0000950170-21-001471 | 10-Q/A | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 09, 2021
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	VERVE THERAPEUTICS, INC.
Entity Central Index Key	0001840574
Trading Symbol	VERV
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		47,991,799
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common stock, par value $0.001 per share
Entity File Number	001-40489
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4800132
Entity Address, Address Line One	500 Technology Square, Suite 901
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	603-0070
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 387,446	$ 8,993
Marketable securities	30,178	63,119
Prepaid expenses and other current assets	1,940	1,854
Total current assets	419,564	73,966
Property and equipment, net	6,417	3,984
Restricted cash	463	463
Other long term assets	74	0
Total assets	426,518	78,413
Current liabilities:
Accounts payable	1,530	36
Accrued expenses	6,967	7,189
Deferred rent, current portion	152	90
Total current liabilities	8,649	7,315
Deferred rent, net of current portion	13	125
Success payment liability (See Notes 5, 8 and 14)	12,460	2,806
Antidilution rights liability (See Notes 5, 8 and 14)	0	6,916
Total liabilities	21,122	17,162
Commitments and contingencies (See Note 7 and Note 8)
Stockholders' equity (deficit):
Common stock, $0.001 par value; 200,000,000 and 255,000,000 shares authorized, 48,215,812 and 3,123,424 shares issued at June 30, 2021 and December 31, 2020, respectively; 47,946,996 and 2,585,789 shares outstanding at June 30, 2021 and December 31, 2020, respectively	48	3
Additional paid-in capital	538,109	2,616
Accumulated other comprehensive income	3	8
Accumulated deficit	(132,764)	(66,536)
Total stockholders' equity (deficit)	405,396	(63,909)
Total liabilities, convertible preferred stock, and stockholders' equity (deficit)	426,518	78,413
Convertible Preferred Stock
Current liabilities:
Convertible preferred stock (See Note 10)	0	125,160
Stockholders' equity (deficit):
Total stockholders' equity (deficit)	$ 0	$ 125,160

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock fair value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	255,000,000
Common stock shares issued	48,215,812	3,123,424
Common Stock, Shares, Outstanding	47,946,996	2,585,789

Condensed Consolidated Statements of Operations and Comprehensive Loss - 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	$ 13,423	$ 5,654	$ 24,768	$ 12,177
General and administrative	3,541	1,032	6,257	1,878
Total operating expenses	16,964	6,686	31,025	14,055
Loss from operations	(16,964)	(6,686)	(31,025)	(14,055)
Other income (expense):
Change in fair value of preferred stock tranche liability				2,507
Change in fair value of antidilution rights liability	(25,970)	(863)	(25,574)	(1,745)
Change in fair value of success payment liability	(10,036)	(81)	(9,654)	(17)
Interest income and other income (expense), net	5	50	25	127
Total other (expense) income, net	(36,001)	(894)	(35,203)	872
Net loss	$ (52,965)	$ (7,580)	$ (66,228)	$ (13,183)
Net loss per common share attributable to common stockholders, basic and diluted	$ (6.66)	$ (3.41)	$ (12.46)	$ (6.36)
Weighted-average common shares used in net loss per share attributable to common stockholders, basic and diluted	7,948,110	2,225,017	5,316,804	2,071,249
Comprehensive Loss:
Net loss	$ (52,965)	$ (7,580)	$ (66,228)	$ (13,183)
Other comprehensive (loss) income:
Unrealized gain (loss) on marketable securities	(4)	(19)	(5)	(8)
Comprehensive loss attributable to common stockholders	$ (52,969)	$ (7,599)	$ (66,233)	$ (13,191)

Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ (19,553)	$ 25,480	$ 2	$ 1,268	$ 9	$ (20,832)
Beginning Balance (in shares) at Dec. 31, 2019		51,421,404	1,854,438
Issuance of Series A convertible preferred stock, net of issuance costs of $22		$ 36,792
Issuance of Series A convertible preferred stock, net of issuance costs (in shares)		49,749,167
Issuance of common stock to licensor institutions	487			487
Issuance of common stock to licensor institutions (in shares)			187,867
Vesting of restricted common stock (in shares)			134,409
Exercise of stock options	3			3
Exercise of stock options (in shares)			2,025
Unrealized gain (loss) on available-for-sale securities	11				11
Stock-based compensation	95			95
Net loss	(5,603)					(5,603)
Ending Balance at Mar. 31, 2020	(24,560)	$ 62,272	$ 2	1,853	20	(26,435)
Ending balance (in shares) at Mar. 31, 2020		101,170,571	2,178,739
Beginning Balance at Dec. 31, 2019	(19,553)	$ 25,480	$ 2	1,268	9	(20,832)
Beginning Balance (in shares) at Dec. 31, 2019		51,421,404	1,854,438
Issuance of common stock from initial public offering, net of issuance costs of $25,100	(487)
Net loss	(13,183)
Ending Balance at Jun. 30, 2020	(32,059)	$ 125,160	$ 2	1,953	1	(34,015)
Ending balance (in shares) at Jun. 30, 2020		179,519,032	2,313,147
Beginning Balance at Mar. 31, 2020	(24,560)	$ 62,272	$ 2	1,853	20	(26,435)
Beginning Balance (in shares) at Mar. 31, 2020		101,170,571	2,178,739
Issuance of Series A-1 convertible preferred stock, net of issuance costs of $112		$ 62,888
Issuance of Series A-1 convertible preferred stock, net of issuance costs (in shares)		78,348,461
Vesting of restricted common stock (in shares)			134,408
Unrealized gain (loss) on available-for-sale securities	(19)				(19)
Stock-based compensation	100			100
Net loss	(7,580)					(7,580)
Ending Balance at Jun. 30, 2020	(32,059)	$ 125,160	$ 2	1,953	1	(34,015)
Ending balance (in shares) at Jun. 30, 2020		179,519,032	2,313,147
Beginning Balance at Dec. 31, 2020	$ (63,909)	$ 125,160	$ 3	2,616	8	(66,536)
Beginning Balance (in shares) at Dec. 31, 2020	2,585,789	179,519,032	2,585,789
Issuance of Series B convertible preferred stock, net of issuance costs of $241		$ 93,759
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)		77,163,022
Vesting of restricted common stock (in shares)			134,409
Exercise of stock options	$ 72			72
Exercise of stock options (in shares)			48,745
Unrealized gain (loss) on available-for-sale securities	(1)				(1)
Stock-based compensation	670			670
Net loss	(13,263)					(13,263)
Ending Balance at Mar. 31, 2021	(76,431)	$ 218,919	$ 3	3,358	7	(79,799)
Ending balance (in shares) at Mar. 31, 2021		256,682,054	2,768,943
Beginning Balance at Dec. 31, 2020	$ (63,909)	$ 125,160	$ 3	2,616	8	(66,536)
Beginning Balance (in shares) at Dec. 31, 2020	2,585,789	179,519,032	2,585,789
Conversion of convertible preferred stock to common stock upon closing of initial public offering	$ 218,919
Issuance of common stock from initial public offering, net of issuance costs of $25,100	$ (32,490)
Vesting of restricted common stock (in shares)	268,817
Exercise of stock options (in shares)	352,212
Net loss	$ (66,228)
Ending Balance at Jun. 30, 2021	$ 405,396	$ 0	$ 48	538,109	3	(132,764)
Ending balance (in shares) at Jun. 30, 2021	47,946,996	0	47,946,996
Beginning Balance at Mar. 31, 2021	$ (76,431)	$ 218,919	$ 3	3,358	7	(79,799)
Beginning Balance (in shares) at Mar. 31, 2021		256,682,054	2,768,943
Conversion of convertible preferred stock to common stock upon closing of initial public offering	218,919	$ (218,919)	$ 28	218,891
Conversion of convertible preferred stock to common stock upon closing of initial public offering (in shares)		(256,682,054)	27,720,923
Issuance of common stock from initial public offering, net of issuance costs of $25,100	281,584		$ 16	281,568
Issuance of common stock from initial public offering, net of issuance costs (in shares)			16,141,157
Issuance of common stock to licensor institutions	32,490		$ 1	32,489
Issuance of common stock to licensor institutions (in shares)			878,098
Vesting of restricted common stock (in shares)			134,408
Exercise of stock options	452			452
Exercise of stock options (in shares)			303,467
Unrealized gain (loss) on available-for-sale securities	(4)				(4)
Stock-based compensation	1,351			1,351
Net loss	(52,965)					(52,965)
Ending Balance at Jun. 30, 2021	$ 405,396	$ 0	$ 48	$ 538,109	$ 3	$ (132,764)
Ending balance (in shares) at Jun. 30, 2021	47,946,996	0	47,946,996

Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Issuance Costs of Series A Convertible Preferred Stock				$ 22
Issuance Costs of Series A-1 Convertible Preferred Stock			$ 112
Issuance Costs Of Series B Convertible Preferred Stock		$ 241
Issuance Costs Of Common Stock from Initial Public Offering	$ 25,098

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (66,228)	$ (13,183)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	651	451
Amortization of premium on marketable securities	356	66
Stock-based compensation	2,021	195
Change in fair value of preferred stock tranche liabilities		(2,507)
Change in fair value of antidilution rights	25,574	1,745
Change in fair value of success payments liabilities	9,654	17
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(159)	(591)
Accounts payable	1,283	(1,044)
Accrued expenses and other liabilities	(1,584)	914
Deferred rent liability	(50)	(29)
Net cash used in operating activities	(28,482)	(13,966)
Cash flows from investing activities:
Purchases of property and equipment	(2,376)	(1,449)
Purchases of marketable securities	(11,176)	(73,128)
Maturities of marketable securities	43,755	14,281
Net cash provided by (used in) investing activities	30,203	(60,296)
Cash flows from financing activities
Proceeds from issuance of Preferred Stock, net	93,759	92,616
Proceeds from initial public offering, net of underwriting discount	285,214
Payment of initial public offering costs	(2,765)
Proceeds from exercise of stock options	524	3
Net cash provided by financing activities	376,732	92,619
Increase in cash, cash equivalents and restricted cash	378,453	18,357
Cash, cash equivalents and restricted cash—beginning of period	9,456	3,221
Cash, cash equivalents and restricted cash—end of period	387,909	21,578
Supplemental disclosure of noncash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	794	98
Settlement of tranche right liability		7,064
Initial Public Offering Costs Included In Accounts Payable And Accrued Liabilities	865
Conversion of convertible preferred stock to common stock upon closing of initial public offering	218,919
Settlement of antidilution rights liability by issuing common stock	$ 32,490	$ 487

Nature of the Business and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the business and basis of presentation

Organization

Verve Therapeutics, Inc. (the “Company” or “Verve”) is a genetic medicines company pioneering a new approach to the care of cardiovascular disease, transforming treatment from chronic management to single-course gene editing medicines. The Company was incorporated on March 9, 2018 as Endcadia, Inc., a Delaware corporation, and began operations shortly thereafter. In January 2019, the Company amended its certificate of incorporation to change its name to Verve Therapeutics, Inc. The Company’s principal offices are located in Cambridge, Massachusetts.

Liquidity and capital resources

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

On June 21, 2021, the Company completed its initial public offering, or IPO, in which the Company issued and sold 16,141,157 shares of its common stock, including 2,105,368 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $19.00 per share, for aggregate gross proceeds of $306.7 million. The Company received approximately $281.6 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. In connection with the IPO, all outstanding shares of convertible preferred stock converted into 27,720,923 shares of the Company’s common stock.

In connection with the Company's IPO, the Company effected a one-for-9.2595 reverse stock split of the Company’s issued and outstanding common stock. Accordingly, all shares of common stock and per share amounts, as well as the conversion ratio of the Company’s outstanding convertible preferred stock, for all periods presented in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split, including reclassification of par and additional paid-in capital amounts as a result of the reverse stock split.

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company expects that its cash, cash equivalents and marketable securities of $417.6 million as of June 30, 2021 will be sufficient to fund its operations and capital expenditure requirements beyond the next 12 months. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed could have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in

financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2021, the results of its operations and other comprehensive loss for the three and six months ended June 30, 2021 and 2020, convertible preferred stock and stockholders’ deficit for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021, or for any future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020, and the notes thereto, included in the Company’s final prospectus for its initial public offering filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on June 17, 2021.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

The Company's significant accounting policies are disclosed in Note 2, "Summary of significant accounting policies," in the audited consolidated financial statements for the year ended December 31, 2020, and notes thereto, included in the Company’s final prospectus for its IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on June 17, 2021. Since the date of those financial statements, there have been no changes to its significant accounting policies.

Cash, cash equivalents and restricted cash

Restricted cash represents collateral provided for a letter of credit issued as a security deposit in connection with the Company’s lease of its corporate facilities. A reconciliation of the cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows:


	June 30,		June 30,
(in thousands)	2021		2020
Cash and cash equivalents	$	387,446	$	20,931
Restricted cash		463		647
Total cash, cash equivalents and restricted cash	$	387,909	$	21,578

Marketable Securities

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Marketable Securities

3. Marketable securities

Marketable securities by security type consisted of the following:


	June 30, 2021
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bills and notes	$	25,173	$	3	$	-	$	25,176
U.S. agency securities		5,002		-		-		5,002
Total	$	30,175	$	3	$	-	$	30,178


	December 31, 2020
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bills and notes	$	32,221	$	3	$	-	$	32,224
U.S. agency securities		30,890		5		-		30,895
Total	$	63,111	$	8	$	-	$	63,119

The remaining contractual maturities of all marketable securities were less than one year as of June 30, 2021 and December 31, 2020.

Property and equipment, net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and equipment, net

4. Property and equipment, net

Property and equipment, net, consist of the following:


(in thousands)	June 30, 2021			December 31, 2020
Lab equipment	$	6,754		$	3,937
Leasehold improvements		432			259
Furniture and fixtures		535			481
Computer equipment		145			105
Total property and equipment		7,866			4,782
Less accumulated depreciation		(1,449	)		(798	)
Property and equipment, net	$	6,417		$	3,984

Depreciation expense for the three and six months ended June 30, 2021 was $0.4 million and $0.7 million, respectively. Depreciation expense for the three and six months ended June 30, 2020 was $0.3 million and $0.5 million, respectively.

Fair value of financial instruments

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair value of financial instruments

5. fair value of financial instruments

The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, marketable securities, the preferred stock tranche liability as well as certain derivative liabilities (antidilution right liability and success payment liability) pursuant to the Harvard/Broad License Agreement and the Broad License Agreement.

The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy:


	As of June 30, 2021
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	324,973	$	324,973	$	-	$	-
Marketable securities:
U.S. treasury bills and notes		25,176		-		25,176		-
U.S. agency securities		5,002		-		5,002		-
Total assets	$	355,151	$	324,973	$	30,178	$	-
Liabilities
Success payment liability		12,460		-		-		12,460
Total liabilities	$	12,460	$	-	$	-	$	12,460


	As of December 31, 2020
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	6,724	$	6,724	$	-	$	-
Marketable securities:
U.S. treasury bills and notes		32,224		-		32,224		-
U.S. agency securities		30,895		-		30,895		-
Total assets	$	69,843	$	6,724	$	63,119	$	—
Liabilities
Success payment liability	$	2,806	$	-	$	-	$	2,806
Antidilution rights liability		6,916		-		-		6,916
Total liabilities	$	9,722	$	-	$	-	$	9,722

Cash Equivalents—Cash equivalents of $325.0 million and $6.7 million as of June 30, 2021 and December 31, 2020, respectively, consisted of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Marketable Securities—The Company measures its marketable securities at fair value on a recurring basis and classifies those instruments within Level 2 of the fair value hierarchy. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.

Antidilution Rights Liability—The antidilution rights liability represents the obligation to issue additional shares of common stock to Harvard and Broad following the completion of (1) a defined aggregate level of preferred stock financing and (2) either a sale of the Company’s preferred stock, an initial public offering, or a company sale meeting a certain value threshold. The antidilution rights liability is stated at fair value and is considered Level 3 in the fair value hierarchy because its fair value measurement is based, in part, on significant inputs not observed in the market. The antidilution rights liability related to meeting a defined aggregate level of preferred stock financing was valued using a probability-weighted present value model that considered the probability of meeting the defined aggregate level of preferred stock financing, as well as the fair value of the Company’s common stock. The antidilution rights liability related to the achievement of a specified valuation through either a sale of the Company’s preferred stock, an initial public offering, or a company sale was valued using a Monte Carlo simulation model, which models the value of the liability based on several key variables, including probability of event occurrence, timing of event occurrence, as well as the fair value of the Company’s common stock.

In June 2021, upon completion of its IPO, the Company settled the antidilution rights liability in full through the issuance of 878,098 shares of the Company's common stock for a settlement amount of $32.5 million. Prior to settlement, the Company remeasured the liability with a corresponding increase of $26.0 million and $25.6 million to other expense for the three and six months ended June 30, 2021, respectively. The Company recorded an increase of $0.9 million and $1.7 million to other expense for three and six months ended June 30, 2020, respectively.

Success Payment Liability—The Company is obligated to pay to Harvard and Broad tiered success payments in the event its average market capitalization exceeds specified thresholds for a specified period of time ascending from a high nine-digit dollar amount to $10.0 billion, or sale of the Company for consideration in excess of those thresholds. In the event of a change of control or a sale of the Company, the Company is required to pay success payments in cash within a specified period following such event. Otherwise, the success payments may be settled at the Company’s option in either cash or shares of its common stock, or a combination of cash and shares of its common stock. The maximum aggregate success payments that could be payable by the Company is $31.3 million (after termination of the Broad agreement).

The success payments liability is stated at fair value and is considered Level 3 because its fair value measurement is based, in part, on significant inputs not observed in the market. The Company used a Monte Carlo simulation model, which models the value of the liability based on several key variables, including probability of event occurrence, timing of event occurrence, as well as the value of the Company’s common stock. The Company also estimated the likelihood that it would maintain both the Harvard/Broad License Agreement and the Broad License Agreement based on its on-going research efforts.

The Company remeasured the liability at fair value with corresponding increases of $10.0 million and $9.7 million recorded to other expense for the three and six months ended June 30, 2021, respectively, and increases of $0.1 million and less than $0.1 million recorded to other expense for the three and six months ended June 30, 2020, respectively. No settlements of the success payment liability occurred during the three and six months ended June 30, 2021 and 2020. The Company will continue to adjust the success payment liability for changes in fair value until the earlier of the achievement or expiration of the obligation.

The primary inputs used in valuing (i) the success payments liability and (ii) the antidilution rights liability associated with the Company’s realization of a certain valuation threshold through either a sale of the Company’s preferred stock, an initial public offering, or a company sale at June 30, 2021 (only applicable to success payments liability) and December 31, 2020, were as follows:


	At June 30, 2021			At December 31, 2020
Fair value of common stock (per share)	$	60.25		$	8.24
Equity volatility		78	%		105	%
Cumulative probability of triggering event	n/a				70	%
Expected term (in years)	n/a				0.50

At December 31, 2020, the fair value of the common stock was determined by management with the assistance of an independent third-party valuation specialist using methods consistent with the AICPA Valuation Guide. The computation of equity volatility was estimated using available information about the historical volatility of stocks of similar publicly traded companies for a period matching the expected term assumption. In addition, the Company incorporated the timing and probability of future events in the calculation of liabilities. The Company also estimated the likelihood that it would maintain both the Harvard/Broad License Agreement and the Broad License Agreement based on its on-going research efforts. The Company applied a 90% probability of termination of the Broad License Agreement at December 31, 2020.

In February 2021, the Company provided written notice to Broad of its election to terminate the Broad License Agreement, which termination became effective in June 2021. As a result, the Company applied a 100% probability of termination for the Broad License Agreement at March 31, 2021 and June 30, 2021.

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2021 is as follows:


(in thousands)	Antidilution rights liability			Success payment liability		Total
Balance at December 31, 2020	$	6,916		$	2,806	$	9,722
Issuance of common stock		(32,490	)		-	$	(32,490	)
Changes in fair value		25,574			9,654		35,228
Balance at June 30, 2021	$	-		$	12,460	$	12,460

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2020 is as follows:


(in thousands)	Preferred stock tranche liability			Antidilution rights liability			Success payment liability		Total
Balance at December 31, 2019	$	9,571		$	2,044		$	419	$	12,034
Issuance of Series A Preferred Stock		(7,064	)		-			-		(7,064	)
Issuance of common stock		-			(487	)		-		(487	)
Changes in fair value		(2,507	)		1,745			17		(745	)
Balance at June 30, 2020	$	-		$	3,302		$	436	$	3,738

- Definition

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

+ References + Details

Accrued expenses

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accrued expenses

6. Accrued expenses

Accrued expenses consist of the following:


(in thousands)	June 30, 2021		December 31, 2020
Employee compensation and related benefits	$	1,517	$	1,636
Accrued external research and development expenses		3,262		4,827
Professional fees		1,161		303
Other		1,027		423
Total	$	6,967	$	7,189

Commitments

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments

7. Commitments

Operating leases

The Company leases its facilities under non-cancelable operating leases that expire at various dates beginning in July 2022. All of the Company's leases contain escalating rent clauses, which require higher rent payments in future years, and as such rent expense is recognized on a straight-lined basis. See Note 7, "Commitments," in the audited consolidated financial statements for the year ended December 31, 2020, and notes thereto, included in the Company’s final prospectus for its IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on June 17, 2021 for additional information regarding the Company's operating leases.

License Agreement

6 Months Ended

Jun. 30, 2021

License Agreement [Abstract]

License Agreement

8. License agreements

The Company's significant license agreements are disclosed in Note 8, "License Agreements," in the audited consolidated financial statements for the year ended December 31, 2020, and notes thereto, included in the Company’s final prospectus for its IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on June 17, 2021. Since the date of those financial statements, there have been no changes to its license agreements, except as noted below.

Harvard/Broad license agreement and Broad license agreement

In March 2019, the Company simultaneously entered into the Harvard/Broad License Agreement and Broad License Agreement (the “license agreements”) for certain base editing technologies pursuant to which the Company received exclusive, worldwide, sublicensable, royalty-bearing licenses under specified patent rights to develop and commercialize

licensed products and nonexclusive, worldwide, sublicensable, royalty-bearing licenses under certain patent rights to research and develop licensed products. The Company agreed to use commercially reasonable efforts to develop licensed products in accordance with the development plans, to introduce any licensed products that gain regulatory approval into the commercial market, to market licensed products that have gained regulatory approval following such introduction into the market, and to make licensed products that have gained regulatory approval reasonably available to the public. The term of the agreements will continue until the expiration of the last to expire valid claim. The Company may terminate either of the license agreements without cause upon four months’ prior written notice to Harvard and Broad, unless terminated earlier. In February 2021, the Company provided written notice to Broad of its intent to terminate the Broad License Agreement, which termination was effective in June 2021.

As partial consideration for the rights granted under the Harvard/ Broad License Agreement and Broad License Agreement, the Company paid $0.3 million in non-refundable upfront license fees and also issued 276,075 shares of its common stock with a fair value of $0.3 million. Additional consideration under the license agreements is as follows:

Antidilution Rights—The initial shares of common stock issued to Harvard and Broad are subject to antidilution provisions as further described in Note 5, Fair value of financial instruments. The antidilution rights associated with the Company achieving a defined aggregate level of preferred stock financing were partially satisfied in 2019 and fully satisfied in 2020, which settlement amounts totaled $0.1 million and $0.5 million, respectively, and which amounts were settled through issuances of 121,411 and 187,867 shares of common stock, respectively. The remaining antidilution rights obligation was fully satisfied in the three months ended June 30, 2021 with the Company’s initial public offering. The settlement amount totaled $32.5 million, and was settled through issuance of 878,098 shares of common stock.

Success Payments—The Company is required to make success payments under the license agreements as further described in Note 5, Fair value of financial instruments. As of and for the three and six months ended June 30, 2021 and 2020, no success payments were paid or due.

Other Payments—The Company agreed to pay an annual license maintenance fee ranging from low-to-mid five figures to low six figures, depending on the particular calendar year, for each of the license agreements. The Company is responsible for the payment of certain patent prosecution and maintenance costs incurred by Harvard and Broad related to licensed patents. To the extent achieved, the Company is obligated to pay up to an aggregate of $46.2 million and $108 million in development and sales-based milestones, respectively. If the Company undergoes a change of control during the term of the license agreements, then certain of the milestone payments would be increased by a mid-double-digit percentage. To the extent there are sales of a licensed product, the Company is required to pay low single digit royalties on net sales, for each of the license agreements. The Company is entitled to certain reductions and offsets on these royalties with respect to a licensed product in a given country.

Verily agreement

The Company elected to terminate its collaboration agreement with Verily Life Sciences LLC ("Verily"), effective June 26, 2020, and has no outstanding amounts due or payable to Verily as of June 30, 2021. The Company did not record any amounts as research and development expense in the three and six months ended June 30, 2021 related to this agreement and recorded $0.2 million and $1.5 million as research and development expense in the three and six months ended June 30, 2020, respectively, related to this agreement.

Beam license agreement

In April 2019, the Company and Beam Therapeutics, Inc. ("Beam") entered into a collaboration and license agreement. As partial consideration for the license rights granted by Beam under this agreement, the Company paid a one-time, nonrefundable fee through issuing 276,075 shares of its common stock with a fair value of $0.3 million. To the extent achieved, for each licensed product, the Company is also obligated to pay up to $11.3 million in development and regulatory-based milestones and $15.0 million in sales-based milestones. To the extent there are sales of a licensed product, the Company is required to pay low-to-mid single digit royalties on net sales. To the extent achieved, for each collaboration product outside of the United States, the Company is obligated to pay up to $5.6 million in development and regulatory-based milestones and $7.5 million in sales-based milestones. To the extent there are ex-U.S. sales of a collaboration product, the Company is required to pay low-to-mid single digit royalties on net sales.

The Company has not triggered any milestone payments pursuant to its arrangement with Beam, and no expense has been recorded for milestones as of June 30, 2021. To the extent there are sales of a delivery technology product, each party will pay the other party low-to-mid single digit royalties based on the annual aggregate worldwide net sales resulting from the sale of each delivery technology product of such paying party; provided, however, that such royalty payments will not apply to net sales of the collaboration products or licensed products. The Company concluded the receipt of any milestone or royalty payments under the agreement was not probable as of June 30, 2021.

Beam materials exchange letter agreement

In October 2020, the Company and Beam entered into a materials exchange agreement wherein the parties agreed that Beam would provide certain mRNA, gRNA, and protein to the Company and that the Company would provide certain gRNAs to Beam at an agreed upon price per each material provided.

For the three and six months ended June 30, 2021, the Company did not purchase any materials from Beam. For the three and six months ended June 30, 2020, the Company purchased $0.0 million and $0.2 million, respectively, as a charge to research and development expense related to materials purchased from Beam.

For the three and six months ended June 30, 2021, the Company recognized $0.0 million and $0.2 million, respectively, as a reduction to research and development expense related to reimbursements received for materials sold to Beam. During the three and six months ended June 30, 2020, the Company recognized $0.0 million and less than $0.1 million, respectively, as a reduction to research and development expense related to reimbursements received for materials sold to Beam.

Acuitas agreements

Development and option agreement

In December 2019, the Company and Acuitas Therapeutics, Inc. ("Acuitas") entered into a development and collaboration agreement, which agreement was amended and restated in October 2020. The Company agreed to reimburse Acuitas on a quarterly basis for its services performed related to the program activities based on an agreed upon number of fulltime employees committed to work on the program at an annual rate per employee, including reimbursement of reasonable external costs. These services commenced during 2020 and the Company recognized research and development expense during the three and six months ended June 30, 2021 of $0.3 million and $0.6 million, respectively, related to the reimbursement of research and development services provided by Acuitas and technology maintenance fees and $0.3 million and $0.8 million for the three and six months ended June 30, 2020, respectively. In 2020 upon the one-year anniversary of the agreement the Company had exercised one of its options to enter into a non-exclusive license agreement, as further described below.

License agreement

In October 2020, the Company paid Acuitas a non-refundable, upfront license fee of $2.0 million (less a previously paid target reservation fee) to exercise an option with respect to a licensed product and a licensed genome target and entered into a non-exclusive, worldwide license with Acuitas, with a right to sub-license through multiple tiers, under the licensed LNP technology to research, develop and commercialize the licensed products using the LNP technology in connection with the PCSK9 gene target for all human therapeutic or prophylactic uses.

To the extent achieved, the Company is also obligated to pay up to an aggregate of $9.8 million in clinical and regulatory milestones and $9.5 million in sales-based milestones. The milestones have not been achieved and no expense has been recorded for these milestones as of June 30, 2021.

Preferred Stock Tranche Liability

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Preferred Stock Tranche Liability

9. Preferred stock tranche liability

Included in the terms of the Series A Preferred Stock purchase agreement were certain tranche rights whereupon the Company is obligated to issue, and the Series A Preferred investors have the obligation to purchase 49,749,167 shares of Series A Preferred Stock at $0.598 per share upon the Company achieving additional scientific and non-scientific milestones (“third tranche”).

In March 2020, the board of directors agreed to waive the final remaining milestones and determined the third tranche milestones, as modified, were achieved. In March 2020, the Company settled the third tranche by issuing 49,749,167 shares of Series A Preferred Stock at a price of $0.598 per share for gross proceeds of $29.8 million.

Preferred and Common Stock

6 Months Ended

Jun. 30, 2021

Preferred Stock [Abstract]

Preferred and Common Stock

10. Preferred and common stock

In January 2021, the Company issued 77,163,022 shares of Series B Preferred Stock at a price of $1.2182 per share for gross proceeds of $94.0 million. The Company incurred issuance costs in connection with this transaction of $0.2 million.

In June 2021, the Company amended and restated its certificate of incorporation to authorize 5,000,000 shares of preferred stock, which shares of preferred stock are currently undesignated, and 200,000,000 shares of common stock, $0.001 par value per share.

In June 2021, the Company completed its IPO, pursuant to which the Company issued and sold 16,141,157 shares of its common stock, including 2,105,368 shares pursuant to the full exercise of the underwriters' option to purchase additional shares, at a public offering price of $19.00 per share, for aggregate gross proceeds of $306.7 million. The Company

received approximately $281.6 million in net proceeds, after deducting underwriting discounts and estimated offering expenses payable by the Company.

Upon the closing of the IPO, all outstanding shares of the Company's preferred stock automatically converted into 27,720,923 shares of the Company's common stock.

In June 2021, the Company issued 878,098 shares of its common stock to Harvard and Broad as final settlement of its antidilution rights obligation.

The holders of common stock are entitled to one vote for each share of common stock.

Stock-based compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based compensation

11. Stock-based compensation

The 2018 Equity Incentive Plan, or the 2018 Plan, adopted by the board of directors in August 2018 provided for the grant of qualified incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees, officers, directors, advisors, and outside consultants for the issuance or purchase of shares of the Company’s common stock. The maximum number of shares of common stock that were authorized for issuance under the 2018 Plan was 6,885,653.

In June 2021, the Company's board of directors adopted, and the Company's stockholders approved, the 2021 Stock Incentive Plan, or the 2021 Plan, which became effective on June 16, 2021. The 2021 Plan provides for grant of qualified and nonqualified stock options, stock appreciation rights, restricted and unrestricted stock and stock units, performance awards, and other share-based awards to the Company's employees, directors, advisors and outside consultants. Upon effectiveness of the 2021 Plan, the number of shares of common stock that was reserved for issuance under the 2021 Plan is the sum of: (1) 3,466,530; plus (2) the number of shares as is equal to the sum of (x) the number of shares of common stock reserved for issuance under the 2018 Plan that remained available for grant under the 2018 Plan on June 16, 2021 and (y) the number of shares of common stock subject to outstanding awards granted under the 2018 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase, to be added on the first day of each fiscal year, commencing on January 1, 2022 and continuing until, and including, January 1, 2031, equal to the lesser of (i) 5% of the number of shares of common stock outstanding on such date and (ii) the number of shares of common stock determined by our board of directors. As of June 30, 2021 the Company had reserved 4,632,042 shares of the Company's common stock for issuance of stock options and restricted stock, of which 4,167,523 remained outstanding for future grant under the 2021 Plan. Upon effectiveness of the 2021 Plan, the Company ceased granting additional awards under the 2018 Plan.

Stock-based compensation expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss is as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Research and development	$	708	$	59	$	1,021	$	120
General and administrative		643		41		1,000		75
Total stock-based compensation expense	$	1,351	$	100	$	2,021	$	195

Stock options

There were no stock options granted during the six months ended June 30, 2020. A summary of option activity during the six months ended June 30, 2021 was as follows:


	Number of options			Weighted average exercise price per share		Weighted average remaining contractual life (in years)		Aggregate intrinsic value(2) (in thousands)
Outstanding at December 31, 2020		3,888,823		$	2.13
Granted		2,224,012			10.61
Exercised		(352,212	)		1.49
Forfeited		(39,636	)		2.54
Outstanding at June 30, 2021		5,720,987		$	5.48		9.1	$	313,348
Exercisable at June 30, 2021		817,954		$	1.51		8.0	$	48,048
Expected to vest after June 30, 2021(1)		4,903,033		$	6.14		9.2	$	265,300

(1)

This represents the number of unvested options outstanding as of June 30, 2021 that are expected to vest in the future.

(2)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of June 30, 2021.

As of June 30, 2021, there was $25.9 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 3.2 years.

Restricted stock

A summary of the status of and change in unvested restricted stock as of June 30, 2021 was as follows:


	Shares			Weighted- average grant date fair value per share
Unvested as of December 31, 2020		537,633		$	0.0028
Vested		(268,817	)	$	0.0028
Unvested as of June 30, 2021		268,816		$	0.0028

At June 30, 2021, there was less than $0.1 million of unrecognized stock-based compensation expense related to restricted stock that is expected to vest. These costs are expected to be recognized over a weighted-average remaining vesting period of less than 1.0 year.

2021 Amended and Restated Employee Stock Purchase Plan

In June 2021, the board of directors adopted, and the Company's stockholders approved, the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective on June 16, 2021. The Company has initially reserved 433,316 shares of common stock for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP will increase automatically on the first day of each fiscal year commencing on January 1, 2022 through January 1, 2031, by the number of shares equal to the least of (a) 1,083,290 shares, (b) 1% of the total outstanding shares of common stock on such date, and (c) a number of shares as may be determined by the board of directors in any particular year. The first offering period under the ESPP commenced on June 16, 2021 and will end on December 13, 2021. As of June 30, 2021, no shares have been purchased by employees under the ESPP.

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

12. Net loss per share attributable to common stockholders

The Company’s potential dilutive securities, which include convertible preferred stock, unvested restricted stock and common stock options, have been excluded from the computation of diluted net loss per share as the effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect:


	As of June 30,
	2021		2020
Convertible preferred stock		-		19,387,544
Unvested restricted stock		268,816		806,451
Outstanding options to purchase common stock		5,720,987		1,927,030
Total		5,989,803		22,121,025

As part of the license agreements with Harvard and Broad, the Company is required to make success payments. The Company may elect to make these payments by issuing shares of the Company's common stock. As of June 30, 2021, no success payments have been paid or were due relating to these license agreements.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income taxes

Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty

surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets.

- Definition

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

+ References + Details

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

14. Related party transactions

For the three and six months ended June 30, 2021 and 2020, the Company made payments of $0.1 million and $0.2 million, respectively, to four of the founder shareholders for scientific consulting and other expenses. All five founders also vested in a total of 268,817 shares of restricted stock for the six months ended June 30, 2021.

An executive of Beam is a board member of the Company. In October 2020, the Company and Beam entered into a materials exchange agreement wherein the parties agreed that Beam would provide certain mRNA, gRNA, and protein to the Company and that the Company would provide certain gRNAs to Beam at an agreed upon price per each material provided. For the three and six months ended June 30, 2021, the Company recognized $0.0 million and $0.2 million, respectively, as a reduction to research and development expense related to reimbursements received for materials sold to Beam. See Note 8, License agreements.

An officer of the Company is affiliated with Massachusetts General Hospital (“MGH”) as a physician. In February 2019 and November of 2019, the Company entered into an Option License Agreement and Patent License Agreement, respectively, with MGH. As part of the agreement, the Company recognizes an annual license fee of $0.1 million.

An executive of Broad was a board member of the Company. The board member resigned, effective May 2021. In March 2019, the Company simultaneously entered into the Harvard/Broad License Agreement and Broad License Agreement for certain base editing technologies pursuant to which the Company received exclusive, worldwide, sublicensable, royalty-bearing licenses under specified patent rights to develop and commercialize licensed products and nonexclusive, worldwide, sublicensable, royalty-bearing licenses under certain patent rights to research and develop licensed products. Additional consideration under the license agreements include antidilution rights and success payments. See Note 8, License agreements.

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent events

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure.

In July 2021, the Company amended an existing sublease to extend the term for four months, resulting in an additional commitment of approximately $0.7 million.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Restricted Cash

estricted cash


	June 30,		June 30,
(in thousands)	2021		2020
Cash and cash equivalents	$	387,446	$	20,931
Restricted cash		463		647
Total cash, cash equivalents and restricted cash	$	387,909	$	21,578

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

A reconciliation of the cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows:


	June 30,		June 30,
(in thousands)	2021		2020
Cash and cash equivalents	$	387,446	$	20,931
Restricted cash		463		647
Total cash, cash equivalents and restricted cash	$	387,909	$	21,578

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Schedule of Marketable Securities by Security

Marketable securities by security type consisted of the following:


	June 30, 2021
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bills and notes	$	25,173	$	3	$	-	$	25,176
U.S. agency securities		5,002		-		-		5,002
Total	$	30,175	$	3	$	-	$	30,178


	December 31, 2020
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bills and notes	$	32,221	$	3	$	-	$	32,224
U.S. agency securities		30,890		5		-		30,895
Total	$	63,111	$	8	$	-	$	63,119

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, net

Property and equipment, net, consist of the following:


(in thousands)	June 30, 2021			December 31, 2020
Lab equipment	$	6,754		$	3,937
Leasehold improvements		432			259
Furniture and fixtures		535			481
Computer equipment		145			105
Total property and equipment		7,866			4,782
Less accumulated depreciation		(1,449	)		(798	)
Property and equipment, net	$	6,417		$	3,984

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments, Assets and Liabilities

The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy:


	As of June 30, 2021
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	324,973	$	324,973	$	-	$	-
Marketable securities:
U.S. treasury bills and notes		25,176		-		25,176		-
U.S. agency securities		5,002		-		5,002		-
Total assets	$	355,151	$	324,973	$	30,178	$	-
Liabilities
Success payment liability		12,460		-		-		12,460
Total liabilities	$	12,460	$	-	$	-	$	12,460


	As of December 31, 2020
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	6,724	$	6,724	$	-	$	-
Marketable securities:
U.S. treasury bills and notes		32,224		-		32,224		-
U.S. agency securities		30,895		-		30,895		-
Total assets	$	69,843	$	6,724	$	63,119	$	—
Liabilities
Success payment liability	$	2,806	$	-	$	-	$	2,806
Antidilution rights liability		6,916		-		-		6,916
Total liabilities	$	9,722	$	-	$	-	$	9,722

Schedule of Fair Value Liabilities Measured on Recurring Basis


	At June 30, 2021			At December 31, 2020
Fair value of common stock (per share)	$	60.25		$	8.24
Equity volatility		78	%		105	%
Cumulative probability of triggering event	n/a				70	%
Expected term (in years)	n/a				0.50

Schedule of Reconciliation of Changes in Fair Value of Financial Instruments

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2021 is as follows:


(in thousands)	Antidilution rights liability			Success payment liability		Total
Balance at December 31, 2020	$	6,916		$	2,806	$	9,722
Issuance of common stock		(32,490	)		-	$	(32,490	)
Changes in fair value		25,574			9,654		35,228
Balance at June 30, 2021	$	-		$	12,460	$	12,460

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2020 is as follows:


(in thousands)	Preferred stock tranche liability			Antidilution rights liability			Success payment liability		Total
Balance at December 31, 2019	$	9,571		$	2,044		$	419	$	12,034
Issuance of Series A Preferred Stock		(7,064	)		-			-		(7,064	)
Issuance of common stock		-			(487	)		-		(487	)
Changes in fair value		(2,507	)		1,745			17		(745	)
Balance at June 30, 2020	$	-		$	3,302		$	436	$	3,738

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	June 30, 2021		December 31, 2020
Employee compensation and related benefits	$	1,517	$	1,636
Accrued external research and development expenses		3,262		4,827
Professional fees		1,161		303
Other		1,027		423
Total	$	6,967	$	7,189

Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss is as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Research and development	$	708	$	59	$	1,021	$	120
General and administrative		643		41		1,000		75
Total stock-based compensation expense	$	1,351	$	100	$	2,021	$	195

Schedule of Stock Option Activity

A summary of option activity during the six months ended June 30, 2021 was as follows:


	Number of options			Weighted average exercise price per share		Weighted average remaining contractual life (in years)		Aggregate intrinsic value(2) (in thousands)
Outstanding at December 31, 2020		3,888,823		$	2.13
Granted		2,224,012			10.61
Exercised		(352,212	)		1.49
Forfeited		(39,636	)		2.54
Outstanding at June 30, 2021		5,720,987		$	5.48		9.1	$	313,348
Exercisable at June 30, 2021		817,954		$	1.51		8.0	$	48,048
Expected to vest after June 30, 2021(1)		4,903,033		$	6.14		9.2	$	265,300

(1)

This represents the number of unvested options outstanding as of June 30, 2021 that are expected to vest in the future.

(2)

Schedule of Status and Change in Unvested Restricted Stock

A summary of the status of and change in unvested restricted stock as of June 30, 2021 was as follows:


	Shares			Weighted- average grant date fair value per share
Unvested as of December 31, 2020		537,633		$	0.0028
Vested		(268,817	)	$	0.0028
Unvested as of June 30, 2021		268,816		$	0.0028

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Potential Common Shares,Based on Amounts Outstanding at Period End were Excluded From the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

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


	As of June 30,
	2021		2020
Convertible preferred stock		-		19,387,544
Unvested restricted stock		268,816		806,451
Outstanding options to purchase common stock		5,720,987		1,927,030
Total		5,989,803		22,121,025

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 21, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from initial public offering, net of underwriting discount						$ 285,214
Net loss		$ (52,965)	$ (13,263)	$ (7,580)	$ (5,603)	(66,228)	$ (13,183)
Accumulated deficit		(132,764)				(132,764)		$ (66,536)
Cash, cash equivalents, and marketable securities		$ 417,600				$ 417,600
IPO
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Reverse stock split						one-for-9.2595
Shares issued and sold	16,141,157
Public offering price per share	$ 19.00
Proceeds from initial public offering, net of underwriting discount	$ 306,700
Net proceeds from sale of common stock	$ 281,600
Shares issued upon conversion of preferred stock	27,720,923	27,720,923				27,720,923
Underwriters Option
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares issued and sold	2,105,368

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 387,446	$ 8,993	$ 20,931
Restricted cash	463		647
Total cash, cash equivalents and restricted cash	$ 387,909	$ 9,456	$ 21,578	$ 3,221

Marketable securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	$ 30,175	$ 63,111
Gross unrealized gains	3	8
Gross unrealized losses	0	0
Fair value	30,178	63,119
U.S. Treasury Bills and Notes [Member]
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	25,173	32,221
Gross unrealized gains	3	3
Gross unrealized losses	0	0
Fair value	25,176	32,224
U.S. Agency Securities [Member]
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	5,002	30,890
Gross unrealized gains	0	5
Gross unrealized losses	0	0
Fair value	$ 5,002	$ 30,895

Marketable securities - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Remaining contractual maturities of marketable securities term	1 year	1 year

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,866	$ 4,782
Less accumulated depreciation	(1,449)	(798)
Property and equipment, net	6,417	3,984
Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	6,754	3,937
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	432	259
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	535	481
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 145	$ 105

Property and Equipment, net- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 0.4	$ 0.3	$ 0.7	$ 0.5

Fair value of financial instruments - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Total assets	$ 355,151	$ 69,843
Liabilities
Total liabilities	12,460	9,722
Success Payment Liability
Liabilities
Total liabilities	12,460	2,806
Antidilution Rights Liability
Liabilities
Total liabilities		6,916
U.S. Treasury Bills and Notes
Assets
Total assets	25,176	32,224
U.S. Agency Securities
Assets
Total assets	5,002	30,895
Level 1
Assets
Total assets	324,973	6,724
Liabilities
Total liabilities	0	0
Level 1 \| Success Payment Liability
Liabilities
Total liabilities	0	0
Level 1 \| Antidilution Rights Liability
Liabilities
Total liabilities		0
Level 1 \| U.S. Treasury Bills and Notes
Assets
Total assets	0	0
Level 1 \| U.S. Agency Securities
Assets
Total assets	0	0
Level 2
Assets
Total assets	30,178	63,119
Liabilities
Total liabilities	0	0
Level 2 \| Success Payment Liability
Liabilities
Total liabilities	0	0
Level 2 \| Antidilution Rights Liability
Liabilities
Total liabilities		0
Level 2 \| U.S. Treasury Bills and Notes
Assets
Total assets	25,176	32,224
Level 2 \| U.S. Agency Securities
Assets
Total assets	5,002	30,895
Level 3
Assets
Total assets	0	0
Liabilities
Total liabilities	12,460	9,722
Level 3 \| Success Payment Liability
Liabilities
Total liabilities	12,460	2,806
Level 3 \| Antidilution Rights Liability
Liabilities
Total liabilities		6,916
Level 3 \| U.S. Treasury Bills and Notes
Assets
Total assets	0	0
Level 3 \| U.S. Agency Securities
Assets
Total assets	0	0
Money Market Funds
Assets
Total assets	324,973	6,724
Money Market Funds \| Level 1
Assets
Total assets	324,973	6,724
Money Market Funds \| Level 2
Assets
Total assets	0	0
Money Market Funds \| Level 3
Assets
Total assets	$ 0	$ 0

Fair value of financial instruments - Additional Information (Details) - USD ($)				3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 325,000,000.0		$ 6,700,000	$ 325,000,000.0		$ 325,000,000.0
Common stock shares issued	48,215,812		3,123,424	48,215,812		48,215,812
Issuance of common stock, value	$ 48,000		$ 3,000	$ 48,000		$ 48,000
Success payment liability	0			0	$ 0	0	$ 0
Other Expense
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability	10,000,000.0			10,000,000.0	100,000	10,000,000.0	100,000
Success payment liability	9,700,000			9,700,000		9,700,000
Harvard and Board
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability	10,000,000,000.0			10,000,000,000.0		10,000,000,000.0
Harvard \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability	$ 31,300,000			$ 31,300,000		$ 31,300,000
Broad License Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Common stock shares issued	276,075			276,075		276,075
Success payment liability	$ 0			$ 0	0	$ 0	0
Fair value inputs probability of termination	100.00%	100.00%	90.00%
Antidilution Rights Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Common stock shares issued	878,098			878,098		878,098
Issuance of common stock, value	$ 32,500,000			$ 32,500,000		$ 32,500,000
Increase in liabilities				$ 26,000,000.0	$ 900,000	$ 25,600,000	$ 1,700,000

Fair value of financial instruments - Schedule of Fair Value Liabilities Measured on Recurring Basis (Details) - $ / shares		6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of common stock (per share)	$ 8.24	$ 60.25
Cumulative probability of triggering event	70.00%
Equity Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity volatility	105.00%	78.00%
Expected Term
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected term (in years)	6 months

Fair value of financial instruments - Schedule of Reconciliation of Changes in Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance		$ 9,722	$ 12,034
Issuance of Series A Preferred Stock			(7,064)
Issuance of common stock	$ 281,584	(32,490)	(487)
Changes in fair value		35,228	(745)
Ending balance	12,460	12,460	3,738
Antidilution Rights Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance		6,916	2,044
Issuance of Series A Preferred Stock			0
Issuance of common stock		(32,490)	(487)
Changes in fair value		25,574	1,745
Ending balance	0	0	3,302
Success Payment Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance		2,806	419
Issuance of Series A Preferred Stock			0
Issuance of common stock		0	0
Changes in fair value		9,654	17
Ending balance	$ 12,460	$ 12,460	436
Preferred Stock Tranche Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance			9,571
Issuance of Series A Preferred Stock			(7,064)
Issuance of common stock			0
Changes in fair value			(2,507)
Ending balance			$ 0

Accrued expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Employee compensation and related benefits	$ 1,517	$ 1,636
Accrued external research and development expenses	3,262	4,827
Professional fees	1,161	303
Other	1,027	423
Total	$ 6,967	$ 7,189

License Agreement - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		10 Months Ended	12 Months Ended
	Apr. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses		$ 13,423,000	$ 5,654,000	$ 24,768,000	$ 12,177,000
Common stock shares issued		48,215,812		48,215,812			3,123,424
Common stock fair value		$ 0.001		$ 0.001			$ 0.001
Issuance of common stock		$ 281,584,000		$ (32,490,000)	(487,000)
Issuance of common stock, value		48,000		48,000			$ 3,000
Success payment liability		$ 0	0	$ 0	0
Broad License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Common stock shares issued		276,075		276,075
Issuance of common stock				$ 300,000
Preferred stock financing partially satisfied								$ 100,000
Preferred stock financing were fully satisfied							$ 500,000
Common stock issued for partly satisfying preferred stock financing								$ 121,411,000
Common stock issued for fully satisfying preferred stock financing							187,867
Success payment liability		$ 0	0	0	0
Payment of milestone development				46,200,000
Payment of sales based milestone				108,000,000
Verily License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses		0	200,000	0	1,500,000
Amount due as a result of termination		0		0
Beam License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses		0.0	0.0	200,000	200,000
Common stock shares issued	276,075
Issuance of common stock	$ 300,000
Payment of milestone development	11,300,000
Payment of sales based milestone	15,000,000.0
Reimbursement received related to reduction to research and development expense		0.0	0.0	200,000	100,000
Milestone related expenses				0
Beam License Agreement \| Non-US
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment of milestone development	5,600,000
Payment of sales based milestone	$ 7,500,000
Acuitas Agreements
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses		$ 300,000	$ 300,000	600,000	$ 800,000
License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Non Refundable Upfront License Fee						$ 2,000,000.0
Clinical And Regulatory Milestone				9,800,000
Sales Based Milestone				9,500,000
Milestone related expenses				0
License Agreement \| Broad License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Non-Refundable Upfront License Fees Paid				$ 300,000
Antidilution Rights \| Broad License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Common stock shares issued		878,098		878,098
Issuance of common stock, value		$ 32,500,000		$ 32,500,000

Preferred Stock Tranche Liability - Additional Information (Details) - Seires A Preferred Stock [Member] - Third tranche $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Class Of Stock [Line Items]
Preferred stock, shares authorized	49,749,167
Preferred stock, value per share \| $ / shares	$ 0.598
Preferred stock, shares issued	49,749,167
Proceeds from issuance or sale of preferred stock \| $	$ 29.8

Preferred and Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 21, 2021	Dec. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net		$ 93,759	$ 92,616
Common stock, shares authorized		200,000,000			255,000,000
Common stock shares issued		48,215,812			3,123,424
Common Stock, Par Value		$ 0.001			$ 0.001
Harvard and Board [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued		878,098
IPO
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net		$ 281,600
Common stock shares issued		16,141,157
Additional shares of common stock		2,105,368
Public price		$ 19.00
Proceeds from common stock, gross		$ 306,700
Shares issued upon conversion of preferred stock		27,720,923		27,720,923
Preferred Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Preferred stock, shares authorized		5,000,000
Preferred Stock [Member] \| Series B Preferred Stock
Subsidiary Sale Of Stock [Line Items]
Preferred stock, shares issued	77,163,022
Preferred stock, value per share	$ 1.2182
Proceeds from issuance of Preferred Stock, net	$ 94,000
Transaction costs on issuance	$ 200
Common Stock
Subsidiary Sale Of Stock [Line Items]
Common stock, shares authorized		200,000,000
Common Stock, Par Value		$ 0.001

Stock-based compensation - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 01, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 16, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		4,632,042
Stock option granted during period		2,224,012	0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost		$ 25.9
Weighted average period over which unrecognized compensation is expected to be recognized		3 years 2 months 12 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost		$ 0.1
Weighted average period over which unrecognized compensation is expected to be recognized		1 year
Twent Eighteen \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		6,885,653
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance				3,466,530
Share-based Compensation Arrangement by Share-based Payment Award, Description		annual increase, to be added on the first day of each fiscal year, commencing on January 1, 2022 and continuing until, and including, January 1, 2031, equal to the lesser of (i) 5% of the number of shares of common stock outstanding on such date
Shares available for future grant		4,167,523
2021 Stock Incentive Plan \| Common Stock \| Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of outstanding stock, reserved for issuance	5.00%
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance				433,316
ESPP \| Common Stock \| Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of outstanding stock, reserved for issuance	1.00%
Increase in common stock capital shares, reserved for future issuance	1,083,290

Stock-based compensation - Summary of Stock Based Compensation Expense (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]
Research and development	$ 1,351	$ 100	$ 2,021	$ 195
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Research and development	708	59	1,021	120
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Research and development	$ 643	$ 41	$ 1,000	$ 75

Stock-based compensation - Summary of the Activity Under the Stock Plan (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of options, Outstanding, Beginning balance \| shares	3,888,823
Number of options, Granted \| shares	2,224,012	0
Number of options, Exercised \| shares	(352,212)
Number of options, Forfeited \| shares	(39,636)
Number of options, Outstanding, Ending balance \| shares	5,720,987
Number of options, Exercisable \| shares	817,954
Number of options, Expected to vest \| shares	4,903,033
Weighted average exercise price, Beginning balance \| $ / shares	$ 2.13
Weighted average exercise price, Granted \| $ / shares	10.61
Weighted average exercise price, Exercised \| $ / shares	1.49
Weighted average exercise price, Forfeited \| $ / shares	2.54
Weighted average exercise price, Ending balance \| $ / shares	5.48
Weighted average exercise price, Exercisable \| $ / shares	1.51
Weighted average exercise price, Expected to vest \| $ / shares	$ 6.14
Weighted average remaining contractual life (in years), Outstanding	9 years 1 month 6 days
Weighted average remaining contractual life (in years), Exercisable	8 years
Weighted average remaining contractual life (in years), Expected to vest	9 years 2 months 12 days
Aggregate intrinsic value, Outstanding \| $	$ 313,348
Aggregate intrinsic value, Exercisable \| $	48,048
Aggregate intrinsic value, Expected to vest \| $	$ 265,300

Stock-based compensation - Summary of the Restricted Stock Units (Details) - RSU	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs, beginning balance, Unvested \| shares	537,633
Unvested RSUs, Vested \| shares	(268,817)
Unvested RSUs, ending balance, unvested \| shares	268,816
Weighted-Average Grant Date Fair Value Per Share, beginning balance, Unvested \| $ / shares	$ 0.0028
Weighted-Average Grant Date Fair Value Per Share, Vested \| $ / shares	0.0028
Weighted-Average Grant Date Fair Value Per Share, ending balance, Unvested \| $ / shares	$ 0.0028

Net Loss Per Share Attributable to Common Stockholders - Potential Common Shares,Based on Amounts Outstanding at Period End were Excluded From the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	5,989,803	22,121,025
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	0	19,387,544
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	268,816	806,451
Outstanding Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	5,720,987	1,927,030

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 100	$ 100	$ 200	$ 200
Vesting of restricted common stock (in shares)			268,817
Research and development expenses	13,423	5,654	$ 24,768	12,177
Beam License Agreement
Related Party Transaction [Line Items]
Research and development expenses	$ 0	$ 0	200	$ 200
Officer [Member]
Related Party Transaction [Line Items]
Revenue from related parties			$ 100

Subsequent Event - Additional Information (Details) - Subsequent Event [Member] $ in Millions	Jul. 31, 2021 USD ($)
Subsequent Event [Line Items]
Lease Commitment Amount	$ 0.7
Lease Payment Description	In July 2021, the Company amended an existing sublease to extend the term for four months, resulting in an additional commitment of approximately $0.7 million.
Lease term remaining	4 months