0000950170-21-001832 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Sep. 13, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	ADGI
Entity Registrant Name	Adagio Therapeutics, Inc.
Entity Central Index Key	0001832038
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		111,251,660
Entity Current Reporting Status	No
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity File Number	001-40703
Entity Tax Identification Number	85-1403134
Entity Address, Address Line One	303 Wyman Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	819-0080
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 392,509	$ 114,988
Prepaid expenses and other current assets	3,550	2,394
Total current assets	396,059	117,382
Deferred offering costs	1,933	0
Total assets	397,992	117,382
Current liabilities:
Accounts payable	10,716	8,153
Accrued expenses	27,181	4,919
Total current liabilities	37,897	13,072
Early-exercise liability	8	11
Total liabilities	37,905	13,083
Commitments and contingencies (Note 7)
Convertible preferred stock (Series A, B, and C) $0.0001 par value; 16,944,484 shares authorized, issued, and outstanding at June 30, 2021; 12,647,934 shares authorized, issued, and outstanding at December 31, 2020; Aggregate liquidation preference of $505,399 at June 30, 2021	504,711	169,548
Stockholders’ deficit:
Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 5,599,240 shares issued and outstanding at June 30, 2021; 28,193,240 shares issued and 5,593,240 shares outstanding as of December 31, 2020	1	1
Treasury stock, at cost	0	(85)
Additional paid-in capital	4,067	154
Accumulated deficit	(148,692)	(65,319)
Total stockholders’ deficit	(144,624)	(65,249)
Total liabilities, convertible preferred stock and stockholders’ deficit	$ 397,992	$ 117,382

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	5,599,240	28,193,240
Common stock, shares outstanding (in shares)	5,599,240	5,593,240
Treasury Stock Shares	0	22,600,000
Convertible Preferred Stock [Member]
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	16,944,484	12,647,934
Convertible preferred stock, shares issued	16,944,484	12,647,934
Convertible preferred stock, shares outstanding	16,944,484	12,647,934
Convertible preferred stock, liquidation preference	$ 505,399	$ 169,900

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Operating expenses:
Research and development(1)	$ 48	$ 35,067	$ 69,204
Acquired in-process research and development(2)		2,500	3,500
Selling, general and administrative	50	7,124	10,695
Total operating expenses	98	44,691	83,399
Operating Income (Loss), Total	(98)	(44,691)	(83,399)
Other income (expense):
Interest income		23	32
Other expense		(5)	(6)
Total other income (expense), net		18	26
Net loss and comprehensive loss	$ (98)	$ (44,673)	$ (83,373)
Net loss per share attributable to common stockholders, basic and diluted		$ (0.18)	$ (0.66)
Weighted-average common shares outstanding, basic and diluted	21,250,000	249,769	125,574

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (PARENTHETICAL) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Related party expenses	$ 0	$ 247	$ 435
In Process Research and Development [Member]
Related party expenses	$ 0	$ 2,500	$ 3,500

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS DEFICIT (UNAUDITED) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balances at Jun. 03, 2020
Balances, shares at Jun. 03, 2020
Issuance of Restricted Common Stock Upon Early Exercise of Stock Options			$ 1		(1)
Issuance of Restricted Common Stock Upon Early Exercise of Stock Options, Share			6,943,240
Issuance of common stock			$ 2		2
Issuance of common stock, shares			21,250,000
Net loss	(98)					(98)
Balances at Jun. 30, 2020	(98)		$ 3		(3)	(98)
Balances, shares at Jun. 30, 2020			28,193,240
Balances at Dec. 31, 2020	$ (65,249)	$ 169,548	$ 1		154	(65,319)
Balances, shares at Dec. 31, 2020		12,647,934	5,593,240
Treasury stock, shares at Dec. 31, 2020	22,600,000			22,600,000
Treasury stock at Dec. 31, 2020	$ 85			$ 85
Stock-based compensation expense	587				587
Net loss	(38,700)					(38,700)
Balances at Mar. 31, 2021	(103,362)	$ 169,548	$ 1		741	(104,019)
Balances, shares at Mar. 31, 2021		12,647,934	5,593,240
Treasury stock, shares at Mar. 31, 2021				22,600,000
Treasury stock at Mar. 31, 2021				$ 85
Balances at Dec. 31, 2020	$ (65,249)	$ 169,548	$ 1		154	(65,319)
Balances, shares at Dec. 31, 2020		12,647,934	5,593,240
Treasury stock, shares at Dec. 31, 2020	22,600,000			22,600,000
Treasury stock at Dec. 31, 2020	$ 85			$ 85
Net loss	(83,373)
Balances at Jun. 30, 2021	$ (144,624)	$ 504,711	$ 1		4,067	(148,692)
Balances, shares at Jun. 30, 2021		16,944,484	5,599,240
Treasury stock, shares at Jun. 30, 2021	0
Treasury stock at Jun. 30, 2021	$ 0
Balances at Mar. 31, 2021	(103,362)	$ 169,548	$ 1		741	(104,019)
Balances, shares at Mar. 31, 2021		12,647,934	5,593,240
Treasury stock, shares at Mar. 31, 2021				22,600,000
Treasury stock at Mar. 31, 2021				$ 85
Issuance of Series C convertible preferred stock, net of issuance costs of $337		$ 335,163
Issuance of Series C convertible preferred stock, shares		4,296,550
Issuance of common stock	66				66
Issuance of common stock, shares			6,000
Vesting of restricted common stock from early-exercised options	3				3
Stock-based compensation expense	3,342				3,342
Retirement of treasury shares				$ 85	85
Retirement of treasury shares, shares				22,600,000
Net loss	(44,673)					(44,673)
Balances at Jun. 30, 2021	$ (144,624)	$ 504,711	$ 1		$ 4,067	$ (148,692)
Balances, shares at Jun. 30, 2021		16,944,484	5,599,240
Treasury stock, shares at Jun. 30, 2021	0
Treasury stock at Jun. 30, 2021	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS DEFICIT (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2021 USD ($)
Statement Of Stockholders Equity [Abstract]
Series C convertible preferred stock, net of issuance costs	$ 337

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (98)	$ (83,373)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense		3,929
Non-cash payments		66
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(1,146)
Accounts payable	2	2,159
Accrued expenses	$ 96	21,054
Net cash used in operating activities		(57,311)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		335,264
Payments of initial public offering costs		(432)
Net cash provided by financing activities		334,832
Net increase in cash and cash equivalents		277,521
Cash and cash equivalents at beginning of period		114,988
Cash and cash equivalents at end of period		392,509
Supplemental disclosure of non-cash financing activities:
Deferred offering & issuance costs included in accounts payable and accrued expenses		$ 1,602

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Adagio Therapeutics, Inc., together with its consolidated subsidiary (the “Company”), is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of antibody-based solutions for infectious diseases with pandemic potential. The Company’s initial focus is on the virus SARS-CoV-2, its variants and the disease caused by this virus, which is known as coronavirus disease 2019 (“COVID-19”). The Company initiated clinical trials for its lead product candidate, ADG20, in February 2021. ADG20 is designed to be a potent, long-acting and broadly neutralizing antibody for both the treatment and prevention of COVID-19 as either a single or combination agent. The Company was incorporated in the State of Delaware in June 2020. The Company operates as a virtual company and plans to maintain a corporate headquarters for general and administrative purposes only. In addition, the Company engages third parties, including Adimab, LLC (“Adimab”), to perform ongoing research and development and other services on its behalf.

The Company is subject to a number of risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, completing clinical trials, the ability to raise additional capital to fund operations, obtaining regulatory approval for product candidates, market acceptance of products, competition from substitute products, protection of proprietary intellectual property, compliance with government regulations, the impact of COVID-19, dependence on key personnel, the ability to attract and retain qualified employees, and reliance on third-party organizations for the manufacturing, clinical and commercial success of its product candidates.

On August 10, 2021, the Company completed its initial public offering (“IPO”) pursuant to which it issued and sold 20,930,000 shares of its common stock, including 2,730,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were approximately $330.9 million, after deducting underwriting discounts and commissions of $24.9 million, but before deducting offering expenses payable by the Company, which are estimated to be $3.8 million. Upon the closing of the IPO, all shares of the Company’s convertible preferred stock then outstanding converted into 84,722,420 shares of common stock (see Note 15).

The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has funded its operations primarily with proceeds from sales of convertible preferred stock, and most recently, with proceeds from the IPO. The Company has incurred recurring losses since inception, including net losses of $83.4 million for six months ended June 30, 2021 and $65.3 million for the period from inception through December 31, 2020. As of June 30, 2021, the Company had an accumulated deficit of $148.7 million. The Company expects to continue to generate operating losses for the foreseeable future. As of September 20, 2021, the issuance date of these interim condensed consolidated financial statements, the Company expects that its cash, cash equivalents, and short-term investments will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the interim condensed consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations. The Company expects to seek additional funding through private equity financings, government or private-party grants, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or rights of the Company’s stockholders. If the Company is unable to continue to obtain sufficient capital, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Impact of the COVID-19 Coronavirus

In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The evolving and constantly changing impact of the pandemic will directly affect the potential commercial prospects of ADG20 for the treatment and prevention of COVID-19. The severity of the COVID-19 pandemic and the continued emergence of variants of concern, the availability, administration and acceptance of vaccines, monoclonal antibodies and other treatment modalities and the potential development of “herd immunity” by the global population will affect the design and enrollment of the Company’s clinical trials, the potential regulatory authorization or approval of the Company’s product candidates and the commercialization of the Company’s product candidates, if approved.

In addition, the Company’s business and operations may be more broadly adversely affected by the COVID-19 pandemic. The COVID-19 outbreak and government measures taken in response have had a significant impact, both direct and indirect, on businesses and commerce, as worker shortages have occurred, supply chains have been disrupted, facilities and production have been suspended and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The ultimate extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition, operations and product development timelines and plans remains highly uncertain and will depend on future developments, including the duration and spread of the outbreak and the continued emergence of variants (such as the Delta variant) and the impact on the Company’s clinical trial design and enrollment, trial sites, contract research organizations, contract manufacturing organizations and other third parties with which it does business, as well as its impact on regulatory authorities and the Company’s key scientific and management personnel. To date, the Company has not experienced significant delays or disruptions in its development activities as a result of the COVID-19 pandemic but may in the future as the outbreak progresses and some of its contract research organizations, contract manufacturing organizations and other service providers continue to be impacted. The Company will continue to monitor developments as it addresses the disruptions, delays and uncertainties relating to the COVID-19 pandemic. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain and may materially adversely affect the Company’s results and operations and its ability to raise capital.

Basis of Presentation

The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Adagio Therapeutics Security Corporation. All intercompany accounts and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing antibody-based solutions for infectious diseases.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The accompanying condensed consolidated balance sheet as of December 31, 2020 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The period from June 3, 2020 (inception) to June 30, 2020 is the same for the three and six month period ended June 30, 2020 and therefore the related financial information is presented once within the Form 10-Q.

Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus for the IPO filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on August 6, 2021. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2021 and consolidated results of operations for the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020 and the consolidated cash flows for the six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020 have been made. The Company’s consolidated results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs and the valuation of common stock and resulting stock-based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions.

The Company is monitoring the potential impact of the COVID-19 pandemic on its business and consolidated financial statements. The Company is not aware of any specific event or circumstance that would require any update to its estimates or judgments reflected in these consolidated financial statements or a revision of the carrying value of its assets or liabilities as of the issuance date of these condensed consolidated financial statements. These estimates may change as new events occur and additional information is obtained.

Recently Issued Accounting Pronouncements

The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), as subsequently amended. ASC 842 sets forth the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASC 842 replaces the existing guidance in ASC No. 840, Leases (“ASC 840”). ASC 842 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method for finance leases or on a straight-line basis over the term of the lease for operating leases. In addition, a lessee is also required to record (i) a right-of-use asset and a lease liability on its balance sheets for all leases with a term of greater than 12 months regardless of their classification and (ii) lease expense on its statement of operations for operating leases and amortization and interest expense on its statement of operations for financing leases. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases under ASC 840. ASC 842 also requires lessees and lessors to disclose key information about their leasing transactions. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which added an optional transition method that allows companies to adopt the standard as of the beginning of the year of adoption as opposed to the earliest comparative period presented. In November 2019, the FASB issued guidance delaying the effective date for all entities, except for public entities. For public entities, ASU 2016-02 was effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. In June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities (“ASU 2020-05”), which delayed the adoption date of ASU 2016-02 for nonpublic entities. For nonpublic entities, ASU 2016-02 is effective for annual periods beginning after December 15, 2021, including interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted, including in an interim period. Entities are required to adopt ASC 842 using a modified retrospective transition method. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current guidance with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under ASU 2016-13, expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities are required to be recorded through an allowance for credit losses. The update also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which the carrying value exceeds fair value. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 also establishes additional disclosure requirements related to credit risks. For public entities that qualify as a filer with the Securities and Exchange Commission, excluding entities eligible to be smaller reporting companies, ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for nonpublic entities to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. ASU 2016-13 is applied by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles–Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (“ASU 2018-15”). The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the update requires entities in a hosting arrangement that is a service contract to follow the guidance in ASC 350-40, Internal-Use Software (“ASC 350-40”) to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Costs to develop or obtain internal-use software that cannot be capitalized under ASC 350-40, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. Therefore, an entity in a hosting arrangement that is a service contract determines which project stage an implementation activity relates to. Costs for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities are performed. ASU 2018-15 also requires entities to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. ASU 2018-15 was effective for public entities for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. For nonpublic entities, ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption is permitted, including adoption in any interim period. ASU 2018-15 is applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 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. The update also clarifies and simplifies other aspects of the accounting for income taxes. For public entities, ASU 2019-12 is required to be adopted for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. For nonpublic entities, ASU 2019-12 is effective for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued or made available for issuance. An entity that elects to early adopt the update in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the update in the same period. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 was issued to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock and improves the disclosures for convertible instruments and related earnings per share guidance. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and improves and amends the related earnings per share guidance. For public entities that qualify as a filer with the Securities and Exchange Commission, excluding entities eligible to be smaller reporting companies, ASU 2020-06 is effective for fiscal annual periods beginning after December 15, 2021, including interim periods within those fiscal years. For nonpublic entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. ASU 2020-06 must be adopted as of the beginning of its annual fiscal year. ASU 2020-06 may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

Fair Value Measurements

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


	•		Level 1 — Quoted prices in active markets for identical assets or liabilities.


	•		Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.


	•		Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above. The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements at June 30, 2021:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund	$	316,593	$	—	$	—	$	316,593
	$	316,593	$	—	$	—	$	316,593


	Fair Value Measurements at December 31, 2020:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund	$	39,006	$	—	$	—	$	39,006
	$	39,006	$	—	$	—	$	39,006

The money market fund was valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no changes to the valuation methods during the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers into or out of Level 3 fair value measurements during the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020.

- 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

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2021

Assets Current [Abstract]

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

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


	June 30, 2021		December 31, 2020
Prepaid external research, development and manufacturing costs	$	2,843	$	2,253
Prepaid compensation and related expenses		446		78
Other		261		63
	$	3,550	$	2,394

Accrued Expenses

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current And Noncurrent [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Accrued external research, development and manufacturing costs	$	23,643	$	3,853
Accrued professional and consultant fees		2,262		237
Accrued employee compensation		1,272		794
Other		4		35
	$	27,181	$	4,919

License and Collaboration Agreements

6 Months Ended

Jun. 30, 2021

License Agreements [Abstract]

License and Collaboration Agreements

6. License and Collaboration Agreements

Adimab Assignment Agreement

In July 2020, the Company entered into an Assignment and License Agreement with Adimab (“Adimab Assignment Agreement”). Under the terms of the agreement, Adimab assigned to the Company all rights, title and interest in and to certain of its coronavirus-specific antibodies (“CoV Antibodies”), including modified or derivative forms thereof, and related intellectual property (“Adimab CoV Assets”). In addition, Adimab granted to the Company a non-exclusive, worldwide, royalty-bearing, sublicensable license to certain of its platform patents and technology for the development, manufacture and commercialization of the CoV Antibodies and pharmaceutical products containing or comprising one or more CoV Antibodies (each, a “Product”) for all indications and uses, with the exception of certain diagnostic uses and use as a research reagent (the “Field”). The Company is entitled to sublicense the assigned rights and licensed intellectual property solely with respect to any CoV Antibody or Product, subject to specified conditions of the agreement. The Company is obligated to use commercially reasonable efforts to achieve specified development and regulatory milestones for Products in certain major markets and to commercialize a product in any country in which the Company obtains marketing approval.

Pursuant to the terms of the Adimab Assignment Agreement, the parties will establish one or more work plans that set forth the activities to be performed under the agreement (each, a “Work Plan”), and each party is responsible for performing the obligations to which it is assigned under such Work Plans. Upon execution of the Adimab Assignment Agreement, the Company and Adimab agreed on an initial work plan that outlined the services that will be performed commencing at inception of the arrangement. The Company is obligated to pay Adimab quarterly for its services performed under each Work Plan at a specified full-time equivalent rate. Otherwise, the Company is solely responsible for the development, manufacture and commercialization of the CoV Antibodies and associated Products at its own cost and expense. The Company is solely responsible for preparing and submitting all investigational new drug applications, new drug applications, biologics license applications and other regulatory filings for the CoV Antibodies and Products in the Field, and for obtaining and maintaining all marketing approvals for Products in the Field, at its sole expense. Additionally, the Company has the sole right to prosecute, maintain, enforce and defend patents covering the CoV Antibodies and Products, all at its own expense.

In July 2020, in consideration for the rights assigned and license conveyed under the Adimab Assignment Agreement, the Company issued 5,000,000 shares of its Series A convertible preferred stock (the “Series A Preferred Stock”), then having a fair value of $40.0 million, to Adimab. Concurrently, Adimab relinquished 21,250,000 shares of the Company’s common stock to the Company, then having a fair value of $85,000. Additionally, the Company is obligated to pay Adimab up to $16.5 million upon the achievement of specified development and regulatory milestones for the first Product under the agreement that achieves such specified milestones and up to $8.1 million upon the achievement of specified development and regulatory milestones for the second Product under the agreement that achieves such specified milestones. The maximum aggregate amount of milestone payments payable under the agreement for any and all Products is $24.6 million; however, milestone payments do not accrue for certain in vitro diagnostic devices consisting of or containing CoV Antibodies.

In February 2021, the Company achieved the first specified milestone under the agreement upon dosing of the first patient in a Phase 1 clinical trial evaluating ADG20, which obligated the Company to make a $1.0 million milestone payment to Adimab. In April 2021, the Company achieved the second specified milestone under the agreement upon dosing of the first patient in a Phase 2 clinical trial evaluating ADG20 for the prevention of COVID-19, which obligated the Company to make a $2.5 million milestone payment. The Company recognized the expense related to the expected achievement of the first milestone in February. The Company recognized the expense related to the expected achievement of the second milestone in early April, when certain Phase 1 clinical trial data was submitted to the FDA for review and the second milestone under the agreement became probable of achievement. In August 2021, the Company dosed the first patient in a Phase 3 clinical trial evaluating ADG20 for the prevention of COVID-19, which resulted in a milestone payment of $4.0 million being due by the Company under the Adimab Assignment Agreement. During the three and six months ended June 30, 2021, the Company recognized $2.5 million and $3.5 million, respectively, as in-process research and development (“IPR&D”) expense in connection with contingent consideration payable under the Adimab Assignment Agreement. For the period from June 3, 2020 (inception) to June 30, 2020 the Company did not recognize any IPR&D expense.

The Company is also obligated to pay Adimab royalties of a mid single-digit percentage based on net sales of any Products, once commercialized. The royalty rate is subject to reductions specified under the agreement. Royalties are due on a Product-by-Product and country-by-country basis beginning upon the first commercial sale of each Product and ending on the later of (i) 12 years after the first commercial sale of such Product in such country and (ii) expiration of the last valid claim of a patent covering such Product in such country (“Royalty Term”). In addition, the Company is obligated to pay Adimab royalties of a specified percentage in the range of 45% to 55% of any compulsory sublicense consideration received by the Company in lieu of certain royalty payments. Except for the first milestone payment of $1.0 million and second milestone payment of $2.5 million, which were paid by the Company to Adimab in March and May 2021, respectively, no other milestone, royalty or other contingent payments had become due to Adimab through June 30, 2021.

Unless earlier terminated, the Adimab Assignment Agreement remains in effect until the expiration of the last-to-expire Royalty Term for any and all Products. The Company may terminate the agreement at any time for any or no reason upon advance written notice to Adimab. Either party may terminate the agreement in the event of a material breach by the other party that is not cured within specified periods, except that after the initiation of the first clinical trial of a Product, Adimab may only terminate the agreement for an uncured material breach by the Company for its due diligence obligation or a payment obligation. Upon any termination of the agreement prior to its expiration, all licenses and rights granted pursuant to the arrangement will automatically terminate and revert to the granting party and all other rights and obligations of the parties will terminate.

The Company concluded that the Adimab Assignment Agreement represented an asset acquisition of IPR&D assets with no alternative future use. The arrangement did not qualify as a business combination because substantially all of the fair value of the assets acquired was concentrated in a single asset. Therefore, the aggregate acquisition cost of $39.9 million was recognized as acquired IPR&D expense in July 2020. The $39.9 million of costs to acquire the IPR&D assets was determined as a result of the Company’s allocation of the $40.0 million aggregate fair value of the 5,000,000 shares of the Series A Preferred Stock that the Company issued to Adimab on the acquisition date in exchange for (i) the IPR&D assets acquired from Adimab and (ii) 21,250,000 shares of the Company’s common stock that it repurchased from Adimab on that same date. The Company allocated the $40.0 million fair value of the 5,000,000 shares of Series A Preferred Stock to the IPR&D assets and to the repurchased common stock based on their relative fair values on the acquisition date. As of that date and before allocation, the Company determined the fair value of the repurchased common stock was $85,000, based on the results of a third-party valuation, and the fair value of the IPR&D assets was $40.0 million. The Company determined the fair value of the 5,000,000 shares of Series A Preferred Stock based on the $8.00 price per share paid for the stock by new investors in the Company’s Series A Preferred Stock financing, which closed on the same date as the date on which the Company acquired the CoV Antibodies and Adimab CoV Assets under the Adimab Assignment Agreement.

Amounts paid with respect to services performed by Adimab on the Company’s behalf under the Adimab Assignment Agreement are recognized as research and development expense as such amounts are incurred. For the three and six months ended June 30, 2021, the Company recognized $0.2 million and $0.4 million, respectively, of expense in connection with services provided by Adimab. For the period from June 3, 2020 (inception) to June 30, 2020, the Company did not recognize any expense in connection with services provided to Adimab.

Adimab Collaboration Agreement

On May 21, 2021, the Company entered into a collaboration agreement with Adimab (the “Adimab Collaboration Agreement”) for the discovery and optimization of proprietary antibodies as potential therapeutic product candidates. Under the agreement, the Company and Adimab will collaborate on research programs for a specified number of targets selected by the Company within a specified time period. Under the Adimab Collaboration Agreement, Adimab granted the Company a worldwide, non-exclusive license to certain of its platform patents and technology and antibody patents to perform the Company’s responsibilities during the ongoing research period and for a specified evaluation period thereafter (the “Evaluation Term”). In addition, the Company granted Adimab a license to certain of the Company’s patents and intellectual property solely to perform Adimab’s responsibilities under the research plans. Under the agreement, the Company has an exclusive option, on a program-by-program basis, to obtain licenses and assignments to commercialize selected products containing or comprising antibodies directed against the applicable target, which option may be exercised upon the payment of a specified option fee for each program. Upon exercise of an option by the Company, Adimab will assign to the Company all right, title and interest in the antibodies of the optioned research program and will grant the Company a worldwide, royalty-free, fully paid-up, non-exclusive, sublicensable license under the Adimab platform technology for the development, manufacture and commercialization of the antibodies for which the Company has exercised its options and products containing or comprising those antibodies. The Company is obligated to use commercially reasonable efforts to develop, seek marketing approval for, and commercialize one product that contains an antibody discovered in each research program.

The Company is obligated to pay Adimab a quarterly fee of $1.3 million, which obligation may be cancelled at the Company’s option at any time. For so long as the Company is paying such quarterly fee (or earlier if (i) the Company experiences a change of control after the third anniversary of the Adimab Collaboration Agreement or (ii) Adimab owns less than a specified percentage of the Company’s equity), Adimab and its affiliates will not assist or direct certain third parties to discover or optimize antibodies that are intended to bind to coronaviruses or influenza viruses. The Company may also elect to decrease the scope of Adimab’s exclusivity obligations and obtain a corresponding decrease in the quarterly fee. For each agreed upon research program that is commenced, the Company is obligated to pay Adimab quarterly for its services performed during a given research program at a specified full-time equivalent rate; a discovery delivery fee of $0.2 million; and an optimization completion fee of $0.2 million. For each option exercised by the Company to commercialize a specific research program, the Company is obligated to pay Adimab an exercise fee of $1.0 million.

The Company is obligated to pay Adimab up to $18.0 million upon the achievement of specified development and regulatory milestones for each product under the agreement that achieves such milestones. The Company is also obligated to pay Adimab royalties of a mid single-digit percentage based on net sales of any product under the agreement, subject to reductions for third-party licenses. The royalty term will expire for each product on a country-by-country basis upon the later of (i) 12 years after the first commercial sale of such product in such country and (ii) the expiration of the last valid claim of any patent claiming composition of matter or method of making or using any antibody identified or optimized under the Adimab Collaboration Agreement in such country.

In addition, the Company is obligated to pay Adimab for Adimab’s performance of certain validation work with respect to certain antigens acquired from a third party. In consideration for this work, the Company is obligated to pay Adimab royalties of a low single-digit percentage based on net sales of products that contain such antigens for the same royalty term as antibody-based products, but the Company is not obligated to make any milestone payments for such antigen products. For the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020, the Company did not incur significant costs under the Adimab Collaboration Agreement.

The Adimab Collaboration Agreement will expire (i) if the Company does not exercise any option, upon the conclusion of the last Evaluation Term for the research programs, or (ii) if the Company exercises an option, on the expiration of the last royalty term for a product in a particular country, unless the agreement is earlier terminated. The Company may terminate the Adimab Collaboration Agreement at any time upon advance written notice to Adimab. In addition, subject to certain conditions, either party may terminate the Adimab Collaboration Agreement in the event of a material breach by the other party that is not cured within specified periods.

The Company concluded that the Adimab Collaboration Agreement represented an asset acquisition of IPR&D with no alternative future use. Therefore, payments made by the Company to Adimab for services performed and milestones achieved will be recognized as acquired IPR&D expense in the related period in which the services are performed or the related milestone is considered probable of achievement. Please refer to Note 14 for additional information.

WuXi Cell Line License Agreement

In December 2020, the Company entered into a Cell Line License Agreement with WuXi Biologics (Hong Kong) Limited (“WuXi”) (the “Cell Line License Agreement”), under which WuXi granted to the Company a non-exclusive, non-transferable, worldwide, royalty-bearing, sublicensable license to certain of its intellectual property, including certain patent rights associated with a proprietary cell line developed by WuXi for the exploitation of certain recombinant antibodies developed using such proprietary cell line (each, a “Licensed Product”). Each Licensed Product generated under the arrangement will be produced from a transformed or transfected version of the proprietary cell line derived by WuXi (each of such transformed or transfected cell lines, a “Licensed Cell Line”).

The Company was obligated to pay an upfront fee of $0.2 million to WuXi upon completion of cell bank generation for the first Licensed Cell Line created under the arrangement. Such amount became due in December 2020, was an accrued expense as of December 31, 2020 and remained accrued as of June 30, 2021. The Company is also obligated to pay royalties in the range of 0.3% to 0.5% to WuXi based on net sales of any Licensed Products manufactured by the Company or a third party on its behalf. However, if the Company uses WuXi to manufacture all of its commercial supplies, no royalties would be owed by the Company to WuXi for net sales of Licensed Products. The Company has an option to buy out its royalty obligations on a Licensed Cell Line-by-Licensed Cell Line basis by making a one-time payment of $15.0 million to WuXi. Royalties are due on a Licensed Product-by-Licensed Product basis commencing on the date of the first commercial sale of the applicable product and continue for so long as the Company commercializes Licensed Products or until the Company exercises its option to buy out the royalty obligations. Through June 30, 2021, no royalties had become due to WuXi.

The Cell Line License Agreement remains in effect until it is terminated. The Company may terminate the Cell Line License Agreement at any time with notice to WuXi. WuXi may terminate the Cell Line License Agreement in the event the Company fails to make a payment when due under the arrangement and such non-payment is not cured within a specified period after notice. Either party may terminate the Cell Line License Agreement in the event of a material breach by the other party that is not cured within a specified period after notice. Upon termination of the Cell Line License Agreement, the license conveyed by WuXi to the Company will continue in full force and effect with respect to all Licensed Products manufactured using the Licensed Cell Line already generated under the arrangement, provided that the Company continues to pay its royalty obligations, if any.

The Company concluded that the Cell Line License Agreement represented an asset acquisition of IPR&D with no alternative future use. Therefore, the aggregate acquisition cost of $0.2 million, consisting solely of the upfront fee, was recognized as acquired IPR&D expense for the period from June 3, 2020 (inception) to December 31, 2020.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

License Agreements

The Company has entered into license agreements with Adimab and WuXi (see Note 6).

Manufacturing Agreements

In December 2020, the Company entered into a Commercial Manufacturing Services Agreement with WuXi (the “Commercial Manufacturing Agreement”). The Commercial Manufacturing Agreement outlines the terms and conditions under which WuXi will manufacture ADG20 drug substance for commercial use.

The Company committed to minimum non-cancelable purchase obligations related to batches of ADG20 drug substance and certain services with respect to the product requirements for 2021 and 2022, the payments for which will extend into 2023. There has been no material change to future minimum payments under non-cancelable purchase obligations associated with the Commercial Manufacturing Agreement. As of June 30, 2021, Company had neither made any payments under the Commercial Manufacturing Agreement nor made any incremental purchases under the Commercial Manufacturing Agreement.

Unless earlier terminated, the Commercial Manufacturing Agreement remains in effect for an initial period of five years and thereafter automatically renews for further successive periods of five years each. Either party may terminate the agreement upon the breach or default by the other party, other than a non-payment breach, that is not cured within 90 days after notice. Both parties are also entitled to terminate the Commercial Manufacturing Agreement if the other party becomes insolvent or is the subject of a petition in bankruptcy or of any other related proceeding or event. Either party may terminate either the Commercial Manufacturing Agreement in its entirety, or an individual order, (i) to the extent the other party suffers a force majeure event that is continuing for a predefined period of time and (ii) if the other party fails to make a payment when due under the arrangement and such non-payment is not cured within 30 days after notice.

Other Contracts

The Company has agreements with third parties that it enters into in the ordinary course of business for various products and services, including those related to research, preclinical and clinical operations, manufacturing and support. These contracts do not contain any minimum purchase commitments. Certain of these agreements provide for termination rights subject to the payment of termination fees and/or wind-down costs. Under such agreements, the Company is contractually obligated to make certain payments to vendors upon early termination, primarily to reimburse them for their unrecoverable outlays incurred prior to cancellation as well as any amounts owed by the Company prior to early termination. The actual amounts the Company could pay in the future to the vendors under such agreements may differ from the purchase order amounts due to cancellation provisions.

Legal Proceedings

From time to time, the Company may become involved in legal proceedings or other litigation relating to claims arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and estimated exposure amount. Legal fees and other costs associated with such proceedings are expensed as incurred. As of June 30, 2021 and December 31, 2020, the Company was not a party to any material legal proceedings.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to its vendors, lessors, contract research organizations, contract manufacturing organizations, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments that the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Convertible Preferred Stock

8. Convertible Preferred Stock

The Company has issued Series A convertible preferred stock (the “Series A Preferred Stock”), Series B convertible preferred stock (the “Series B Preferred Stock”), and Series C Preferred Stock (the “Series C Preferred Stock”), all of which are collectively referred to as the “Preferred Stock.”

In July 2020, the Company issued and sold 6,237,500 shares of Series A Preferred Stock, at a price of $8.00 per share, for gross proceeds of $49.9 million and incurred $0.2 million of issuance costs. Concurrently, the Company issued 5,000,000 shares of Series A Preferred Stock, then having a fair value of $40.0 million, to Adimab as consideration payable pursuant to the Adimab Assignment Agreement (see Note 6).

In October and November 2020, the Company issued and sold 1,410,434 shares of Series B Preferred Stock, at a price of $56.72 per share, for gross proceeds of $80.0 million and incurred $0.2 million of issuance costs. Adimab, a related party, participated in the Series B Preferred Stock financing by purchasing 44,076 shares of Series B Preferred Stock for an aggregate purchase price of $2.5 million. The issuance of the Series B Preferred Stock resulted in changes to certain terms of the Series A Preferred Stock. The Company concluded that such changes were not significant and resulted in a modification, rather than an extinguishment, of the Series A Preferred Stock. The changes to the terms of the Series A Preferred Stock did not result in incremental value to the stockholders. Therefore, there was no impact to the accounting for the Series A Preferred Stock.

In April 2021, the Company issued and sold 4,296,550 shares of its Series C Preferred Stock, at a price of $78.08578 per share, for aggregate gross proceeds of $335.5 million and incurred $0.3 million of issuance costs. Adimab, a related party, participated in the Series C Preferred Stock financing by purchasing 128,064 shares of Series C Preferred Stock for an aggregate purchase price of $10.0 million.

The terms of the Series C Preferred Stock are substantially the same as the terms of the Series A Preferred Stock and Series B Preferred Stock, except that the Original Issue Price per share and the Conversion Price per share of the Series C Preferred Stock is $78.08578.

Upon issuance of each class of Preferred Stock, the Company assessed the embedded conversion and liquidation features of the shares and determined that such features did not require the Company to separately account for these features. The Company also concluded that no beneficial conversion feature existed on the issuance dates of each class of Preferred Stock.

At the balance sheet dates, Preferred Stock consisted of the following (in thousands, except share amounts):


	June 30, 2021
	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A Preferred Stock		11,237,500		11,237,500	$	89,706	$	89,900		56,187,500
Series B Preferred Stock		1,410,434		1,410,434		79,842		80,000		7,052,170
Series C Preferred Stock		4,296,550		4,296,550		335,163		335,499		21,482,750
		16,944,484		16,944,484	$	504,711	$	505,399		84,722,420


	December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A Preferred Stock		11,237,500		11,237,500	$	89,706	$	89,900		56,187,500
Series B Preferred Stock		1,410,434		1,410,434		79,842		80,000		7,052,170
		12,647,934		12,647,934	$	169,548	$	169,900		63,239,670

Upon the closing of the Company’s IPO in August 2021, all shares of the Company’s convertible preferred stock then outstanding converted into 84,722,420 shares of common stock (see Note 15).

Common Stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Common Stock

9. Common Stock

The voting, dividend and liquidation rights of the holders of shares of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock set forth above and described in the Company’s final prospectus for the IPO filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act on August 6, 2021.

In June 2020, the Company issued and sold 21,250,000 shares of its common stock to Adimab upon formation of the Company for $0.00002 per share. In July 2020, such shares of common stock were repurchased by the Company from Adimab contemporaneous with the execution of the Adimab Assignment Agreement, pursuant to which the Company acquired certain intellectual property rights in exchange for the issuance of 5,000,000 shares of its Series A Preferred Stock. As of June 30, 2021 the 21,250,000 shares of common stock repurchased from Adimab were retired and redesignated as authorized but unissued shares of the Company’s common stock. As of December 31, 2020, the 21,250,000 shares of common stock repurchased from Adimab were recorded as treasury stock in the accompanying consolidated balance sheets and consolidated statements of convertible preferred stock and stockholders’ deficit as such shares were not retired. The fair value of the repurchased common stock was $0.004 per share, or $85,000 in the aggregate, as determined based on a third-party valuation (see Note 6).

In April 2021, the Company increased the number of shares of common stock authorized for issuance from 19,000,000 to 23,251,555 shares and increased the number of shares of preferred stock authorized for issuance from 12,647,934 to 16,944,484 shares, of which 4,296,550 shares were designated as Series C Preferred Stock.

As of June 30, 2021 and December 31, 2020, the Company had reserved 108,383,970 and 80,466,735 shares of common stock, respectively, for the potential conversion of shares of Preferred Stock into common stock, the exercise of outstanding stock options and the issuance of awards available for grant under the Company’s 2020 Equity Incentive Plan (see Note 10).

Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split.

Treasury Stock

In April and May 2021, the Company retired an aggregate of 22,600,000 shares of its common stock held in treasury. Upon retirement, the shares were redesignated as authorized but unissued shares of the Company’s common stock.

Share Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share Based Compensation

10. Stock-Based Compensation

2020 Equity Incentive Plan

The Company’s 2020 Equity Incentive Plan (the “2020 Plan”) provides for the Company to grant incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units and other stock-based awards to employees, members of the board of directors and consultants. The 2020 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The board of directors may also delegate to one or more officers of the Company the power to grant awards to employees and certain officers of the Company. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee or any such officer if so delegated.

The total number of shares of common stock that may be issued under the 2020 Plan was 29,254,790 as of June 30, 2021 and 22,820,305 as of December 31, 2020. As of June 30, 2021 and December 31, 2020, 8,729,920 shares and 14,258,995 shares, respectively, remained available for future issuance under the 2020 Plan. In July 2021, the Company’s board of directors adopted and the stockholders approved the 2021 Equity Incentive Plan, and no further awards will be issued under the 2020 Plan (see Note 15).

The exercise price for stock options granted may not be less than the fair market value of the Company’s common stock on the date of grant, as determined by the board of directors, or at least 110% of the fair market value of the Company’s common stock on the date of grant in the case of an incentive stock option granted to an employee who owns stock representing more than 10% of the voting power of all classes of stock as determined by the board of directors as of the date of grant. The Company’s board of directors determined the fair value of the Company’s common stock, taking into consideration its most recently available valuation of common stock performed by third parties as well as additional factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. Stock options granted under the 2020 Plan expire after ten years and typically vest over a four-year period with the first 25% vesting upon the first anniversary of a specified vesting commencement date and the remainder vesting in 36 equal monthly installments over the succeeding three years, contingent on the recipient’s continued employment or service. Certain awards of stock options permit the holders to exercise the option in whole or in part prior to the full vesting of the option in exchange for unvested shares of restricted common stock with respect to any unvested portion of the option so exercised.

Stock Option Valuation

The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:


	Three Months Ended June 30,			Six Months Ended June 30,			Period from June 3, 2020 (Inception) to June 30,
	2021			2021			2020
Fair value of common stock	$	10.48		$	9.26		$	0.01
Expected term (in years)		6.1			6.0			6.1
Expected volatility		73.3	%		73.4	%		71.9	%
Risk-free interest rate		1.0	%		0.9	%		0.4	%
Expected dividend yield		—	%		—	%		—	%

Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2020:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at December 31, 2020		2,968,070		$	0.78		9.8	$	11,362
Granted		12,078,560		$	9.26
Exercised		—			—
Forfeited		(115,000	)	$	4.61
Outstanding at June 30, 2021		14,931,630		$	7.61		9.7	$	77,563
Vested and expected to vest at June 30, 2021		14,931,630		$	7.61		9.7	$	77,563
Options exercisable at June 30, 2021		92,500		$	12.80		10.0	$	—

The weighted-average grant date fair value of stock options granted during the three and six months ended June 30, 2021 was $6.75 and $5.96, respectively, per option. The weighted-average grant date fair value for the period from June 3, 2020 to June 30, 2020 was less than $0.01 per option.

Early Exercise of Stock Options into Restricted Stock

The Company’s restricted stock activity during the six months ended June 30, 2021 is solely due to shares of restricted common stock issued pursuant to the permitted early exercise of stock options. Shares of common stock issued upon exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule applicable to the associated stock option award. The Company has the right to repurchase any unvested shares of restricted common stock, at the original purchase price, upon any voluntary or involuntary termination of the service relationship during the vesting period.

A summary of the Company’s unvested common stock from option early exercises that is subject to repurchase by the Company is as follows:


	Number of Shares
Unvested restricted stock at June 3, 2020 (inception)		—
Issued		6,943,240
Vested		—
Repurchased		(1,350,000	)
Unvested restricted stock at December 31, 2020		5,593,240
Issued		—
Vested		(1,398,310	)
Repurchased		—
Unvested restricted stock at June 30, 2021		4,194,930

Proceeds from the early exercise of stock options are recorded as an early-exercise liability on the consolidated balance sheets. The liability for unvested common stock subject to repurchase is then reclassified to common stock and additional paid-in capital as the Company’s repurchase right lapses. Shares issued pursuant to the early exercise of stock options are not considered to be outstanding for accounting purposes until the shares vest. As of June 30, 2021 and December 31, 2020 the liability related to the payments for unvested shares from early-exercised options was less than $0.1 million.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,		Period from June 3, 2020 (Inception) to June 30,
	2021		2021		2020
Research and development	$	1,152	$	1,431	$	—
Selling, general and administrative		2,190		2,498		—
	$	3,342	$	3,929	$	—

As of June 30, 2021, total unrecognized stock-based compensation expense related to unvested stock-based awards was $69.6 million, which is expected to be recognized over a weighted-average period of 3.8 years.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

For the three and six months ended June 30, 2021, and for the period from June 3, 2020 (inception) to June 30, 2020, the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each period, due to its uncertainty of realizing a benefit from those items. All of the Company’s operating losses since inception have been generated in the United States.

- 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

Defined Contribution Plan	6 Months Ended
Defined Contribution Plan	Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Defined Contribution Plan	12. Defined Contribution Plan The Company maintains a 401(k) Plan (the “401(k) Plan”) for the benefit of eligible employees. The 401(k) Plan is a defined contribution plan under Section 401(k) of the Internal Revenue Code of 1986 that covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Pursuant to the terms of the 401(k) Plan, the Company is required to make non-elective contributions of 3% of eligible participants’ compensation. For the three and six months ended June 30, 2021, the Company contributed $0.1 million and $0.2 million, respectively, to the 401(k) Plan. The Company did not make any contributions for the period from June 3, 2020 (inception) to June 30, 2020.

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,			Six Months Ended June 30,			Period from June 3, 2020 (Inception) to June 30,
	2021			2021			2020
Numerator:
Net loss attributable to common stockholders	$	(44,673	)	$	(83,373	)	$	(98	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		249,769			125,574			21,250,000
Net loss per share attributable to common stockholders, basic and diluted	$	(0.18	)	$	(0.66	)	$	—

Shares of unvested restricted common stock are not considered outstanding for accounting purposes until vested and were excluded from the calculations of basic net loss per share attributable to common stockholders for all periods presented.

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


	Three and Six Months Ended June 30,		Period from June 3, 2020 (Inception) to June 30,
	2021		2020
Convertible preferred stock (as converted to common stock)		84,722,420		—
Stock options to purchase common stock		14,931,630		—
Unvested restricted common stock		4,194,930		5,593,240
		103,848,980		5,593,240

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

14. Related Party Transactions

Under the Adimab Assignment Agreement, Adimab, a principal stockholder of the Company, received upfront consideration in the form of Series A Preferred Stock, is entitled to receive milestone and royalty payments upon specified conditions, and receives payments from the Company for providing ongoing services under the agreement (see Note 6). Adimab participated in the Series B and C Preferred Stock financings by purchasing 44,076 and 128,064 shares of Series B and C Preferred Stock, respectively, for an aggregate purchase price of $2.5 million and $10 million, respectively (see Note 8). Under the Adimab Collaboration Agreement, the Company is obligated to pay Adimab for certain fees, milestone and royalty payments (see Note 6). For the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020, the Company did not incur significant costs under the Adimab Collaboration Agreement.

For the three and six months ended June 30, 2021, the Company recognized $0.2 million and $0.4 million, respectively with respect to services performed by Adimab on the Company’s behalf under the Adimab Assignment Agreement. For the period from June 3, 2020 (inception) to June 30, 2021, the Company did not recognize any costs with respect to services performed by Adimab on the Company’s behalf under the Adimab Assignment Agreement. During the three and six months ended June 30, 2021, the Company recognized $2.5 million and $3.5 million, respectively, as IPR&D expense in connection with contingent consideration payable under the Adimab Assignment Agreement. For the period from June 3, 2020 (inception) to June 30, 2020 the Company did not recognize any IPR&D expense under the Adimab Assignment Agreement.

As of June 30, 2021 and December 31, 2020, $0.2 million and $0.6 million, respectively, was due to Adimab by the Company. As of June 30, 2021 and December 31, 2020, no amounts were due from Adimab to the Company.

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

2021 Equity Incentive Plan

On July 27, 2021, the Company’s board of directors adopted, and on July 29, 2021 its stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective immediately prior to and contingent upon the execution of the underwriting agreement related to the Company’s IPO. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares reserved for issuance under the 2021 Plan is initially equal to 35,075,122, which is the sum of 11,413,572 new shares; plus the number of shares (not to exceed 23,661,550 shares), which represents (i) the number of shares that remained available for issuance under the 2020 Plan, at the time the 2021 Plan became effective, and (ii) any shares subject to outstanding stock options or other stock awards that were granted under the 2020 Plan that are forfeited, terminate, expire or are otherwise not issued. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2021 Plan will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to 5% of the shares of common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the board of directors. The shares of common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2021 Plan will be added back to the shares of common stock available for issuance under the 2021 Plan.

2021 Employee Stock Purchase Plan

On July 27, 2021, the Company’s board of directors adopted, and on July 29, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the ‘‘2021 ESPP’’), which became effective immediately prior to and contingent upon the execution of the underwriting agreement related to the Company’s IPO. A total of 1,342,773 shares of common stock were initially reserved for issuance under this plan. The number of shares of common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and continuing through January 1, 2031, by an amount equal to the lesser of (i) 1% of the shares of common stock outstanding on the last day of the calendar month before the date of each automatic increase, (ii) 2,685,546 shares and (iii) an amount determined by the Company’s board of directors.

Stock Split

On July 30, 2021, the Company effected a five-for-one stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios of each series of the Company’s preferred stock (see Note 8). Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split and adjustment of the Preferred Stock conversion ratios.

Initial Public Offering

On August 10, 2021, the Company completed its IPO, pursuant to which it issued and sold 20,930,000 shares of its common stock, including 2,730,000 shares of its common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were approximately $330.9 million, after deducting underwriting discounts and commissions, but before deducting estimated offering expenses payable by the Company, which are estimated to be $3.8 million. Upon the closing of the IPO, all of the shares of the Company’s convertible preferred stock then outstanding converted into 84,722,420 shares of common stock. Upon the conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock (at par value) and additional paid-in capital.

Increase in Authorized Number of Shares of Common Stock and Changes in Authorized Preferred Stock

On July 30, 2021, the Company filed an amended and restated certificate of incorporation, which increased the Company’s authority to issue (i) 150,000,000 shares of common stock and (ii) 16,944,484 shares of Preferred Stock. On August 10, 2021, in connection with the closing of the IPO, the Company filed a restated certificate of incorporation, which amended and restated the Company’s certificate of incorporation to, among other things: (i) increase the number of authorized shares of common stock from 19,000,000 shares to 1,000,000,000 shares, (ii) eliminate all references to the previously existing series of convertible preferred stock, and (iii) authorize 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s board of directors in one or more series.

Research Collaboration and License Agreement with The Scripps Research Institute

In August 2021, the Company entered into a Research Collaboration and License Agreement (the “Research Agreement”) with The Scripps Research Institute (“TSRI”). Under the terms of the Research Agreement, TSRI will perform research activities (the “Research Program”) to identify vaccine candidates for the prevention, diagnosis or treatment of influenza or beta coronaviruses (the “Field”). Unless otherwise mutually agreed by the parties, the Research Program will be completed by August 2023. Activities initiated under the Research Agreement for targets or indications pursued under the arrangement will be conducted in accordance with a research plan to be agreed upon by the parties (each, a “Research Plan”). The Company is obligated to provide the research funding necessary to carry out the Research Program pursuant to the budget outlined in each Research Plan. As of June 30, 2021, the Company paid TSRI $1.5 million in pre-paid funding, which will be credited against any research funding payable by the Company under the Research Agreement. Additionally, the Company is obligated to make specified payments to TSRI to the extent that TSRI complies with certain exclusivity covenants.

Pursuant to the terms of the Research Agreement, the Company was granted an exclusive option (the Option) to acquire an exclusive, worldwide, sublicensable license under TSRI’s rights in certain patent rights and know-how for the exploitation of any vaccine product containing, comprised of, or derived from, any vaccine candidate identified or developed under the Research Program (each, a “TSRI Licensed Product”) in the Specified Field. Any licenses granted under the arrangement are subject to certain exceptions, conditions and reserved rights. The Company’s option is exercisable for a predefined period of time as outlined in the arrangement. Upon exercise of the Option, the Company is required to reimburse certain patent costs previously incurred by TSRI and bear all future related patent costs. Following the exercise of the Option, the Company has the sole right and responsibility for the further development and potential commercialization of the associated Licensed Product, at its sole cost and expense.

To the extent any Licensed Product covered by the Research Agreement is commercialized, the Company is obligated to pay TSRI royalties of a low single-digit percentage on a Licensed Product-by-Licensed Product and country-by-country basis based on a percentage of net sales, subject to reduction and floor. The Research Agreement will expire (i) when no further royalties are due to TSRI or (ii) twelve years from the first commercial sale of the Licensed Product, whichever is longer. The Company may terminate the Research Agreement at any time upon advance written notice to TSRI. In addition, TSRI may terminate the Research Agreement in the event of a material breach. Following expiration or termination, all licenses will terminate and revert to TSRI, all sublicenses granted by the Company will automatically terminate, and any then-existing sublicensees will have the right to obtain a direct license from TSRI.

Milestone Achievements under the Adimab Assignment Agreement

In August 2021, the Company dosed the first patient in a Phase 3 global clinical trial evaluating ADG20 for the prevention of COVID-19, which resulted in a milestone payment of $4.0 million being due by the Company under the Adimab Assignment Agreement. The $4.0 million milestone will be expensed in the third quarter of 2021.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of December 31, 2020 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The period from June 3, 2020 (inception) to June 30, 2020 is the same for the three and six month period ended June 30, 2020 and therefore the related financial information is presented once within the Form 10-Q. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus for the IPO filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on August 6, 2021. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2021 and consolidated results of operations for the three and six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020 and the consolidated cash flows for the six months ended June 30, 2021 and for the period from June 3, 2020 (inception) to June 30, 2020 have been made. The Company’s consolidated results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs and the valuation of common stock and resulting stock-based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions. The Company is monitoring the potential impact of the COVID-19 pandemic on its business and consolidated financial statements. The Company is not aware of any specific event or circumstance that would require any update to its estimates or judgments reflected in these consolidated financial statements or a revision of the carrying value of its assets or liabilities as of the issuance date of these condensed consolidated financial statements. These estimates may change as new events occur and additional information is obtained.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), as subsequently amended. ASC 842 sets forth the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASC 842 replaces the existing guidance in ASC No. 840, Leases (“ASC 840”). ASC 842 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method for finance leases or on a straight-line basis over the term of the lease for operating leases. In addition, a lessee is also required to record (i) a right-of-use asset and a lease liability on its balance sheets for all leases with a term of greater than 12 months regardless of their classification and (ii) lease expense on its statement of operations for operating leases and amortization and interest expense on its statement of operations for financing leases. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases under ASC 840. ASC 842 also requires lessees and lessors to disclose key information about their leasing transactions. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which added an optional transition method that allows companies to adopt the standard as of the beginning of the year of adoption as opposed to the earliest comparative period presented. In November 2019, the FASB issued guidance delaying the effective date for all entities, except for public entities. For public entities, ASU 2016-02 was effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. In June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities (“ASU 2020-05”), which delayed the adoption date of ASU 2016-02 for nonpublic entities. For nonpublic entities, ASU 2016-02 is effective for annual periods beginning after December 15, 2021, including interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted, including in an interim period. Entities are required to adopt ASC 842 using a modified retrospective transition method. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current guidance with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under ASU 2016-13, expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities are required to be recorded through an allowance for credit losses. The update also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which the carrying value exceeds fair value. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 also establishes additional disclosure requirements related to credit risks. For public entities that qualify as a filer with the Securities and Exchange Commission, excluding entities eligible to be smaller reporting companies, ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for nonpublic entities to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. ASU 2016-13 is applied by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles–Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (“ASU 2018-15”). The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the update requires entities in a hosting arrangement that is a service contract to follow the guidance in ASC 350-40, Internal-Use Software (“ASC 350-40”) to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Costs to develop or obtain internal-use software that cannot be capitalized under ASC 350-40, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. Therefore, an entity in a hosting arrangement that is a service contract determines which project stage an implementation activity relates to. Costs for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities are performed. ASU 2018-15 also requires entities to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. ASU 2018-15 was effective for public entities for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. For nonpublic entities, ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption is permitted, including adoption in any interim period. ASU 2018-15 is applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 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. The update also clarifies and simplifies other aspects of the accounting for income taxes. For public entities, ASU 2019-12 is required to be adopted for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. For nonpublic entities, ASU 2019-12 is effective for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued or made available for issuance. An entity that elects to early adopt the update in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the update in the same period. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 was issued to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock and improves the disclosures for convertible instruments and related earnings per share guidance. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity and improves and amends the related earnings per share guidance. For public entities that qualify as a filer with the Securities and Exchange Commission, excluding entities eligible to be smaller reporting companies, ASU 2020-06 is effective for fiscal annual periods beginning after December 15, 2021, including interim periods within those fiscal years. For nonpublic entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. ASU 2020-06 must be adopted as of the beginning of its annual fiscal year. ASU 2020-06 may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently evaluating the potential impact that the adoption of this standard may have on its consolidated financial statements and related disclosures.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements at June 30, 2021:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund	$	316,593	$	—	$	—	$	316,593
	$	316,593	$	—	$	—	$	316,593


	Fair Value Measurements at December 31, 2020:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund	$	39,006	$	—	$	—	$	39,006
	$	39,006	$	—	$	—	$	39,006

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2021

Assets Current [Abstract]

Summary of Prepaid Expenses and Other Current Assets

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


	June 30, 2021		December 31, 2020
Prepaid external research, development and manufacturing costs	$	2,843	$	2,253
Prepaid compensation and related expenses		446		78
Other		261		63
	$	3,550	$	2,394

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current And Noncurrent [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Accrued external research, development and manufacturing costs	$	23,643	$	3,853
Accrued professional and consultant fees		2,262		237
Accrued employee compensation		1,272		794
Other		4		35
	$	27,181	$	4,919

Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Preferred Stock at the Balance Sheet

At the balance sheet dates, Preferred Stock consisted of the following (in thousands, except share amounts):


	June 30, 2021
	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A Preferred Stock		11,237,500		11,237,500	$	89,706	$	89,900		56,187,500
Series B Preferred Stock		1,410,434		1,410,434		79,842		80,000		7,052,170
Series C Preferred Stock		4,296,550		4,296,550		335,163		335,499		21,482,750
		16,944,484		16,944,484	$	504,711	$	505,399		84,722,420


	December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A Preferred Stock		11,237,500		11,237,500	$	89,706	$	89,900		56,187,500
Series B Preferred Stock		1,410,434		1,410,434		79,842		80,000		7,052,170
		12,647,934		12,647,934	$	169,548	$	169,900		63,239,670

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 480
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-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Share Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Weighted Average Fair Values and Valuation Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:


	Three Months Ended June 30,			Six Months Ended June 30,			Period from June 3, 2020 (Inception) to June 30,
	2021			2021			2020
Fair value of common stock	$	10.48		$	9.26		$	0.01
Expected term (in years)		6.1			6.0			6.1
Expected volatility		73.3	%		73.4	%		71.9	%
Risk-free interest rate		1.0	%		0.9	%		0.4	%
Expected dividend yield		—	%		—	%		—	%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2020:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at December 31, 2020		2,968,070		$	0.78		9.8	$	11,362
Granted		12,078,560		$	9.26
Exercised		—			—
Forfeited		(115,000	)	$	4.61
Outstanding at June 30, 2021		14,931,630		$	7.61		9.7	$	77,563
Vested and expected to vest at June 30, 2021		14,931,630		$	7.61		9.7	$	77,563
Options exercisable at June 30, 2021		92,500		$	12.80		10.0	$	—

Schedule of Unvested Common Stock Options

A summary of the Company’s unvested common stock from option early exercises that is subject to repurchase by the Company is as follows:


	Number of Shares
Unvested restricted stock at June 3, 2020 (inception)		—
Issued		6,943,240
Vested		—
Repurchased		(1,350,000	)
Unvested restricted stock at December 31, 2020		5,593,240
Issued		—
Vested		(1,398,310	)
Repurchased		—
Unvested restricted stock at June 30, 2021		4,194,930

Summary of Share Based Compensation Expense Recognized

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,		Period from June 3, 2020 (Inception) to June 30,
	2021		2021		2020
Research and development	$	1,152	$	1,431	$	—
Selling, general and administrative		2,190		2,498		—
	$	3,342	$	3,929	$	—

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,			Six Months Ended June 30,			Period from June 3, 2020 (Inception) to June 30,
	2021			2021			2020
Numerator:
Net loss attributable to common stockholders	$	(44,673	)	$	(83,373	)	$	(98	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		249,769			125,574			21,250,000
Net loss per share attributable to common stockholders, basic and diluted	$	(0.18	)	$	(0.66	)	$	—

Net Loss Per Share Attributable to Common Stockholders

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


	Three and Six Months Ended June 30,		Period from June 3, 2020 (Inception) to June 30,
	2021		2020
Convertible preferred stock (as converted to common stock)		84,722,420		—
Stock options to purchase common stock		14,931,630		—
Unvested restricted common stock		4,194,930		5,593,240
		103,848,980		5,593,240

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended	7 Months Ended
	Aug. 10, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Convertible preferred Stock Shares Issued Upon Conversion				84,722,420		84,722,420	63,239,670
Net loss		$ (98)	$ (98)	$ (44,673)	$ (38,700)	$ (83,373)	$ (65,300)
Accumulated Deficit				$ 148,692		$ 148,692	$ 65,319
Subsequent Event \| IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common stock, shares	20,930,000
Stock issued during period shares new issues, underwriters subscription	2,730,000
Proceeds from issuance initial public offering	$ 330,900
Underwriting discounts and commissions	24,900
Payments of stock issuance costs	$ 3,800
Convertible preferred Stock Shares Issued Upon Conversion	84,722,420

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Assets, fair value disclosure	$ 316,593	$ 39,006
Cash Equivalents [Member] \| Money Market Fund [Member]
Assets:
Assets, fair value disclosure	316,593	39,006
Level 1 [Member]
Assets:
Assets, fair value disclosure	316,593	39,006
Level 1 [Member] \| Cash Equivalents [Member] \| Money Market Fund [Member]
Assets:
Assets, fair value disclosure	316,593	39,006
Level 2 [Member]
Assets:
Assets, fair value disclosure	0	0
Level 2 [Member] \| Cash Equivalents [Member] \| Money Market Fund [Member]
Assets:
Assets, fair value disclosure	0	0
Level 3 [Member]
Assets:
Assets, fair value disclosure	0	0
Level 3 [Member] \| Cash Equivalents [Member] \| Money Market Fund [Member]
Assets:
Assets, fair value disclosure	$ 0	$ 0

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Transfers between level 3	$ 0	$ 0

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets Current [Abstract]
Prepaid external research, development and manufacturing costs	$ 2,843	$ 2,253
Prepaid compensation and related expenses	446	78
Other	261	63
Prepaid expenses and other current assets	$ 3,550	$ 2,394

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current And Noncurrent [Abstract]
Accrued external research, development and manufacturing costs	$ 23,643	$ 3,853
Accrued professional and consultant fees	2,262	237
Accrued employee compensation	1,272	794
Other	4	35
Accrued Expenses	$ 27,181	$ 4,919

License and Collaboration Agreements - Additional Information (Details) - USD ($)	1 Months Ended								3 Months Ended	6 Months Ended	7 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, shares issued (in shares)		16,944,484							16,944,484	16,944,484	12,647,934
Acquired IPR&D expense	$ 39,900,000										$ 200,000
Sale of stock, price per share		$ 8.00							$ 8.00	$ 8.00
Amount Paid For Services								$ 0	$ 200,000	$ 400,000
Quarterly fee										1,300,000
Delivery fee										200,000
Completion fee										200,000
Exercise fee										1,000,000.0
Accrued Upfront Fee		$ 200,000							$ 200,000	200,000
Royalty expense										$ 0
Maximum [Member]
Royalty Based on Net Sales of Licensed Products, Percentage										0.50%
Minimum [Member]
Royalty Based on Net Sales of Licensed Products, Percentage										0.30%
Payments to acquire royalty										$ 15,000,000.0
Research Development And Regulatory Milestone
Potential milestone payment										$ 18,000,000.0
Series A Preferred Stock [Member]
Preferred stock, shares issued (in shares)		11,237,500					6,237,500		11,237,500	11,237,500	11,237,500
Shares issued, Fair value		$ 40,000,000.0							$ 40,000,000.0	$ 40,000,000.0
Common Stock [Member]
Shares repurchased										21,250,000
Shares repurchased, Fair value										$ 85,000
Adimab Assignment Agreement [Member]
Preferred stock, shares issued (in shares)							5,000,000
Potential milestone payment										4,000,000.0
Milestone payment		$ 0	$ 2,500,000	$ 2,500,000	$ 1,000,000.0	$ 1,000,000.0
Research and development in process								$ 0	$ 2,500,000	$ 3,500,000
Adimab Assignment Agreement [Member] \| Maximum [Member]
Potential milestone payment							$ 24,600,000
Royalty percentage of sublicense consideration										55.00%
Adimab Assignment Agreement [Member] \| Minimum [Member]
Royalty percentage of sublicense consideration										45.00%
Adimab Assignment Agreement [Member] \| First Product [Member]
Potential milestone payment							16,500,000
Adimab Assignment Agreement [Member] \| Second Product [Member]
Potential milestone payment							$ 8,100,000
Adimab Assignment Agreement [Member] \| Series A Preferred Stock [Member]
Preferred stock, shares issued (in shares)		5,000,000					5,000,000		5,000,000	5,000,000
Shares issued, Fair value							$ 40,000,000.0
Adimab Assignment Agreement [Member] \| Common Stock [Member]
Shares repurchased							21,250,000
Shares repurchased, Fair value							$ 85,000,000

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			2 Months Ended
	Aug. 31, 2021	Apr. 30, 2021	Jul. 31, 2020	Nov. 30, 2020	Jul. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, shares issued (in shares)						16,944,484	12,647,934
Subsequent Event
Preferred stock, shares issued (in shares)					16,944,484
Convertible preferred stock outstanding converted into common stock	84,722,420
Series A Preferred Stock [Member]
Preferred stock, shares issued (in shares)			6,237,500			11,237,500	11,237,500
Preferred stock par value (in dollars per share)			$ 8.00
Proceeds from issuance of preferred stock			$ 49.9
Payments of stock issuance costs			$ 0.2
Shares issued, Fair value						$ 40.0
Series A Preferred Stock [Member] \| Adimab Assignment Agreement [Member]
Preferred stock, shares issued (in shares)			5,000,000
Shares issued, Fair value			$ 40.0
Series B Preferred Stock [Member]
Preferred stock, shares issued (in shares)				1,410,434		1,410,434	1,410,434
Preferred stock par value (in dollars per share)				$ 56.72
Proceeds from issuance of preferred stock				$ 80.0
Payments of stock issuance costs				$ 0.2
Series B Preferred Stock [Member] \| Adimab Assignment Agreement [Member]
Preferred stock, shares issued (in shares)				44,076
Shares issued, Fair value				$ 2.5
Series C Preferred Stock [Member]
Preferred stock, shares issued (in shares)		4,296,550				4,296,550
Preferred stock par value (in dollars per share)		$ 78.08578
Proceeds from issuance of preferred stock		$ 335.5
Payments of stock issuance costs		$ 0.3
Preferred stock original issue and conversion price, per share						$ 78.08578
Series C Preferred Stock [Member] \| Adimab Assignment Agreement [Member]
Preferred stock, shares issued (in shares)		128,064
Shares issued, Fair value		$ 10.0

Convertible Preferred Stock - Schedule of Preferred Stock at Balance Sheet (Details) - USD ($)	Jun. 30, 2021	Apr. 30, 2021	Dec. 31, 2020	Nov. 30, 2020	Jul. 31, 2020
Preferred stock, shares authorized (in shares)	16,944,484		12,647,934
Preferred stock, shares issued (in shares)	16,944,484		12,647,934
Preferred stock, shares outstanding (in shares)	16,944,484		12,647,934
Carrying Value	$ 504,711,000		$ 169,548,000
Preferred stock, liquidation preference value	$ 505,399,000		$ 169,900,000
Common Stock Issuable Upon Conversion	84,722,420		63,239,670
Series A Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	11,237,500		11,237,500
Preferred stock, shares issued (in shares)	11,237,500		11,237,500		6,237,500
Preferred stock, shares outstanding (in shares)	11,237,500		11,237,500
Carrying Value	$ 89,706,000		$ 89,706,000
Preferred stock, liquidation preference value	$ 89,900,000		$ 89,900,000
Common Stock Issuable Upon Conversion	56,187,500		56,187,500
Series B Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	1,410,434		1,410,434
Preferred stock, shares issued (in shares)	1,410,434		1,410,434	1,410,434
Preferred stock, shares outstanding (in shares)	1,410,434		1,410,434
Carrying Value	$ 79,842,000		$ 79,842,000
Preferred stock, liquidation preference value	$ 80,000,000		$ 80,000,000
Common Stock Issuable Upon Conversion	7,052,170		7,052,170
Series C Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	4,296,550	4,296,550
Preferred stock, shares issued (in shares)	4,296,550	4,296,550
Preferred stock, shares outstanding (in shares)	4,296,550
Carrying Value	$ 335,163,000
Preferred stock, liquidation preference value	$ 335,499,000
Common Stock Issuable Upon Conversion	21,482,750

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Jul. 31, 2020	Jun. 30, 2020
Common stock, shares issued (in shares)	5,599,240			28,193,240
Common stock, par value (in dollars per share)	$ 0.0001			$ 0.0001
Preferred stock, shares issued (in shares)	16,944,484			12,647,934
Common stock, shares authorized (in shares)	150,000,000			150,000,000
Preferred stock, shares authorized (in shares)	16,944,484			12,647,934
Treasury Stock [Member]
Common stock, shares issued (in shares)		22,600,000	22,600,000
2020 Equity Incentive Plan [Member]
Convertible preferred stock shares reserved for future issuance	108,383,970			80,466,735
Series C Preferred Stock [Member]
Preferred stock, shares issued (in shares)	4,296,550		4,296,550
Preferred stock, shares authorized (in shares)	4,296,550		4,296,550
Minimum [Member]
Common stock, shares authorized (in shares)			19,000,000
Minimum [Member] \| Convertible Preferred Stock [Member]
Preferred stock, shares authorized (in shares)			12,647,934
Maximum [Member]
Common stock, shares authorized (in shares)			23,251,555
Maximum [Member] \| Convertible Preferred Stock [Member]
Preferred stock, shares authorized (in shares)			16,944,484
Adimab Assignment Agreement [Member]
Common stock, shares issued (in shares)						21,250,000
Common stock, par value (in dollars per share)						$ 0.00002
Preferred stock, shares issued (in shares)					5,000,000
Number of common stock repurchased, retired and redesignated	21,250,000
Repurchased common stock, per share	$ 0.004
Number of Common Stock Repurchased, Not Retired				21,250,000
Common stock, fair value	$ 85,000

Share Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020 $ / shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) Installment $ / shares shares	Dec. 31, 2020 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock \| $ / shares	$ 0.01	$ 6.75	$ 5.96
Unrecognized stock based compensation expense \| $		$ 69.6	$ 69.6
Unrecognized stock based compensation expense, Weighted average recognition period			3 years 9 months 18 days
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liability for unvested shares \| $		$ 0.1	$ 0.1	$ 0.1
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock authorised for issuance \| shares		29,254,790	29,254,790	22,820,305
Shares available for future issuance \| shares		8,729,920	8,729,920	14,258,995
Grant exercise price, percentage of estimated fair value of common stock on date of grant (not less than)			110.00%
Combined voting power on all classes of stock threshold			10.00%
Percentage of options vesting			25.00%
Number of quarterly installments for vesting \| Installment			36
Share-based payment award, expiration period			10 years
Award vesting period			4 years
Number of quarterly installments for vesting succeeding period			3 years

Share Based Compensation - Schedule of Weighted Average Fair Values and Valuation Assumptions (Details) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 0.01	$ 6.75	$ 5.96
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 0.01	$ 10.48	$ 9.26
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years
Expected volatility	71.90%	73.30%	73.40%
Risk-free interest rate	0.40%	1.00%	0.90%
Expected dividend yield	0.00%	0.00%	0.00%

Share Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance	2,968,070
Granted	12,078,560
Common stock, option Exercised	0
Forfeited	(115,000)
Ending Balance	14,931,630	2,968,070
Vested and expected to vest at June 30, 2021	14,931,630
Options exercisable at June 30, 2021	92,500
Beginning Balance	$ 0.78
Granted	9.26
Exercised	0
Forfeited	4.61
Ending Balance	7.61	$ 0.78
Vested and expected to vest at June 30, 2021	7.61
Options exercisable at June 30, 2021	$ 12.80
Weighted Average Remaining Contractual Term	9 years 8 months 12 days	9 years 9 months 18 days
Weighted Average Remaining Contractual Term, Vested and Expected to vest	9 years 8 months 12 days
Weighted Average Remaining Contractual Term, Exercisable	10 years
Aggregate Intrinsic Value, Outstanding	$ 11,362
Aggregate Intrinsic Value, Outstanding	77,563	$ 11,362
Aggregate Intrinsic Value, Vested and Expected to vest	77,563
Aggregate Intrinsic Value, Exercisable	$ 0

Share Based Compensation - Schedule of Unvested Common Stock From Option Early Exercises (Details) - shares	6 Months Ended	7 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance	5,593,240
Issued	0	6,943,240
Vested	(1,398,310)	0
Repurchased	0	(1,350,000)
Ending Balance	4,194,930	5,593,240

Share Based Compensation - Summary of Share Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	$ 0	$ 3,342	$ 3,929
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	0	1,152	1,431
Selling, General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	$ 0	$ 2,190	$ 2,498

Income Taxes - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0	$ 0

- Definition

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

+ References + Details

Defined Contribution Plan - Additional Information (Details) - 401(k) Plan - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Defined Contribution Plan Disclosure [Line Items]
Percentage of eligible participants of non-elective contributions			3.00%
Defined contribution amount	$ 0	$ 100	$ 200

Net Loss Per Share - Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (98)	$ (44,673)	$ (83,373)
Weighted-average common shares outstanding, basic and diluted	21,250,000	249,769	125,574
Net loss per share attributable to common stockholders, basic and diluted	$ 0	$ (0.18)	$ (0.66)

Net Loss Per Share - Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021
Earnings Per Share Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,593,240	103,848,980	103,848,980
Convertible Preferred Stock [Member]
Earnings Per Share Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	84,722,420	84,722,420
Stock Options to Purchase Common Stock [Member]
Earnings Per Share Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	14,931,630	14,931,630
Unvested Restricted Common Stock [Member]
Earnings Per Share Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,593,240	4,194,930	4,194,930

Related Party Transactions - Additional Information (Details) - Adimab Assignment Agreement [Member] - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Revenue from related parties		$ 200,000	$ 400,000
Due to related parties		200,000	200,000	$ 600,000
Due from related parties		0	0	$ 0
IPR&D Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 0	$ 2,500,000	$ 3,500,000
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Number of shares issued			44,076
Purchase price of shares			$ 2,500,000
Series C Preferred Stock [Member]
Related Party Transaction [Line Items]
Number of shares issued			128,064
Purchase price of shares			$ 10,000,000

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended				3 Months Ended	6 Months Ended
	Aug. 10, 2021	Jul. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Apr. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)							5,599,240	5,599,240		5,593,240
Common stock, option Exercised								0
Convertible preferred Stock Shares Issued Upon Conversion							84,722,420	84,722,420		63,239,670
Common stock, shares issued (in shares)							5,599,240	5,599,240		28,193,240
Preferred stock, shares issued (in shares)							16,944,484	16,944,484		12,647,934
Common stock, shares authorized (in shares)							150,000,000	150,000,000		150,000,000
Preferred stock, shares authorized (in shares)							16,944,484	16,944,484		12,647,934
Amount Paid As Pre Paid Funding For Research Plan								$ 1,500
Research and development(1)						$ 48	$ 35,067	$ 69,204
Minimum [Member]
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)									19,000,000
Maximum [Member]
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)									23,251,555
Subsequent Event
Subsequent Event [Line Items]
Stockholders' Equity Note, Stock Split		five-for-one
Common stock, shares issued (in shares)		150,000,000
Preferred stock, shares issued (in shares)		16,944,484
Preferred stock, shares authorized (in shares)	10,000,000
Milestone Payment			$ 4,000
Subsequent Event \| Minimum [Member]
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)		19,000,000
Subsequent Event \| Maximum [Member]
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000
Subsequent Event \| IPO [Member]
Subsequent Event [Line Items]
Issuance of common stock, shares	20,930,000
Common stock, option Exercised	2,730,000
Proceeds from issuance initial public offering	$ 330,900
Deferred Offering Costs	$ 3,800
Convertible preferred Stock Shares Issued Upon Conversion	84,722,420
Subsequent Event \| 2021 Equity Incentive Plan [Member]
Subsequent Event [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period				35,075,122
Number of shares of common stock authorised for issuance				23,661,550
Common stock reserved for future issuance				11,413,572
Percentage of number of shares of common stock outstanding				5.00%
Subsequent Event \| Two Thousand And Twenty One Employee Stock Purchase Plan
Subsequent Event [Line Items]
Common stock reserved for future issuance				1,342,773
Percentage of number of shares of common stock outstanding				1.00%
Number of increased common shares issued				2,685,546
Common Stock [Member]
Subsequent Event [Line Items]
Issuance of common stock, shares					21,250,000		6,000