0001741830-21-000041 | 10-Q | XBRL Viewer

Adjustments to reconcile net loss to cash used in operating activities:

$ (29,055)

$ (26,086)

$ (8,579)

$ (6,995)

$ (55,141)

$ (15,574)

$ (167,000)

Depreciation and amortization

500

100

908

343

Net amortization/accretion on available-for-sale securities

2,074

Change in accrued interest on available-for-sale securities

Changes in operating assets and liabilities:

11,670

481

Noncash lease expense

1,112

1,016

Prepaid expenses and other current assets

(65)

(32)

Other long-term assets

(272)

Accounts payable

(1,488)

294

Accrued expenses

2,454

Right-of-use operating assets and liabilities, net

172

148

Other liabilities

(1,065)

1,462

Net cash used in operating activities

(39,262)

(11,996)

Cash flows from investing activities:

Purchase of property and equipment

(2,856)

(1,721)

Purchase of available-for-sale securities

(141,196)

(8,158)

Maturities of available-for-sale securities

118,933

29,180

Net cash provided by (used in) investing activities

(25,119)

19,301

Cash flows from financing activities:

Principal payments on finance lease

(5)

(16)

Proceeds from issuance of common stock upon exercise of stock options

1,217

133

Proceeds from issuance of common stock under the employee stock purchase plan

817

Net cash provided by financing activities

2,029

117

Net increase (decrease) in cash and cash equivalents

(62,352)

7,422

Cash, cash equivalents and restricted cash at beginning of period

250,036

32,570

250,036

32,570

Cash, cash equivalents and restricted cash at end of period

187,684

39,992

187,684

39,992

187,684

Supplemental disclosures of non-cash activities:

Property and equipment additions included in accounts payable and accrued expenses

648

782

Reduction of right-of-use asset due to modification

(1,741)

Right-of-use asset obtained in exchange for operating lease liability

3,764

30,031

Cash and cash equivalents

$ 185,658

$ 248,009

^[1]

$ 37,966

Restricted cash

2,026

2,027

^[1]

2,026

Cash, cash equivalents and restricted cash at end of period

$ 187,684

$ 250,036

$ 39,992

$ 32,570

$ 187,684

$ 39,992

$ 187,684

$ 250,036

$ 39,992

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company follows authoritative accounting guidance, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

The Company measures and reports its cash equivalents, investments, and convertible notes at fair value.

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments measured at fair value based on inputs other than quoted prices that are derived from observable market data are classified as Level 2.

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021
	Level 1		Level 2		Level 3		Fair Value
			(in thousands)
Financial Assets:
Money market funds	$	173,988	$	—	$	—	$	173,988
Certificates of deposit	—		—		—		—
Corporate bonds	—		87,240		—		87,240
U.S. treasury securities	150,165		—		—		150,165
Total financial assets	$	324,153	$	87,240	$	—	$	411,393


	December 31, 2020
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds	$	114,184	$	—	$	—	$	114,184
Certificates of deposit	1,229		—		—		1,229
Corporate bonds	—		40,736		—		40,736
U.S. agency securities	—		10,001		—		10,001
U.S. treasury securities	284,721		—		—		284,721
Total financial assets	$	400,134	$	50,737	$	—	$	450,871

The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities. The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly.

The Company did not have any financial assets or liabilities as of June 30, 2021 and December 31, 2020 that required Level 3 inputs.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation - Restricted Stock Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 6,432	$ 293	$ 11,670	$ 481
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,473	164	6,027	295
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,959	$ 129	5,643	$ 186
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation	400		$ 400
Awards weighted average recognition period			3 years 29 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation	$ 22,700		$ 22,700
Awards weighted average recognition period			2 years 6 months 3 days

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	54,759,344	54,073,901
Common stock, shares outstanding (in shares)	54,759,344	54,073,901

Nature of Operations and Basis of Presentation (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended				6 Months Ended		49 Months Ended
	Oct. 14, 2020 USD ($)	Oct. 02, 2020	Oct. 31, 2020 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Jun. 30, 2020 USD ($) shares	Mar. 31, 2020 USD ($) shares	Jun. 30, 2021 USD ($) segment shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Subsidiary, Sale of Stock [Line Items]
Number of operating segments \| segment								1
Convertible preferred stock, shares outstanding (in shares)				0	0	21,504,893	21,504,893	0	21,504,893	0	0	21,504,893
Net loss \| $				$ 29,055	$ 26,086	$ 8,579	$ 6,995	$ 55,141	$ 15,574	$ 167,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Forward stock split ratio		1.055
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued in private placement (in shares)			15,131,579
Shares issued in private placement, price per share (in dollars per share) \| $ / shares			$ 19.00
Net proceeds from stock offering \| $	$ 263,700
Payments of underwriting discounts and commissions \| $			$ (20,100)
Payments of offering costs \| $			$ 3,700
Convertible preferred stock, shares outstanding (in shares)			0
IPO \| Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued upon conversion of convertible preferred stock (in shares)			22,687,625
IPO \| Common Stock \| 2020 Convertible Notes
Subsidiary, Sale of Stock [Line Items]
Shares issued upon conversion of convertible preferred stock (in shares)			9,610,713
IPO \| Common Stock \| 2020 Gilead Notes
Subsidiary, Sale of Stock [Line Items]
Shares issued upon conversion of convertible preferred stock (in shares)			188,567
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares issued in private placement (in shares)			1,973,684

Related Party Disclosures (Details) - Affiliated Entity - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payables to related parties	$ 37,000		$ 37,000		$ 182,000
Two River Consulting, LLC
Related Party Transaction [Line Items]
Services agreement term			3 years
Expenses from transaction with related party	100,000	$ 300,000	$ 300,000	$ 500,000
Bellco Capital, LLC
Related Party Transaction [Line Items]
Expenses from transaction with related party	$ 6,300	$ 6,300	$ 12,600	$ 12,600

Prepaid Expenses And Other Current Assets (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Accrued interest on short-term available-for-sale securities

$ 1,224

$ 612

Prepaid equipment service contracts

379

383

Prepaid external research and development and outside services

3,693

1,889

Prepaid software

641

736

Prepaid insurance

1,025

2,881

Prepaid rent and other

464

240

Prepaid expenses and other current assets

$ 7,426

$ 6,741

^[1]

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	June 30, 2021
	Level 1		Level 2		Level 3		Fair Value
			(in thousands)
Financial Assets:
Money market funds	$	173,988	$	—	$	—	$	173,988
Certificates of deposit	—		—		—		—
Corporate bonds	—		87,240		—		87,240
U.S. treasury securities	150,165		—		—		150,165
Total financial assets	$	324,153	$	87,240	$	—	$	411,393


	December 31, 2020
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds	$	114,184	$	—	$	—	$	114,184
Certificates of deposit	1,229		—		—		1,229
Corporate bonds	—		40,736		—		40,736
U.S. agency securities	—		10,001		—		10,001
U.S. treasury securities	284,721		—		—		284,721
Total financial assets	$	400,134	$	50,737	$	—	$	450,871

The Company did not have any financial assets or liabilities as of June 30, 2021 and December 31, 2020 that required Level 3 inputs.

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

LEASES

In November 2020, the Company entered into a lease termination for its lab space in Cambridge, Massachusetts to terminate the lease as of January 31, 2021, rather than May 31, 2021. The cost for early termination was a payment of $0.1 million. The Company accounted for this change in lease term as a modification of the originally amended lease. As a result of the modification, the operating right-of-use asset and lease liability were remeasured as of the modification date. As of June 30, 2021, there was no remaining lease liability or right-of-use asset related to this lease.

In March 2020, the Company entered into an 11-year lease agreement to move its research and development operations from 21 Erie Street, Cambridge, Massachusetts, to a 40,514 square-feet facility at 301 Binney Street, Cambridge, Massachusetts (Cambridge facility). The lease commenced on February 28, 2020 with an initial annual base rent of $4.1 million. The initial rent payment was paid as of September 30, 2020, with rent payments escalating 3.0% annually after the initial 12 payments. As discussed in Note 2, the Company executed a letter of credit for $2.0 million in connection with the lease. The lease includes $3.7 million in certain tenant improvement allowances, which the Company included in its calculation of the right-of-use asset in the lease at commencement. As of June 30, 2021, $3.7 million in improvement costs incurred by the Company were reimbursed by the lessor and are now included within the total lease liability. In connection with the lease, the Company recognized an operating lease right-of-use asset of $24.3 million and $25.1 million and an aggregate lease liability of $30.1 million and $30.1 million on the June 30, 2021 and December 31, 2020 balance sheets, respectively. The remaining lease term is 9 years and 8 months, and the estimated incremental borrowing rate is 8.50%.

In July 2018, the Company entered into a lease agreement for a 4,661 square-foot office space to be used for general and administrative activities in San Mateo, California. The lease commenced on August 1, 2018 and had a 37-month initial term expiring on August 31, 2021. The lease also contained an option for the Company to extend the lease upon its initial expiration. In connection with the lease, the Company made a one-time cash security deposit in the amount of $28,000. In May 2020, the Company amended its agreement to extend the lease for its office in San Mateo, California through April 2025. The initial annual base rent was $0.3 million, and such amount was to increase by 3% annually on each anniversary of the commencement date. As of June 30, 2021, there was no remaining lease liability or right-of-use asset related to this lease. The operating lease right-of-use asset and aggregate lease liability for this suite were $1.1 million and $1.1 million, respectively, as of December 31, 2020.

In July 2020, the Company expanded to an adjacent suite in the San Mateo, California office space, which was treated as a separate lease for accounting purposes. The additional space was approximately 3,414 square feet and was similarly to be used for general and administrative activities. The lease commenced on July 1, 2020 and had an initial expiration date of April 30, 2025. In connection with the additional space leased, the Company made a one-time additional cash security deposit in the amount of $25,000. The initial annual base rent for the expansion was $0.2 million, and such amount will increase by 3% annually on each anniversary of the commencement date. In connection with the lease of the 3,414 square foot suite, as of June 30, 2021, there was no remaining lease liability or right-of-use asset related to this lease. The operating lease right-of-use asset and aggregate lease liability for this suite were $0.8 million and $0.8 million, respectively, as of December 31, 2020.

In February 2021, the Company entered into a new lease agreement for its office space in San Mateo, California to move from its current suites, totaling 8,075 square-feet, to a larger suite totaling 17,340 square-feet, and relocated in the third quarter of 2021. The Company accounted for this change in lease term of the original suites as a modification of the originally amended lease. As a result of the modification, the operating right-of-use asset and lease liability were remeasured as of the modification date.

The new 17,340 square foot suite will be treated as a separate lease for accounting purposes. The initial annual base rent for the new space will be $1.2 million, and such amount will increase by 3% annually on each anniversary of the new premises commencement date. In connection with the larger space leased, the Company has also made an additional one-time cash security deposit in the amount of $59,000. The new lease commenced in April 2021 and the new lease agreement extends the termination date from April 30, 2025 to August 31, 2026. In connection with the lease, the Company recognized an operating lease right-of-use asset of $3.6 million and an aggregate lease liability of $3.9 million as of June 30, 2021. The Company did not recognize any right-of-use asset or aggregate lease liability as of December 31, 2020. The remaining lease term is 5 years, and the estimated incremental borrowing rate is 11.18%.

The following table summarizes the presentation of the Company’s operating leases in its balance sheets as of June 30, 2021 and December 31, 2020:


Balance Sheet Caption	June 30, 2021		December 31, 2020
	(in thousands)
Assets:
Operating lease assets	$	27,957	$	27,322
Liabilities:
Current portion of operating lease liabilities	$	1,133	$	937
Noncurrent operating lease liabilities	32,843		31,120
Total operating lease liabilities	$	33,976	$	32,057

The following table summarizes the effect of finance lease costs in the Company’s statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020:


Statement of Operations and Comprehensive Loss Caption	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	—	$	5	$	3	$	10
Interest expense, net	—		—		—		1
Total finance lease cost	$	—	$	5	$	3	$	11

The following table summarizes the effect of operating lease costs in the Company’s statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020:


Statement of Operations and Comprehensive Loss Caption	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	767	$	1,190	$	1,775	$	1,446
General and administrative	613		338		989		501
Total operating lease cost	$	1,380	$	1,528	$	2,764	$	1,947

The Company made cash payments of $1.2 million, $2.3 million, $0.5 million and $0.6 million under the lease agreements during the three and six months ended June 30, 2021 and 2020, respectively.

The undiscounted future non-cancellable lease payments under the Company's operating leases as of June 30, 2021 for the next five years and thereafter is expected to be as follows:


Period Ending December 31,	Amount
	(in thousands)
Remaining six months of 2021	$	2,055
2022	5,020
2023	5,581
2024	5,749
2025 and thereafter	32,625
Total undiscounted lease payments	51,030
Less: Present value adjustment	(17,054)
Less: Tenant improvement allowance	—
Present value of operating lease liabilities	$	33,976

Leases

LEASES

The following table summarizes the presentation of the Company’s operating leases in its balance sheets as of June 30, 2021 and December 31, 2020:


Balance Sheet Caption	June 30, 2021		December 31, 2020
	(in thousands)
Assets:
Operating lease assets	$	27,957	$	27,322
Liabilities:
Current portion of operating lease liabilities	$	1,133	$	937
Noncurrent operating lease liabilities	32,843		31,120
Total operating lease liabilities	$	33,976	$	32,057

The following table summarizes the effect of finance lease costs in the Company’s statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020:


Statement of Operations and Comprehensive Loss Caption	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	—	$	5	$	3	$	10
Interest expense, net	—		—		—		1
Total finance lease cost	$	—	$	5	$	3	$	11

The following table summarizes the effect of operating lease costs in the Company’s statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020:


Statement of Operations and Comprehensive Loss Caption	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	767	$	1,190	$	1,775	$	1,446
General and administrative	613		338		989		501
Total operating lease cost	$	1,380	$	1,528	$	2,764	$	1,947

The Company made cash payments of $1.2 million, $2.3 million, $0.5 million and $0.6 million under the lease agreements during the three and six months ended June 30, 2021 and 2020, respectively.

The undiscounted future non-cancellable lease payments under the Company's operating leases as of June 30, 2021 for the next five years and thereafter is expected to be as follows:


Period Ending December 31,	Amount
	(in thousands)
Remaining six months of 2021	$	2,055
2022	5,020
2023	5,581
2024	5,749
2025 and thereafter	32,625
Total undiscounted lease payments	51,030
Less: Present value adjustment	(17,054)
Less: Tenant improvement allowance	—
Present value of operating lease liabilities	$	33,976

Prepaid Expenses And Other Current Assets

6 Months Ended

Jun. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses And Other Current Assets

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
	(in thousands)
Accrued interest on short-term available-for-sale securities	$	1,224	$	612
Prepaid equipment service contracts	379		383
Prepaid external research and development and outside services	3,693		1,889
Prepaid software	641		736
Prepaid insurance	1,025		2,881
Prepaid rent and other	464		240
Total prepaid expenses and other current assets	$	7,426	$	6,741

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 05, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39592
Entity Registrant Name	Kronos Bio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1895605
Entity Address, Address Line One	1300 So. El Camino Real
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94402
City Area Code	650
Local Phone Number	781-5200
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	KRON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,254,188
Entity Central Index Key	0001741830
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Former Address
Document Information [Line Items]
Entity Address, Address Line One	1300 So. El Camino Real
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94402

Nature of Operations and Basis of Presentation	6 Months Ended
Nature of Operations and Basis of Presentation	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	NATURE OF OPERATIONS AND BASIS OF PRESENTATION Kronos Bio, Inc. (Kronos or the Company), a Delaware corporation, was incorporated on June 2, 2017. The Company is a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics designed to transform patient outcomes through a precision medicine strategy by targeting dysregulated transcription. The Company operates in one business segment: the development of biopharmaceutical products. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Initial Public Offering In October 2020, the Company completed an initial public offering (IPO) of its common stock. In connection with its IPO, the Company issued and sold 15,131,579 shares of its common stock, which included 1,973,684 shares of its common stock issued and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $19.00 per share. As a result of the IPO, the Company received approximately $263.7 million in net proceeds, after deducting underwriting discounts and commissions of $20.1 million and offering expenses of approximately $3.7 million payable by the Company. At the closing of the IPO, all then outstanding convertible preferred stock were automatically converted into 22,687,625 shares of common stock and the then outstanding 2020 Notes were automatically converted into 9,610,713 shares of common stock. At the closing of the IPO, the then outstanding Gilead Note (See Note 11) was also converted into 188,567 shares of common stock. Following the IPO, there were no shares of convertible preferred stock outstanding. Forward Stock Split On October 2, 2020, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a forward split of shares of the Company’s common stock on a 1.055-for-1 basis (the Forward Stock Split). In connection with the Forward Stock Split, the conversion ratio for the Company’s outstanding convertible preferred stock was proportionally adjusted such that the common stock issuable upon conversion of such preferred stock was increased in proportion to the Forward Stock Split. The par value of the common stock was not adjusted as the result of the Forward Stock Split. All references to common stock, options to purchase common stock, early exercised options, share data, per share data, convertible preferred stock (to the extent presented on an as-converted to common stock basis) and related information contained in these condensed financial statements have been retrospectively adjusted to reflect the effect of the Forward Stock Split for all periods presented. Need for Additional Capital The Company has incurred net operating losses since its inception of $167.0 million as of June 30, 2021. The Company expects that its cash, cash equivalents and investments as of June 30, 2021, in addition to its approximate net cash proceeds of $263.7 million from the Company’s IPO, which closed on October 14, 2020, will enable it to fund its planned operating expenses and capital expenditure requirements for at least one year from the date of issuance of these condensed financial statements. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. The Company expects that its cash and cash equivalents and investments will be sufficient to fund its operations for a period of at least one year from the date the accompanying financial statements are filed with the Securities and Exchange Commission (SEC). The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and operations, including ongoing and planned clinical trials. The impact of the COVID-19 pandemic on the financial performance of the Company will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be adversely affected. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a material adverse effect on its financial condition and ability to pursue business strategies. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaboration arrangements or obtain government grants. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce, or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. In the event that the Company requires additional funding, there can be no assurance that it will be successful in obtaining sufficient funding on terms acceptable to the Company to fund its continuing operations, if at all.

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Asset Purchase Agreement In July 2020, the Company entered into an asset purchase agreement (Gilead Asset Purchase Agreement) with Gilead Sciences, Inc. (Gilead), pursuant to which the Company acquired certain assets from Gilead related to entospletinib (ENTO) and lanraplenib (LANRA), and patents and other intellectual property covering or related to the development, manufacture and commercialization of ENTO and LANRA. In consideration for such assets, on the date of the Gilead Asset Purchase Agreement, the Company made a $3.0 million upfront cash payment and issued a $3.0 million principal amount convertible promissory note to Gilead (Gilead Note). The Company also made a $0.7 million payment to reimburse Gilead for certain liabilities assumed by the Company pursuant to the Gilead Asset Purchase Agreement. In addition, the Company is required to make milestone payments upon successful achievement of certain regulatory and sales milestones for ENTO, LANRA and other selective spleen tyrosine kinase inhibitor compounds covered by the patent rights acquired pursuant to the Gilead Asset Purchase Agreement and developed by the Company as a back-up to ENTO or LANRA (Other Compounds). Upon initiation of the Company’s planned registrational Phase 3 clinical trial of ENTO in combination with induction chemotherapy in acute myeloid leukemia patients with NPM1 mutations, the Company will be required to pay a milestone to Gilead of $29.0 million, and upon successful completion of certain other regulatory milestones in the United States, European Union and United Kingdom for ENTO, LANRA and any Other Compounds, across up to two distinct indications, the Company will be required to pay to Gilead an aggregate total of $51.3 million. Upon achieving certain thresholds for the aggregate annual net sales of ENTO, LANRA and any Other Compounds combined, the Company would owe to Gilead potential milestone payments totaling $115.0 million. Gilead is also eligible to receive (i) tiered marginal royalties ranging from the very low-teens to high-teens on annual worldwide net sales of ENTO, (ii) tiered marginal royalties ranging from high-single digits to the mid-teens on annual worldwide net sales of LANRA and (iii) tiered marginal royalties ranging from low single digits to mid-single digits on annual worldwide net sales of any Other Compounds. The royalties in the foregoing clauses are subject to reduction, on a country-by-country basis, for products not covered by certain claims within the assigned patents, for generic entry and, in the case of ENTO and LANRA, for any royalties paid for future licenses of third party intellectual property required to develop or commercialize ENTO or LANRA. The Company’s royalty obligation with respect to a given product in a given country begins upon the first commercial sale of such product in such country and ends on the latest of (i) expiration of the last claim of a defined set of the assigned patent rights covering such product in such country; (ii) loss of exclusive data or marketing rights to such product in such country; or (iii) 10 years from the first commercial sale of such product in such country. Under the Gilead Asset Purchase Agreement, the Company is required to use commercially reasonable efforts to develop, obtain regulatory approval for and commercialize either ENTO or LANRA. The Gilead Note settled upon the completion of the Company’s IPO in October 2020. Purchase Commitments In the normal course of business, the Company enters into contracts with CROs for preclinical studies and other vendors for other services and products for operating purposes. These agreements generally provide for termination or cancellation, other than for costs already incurred. Contingencies In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown, because it involves claims that may be made against the Company in the future, but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification In accordance with the Company’s amended and restated certificate of incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. There have been no claims to date, and the Company has a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Leases - Schedule of Maturities on Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remaining six months of 2021	$ 2,055
2022	5,020
2023	5,581
2024	5,749
2025 and thereafter	32,625
Total undiscounted lease payments	51,030
Less: Present value adjustment	(17,054)
Less: Tenant improvement allowance	0
Present value of operating lease liabilities	$ 33,976	$ 32,057

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments Classified by Contractual Maturity Date

The fair value and amortized cost of available-for-sale securities by major security type as of June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
			(in thousands)
Money market funds	$	173,988	$	—	$	—	$	173,988
Certificates of deposit	—		—		—		—
Corporate bonds	87,241		11		(12)		87,240
U.S. agency securities	—		—		—		—
U.S. treasury securities	150,158		9		(2)		150,165
Total cash equivalents and investments	$	411,387	$	20	$	(14)	$	411,393


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	114,184	$	—	$	—	$	114,184
Certificates of deposit	1,225		4		—		1,229
Corporate bonds	40,743		9		(16)		40,736
U.S. agency securities	9,999		2		—		10,001
U.S. treasury securities	284,739		3		(21)		284,721
Total cash equivalents and investments	$	450,890	$	18	$	(37)	$	450,871

These available-for-sale securities were classified on the Company’s balance sheets as of June 30, 2021 and December 31, 2020 as:


	Fair Value
	June 30, 2021		December 31, 2020
	(in thousands)
Cash equivalents	$	177,797	$	236,818
Short-term investments	231,219		165,052
Long-term investments	2,377		49,001
Total cash equivalents and investments	$	411,393	$	450,871

The fair values of available-for-sale securities by contractual maturity as of June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021		December 31, 2020
	(in thousands)
Due in 1 year or less	$	235,028	$	287,686
Due in 1 to 2 years	2,377		49,001
Instruments not due at a single maturity date	173,988		114,184
Total cash equivalents and investments	$	411,393	$	450,871

Leases - Supplemental Balance Sheet Information - Operating Leases (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Assets:

Operating lease assets

$ 27,957

$ 27,322

^[1]

Liabilities:

Current portion of operating lease liabilities

1,133

937

^[1]

Noncurrent operating lease liabilities

32,843

31,120

^[1]

Total operating lease liabilities

$ 33,976

$ 32,057

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

NET LOSS PER SHARE

The following table summarizes the computation of basic and diluted net loss per share of the Company for the three and six months ended June 30, 2021 and 2020:


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands, except share and per share amounts)				(in thousands, except share and per share amounts)
Net loss	$	(29,055)	$	(8,579)	$	(55,141)	$	(15,574)
Weighted-average common stock outstanding, basic and diluted	54,506,195		5,833,946		54,330,402		5,764,389
Net loss per share, basic and diluted	$	(0.53)	$	(1.47)	$	(1.01)	$	(2.70)

The Company’s potentially dilutive securities, which include options to purchase shares of the Company's common stock and restricted stock subject to future vesting, 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 shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each stated period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	June 30, 2021	June 30, 2020
Stock options to purchase common stock	5,619,311	2,236,460
Early exercised stock options subject to future vesting	1,279,177	1,286,008
Restricted stock awards subject to future vesting	190,975	161,415
Restricted stock units subject to future vesting	895,071	—
Convertible preferred stock	—	22,687,625
Expected shares to be purchased under Employee Stock Purchase Plan	81,361	—
Total	8,065,895	26,371,508

Stock-Based Compensation - Stock Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 6,432	$ 293	$ 11,670	$ 481
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,473	164	6,027	295
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,959	$ 129	$ 5,643	$ 186

Leases - Additional Information (Details)

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 01, 2020

USD ($)

ft²

Mar. 01, 2020

USD ($)

ft²

Aug. 01, 2018

USD ($)

Feb. 28, 2021

USD ($)

ft²

Jun. 30, 2021

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2021

USD ($)

Jun. 30, 2020

USD ($)

Dec. 31, 2020

USD ($)

Nov. 30, 2020

USD ($)

Jul. 31, 2018

ft²

$ 27,957,000

$ 27,322,000

^[1]

21 Erie Street, Cambridge, Massachusetts | Cambridge, Massachusetts

33,976,000

32,057,000

Lease payments

1,200,000

$ 500,000

2,300,000

$ 600,000

Cost for early lease termination

$ 100,000

301 Binney Street, Cambridge, Massachusetts

24,300,000

25,100,000

30,100,000

Lease term

11 years

40,514

$ 4,100,000

Tenant improvement allowances

3.00%

Letter of credit

$ 2,000,000.0

2,000,000.0

$ 3,700,000

Improvement costs incurred, reimbursed by lessor

$ 3,700,000

Remaining lease term

9 years 8 months 12 days

Incremental borrowing rate

8.50%

San Mateo, California

Lease term

37 months

4,661

$ 300,000

San Mateo, California. February 2021 Lease Agreement, 4,661 Square Foot Suite

3.00%

Security deposit

$ 28,000

1,100,000

San Mateo, California, Adjacent Space

1,100,000

3,414

$ 200,000

San Mateo, California. February 2021 Lease Agreement, 3,414 Square Foot Suite

3.00%

Security deposit

$ 25,000

800,000

San Mateo, California. Original Lease

800,000

San Mateo, California. February 2021 Lease Agreement

8,075

$ 3,600,000

$ 3,900,000

$ 0

17,340

$ 1,200,000

Incremental borrowing rate

3.00%

Remaining lease term

5 years

11.18%

Security deposit

$ 59,000

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value, options granted (in dollars per share)		$ 19.69
Stock options, unrecognized cost		$ 54,300	$ 36,300
Current liabilities related to shares that were subject to repurchase		2,087	2,174
Current portion of other liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Current liabilities related to shares that were subject to repurchase		2,100	2,200
Other noncurrent liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-current liabilities related to shares that were subject to repurchase		$ 1,700	$ 2,500
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Shares that may be issued, percent increase as total of common stock outstanding	5.00%
Number of shares that may have been issued (in shares)		14,739,827
Number of shares reserved for future issuance (in shares)		4,939,993
2020 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2020 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		10 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options recognized, weighted average period		3 years 3 months 7 days	3 years 8 months 12 days

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 411,393	$ 450,871
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	173,988	114,184
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	1,229
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	87,240	40,736
U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value		10,001
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	150,165	284,721
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	324,153	400,134
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	173,988	114,184
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	1,229
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 1 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value		0
Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	150,165	284,721
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	87,240	50,737
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	87,240	40,736
Level 2 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value		10,001
Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0	0
Level 3 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value		0
Level 3 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 0	$ 0

Investments - Balance Sheet (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Cash equivalents

$ 177,797

$ 236,818

Short-term investments

231,219

165,052

^[1]

Long-term investments

2,377

49,001

^[1]

Total cash equivalents and investments

$ 411,393

$ 450,871

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted net loss per share of the Company for the three and six months ended June 30, 2021 and 2020:


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands, except share and per share amounts)				(in thousands, except share and per share amounts)
Net loss	$	(29,055)	$	(8,579)	$	(55,141)	$	(15,574)
Weighted-average common stock outstanding, basic and diluted	54,506,195		5,833,946		54,330,402		5,764,389
Net loss per share, basic and diluted	$	(0.53)	$	(1.47)	$	(1.01)	$	(2.70)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each stated period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	June 30, 2021	June 30, 2020
Stock options to purchase common stock	5,619,311	2,236,460
Early exercised stock options subject to future vesting	1,279,177	1,286,008
Restricted stock awards subject to future vesting	190,975	161,415
Restricted stock units subject to future vesting	895,071	—
Convertible preferred stock	—	22,687,625
Expected shares to be purchased under Employee Stock Purchase Plan	81,361	—
Total	8,065,895	26,371,508

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Option Activity

Stock option activity under the 2020 Plan as of June 30, 2021 is summarized as follows:


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Balance, December 31, 2020	6,251,159	$	8.95
Granted	1,290,370	27.54
Forfeited	(61,972)	16.92
Exercised	(581,069)	2.09
Balance, June 30, 2021	6,898,488	$	12.94	9.00	$	88,595

Stock-based Compensation, Classified in Statements of Operations

Total stock-based compensation expense related to stock options, restricted stock units, restricted stock awards and the employee stock purchase plan for the three and six months ended June 30, 2021 and 2020 as follows:


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development expenses	$	3,473	$	164	$	6,027	$	295
General and administrative expenses	2,959		129		5,643		186
Total stock-based compensation expense	$	6,432	$	293	$	11,670	$	481

Schedule of Nonvested Share Activity

Restricted stock awards and units as of June 30, 2021 are summarized as follows:


	Number of Restricted Stock	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Vesting Life	Aggregate Intrinsic Value
				(in years)	(in thousands)
Unvested, December 31, 2020	810,197	$	22.26
Granted - restricted stock awards and units	339,430	29.32
Vested and converted to shares	(53,805)	0.05
Forfeited	(9,776)	29.83
Unvested, June 30, 2021	1,086,046	$	25.50	2.49	$	26,011

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		49 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (29,055)	$ (26,086)	$ (8,579)	$ (6,995)	$ (55,141)	$ (15,574)	$ (167,000)
Weighted-average shares of common stock, basic and diluted (in shares)	54,506,195		5,833,946		54,330,402	5,764,389
Net loss per share, basic and diluted (in dollars per share)	$ (0.53)		$ (1.47)		$ (1.01)	$ (2.70)

Investments, Debt and Equity Securities [Abstract]

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 11
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Investments

6 Months Ended

Jun. 30, 2021

Investments

INVESTMENTS

The fair value and amortized cost of available-for-sale securities by major security type as of June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
			(in thousands)
Money market funds	$	173,988	$	—	$	—	$	173,988
Certificates of deposit	—		—		—		—
Corporate bonds	87,241		11		(12)		87,240
U.S. agency securities	—		—		—		—
U.S. treasury securities	150,158		9		(2)		150,165
Total cash equivalents and investments	$	411,387	$	20	$	(14)	$	411,393


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	114,184	$	—	$	—	$	114,184
Certificates of deposit	1,225		4		—		1,229
Corporate bonds	40,743		9		(16)		40,736
U.S. agency securities	9,999		2		—		10,001
U.S. treasury securities	284,739		3		(21)		284,721
Total cash equivalents and investments	$	450,890	$	18	$	(37)	$	450,871

These available-for-sale securities were classified on the Company’s balance sheets as of June 30, 2021 and December 31, 2020 as:


	Fair Value
	June 30, 2021		December 31, 2020
	(in thousands)
Cash equivalents	$	177,797	$	236,818
Short-term investments	231,219		165,052
Long-term investments	2,377		49,001
Total cash equivalents and investments	$	411,393	$	450,871

The fair values of available-for-sale securities by contractual maturity as of June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021		December 31, 2020
	(in thousands)
Due in 1 year or less	$	235,028	$	287,686
Due in 1 to 2 years	2,377		49,001
Instruments not due at a single maturity date	173,988		114,184
Total cash equivalents and investments	$	411,393	$	450,871

As of June 30, 2021 and December 31, 2020, the remaining contractual maturities of available-for-sale securities were less than two years, respectively. There have been no significant realized losses on available-for-sale securities for any of the periods presented in the accompanying financial statements. Based on the Company’s review of its available-for-sale securities, the Company believes that it had no other-than-temporary impairments on these securities as of June 30, 2021 and December 31, 2020 because the Company does not intend to sell these securities nor does it believe that it will be required to sell these securities before the recovery of their amortized cost basis. Gross realized gains and gross realized losses were immaterial for any of the periods presented in the accompanying financial statements.

As of June 30, 2021 and December 31, 2020, unrealized losses on available-for-sale investments are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s marketable securities are due to market factors.

Accrued Expenses And Current Portion Of Other Liabilities - Current Other Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Payables and Accruals [Abstract]

Current portion of finance lease liability

$ 0

$ 5

Current portion of unvested early exercised share liability

2,087

2,174

ESPP withholdings

216

Total current portion of other current liabilities

$ 2,087

$ 2,395

^[1]

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Investments - Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Money market funds, amortized cost	$ 177,797	$ 236,818
Total cash equivalents and investments, amortized cost	411,387	450,890
Total cash equivalents and investments, unrealized gains	20	18
Total cash equivalents and investments, unrealized losses	(14)	(37)
Total cash equivalents and investments, fair value	411,393	450,871
Money market funds
Schedule of Held-to-maturity Securities [Line Items]
Money market funds, amortized cost	173,988	114,184
Certificates of deposit
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0	1,225
Unrealized Gains	0	4
Unrealized Losses	0	0
Fair Value	0	1,229
Corporate bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	87,241	40,743
Unrealized Gains	11	9
Unrealized Losses	(12)	(16)
Fair Value	87,240	40,736
U.S. agency securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0	9,999
Unrealized Gains	0	2
Unrealized Losses	0	0
Fair Value	0	10,001
U.S. treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	150,158	284,739
Unrealized Gains	9	3
Unrealized Losses	(2)	(21)
Fair Value	$ 150,165	$ 284,721

Significant Accounting Policies, Estimates and Judgments	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies, Estimates and Judgments	SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS Unaudited Interim Financial Information The accompanying balance sheet as of June 30, 2021, the statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the statements of convertible preferred stock and stockholders’ equity (deficit) as of June 30, 2021 and 2020, the statements of cash flows for the six months ended June 30, 2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed financial statements are unaudited. The unaudited interim financial statements have been prepared on a basis consistent with the Company’s audited annual financial statements and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021 and the results of its operations for the three and six months ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the full year ending December 31, 2021, any other interim periods, or any future year or period. These financial statements should be read in conjunction with the Company's audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 23, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed financial statements include, but are not limited to, the accrual of research and development expenses, the fair value of convertible notes and investments, income tax uncertainties, the valuation of equity instruments and the incremental borrowing rate for determining the operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets. Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2021, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” of the Company’s audited financial statements included in its Annual Report.. Recent Accounting Pronouncements Not Yet Adopted In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force), which clarifies and reduces diversity in accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. This guidance will be effective for the Company in the first quarter of 2022, and early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its financial statements.

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Finance lease cost	$ 0	$ 5	$ 3	$ 11
Interest expense, net	0	0	0	1
Operating lease cost	1,380	1,528	2,764	1,947
Research and development
Lessee, Lease, Description [Line Items]
Finance lease cost	0	5	3	10
Operating lease cost	767	1,190	1,775	1,446
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 613	$ 338	$ 989	$ 501

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

2020 Equity Incentive Plan

In October 2020, the Company adopted its 2020 Equity Incentive Plan (the 2020 Plan) which replaced the 2017 Equity Incentive Plan (Prior Plan) upon completion of the IPO. The 2020 Plan provides for the grant of incentive stock options or nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other forms of awards to employees, directors, and consultants of the Company. The number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase each year for a period of ten years, beginning in 2021 and continuing through 2030, in an amount equal to (1) 5.0% of the total numbers of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Board of Directors no later than December 31 of the immediately preceding year. As of June 30, 2021, the maximum number of shares of common stock that may be issued was 14,739,827 shares.

The Company recognizes the impact of forfeitures on stock-based compensation expense as forfeitures occur. The Company applies the straight-line method of expense recognition to all awards with only service-based vesting conditions. Vesting periods are determined at the discretion of the Board of Directors. Stock options typically vest over four years. The maximum contractual term is 10 years.

As of June 30, 2021, there were 4,939,993 shares reserved by the Company under the 2020 Plan for the future issuance of equity awards.

Stock Options

Stock option activity under the 2020 Plan as of June 30, 2021 is summarized as follows:


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Balance, December 31, 2020	6,251,159	$	8.95
Granted	1,290,370	27.54
Forfeited	(61,972)	16.92
Exercised	(581,069)	2.09
Balance, June 30, 2021	6,898,488	$	12.94	9.00	$	88,595

The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the closing price of the Company’s common stock on the Nasdaq Global Select Market on June 30, 2021. There was no future tax benefit related to options exercised, as the Company had accumulated net operating losses as of June 30, 2021 and December 31, 2020.

The weighted-average grant-date fair value per share of stock options granted, using the Black-Scholes option pricing model, was $19.69 during the six months ended June 30, 2021.

As of June 30, 2021 and December 31, 2020, there was $54.3 million and $36.3 million of unrecognized stock-based compensation related to stock options, respectively, which is expected to be recognized over a weighted-average period of 3.27 and 3.70 years, respectively.

2020 Employee Stock Purchase Plan

In October 2020, the Company adopted its 2020 Employee Stock Purchase Plan (ESPP), which initially reserved 688,000 shares of the Company’s common stock for employee purchase under terms and provisions established by the Board of Directors. The number of shares of our common stock reserved for issuance under the ESPP automatically increases in 2021 and continuing through 2030, by the lesser of (i) 1.0% of the total number of shares of common stock outstanding on December 31 of the immediately preceding year, and (ii) 1,376,000 shares, except before the date of any increase, the Board of Directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). The Company issued and sold 50,569 shares of common stock during the three and six months ended June 30, 2021 under the ESPP. The Company has 1,197,766 shares reserved for future issuance as of June 30, 2021.

Restricted Stock

Restricted stock awards and units as of June 30, 2021 are summarized as follows:


	Number of Restricted Stock	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Vesting Life	Aggregate Intrinsic Value
				(in years)	(in thousands)
Unvested, December 31, 2020	810,197	$	22.26
Granted - restricted stock awards and units	339,430	29.32
Vested and converted to shares	(53,805)	0.05
Forfeited	(9,776)	29.83
Unvested, June 30, 2021	1,086,046	$	25.50	2.49	$	26,011

As of June 30, 2021, there was $22.7 million of unrecognized stock-based compensation related to RSUs, which is expected to be recognized over a weighted average period of 2.51 years.

As of June 30, 2021, there was $0.4 million of unrecognized stock-based compensation related to RSAs, which is expected to be recognized over a weighted average period of 3.08 years.

Stock-Based Compensation Summary


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development expenses	$	3,473	$	164	$	6,027	$	295
General and administrative expenses	2,959		129		5,643		186
Total stock-based compensation expense	$	6,432	$	293	$	11,670	$	481

Early Exercised Options

The Company allows certain of its employees and its consultants to exercise options granted under the Prior Plan prior to vesting. The shares related to early exercised stock options are subject to the Company’s lapsing repurchase right upon termination of employment or service on the Board of Directors at the lesser of the original purchase price or fair market value at the time of repurchase. In order to vest, the holders are required to provide continued service to the Company. The early exercise by an employee or consultant of a stock option is not considered to be a substantive exercise for accounting purposes, and therefore the payment received by the employer for the exercise price is recognized as a liability. For accounting purposes, unvested early exercised shares are not considered issued and outstanding and therefore not reflected as issued and outstanding in the accompanying balance sheets or the accompanying statements of convertible preferred stock and stockholders' equity (deficit) until the awards vest.

The deposits received are initially recorded in current portion of other liabilities and other noncurrent liabilities for the noncurrent portion. The liabilities are reclassified to common stock and paid-in capital as the repurchase right lapses. At June 30, 2021 and December 31, 2020, there was $2.1 million and $2.2 million recorded in current portion of other liabilities, and $1.7 million and $2.5 million recorded in other noncurrent liabilities, respectively, related to shares held by employees and nonemployees that were subject to repurchase.

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	8,065,895	26,371,508
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	5,619,311	2,236,460
Early exercised stock options subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,279,177	1,286,008
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	190,975	161,415
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	895,071	0
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	22,687,625
Expected shares to be purchased under Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	81,361	0

Related Parties	6 Months Ended
Related Parties	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Parties	RELATED PARTIES On December 1, 2017, the Company entered into a three-year services agreement with Two River Consulting, LLC (Two River) to provide various clinical development, operational, managerial, accounting and financial, and administrative services to the Company. Arie Belldegrun, M.D., FACS, the Chairman of the Board of Directors, is the Chairman of Two River. Mr. Joshua Kazam and Mr. David Tanen, each a director of the Company, are each partners of Two River. Mr. Tanen additionally serves as our Corporate Secretary. Mr. Christopher Wilfong, a strategic advisor to the Company, is an Operating Partner of Two River and Mr. Sean Algeo, serving as the Company’s Financial Consultant, is the Chief Financial Officer of Two River. During the three and six months ended June 30, 2021 and 2020, the Company incurred expense of $0.1 million, $0.3 million, $0.3 million and $0.5 million respectively, for these services. Some of the Company’s expenses are periodically paid by Two River. The Company reimburses Two River for these expenses and no interest is charged on the outstanding balance. These reimbursable expenses were not material for the three and six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020, the Company had payables to Two River of $37,000 and $182,000, respectively. In 2019, the Company entered into a consulting agreement with Bellco Capital, LLC (Bellco) to provide various executive services to the Company. Arie Belldegrun, M.D., FACS, the Chairman of the Board of Directors, is the Chairman of Bellco. Rebecka Belldegrun, M.D., who served as a director of the Company through January 25, 2021, is the President and Chief Executive Officer of Bellco. During the three and six months ended June 30, 2021 and 2020, the Company incurred expense of $6,300, $6,300, $12,600 and $12,600, respectively, for these services.

Accrued Expenses And Current Portion Of Other Liabilities - Accrued Expenses (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued compensation

$ 1,766

$ 2,274

Accrued taxes

146

558

External research and development

3,475

1,017

Accrued outside services

937

Accrued leasehold improvements

927

Other accrued expenses

192

198

Total accrued expenses

$ 6,516

$ 4,974

^[1]

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Accrued Expenses And Current Portion Of Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
	(in thousands)
Accrued compensation	$	1,766	$	2,274
Accrued taxes	146		558
External research and development	3,475		1,017
Accrued outside services	937		—
Accrued leasehold improvements	—		927
Other accrued expenses	192		198
Total accrued expenses	$	6,516	$	4,974

Other Current Liabilities

Current portion of other liabilities consist of the following as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
	(in thousands)
Current portion of finance lease liability	$	—	$	5
Current portion of unvested early exercised share liability	2,087		2,174
ESPP withholdings	—		216
Total current portion of other current liabilities	$	2,087	$	2,395

Investments - Contractual Maturity (Details) - USD ($)	6 Months Ended	12 Months Ended
Investments - Contractual Maturity (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Due in 1 year or less	$ 235,028,000	$ 287,686,000
Due in 1 to 2 years	2,377,000	49,001,000
Instruments not due at a single maturity date	173,988,000	114,184,000
Total cash equivalents and investments	411,393,000	450,871,000
Other-than-temporary impairments on available-for-sale securities	$ 0	$ 0

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Assets And Liabilities, Operating Leases, Lessee

The following table summarizes the presentation of the Company’s operating leases in its balance sheets as of June 30, 2021 and December 31, 2020:


Balance Sheet Caption	June 30, 2021		December 31, 2020
	(in thousands)
Assets:
Operating lease assets	$	27,957	$	27,322
Liabilities:
Current portion of operating lease liabilities	$	1,133	$	937
Noncurrent operating lease liabilities	32,843		31,120
Total operating lease liabilities	$	33,976	$	32,057

Summary of Lease Costs

The following table summarizes the effect of finance lease costs in the Company’s statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020:


Statement of Operations and Comprehensive Loss Caption	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	—	$	5	$	3	$	10
Interest expense, net	—		—		—		1
Total finance lease cost	$	—	$	5	$	3	$	11

The following table summarizes the effect of operating lease costs in the Company’s statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020:


Statement of Operations and Comprehensive Loss Caption	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	767	$	1,190	$	1,775	$	1,446
General and administrative	613		338		989		501
Total operating lease cost	$	1,380	$	1,528	$	2,764	$	1,947

Schedule of Maturities on Lease Liabilities

The undiscounted future non-cancellable lease payments under the Company's operating leases as of June 30, 2021 for the next five years and thereafter is expected to be as follows:


Period Ending December 31,	Amount
	(in thousands)
Remaining six months of 2021	$	2,055
2022	5,020
2023	5,581
2024	5,749
2025 and thereafter	32,625
Total undiscounted lease payments	51,030
Less: Present value adjustment	(17,054)
Less: Tenant improvement allowance	—
Present value of operating lease liabilities	$	33,976

Significant Accounting Policies, Estimates and Judgments (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying balance sheet as of June 30, 2021, the statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the statements of convertible preferred stock and stockholders’ equity (deficit) as of June 30, 2021 and 2020, the statements of cash flows for the six months ended June 30, 2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed financial statements are unaudited. The unaudited interim financial statements have been prepared on a basis consistent with the Company’s audited annual financial statements and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021 and the results of its operations for the three and six months ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the full year ending December 31, 2021, any other interim periods, or any future year or period. These financial statements should be read in conjunction with the Company's audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 23, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed financial statements include, but are not limited to, the accrual of research and development expenses, the fair value of convertible notes and investments, income tax uncertainties, the valuation of equity instruments and the incremental borrowing rate for determining the operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets.
Recently Accounting Pronouncements Not Yet Adopted	. Recent Accounting Pronouncements Not Yet Adopted In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force), which clarifies and reduces diversity in accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. This guidance will be effective for the Company in the first quarter of 2022, and early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its financial statements.

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 19,802	$ 7,175	$ 37,396	$ 13,370
General and administrative	9,339	1,623	17,923	2,777
Total operating expenses	29,141	8,798	55,319	16,147
Loss from operations	(29,141)	(8,798)	(55,319)	(16,147)
Other Income and Expenses [Abstract]
Interest expense	0	0	0	(1)
Interest and other income, net	86	219	178	574
Total other income (expense), net	86	219	178	573
Net loss	(29,055)	(8,579)	(55,141)	(15,574)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities	29	24	25	182
Net comprehensive loss	$ (29,026)	$ (8,555)	$ (55,116)	$ (15,392)
Net loss per share, basic and diluted (in dollars per share)	$ (0.53)	$ (1.47)	$ (1.01)	$ (2.70)
Weighted-average shares of common stock, basic and diluted (in shares)	54,506,195	5,833,946	54,330,402	5,764,389

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0

Cash and cash equivalents

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

+ References + Details

Stock-Based Compensation - ESPP (Details) - The ESPP - Expected shares to be purchased under Employee Stock Purchase Plan - shares	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2020	Jun. 30, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may have been issued (in shares)	688,000
Number of shares that may be issued, increase percentage	1.00%
Number of shares that may be issued, increase (in shares)	1,376,000
Stock issued and sold under the ESPP (in shares)		50,569	50,569
Number of shares reserved for future issuance (in shares)		1,197,766	1,197,766

Condensed Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

^[1]

Current assets:

$ 185,658

$ 248,009

Short-term investments

231,219

165,052

Prepaid expenses and other current assets

7,426

6,741

Total current assets

424,303

419,802

Long-term investments

2,377

49,001

Total property and equipment, net

14,967

13,646

Current portion of operating lease liabilities

27,957

27,322

Restricted cash

2,026

2,027

Other noncurrent assets

112

166

Total assets

471,742

511,964

Current liabilities:

Accounts payable

3,342

4,550

Accrued expenses

6,516

4,974

1,133

937

Current portion of other liabilities

2,087

2,395

Total current liabilities

13,078

12,856

Noncurrent operating lease liabilities

32,843

31,120

Other noncurrent liabilities

1,714

2,469

Total liabilities

47,635

46,445

Commitments and contingencies (Note 11)

Stockholders’ equity:

Common stock, $0.001 par value, 200,000,000 authorized as of June 30, 2021 and December 31, 2020; 54,759,344 and 54,073,901 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.

Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued and outstanding.

Additional paid-in capital

591,093

577,390

Accumulated deficit

(167,047)

(111,906)

Accumulated other comprehensive income (loss)

(19)

Total stockholders' equity

424,107

465,519

Total liabilities, convertible preferred stock and stockholders’ equity

$ 471,742

$ 511,964

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Stock Option Activity Under the 2017 Plan [Roll Forward]
Beginning Balance (in shares) \| shares	6,251,159
Granted (in shares) \| shares	1,290,370
Forfeited (in shares) \| shares	(61,972)
Exercised (in shares) \| shares	(581,069)
Ending Balance (in shares) \| shares	6,898,488
Stock Options, Weighted Average Exercise Price [Roll Forward]
Beginning Balance (dollars per share) \| $ / shares	$ 8.95
Granted (dollars per share) \| $ / shares	27.54
Forfeited (dollars per share) \| $ / shares	16.92
Exercised (dollars per share) \| $ / shares	2.09
Ending Balance (dollars per share) \| $ / shares	$ 12.94
Stock Option Activity, Additional Disclosures [Abstract]
Balance, Weighted-Average Remaining Contractual Term	9 years
Balance, Aggregate Intrinsic Value \| $	$ 88,595

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2019

21,504,893

Convertible preferred stock, beginning balance at Dec. 31, 2019

$ 122,907

Convertible preferred stock, ending balance (in shares) at Mar. 31, 2020

21,504,893

Convertible preferred stock, ending balance at Mar. 31, 2020

$ 122,907

Common stock, beginning balance (in shares) at Dec. 31, 2019

5,660,391

Beginning balance at Dec. 31, 2019

(23,203)

$ 6

$ 271

$ (18)

$ (23,462)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock (in shares)

119,939

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock

Net unrealized gain (loss) on available-for-sale securities

188

158

Common stock, ending balance (in shares) at Mar. 31, 2020

(6,995)

5,780,330

Beginning balance at Mar. 31, 2020

$ (29,832)

$ 6

479

140

(30,457)

Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2019

21,504,893

Convertible preferred stock, beginning balance at Dec. 31, 2019

$ 122,907

Convertible preferred stock, ending balance (in shares) at Jun. 30, 2020

21,504,893

Convertible preferred stock, ending balance at Jun. 30, 2020

$ 122,907

Common stock, beginning balance (in shares) at Dec. 31, 2019

5,660,391

Beginning balance at Dec. 31, 2019

(23,203)

$ 6

271

(18)

(23,462)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net unrealized gain (loss) on available-for-sale securities

182

Common stock, ending balance (in shares) at Jun. 30, 2020

(15,574)

5,952,043

Beginning balance at Jun. 30, 2020

$ (37,981)

$ 6

885

164

(39,036)

Convertible preferred stock, beginning balance (in shares) at Mar. 31, 2020

21,504,893

Convertible preferred stock, beginning balance at Mar. 31, 2020

$ 122,907

Convertible preferred stock, ending balance (in shares) at Jun. 30, 2020

21,504,893

Convertible preferred stock, ending balance at Jun. 30, 2020

$ 122,907

Common stock, beginning balance (in shares) at Mar. 31, 2020

5,780,330

Beginning balance at Mar. 31, 2020

(29,832)

$ 6

479

140

(30,457)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock (in shares)

171,713

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock

113

Net unrealized gain (loss) on available-for-sale securities

293

Common stock, ending balance (in shares) at Jun. 30, 2020

(8,579)

5,952,043

Beginning balance at Jun. 30, 2020

$ (37,981)

$ 6

885

164

(39,036)

Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2020

Convertible preferred stock, beginning balance at Dec. 31, 2020

$ 0

Convertible preferred stock, ending balance (in shares) at Mar. 31, 2021

Convertible preferred stock, ending balance at Mar. 31, 2021

$ 0

Common stock, beginning balance (in shares) at Dec. 31, 2020

54,073,901

Beginning balance at Dec. 31, 2020

465,519

^[1]

$ 54

577,390

(19)

(111,906)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock (in shares)

312,062

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock

590

Net unrealized gain (loss) on available-for-sale securities

5,238

(4)

Common stock, ending balance (in shares) at Mar. 31, 2021

(26,086)

54,385,963

Beginning balance at Mar. 31, 2021

$ 445,257

$ 54

583,218

(23)

(137,992)

Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2020

Convertible preferred stock, beginning balance at Dec. 31, 2020

$ 0

Convertible preferred stock, ending balance (in shares) at Jun. 30, 2021

Convertible preferred stock, ending balance at Jun. 30, 2021

$ 0

Common stock, beginning balance (in shares) at Dec. 31, 2020

54,073,901

Beginning balance at Dec. 31, 2020

465,519

^[1]

$ 54

577,390

(19)

(111,906)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net unrealized gain (loss) on available-for-sale securities

Common stock, ending balance (in shares) at Jun. 30, 2021

(55,141)

54,759,344

Beginning balance at Jun. 30, 2021

$ 424,107

$ 55

591,093

(167,047)

Convertible preferred stock, beginning balance (in shares) at Mar. 31, 2021

Convertible preferred stock, beginning balance at Mar. 31, 2021

$ 0

Convertible preferred stock, ending balance (in shares) at Jun. 30, 2021

Convertible preferred stock, ending balance at Jun. 30, 2021

$ 0

Common stock, beginning balance (in shares) at Mar. 31, 2021

54,385,963

Beginning balance at Mar. 31, 2021

445,257

$ 54

583,218

(23)

(137,992)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock (in shares)

322,812

Issuance of common stock upon vesting and exercise of options and vesting of restricted stock

627

$ 1

626

Employee stock purchase plan (in shares)

6,432

50,569

Employee stock purchase plan

817

Net unrealized gain (loss) on available-for-sale securities

Common stock, ending balance (in shares) at Jun. 30, 2021

(29,055)

54,759,344

Beginning balance at Jun. 30, 2021

$ 424,107

$ 55

$ 591,093

$ 6

$ (167,047)

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Commitment and Contingencies - Narrative (Details) $ in Millions	1 Months Ended
	Jul. 31, 2020 USD ($)
Schedule Of Asset Acquisition [Line Items]
Royalty obligation, termination, period from first commercial sale	10 years
Asset Purchase Agreement
Schedule Of Asset Acquisition [Line Items]
Sales milestone payment	$ 29.0
Regulatory milestone payment	51.3
Aggregate sales milestone payment	115.0
Gilead Asset Purchase
Schedule Of Asset Acquisition [Line Items]
Upfront cash payment	3.0
Convertible promissory note issued	3.0
Payments for reimbursements	$ 0.7

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company did not record any income tax expense for the three and six months ended June 30, 2021 and 2020. The Company has incurred net operating losses for all the periods presented and has not reflected any benefit of such net operating loss carryforwards in the accompanying financial statements. The Company has recorded a full valuation allowance against all of its deferred tax assets as it is not more likely than not that such assets will be realized in the near future. It is the Company’s policy to record penalties and interest related to income taxes as a component of income tax expense. The Company has not recorded any interest or penalties related to income taxes during the three and six months ended June 30, 2021 and 2020. The Company has not identified any new uncertain tax positions as of June 30, 2021. Unrecognized tax benefits are not expected to change during the next 12 months. The reversal of the unrecognized tax benefits would not affect the effective tax rate. The Company is subject to examination by U.S. federal and state tax authorities for all years since its inception.

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 + Details

Stock-Based Compensation - Restricted Stock Awards Activity (Details) - Restricted Stock And Restricted Stock Units $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Number of Restricted Stock
Unvested Beginning Balance (in shares) \| shares	810,197
Granted - restricted stock awards and units (in shares) \| shares	339,430
Vested and converted to shares (in shares) \| shares	(53,805)
Forfeited (in shares) \| shares	(9,776)
Unvested Ending Balance (in shares) \| shares	1,086,046
Weighted-Average Grant Date Fair Value
Unvested Beginning Balance (in dollars per share) \| $ / shares	$ 22.26
Granted - restricted stock awards and units (in dollars per share) \| $ / shares	29.32
Vested and converted to shares (in dollars per share) \| $ / shares	0.05
Forfeited (in dollars per share) \| $ / shares	29.83
Unvested Ending Balance (in dollars per share) \| $ / shares	$ 25.50
Unvested, Weighted Average Remaining Vesting Life	2 years 5 months 26 days
Unvested, Aggregate Intrinsic Value \| $	$ 26,011

Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Finance lease on R&D equipment

$ 0

$ 139

Total property and equipment

17,160

14,931

Less: Accumulated depreciation and amortization

(2,193)

(1,285)

Total property and equipment, net

14,967

13,646

^[1]

Depreciation and amortization

500

$ 100

908

$ 343

Lab equipment

7,296

5,619

Leasehold improvements

9,229

8,957

Furniture and fixtures

588

216

Computer equipment