0000950170-23-040588 | 10-Q | XBRL Viewer

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Other Current Receivables - Schedule of Other Current Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Research and development tax credits receivable	$ 2,023	$ 1,280
Collaboration revenue receivable	1,250	1,525
Other	2,008	1,518
Total other current receivables	$ 5,281	$ 4,323

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

8. Leases

The Company has historically entered into lease arrangements for its facilities. As of June 30, 2023, the Company had four operating leases with required future minimum payments. The Company’s leases generally do not include termination or purchase options.

In January 2023, and as further amended in April 2023, the Company entered into a lease renewal agreement for office and laboratory space located in Montréal, Québec, for a thirty-two month term, ending in August 2025.

Operating Leases

The following tables contain a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Operating Leases
Lease Costs
Operating lease costs	$	593	$	615	$	1,186	$	1,231
Short-term lease costs		32		8		46		16
Variable lease costs		60		33		100		100
Total lease costs	$	685	$	656	$	1,332	$	1,347


	Six Months Ended June 30,
	2023			2022
	(in thousands, except as specified otherwise)
Other Operating Lease Information
Operating cash flows used for operating leases	$	1,202		$	802
Right-of-use assets obtained in exchange for new operating lease liability	$	149		$	56
Weighted-average remaining lease term (in years)		1.95			2.91
Weighted-average discount rate		4.1	%		4.0	%

Organization and Nature of Business	6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of Business Repare Therapeutics Inc. (“Repare” or the “Company”) is a precision medicine oncology company focused on the development of synthetic lethality-based therapies for patients with cancer. The Company was incorporated under the Canada Business Corporations Act on September 6, 2016. On June 23, 2020, immediately prior to the completion of its initial public offering (the “IPO”), the Company was continued as a corporation under the Business Corporations Act (Québec). The Company’s common shares are listed on the Nasdaq Global Select Market under the ticker symbol “RPTX”.

Organization and Nature of Business

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

1. Organization and Nature of Business

Repare Therapeutics Inc. (“Repare” or the “Company”) is a precision medicine oncology company focused on the development of synthetic lethality-based therapies for patients with cancer. The Company was incorporated under the Canada Business Corporations Act on September 6, 2016. On June 23, 2020, immediately prior to the completion of its initial public offering (the “IPO”), the Company was continued as a corporation under the Business Corporations Act (Québec). The Company’s common shares are listed on the Nasdaq Global Select Market under the ticker symbol “RPTX”.

Share-Based Compensation - Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Fair value of stock options	$ 7.08	$ 7.23	$ 8.33	$ 9.51
Risk-free interest rate	3.75%	2.92%	3.68%	2.00%
Expected terms (in years)	5 years 9 months 21 days	5 years 7 months 2 days	6 years	5 years 11 months 19 days
Expected volatility	80.78%	78.85%	81.48%	78.55%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 3,845	$ 5,616
Accrued research and development expense	16,592	15,078
Accrued professional services	941	680
Other	250	271
Total accrued expenses and other current liabilities	$ 21,628	$ 21,645

Leases - Additional Information (Details) - Lease	1 Months Ended	6 Months Ended
Leases - Additional Information (Details) - Lease	Jan. 31, 2023	Jun. 30, 2023
Lessee Lease Description [Line Items]
Number of operating leases		4
Lessee, operating lease, existence of option to terminate		false
Office and Laboratory Space \| Montreal, Quebec
Lessee Lease Description [Line Items]
Minimum lease term	32 months
Operating lease, expiration month and year	2025-08

Net Loss per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share

10. Net Loss per Share

The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(11,946	)	$	(38,093	)	$	(46,887	)	$	(72,850	)
Denominator:
Weighted-average common shares outstanding — basic and diluted		42,089,530			41,899,509			42,065,237			41,880,666
Net loss per share — basic and diluted	$	(0.28	)	$	(0.91	)	$	(1.11	)	$	(1.74	)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Options to purchase common shares		10,030,741		7,974,403		10,030,741		7,974,403
Restricted share units		609,710		—		609,710		—
Estimated shares issuable under the ESPP		5,353		1,712		5,353		1,712

Collaboration and License Agreement (Tables)

6 Months Ended

Jun. 30, 2023

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Schedule of Revenue From Collaboration Agreements

The following table presents revenue from collaboration agreements:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Roche Collaboration and License Agreement	$	4,825	$	—	$	10,137	$	—
Bristol Myers Squibb Collaboration and License Agreement		14,951		679		15,317		1,087
Ono Collaboration Agreement		10,473		—		10,473		—
Total revenue	$	30,249	$	679	$	35,927	$	1,087

Roche

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Schedule of Transaction Price Performance Obligations

Based on the relative stand-alone selling price, the allocation of the transaction price to the separate performance obligations is as follows:


Performance obligation	Transaction price
	(in thousands)
Combined licenses	$	105,327
Completion of Continuing Trials		30,585
Transfer of clinical trial materials		2,714
Total transaction price	$	138,626

Schedule of Deferred Revenue


Deferred revenue pertaining to the Roche Agreement	Completion of Continuing Trials
	(in thousands)
Balance as of December 31, 2022	$	17,957
Increase in collaboration revenue receivable		4,000
Recognition as revenue, as the result of performance obligations satisfied		(5,312	)
Balance as of March 31, 2023	$	16,645
Recognition as revenue, as the result of performance obligations satisfied		(4,825	)
Balance as of June 30, 2023	$	11,820
Classified as short-term	$	11,125
Classified as long-term		695

Bristol-Myers Squibb Company

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Schedule of Transaction Price Performance Obligations

Based on the relative stand-alone selling price, the allocation of the transaction price to the separate performance obligations was as follows:


Performance obligation	Transaction price
	(in thousands)
Research activities	$	6,405
Options to license druggable targets		31,148
Options to license undruggable targets		12,447
Total transaction price	$	50,000

Schedule of Deferred Revenue


Deferred revenue pertaining to the BMS Agreement	Research activities			Options to license druggable targets			Options to license undruggable targets		Total
	(in thousands)
Balance as of December 31, 2022	$	2,448		$	12,459		$	12,447	$	27,354
Recognition as revenue, as the result of performance obligations satisfied		(366	)		-			-		(366	)
Balance as of March 31, 2023	$	2,082		$	12,459		$	12,447	$	26,988
Increase in collaboration revenue receivable		-			1,250			-		1,250
Recognition as revenue, as the result of performance obligations satisfied		(1,242	)		(13,709	)		-		(14,951	)
Balance as of June 30, 2023	$	840		$	-		$	12,447	$	13,287
Classified as short-term	$	840		$	-		$	12,447	$	13,287
Classified as long-term		-			-			-		-

Ono Pharmaceutical Company Ltd

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Schedule of Deferred Revenue


Deferred revenue pertaining to the Ono Agreement	Research activities
	(in thousands)
Balance as of December 31, 2022	$	10,473
Recognition as revenue, as the result of performance obligations satisfied		-
Balance as of March 31, 2023	$	10,473
Recognition as revenue, as the result of performance obligations satisfied		(10,473	)
Balance as of June 30, 2023	$	-

Other Current Receivables

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Other Current Receivables

5. Other Current Receivables

Other current receivables as of June 30, 2023 and December 31, 2022 consisted of the following:


	June 30, 2023		December 31, 2022
	(in thousands)
Research and development tax credits receivable	$	2,023	$	1,280
Collaboration revenue receivable		1,250		1,525
Other		2,008		1,518
Total other current receivables	$	5,281	$	4,323

Net Loss per Share - Computation of Diluted Net Loss Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Options to Purchase Common Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	10,030,741	7,974,403	10,030,741	7,974,403
Restricted Share Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	609,710	0	609,710	0
Estimated Shares Issuable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	5,353	1,712	5,353	1,712

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

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

•

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

•

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

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2023 and December 31, 2022:


Description	Financial Assets		Level 1		Level 2		Level 3
	(in thousands)
As of June 30, 2023
Assets
Money market funds included in cash and cash equivalents	$	67,290	$	67,290	$	—	$	—
Marketable securities
U.S. Treasury and government-sponsored enterprises		74,395		—		74,395		—
Commercial paper		90,753		—		90,753		—
Total marketable securities		165,148		—		165,148		—
Total financial assets	$	232,438	$	67,290	$	165,148	$	—

As of December 31, 2022
Assets
Money market funds included in cash and cash equivalents	$	42,995	$	42,995	$	—	$	—
Marketable securities
U.S. Treasury and government-sponsored enterprises		184,420		—		184,420		—
Total financial assets	$	227,415	$	42,995	$	184,420	$	—

When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure the fair value. In determining the fair values at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data.

During the six months ended June 30, 2023, there were no transfers between fair value measure levels.

- 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

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Total financial assets	$ 232,438	$ 227,415
Money market funds included in cash and cash equivalents
Assets
Total financial assets	67,290	42,995
Marketable Securities
Assets
Total financial assets	165,148
Commercial Paper
Assets
Total financial assets	90,753
U.S. Treasury and government-sponsored enterprises
Assets
Total financial assets	74,395	184,420
Level 1
Assets
Total financial assets	67,290	42,995
Level 1 \| Money market funds included in cash and cash equivalents
Assets
Total financial assets	67,290	42,995
Level 1 \| Marketable Securities
Assets
Total financial assets	0
Level 1 \| Commercial Paper
Assets
Total financial assets	0
Level 1 \| U.S. Treasury and government-sponsored enterprises
Assets
Total financial assets	0	0
Level 2
Assets
Total financial assets	165,148	184,420
Level 2 \| Money market funds included in cash and cash equivalents
Assets
Total financial assets	0
Level 2 \| Marketable Securities
Assets
Total financial assets	165,148
Level 2 \| Commercial Paper
Assets
Total financial assets	90,753
Level 2 \| U.S. Treasury and government-sponsored enterprises
Assets
Total financial assets	$ 74,395	$ 184,420

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2023, the consolidated results of its operations for the three and six months ended June 30, 2023 and 2022, its statements of shareholders’ equity for the three and six months ended June 30, 2023 and 2022 and its consolidated cash flows for the six months ended June 30, 2023 and 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2023 (the “Annual Report”). The condensed consolidated balance sheet data as of December 31, 2022 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2022 included in the Annual Report. There have been no changes to the Company's significant accounting policies since the date of the audited consolidated financial statements for the year ended December 31, 2022 included in the Annual Report. Principles of Consolidation These unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Repare Therapeutics USA Inc. (“Repare USA”), which was incorporated under the laws of Delaware on June 1, 2017. The financial statements of Repare USA are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group transactions, balances, income, and expenses are eliminated in full upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, accrued research and development expenses, share-based compensation, right-of-use assets and lease liabilities and income taxes. The Company bases its estimates on historical experience and other market specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities:
Net loss for the period	$ (46,887)	$ (72,850)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	12,327	9,500
Depreciation expense	947	1,039
Non-cash lease expense	1,086	1,091
Foreign exchange loss (gain)	60	(136)
Net (accretion)/amortization of marketable securities	(3,928)	34
Deferred tax	0	(2,609)
Changes in operating assets and liabilities:
Prepaid expenses	1,518	3,072
Other current receivables	(988)	(389)
Other non-current assets	89	89
Accounts payable	4,429	2,698
Accrued expenses and other current liabilities	(17)	3,334
Operating lease liability, current portion	72	460
Income taxes	(2,991)	(1,322)
Operating lease liability, net of current portion	(1,172)	(1,123)
Deferred revenue	(30,677)	(1,087)
Net cash used in operating activities	(66,132)	(58,199)
Cash Flows From Investing Activities:
Purchases of property and equipment	(1,540)	(2,056)
Proceeds from maturities of marketable securities	169,000	5,150
Purchase of marketable securities	(145,796)	(4,000)
Net cash provided by (used in) investing activities	21,664	(906)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options	44	233
Proceeds from issuance of common stock under the 2020 Employee Share Purchase Plan	409	213
Net cash provided by financing activities	453	446
Effect of exchange rate fluctuations on cash held	38	66
Net Decrease In Cash And Cash Equivalents	(43,977)	(58,593)
Cash and cash equivalents at beginning of period	159,521	334,427
Cash and cash equivalents at end of period	115,544	275,834
Supplemental Disclosure Of Cash Flow Information:
Property and equipment purchases incurred but not yet paid	0	222
Right-of-use asset obtained in exchange for new operating lease liability	$ 149	$ 56

Cash and Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Cash and Cash Equivalents and Marketable Securities

As of June 30, 2023 and December 31, 2022, cash and cash equivalents and marketable securities were comprised of the following:


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
As of June 30, 2023
Cash and cash equivalents:
Cash	$	48,254	$	—	$	—		$	48,254
Money market funds		67,290		—		—			67,290
Total cash and cash equivalents:	$	115,544	$	—	$	—		$	115,544
Marketable securities:
U.S. Treasury and government-sponsored enterprises	$	74,552	$	2	$	(159	)	$	74,395
Commercial paper		91,020		4		(271	)		90,753
Total marketable securities	$	165,572	$	6	$	(430	)	$	165,148

As of December 31, 2022
Cash and cash equivalents:
Cash	$	116,526	$	—	$	—		$	116,526
Money market funds		42,995		—		—			42,995
Total cash and cash equivalents:	$	159,521	$	—	$	—		$	159,521
Marketable securities:
U.S. Treasury and government-sponsored enterprises	$	184,848	$	5	$	(433	)	$	184,420
Total marketable securities	$	184,848	$	5	$	(433	)	$	184,420

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended				6 Months Ended
	May 31, 2023	Jun. 30, 2020	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Granted	240,000						2,215,540
Vesting term	10 years
Options granted, Exercise price	$ 9.83						$ 11.8
Common stock shares issued			42,093,946				42,093,946		42,036,193
Number of options exercised							16,050
Options, weighted-average exercise price							$ 2.67
Aggregate proceeds from exercise of options							$ 44	$ 233
Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense related to unvested restricted share units			$ 6,500				$ 6,500
Unrecognized share-based compensation expense related to unvested stock options, weighted average period							2 years 7 months 6 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense related to unvested stock options			$ 48,200				$ 48,200
Unrecognized share-based compensation expense related to unvested stock options, weighted average period							9 months 18 days
Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options exercised			14,050	2,000	44,268	12,235
2020 Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance			1,445,331				1,445,331
Annual increases in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year		1.00%
Annual increases in number of shares available for issuance maximum number of common stock issued		3,300,000
Purchase price of shares as percentage of fair market value of common stock on date of purchase		85.00%
Common stock shares issued		0	41,703				41,703
Shares issued, price per share			$ 9.8				$ 9.8
Cash received from purchases under ESPP							$ 400
2020 Employee Share Purchase Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock initially reserved for future issuance		327,000
Option Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		298,605
Option Plan \| Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares ceased granting		4,074,135
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance			10,026,479				10,026,479
Annual increases in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year							5.00%
2020 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		3,807,448
Shares of common stock initially reserved for future issuance		3,600,000

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Lease Costs


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Operating Leases
Lease Costs
Operating lease costs	$	593	$	615	$	1,186	$	1,231
Short-term lease costs		32		8		46		16
Variable lease costs		60		33		100		100
Total lease costs	$	685	$	656	$	1,332	$	1,347

Summary of Other Operating Lease Information


	Six Months Ended June 30,
	2023			2022
	(in thousands, except as specified otherwise)
Other Operating Lease Information
Operating cash flows used for operating leases	$	1,202		$	802
Right-of-use assets obtained in exchange for new operating lease liability	$	149		$	56
Weighted-average remaining lease term (in years)		1.95			2.91
Weighted-average discount rate		4.1	%		4.0	%

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 consisted of the following:


	June 30, 2023		December 31, 2022
	(in thousands)
Accrued compensation and benefits	$	3,845	$	5,616
Accrued research and development expense		16,592		15,078
Accrued professional services		941		680
Other		250		271
Total accrued expenses and other current liabilities	$