0000950170-22-015513 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 02, 2022
Document and Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	IGM Biosciences, Inc.
Entity Central Index Key	0001496323
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	IGMS
Security Exchange Name	NASDAQ
Entity File Number	001-39045
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0349194
Entity Address, Address Line One	325 E. Middlefield Road
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	965-7873
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		28,968,962
Non-voting Common Stock
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		13,687,883

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 221,274	$ 133,334
Restricted Cash	697	701
Marketable securities	291,931	96,208
Prepaid expenses and other current assets	7,933	10,504
Total current assets	521,835	240,747
Property, plant and equipment, net	31,288	28,495
Operating lease right-of-use assets	28,074	27,849
Other non-current assets	1,000	1,036
Total assets	582,197	298,127
Current liabilities:
Accounts payable	3,459	5,584
Accrued liabilities	24,568	18,876
Lease liabilities	4,272	3,320
Deferred revenue	3,518	0
Total current liabilities	35,817	27,780
Lease liabilities, non-current	24,853	25,439
Deferred revenue, non-current	146,116	0
Total liabilities	206,786	53,219
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 200,000,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in-capital	839,659	598,373
Accumulated other comprehensive loss	(462)	(66)
Accumulated deficit	(464,213)	(353,724)
Total stockholders’ equity	375,411	244,908
Total liabilities and stockholders’ equity	582,197	298,127
Common Stock Class Undefined
Stockholders' equity:
Common stock, value	290	261
Non-voting Common Stock
Stockholders' equity:
Common stock, value	$ 137	$ 64

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred Stock, shares Issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock Class Undefined
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	28,965,479	28,965,479
Common stock, shares outstanding	26,066,818	26,066,818
Non-voting Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	13,687,883	13,687,883
Common stock, shares outstanding	6,431,205	6,431,205

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Collaboration revenue	$ 366	$ 0	$ 366	$ 0
Operating expenses:
Research and development	47,218	30,089	86,093	53,661
General and administrative	12,372	8,649	25,453	16,783
Total operating expenses	59,590	38,738	111,546	70,444
Loss from operations	(59,224)	(38,738)	(111,180)	(70,444)
Other income, net	629	24	691	86
Net loss	$ (58,595)	$ (38,714)	$ (110,489)	$ (70,358)
Net loss per share, basic and diluted	$ (1.33)	$ (1.16)	$ (2.84)	$ (2.11)
Weighted-average common shares outstanding, basic and diluted	43,919,092	33,371,753	38,906,839	33,350,492

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (58,595)	$ (38,714)	$ (110,489)	$ (70,358)
Other comprehensive loss:
Unrealized loss on marketable securities	(269)	(16)	(396)	(28)
Comprehensive loss	$ (58,864)	$ (38,730)	$ (110,885)	$ (70,386)

- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Non-voting Common Stock	Common Stock	Common Stock Non-voting Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2020	$ 381,815		$ 255	$ 64	$ 570,030	$ 26	$ (188,560)
Balance, shares at Dec. 31, 2020		6,431,205	25,542,931
Exercise of stock options, net of shares withheld for taxes and exercise costs	(53)				(53)
Exercise of stock options, net of shares withheld for taxes and exercise costs, shares			37,065
Issuance of fully vested restricted stock units, shares			1,216
Unrealized loss on marketable securities	(12)					(12)
Stock-based compensation expense	5,504				5,504
Net loss	(31,644)						(31,644)
Balance at Mar. 31, 2021	355,610		$ 255	64	575,481	14	(220,204)
Balance, shares at Mar. 31, 2021		6,431,205	25,581,212
Balance at Dec. 31, 2020	381,815		$ 255	64	570,030	26	(188,560)
Balance, shares at Dec. 31, 2020		6,431,205	25,542,931
Unrealized loss on marketable securities	(28)
Net loss	(70,358)
Balance at Jun. 30, 2021	322,456		$ 256	64	581,056	(2)	(258,918)
Balance, shares at Jun. 30, 2021		6,431,205	25,624,730
Balance at Mar. 31, 2021	355,610		$ 255	64	575,481	14	(220,204)
Balance, shares at Mar. 31, 2021		6,431,205	25,581,212
Exercise of stock options, net of shares withheld for taxes and exercise costs	(438)		$ 1		(439)
Exercise of stock options, net of shares withheld for taxes and exercise costs, shares			33,484
Issuance of fully vested restricted stock units, shares			1,216
Purchases under employee stock purchase plan	405				405
Purchases under employee stock purchase plan, shares			8,818
Unrealized loss on marketable securities	(16)					(16)
Stock-based compensation expense	5,609				5,609
Net loss	(38,714)						(38,714)
Balance at Jun. 30, 2021	322,456		$ 256	64	581,056	(2)	(258,918)
Balance, shares at Jun. 30, 2021		6,431,205	25,624,730
Balance at Dec. 31, 2021	244,908		$ 261	64	598,373	(66)	(353,724)
Balance, shares at Dec. 31, 2021		6,431,205	26,066,818
Exercise of stock options, Shares			23,432
Exercise of stock options	133				133
Issuance of fully vested restricted stock units, shares			1,713
Unrealized loss on marketable securities	(127)					(127)
Stock-based compensation expense	11,499				11,499
Net loss	(51,894)						(51,894)
Balance at Mar. 31, 2022	204,519		$ 261	64	610,005	(193)	(405,618)
Balance, shares at Mar. 31, 2022		6,431,205	26,091,963
Balance at Dec. 31, 2021	244,908		$ 261	64	598,373	(66)	(353,724)
Balance, shares at Dec. 31, 2021		6,431,205	26,066,818
Unrealized loss on marketable securities	(396)
Net loss	(110,489)
Balance at Jun. 30, 2022	375,411		$ 290	137	839,659	(462)	(464,213)
Balance, shares at Jun. 30, 2022		13,687,883	28,965,479
Balance at Mar. 31, 2022	204,519		$ 261	64	610,005	(193)	(405,618)
Balance, shares at Mar. 31, 2022		6,431,205	26,091,963
Exercise of stock options, Shares			6,140
Exercise of stock options	6				6
Conversion of non-voting common stock into voting common stock, Shares		(1,438,975)	1,438,975
Issuance of fully vested restricted stock units, shares			85,510
Issuance of fully vested restricted stock units, value			$ 1		(1)
Issuance of common stock in connection with public offering, net of offering costs, Shares		8,695,653	1,304,347
Issuance of common stock in connection with public offering, net of offering costs	217,987	$ 73	$ 28		217,886
Purchases under employee stock purchase plan	477				477
Purchases under employee stock purchase plan, shares			38,544
Unrealized loss on marketable securities	(269)					(269)
Stock-based compensation expense	11,286				11,286
Net loss	(58,595)						(58,595)
Balance at Jun. 30, 2022	$ 375,411		$ 290	$ 137	$ 839,659	$ (462)	$ (464,213)
Balance, shares at Jun. 30, 2022		13,687,883	28,965,479

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (110,489)	$ (70,358)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,668	2,086
Stock-based compensation expense	22,785	11,113
Purchase net discount (premium) on marketable securities	1,651	(662)
Net amortization of premiums on marketable securities	194	332
Non-cash lease expense	2,090	1,507
Changes in assets and liabilities:
Prepaid expenses and other current assets	2,892	(1,573)
Other non-current assets	36	(283)
Accounts payable	(2,051)	685
Accrued liabilities	4,957	3,323
Lease liabilities, net	(1,949)	(1,446)
Deferred Revenue	149,634
Net cash provided by (used in) operating activities	72,418	(55,276)
Cash flows from investing activities:
Purchase of property, plant and equipment	(4,800)	(9,235)
Purchases of marketable securities	(282,512)	(48,000)
Proceeds from maturities of marketable securities	84,227	114,569
Proceeds from the sales of marketable securities	0	2,997
Net cash (used in) provided by investing activities	(203,085)	60,331
Cash flows from financing activities:
Payment of employee taxes and exercise costs for shares withheld		(1,015)
Proceeds from exercise of stock options	139	524
Proceeds from purchases under the employee stock purchase plan	477	405
Proceeds from issuance of common stock in public offering, net of offering costs	217,987
Net cash provided by (used in) financing activities	218,603	(86)
Net increase in cash, cash equivalents, and restricted cash	87,936	4,969
Beginning of period	134,035	241,080
End of period	221,971	246,049
Cash and Cash Equivalents, at Carrying Value	221,274	246,049
Restricted Cash and Cash Equivalents	697
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	221,971	246,049
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets recognized in exchange for lease obligations	2,315	1,844
Unpaid amounts related to purchase of property, plant and equipment	$ 1,156	$ 814

Organization	6 Months Ended
Organization	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Description of the Business IGM Biosciences, Inc. (the Company) was incorporated in the state of Delaware in August 1993 under the name Palingen, Inc. and the name was subsequently changed to IGM Biosciences, Inc. in 2010. The Company’s headquarters are in Mountain View, California. IGM Biosciences, Inc. is a biotechnology company engaged in the development of IgM antibody therapeutics for the treatment of cancer, infectious diseases and autoimmune and inflammatory diseases. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company's wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022. Liquidity The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $464.2 million as of June 30, 2022. As of June 30, 2022, the Company had cash, cash equivalents, and marketable securities of $513.2 million. Management believes that the existing financial resources are sufficient to continue operating activities at least one year past the issuance date of these condensed consolidated financial statements. The Company has historically financed its operations primarily through the sale of common stock and pre-funded warrants in its public offerings and the sale of convertible preferred stock and the issuance of unsecured promissory notes in private placements. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any product revenue since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company progresses its planned research and development activities for its product candidates. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed below. While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to raise sufficient capital when needed or generate sufficient cash flow from operations would impact the ability to pursue business strategies and could require the Company to delay, scale back or discontinue one or more product development programs, or other aspects of the Company's business objectives.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to revenue recognition, marketable securities, manufacturing accruals, accrued research and development expenses, stock-based compensation, operating lease right-of-use (ROU) assets and liabilities, income tax uncertainties and the valuation of deferred tax assets. The Company bases its estimates on its historical experience and also on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of developing engineered IgM antibodies for the treatment of cancer, infectious diseases and autoimmune and inflammatory diseases. The

Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States of America.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. The Company invests in money market funds, U.S. Treasury securities, corporate bonds, commercial paper, and U.S. government agency securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents, and restricted cash, and bond issuers to the extent recorded on the balance sheets. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. Government and its agencies, highly rated banks, and corporate issuers, subject to certain concentration limits and restrictions on maturities. The Company has not experienced any losses on its deposits of cash, cash equivalents, and marketable securities.

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the Company’s early stages of clinical drug development; uncertainties related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; the Company’s ability to advance product candidates into, and successfully complete, clinical trials on the timelines it projects; the Company’s ability to adequately demonstrate sufficient safety and efficacy of its product candidates; the Company’s ability to enroll patients in its ongoing and future clinical trials; the Company’s ability to successfully manufacture and supply its product candidates for clinical trials; the occurrence of any event or circumstance that could give rise to the termination of the Company’s collaborations with third parties; the Company’s ability to obtain additional capital to finance its operations; uncertainties related to the projections of the size of patient populations suffering from the diseases the Company is targeting; the Company’s ability to obtain, maintain, and protect its intellectual property rights; developments relating to the Company’s competitors and its industry, including competing product candidates and therapies; general economic and market conditions; and other risks and uncertainties, including those more fully described in the “Risk Factors” section of this Quarterly Report on Form 10-Q.

The Company’s product candidates will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash and cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds, commercial paper and US government agency securities and are stated at fair value. Restricted cash consists of a grant received from a non-profit organization which the Company will utilize as it incurs expenses for services performed under the grant agreement.

Marketable Securities

The Company’s marketable securities have been classified and accounted for as available-for-sale securities. Fixed income securities consist of U.S. Treasury securities, U.S. government agency securities, corporate debt, and commercial paper. The specific identification method is used to determine the cost basis of fixed income securities sold. These securities are recorded on the condensed consolidated balance sheets at fair value. Unrealized gains and losses on these securities are included as a separate component of accumulated other comprehensive income (loss). The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income, net. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, are also included in other income, net. The Company evaluates securities for other-than-temporary impairment at the balance sheet date. Declines in fair value determined to be other-than-temporary are also included in other income, net. All available-for-sale securities are considered available to support current operations and are classified as current assets.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are depreciated using the straight-line method over the shorter of the lease term or the estimated useful economic lives of the related assets. Assets are held in construction in progress until placed in service, upon which date, we begin to depreciate these assets.

Upon retirement or sale of the assets, the cost and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss are recorded to the statements of operations. Repairs and maintenance are charged to the condensed consolidated statements of operations as incurred.

Leases

The Company determines if an arrangement is a lease at inception. In addition, the Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering: (1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) whether the lease term is for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. As of June 30, 2022, the Company's lease population consisted of real estate. As of June 30, 2022, the Company did not have finance leases.

Operating leases are included in operating lease ROU assets, lease liabilities, current, and lease liabilities, non-current in the Company’s condensed consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company determines the incremental borrowing rate based on an analysis of corporate bond yields with a credit rating similar to the Company.

The determination of the Company’s incremental borrowing rate requires management judgment including the development of a synthetic credit rating and cost of debt as the Company currently does not carry any debt. The Company believes that the estimates used in determining the incremental borrowing rate are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary. The operating lease ROU assets also include adjustments for prepayments and accrued lease payments and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating lease cost is recognized on a straight-line basis over the expected lease term. Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges. Lease agreements that include lease and non-lease components are accounted for as a single lease component. Lease agreements with a noncancelable term of less than 12 months are not recorded on the Company’s condensed consolidated balance sheet.

Impairment of Long-Lived Assets

The Company evaluates the carrying amount of its long-lived assets, such as property and equipment, whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount of the asset. There were no impairments of long-lived assets for the six months ended June 30, 2022 and 2021.

Fair Value Measurement

The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

Financial instruments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers.

Revenue Recognition

For arrangements or transactions between participants determined to be within the scope of ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”) the Company performs the following steps to determine the appropriate amount of revenue to be recognized as the Company fulfills its obligations: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The Company has entered into and may enter into additional collaboration agreements in the future under which it may obtain upfront payments, milestone payments, royalty payments, profit sharing, and other fees. Promises under these arrangements may include intellectual property licenses, research services, and the participation in joint committees.

At contract inception, the Company assesses the goods or services promised and enforceable in a contract with a customer and identifies those distinct goods and services that represent a performance obligation. In assessing whether a promised good or service is distinct, and therefore a performance obligation, the Company considers factors such as the nature of the research, stage of development of the targets, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, the Company combines that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. Promised goods and services that are not material in the context of the contract are not considered performance obligations. Additional goods or services that are exercisable at a customer’s discretion, including substitution rights, are assessed to determine if they provide a material right to the customer and if so, they are considered performance obligations.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Non-refundable upfront payments are considered fixed consideration and included in the transaction price.

If an arrangement includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. The Company includes the amount of estimated variable consideration, including milestones, in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and if the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

If it is determined that multiple performance obligations exist, the transaction price is allocated at the inception of the agreement to all identified performance obligations based on the relative standalone selling prices (“SSP”), unless the consideration is variable and meets the criteria to be allocated entirely to one or more, but not all, performance obligations in the contract. The relative SSP for each deliverable is estimated using objective evidence if it is available. If SSP is not directly observable the Company estimates the SSP at an amount that would result in the allocation of the transaction price in an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services to the customer, using methods such as the expected cost plus margin approach. Once the transaction price has been allocated to a performance obligation using the applicable methodology, it is not subject to reassessment for subsequent changes in standalone selling prices.

Collaboration revenue is recognized when, or as, the Company satisfies a performance obligation. The Company recognizes revenue over time by measuring the progress toward complete satisfaction of the relevant performance obligation using an appropriate input method based on the nature of the good or service promised to the customer. After contract inception, the transaction price is reassessed at every period end and updated for changes such as resolution of uncertain events.

Management may be required to exercise considerable judgment in estimating revenue to be recognized. Judgment is required in identifying performance obligations, estimating the transaction price, including variable consideration, estimating the standalone selling prices of identified performance obligations, and applying the input method for revenue recognition, including the estimated budgets for each performance obligation.

Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheet. If the related performance obligation is expected to be satisfied within the next twelve months this will be classified in current

liabilities. Amounts recognized as revenue prior to receipt are recorded as contract assets in the Company’s balance sheet. If the Company expects to have an unconditional right to receive consideration in the next twelve months, this will be classified in current assets. A net contract asset or liability is presented for each contract with a customer.

Collaborative Arrangements

The Company analyzes its agreements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements (“Topic 808"). This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement.

Research and Development Expenses

The Company expenses research and development costs as they are incurred. Research and development expenses consist primarily of: (i) personnel-related expenses, including salaries, benefits and stock-based compensation expense, for personnel in the Company’s research and development functions; (ii) fees paid to third parties such as contractors, consultants and contract research organizations (CROs) for conducting clinical trials, animal studies, and other costs related to clinical and preclinical testing; (iii) costs related to acquiring and manufacturing research and clinical trial materials, including under agreements with third parties such as contract manufacturing organizations (CMOs), and other vendors; (iv) costs related to the preparation of regulatory submissions; (v) expenses related to laboratory supplies and services; (vi) fees under license agreements where no alternative future use exists; and (vii) depreciation of equipment and facilities expenses.

Accrued Research and Development Expenses

The Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing, which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, CROs and CMOs. The Company’s contracts with CROs generally include pass-through fees such as costs related to animal studies and safety tests, regulatory expenses, investigator fees, travel costs and other miscellaneous costs, including shipping and printing fees. The Company’s contracts with the CMOs generally include fees such as initiation fees, reservation fees, verification run costs, materials and reagents expenses, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, or stage of completion or actual timeline (start-date and end-date) of the services and the agreed-upon fees to be paid for such services. In the event the Company makes advance payments, the payments are recorded as a prepaid expense and recognized as the services are performed.

As actual costs become known, the Company adjusts its accruals. Although the Company does not expect its estimates to be materially different from amounts actually incurred, such estimates for the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in the Company reporting amounts that are too high or too low in any particular period. The Company’s accrual is dependent, in part, upon the receipt of timely and accurate reporting from CROs and other third-party vendors. Variations in the assumptions used to estimate accruals including, but not limited to, the number of patients enrolled, the rate of patient enrollment and the actual services performed, may vary from the Company’s estimates, resulting in adjustments to clinical trial expenses in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect its financial condition and results of operations. Through June 30, 2022, there have been no material differences from the Company’s estimated accrued research and development expenses to actual expenses.

Acquired In-Process Research and Development Expenses

The Company has entered into agreements (See Note 5 – License Agreements) with third parties to acquire the rights to develop and potentially commercialize certain products. Such agreements generally require an initial payment by the Company when the contract is executed. The purchase of license rights for use in research and development activities, including product development, are expensed as incurred and are classified as research and development expense. Additionally, the Company may be obligated to make future royalty payments in the event the Company commercializes the technology and achieves a certain sales volume. In accordance with ASC 730, Research and Development, expenditures for research and development, including upfront licensing fees and milestone payments associated with products not yet been approved by the FDA, are charged to research and development expense as incurred. Future contract milestone and /or royalty payments will be recognized as expense after the achievement of the milestone and the corresponding milestone payment is legally due.

Stock-Based Compensation

The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based awards made to employees, non-employees and directors based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over the requisite service period, which is generally the vesting period. The

grant date fair value of restricted stock units is estimated based on the closing stock price of the Company’s common stock on the date of grant. The grant date fair value of stock options granted to employees and directors is estimated using the Black-Scholes option-pricing model. If the service inception date precedes the grant date, the Company accrues for the stock-based compensation based on the fair value at the reporting date. The Company accounts for forfeitures as they occur. The fair value of each purchase right under the employee stock purchase plan (ESPP) is estimated at the beginning of the offering period using the Black-Scholes option pricing model and recorded as expense over the service period using the straight-line method.

Comprehensive Loss

Comprehensive loss represents the net loss for the period and other comprehensive loss. Other comprehensive loss reflects certain gains and losses that are recorded as a component of stockholders’ deficit and are not reflected in the consolidated statements of operations. The Company’s other comprehensive income (loss) consists of changes in unrealized gains and losses on available-for-sale securities.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock (including non-voting common stock and pre-funded warrants) outstanding during the period, without consideration for all other common stock equivalents. Shares of common stock into which the pre-funded warrants may be exercised are considered outstanding for the purposes of computing net loss per share because the shares may be issued for little or no consideration, are fully vested, and are exercisable after the original issuance date. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

Reclassification

Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of June 30, 2022 and December 31, 2021.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. This ASU also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. This ASU is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this standard on its condensed consolidated financial statements and related disclosures.

Fair Value Measurement

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 3. Fair Value Measurement

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):


		June 30, 2022
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Included within cash and cash equivalents:
Money market funds	Level 1	$	108,227	$	—	$	—		$	108,227
U.S. treasury securities	Level 1		9,491		1		—			9,492
Commercial paper	Level 2		62,710		1		(15	)		62,696
U.S. government agency securities	Level 2		32,647		—		(4	)		32,643
Included within marketable securities:
U.S. treasury securities	Level 1		129,554		8		(277	)		129,285
Corporate bonds	Level 2		13,038		—		(60	)		12,978
Commercial paper	Level 2		146,802		—		(113	)		146,689
U.S. government agency securities	Level 2		2,982		5		(8	)		2,979
Total		$	505,451	$	15	$	(477	)	$	504,989


		December 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Included within cash and cash equivalents:
Money market funds	Level 1	$	99,326	$	—	$	—		$	99,326
Commercial paper	Level 2		25,996		—		(1	)		25,995
Corporate bonds	Level 2		1,802		—		(1	)		1,801
Included within marketable securities:
U.S. treasury securities	Level 1		2,499		—		—			2,499
U.S. government agency securities	Level 2		24,260		—		(24	)		24,236
Commercial paper	Level 2		51,376		—		(11	)		51,365
Corporate bonds	Level 2		18,137		—		(29	)		18,108
Total		$	223,396	$	—	$	(66	)	$	223,330

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Levels 1, 2 and 3 during the three and six months ended June 30, 2022 and 2021. As of June 30, 2022 and December 31, 2021, there were no financial instruments classified as Level 3.

As of June 30, 2022 and December 31, 2021, all debt securities with an unrealized loss position have been in a loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position as of June 30, 2022 and December 31, 2021 were $312.5 million and $113.0 million, respectively, with no individual securities in a significant unrealized loss position. The Company evaluated its securities for other-than-temporary impairment and considered the decline in market value to be primarily attributable to current economic and market conditions and would not be required to sell the securities before recovery of the amortized cost basis. Based on this analysis, these marketable securities were not considered to be other-than-temporarily impaired as of June 30, 2022 and December 31, 2021.

The following table presents the contractual maturities of the Company’s marketable securities as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30,		December 31,
	2022		2021
Due in less than one year	$	494,543	$	223,330
Due in more than one year		10,446		—
Total	$	504,989	$	223,330

- Definition

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

+ References + Details

Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Accrued Liabilities

Note 4. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued research and development materials and services	$	16,860	$	10,829
Accrued professional services		621		1,019
Accrued compensation		6,235		6,748
Other		852		280
Total accrued liabilities	$	24,568	$	18,876

License Agreements

6 Months Ended

Jun. 30, 2022

License Agreement [Abstract]

License Agreements

Note 5. License Agreements

The Company enters into arrangements to in-license research and development technology rights with third parties relating to its clinical and pre-clinical programs and product candidates. These arrangements may include non-refundable, upfront payments, payments for options to acquire additional rights relating to its product candidates, as well as contingent obligations for potential development, regulatory and commercial performance milestone payments, and royalty payments. The Company’s obligation to make payments for contingent obligations is contingent upon the respective milestones being achieved as well as its continued involvement in the programs and/or the lack of any adverse events which could cause the discontinuance of the programs. The activities under these license agreements are performed with no guarantee of either technological or commercial success.

For the three and six months ended June 30, 2022, the Company recorded $2.8 million and $2.9 million as research and development expense in our condensed consolidated statements of operations related to license agreements, and $1.0 million and $2.5 million, for the three and six months ended June 30, 2021.

As of June 30, 2022, the Company’s license agreements for technologies optioned by the Company, including the Medivir agreement described below, included potential future payments for development, regulatory, and sales milestones totaling approximately $365.9 million plus royalties on net sales that range from single digits to mid-teens.

Medivir Agreement

In January 2021, the Company entered into an exclusive license agreement with Medivir AB (Medivir) through which the Company received global, exclusive development and commercialization rights for birinapant, a clinical-stage Second Mitochondrial-derived Activator of Caspases (SMAC) mimetic. Under the terms of the agreement, the Company made an upfront payment of $1.0 million upon signing the agreement, and made an additional $1.5 million payment in November 2021 due to the Company's initiation of a Phase 1 clinical trial of IGM-8444 in combination with birinapant. Under the terms of the agreement, should birinapant be successfully developed and approved, the Company is obligated to make additional milestone payments up to a total of approximately $348.5 million, plus tiered royalties from the mid-single digits up to mid-teens on net sales.

Sanofi Agreement

6 Months Ended

Jun. 30, 2022

Sanofi Agreement [Abstract]

Sanofi Agreement

Note 6. Sanofi Agreement

In March 2022, the Company entered into a global collaboration and license agreement (the Sanofi Agreement) with Genzyme Corporation, a wholly owned subsidiary of Sanofi (Sanofi), which became effective in May 2022 upon satisfaction of the closing conditions. Under the terms of the Sanofi Agreement, the Company will generate, develop, manufacture and commercialize IgM antibodies directed to six primary targets, three of which are intended as oncology targets and three of which are intended as immunology targets.

For each oncology target collaboration program, the Company will lead research and development activities, and assume related costs, through receipt of the first marketing approval for a licensed product directed to that oncology target by the Food and Drug Administration (FDA) or European Medicines Agency (EMA) in exchange for up to $940 million in development and regulatory milestones per oncology target. After receipt of the first marketing approval for a licensed product directed to an oncology target, Sanofi will lead all subsequent development and commercialization activities for that oncology target. For each licensed product directed to an oncology target, the companies will share profits 50:50 in certain major markets, subject to certain exceptions, and the Company will be eligible to receive tiered low double-digit to mid-teen royalties on net sales of licensed products in the rest of world, subject to certain reductions and offsets. However, the Company has the right to opt-out of any future research and development responsibilities for each oncology target collaboration program at any time after completion of a Phase 1 clinical trial for an oncology target collaboration program. As a result of exercising this opt-out right, the Company would no longer share profits 50:50 but would instead be eligible for certain sales milestones and tiered royalties on net sales.

For each immunology target collaboration program, IGM will lead research and development activities, and assume related costs, through the completion of the first Phase 1 clinical trials for up to two candidates directed to each immunology target, after which Sanofi will be responsible for all future development and commercialization activities and related costs, in exchange for up to $1.065 billion in aggregate development, regulatory and commercial milestones per immunology target. Following the completion of the first Phase 1 clinical trials for each immunology target, Sanofi will be responsible for subsequent development activities, commercialization efforts, and related costs. IGM is eligible to receive tiered high single-digit to low-teen royalties on global net sales for licensed products related to immunology targets, subject to certain reductions and offsets.

Subject to earlier expiration in certain circumstances, the Sanofi Agreement expires on a licensed product-by-licensed product and country-by-country basis until the expiration of the applicable profit and loss share term or royalty term, as the case may be. Sanofi has the right to terminate the Sanofi Agreement on a collaboration target-by-collaboration target basis or country-by-country basis with or without cause, upon specified prior notice.

After considering the level of involvement and participation in the joint activities and the related exposure to the risks and rewards of the collaboration, the Company determined that at inception, the Sanofi Agreement does not fall within the collaborative arrangement guidance in Topic 808, and that Sanofi is a customer of the Company for all initial promised goods and services and therefore the agreement is directly within the scope of Topic 606.

The Company identified promised goods and services in the Sanofi Agreement related to the grant of intellectual property license, performance of specified research, development and other various activities. The Company determined that for each of the six targets, the identified promised goods and services are not distinct from each other on a target-by-target basis. The licenses, considered to be functional intellectual property, were determined to not be capable of being distinct due to the specialized nature of the research, development, and other activities to be provided by the Company. Accordingly, the promised goods and services, which consist of the granting of intellectual property licenses and the performance of specified research, development and other various activities, were combined together as one single performance obligation, on a target-by-target basis. The Company determined that the underlying

promised goods and services for each of the six targets are both capable of being distinct and distinct within the context of the contract from each of the other targets. Therefore, the Company concluded that there are six performance obligations in the Sanofi Agreement, one for each target, that are comprised of the underlying promised goods and services. Other components and options within the Sanofi Agreement were determined to not provide Sanofi with free or discounted goods or services and therefore did not constitute a material right or were deemed immaterial in the context of the contract.

To determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. In May 2022, the Company received a $150.0 million upfront payment as part of the Sanofi Agreement. Additionally, in April 2022, Sanofi purchased non-voting common stock in connection with the Company’s public common stock offering (see Note 7 – Stockholders’ Equity). The Company concluded that at inception and as of June 30, 2022, the transaction price was $150.0 million and was comprised solely of the fixed non-refundable upfront payment. No consideration received from Sanofi as part of the April 2022 offering was deemed necessary to include in the transaction price as Sanofi purchased the shares at the same offering price as the other participating investors.

The potential development and regulatory milestone payments that the Company is eligible to receive were excluded from the transaction price, as the milestone amounts were fully constrained, since the milestones relate to successful achievement of certain development results and regulatory approvals, which might not be achieved. The Company determined that the royalties and commercial milestone payments relate predominantly to the license of intellectual property and are therefore excluded from the transaction price under the sales- or usage-based royalty exception of ASC 606. The Company will reevaluate the transaction price, including all constrained amounts, at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and the Company will adjust its estimate of the transaction price as necessary. The Company will recognize the royalties and commercial milestone payments as revenue when the associated sales occur, and relevant sales-based thresholds are met.

The Company allocated the transaction price based on the estimated SSP of each of the six performance obligations. The Company determined the SSP for each of the six performance obligations based on the estimated costs to complete the underlying activities of each performance obligation and included factors such as forecasted internal costs, estimated third-party expenditures, development timelines and scenarios, probability of target failures and selection of substitute targets, and program-specific factors. These estimated cost forecasts were based on observable data for both market and entity specific factors, such as considering the actual and expected costs of the Company’s existing research and development programs and adjusting for factors specific to the targets identified.

The Company recognizes revenue using an input method of costs incurred as a percentage of total estimated costs for each performance obligations under the contract. Costs consist primarily of internal personnel costs and third-party contract expenses related to the programs of the Sanofi Agreement. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations is recorded in the period in which changes are identified and amounts can be reasonably estimated.

For the three and six months ended June 30, 2022, the Company recognized collaboration revenue from a customer related to the Sanofi Agreement of $0.4 million. As of June 30, 2022, $149.6 million was recorded as deferred revenue, of which $3.5 million was current, on the consolidated balance sheet related to the Sanofi Agreement. The deferred revenue is expected to be recognized over the research and development period of the programs through the completion of Phase 1 clinical trials.

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 7. Stockholders' Equity

Common Stock and Non-Voting Common Stock

As of June 30, 2022 and December 31, 2021, the Company’s certificate of incorporation authorized the Company to issue 1,200,000,000 shares of common stock (including 200,000,000 shares of non-voting common stock) and 200,000,000 shares of preferred stock, at a par value of $0.01 per share. Each share of common stock (excluding non-voting common stock) is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Company’s Board of Directors, subject to prior rights of the preferred stockholders. As of June 30, 2022 and December 31, 2021, no dividends have been declared.

The Company had reserved common stock, on an as-converted basis, for future issuance as follows:


	June 30,		December 31,
	2022		2021
Stock options, issued and outstanding		5,637,483		3,764,001
Restricted stock units		615,151		358,535
Stock options and restricted stock units, future issuance		1,671,144		2,618,117
Employee stock purchase plan, available for future grants		816,662		855,206
Pre-funded warrants		1,334,332		1,334,332
Total		10,074,772		8,930,191

Public Offering

In April 2022, the Company issued and sold 10,000,000 shares of common stock, including 8,695,653 shares of non-voting common stock and, pursuant to the exercise in full by the underwriters of a 30-day option to purchase additional shares, 1,304,347 shares of voting common stock, each at a public offering price of $23.00 per share in an underwritten public offering pursuant to a shelf registration on Form S-3. The net proceeds to the Company from the offering were approximately $218.0 million, after deducting underwriting discounts and commissions and offering costs of approximately $12.0 million.

Pre-Funded Warrants

In December 2020, the Company issued pre-funded warrants to purchase 1,334,332 shares of common stock in an underwritten public offering at the offering price of the common stock, less the $0.01 per share exercise price of each warrant, and were issued to two separate related party affiliates. The pre-funded warrants were recorded as a component of stockholders’ equity within additional paid-in-capital and will expire on the date any such warrant is exercised in full.

Subject to applicable law, upon exercise of a pre-funded warrant, a holder may elect to receive the same number of shares of non-voting common stock as the shares of common stock for which the pre-funded warrant is exercisable, provided that (i) at the time of such election there is a sufficient number of authorized but unissued and otherwise unreserved shares of non-voting common stock and (ii) the Company consents to such election.

The outstanding pre-funded warrants to purchase shares of common stock are exercisable at any time after their original issuance. However, the Company may not effect the exercise of any pre-funded warrants, and a holder will not be entitled to exercise any portion of any pre-funded warrants that, upon giving effect to such exercise, would cause: (i) the aggregate number of shares of the Company’s common stock beneficially owned by such holder (together with its affiliates) to exceed 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder (together with its affiliates) to exceed 9.99% of the combined voting power of all of the Company’s securities outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the pre-funded warrants. However, any holder of a pre-funded warrant may increase or decrease such percentage to any other percentage not in excess of 19.99% upon at least 61 days’ prior notice from the holder to the Company. As of June 30, 2022, no shares underlying the pre-funded warrants had been exercised. All of the outstanding pre-funded warrants are included in the weighted-average number of shares of common stock used to calculate basic net loss per share attributable to common stockholders (see “Note 9 Net Loss Per Share Attributable to Common Stockholders”).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 505
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

The 2018 Omnibus Incentive Plan (the 2018 Plan) provides for an increase in the number of shares reserved for issuance on the first day of each fiscal year equal to the least of (i) 8,768,800 shares, (ii) 4% of the Company’s common stock and non-voting common stock outstanding at December 31 of the immediately preceding year, or (iii) such number of shares as determined by the Company’s Board of Directors. As a result of this provision, on January 1, 2022 and 2021, an additional 1,299,921 and 1,278,965 shares, respectively, became available for issuance under the 2018 Plan. As of June 30, 2022, the 2018 Plan had 1,671,144 shares of common stock available for future issuance.

Total stock-based compensation expense related to the Company’s equity incentive plans and employee stock purchase plan was recorded in the statements of operations as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development	$	6,335	$	2,645	$	12,942	$	4,510
General and administrative		4,951		2,964		9,843		6,603
Total stock-based compensation expense	$	11,286	$	5,609	$	22,785	$	11,113

The following table summarizes the Company's stock awards granted for each of the periods indicated:


	For the Six Months Ended June 30,
	2022				2021
	Grants		Weighted- Average Grant Date Fair Value		Grants		Weighted- Average Grant Date Fair Value
Stock options		2,047,082	$	12.99		809,472	$	63.70
Restricted stock units		376,468	$	16.07		1,932	$	79.94

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Note 9. Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock and pre-funded warrants outstanding for the period. Shares of common stock into which the pre-funded warrants may be exercised are considered outstanding for the purposes of computing net loss per share because the shares may be issued for little or no consideration, are fully vested, and are exercisable after the original issuance date. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive.

The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	June 30,
	2022		2021
Stock options		5,637,483		3,564,665
Estimated shares issuable under the employee stock purchase plan		32,155		9,959
Unvested restricted stock units		615,151		167
Total		6,284,789		3,574,791

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 10. Subsequent Events

In July 2022, the Company entered into two new lease agreements for office and laboratory space located in Mountain View, California. The office lease commences in October 2022 and expires June 2032, with total future rent payments totaling approximately $13.1 million. The laboratory lease commences in September 2024 and expires June 2032, with total future rent payments totaling approximately $9.0 million.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Description of the Business	Description of the Business IGM Biosciences, Inc. (the Company) was incorporated in the state of Delaware in August 1993 under the name Palingen, Inc. and the name was subsequently changed to IGM Biosciences, Inc. in 2010. The Company’s headquarters are in Mountain View, California. IGM Biosciences, Inc. is a biotechnology company engaged in the development of IgM antibody therapeutics for the treatment of cancer, infectious diseases and autoimmune and inflammatory diseases.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The interim results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company's wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022.
Liquidity	Liquidity The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $464.2 million as of June 30, 2022. As of June 30, 2022, the Company had cash, cash equivalents, and marketable securities of $513.2 million. Management believes that the existing financial resources are sufficient to continue operating activities at least one year past the issuance date of these condensed consolidated financial statements. The Company has historically financed its operations primarily through the sale of common stock and pre-funded warrants in its public offerings and the sale of convertible preferred stock and the issuance of unsecured promissory notes in private placements. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any product revenue since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company progresses its planned research and development activities for its product candidates. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed below. While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to raise sufficient capital when needed or generate sufficient cash flow from operations would impact the ability to pursue business strategies and could require the Company to delay, scale back or discontinue one or more product development programs, or other aspects of the Company's business objectives.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to revenue recognition, marketable securities, manufacturing accruals, accrued research and development expenses, stock-based compensation, operating lease right-of-use (ROU) assets and liabilities, income tax uncertainties and the valuation of deferred tax assets. The Company bases its estimates on its historical experience and also on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.
Segments	Segments The Company operates and manages its business as one reportable and operating segment, which is the business of developing engineered IgM antibodies for the treatment of cancer, infectious diseases and autoimmune and inflammatory diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States of America.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. The Company invests in money market funds, U.S. Treasury securities, corporate bonds, commercial paper, and U.S. government agency securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents, and restricted cash, and bond issuers to the extent recorded on the balance sheets. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. Government and its agencies, highly rated banks, and corporate issuers, subject to certain concentration limits and restrictions on maturities. The Company has not experienced any losses on its deposits of cash, cash equivalents, and marketable securities. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the Company’s early stages of clinical drug development; uncertainties related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; the Company’s ability to advance product candidates into, and successfully complete, clinical trials on the timelines it projects; the Company’s ability to adequately demonstrate sufficient safety and efficacy of its product candidates; the Company’s ability to enroll patients in its ongoing and future clinical trials; the Company’s ability to successfully manufacture and supply its product candidates for clinical trials; the occurrence of any event or circumstance that could give rise to the termination of the Company’s collaborations with third parties; the Company’s ability to obtain additional capital to finance its operations; uncertainties related to the projections of the size of patient populations suffering from the diseases the Company is targeting; the Company’s ability to obtain, maintain, and protect its intellectual property rights; developments relating to the Company’s competitors and its industry, including competing product candidates and therapies; general economic and market conditions; and other risks and uncertainties, including those more fully described in the “Risk Factors” section of this Quarterly Report on Form 10-Q. The Company’s product candidates will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash and cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds, commercial paper and US government agency securities and are stated at fair value. Restricted cash consists of a grant received from a non-profit organization which the Company will utilize as it incurs expenses for services performed under the grant agreement.
Investments	The Company’s marketable securities have been classified and accounted for as available-for-sale securities. Fixed income securities consist of U.S. Treasury securities, U.S. government agency securities, corporate debt, and commercial paper. The specific identification method is used to determine the cost basis of fixed income securities sold. These securities are recorded on the condensed consolidated balance sheets at fair value. Unrealized gains and losses on these securities are included as a separate component of accumulated other comprehensive income (loss). The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income, net. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, are also included in other income, net. The Company evaluates securities for other-than-temporary impairment at the balance sheet date. Declines in fair value determined to be other-than-temporary are also included in other income, net. All available-for-sale securities are considered available to support current operations and are classified as current assets.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are depreciated using the straight-line method over the shorter of the lease term or the estimated useful economic lives of the related assets. Assets are held in construction in progress until placed in service, upon which date, we begin to depreciate these assets. Upon retirement or sale of the assets, the cost and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss are recorded to the statements of operations. Repairs and maintenance are charged to the condensed consolidated statements of operations as incurred.
Leases	Leases The Company determines if an arrangement is a lease at inception. In addition, the Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering: (1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) whether the lease term is for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. As of June 30, 2022, the Company's lease population consisted of real estate. As of June 30, 2022, the Company did not have finance leases. Operating leases are included in operating lease ROU assets, lease liabilities, current, and lease liabilities, non-current in the Company’s condensed consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company determines the incremental borrowing rate based on an analysis of corporate bond yields with a credit rating similar to the Company. The determination of the Company’s incremental borrowing rate requires management judgment including the development of a synthetic credit rating and cost of debt as the Company currently does not carry any debt. The Company believes that the estimates used in determining the incremental borrowing rate are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary. The operating lease ROU assets also include adjustments for prepayments and accrued lease payments and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating lease cost is recognized on a straight-line basis over the expected lease term. Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges. Lease agreements that include lease and non-lease components are accounted for as a single lease component. Lease agreements with a noncancelable term of less than 12 months are not recorded on the Company’s condensed consolidated balance sheet.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates the carrying amount of its long-lived assets, such as property and equipment, whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount of the asset. There were no impairments of long-lived assets for the six months ended June 30, 2022 and 2021.
Fair Value Measurement	Fair Value Measurement The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Financial instruments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers.
Revenue Recognition	Revenue Recognition For arrangements or transactions between participants determined to be within the scope of ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”) the Company performs the following steps to determine the appropriate amount of revenue to be recognized as the Company fulfills its obligations: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company has entered into and may enter into additional collaboration agreements in the future under which it may obtain upfront payments, milestone payments, royalty payments, profit sharing, and other fees. Promises under these arrangements may include intellectual property licenses, research services, and the participation in joint committees. At contract inception, the Company assesses the goods or services promised and enforceable in a contract with a customer and identifies those distinct goods and services that represent a performance obligation. In assessing whether a promised good or service is distinct, and therefore a performance obligation, the Company considers factors such as the nature of the research, stage of development of the targets, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, the Company combines that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. Promised goods and services that are not material in the context of the contract are not considered performance obligations. Additional goods or services that are exercisable at a customer’s discretion, including substitution rights, are assessed to determine if they provide a material right to the customer and if so, they are considered performance obligations. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Non-refundable upfront payments are considered fixed consideration and included in the transaction price. If an arrangement includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. The Company includes the amount of estimated variable consideration, including milestones, in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and if the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied. If it is determined that multiple performance obligations exist, the transaction price is allocated at the inception of the agreement to all identified performance obligations based on the relative standalone selling prices (“SSP”), unless the consideration is variable and meets the criteria to be allocated entirely to one or more, but not all, performance obligations in the contract. The relative SSP for each deliverable is estimated using objective evidence if it is available. If SSP is not directly observable the Company estimates the SSP at an amount that would result in the allocation of the transaction price in an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services to the customer, using methods such as the expected cost plus margin approach. Once the transaction price has been allocated to a performance obligation using the applicable methodology, it is not subject to reassessment for subsequent changes in standalone selling prices. Collaboration revenue is recognized when, or as, the Company satisfies a performance obligation. The Company recognizes revenue over time by measuring the progress toward complete satisfaction of the relevant performance obligation using an appropriate input method based on the nature of the good or service promised to the customer. After contract inception, the transaction price is reassessed at every period end and updated for changes such as resolution of uncertain events. Management may be required to exercise considerable judgment in estimating revenue to be recognized. Judgment is required in identifying performance obligations, estimating the transaction price, including variable consideration, estimating the standalone selling prices of identified performance obligations, and applying the input method for revenue recognition, including the estimated budgets for each performance obligation. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheet. If the related performance obligation is expected to be satisfied within the next twelve months this will be classified in current liabilities. Amounts recognized as revenue prior to receipt are recorded as contract assets in the Company’s balance sheet. If the Company expects to have an unconditional right to receive consideration in the next twelve months, this will be classified in current assets. A net contract asset or liability is presented for each contract with a customer.
Collaborative Arrangements	Collaborative Arrangements The Company analyzes its agreements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements (“Topic 808"). This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement.
Research and Development Expenses	Research and Development Expenses The Company expenses research and development costs as they are incurred. Research and development expenses consist primarily of: (i) personnel-related expenses, including salaries, benefits and stock-based compensation expense, for personnel in the Company’s research and development functions; (ii) fees paid to third parties such as contractors, consultants and contract research organizations (CROs) for conducting clinical trials, animal studies, and other costs related to clinical and preclinical testing; (iii) costs related to acquiring and manufacturing research and clinical trial materials, including under agreements with third parties such as contract manufacturing organizations (CMOs), and other vendors; (iv) costs related to the preparation of regulatory submissions; (v) expenses related to laboratory supplies and services; (vi) fees under license agreements where no alternative future use exists; and (vii) depreciation of equipment and facilities expenses.
Accrued Research and Development Expenses	Accrued Research and Development Expenses The Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing, which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, CROs and CMOs. The Company’s contracts with CROs generally include pass-through fees such as costs related to animal studies and safety tests, regulatory expenses, investigator fees, travel costs and other miscellaneous costs, including shipping and printing fees. The Company’s contracts with the CMOs generally include fees such as initiation fees, reservation fees, verification run costs, materials and reagents expenses, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, or stage of completion or actual timeline (start-date and end-date) of the services and the agreed-upon fees to be paid for such services. In the event the Company makes advance payments, the payments are recorded as a prepaid expense and recognized as the services are performed. As actual costs become known, the Company adjusts its accruals. Although the Company does not expect its estimates to be materially different from amounts actually incurred, such estimates for the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in the Company reporting amounts that are too high or too low in any particular period. The Company’s accrual is dependent, in part, upon the receipt of timely and accurate reporting from CROs and other third-party vendors. Variations in the assumptions used to estimate accruals including, but not limited to, the number of patients enrolled, the rate of patient enrollment and the actual services performed, may vary from the Company’s estimates, resulting in adjustments to clinical trial expenses in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect its financial condition and results of operations. Through June 30, 2022, there have been no material differences from the Company’s estimated accrued research and development expenses to actual expenses.
Acquired In-Process Research and Development Expenses	Acquired In-Process Research and Development Expenses The Company has entered into agreements (See Note 5 – License Agreements) with third parties to acquire the rights to develop and potentially commercialize certain products. Such agreements generally require an initial payment by the Company when the contract is executed. The purchase of license rights for use in research and development activities, including product development, are expensed as incurred and are classified as research and development expense. Additionally, the Company may be obligated to make future royalty payments in the event the Company commercializes the technology and achieves a certain sales volume. In accordance with ASC 730, Research and Development, expenditures for research and development, including upfront licensing fees and milestone payments associated with products not yet been approved by the FDA, are charged to research and development expense as incurred. Future contract milestone and /or royalty payments will be recognized as expense after the achievement of the milestone and the corresponding milestone payment is legally due.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based awards made to employees, non-employees and directors based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over the requisite service period, which is generally the vesting period. The grant date fair value of restricted stock units is estimated based on the closing stock price of the Company’s common stock on the date of grant. The grant date fair value of stock options granted to employees and directors is estimated using the Black-Scholes option-pricing model. If the service inception date precedes the grant date, the Company accrues for the stock-based compensation based on the fair value at the reporting date. The Company accounts for forfeitures as they occur. The fair value of each purchase right under the employee stock purchase plan (ESPP) is estimated at the beginning of the offering period using the Black-Scholes option pricing model and recorded as expense over the service period using the straight-line method.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents the net loss for the period and other comprehensive loss. Other comprehensive loss reflects certain gains and losses that are recorded as a component of stockholders’ deficit and are not reflected in the consolidated statements of operations. The Company’s other comprehensive income (loss) consists of changes in unrealized gains and losses on available-for-sale securities.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock (including non-voting common stock and pre-funded warrants) outstanding during the period, without consideration for all other common stock equivalents. Shares of common stock into which the pre-funded warrants may be exercised are considered outstanding for the purposes of computing net loss per share because the shares may be issued for little or no consideration, are fully vested, and are exercisable after the original issuance date. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.
Reclassification	Reclassification Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of June 30, 2022 and December 31, 2021.
Recently Adopted Accounting Standards and Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. This ASU also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. This ASU is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this standard on its condensed consolidated financial statements and related disclosures.

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Investments Measured and Recognized at Fair Value

The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):


		June 30, 2022
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Included within cash and cash equivalents:
Money market funds	Level 1	$	108,227	$	—	$	—		$	108,227
U.S. treasury securities	Level 1		9,491		1		—			9,492
Commercial paper	Level 2		62,710		1		(15	)		62,696
U.S. government agency securities	Level 2		32,647		—		(4	)		32,643
Included within marketable securities:
U.S. treasury securities	Level 1		129,554		8		(277	)		129,285
Corporate bonds	Level 2		13,038		—		(60	)		12,978
Commercial paper	Level 2		146,802		—		(113	)		146,689
U.S. government agency securities	Level 2		2,982		5		(8	)		2,979
Total		$	505,451	$	15	$	(477	)	$	504,989


		December 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Included within cash and cash equivalents:
Money market funds	Level 1	$	99,326	$	—	$	—		$	99,326
Commercial paper	Level 2		25,996		—		(1	)		25,995
Corporate bonds	Level 2		1,802		—		(1	)		1,801
Included within marketable securities:
U.S. treasury securities	Level 1		2,499		—		—			2,499
U.S. government agency securities	Level 2		24,260		—		(24	)		24,236
Commercial paper	Level 2		51,376		—		(11	)		51,365
Corporate bonds	Level 2		18,137		—		(29	)		18,108
Total		$	223,396	$	—	$	(66	)	$	223,330

Summary of Contractual Maturities of Investments

The following table presents the contractual maturities of the Company’s marketable securities as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30,		December 31,
	2022		2021
Due in less than one year	$	494,543	$	223,330
Due in more than one year		10,446		—
Total	$	504,989	$	223,330

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued research and development materials and services	$	16,860	$	10,829
Accrued professional services		621		1,019
Accrued compensation		6,235		6,748
Other		852		280
Total accrued liabilities	$	24,568	$	18,876

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Number of Common Stock Reserved for Future Issuance

The Company had reserved common stock, on an as-converted basis, for future issuance as follows:


	June 30,		December 31,
	2022		2021
Stock options, issued and outstanding		5,637,483		3,764,001
Restricted stock units		615,151		358,535
Stock options and restricted stock units, future issuance		1,671,144		2,618,117
Employee stock purchase plan, available for future grants		816,662		855,206
Pre-funded warrants		1,334,332		1,334,332
Total		10,074,772		8,930,191

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense related to the Company’s equity incentive plans and employee stock purchase plan was recorded in the statements of operations as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development	$	6,335	$	2,645	$	12,942	$	4,510
General and administrative		4,951		2,964		9,843		6,603
Total stock-based compensation expense	$	11,286	$	5,609	$	22,785	$	11,113

Summary of Company's stock awards granted

The following table summarizes the Company's stock awards granted for each of the periods indicated:


	For the Six Months Ended June 30,
	2022				2021
	Grants		Weighted- Average Grant Date Fair Value		Grants		Weighted- Average Grant Date Fair Value
Stock options		2,047,082	$	12.99		809,472	$	63.70
Restricted stock units		376,468	$	16.07		1,932	$	79.94

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Summary of Potentially Dilutive Securities Not Included in the Diluted Per Share Calculations

The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	June 30,
	2022		2021
Stock options		5,637,483		3,564,665
Estimated shares issuable under the employee stock purchase plan		32,155		9,959
Unvested restricted stock units		615,151		167
Total		6,284,789		3,574,791

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Proceeds from common stock issuance		$ 217,987
Accumulated deficit	$ (464,213)	(464,213)		$ (353,724)
Cash, and investments	$ 513,200	$ 513,200
Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock in connection with public offering, net of offering costs, Shares	1,304,347
Underwritten Public Offering \| Pre-funded Warrant
Subsidiary Sale Of Stock [Line Items]
Pre-funded warrants to purchase an additional shares of common stock					1,334,332
Underwritten Public Offering \| Common Stock
Subsidiary Sale Of Stock [Line Items]
Common stock, price per share					$ 0.01
Non-voting Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock in connection with public offering, net of offering costs, Shares	8,695,653

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| Segment	1
Impairment of long-lived assets \| $	$ 0	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years

Fair Value Measurement - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($) Instrument	Dec. 31, 2021 USD ($) Instrument
Fair Value Disclosures [Abstract]
Number of financial instruments classified as level 3 \| Instrument	0	0
Unrealized loss position \| $	$ 312.5	$ 113.0

Fair Value Measurement - Summary of Investments Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 505,451	$ 223,396
Gross Unrealized Gains	15	0
Gross Unrealized Losses	(477)	(66)
Fair Value	504,989	223,330
Financial Assets Included Within Cash and Cash Equivalents \| Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	108,227	99,326
Included within cash and cash equivalents, Gross Unrealized Gains	0	0
Included within cash and cash equivalents, Gross Unrealized Losses	0	0
Included within cash and cash equivalents, Fair Value	108,227	99,326
Financial Assets Included Within Cash and Cash Equivalents \| U.S. Treasury Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	9,491
Included within cash and cash equivalents, Gross Unrealized Gains	1
Included within cash and cash equivalents, Gross Unrealized Losses	0
Included within cash and cash equivalents, Fair Value	9,492
Financial Assets Included Within Cash and Cash Equivalents \| Commercial Paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	62,710	25,996
Included within cash and cash equivalents, Gross Unrealized Gains	1	0
Included within cash and cash equivalents, Gross Unrealized Losses	(15)	(1)
Included within cash and cash equivalents, Fair Value	62,696	25,995
Financial Assets Included Within Cash and Cash Equivalents \| U.S. Government Agency Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	32,647
Included within cash and cash equivalents, Gross Unrealized Gains	0
Included within cash and cash equivalents, Gross Unrealized Losses	(4)
Included within cash and cash equivalents, Fair Value	32,643
Financial Assets Included Within Cash and Cash Equivalents \| Corporate Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost		1,802
Included within cash and cash equivalents, Gross Unrealized Gains		0
Included within cash and cash equivalents, Gross Unrealized Losses		(1)
Included within cash and cash equivalents, Fair Value		1,801
Financial Assets Included Within Marketable Securities [Member] \| U.S. Treasury Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	129,554	2,499
Included within cash and cash equivalents, Gross Unrealized Gains	8	0
Included within cash and cash equivalents, Gross Unrealized Losses	(277)	0
Included within cash and cash equivalents, Fair Value	129,285	2,499
Financial Assets Included Within Marketable Securities [Member] \| Commercial Paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	146,802	51,376
Included within cash and cash equivalents, Gross Unrealized Gains	0	0
Included within cash and cash equivalents, Gross Unrealized Losses	(113)	(11)
Included within cash and cash equivalents, Fair Value	146,689	51,365
Financial Assets Included Within Marketable Securities [Member] \| U.S. Government Agency Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	2,982	24,260
Included within cash and cash equivalents, Gross Unrealized Gains	5	0
Included within cash and cash equivalents, Gross Unrealized Losses	(8)	(24)
Included within cash and cash equivalents, Fair Value	2,979	24,236
Financial Assets Included Within Marketable Securities [Member] \| Corporate Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Included within cash and cash equivalents, Amortized Cost	13,038	18,137
Included within cash and cash equivalents, Gross Unrealized Gains	0	0
Included within cash and cash equivalents, Gross Unrealized Losses	(60)	(29)
Included within cash and cash equivalents, Fair Value	$ 12,978	$ 18,108

Fair Value Measurement - Summary of Contractual Maturities of Investments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Due in less than one year	$ 494,543	$ 223,330
Due in more than one year	10,446	0
Total	$ 504,989	$ 223,330

Accrued Liabilities - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property, plant and equipment, net	$ 31,288	$ 28,495

Accrued Liabilities - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 2,668	$ 2,086

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued research and development materials and services	$ 16,860	$ 10,829
Accrued professional services	621	1,019
Accrued compensation	6,235	6,748
Other	852	280
Total accrued liabilities	$ 24,568	$ 18,876

License Agreements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 31, 2021
Research And Development Expense
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License expenses recognized	$ 2.8	$ 1.0	$ 2.9	$ 2.5
License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment based on achievement of specified development	$ 365.9		$ 365.9
License Agreement \| Medivir AB
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional milestone payment					$ 1.5
Upfront payment					1.0
License Agreement \| Medivir AB \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment based on achievement of specified development					$ 348.5

Sanofi Agreement (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	May 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period value	$ 217,987
Sanofi Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred Revenue	149,600	$ 149,600
Deferred Revenue, Current	3,500	3,500
Revenues	$ 400	400
Revenue Transaction Price		150,000
Upfront payment received			$ 150,000
Development and regulatory milestones exchange		$ 1,065,000
European Medicines Agency [Member] \| Sanofi Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profit sharing ratio description		50:50
Development and regulatory milestones exchange		$ 940,000

Stockholders' Equity - Additional Information (Details)	1 Months Ended	6 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Details)	Apr. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2022 Vote
Class Of Stock [Line Items]
Preferred stock, shares authorized		200,000,000	200,000,000
Preferred stock, par value \| $ / shares		$ 0.01	$ 0.01
Common stock, voting rights		Each share of common stock (excluding non-voting common stock) is entitled to one vote.
Number of common stock voting rights held \| Vote				1
Common stock, dividends declared \| $		$ 0	$ 0
Common Stock Including Nonvoting Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized		1,200,000,000	1,200,000,000
Non-voting Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized		200,000,000	200,000,000
Common stock, par value \| $ / shares		$ 0.01	$ 0.01
Common Stock, Shares, Issued		13,687,883	13,687,883
Public Offering [Member]
Class Of Stock [Line Items]
Common stock, par value \| $ / shares	$ 23.00
Common Stock, Shares, Issued	10,000,000
Underwriting discounts and commissions costs \| $	$ 12,000,000.0
Proceeds from underwriting discounts and commissions \| $	$ 218,000,000.0
Additional shares issued	1,304,347
Public Offering [Member] \| Non-voting Common Stock
Class Of Stock [Line Items]
Common Stock, Shares, Issued	8,695,653

Stockholders' Equity - Schedule of Number of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Stock options, issued and outstanding	5,637,483	3,764,001
Restricted stock units	615,151	358,535
Stock options and restricted stock units, future issuance	1,671,144	2,618,117
Employee stock purchase plan, available for future grants	816,662	855,206
Pre-funded warrants	1,334,332	1,334,332
Total	10,074,772	8,930,191

Stockholders' Equity - Pre-Funded Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Class Of Warrant Or Right [Line Items]
Proceeds from common stock issuance			$ 217,987
Maximum allowed holding percentage of shares after exercise of warrants	9.99%
Maximum allowed combined voting percentage of shares after exercise of warrants	9.99%
Maximum allowed percentage of pre-funded warrants to exercise	19.99%
Minimum notice term to increase or decrease the holding percentage of pre-funded warrants	61 days
Number of warrants exercised		0	0
Common Stock
Class Of Warrant Or Right [Line Items]
Issuance of common stock, shares		1,304,347
Underwritten Public Offering \| Common Stock
Class Of Warrant Or Right [Line Items]
Common stock, price per share	$ 0.01
Underwritten Public Offering \| Pre-funded Warrant
Class Of Warrant Or Right [Line Items]
Warrants to purchase an additional shares of common stock	1,334,332

Stock-Based Compensation - Additional Information (Details) - 2018 Plan - shares	6 Months Ended
	Jun. 30, 2022	Jan. 01, 2022	Jan. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Outstanding stock including non-voting common stock, percent	4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,671,144
Maximum
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Increase in number of shares	8,768,800		1,278,965
Minimum
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Increase in number of shares		1,299,921

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - 2018 Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Total stock-based compensation expense	$ 11,286	$ 5,609	$ 22,785	$ 11,113
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Total stock-based compensation expense	6,335	2,645	12,942	4,510
General And Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Total stock-based compensation expense	$ 4,951	$ 2,964	$ 9,843	$ 6,603

Stock-Based Compensation - Summary of Company's stock awards granted (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Number of Shares, Granted	376,468	1,932
Weighted-Average Grant Date Fair Value	$ 16.07	$ 79.94
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award Line Items
Number of Shares, Granted	2,047,082	809,472
Weighted-Average Grant Date Fair Value	$ 12.99	$ 63.70

Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Not Included in the Diluted Per Share Calculations (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities not included in diluted per share calculations	6,284,789	3,574,791
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities not included in diluted per share calculations	5,637,483	3,564,665
Estimated Shares Issuable Under Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities not included in diluted per share calculations	32,155	9,959
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities not included in diluted per share calculations	615,151	167

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Lessee Lease Description [Line Items]
Increase in right-of-use asset obtained in exchange for operating lease liability	$ 2,315	$ 1,844

Commitments and Contingencies - Schedule of ROU Assets and Related Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets and Liabilities, Lessee [Abstract]
Current operating lease liabilities	$ 4,272	$ 3,320
Non-current operating lease liabilities	$ 24,853	$ 25,439

Related Party Transactions - Additional Information (Details)	3 Months Ended
	Jun. 30, 2022 shares
Non-voting Common Stock
Related Party Transaction [Line Items]
Issuance of common stock, shares	8,695,653
Stock Issued During Period, Shares, Conversion of Convertible Securities	(1,438,975)
Common Stock
Related Party Transaction [Line Items]
Issuance of common stock, shares	1,304,347
Stock Issued During Period, Shares, Conversion of Convertible Securities	1,438,975

Subsequent Events - Additional Information (Details) - Lease Agreements [Member] - Mountain View, California [Member] - Subsequent Event $ in Millions	Jul. 30, 2022 USD ($)
Office lease [Member]
Subsequent Event [Line Items]
Lessee operating lease expiry month and year	2032-06
Total future rent payments	$ 13.1
laboratory lease [Member]
Subsequent Event [Line Items]
Lessee operating lease expiry month and year	2032-06
Total future rent payments	$ 9.0