0001664710-21-000025 | 10-Q | XBRL Viewer

Common Stock (Tables)

3 Months Ended

Mar. 31, 2021

As of March 31, 2021 and December 31, 2020, the Company has reserved the following shares of common stock for potential conversion of outstanding Preferred Stock, the vesting of restricted stock and exercise of stock options:


	MARCH 31, 2021	DECEMBER 31, 2020


Options to purchase common stock	2,801,491	2,499,603

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2021

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

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	MARCH 31, 2021		DECEMBER 31, 2020
Prepaid service contracts	$	188	$	501
Income tax credit receivable	—		172
Prepaid sales tax	292		188

R&D payroll tax credit	—		44
Prepaid insurance	34		785
Other	265		160
Total prepaid expenses and other current assets	$	779	$	1,850

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
NUMBER OF OPTIONS
Outstanding as of beginning of period (in shares)	2,499,603
Granted (in shares)	407,250
Exercised (in shares)	(78,628)
Expired (in shares)	(26,734)
Outstanding as of end of period (in shares)	2,801,491	2,499,603
Exercisable (in shares)	969,472	723,130
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding as of beginning of period (in USD per share)	$ 11.77
Granted (in USD per share)	70.10
Exercised (in USD per share)	0.53
Expired (in USD per share)	24.56
Outstanding as of end of period (in USD per share)	20.44	$ 11.77
Exercisable (in USD per share)	$ 5.23	$ 0.57
WEIGHTED-AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)
Outstanding	8 years 7 months 13 days	8 years 7 months 20 days
Exercisable	7 years 9 months 3 days	7 years 4 months 17 days
AGGREGATE INTRINSIC VALUE
Outstanding	$ 118,985	$ 147,103
Exercised	5,059
Exercisable	$ 54,632	$ 50,599

Loss Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Loss Per Share

LOSS PER SHARE

Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding (in thousands, except share and per share data):


	THREE MONTHS ENDED MARCH 31,
	2021		2020
Numerator:
Net loss	$	(15,885)	$	(11,892)
Less: Accruals of dividends of preferred stock	—		(806)
Net loss attributable to common stockholders - basic and diluted	$	(15,885)	$	(12,698)
Denominator:
Weighted-average common stock outstanding - basic and diluted	23,229,794		2,484,057
Net loss per share attributable to common stockholders - basic and diluted	$	(0.68)	$	(5.11)

The Company’s potentially dilutive securities, which include Preferred Stock, restricted stock, and stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at March 31, 2021 and 2020 because including them would have had an anti-dilutive effect:


	MARCH 31, 2021	MARCH 31, 2020
Preferred Stock	—	10,725,129
Unvested restricted stock	—	17,278
Options to purchase common stock	2,801,491	1,116,301
Total	2,801,491	11,858,708

Common Stock - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2021	Dec. 31, 2020
Options to purchase common stock
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	2,801,491	2,499,603

Common Stock

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Common Stock

COMMON STOCK

As of March 31, 2021, the Company’s amended and restated certificate of incorporation authorized the Company to issue 200,000,000 shares of common stock at a par value of $0.0001 per share.

In conjunction with the closing of the Company's initial public offering ("IPO") in April 2020, the Company issued and sold 6,900,000 shares of its common stock, including 900,000 shares pursuant to the full exercise of the underwriters' option to purchase additional shares, at a public offering price of $16.00 per share, for aggregate net proceeds of $100.1 million after deducting underwriting discounts and commissions and offering costs. In connection with the IPO, all outstanding shares of Preferred Stock converted into 10,725,129 shares of common stock.

In conjunction with the Company's November 2020 public offering closing, the Company issued and sold 2,990,000 shares of its common stock, which included 390,000 shares pursuant to the full exercise of the underwriters' option to purchase

additional shares, at a public offering price of $50.00 per share, for aggregate net proceeds of $140.1 million after deducting underwriting discounts and commissions and offering costs.


	MARCH 31, 2021	DECEMBER 31, 2020


Options to purchase common stock	2,801,491	2,499,603

Fair Value Measurements - Significant Quantitative Inputs (Details)	Mar. 02, 2020 $ / shares
Stand-alone Series B-1 Preferred Stock price (spot price) \| Series B-1 preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligation, measurement input (in USD per share)	$ 7.28
Estimated future value of Series B-2 Preferred Stock \| Series B-2 preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligation, measurement input (in USD per share)	$ 8.14
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligation, measurement input, percent	0.1550
Time to liquidity (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligation, measurement input, term	0 years
Probability of tranche closing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligation, measurement input, percent	1

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2021

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

Prepaid Expenses and Other Current Assets

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following (in thousands):


	MARCH 31, 2021		DECEMBER 31, 2020
Prepaid service contracts	$	188	$	501
Income tax credit receivable	—		172
Prepaid sales tax	292		188

R&D payroll tax credit	—		44
Prepaid insurance	34		785
Other	265		160
Total prepaid expenses and other current assets	$	779	$	1,850

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid service contracts	$ 188	$ 501
Income tax credit receivable	0	172
Prepaid sales tax	292	188
R&D payroll tax credit	0	44
Prepaid insurance	34	785
Other	265	160
Prepaid expenses and other current assets	$ 779	$ 1,850

Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Apr. 13, 2020	Nov. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			200,000,000	200,000,000
Common stock, par value (in USD per share)			$ 0.0001	$ 0.0001	$ 0.0001
Proceeds from initial public offering, net of discounts and offering costs	$ 100.1	$ 140.1
IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	6,900,000
Sale of stock, price per share (in USD per share)	$ 16.00
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	900,000	390,000
Public Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		2,990,000
Sale of stock, price per share (in USD per share)		$ 50.00
Common Stock
Class of Stock [Line Items]
Common stock issuable upon conversion (in shares)	10,725,129

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Money market funds	$ 249,969	$ 262,043
Total financial assets	249,969	262,043
QUOTED PRICES ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)
Assets
Money market funds	249,969	262,043
Total financial assets	249,969	262,043
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)
Assets
Money market funds	0	0
Total financial assets	0	0
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	0	0
Total financial assets	$ 0	$ 0

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


DESCRIPTION	MARCH 31, 2021		QUOTED PRICES ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	249,969	$	249,969	$	—	$	—
Total financial assets	$	249,969	$	249,969	$	—	$	—


DESCRIPTION	DECEMBER 31, 2020		QUOTED PRICES ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	262,043	$	262,043	$	—	$	—
Total financial assets	$	262,043	$	262,043	$	—	$	—

There have been no transfers between fair value levels during the three months ended March 31, 2021. The carrying values of other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

Preferred Stock Tranche Obligation

The Company determined that its obligation to issue, and the Company’s investors’ obligation to purchase additional shares of convertible preferred stock at a fixed price (i.e. the issuance price) in subsequent tranches following the initial closings of the series A, series A-1, and series B-1 convertible preferred stock (respectively, the “Series A Preferred Stock,” “Series A-1 Preferred Stock,” and “Series B-1 Preferred Stock”, which are referred to collectively with the series B-2 convertible preferred stock (the “Series B-2 Preferred Stock”) and the series C convertible preferred stock (the “Series C Preferred Stock”) as the “Preferred Stock”) financings represented a freestanding financial instrument (the “Preferred Stock Tranche Obligation”). The freestanding financial instrument was classified as a liability on the Company’s condensed consolidated balance sheets and initially recorded at fair value, with changes in fair value for each reporting period recognized in other expense, net in the condensed consolidated statement of operations.

The Board determined it was probable that the milestone would be met, and then the stockholders and the Board subsequently waived the Series B-2 Preferred Stock milestone and the issuance of the Series B-2 Preferred Stock on March 2, 2020. Instead of issuing the Series B-2 Preferred Stock upon this waiver, the Company instead closed its convertible Series C Preferred Stock financing (“Series C financing”). The associated Preferred Stock Tranche Obligation was remeasured prior to settlement, with the associated $1.5 million increase in fair value recorded in the Company’s condensed consolidated statement of operations as other expense, net. As the Series C financing was executed with related parties, the Company recognized the settlement of the Preferred Stock Tranche Obligation of $6.4 million as a capital contribution in additional paid-in capital in the Company’s condensed consolidated balance sheet.

The following reflects the significant quantitative inputs used in the valuation of the Preferred Stock Tranche Obligation:


	MARCH 2, 2020
Stand-alone Series B-1 Preferred Stock price (spot price)	$	7.28
Estimated future value of Series B-2 Preferred Stock	$	8.14
Discount rate	15.50		%
Time to liquidity (years)	0.00
Probability of tranche closing	100		%

The purchase price of the Preferred Stock at initial issuance, and all subsequent issuances was higher than the fair value of the Company’s common stock.

The following table sets forth a summary of changes in the fair value and settlement of the Company’s Preferred Stock Tranche Obligation for which fair value was determined by Level 3 inputs (in thousands):


	PREFERRED STOCK TRANCHE OBLIGATION
Balance as of January 1, 2020	4,956
Change in fair value	1,490
Settlement of Preferred Stock Tranche Obligation	(6,446)
Balance as of December 31, 2020	$	—

Fluctuations in the fair value of the Company’s Preferred Stock is the primary cause for the significant changes in fair value of the Preferred Stock Tranche Obligation. In 2020 and 2019, the enterprise value of the Company was determined using the Market Approach, specifically the Subject Company Transaction Method, which considers all share class rights and preferences, as of the date of the most recent financing. As part of the Company’s strategy, during 2019, the Company began considering the pursuit of longer-term liquidity options including a potential initial public offering, which caused an increase in the value of the Series B-1 Preferred Stock while reducing the value of the Preferred Stock Tranche Obligation.

Subsequently, in March 2020, the Company determined it was probable that the milestone criteria necessary to close the subsequent tranche would be met; as such, the value of the Preferred Stock Tranche Obligation increased. The Board then waived the milestone in favor of issuing the Series C Preferred Stock in March 2020 (see Note 6), and in doing so the Preferred Stock Tranche Obligation was fully settled and reduced to $0 on the Company's condensed consolidated balance sheet.

- Definition

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

+ References + Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	MARCH 31, 2021		DECEMBER 31, 2020
Accrued external R&D costs	$	472	$	169
Accrued external manufacturing costs	3,699		2,265
Accrued compensation and benefits	636		1,510
Accrued tax	140		185
Accrued professional fees	352		265
Other	207		218
Total accrued expenses and other current liabilities	$	5,506	$	4,612

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,494	$ 12
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	898	8
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,596	$ 4

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 255,203	$ 265,876
Prepaid expenses and other current assets	779	1,850
Total current assets	255,982	267,726
Operating lease right-of-use assets	779	878
Property and equipment, net	854	724
Restricted cash	115	115
TOTAL ASSETS	257,730	269,443
CURRENT LIABILITIES:
Accounts payable	3,008	2,149
Current portion of operating lease liabilities	436	423
Accrued expenses and other current liabilities	5,506	4,612
Total current liabilities	8,950	7,184
Operating lease liabilities, net of current portion	361	476
Other liabilities	47	62
Total liabilities	9,358	7,722
STOCKHOLDERS' EQUITY:
Common stock, value, issued	2	2
Additional paid-in capital	329,266	326,730
Accumulated deficit	(80,896)	(65,011)
Total stockholders' equity	248,372	261,721
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 257,730	$ 269,443

Income Taxes (Details) $ in Millions	1 Months Ended
Income Taxes (Details) $ in Millions	Feb. 28, 2021 USD ($)
Income Tax Disclosure [Abstract]
Proceeds from income tax refunds	$ 0.2

Convertible Preferred Stock - Narrative (Details) - USD ($)		3 Months Ended
	Mar. 02, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 13, 2020
Temporary Equity [Line Items]
Issuance costs		$ 0	$ 219,000
Shares authorized, preferred stock (in shares)					10,000,000
Shares outstanding, preferred stock (in shares)		0		0
Convertible preferred stock, conversion ratio (in shares)		1
Series C preferred stock
Temporary Equity [Line Items]
Shares authorized (in shares)	9,049,783
Par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
Sale of stock, number of shares issued in transaction (in shares)	4,169,822
Sale of stock, price per share (in USD per share)	$ 13.43
Gross proceeds from issuance of convertible preferred stock	$ 56,000,000.0
Issuance costs	$ 200,000
Preferred stock, dividend rate (in USD per share)		1.07439
Series C preferred stock \| Affiliates of the Board
Temporary Equity [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	3,078,968
Common Stock
Temporary Equity [Line Items]
Common stock issuable upon conversion (in shares)					10,725,129
Series A preferred stock
Temporary Equity [Line Items]
Par value (in USD per share)		0.0001	0.0001
Preferred stock, dividend rate (in USD per share)		0.17
Series A-1 preferred stock
Temporary Equity [Line Items]
Par value (in USD per share)		0.0001	0.0001
Preferred stock, dividend rate (in USD per share)		0.22
Series B-1 preferred stock
Temporary Equity [Line Items]
Par value (in USD per share)		0.0001	$ 0.0001
Preferred stock, dividend rate (in USD per share)		$ 0.58263
Convertible Preferred Stock \| Dividend Declared
Temporary Equity [Line Items]
Dividends payable					$ 0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


DESCRIPTION	MARCH 31, 2021		QUOTED PRICES ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	249,969	$	249,969	$	—	$	—
Total financial assets	$	249,969	$	249,969	$	—	$	—


DESCRIPTION	DECEMBER 31, 2020		QUOTED PRICES ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	262,043	$	262,043	$	—	$	—
Total financial assets	$	262,043	$	262,043	$	—	$	—

Fair Value Measurement Inputs and Valuation Techniques

The following reflects the significant quantitative inputs used in the valuation of the Preferred Stock Tranche Obligation:


	MARCH 2, 2020
Stand-alone Series B-1 Preferred Stock price (spot price)	$	7.28
Estimated future value of Series B-2 Preferred Stock	$	8.14
Discount rate	15.50		%
Time to liquidity (years)	0.00
Probability of tranche closing	100		%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	PREFERRED STOCK TRANCHE OBLIGATION
Balance as of January 1, 2020	4,956
Change in fair value	1,490
Settlement of Preferred Stock Tranche Obligation	(6,446)
Balance as of December 31, 2020	$	—

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED DEFICIT	Series A preferred stock	Series A-1 preferred stock	Series B-1 preferred stock	Series C preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance (in shares)		2,429,705
Ending balance	$ (19,446)	$ 1	$ 203	$ (19,650)
Beginning balance (in shares) at Dec. 31, 2019					4,607,652	368,612	1,579,043	0
Beginning balance at Dec. 31, 2019					$ 9,891	$ 944	$ 9,106	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of series C convertible preferred stock, net of issuance costs of $219 (in shares)								4,169,822
Issuance of Series C convertible preferred stock, net of issuance costs of $219	0							$ 55,781
Ending balance at Mar. 31, 2020					$ 9,891	$ 944	$ 9,106	$ 55,781
Ending balance (in shares) at Mar. 31, 2020					4,607,652	368,612	1,579,043	4,169,822
Beginning balance (in shares) at Dec. 31, 2019		2,429,705
Beginning balance at Dec. 31, 2019	(19,446)	$ 1	203	(19,650)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		44,686
Exercise of common stock options	13		13
Vesting of restricted stock (in shares)		17,279
Vesting of restricted stock	0
Stock-based compensation	12		12
Settlement of preferred stock tranche liability	6,446		6,446
Net loss	(11,892)			(11,892)
Ending balance (in shares)		2,429,705
Ending balance	(19,446)	$ 1	203	(19,650)
Ending balance (in shares)		2,491,670
Ending balance	(24,867)	$ 1	6,674	(31,542)
Ending balance (in shares)		23,192,866
Ending balance	261,721	$ 2	326,730	(65,011)
Beginning balance (in shares) at Dec. 31, 2020					0	0	0	0
Beginning balance at Dec. 31, 2020					$ 0	$ 0	$ 0	$ 0
Ending balance at Mar. 31, 2021					$ 0	$ 0	$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2021					0	0	0	0
Beginning balance (in shares) at Dec. 31, 2020		23,192,866
Beginning balance at Dec. 31, 2020	$ 261,721	$ 2	326,730	(65,011)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	78,628	78,628
Exercise of common stock options	$ 42		42
Stock-based compensation	2,494		2,494
Net loss	(15,885)			(15,885)
Ending balance (in shares)		23,192,866
Ending balance	261,721	$ 2	326,730	(65,011)
Ending balance (in shares)		23,271,494
Ending balance	$ 248,372	$ 2	$ 329,266	$ (80,896)

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	May 31, 2021 USD ($)
Forecast \| At the Market Offering
Subsequent Event [Line Items]
Common stock in sales	$ 150.0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	23,271,494	23,192,866
Common stock, shares outstanding (in shares)	23,271,494	23,192,866

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	Apr. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-39264
Entity Registrant Name	KEROS THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1173868
Entity Address, Address Line One	99 Hayden Avenue
Entity Address, Address Line Two	Suite 120
Entity Address, Address Line Three	Building E
Entity Address, City or Town	Lexington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02421
City Area Code	617
Local Phone Number	314-6297
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	KROS
Security Exchange Name	NASDAQ
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 Shell Company	false
Entity Common Stock, Shares Outstanding		23,296,930
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001664710

Convertible Preferred Stock	3 Months Ended
Convertible Preferred Stock	Mar. 31, 2021
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	CONVERTIBLE PREFERRED STOCK On March 2, 2020, the Company authorized the sale and issuance of up to 9,049,783 shares of Series C Preferred Stock, par value $0.0001 per share, of which 4,169,822 shares were sold at a purchase price of $13.43 per share for gross proceeds of $56.0 million. Issuance costs were approximately $0.2 million. As part of the Company's Series C Preferred Stock issuance, 3,078,968 of the shares were issued to affiliates of members of the Board including entities affiliated with OrbiMed, entities affiliated with Pontifax, Arkin Bio Ventures Limited Partnership, entities affiliated with Partners Innovation Fund and Jasbir Seehra, Ph.D. All issued shares reflect the reverse stock split effected March 31, 2020 while the Board authorized shares reflect the original number of shares authorized pre-split. On April 13, 2020, upon the closing of the Company's IPO, all outstanding shares of Preferred Stock converted into 10,725,129 shares of the Company's common stock. Additionally, effective April 13, 2020, the Company's amended and restated certificate of incorporation authorized the issuance of 10,000,000 shares of preferred stock. There were no outstanding shares of Preferred Stock as of March 31, 2021 and December 31, 2020. The rights and privileges of the Preferred Stockholders were as follows: Conversion: Shares of Preferred Stock were convertible, at the option of the holder, at any time, into shares of common stock. The number of shares was determined by dividing the original issuance price by the conversion price. As such, the shares of Preferred Stock effectively converted on a one-for-one basis. The Preferred Stock would automatically convert to common stock at the closing of an IPO. No fractional shares would be issued. Liquidation Preference: Prior to the closing of the IPO, although the Preferred Stock was not redeemable, the shares were redeemable for cash in certain change of control events that are beyond the control of the Company. In the event of any liquidation or Deemed Liquidation Event (as defined in the Company’s articles of incorporation), the Preferred Stockholders would have been entitled to the greater of (i) the original issue price of the Preferred Stock plus any accrued dividends not yet paid plus any other dividends declared and unpaid or ii) the amount payable had all classes of shares been converted to common stock. In the event of a Deemed Liquidation Event, if the assets of the Company available for distribution were insufficient to pay the Preferred Stockholders in the full amount to which they were entitled, the Preferred Stockholders would have shared ratably in any distribution of the assets available for distribution in proportion to the number of shares of Preferred Stock that they held. Note that in relation to the above, the holders of Series C Preferred Stock were entitled to be paid out prior to the holders of common stock, Series A Preferred Stock, Series A-1 Preferred Stock and Series B-1 Preferred Stock. Dividends: Dividends accrued at a rate of $0.17, $0.22, $0.58263 and $1.07439 per share, per year on the anniversary of the issuance date for Series A Preferred Stock, Series A-1 Preferred Stock, Series B-1 Preferred Stock and Series C Preferred Stock, respectively. Dividends were cumulative; however, accrued dividends would be payable only if and when declared by the Board. Dividends on other classes of the Company’s stock were not to be declared or paid unless the Preferred Stockholders were first paid (i) all dividends accrued and not yet paid plus (ii) the product of (a) dividends declared on an as converted basis and (b) Preferred Stock on an as converted basis. That is, if the Company declared dividends on outstanding common stock, Preferred Stockholders would have received both the dividends owed for the Preferred Stock plus that which would be owed if the Preferred Stock were converted to common stock. No dividends were declared or paid through April 13, 2020, the date on which all of the Preferred Stock was converted to common stock upon the closing of the Company’s IPO. Voting Rights: Each holder of outstanding shares of Preferred Stock was entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of Preferred Stock held by such holder were convertible as of the record date for determining stockholders entitled to vote on such matter. Preferred Stockholders and common stockholders voted together as a single class.

Fair Value Measurements - Changes in Level 3 Fair Value Liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 0	$ 1,490,000
Preferred Stock Tranche Obligation
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		4,956,000
Change in fair value	1,500,000	1,490,000
Settlement of Preferred Stock Tranche Obligation	$ (6,400,000)	(6,446,000)
Ending balance		$ 0

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESOn March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law in the United States. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses and technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property. The Company evaluated the provisions of the CARES Act and as a result, received approximately $0.2 million in February 2021 related to the carryback of our 2019 net operating loss to claim a refund for prior federal tax liabilities.

- Definition

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

+ References + Details

Nature of Business and Basis of Presentation (Details) $ / shares in Units, $ in Millions		1 Months Ended
	Apr. 13, 2020 USD ($) $ / shares shares	Nov. 30, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Issuance of initial public offering \| $	$ 110.4	$ 149.5
Proceeds from initial public offering, net of discounts and offering costs \| $	$ 100.1	$ 140.1
Common Stock
Class of Stock [Line Items]
Conversion of convertible preferred stock upon initial public offering (in shares)	10,725,129
IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	6,900,000
Sale of stock, price per share (in USD per share) \| $ / shares	$ 16.00
Reverse stock split	0.4607658
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	900,000	390,000
Public Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		2,990,000
Sale of stock, price per share (in USD per share) \| $ / shares		$ 50.00

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited interim condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries, Keros Therapeutics Australia Pty Ltd (“Keros Australia”) and Keros Security Corporation, a Massachusetts securities corporation. All significant intercompany transactions and accounts have been eliminated in consolidation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2021, the Company adopted Financial Accounting Standards Board Accounting Standards Update No. 2019-12, Income Taxes-Simplifying the Accounting for Income Taxes ("ASU No. 2019-12"). ASU No. 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes, enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The adoption of this standard did not have an impact on the Company’s condensed consolidated financial statements and related disclosures.

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Share Calculation


	THREE MONTHS ENDED MARCH 31,
	2021		2020
Numerator:
Net loss	$	(15,885)	$	(11,892)
Less: Accruals of dividends of preferred stock	—		(806)
Net loss attributable to common stockholders - basic and diluted	$	(15,885)	$	(12,698)
Denominator:
Weighted-average common stock outstanding - basic and diluted	23,229,794		2,484,057
Net loss per share attributable to common stockholders - basic and diluted	$	(0.68)	$	(5.11)

Schedule of Antidilutive Securities Excluded From Computation of Diluted Net Loss Per Share

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at March 31, 2021 and 2020 because including them would have had an anti-dilutive effect:


	MARCH 31, 2021	MARCH 31, 2020
Preferred Stock	—	10,725,129
Unvested restricted stock	—	17,278
Options to purchase common stock	2,801,491	1,116,301
Total	2,801,491	11,858,708

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING EXPENSES:
Research and development	$ (11,495)	$ (8,527)
General and administrative	(4,274)	(1,977)
Total operating expenses	(15,769)	(10,504)
LOSS FROM OPERATIONS	(15,769)	(10,504)
OTHER EXPENSE, NET
Interest expense, net	(1)	(2)
Change in fair value of preferred stock tranche obligation	0	(1,490)
Other expense, net	(65)	(68)
Total other expense, net	(66)	(1,560)
Loss before income taxes	(15,835)	(12,064)
Income tax (provision) benefit	(50)	172
Net loss	(15,885)	(11,892)
Net loss attributable to common stockholders—basic and diluted (Note 10)	$ (15,885)	$ (12,698)
Net loss per share attributable to common stockholders - basic and diluted (in USD per share)	$ (0.68)	$ (5.11)
Weighted-average common stock outstanding - basic and diluted (in shares)	23,229,794	2,484,057

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,885)	$ (11,892)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense	80	63
Stock-based compensation expense	2,494	12
Non-cash lease expense	99	89
Changes in fair value of preferred stock tranche obligation	0	1,490
Changes in operating assets and liabilities:
Research and development incentive receivable	0	117
Prepaid expenses and other current assets	1,071	(816)
Deferred IPO costs	0	(156)
Accounts payable	859	(193)
Operating lease liabilities	(102)	(90)
Deferred revenue	0	0
Accrued expenses and other current liabilities	894	3,271
Other liabilities	(15)	(15)
Net cash used in operating activities	(10,505)	(8,120)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(210)	(176)
Net cash used in investing activities	(210)	(176)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series C preferred stock	0	56,000
Payment of Series C preferred stock issuance costs	0	(219)
Proceeds from exercise of stock options	42	13
Net cash provided by financing activities	42	55,794
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(10,673)	47,498
Cash, cash equivalents and restricted cash at beginning of period	265,991	7,135
Cash, cash equivalents and restricted cash at end of period	255,318	54,633
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Deferred IPO costs in accounts payable and accrued expenses	0	1,259
Settlement of preferred stock tranche obligation	0	6,446
Reconciliation of cash, cash equivalents and restricted cash
Total cash, cash equivalents and restricted cash	$ 255,318	$ 54,633

Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,801,491	11,858,708
Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	10,725,129
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	17,278
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,801,491	1,116,301

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following (in thousands):


	MARCH 31, 2021		DECEMBER 31, 2020
Accrued external R&D costs	$	472	$	169
Accrued external manufacturing costs	3,699		2,265
Accrued compensation and benefits	636		1,510
Accrued tax	140		185
Accrued professional fees	352		265
Other	207		218
Total accrued expenses and other current liabilities	$	5,506	$	4,612

Accrued compensation and benefits consisted primarily of accrued payroll and accrued vacation

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	NATURE OF BUSINESS AND BASIS OF PRESENTATION Keros Therapeutics, Inc. (“Keros” or the “Company”) was incorporated in 2015 as a Delaware corporation. Its principal offices are in Lexington, Massachusetts. The Company is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel treatments for patients suffering from hematological and musculoskeletal disorders with high unmet medical need. The accompanying unaudited interim condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries, Keros Therapeutics Australia Pty Ltd (“Keros Australia”) and Keros Security Corporation, a Massachusetts securities corporation. All significant intercompany transactions and accounts have been eliminated in consolidation. Since its inception in 2015, the Company has devoted the majority of its resources on business planning, research and development of its product candidates, including by conducting clinical trials and preclinical studies, raising capital and recruiting management and technical staff to support these operations. To date, the Company has not generated any revenue from product sales as none of its product candidates have been approved for commercialization. On April 13, 2020, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 6,900,000 shares of its common stock, which includes 900,000 shares issued and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $16.00 per share, for aggregate gross proceeds of $110.4 million. The Company received approximately $100.1 million in net proceeds after deducting underwriting discounts and commissions and offering costs. Upon the closing of the IPO, all of the then-outstanding shares of convertible preferred stock automatically converted into 10,725,129 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. On November 17, 2020, the Company completed an underwritten public offering in which the Company issued and sold 2,990,000 shares of common stock at a public offering price of $50.00 per share, which included 390,000 shares of common stock issued pursuant to the exercise in full of the underwriters' option to purchase additional shares. The aggregate gross proceeds to the Company from the public offering were approximately $149.5 million. The Company received approximately $140.1 million in net proceeds after deducting underwriting discounts and commissions and offering costs. The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for the next 12 months. Management believes that the Company’s existing cash and cash equivalents, will allow the Company to continue its operations for at least the next 12 months. In the absence of a significant source of recurring revenue, the continued viability of the Company is dependent on its ability to continue to raise additional capital to finance its operations. If the Company is unable to obtain additional funding, the Company may be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. The accompanying unaudited interim condensed consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes the disclosures are adequate. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 25, 2021 (the “Annual Report”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 and condensed consolidated cash flows for the three months ended March 31, 2021 and 2020. Such adjustments are of a normal and recurring nature. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

2017 Stock Incentive Plan

The Board adopted the 2017 Stock Incentive Plan (the "2017 Plan") in February 2017, and the stockholders approved the 2017 Plan in March 2017. The 2017 Plan was most recently amended in March 2020.

As of March 31, 2021, there were an aggregate of 970,384 shares of common stock issuable upon the exercise of outstanding options under the 2017 Plan. Any options or awards outstanding under the 2017 Plan remain outstanding and effective.

2020 Equity Incentive Plan

In April 2020, the 2020 Equity Incentive Plan (the "2020 Plan") became effective, and, as a result, no further awards will be made under the 2017 Plan. The 2020 Plan provides for the grant of stock options qualifying as incentive stock options ("ISOs"), to employees and for the grant of nonstatutory stock options ("NSOs"), restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to employees, consultants and directors. The 2020 Plan also provides for the grant of performance cash awards to employees, consultants and directors. Any previously granted awards under the 2017 Plan will remain outstanding in accordance with their respective terms.

Under the 2020 Plan, there is an annual increase on January 1 of each year from January 1, 2021 continuing through January 1, 2030, by 4.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Board. On January 1, 2021, the Company increased the number of shares available for future grant under the 2020 Plan by 927,714 shares. As of March 31, 2021, there were an aggregate of 1,831,107 shares of common stock issuable upon the exercise of outstanding options under the 2020 Plan. Additionally, there were an aggregate of 1,086,637 shares reserved for future issuance under the 2020 Plan.

Stock Options

A summary of option activity during the three months ended March 31, 2021 is as follows (in thousands except share and per share data):


	NUMBER OF OPTIONS	WEIGHTED-AVERAGE EXERCISE PRICE		WEIGHTED-AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)	AGGREGATE INTRINSIC VALUE
Outstanding as of December 31, 2020	2,499,603	$	11.77	8.64	$	147,103
Granted	407,250	70.10
Exercised	(78,628)	0.53			$	5,059
Expired	(26,734)	24.56
Outstanding as of March 31, 2021	2,801,491	$	20.44	8.62	$	118,985

Options exercisable as of December 31, 2020	723,130	$	0.57	7.38	$	50,599
Options exercisable as of March 31, 2021	969,472	$	5.23	7.76	$	54,632

The weighted-average grant date fair value price per share of options granted during the three months ended March 31, 2021 and 2020 was $49.15. As of March 31, 2021, there was $35.7 million of unrecognized stock-based compensation expense

related to unvested stock options. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 3.00 years.

The total fair value of options vested during the three months ended March 31, 2021 was $3.7 million.

Shares of Restricted Common Stock

During the three months ended March 31, 2021 and 2020, respectively, there was $0 and less than $1,000 of unrecognized stock-based compensation expense related to unvested restricted stock. There is no unvested restricted stock as of March 31, 2021.

Stock-Based Compensation Expense

Total stock-based compensation expense recorded for employees, directors and non-employees during the three months ended March 31, 2021 and 2020 was as follows (in thousands):


	THREE MONTHS ENDED MARCH 31,
	2021		2020
Research and development	$	898	$	8
General and administrative	1,596		4
Total stock-based compensation expense	$	2,494	$	12

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 115,000
Restricted Cash	us-gaap_RestrictedCash	$ 115,000

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The significant accounting policies and estimates used in preparation of the unaudited interim condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the Annual Report. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2021. Risks and Uncertainties With the global COVID-19 pandemic continuing throughout 2021, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business operations, including its preclinical studies and clinical trials, supply chains and third-party providers. Additionally, in response to the spread of COVID-19, the Company closed its principal executive office in March 2020, with its administrative employees continuing their work outside of the office, and limited the number of staff in any given research laboratory. The Company anticipates that the COVID-19 pandemic will have an impact on the development timelines for several of its preclinical and clinical programs. The extent to which the COVID-19 pandemic impacts the Company’s business, its clinical development and regulatory efforts, its corporate development objectives and the value of and market for its common stock will depend on future developments which are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Australia, New Zealand and other countries and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. In addition, the Company is subject to other challenges and risks specific to its business and its ability to execute on its business plan and strategy, as well as risks and uncertainties common to companies in the biopharmaceutical industry with research and development operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of its product candidates; delays or problems in obtaining clinical supply, loss of single source suppliers or failure to comply with manufacturing regulations; product development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing its intellectual property rights; the challenges of complying with applicable regulatory requirements; and identifying, acquiring or in-licensing additional products or product candidates. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. Recently Adopted Accounting Pronouncements On January 1, 2021, the Company adopted Financial Accounting Standards Board Accounting Standards Update No. 2019-12, Income Taxes-Simplifying the Accounting for Income Taxes ("ASU No. 2019-12"). ASU No. 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes, enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The adoption of this standard did not have an impact on the Company’s condensed consolidated financial statements and related disclosures.

Loss Per Share - Basic and Diluted Loss Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (15,885)	$ (11,892)
Less: Accruals of dividends of preferred stock	0	(806)
Net loss attributable to common stockholders - basic and diluted	$ (15,885)	$ (12,698)
Denominator:
Weighted-average common stock outstanding - basic and diluted (in shares)	23,229,794	2,484,057
Net loss per share attributable to common stockholders - basic and diluted (in USD per share)	$ (0.68)	$ (5.11)

- Definition

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

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- Definition

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

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+ Details

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended
	Mar. 02, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Common stock, par value (in USD per share)		$ 0.0001	$ 0.0001	$ 0.0001
Issuance costs		$ 0	$ 219
Series A preferred stock
Par value (in USD per share)		$ 0.0001	$ 0.0001
Series A-1 preferred stock
Par value (in USD per share)		0.0001	0.0001
Series B-1 preferred stock
Par value (in USD per share)		0.0001	0.0001
Series C preferred stock
Par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
Issuance costs	$ 200

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in fair value of preferred stock tranche obligation	$ 0	$ 1,490,000
Preferred Stock Tranche Obligation
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in fair value of preferred stock tranche obligation	1,500,000	1,490,000
Settlement of Preferred Stock Tranche Obligation	$ 6,400,000	6,446,000
Preferred stock tranche obligation		$ 0	$ 4,956,000

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity during the three months ended March 31, 2021 is as follows (in thousands except share and per share data):


	NUMBER OF OPTIONS	WEIGHTED-AVERAGE EXERCISE PRICE		WEIGHTED-AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)	AGGREGATE INTRINSIC VALUE
Outstanding as of December 31, 2020	2,499,603	$	11.77	8.64	$	147,103
Granted	407,250	70.10
Exercised	(78,628)	0.53			$	5,059
Expired	(26,734)	24.56
Outstanding as of March 31, 2021	2,801,491	$	20.44	8.62	$	118,985

Options exercisable as of December 31, 2020	723,130	$	0.57	7.38	$	50,599
Options exercisable as of March 31, 2021	969,472	$	5.23	7.76	$	54,632

Schedule of Stock-based Compensation Expense

Total stock-based compensation expense recorded for employees, directors and non-employees during the three months ended March 31, 2021 and 2020 was as follows (in thousands):


	THREE MONTHS ENDED MARCH 31,
	2021		2020
Research and development	$	898	$	8
General and administrative	1,596		4
Total stock-based compensation expense	$	2,494	$	12

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS In May 2021, the Company filed a registration statement on Form S-3, which was automatically effective upon filing. Pursuant to this registration statement, we may issue up to $150.0 million in common stock in sales deemed to be an “at the market offering,” as defined by the Securities Act, and, so long as we qualify as a “well-known seasoned issuer” as defined in Rule 405 of the Securities Act, an unlimited amount of shares of our common stock, preferred stock, debt securities and warrants.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued external R&D costs	$ 472	$ 169
Accrued external manufacturing costs	3,699	2,265
Accrued compensation and benefits	636	1,510
Accrued tax	140	185
Accrued professional fees	352	265
Other	207	218
Total accrued expenses and other current liabilities	$ 5,506	$ 4,612

Stock-Based Compensation - Narrative (Details) - USD ($)		3 Months Ended
	Jan. 01, 2021	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		407,250
Weighted-average grant date fair value of options granted during the period (in dollars per share)		$ 49.15	$ 49.15
Unrecognized stock-based compensation expense related to unvested stock options		$ 35,700,000
Total fair value of options vested during period		3,700,000
Unrecognized stock-based compensation expense related to unvested restricted stock (less than)		$ 0	$ 1,000
Employee Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested award, period for recognition		3 years
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		970,384
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual percentage increase in shares authorized		4.00%
Number of additional shares authorized (in shares)	927,714
Granted (in shares)		1,831,107
Number of shares available for future grants (in shares)		1,086,637