contract Liabilities, Deductions	(30,687)
Contract Liabilities, Ending balance	76,862
Billed Receivables - Sanofi
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable and contract assets, Beginning balance	0
Accounts receivable and contract assets, Additions	3,768
Accounts receivable and contract assets, Deductions	(3,768)
Accounts receivable and contract assets, Ending balance	0
Unbilled Receivables - Sanofi
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable and contract assets, Beginning balance	135
Accounts receivable and contract assets, Additions	6,515
Accounts receivable and contract assets, Deductions	(3,768)
Accounts receivable and contract assets, Ending balance	2,882
Deferred Revenue - Vertex
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract Liabilities, Beginning balance	19,212
Contract Liabilities, Additions	0
Contract Liabilities, Deductions	(8,608)
Contract Liabilities, Ending balance	10,604
Deferred Revenue - Sanofi
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract Liabilities, Beginning balance	81,822
Contract Liabilities, Additions	6,515
Contract Liabilities, Deductions	(22,079)
Contract Liabilities, Ending balance	$ 66,258

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 18,644	$ 15,797
Less accumulated depreciation	(6,075)	(3,916)
Property and equipment, net	12,569	11,881
Lab and Office Equipment Under Finance Right of Use Asset
Property Plant And Equipment [Line Items]
Total property and equipment	4,309	3,969
Lab Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	4,093	2,805
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	355	273
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,064	943
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	7,803	7,741
Assets Not Yet in Service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,020	$ 66

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Depreciation expense	$ 800	$ 700	$ 2,200	$ 1,700
Property and equipment right of use assets under finance leases with cost basis	18,644,000		18,644,000		$ 15,797,000
Amortization of right-to-use assets, finance leases	297,000	$ 279,000	855,000	$ 650,000
Lab and Office Equipment Under Finance Right of Use Asset
Property Plant And Equipment [Line Items]
Property and equipment right of use assets under finance leases with cost basis	4,309,000		4,309,000		3,969,000
Accumulated amortization	$ 2,300,000		$ 2,300,000		$ 1,500,000

Leases - Additional Information (Details) - Watertown, Massachusetts $ in Millions		1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 20, 2021 USD ($) ft²	Oct. 31, 2019 ft²	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee Lease Description [Line Items]
Lease term	134 months
Noncancelable Facility Lease Agreement
Lessee Lease Description [Line Items]
Area of office space \| ft²	100,624	34,522
Lease term		120 months
Lease expiration date		Mar. 31, 2030
Lease additional term	5 years	5 years
Tenant incentive allowance receivable	$ 20.1
Base Rent	$ 0.8
Annual increase percentage of rent	3.00%
Rent paid			$ 0.8	$ 0.8
Noncancelable Facility Lease Agreement \| Restricted Cash \| Letter of Credit \| 2019 Lease
Lessee Lease Description [Line Items]
Security deposit			1.6	1.6
Noncancelable Facility Lease Agreement \| Restricted Cash \| Letter of Credit \| 2021 Lease
Lessee Lease Description [Line Items]
Security deposit			$ 4.5	$ 4.5
Facility Sublease Agreement
Lessee Lease Description [Line Items]
Lease commencement date	Nov. 30, 2023

Leases - Components 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
Leases [Abstract]
Operating lease costs	$ 524	$ 524	$ 1,571	$ 1,571
Amortization of right-to-use assets, finance leases	297	279	855	650
Interest expense for finance lease liabilities	39	52	124	106
Variable lease costs	297	358	870	743
Total lease costs	$ 1,157	$ 1,213	$ 3,420	$ 3,070

Leases - Supplemental Cash Flow Information Relating to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating cash flows used in operating leases	$ 1,931	$ 2,060
Operating cash flows used in finance leases	833	593
Financing cash flows used in finance leases	$ 124	$ 106

Leases - Summary of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease, remaining lease term	7 years 7 months 2 days	8 years 7 months 2 days
Finance lease, remaining lease term	1 year 9 months 21 days	2 years 7 months 9 days
Operating lease, discount rate	10.50%	10.50%
Finance lease, discount rate	8.73%	8.75%

Leases - Summary of Undiscounted Future Lease Payments for Operating and Finance Leases (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Leases
2022 (excluding the first quarter)	$ 650
2023	2,659
2024	2,732
2025	2,814
2026	2,898
Thereafter	10,027
Total minimum lease payments	21,780
Less amounts representing interest or imputed interest	(6,833)
Present value of lease liabilities	14,947
Finance Leases
2022 (excluding the first quarter)	287
2023	1,097
2024	473
2025	75
2026	0
Thereafter	0
Total minimum lease payments	1,932
Less amounts representing interest or imputed interest	(139)
Present value of lease liabilities	$ 1,793

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Research and development expenses	$ 16,762	$ 15,169
Payroll and payroll-related	6,160	6,033
Professional fees	1,577	1,417
Other	193	352
Accrued expenses	$ 24,692	$ 22,971

Other Commitments and Contingencies - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Indemnified Parties
Loss Contingencies [Line Items]
Liabilities accrued	$ 0	$ 0

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Temporary Equity [Line Items]
Stock issuance costs	$ 16,207	$ 16,207

Equity-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Aug. 20, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 9,076,000	$ 7,396,000		$ 26,571,000	$ 16,294,000
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	4,852,000	3,377,000		13,522,000	8,019,000
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	4,224,000	4,019,000		13,049,000	8,275,000
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of stock options exercised	$ 2,800,000	$ 18,700,000		$ 11,500,000	$ 55,800,000
Weighted-average fair value of options granted	$ 14.18	$ 35.38		$ 20.62	$ 29.5
Unrecognized stock-based compensation expense	$ 66,900			$ 66,900
Unrecognized compensation cost, recognition period				2 years 3 months 18 days
Equity-based compensation expense	8,400,000	$ 7,250,000		$ 25,072,000	$ 15,935,000
Stock Options \| Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	4,348,000	3,255,000		12,383,000	7,713,000
Stock Options \| General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	4,052,000	$ 3,995,000		$ 12,689,000	8,222,000
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, recognition period				2 years 8 months 12 days
Granted				283,328
Unrecognized stock-based compensation expense	5,600,000			$ 5,600,000
Equity-based compensation expense	500,000			900,000	100,000
Restricted Stock \| Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	400,000			700,000	100,000
Restricted Stock \| General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 100,000			$ 200,000	$ 100,000
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance under plan						4,457,370
Maximum number of shares to be issued, percentage			4.00%
Shares remaining available for future grants			3,705,158
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future grants	1,282,669			1,282,669
Share-based compensation, description				The 2020 ESPP initially reserves and authorizes the issuance of up to a total of 445,653 shares of common stock to participating employees. The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2021 and each January 1 thereafter through January 1, 2030, by the lesser of (i) 438,898 shares of common stock, (ii) 1% of the Company’s outstanding number of shares of common stock on the immediately preceding December 31 or (iii) such lesser number of shares of common stock as determined by the administrator of the 2020 ESPP
2018 Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted		0		283,328	0

Equity-Based Compensation - Summary of Stock Option Activity (Details) - 2020 Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period \| shares	6,239,182
Granted \| shares	1,607,066
Exercised \| shares	(388,061)
Forfeited \| shares	(440,556)
Outstanding at end of period \| shares	7,017,631	6,239,182
Exercisable at June 30, 2022 \| shares	3,211,321
Weighted Average Strike Price Per Option
Outstanding at beginning of period \| $ / shares	$ 23.91
Granted \| $ / shares	36.26
Exercised \| $ / shares	4.61
Forfeited \| $ / shares	31.85
Outstanding at end of period \| $ / shares	27.31	$ 23.91
Exercisable at June 30, 2022 \| $ / shares	$ 21.57
Weighted Average Remaining Contractual Term (in years)
Outstanding	8 years 2 months 12 days	8 years 6 months 21 days
Exercisable at June 30, 2022	7 years 9 months 10 days
Aggregate Intrinsic Value
Outstanding at beginning of period \| $	$ 246,933
Outstanding at end of period \| $	49,515	$ 246,933
Exercisable at June 30, 2022 \| $	$ 31,362

Equity-Based Compensation - Summary of Equity-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 equity-based compensation	$ 9,076	$ 7,396	$ 26,571	$ 16,294
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	4,852	3,377	13,522	8,019
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	4,224	4,019	13,049	8,275
Stock Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	8,400	7,250	25,072	15,935
Stock Options \| Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	4,348	3,255	12,383	7,713
Stock Options \| General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	$ 4,052	$ 3,995	$ 12,689	$ 8,222

Equity-Based Compensation - Summary of Weighted-Average Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	6 years 3 days	6 years 21 days	5 years 10 months 2 days	5 years 10 months 9 days
Volatility	63.00%	66.00%	62.00%	66.00%
Risk-free interest rate	3.01%	0.91%	1.95%	0.90%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Equity-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Number of Units Outstanding
Granted		283,328
2018 Plan
Number of Units Outstanding
Unvested at beginning of period		37,745
Granted	0	283,328	0
Vested		(36,866)
Forfeited		(9,916)
Unvested at end of period		274,291
Grant Date Fair Value per Share
Unvested at beginning of period		$ 1.60
Unvested at end of period		$ 23.87

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 0	$ 0		$ 0	$ 0
Net operating loss carryforwards period CARES Act			5 years

- Definition

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

+ References + Details

Net Loss per Share - Summary of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss	$ (43,002)	$ (28,582)	$ (119,943)	$ (66,317)
Net loss	$ (43,002)	$ (28,582)	$ (119,943)	$ (66,317)
Weighted average common shares outstanding, basic and diluted	54,535,514	50,714,846	52,600,103	46,841,636
Weighted average common shares outstanding, basic and diluted	54,535,514	50,714,846	52,600,103	46,841,636
Net loss per share, basic and diluted	$ (0.79)	$ (0.56)	$ (2.28)	$ (1.42)
Net loss per share, basic and diluted	$ (0.79)	$ (0.56)	$ (2.28)	$ (1.42)

- Definition

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

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

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Net Loss per Share - Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders Anti-Diluted Effect (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive stock	7,291,922	6,680,923
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive stock	274,291	55,368
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive stock	7,017,631	6,625,555