0001773427-22-000033 | 10-Q | XBRL Viewer | Springworks Therapeutics INC

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39044
Entity Registrant Name	SPRINGWORKS THERAPEUTICS, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	83-4066827
Entity Address, Street	100 Washington Blvd
Entity Address, City	Stamford
Entity Address, State	CT
Entity Address, Zip Code	06902
City Area Code	203
Local Phone Number	883-9490
Title of each class	Common Stock, par value $0.0001 per share
Trading Symbol(s)	SWTX
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,442,662
Entity Central Index Key	0001773427
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 69,571	$ 103,961
Marketable securities	264,970	269,540
Prepaid expenses and other current assets	7,458	9,409
Total current assets	341,999	382,910
Long-term marketable securities	0	59,230
Property and equipment, net	9,193	3,187
Operating lease right-of-use assets	5,132	1,010
Equity investment	6,358	2,883
Restricted cash	550	565
Other assets	2,687	2,709
Total assets	365,919	452,494
Current liabilities:
Accounts payable	2,191	3,429
Accrued expenses	32,212	25,378
Operating lease liabilities, current	511	1,162
Total current liabilities	34,914	29,969
Operating lease liabilities, long-term	5,271	129
Total liabilities	40,185	30,098
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding at June 30, 2022 and December 31, 2021.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized, 49,458,602 and 49,247,985 shares issued and 49,436,172 and 49,247,985 shares outstanding at June 30, 2022 and December 31, 2021, respectively.	5	5
Additional paid-in capital	752,041	715,216
Accumulated deficit	(423,364)	(292,513)
Treasury Stock, Common, Value	$ 1,129	$ 0
Treasury stock, at cost (22,430 and 0 shares of common stock at June 30, 2022 and December 31, 2021, respectively).	(22,430)	0
Accumulated other comprehensive loss	$ (1,819)	$ (312)
Total stockholders’ equity	325,734	422,396
Total liabilities and stockholders’ equity	$ 365,919	$ 452,494

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	150,000,000	150,000,000
Common stock, shares issued (shares)	49,458,602	49,247,985
Common stock, shares outstanding (shares)	49,436,172	49,247,985
Treasury stock (shares)	22,430	0

Condensed Consolidated Statements of Operations (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	$ 38,024	$ 32,091	$ 72,127	$ 49,466
General and administrative	30,987	14,930	58,353	27,311
Total operating expenses	69,011	47,021	130,480	76,777
Loss from operations	(69,011)	(47,021)	(130,480)	(76,777)
Interest and other income (expense):
Other expense, net	(24)	(41)	(217)	(38)
Interest income, net	372	211	570	438
Total interest and other income	348	170	353	400
Equity investment loss	(387)	(159)	(724)	(420)
Net loss	$ (69,050)	$ (47,010)	$ (130,851)	$ (76,797)
Net loss per share, basic (usd per share)	$ (1.41)	$ (0.97)	$ (2.67)	$ (1.59)
Net loss per share, diluted (usd per share)	$ (1.41)	$ (0.97)	$ (2.67)	$ (1.59)
Weighted average number of shares outstanding, basic (in shares)	49,071,590	48,422,921	48,989,690	48,326,764
Weighted average number of shares outstanding, diluted (in shares)	49,071,590	48,422,921	48,989,690	48,326,764

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (69,050)	$ (47,010)	$ (130,851)	$ (76,797)
Changes in other comprehensive income:
Unrealized loss on marketable securities, net	(361)	(28)	(1,507)	(16)
Total changes in other comprehensive income	(361)	(28)	(1,507)	(16)
Comprehensive loss	$ (69,411)	$ (47,038)	$ (132,358)	$ (76,813)

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 557,058	$ 5	$ 0	$ 675,615	$ 41	$ (118,603)
Beginning balance (in shares) at Dec. 31, 2020		48,819,591
Beginning balance (in shares) at Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	15,850			15,850
Issuance of restricted stock awards (in shares)		211,291
Forfeitures of restricted stock awards (in shares)		(6,192)
Exercise of stock options	488			488
Exercise of stock options (in shares)		78,376
Other comprehensive income, net of tax	(16)				(16)
Net loss	(76,797)					(76,797)
Ending balance at Jun. 30, 2021	496,583	$ 5	$ 0	691,953	25	(195,400)
Ending balance (in shares) at Jun. 30, 2021		49,103,066
Ending balance (in shares) at Jun. 30, 2021			0
Beginning balance at Mar. 31, 2021	534,697	$ 5	$ 0	683,029	53	(148,390)
Beginning balance (in shares) at Mar. 31, 2021		49,024,152
Beginning balance (in shares) at Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	8,795			8,795
Issuance of restricted stock awards (in shares)		65,756
Forfeitures of restricted stock awards (in shares)		(6,192)
Exercise of stock options	129			129
Exercise of stock options (in shares)		19,350
Other comprehensive income, net of tax	(28)				(28)
Net loss	(47,010)					(47,010)
Ending balance at Jun. 30, 2021	496,583	$ 5	$ 0	691,953	25	(195,400)
Ending balance (in shares) at Jun. 30, 2021		49,103,066
Ending balance (in shares) at Jun. 30, 2021			0
Beginning balance at Dec. 31, 2021	$ 422,396	$ 5	$ 0	715,216	(312)	(292,513)
Beginning balance (in shares) at Dec. 31, 2021	49,247,985	49,247,985
Beginning balance (in shares) at Dec. 31, 2021	0		0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	$ 35,523			35,523
Issuance of restricted stock awards (in shares)		36,625
Forfeitures of restricted stock awards (in shares)		(7,583)
Restricted stock units vested (in shares)		24,369
Exercise of stock options	1,302			1,302
Exercise of stock options (in shares)		157,206
Shares of common stock used to satisfy tax withholding obligations (in shares)			22,430
Shares of common stock used to satisfy tax withholding obligations	(1,129)		$ (1,129)
Other comprehensive income, net of tax	(1,507)				(1,507)
Net loss	(130,851)					(130,851)
Ending balance at Jun. 30, 2022	$ 325,734	$ 5	$ (1,129)	752,041	(1,819)	(423,364)
Ending balance (in shares) at Jun. 30, 2022	49,436,172	49,458,602
Ending balance (in shares) at Jun. 30, 2022	22,430		22,430
Beginning balance at Mar. 31, 2022	$ 376,804	$ 5	$ (906)	733,477	(1,458)	(354,314)
Beginning balance (in shares) at Mar. 31, 2022		49,423,827
Beginning balance (in shares) at Mar. 31, 2022			16,210
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	18,429			18,429
Forfeitures of restricted stock awards (in shares)		(4,143)
Restricted stock units vested (in shares)		24,369
Exercise of stock options	135			135
Exercise of stock options (in shares)		14,549
Shares of common stock used to satisfy tax withholding obligations (in shares)			6,220
Shares of common stock used to satisfy tax withholding obligations	(223)		$ (223)
Other comprehensive income, net of tax	(361)				(361)
Net loss	(69,050)					(69,050)
Ending balance at Jun. 30, 2022	$ 325,734	$ 5	$ (1,129)	$ 752,041	$ (1,819)	$ (423,364)
Ending balance (in shares) at Jun. 30, 2022	49,436,172	49,458,602
Ending balance (in shares) at Jun. 30, 2022	22,430		22,430

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net loss	$ (130,851)	$ (76,797)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	298	225
Non-cash operating lease expense	559	502
Stock compensation expense	35,523	15,850
Equity investment loss	724	420
Changes in operating assets and liabilities
Prepaid expenses and other current assets	1,951	586
Other assets	22	(217)
Accounts payable	(1,233)	2,554
Accrued expenses	5,438	2,975
Lease liability	(190)	(697)
Other long-term liabilities	0	(33)
Net cash used in operating activities	(87,759)	(54,632)
Investing activities
Capital expenditures	(4,912)	(177)
Equity investments	(4,200)	0
Purchases of marketable securities	(67,953)	(140,897)
Proceeds from sale and maturity of debt securities	130,246	132,700
Net cash provided by (used in) investing activities	53,181	(8,374)
Financing activities
Treasury stock	(1,129)	0
Proceeds from stock option exercises	1,302	488
Net cash provided by financing activities	173	488
Net decrease in cash and cash equivalents	(34,405)	(62,518)
Cash and cash equivalents including Restricted cash, beginning of period	104,526	147,654
Cash and cash equivalents including Restricted cash, end of period	70,121	85,136
Non-cash investing activities
Right-of-use assets obtained in exchange for operating lease obligations	$ 5,580	$ 0

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations SpringWorks Therapeutics, Inc., together with its wholly-owned subsidiaries, collectively, the Company, is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. The Company has a differentiated portfolio of small molecule targeted oncology product candidates and is advancing two potentially registrational clinical trials in rare tumor types, as well as several other programs addressing highly prevalent, genetically defined cancers. Two of the programs are late-stage clinical product candidates: nirogacestat and mirdametinib. The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $423.4 million and $292.5 million, and working capital of $307.1 million and $352.9 million, as of June 30, 2022 and December 31, 2021, respectively. The Company is subject to those risks associated with any biopharmaceutical company that has substantial expenditures for development. There can be no assurance that the Company’s development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, consultants and vendors. The Company had cash, cash equivalents and marketable securities of $334.5 million and $432.7 million as of June 30, 2022 and December 31, 2021, respectively. Based on the Company's cash, cash equivalents and marketable securities as of June 30, 2022, management estimates that its current liquidity will enable it to meet operating expenses through at least twelve months after the date that these financial statements are issued. COVID-19 Pandemic On March 11, 2020, the World Health Organization designated the outbreak of the disease associated with the novel strain of coronavirus known as COVID-19 as a global pandemic. This disease continues to spread, including emerging variant strains of COVID-19, in the areas in which the Company operates. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including, but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic impacts of the pandemic has introduced significant volatility in the financial markets. The global pandemic caused by COVID-19 (including the impact of emerging variant strains of the COVID-19 virus and stagnant vaccination rates) did not have significant impacts on the Company's financial condition, results of operations or cash flows during the periods presented. While the extent to which the ongoing COVID-19 pandemic impacts the Company’s future results will depend on future developments, the pandemic and associated impacts, including the duration, spread and intensity of the pandemic (including any resurgences), the impact of emerging variant strains of the COVID-19 virus and the rollout of COVID-19 vaccines, all of which remain uncertain and difficult to predict, could result in a material impact to the Company’s future financial condition, results of operations and cash flows.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	2. Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and the valuation of stock-based compensation awards. Management bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known. Research and Development Expenses In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the U.S. Food and Drug Administration, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, stock-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities, including expenses associated with particular activities performed by contract research organizations, investigative sites in connection with clinical trials and contract manufacturing organizations, are recognized based on an evaluation of the progress or completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on actual activities completed or costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of expense recognition. Expenses for research and development activities incurred that have yet to be invoiced by the vendors that perform the related activities are reflected in the consolidated financial statements as accrued research and development expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment operating exclusively in the United States. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of June 30, 2022 and December 31, 2021:


	As of June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:


Short-term investments:
U.S. government securities	134,449		—		(1,463)		132,986
Non-U.S. government securities	9,367		—		(25)		9,342
Corporate debt securities	46,803		—		(331)		46,472
Commercial paper	76,170		—		—		76,170


Total	$	266,789	$	—	$	(1,819)	$	264,970


	As of December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	105,043	$	3	$	(79)	$	104,967
Corporate debt securities	78,729		—		(52)		78,677
Commercial paper	85,896		—		—		85,896
Long-term investments:
U.S. government securities	59,414		—		(184)		59,230
Total	$	329,082	$	3	$	(315)	$	328,770

The Company’s marketable securities are available-for-sale securities and consist of high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities, non-U.S. government securities, and commercial paper.

The Company’s available-for-sale securities classified as short-term marketable securities in the condensed consolidated balance sheets mature within one year or less of the balance sheet date. Marketable securities that mature greater than one year from the balance sheet date are classified as long-term. As of June 30, 2022, the Company did not hold any investments with maturity dates greater than one year.

As of, and for the three and six months ended June 30, 2022, the Company did not have any allowance for credit losses or impairments of its marketable securities.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of the Company’s financial assets measured on a recurring basis are classified based upon a fair value hierarchy consisting of the following three levels:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets, or liabilities.

Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the instrument.

Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The fair value hierarchy is based on inputs to valuation techniques used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions.

As of June 30, 2022 and December 31, 2021, the Company's financial assets and liabilities recognized at fair value on a recurring basis consisted of the following:


	As of June 30, 2022
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	55,338	$	55,338	$	—	$	—

Short-term investments:
U.S. government securities	132,986		132,986		—		—
Non-U.S. government securities	9,342		—		9,342		—
Corporate debt securities	46,472		—		46,472		—
Commercial paper	76,170		—		76,170		—


Total	$	320,308	$	188,324	$	131,984	$	—


	As of December 31, 2021
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	89,905	$	89,905	$	—	$	—
Short-term investments:
U.S. government securities	104,967		104,967		—		—
Corporate debt securities	78,677		—		78,677		—
Commercial paper	85,896		—		85,896		—
Long-term investments:
U.S. government securities	59,230		59,230		—		—
Total	$	418,675	$	254,102	$	164,573	$	—

As of June 30, 2022 and December 31, 2021, the Company’s financial assets measured at fair value on a recurring basis using a market approach included cash equivalents, which consist of money market funds, and marketable securities, which consist of high-quality, highly liquid available-for-sale debt securities including corporate debt securities, U.S. government securities, non-U.S. government securities, and commercial paper.

The Company’s money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine fair value. The U.S. government securities are classified as Level 1 and valued utilizing quoted market prices. The Company’s corporate debt securities, non-U.S. government securities, and commercial paper are classified as Level 2 and valued utilizing various market and industry inputs.

The Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents. The carrying amounts reflected in the Company’s condensed consolidated balance sheets for cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term maturities.

- 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

Investment and Variable Interest Entity	6 Months Ended
Investment and Variable Interest Entity	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment and Variable Interest Entity	Investment and Variable Interest Entity MapKure In June 2019, the Company announced the formation of MapKure LLC., or MapKure, an entity jointly owned by the Company and BeiGene Ltd., or BeiGene. BeiGene licensed to MapKure exclusive rights to BGB-3245, an oral, small molecule selective inhibitor of specific BRAF driver mutations and genetic fusions. MapKure is advancing BGB-3245 through clinical development for solid tumor patients harboring BRAF driver mutations and genetic fusions that were observed to be sensitive to the compound in preclinical studies. In conjunction with the formation of MapKure in June 2019, the Company purchased 3,500,000 Series A preferred units of MapKure, or a 25.0% ownership interest, for $3.5 million and in June 2020, the Company purchased an additional 3,500,000 Series A preferred units of MapKure for $3.5 million, increasing its ownership interest to 38.9%, as required by the terms of the Series A unit purchase agreement. In June 2022, the Company made an additional investment in MapKure and purchased 4,200,000 Series B preferred units of MapKure for $4.2 million, pursuant to the terms of a Series B preferred unit purchase agreement. The Company is obligated to purchase an additional 2,800,000 Series B preferred units of MapKure for $2.8 million at a second closing under such agreement to be held in the first quarter of 2023. As of June 30, 2022, the Company’s ownership interest in MapKure was 38.9%. In addition to the Company’s equity ownership in MapKure, the Company has appointed a member to each of MapKure’s joint steering committee and board of directors. The Company also contributes to clinical development and other operational activities for BGB-3245 through a service agreement with MapKure. The Company determined that MapKure is a variable interest entity. The Company is not the primary beneficiary, as the Company does not have the power to direct the activities that most significantly impact the economic performance of MapKure. Accordingly, the Company does not consolidate the financial statements of this entity and accounts for this investment using the equity method of accounting. In accordance with ASC 323-10-35-6, the Company records MapKure’s earnings or losses based on a one quarter lag. The Company recognized an equity loss of $0.4 million and $0.7 million for the three and six months ended June 30, 2022, respectively and $0.2 million and $0.4 million for the three and six months ended June 30, 2021, respectively. The Company’s ownership interest in MapKure is included in “Equity method investments” in the condensed consolidated balance sheets. As of June 30, 2022, the Company’s maximum exposure to loss as a result of the Company’s involvement with MapKure is $9.2 million, representing the carrying value of the investment of $6.4 million plus the unfunded obligation of $2.8 million.

Accrued Expenses

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consists of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Accrued professional fees	$	1,432	$	1,108
Accrued compensation and benefits	8,646		12,081
Accrued research and development	15,860		10,069
Accrued other	6,274		2,120
Total accrued expenses	$	32,212	$	25,378

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The Company enters into contracts in the normal course of business for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice and therefore the Company believes that non-cancelable obligations under these agreements are not material.

Additionally, the Company has excluded milestone or royalty payments or other contractual payment obligations as the timing and amounts of such obligations are unknown or uncertain.

Leases

In October 2018, the Company entered into a lease for its corporate headquarters in Stamford, CT. In January 2022, the Company amended this lease agreement to extend the lease term through April 2028, with two five-year renewal options or one ten-year renewal option. Pursuant to the amendment, the Company is entitled to $0.5 million in tenant allowances, which may be used to offset certain future capital expenditures, and the lease payments increase by 2.5% in each year commencing December 1, 2022. The amendment was treated as a modification and the lease liability and operating lease right-of-use asset were updated to reflect minimum lease payments and any other adjustments.

As of June 30, 2022, future lease payments under non-cancelable leases with terms greater than one year are as follows:


(in thousands)	Operating Leases
2022	$	213
2023	1,262
2024	1,155
2025	1,184
2026 and thereafter	2,881
Total lease payments	6,695
Less: imputed interest	(913)
Present value of lease liabilities	$	5,782

Contingencies

From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can reasonably be made.

As of June 30, 2022, there was no litigation or contingency with at least a reasonable possibility of a material loss.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2019 Equity Incentive Plan

The Company's 2019 Equity Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards and dividend equivalent rights to the Company’s officers, employees, directors and other key persons (including consultants). The number of shares reserved for issuance under the 2019 Equity Incentive Plan is cumulatively increased each January 1, through and including January 1, 2030, by 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s compensation committee.

The terms of stock options and restricted stock units and awards, including vesting requirements, are determined by the Board of Directors or its delegates, subject to the provisions of the 2019 Equity Incentive Plan. Restricted stock units and awards granted by the Company to employees generally vest over three years, and stock options granted by the Company to employees generally vest over four years. Restricted stock units and awards and stock options granted by the Company to directors generally vest over one year.

As of June 30, 2022, there were 4,485,793 shares available for issuance in connection with future awards under the 2019 Equity Incentive Plan.

Stock-Based Awards

During the six months ended June 30, 2022, the Company granted 1,601,087 stock option awards, 619,800 restricted stock units and 36,625 restricted stock awards to its officers, employees and directors under the 2019 Equity Incentive Plan.

During the six months ended June 30, 2022, 189,439 restricted stock awards previously issued to employees of the Company were released, 24,369 restricted stock units vested and 157,206 stock options were exercised.

As of June 30, 2022, there were 3,522,521 stock options vested and exercisable. In June 2019, the Company’s Chief Executive Officer, or CEO, received an award of 176,411 stock options, or the 2019 CEO Performance Award. During the quarter ended June 30, 2022, 11,025 options of the CEO Performance Award became exercisable upon the satisfaction of the market condition applicable to this award.

Stock-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	8,044	$	3,045	$	15,116	$	5,328
General and administrative	10,385		5,750		20,407		10,522
Total stock-based compensation expense	$	18,429	$	8,795	$	35,523	$	15,850

As of June 30, 2022, the unrecognized compensation expense related to unvested stock options, restricted stock units and restricted stock awards was $144.7 million, $27.6 million and $16.0 million, respectively, which is expected to be recognized over a weighted-average remaining period of approximately 2.62 years, 2.50 years and 1.82 years, respectively.

As of June 30, 2022, the Company had 7,981,939 stock options outstanding, 581,360 unvested restricted stock units and 309,913 unvested restricted stock awards.

Net Loss per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss per Share

Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same. The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended June 30, 2022 and June 30, 2021, because to do so would be anti-dilutive:


	As of June 30,
	2022	2021
Common stock options issued and outstanding	7,981,939	6,138,459
Restricted stock units subject to future vesting	581,360	—
Restricted stock awards subject to future vesting	309,913	600,259
Total potentially dilutive securities	8,873,212	6,738,718

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and the valuation of stock-based compensation awards. Management bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known.
Research and Development Expenses	Research and Development Expenses In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the U.S. Food and Drug Administration, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, stock-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities, including expenses associated with particular activities performed by contract research organizations, investigative sites in connection with clinical trials and contract manufacturing organizations, are recognized based on an evaluation of the progress or completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on actual activities completed or costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of expense recognition. Expenses for research and development activities incurred that have yet to be invoiced by the vendors that perform the related activities are reflected in the consolidated financial statements as accrued research and development expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
Segment Information	Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment operating exclusively in the United States.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of available-for-sale marketable securities

The following table summarizes the Company’s available-for-sale marketable securities as of June 30, 2022 and December 31, 2021:


	As of June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:


Short-term investments:
U.S. government securities	134,449		—		(1,463)		132,986
Non-U.S. government securities	9,367		—		(25)		9,342
Corporate debt securities	46,803		—		(331)		46,472
Commercial paper	76,170		—		—		76,170


Total	$	266,789	$	—	$	(1,819)	$	264,970


	As of December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	105,043	$	3	$	(79)	$	104,967
Corporate debt securities	78,729		—		(52)		78,677
Commercial paper	85,896		—		—		85,896
Long-term investments:
U.S. government securities	59,414		—		(184)		59,230
Total	$	329,082	$	3	$	(315)	$	328,770

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets subject to fair value measurements

As of June 30, 2022 and December 31, 2021, the Company's financial assets and liabilities recognized at fair value on a recurring basis consisted of the following:


	As of June 30, 2022
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	55,338	$	55,338	$	—	$	—

Short-term investments:
U.S. government securities	132,986		132,986		—		—
Non-U.S. government securities	9,342		—		9,342		—
Corporate debt securities	46,472		—		46,472		—
Commercial paper	76,170		—		76,170		—


Total	$	320,308	$	188,324	$	131,984	$	—


	As of December 31, 2021
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	89,905	$	89,905	$	—	$	—
Short-term investments:
U.S. government securities	104,967		104,967		—		—
Corporate debt securities	78,677		—		78,677		—
Commercial paper	85,896		—		85,896		—
Long-term investments:
U.S. government securities	59,230		59,230		—		—
Total	$	418,675	$	254,102	$	164,573	$	—

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses consists of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Accrued professional fees	$	1,432	$	1,108
Accrued compensation and benefits	8,646		12,081
Accrued research and development	15,860		10,069
Accrued other	6,274		2,120
Total accrued expenses	$	32,212	$	25,378

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease obligations

As of June 30, 2022, future lease payments under non-cancelable leases with terms greater than one year are as follows:


(in thousands)	Operating Leases
2022	$	213
2023	1,262
2024	1,155
2025	1,184
2026 and thereafter	2,881
Total lease payments	6,695
Less: imputed interest	(913)
Present value of lease liabilities	$	5,782

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of equity-based compensation expense related to restricted stock and stock options

Stock-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	8,044	$	3,045	$	15,116	$	5,328
General and administrative	10,385		5,750		20,407		10,522
Total stock-based compensation expense	$	18,429	$	8,795	$	35,523	$	15,850

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of potential common shares not included in the calculation of the diluted net loss per share

The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended June 30, 2022 and June 30, 2021, because to do so would be anti-dilutive:


	As of June 30,
	2022	2021
Common stock options issued and outstanding	7,981,939	6,138,459
Restricted stock units subject to future vesting	581,360	—
Restricted stock awards subject to future vesting	309,913	600,259
Total potentially dilutive securities	8,873,212	6,738,718

Nature of Operations (Details) $ in Thousands	Jun. 30, 2022 USD ($) trial	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of clinical trials (trials) \| trial	2
Accumulated deficit	$ (423,364)	$ (292,513)
Working capital	307,100	352,900
Cash, cash equivalents and marketable securities	$ 334,500	$ 432,700

Basis of Presentation (Details)	6 Months Ended
Basis of Presentation (Details)	Jun. 30, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	1

Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Marketable securities:
Amortized Cost	$ 266,789	$ 329,082
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(1,819)	(315)
Estimated Fair Value	264,970	328,770
U.S. government securities \| Short-term investments:
Marketable securities:
Amortized Cost	134,449	105,043
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(1,463)	(79)
Estimated Fair Value	132,986	104,967
U.S. government securities \| Long-term investments:
Marketable securities:
Amortized Cost		59,414
Gross Unrealized Gains		0
Gross Unrealized Losses		(184)
Estimated Fair Value		59,230
Non-U.S. government securities \| Short-term investments:
Marketable securities:
Amortized Cost	9,367
Gross Unrealized Gains	0
Gross Unrealized Losses	(25)
Estimated Fair Value	9,342
Corporate debt securities \| Short-term investments:
Marketable securities:
Amortized Cost	46,803	78,729
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(331)	(52)
Estimated Fair Value	46,472	78,677
Commercial paper \| Short-term investments:
Marketable securities:
Amortized Cost	76,170	85,896
Estimated Fair Value	$ 76,170	$ 85,896

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Measurements
Total financial assets	$ 320,308	$ 418,675
U.S. government securities
Fair Value Measurements
Short-term investments	132,986	104,967
Long term investments		59,230
Non-U.S. government securities
Fair Value Measurements
Short-term investments	9,342
Corporate debt securities
Fair Value Measurements
Short-term investments	46,472	78,677
Commercial paper
Fair Value Measurements
Short-term investments	76,170	85,896
Money market funds
Fair Value Measurements
Cash equivalents	55,338	89,905
Level 1
Fair Value Measurements
Total financial assets	188,324	254,102
Level 1 \| U.S. government securities
Fair Value Measurements
Short-term investments	132,986	104,967
Long term investments		59,230
Level 1 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments	0
Level 1 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Level 1 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 1 \| Money market funds
Fair Value Measurements
Cash equivalents	55,338	89,905
Level 2
Fair Value Measurements
Total financial assets	131,984	164,573
Level 2 \| U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Long term investments		0
Level 2 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments	9,342
Level 2 \| Corporate debt securities
Fair Value Measurements
Short-term investments	46,472	78,677
Level 2 \| Commercial paper
Fair Value Measurements
Short-term investments	76,170	85,896
Level 2 \| Money market funds
Fair Value Measurements
Cash equivalents	0	0
Level 3
Fair Value Measurements
Total financial assets	0	0
Level 3 \| U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Long term investments		0
Level 3 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments	0
Level 3 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Level 3 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 3 \| Money market funds
Fair Value Measurements
Cash equivalents	$ 0	$ 0

Investment and Variable Interest Entity (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2019	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jun. 30, 2020
Schedule of Equity Method Investments
Equity investment	$ 6,358			$ 6,358		$ 6,358		$ 2,883
Additional investment						4,200	$ 0
Equity investment loss				387	$ 159	724	420
MapKure
Schedule of Equity Method Investments
Equity investment	6,400			6,400		6,400
Equity investment loss				400	$ 200	700	$ 400
Maximum risk exposure	$ 9,200			$ 9,200		$ 9,200
Series B Preferred Stock \| MapKure
Schedule of Equity Method Investments
Shares acquired (in shares)	4,200,000
Additional investment	$ 4,200
Series B Preferred Stock \| MapKure \| Forecast
Schedule of Equity Method Investments
Purchase obligation (in shares)			2,800,000
Unfunded obligation			$ 2,800
Series A Preferred units \| MapKure
Schedule of Equity Method Investments
Shares acquired (in shares)		3,500,000				3,500,000
Equity investment		$ 3,500							$ 3,500
Ownership interest (in percent)	38.90%	25.00%		38.90%		38.90%			38.90%

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued professional fees	$ 1,432	$ 1,108
Accrued compensation and benefits	8,646	12,081
Accrued research and development	15,860	10,069
Accrued other	6,274	2,120
Total accrued expenses	$ 32,212	$ 25,378

Commitments and Contingencies - Narrative (Details)	6 Months Ended
Commitments and Contingencies - Narrative (Details)	Jun. 30, 2022 USD ($)	Jan. 31, 2022 USD ($) option
Loss Contingencies [Line Items]
Litigation or contingency expense \| $	$ 0
Stamford, CT
Loss Contingencies [Line Items]
Tenant allowance \| $		$ 500,000
Annual increase in lease payments (as a percent)		0.025
Option One \| Stamford, CT
Loss Contingencies [Line Items]
Number of renewal options \| option		2
Renewal term (in years)		5 years
Option Two \| Stamford, CT
Loss Contingencies [Line Items]
Number of renewal options \| option		1
Renewal term (in years)		10 years

Commitments and Contingencies - Maturities of operating lease liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Operating Leases
2022	$ 213
2023	1,262
2024	1,155
2025	1,184
2026 and thereafter	2,881
Total lease payments	6,695
Less: imputed interest	(913)
Present value of lease liabilities	$ 5,782

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2022	Dec. 31, 2019
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		24,369
Employee and Non Employee \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		3 years
Employee and Non Employee \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		4 years
Director
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		1 year
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of annual increase in the shares			5.00%
Shares available for future issuance (in shares)		4,485,793
2019 Equity Incentive Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 27.6
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		2 years 6 months
Unvested restricted stock award outstanding (in shares)		581,360,000,000
2019 Equity Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Exercise of stock options (in shares)		157,206
Stock options vested and exercisable (in shares)		3,522,521
Unrecognized compensation expense related to unvested stock options		$ 144.7
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		2 years 7 months 13 days
Stock options outstanding (in shares)		7,981,939
2019 Equity Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 16.0
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		1 year 9 months 25 days
Unvested restricted stock award outstanding (in shares)		309,913
2019 Equity Incentive Plan \| Restricted Stock \| Employees
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		189,439
2019 Equity Incentive Plan \| Executive Officers and Employees \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		619,800
2019 Equity Incentive Plan \| Executive Officers and Employees \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		1,601,087
2019 Equity Incentive Plan \| Executive Officers and Employees \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		36,625
CEO Performance Award \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Stock options vested and exercisable (in shares)		11,025
CEO Performance Award \| CEO \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	176,411

Stock-Based Compensation - Equity-based compensation expense related to restricted stock and stock options (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 18,429	$ 8,795	$ 35,523	$ 15,850
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	8,044	3,045	15,116	5,328
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,385	$ 5,750	$ 20,407	$ 10,522

Net Loss per Share (Details) - shares	6 Months Ended
Net Loss per Share (Details) - shares	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	8,873,212	6,738,718
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	7,981,939	6,138,459
Restricted stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	581,360	0
Restricted stock awards subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	309,913	600,259