0000950170-22-014474 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Dyne Therapeutics, Inc.
Entity Central Index Key	0001818794
Entity File Number	001-39509
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4883909
Entity Address, Address Line One	1560 Trapelo Road
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	786-8230
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		51,765,370
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	DYN
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 135,980	$ 200,825
Marketable securities	155,858	175,746
Prepaid expenses and other current assets	6,096	5,821
Total current assets	297,934	382,392
Property and equipment, net	5,483	4,678
Right-of-use assets	34,294	36,282
Restricted cash and other assets	2,315	2,311
Total assets	340,026	425,663
Current liabilities:
Accounts payable	6,972	4,031
Accrued expenses and other current liabilities	13,161	20,799
Lease liabilities	5,489	3,893
Total current liabilities	25,622	28,723
Lease liabilities, net of current portion	27,345	28,743
Total liabilities	52,967	57,466
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2022 and December 31, 2021; 51,741,334 and 51,607,522 shares issued and 51,734,361 and 51,569,381 shares outstanding at June 30, 2022 and December 31, 2021, respectively	6	6
Additional paid-in capital	604,570	596,934
Accumulated other comprehensive loss	(1,156)	(269)
Accumulated deficit	(316,361)	(228,474)
Total stockholders’ equity	287,059	368,197
Total liabilities and stockholders’ equity	$ 340,026	$ 425,663

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	51,741,334	51,607,522
Common stock, shares outstanding	51,734,361	51,569,381

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 46,664	$ 23,872	$ 74,899	$ 42,496
General and administrative	6,091	6,293	13,638	12,802
Total operating expenses	52,755	30,165	88,537	55,298
Loss from operations	(52,755)	(30,165)	(88,537)	(55,298)
Other (expense) income:
Interest income	441	210	671	375
Other income (expense), net	10	0	(21)	0
Total other (expense) income, net	451	210	650	375
Net loss	$ (52,304)	$ (29,955)	$ (87,887)	$ (54,923)
Net loss per share basic	$ (1.01)	$ (0.58)	$ (1.70)	$ (1.09)
Net loss per share diluted	$ (1.01)	$ (0.58)	$ (1.70)	$ (1.09)
Weighted-average common shares outstanding used in net loss per share—basic and diluted	51,679,536	51,216,254	51,640,706	50,349,193
Comprehensive loss:
Net loss	$ (52,304)	$ (29,955)	$ (87,887)	$ (54,923)
Other comprehensive loss:
Unrealized gains (losses) on marketable securities, net	(226)	27	(887)	(14)
Comprehensive loss	$ (52,530)	$ (29,928)	$ (88,774)	$ (54,937)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 342,367	$ 5	$ 421,572	$ (27)	$ (79,183)
Beginning Balance, Shares at Dec. 31, 2020		45,076,574
Issuance of stock, net of issuance costs	157,237	$ 1	157,236
Issuance of stock, net of issuance costs, Shares		6,000,000
Exercise of stock options	13		13
Exercise of stock options, Shares		11,163
Stock-based compensation	3,652		3,652
Vesting of restricted shares		70,539
Unrealized losses (gain) on marketable securities	(41)			(41)
Net loss	(24,968)				(24,968)
Ending Balance at Mar. 31, 2021	478,260	$ 6	582,473	(68)	(104,151)
Ending Balance, Shares at Mar. 31, 2021		51,158,276
Beginning Balance at Dec. 31, 2020	342,367	$ 5	421,572	(27)	(79,183)
Beginning Balance, Shares at Dec. 31, 2020		45,076,574
Unrealized losses (gain) on marketable securities	(14)
Net loss	(54,923)
Ending Balance at Jun. 30, 2021	452,596	$ 6	586,737	(41)	(134,106)
Ending Balance, Shares at Jun. 30, 2021		51,232,341
Beginning Balance at Mar. 31, 2021	478,260	$ 6	582,473	(68)	(104,151)
Beginning Balance, Shares at Mar. 31, 2021		51,158,276
Exercise of stock options	25		25
Exercise of stock options, Shares		10,088
Stock-based compensation	4,239		4,239
Vesting of restricted shares		63,977
Unrealized losses (gain) on marketable securities	27			27
Net loss	(29,955)				(29,955)
Ending Balance at Jun. 30, 2021	452,596	$ 6	586,737	(41)	(134,106)
Ending Balance, Shares at Jun. 30, 2021		51,232,341
Beginning Balance at Dec. 31, 2021	368,197	$ 6	596,934	(269)	(228,474)
Beginning Balance, Shares at Dec. 31, 2021		51,569,381
Exercise of stock options	18		18
Exercise of stock options, Shares		9,583
Stock-based compensation	4,488		4,488
Vesting of restricted shares		20,504
Vesting of restricted stock units		49,955
Unrealized losses (gain) on marketable securities	(661)			(661)
Net loss	(35,583)				(35,583)
Ending Balance at Mar. 31, 2022	336,459	$ 6	601,440	(930)	(264,057)
Ending Balance, Shares at Mar. 31, 2022		51,649,423
Beginning Balance at Dec. 31, 2021	$ 368,197	$ 6	596,934	(269)	(228,474)
Beginning Balance, Shares at Dec. 31, 2021		51,569,381
Exercise of stock options, Shares	41,950
Unrealized losses (gain) on marketable securities	$ (887)
Net loss	(87,887)
Ending Balance at Jun. 30, 2022	287,059	$ 6	604,570	(1,156)	(316,361)
Ending Balance, Shares at Jun. 30, 2022		51,734,361
Beginning Balance at Mar. 31, 2022	336,459	$ 6	601,440	(930)	(264,057)
Beginning Balance, Shares at Mar. 31, 2022		51,649,423
Exercise of stock options	99		99
Exercise of stock options, Shares		32,367
Stock-based compensation	3,031		3,031
Vesting of restricted shares		10,664
Vesting of restricted stock units		41,907
Unrealized losses (gain) on marketable securities	(226)			(226)
Net loss	(52,304)				(52,304)
Ending Balance at Jun. 30, 2022	$ 287,059	$ 6	$ 604,570	$ (1,156)	$ (316,361)
Ending Balance, Shares at Jun. 30, 2022		51,734,361

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Common Stock
Stock issuance costs	$ 0.7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (87,887)	$ (54,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,519	7,891
Depreciation and amortization expense	885	487
Non-cash lease expense	2,183	(15)
Amortization of premium on marketable securities	1,011	1,146
Loss on sale of marketable securities	21	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(656)	(21,393)
Other assets	0	(578)
Accounts payable and other liabilities	(4,724)	2,842
Net cash used in operating activities	(81,648)	(64,543)
Cash flows from investing activities:
Purchases of property and equipment	(1,662)	(747)
Purchases of marketable securities	(89,530)	(156,562)
Maturities of marketable securities	104,740	22,500
Sales of marketable securities	2,759	0
Net cash provided by (used in) investing activities	16,307	(134,809)
Cash flows from financing activities:
Proceeds from follow-on public offering of common stock, net of issuance costs	0	157,237
Proceeds from exercise of stock options	117	38
Net cash provided by financing activities	117	157,275
Net decrease in cash and cash equivalents	(65,224)	(42,077)
Cash, cash equivalents and restricted cash, beginning of period	203,519	303,153
Cash, cash equivalents and restricted cash, end of period	138,295	261,076
Supplemental disclosures of cash flow information:
Purchase of property and equipment in accounts payable	$ 230	$ 383

Nature of the Business and Basis of Presentation

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of Business and Basis of Presentation

Dyne Therapeutics, Inc. (the “Company”) is building a leading muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases. The Company was incorporated in Delaware on December 1, 2017 and has a principal place of business in Waltham, Massachusetts.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates, fluctuations in operating results, compliance with government regulations, the ability to establish clinical- and commercial-scale manufacturing processes, the impact of the COVID-19 pandemic and the ability to secure additional capital to fund operations. Product candidates and programs currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization of a product. 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 January 25, 2021, the Company completed a follow-on public offering of common stock pursuant to which it issued and sold 6,000,000 shares of its common stock at a public offering price of $28.00 per share, resulting in net proceeds of $157.2 million, after deducting underwriting discounts and commissions and offering expenses.

The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has funded its operations with proceeds from the sales of preferred stock and common stock, including its initial public offering ("IPO") completed in September 2020 and the follow-on offering completed in January 2021. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance of these condensed consolidated financial statements.

To continue its development efforts, the Company will need to obtain substantial additional funding through public or private equity offerings, debt financings, collaborations, strategic alliances and/or licensing arrangements in order to fund its research and development and ongoing operating expenses. The Company may not be able to obtain financing on acceptable terms, when needed or at all, and the Company may not be able to enter into collaborations, strategic alliances or licensing arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Any collaborations, strategic alliances or licensing arrangements may require the Company to relinquish rights to certain of its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company. If the Company is unable to obtain funding, the Company could be forced to delay, limit, reduce or eliminate some or all of its research and development programs, pipeline expansion or future commercialization efforts or grant rights to develop and market product candidates, which could adversely affect its business prospects. Although management will continue to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations when needed or at all.

To date, the Company has not experienced material business disruptions, including with its vendors, as a result of the COVID-19 pandemic. The Company expects to continue to take actions as may be required or recommended by government authorities or as it determines are in the best interests of its employees and other business partners. The Company is continuing to monitor the potential impact of the pandemic, but cannot be certain what the overall impact will be on its business, financial condition, results of operations and prospects.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America. 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”).

The financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited interim financial statements have been prepared on the same basis as audited annual financial statements, except certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the interim financial information reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair representation of the results for the reported periods. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 10, 2022. The results for the six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period.

Fair value measurements

Certain assets and liabilities are carried at fair value. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

•

Level 2—Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

•

quoted prices for similar assets and liabilities in active markets;

•

quoted prices for identical or similar assets or liabilities in markets that are not active;

•

observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and

•

inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•

Level 3—Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

Net loss per share

Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents.

The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded 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,
	2022		2021
Options to purchase common stock		8,088,441		7,160,650
Unvested restricted common stock		6,973		209,567
Unvested restricted stock units		1,017,273		548,465
Total		9,112,687		7,918,682

Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2022

Restricted Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

3. Cash, Cash Equivalents and Restricted Cash

Cash includes cash in readily available checking accounts and cash equivalents include money market funds that invest in U.S. treasury securities and all highly liquid investments maturing within 90 days from the date of purchase.

Amounts included in restricted cash represent amounts pledged as collateral for letters of credit required for security deposits on the Company’s leased facilities. Restricted cash totaled $2.3 million and $2.7 million at June 30, 2022 and December 31, 2021, respectively. These amounts are classified as a component of other current assets and as restricted cash on the Company’s condensed consolidated balance sheets.

Cash, cash equivalents and restricted cash consisted of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Cash and cash equivalents	$	135,980	$	200,825
Short term restricted cash included in other current assets		—		383
Restricted cash		2,315		2,311
Total	$	138,295	$	203,519

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables set forth by security type, marketable securities for the periods presented:


	As of June 30, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper	$	20,759	$	—	$	—		$	20,759
Certificates of deposit		12,411		—		(1	)		12,410
Corporate debt securities		109,170		1		(1,057	)		108,114
U.S. treasury notes		14,674		—		(99	)		14,575
Total	$	157,014	$	1	$	(1,157	)	$	155,858


	As of December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper	$	12,635	$	—	$	—		$	12,635
Corporate debt securities		138,207		3		(249	)		137,961
Certificates of deposit		4,490		—		—			4,490
U.S. treasury notes		20,683		—		(23	)		20,660
Total	$	176,015	$	3	$	(272	)	$	175,746

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value on a recurring basis for the periods presented:


	Fair value measurements as of June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	8,532	$	—	$	—	$	8,532
Corporate debt securities		—		1,280		—		1,280
Marketable securities
Commercial paper		20,759		—		—		20,759
Certificates of deposit		—		12,410		—		12,410
Corporate debt securities		—		108,114		—		108,114
U.S. treasury notes		14,575		—		—		14,575
Total	$	43,866	$	121,804	$	—	$	165,670


	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	95,565	$	—	$	—	$	95,565
Corporate debt securities		—		1,844		—		1,844
Marketable securities
Commercial paper		12,635		—		—		12,635
Corporate debt securities		—		137,961		—		137,961
Certificates of deposit		—		4,490		—		4,490
U.S. treasury notes		20,660		—		—		20,660
Total	$	128,860	$	144,295	$	—	$	273,155

The fair value of money market funds, commercial paper and U.S. treasury notes were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Certificates of deposit and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.

There were no transfers between Level 1, Level 2, or Level 3 during the periods presented.

The following table summarizes the scheduled maturity for the Company’s marketable securities at June 30, 2022:


(in thousands)	June 30, 2022
Maturing in one year or less	$	148,361
Maturing after one year through two years		7,497
Maturing after two years		—
Total	$	155,858

Financial instruments not recorded at fair value

The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.

- 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

Property and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

5. Property and Equipment

Property and equipment consisted of the following:


	June 30,			December 31,
(in thousands)	2022			2021
Laboratory equipment	$	5,601		$	3,930
Office and computer equipment		1,703			1,271
Construction in process		1,047			1,460
Property and equipment—at cost		8,351			6,661
Less accumulated depreciation and amortization		(2,868	)		(1,983	)
Property and equipment—net	$	5,483		$	4,678

Depreciation and amortization expense for the three and six months ended June 30, 2022 was $0.5 million and $0.9 million, respectively. Depreciation and amortization expense for the three and six months ended June 30, 2021 was $0.2 million and $0.5 million, respectively.

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Payroll and benefits	$	2,741	$	5,097
Consulting services		589		694
Legal services		350		184
Research and development		9,276		14,762
Facility costs		205		62
Total	$	13,161	$	20,799

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Fair Value Measurements

Fair value measurements

•

Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

•

quoted prices for similar assets and liabilities in active markets;

•

quoted prices for identical or similar assets or liabilities in markets that are not active;

•

observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and

•

inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•

Net Loss Per Share

Net loss per share


	June 30,
	2022		2021
Options to purchase common stock		8,088,441		7,160,650
Unvested restricted common stock		6,973		209,567
Unvested restricted stock units		1,017,273		548,465
Total		9,112,687		7,918,682

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share


	June 30,
	2022		2021
Options to purchase common stock		8,088,441		7,160,650
Unvested restricted common stock		6,973		209,567
Unvested restricted stock units		1,017,273		548,465
Total		9,112,687		7,918,682

Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2022

Restricted Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Cash and cash equivalents	$	135,980	$	200,825
Short term restricted cash included in other current assets		—		383
Restricted cash		2,315		2,311
Total	$	138,295	$	203,519

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Marketable Securities by Security Type

The following tables set forth by security type, marketable securities for the periods presented:


	As of June 30, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper	$	20,759	$	—	$	—		$	20,759
Certificates of deposit		12,411		—		(1	)		12,410
Corporate debt securities		109,170		1		(1,057	)		108,114
U.S. treasury notes		14,674		—		(99	)		14,575
Total	$	157,014	$	1	$	(1,157	)	$	155,858


	As of December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper	$	12,635	$	—	$	—		$	12,635
Corporate debt securities		138,207		3		(249	)		137,961
Certificates of deposit		4,490		—		—			4,490
U.S. treasury notes		20,683		—		(23	)		20,660
Total	$	176,015	$	3	$	(272	)	$	175,746

Summary of Assets Carried at Fair Value on Recurring Basis

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value on a recurring basis for the periods presented:


	Fair value measurements as of June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	8,532	$	—	$	—	$	8,532
Corporate debt securities		—		1,280		—		1,280
Marketable securities
Commercial paper		20,759		—		—		20,759
Certificates of deposit		—		12,410		—		12,410
Corporate debt securities		—		108,114		—		108,114
U.S. treasury notes		14,575		—		—		14,575
Total	$	43,866	$	121,804	$	—	$	165,670


	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	95,565	$	—	$	—	$	95,565
Corporate debt securities		—		1,844		—		1,844
Marketable securities
Commercial paper		12,635		—		—		12,635
Corporate debt securities		—		137,961		—		137,961
Certificates of deposit		—		4,490		—		4,490
U.S. treasury notes		20,660		—		—		20,660
Total	$	128,860	$	144,295	$	—	$	273,155

Summary of Scheduled Maturity for Marketable Securities

The following table summarizes the scheduled maturity for the Company’s marketable securities at June 30, 2022:


(in thousands)	June 30, 2022
Maturing in one year or less	$	148,361
Maturing after one year through two years		7,497
Maturing after two years		—
Total	$	155,858

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	June 30,			December 31,
(in thousands)	2022			2021
Laboratory equipment	$	5,601		$	3,930
Office and computer equipment		1,703			1,271
Construction in process		1,047			1,460
Property and equipment—at cost		8,351			6,661
Less accumulated depreciation and amortization		(2,868	)		(1,983	)
Property and equipment—net	$	5,483		$	4,678

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Payroll and benefits	$	2,741	$	5,097
Consulting services		589		694
Legal services		350		184
Research and development		9,276		14,762
Facility costs		205		62
Total	$	13,161	$	20,799

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted

The assumptions that the Company used to determine the grant-date fair value of options granted were as follows:


	Six Months Ended June 30,
	2022		2021
Expected volatility	71%		74%
Risk-free interest rate	1.47% — 3.55%		0.88% — 1.17%
Expected term (in years)	6		6
Expected dividend yield		—		—

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2022 is as follows:


(in thousands, except share and per share data)	Options			Weighted Average Exercise Price		Weighted Average Remaining Life (in years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2022		7,967,750		$	9.35		8.7	$	36,946
Granted		490,069			7.06
Exercised		(41,950	)		2.80
Canceled		(327,428	)		11.74
Outstanding as of June 30, 2022		8,088,441		$	9.15		8.3	$	13,477
Options exercisable as of June 30, 2022		2,824,181		$	7.75		8.3	$	6,916
Options vested or expected to vest as of June 30, 2022		8,088,441		$	9.15		8.0	$	13,477

Summary of RSU Activity

A summary of the Company’s RSU activity and related information for the 2020 Plan for the six months ended June 30, 2022 is as follows:


	Number of Shares Underlying RSUs			Weighted Average Grant Date Fair Value
Issued and unvested as of January 1, 2022		1,056,984		$	16.99
Granted		105,050			7.74
Vested		(91,862	)		14.78
Forfeited		(52,899	)		17.40
Issued and unvested as of June 30, 2022		1,017,273		$	16.21

Summary of Restricted Common Stock Award Activity

The following table summarizes the Company’s restricted common stock award activity for the six months ended June 30, 2022:


	Number of Restricted Shares
Issued and unvested as of January 1, 2022		38,141
Vested		(31,168	)
Forfeited		—
Issued and unvested as of June 30, 2022		6,973

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	1,957	$	2,149	$	3,990	$	3,719
General and administrative		1,074		2,090		3,529		4,172
Total	$	3,031	$	4,239	$	7,519	$	7,891

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share


	June 30,
	2022		2021
Options to purchase common stock		8,088,441		7,160,650
Unvested restricted common stock		6,973		209,567
Unvested restricted stock units		1,017,273		548,465
Total		9,112,687		7,918,682

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jan. 25, 2021	Jun. 30, 2022
Nature Of Business And Basis Of Presentation [Line Items]
Entity incorporation date		Dec. 01, 2017
Follow-on Public Offering \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Number of shares issued and sold	6,000,000
Public offering price	$ 28.00
Net proceeds from issuance of common stock	$ 157.2

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Total	$ 9,112,687	$ 7,918,682
Unvested Restricted Stock Units
Total	1,017,273	548,465
Options to purchase common stock
Total	8,088,441	7,160,650
Unvested restricted common stock
Total	$ 6,973	$ 209,567

Cash, Cash Equivalents and Restricted Cash - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalent maturity period	90 days
Restricted cash	$ 2.3	$ 2.7

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 135,980	$ 200,825
Short term restricted cash included in other current assets	0	383
Restricted cash	2,315	2,311
Total	$ 138,295	$ 203,519

Fair Value Measurements - Summary of Marketable Securities by Security Type (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 157,014	$ 176,015
Unrealized Gains	1	3
Unrealized Losses	(1,157)	(272)
Total	155,858	175,746
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	20,759	12,635
Total	20,759	12,635
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	12,411	4,490
Unrealized Losses	(1)
Total	12,410	4,490
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	109,170	138,207
Unrealized Gains	1	3
Unrealized Losses	(1,057)	(249)
Total	108,114	137,961
U.S. treasury notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	14,674	20,683
Unrealized Losses	(99)	(23)
Total	$ 14,575	$ 20,660

Fair Value Measurements - Summary of Assets Carried at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Total	$ 165,670	$ 273,155
Level 1
Assets:
Total	43,866	128,860
Level 2
Assets:
Total	121,804	144,295
Cash Equivalents \| Money Market Funds
Assets:
Total	8,532	95,565
Cash Equivalents \| Corporate Debt Securities
Assets:
Total	1,280	1,844
Cash Equivalents \| Level 1 \| Money Market Funds
Assets:
Total	8,532	95,565
Cash Equivalents \| Level 1 \| Corporate Debt Securities
Assets:
Total	0
Cash Equivalents \| Level 2 \| Corporate Debt Securities
Assets:
Total	1,280	1,844
Marketable Securities \| Commercial Paper
Assets:
Total	20,759	12,635
Marketable Securities \| Certificates of Deposit
Assets:
Total	12,410	4,490
Marketable Securities \| Corporate Debt Securities
Assets:
Total	108,114	137,961
Marketable Securities \| U.S. treasury notes
Assets:
Total	14,575	20,660
Marketable Securities \| Level 1 \| Commercial Paper
Assets:
Total	20,759	12,635
Marketable Securities \| Level 1 \| U.S. treasury notes
Assets:
Total	14,575	20,660
Marketable Securities \| Level 2 \| Certificates of Deposit
Assets:
Total	12,410	4,490
Marketable Securities \| Level 2 \| Corporate Debt Securities
Assets:
Total	$ 108,114	$ 137,961

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

Fair Value Measurements - Summary of Scheduled Maturity for Marketable Securities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Marketable Securities And Fair Value Measurements [Abstract]
Maturing in one year or less	$ 148,361
Maturing in one year through two years	7,497
Maturing after two years	0
Total	$ 155,858

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 8,351	$ 6,661
Less accumulated depreciation and amortization	(2,868)	(1,983)
Property and equipment—net	5,483	4,678
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	5,601	3,930
Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	1,703	1,271
Construction in Process
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 1,047	$ 1,460

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 500	$ 200	$ 885	$ 487

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Payroll and benefits	$ 2,741	$ 5,097
Consulting services	589	694
Legal services	350	184
Research and development	9,276	14,762
Facility costs	205	62
Total	$ 13,161	$ 20,799

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
	Jul. 30, 2022 shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) Installment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares
Stock based compensation expense reversal
Units vested during the period \| shares					91,862
Vesting Stock Options \| shares						582,441
Weighted-average grant date fair value of options granted \| $ / shares					$ 4.54	$ 11.78
Unrecognized share based compensation expense, recognition period					2 years 10 months 24 days
Intrinsic value of options exercised					$ 200	$ 100
Stock-based compensation expense		$ 3,031		$ 4,239	7,519	$ 7,891
Stock Option
Stock based compensation expense reversal
Unrecognized compensation expense		24,900			$ 24,900
Unrecognized share based compensation expense, recognition period					2 years 3 months 18 days
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Recognized Performance Conditions Probable					$ 300
Deferred Compensation Arrangement with Individual, Recorded Liability		500			500
Restricted Stock Units ("RSUs")
Stock based compensation expense reversal
Units vested during the period \| shares	24,118
Unrecognized compensation expense		12,200			$ 12,200
Unrecognized compensation cost related to unvested stock-based awards with performance-based vesting conditions for which performance conditions not deemed probable			$ 100
Number of share of common stock receivable upon vesting \| shares					1
Deferred Compensation Arrangement with Individual, Recorded Liability		$ 400			$ 400
2020 Plan
Stock based compensation expense reversal
Number of shares available for future issuance \| shares		5,514,764			5,514,764
2020 Plan \| Restricted Stock Units ("RSUs")
Stock based compensation expense reversal
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights					The Company grants RSUs with service conditions that vest in four equal annual installments provided that the employee remains employed with the Company and RSUs with performance-based vesting conditions.
Share-based Compensation Arrangement By Share-based Payment Award Grant Service Conditions to Vest Number of Annual Installments \| Installment			4

Stock-Based Compensation - Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Expected volatility	71.00%	74.00%
Risk-free interest rate, minimum	1.47%	0.88%
Risk-free interest rate, maximum	3.55%	1.17%
Expected term (in years)	6 years	6 years

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2022
Options
Outstanding, beginning of period	7,967,750
Granted	490,069
Exercised	(41,950)
Canceled	(327,428)
Outstanding, end of period	8,088,441	7,967,750
Options exercisable as of June 30, 2022	2,824,181
Options vested or expected to vest as of June 30, 2022	8,088,441
Weighted Average Exercise Price
Outstanding, beginning of period	$ 9.35
Granted	7.06
Exercised	2.80
Canceled	11.74
Outstanding, end of period	9.15	$ 9.35
Options exercisable as of March 31, 2022	7.75
Options vested or expected to vest as of March 31, 2022	$ 9.15
Weighted Average Remaining Life (in years)
Outstanding	8 years 3 months 18 days	8 years 8 months 12 days
Options exercisable as of March 31, 2022	8 years 3 months 18 days
Options vested or expected to vest as of March 31, 2022	8 years
Aggregate Intrinsic Value
Outstanding	$ 13,477	$ 36,946
Options exercisable as of March 31, 2022	$ 6,916
Options vested or expected to vest as of March 31, 2022			$ 13,477

Stock-Based Compensation - Summary of RSU Activity (Details) - $ / shares		6 Months Ended
	Jul. 30, 2022	Jun. 30, 2022
Number of Shares Underlying RSUs
Granted		105,050
Units vested during the period		(91,862)
Forfeited		(52,899)
Weighted Average Grant Date Fair Value
Granted		$ 7.74
Vested		14.78
Forfeited		17.40
Issued and unvested as of June 30, 2022		$ 16.21
Restricted Stock Units ("RSUs")
Number of Shares Underlying RSUs
Units vested during the period	(24,118)
Restricted Stock Units ("RSUs") \| 2020 Plan
Number of Shares Underlying RSUs
Issued and unvested as of January 1, 2021		1,056,984
Issued and unvested as of June 30, 2022		1,017,273
Weighted Average Grant Date Fair Value
Issued and unvested as of January 1, 2021		$ 16.99

Stock-Based Compensation - Summary of Restricted Common Stock Award Activity (Details)	6 Months Ended
	Jun. 30, 2022 shares
Number of Restricted Shares
Units vested during the period	(91,862)
Forfeited	(52,899)
Restricted Common Stock
Number of Restricted Shares
Issued and unvested as of January 1, 2021	38,141
Units vested during the period	(31,168)
Issued and unvested as of June 30, 2022	6,973

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,031	$ 4,239	$ 7,519	$ 7,891
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,957	2,149	3,990	3,719
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,074	$ 2,090	$ 3,529	$ 4,172

Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (52,304)	$ (35,583)	$ (29,955)	$ (24,968)	$ (87,887)	$ (54,923)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases for the Sublease (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lease liability	$ 5,489	$ 3,893
Lease liability, net of current portion	$ 27,345	$ 28,743

Subsequent Events - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Subsequent Event [Line Items]
Offering price	$ 157,237