0001773427-23-000010 | 10-K | XBRL Viewer | Springworks Therapeutics INC

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-39044
Entity Registrant Name	SPRINGWORKS THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-4066827
Entity Address, Address Line One	100 Washington Blvd
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	(203)
Local Phone Number	883-9490
Title of 12(b) Security	Common Stock, $0.0001 Par Value per Share
Trading Symbol	SWTX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 906,368,657
Entity Common Stock, Shares Outstanding		62,498,784
Documents Incorporated by Reference	Documents Incorporated by Reference The registrant's definitive proxy statement relating to the annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 days after the close of the registrant's fiscal year ended December 31, 2022 and is incorporated by reference in Part III to the extent described herein.
Entity Central Index Key	0001773427
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	New York, New York

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 67,490	$ 103,961
Marketable securities	524,722	269,540
Prepaid expenses and other current assets	7,548	9,409
Total current assets	599,760	382,910
Long-term marketable securities	4,794	59,230
Property and equipment, net	13,571	3,187
Operating lease right-of-use assets	4,698	1,010
Equity investment	4,193	2,883
Restricted cash	578	565
Other assets	2,648	2,709
Total assets	630,242	452,494
Current liabilities:
Accounts payable	8,010	3,429
Accrued expenses	39,242	25,378
Operating lease liabilities, current	483	1,162
Deferred revenue, current	3,314	0
Total current liabilities	51,049	29,969
Operating lease liabilities, long-term	4,768	129
Deferred revenue, long-term	16,233	0
Total liabilities	72,050	30,098
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2022 and December 31, 2021.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized, 62,453,328 and 49,247,985 shares issued and 62,423,129 and 49,247,985 shares outstanding at December 31, 2022 and December 31, 2021, respectively.	6	5
Additional paid-in capital	1,130,224	715,216
Accumulated deficit	(569,930)	(292,513)
Treasury stock, at cost (30,199 and 0 shares of common stock at December 31, 2022 and December 31, 2021, respectively).	(1,341)	0
Accumulated other comprehensive loss	(767)	(312)
Total stockholders’ equity	558,192	422,396
Total liabilities and stockholders’ equity	$ 630,242	$ 452,494

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	62,453,328	49,247,985
Common stock, shares outstanding (in shares)	62,423,129	49,247,985
Treasury stock (in shares)	30,199	0

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Licensing revenue	$ 0	$ 0	$ 35,000
Operating expenses:
Research and development	146,122	101,676	51,859
General and administrative	134,552	71,792	29,465
Total operating expenses	280,674	173,468	81,324
Loss from operations	(280,674)	(173,468)	(46,324)
Interest and other (expense) income:
Other (expense) income, net	(138)	(152)	25
Interest income, net	6,285	698	1,330
Total interest and other income	6,147	546	1,355
Equity investment loss	(2,890)	(988)	(605)
Net loss	$ (277,417)	$ (173,910)	$ (45,574)
Net loss per share, basic (usd per share)	$ (5.21)	$ (3.59)	$ (1.05)
Net loss per share, diluted (usd per share)	$ (5.21)	$ (3.59)	$ (1.05)
Weighted average number of shares outstanding, basic (in shares)	53,290,528	48,497,790	43,300,063
Weighted average number of shares outstanding, diluted (in shares)	53,290,528	48,497,790	43,300,063
Revenue, Product and Service [Extensible List]	License and Service [Member]	License and Service [Member]	License and Service [Member]

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (277,417)	$ (173,910)	$ (45,574)
Changes in other comprehensive income:
Unrealized (loss) gain on marketable securities, net	(455)	(353)	41
Total changes in other comprehensive income	(455)	(353)	41
Comprehensive loss	$ (277,872)	$ (174,263)	$ (45,533)

- 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

Consolidated Statement of Stockholders’ Equity/(Deficit) - USD ($) $ in Thousands	Total	Private Placement	Market offering	GSK	Common stock options issued and outstanding	Common stock options issued and outstanding Private Placement	Common stock options issued and outstanding Market offering	Common stock options issued and outstanding GSK	Treasury	Additional Paid-In Capital	Additional Paid-In Capital Private Placement	Additional Paid-In Capital Market offering	Additional Paid-In Capital GSK	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 322,072				$ 4				$ 0	$ 395,097				$ 0	$ (73,029)
Balance at the beginning (in shares) at Dec. 31, 2019					43,006,077
Balance at the beginning (in shares) at Dec. 31, 2019									0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	10,034									10,034
Issuance of common stock	269,592				$ 1					269,591
Issuance of common stock (in shares)					5,637,254
Forfeitures of restricted stock awards (in shares)					(14,224)
Exercise of stock options	$ 893									893
Exercise of stock options (in shares)	190,484				190,484
Other comprehensive income (loss), net of tax	$ 41													41
Net loss	(45,574)														(45,574)
Ending balance at Dec. 31, 2020	557,058				$ 5				$ 0	675,615				41	(118,603)
Balance at the end (in shares) at Dec. 31, 2020					48,819,591
Balance the end (in shares) at Dec. 31, 2020									0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	38,444									38,444
Forfeitures of restricted stock awards (in shares)					(55,475)
Exercise of stock options	$ 1,157									1,157
Exercise of stock options (in shares)	151,643				151,643
Other comprehensive income (loss), net of tax	$ (353)													(353)
Issuance of restricted stock award (in shares)					332,226
Net loss	(173,910)														(173,910)
Ending balance at Dec. 31, 2021	$ 422,396				$ 5				$ 0	715,216				(312)	(292,513)
Balance at the end (in shares) at Dec. 31, 2021	49,247,985				49,247,985
Balance the end (in shares) at Dec. 31, 2021	0								0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	$ 72,965									72,965
Issuance of common stock		$ 216,831	$ 67,782	$ 55,454		$ 1					$ 216,830	$ 67,782	$ 55,454
Issuance of common stock (in shares)						8,650,520	2,247,500	2,050,819
Forfeitures of restricted stock awards (in shares)					(27,957)
Exercise of stock options	$ 1,977									1,977
Exercise of stock options (in shares)	223,467				223,467
Shares of common stock used to satisfy tax withholding obligations	$ (1,341)								$ (1,341)
Shares of common stock used to satisfy tax withholding obligations (in shares )									30,199
Other comprehensive income (loss), net of tax	(455)													(455)
Issuance of restricted stock award (in shares)					36,625
Restricted stock units vested (in shares)					24,369
Net loss	(277,417)														(277,417)
Ending balance at Dec. 31, 2022	$ 558,192				$ 6				$ (1,341)	$ 1,130,224				$ (767)	$ (569,930)
Balance at the end (in shares) at Dec. 31, 2022	62,423,129				62,453,328
Balance the end (in shares) at Dec. 31, 2022	30,199								30,199

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (277,417)	$ (173,910)	$ (45,574)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	765	490	349
Non-cash operating lease expense	1,131	993	1,049
Stock compensation expense	72,965	38,444	10,034
Equity investment loss	2,890	988	605
Changes in operating assets and liabilities
Prepaid expenses and other current assets	1,861	(4,609)	(1,205)
Other assets	61	(707)	(843)
Accounts payable	4,168	2,074	(1,304)
Accrued expenses	13,325	9,912	5,945
Lease liability	(859)	(1,388)	(1,411)
Deferred revenue	19,547	0	0
Other liabilities	0	(164)	164
Net cash used in operating activities	(161,563)	(127,877)	(32,191)
Investing activities
Capital expenditures	(10,196)	(2,016)	(642)
Equity investments	(4,200)	0	(3,500)
Purchases of marketable securities	(481,050)	(305,423)	(442,690)
Proceeds from sale and maturity of debt securities	279,849	391,031	28,000
Net cash provided by (used in) investing activities	(215,597)	83,592	(418,832)
Financing activities
Proceeds from issuance of common stock upon closing of follow-on offering, net of issuance costs	0	0	269,592
Treasury stock	(1,341)	0	0
Proceeds from stock option exercises	1,977	1,157	893
Net cash provided by financing activities	340,702	1,157	270,485
Net decrease in cash and cash equivalents	(36,458)	(43,128)	(180,538)
Cash and cash equivalents including Restricted cash, beginning of period	104,526	147,654	328,192
Cash and cash equivalents including Restricted cash, end of period	68,068	104,526	147,654
Supplemental non-cash items not included above resulting from the adoption of ASC 842
Initial recognition of operating lease right of use asset	4,698	1,010	2,879
Present value of lease liabilities	(5,251)	(1,291)	(4,030)
Non-cash investing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	5,580	0	31
GSK
Financing activities
Proceeds from issuance of common stock	55,454	0	0
Private Placement
Financing activities
Proceeds from issuance of common stock	216,830	0	0
Market offering
Financing activities
Proceeds from issuance of common stock	$ 67,782	$ 0	$ 0

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations SpringWorks Therapeutics, Inc., or the Company, was formed in Delaware on August 18, 2017. The Company is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. The Company has a differentiated portfolio of small molecule targeted oncology product candidates and are advancing two late-stage clinical trials, one registrational and one potentially registrational, in rare tumor types, as well as several other programs addressing highly prevalent, genetically defined cancers. Two of the programs are late-stage clinical product candidates: nirogacestat and mirdametinib. In December 2022, the Company submitted a New Drug Application to the U.S. Food and Drug Administration for nirogacestat for the treatment of adults with desmoid tumors. In February 2023, the NDA filing was accepted by the FDA and granted priority review with an assigned Prescription Drug User Fee Act, or PDUFA, target action date of August 27, 2023. Private Placements On September 7, 2022, the Company and certain accredited investors, or the Investors, entered into a securities purchase agreement pursuant to which the Company agreed to sell and issue to the Investors in a private placement transaction, or the Private Placement, an aggregate of 8,650,520 shares of Common Stock at a purchase price of $26.01 per share. In connection with the Private Placement, the Company received gross proceeds of approximately $225 million, and after deducting commissions and offering costs, net proceeds were approximately $216.8 million. In connection with the Private Placement, the Company and the Investors also entered into a registration rights agreement, dated September 7, 2022, providing for the registration for resale of the shares. The shares were registered for resale pursuant to the Registration Statement and the prospectus supplement relating to the shares filed with the SEC on September 26, 2022. On September 6, 2022, the Company entered into an expanded global, non-exclusive license and collaboration agreement with GSK, plc, formerly GlaxoSmithKline plc, or GSK, for nirogacestat in combination with belantamab mafodotin (belamaf) and, concurrent with the execution of such agreement, we entered into a stock purchase agreement, or the Stock Purchase Agreement, with an affiliate of GSK, Glaxo Group Limited, or GGL, under which GGL agreed to purchase from the Company in a private placement transaction 2,050,819 shares of Common Stock for an aggregate purchase price of approximately $75.0 million, or $36.57 per share. The shares were sold at a 25% premium to the volume-weighted average share price of the Company’s Common Stock for a specified 30-day period prior to entering into the Stock Purchase Agreement. At-the-Market Offering On February 25, 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC, pursuant to which the Company may issue and sell shares of common stock having aggregate offering proceeds of up to $200.0 million from time to time through Cowen as our sales agent. Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, Cowen may sell the Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. The Company may sell the shares of common stock pursuant to the Sales Agreement in amounts and at times to be determined subject to the terms and conditions of the Sales Agreement, but has no obligation to sell any shares under the Sales Agreement. During the twelve months ended December 31, 2022, the Company sold 2,247,500 shares of Common Stock under the ATM Program for gross proceeds of $69.7 million, less commissions and other fees of $1.9 million for net proceeds of $67.8 million. As of December 31, 2022, approximately $130.3 million remains available under the ATM Program. Follow-On Offering On October 13, 2020, the Company completed the sale of 5,637,254 shares of common stock in an underwritten public offering, including 735,294 shares of common stock sold pursuant to the underwriter's full exercise of their option to purchase additional shares, at an offering price of $51.00 per share, resulting in net proceeds to the Company of $269.5 million. COVID-19 Pandemic On March 11, 2020, the World Health Organization designated the outbreak of the disease associated with the novel strain of coronavirus known as COVID-19 as a global pandemic. This disease, including emerging variant strains of COVID-19, continues to spread in the areas in which the Company operates. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including, but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Starting at the onset of the COVID-19 pandemic, the Company initiated a number of business continuity measures to mitigate potential disruption to its operations and in order to preserve the integrity of its research and development programs. The Company's response has evolved over the course of the COVID-19 pandemic, and the Company has largely resumed normal operations. To date, the Company has not experienced any material disruptions to the execution of the research and development activities that the Company currently has underway; however, as a result of the COVID-19 pandemic, or any impacts of emerging variant strains of the COVID-19 virus, stagnant vaccination rates and related factors, the Company may experience disruptions that could impact its research and development and commercialization timelines and outcomes. The Company will continue to evaluate the impact of the ongoing COVID-19 pandemic, along with the impact of emerging variants, on its business. While the extent to which the ongoing COVID-19 pandemic impacts the Company’s future results will depend on future developments, the pandemic and associated impacts, including the duration, spread and intensity of the pandemic (including any resurgences), the impact of emerging variant strains of the COVID-19 virus and the rollout of COVID-19 vaccines, all of which remain uncertain and difficult to predict, could result in a material impact to the Company’s business, prospects, future financial condition, results of operations and cash flows.

Risks and Liquidity	12 Months Ended
Risks and Liquidity	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Risks and Liquidity	Risks and Liquidity The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $569.9 million and $292.5 million, and working capital of $548.7 million and $352.9 million at December 31, 2022 and December 31, 2021, respectively. To date, we have derived all of our revenue and deferred revenue from the nonrefundable upfront payment we received under the Jazz Agreement and from the GSK License Agreement. The Company does not have any products approved for commercial sale or sources of recurring revenue. The Company is subject to those risks associated with any biopharmaceutical company that has substantial expenditures for development. There can be no assurance that the Company’s development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, consultants and vendors. The Company had cash, cash equivalents and marketable securities of $597.0 million and $432.7 million as of December 31, 2022 and December 31, 2021, respectively. Based on the Company’s cash, cash equivalents and marketable securities at December 31, 2022, management estimates that its current liquidity will enable it to meet operating expenses through at least twelve months after the date that these financial statements were issued.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. Principles of Consolidation The consolidated financial statements include the accounts of SpringWorks Therapeutics, Inc. and its subsidiaries, collectively, the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued research and development expenses and the valuation of stock-based compensation awards. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known. Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment. Cash and Cash Equivalents The Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents. The Company had cash and cash equivalents as of December 31, 2022 and December 31, 2021 of $67.5 million and $104.0 million, respectively. Marketable Securities Marketable debt securities are reported at fair value with unrealized gains and losses included in Accumulated other comprehensive income. Each reporting period, the Company evaluates whether there are declines in fair value below amortized cost and if these declines are due to credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. If both criteria regarding the intent or ability to hold are met, any decline in fair value due to credit losses is recorded as an allowance through Other income (expense) on the Company’s consolidated statements of operations; limited by the amount that the fair value is less than the amortized costs basis. If either criteria is not met, any previously recorded allowance for credit losses and any excess amortized cost basis over fair value is recorded in Other income (expense) on the Company’s consolidated statements of operations. As of, and for the years ended December 31, 2022 and December 31, 2021, the Company did not have any allowance for credit losses or impairments of its marketable securities. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and available-for-sale marketable securities. The Company maintains each of its cash, cash equivalent balances and marketable securities balances with high quality, financial institutions and the Company’s marketable securities are invested in high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities and commercial paper. Property and Equipment Property and equipment consist of computer equipment, software, furniture and leasehold improvements and are recorded at cost. Property and equipment are depreciated on a straight-line basis over their estimated useful lives. Revenue The Company recognizes revenue for consideration received related to the development and commercialization of medicines, which is conducted through various means, including in-house development by the Company, joint development or collaboration agreements with third parties, sale or out licensing of product rights, and others. The terms of these arrangements and agreements may contain multiple promised goods and services, which may include licenses, know-how, drug product, related agreements and other deliverables. Payments to the Company under these arrangements may include one or more of the following: upfront license fees; milestone payments; and royalties on future product sales. Arrangements Within the Scope of ASC 606, Revenue from Contracts with Customers The Company recognizes revenue in accordance with ASC 606, which applies to all contracts with customers, except for contracts that are within the scope of other standards, such as collaboration arrangements and leases. Pursuant to ASC 606, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company determines it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies its performance obligation(s). As part of the accounting for these arrangements, the Company may be required to make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations. The Company assesses whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and may require management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct, the Company considers factors such as the research, 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, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time based on the use of an output or input method that most faithfully depicts the transfer of goods and services to the customer. Licenses of intellectual property: The terms of the Company’s license agreements include the license of functional intellectual property, given the functionality of the intellectual property is not expected to change substantially as a result of the Company’s ongoing activities. For licenses that are bundled with other promises (that is, for licenses that are not distinct from other promised goods and services in an arrangement), the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Up-front Fees: If a license agreement is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the license is deemed to be the predominant item and if the combined performance obligation is satisfied over time or at a point in time. Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), 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. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments such as developmental and regulatory approval milestones, are generally not considered probable of being achieved until the related activity has been achieved, due to the uncertain nature of the success of clinical trials and obtaining regulatory approvals, which make it unlikely that a significant revenue reversal could be deemed not probable, until such time that the related event has occurred. Royalties: For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all the royalty has been allocated has been satisfied (or partially satisfied). Reimbursement, cost-sharing and profit-sharing payments: Under certain arrangements, the Company has been reimbursed for a portion of its research and development expenses or participates in the cost-sharing of such research and development expenses. Such reimbursements and cost-sharing arrangements have been reflected in research and development expense in the Company’s consolidated statements of operations, as the Company does not consider performing research and development services for reimbursement to be a part of its ongoing major or central operations. Research and Development In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the U.S. Food and Drug Administration, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, equity-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities, including expenses associated with particular activities performed by contract research organizations, investigative sites in connection with clinical trials and contract manufacturing organizations, are recognized based on an evaluation of the progress or completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on actual activities completed or costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of expense recognition. Expenses for research and development activities incurred that have yet to be invoiced by the vendors that perform the related activities are reflected in the consolidated financial statements as accrued expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. General and Administrative General and administrative expenses consist primarily of salaries and related costs, including stock-based compensation for personnel in executive, finance, corporate, commercial, business development and administrative functions. General and administrative expenses also include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax and consulting services; insurance costs; administrative travel expenses; and facility-related expenses, which include direct depreciation costs and expenses for rent and maintenance of facilities and other operating expenses. Equity-based compensation expense The Company accounts for employee equity-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which requires all equity-based awards to employees and non-employee directors be recognized as expense in the statement of operations based on the grant date fair value of the awards. The Company’s equity-based awards generally vest over three or four years. Stock compensation expense is recognized using the straight-line method, based on the grant date fair value, over the requisite service period of the award, which is generally the vesting term. For awards subject to performance conditions, as well as awards containing both market and performance conditions, the Company recognizes equity award compensation expense using an accelerated recognition method over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date. The Company recognizes forfeitures at the time of the actual forfeiture event in accordance with the adoption of the guidance per Accounting Standard Update, or ASU, No. 2016-9. The grant-date fair value of performance-based awards with market conditions is estimated using a Monte Carlo simulation method that incorporates the probability of the performance conditions being met as of the grant date. For stock options issued, the Company estimates the grant date fair value and the resulting stock-based compensation expense using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of certain subjective assumptions which determine the fair value of stock-based awards. Inputs used in the Black-Scholes option-pricing model are: •Fair value of common stock, which is the current trading price of the Company’s common stock. •Expected term — The expected term represents the period that the equity-based awards are expected to be outstanding. The Company uses the simplified method to calculate the expected term due to the limited Company-specific historical information available for the Company. •Expected volatility — The Company lacks Company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based primarily on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock. •Risk-free interest rate — The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the awards. •Expected dividend — The Company has never paid dividends on its common units or stock and has no plans to pay dividends on its common stock. Therefore, the expected dividend yield is zero. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share excludes the potential impact of unvested restricted stock and stock options because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same. Income Taxes Income taxes are accounted for using the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its filings or positions is more likely than not to be realized following resolution of any potential contingencies related to the tax benefit. Potential interest related to the underpayment of income taxes will be classified as a component of income tax expense and any related penalties will be classified in income tax expenses in the statement of operations. Recently Adopted and Recently Issued Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2022 and December 31, 2021 at net book value:


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	232,229	$	—	$	(690)	$	231,539
Non-U.S. government securities	9,388		—		(31)		9,357
Corporate debt securities	45,710		—		(44)		45,666
Commercial paper	238,160		—		—		238,160
Long-term investments:
Corporate debt securities	4,796				(2)		4,794
Total	$	530,283	$	—	$	(767)	$	529,516


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

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

The Company’s available-for-sale securities classified as short-term marketable securities in the consolidated balance sheet mature within one year or less of the balance sheet date. Marketable securities that mature greater than one year from the balance sheet date are classified as long-term. As of December 31, 2022, the Company did not hold any investments that matured beyond five years.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on

market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions.

The following tables sets forth the fair value hierarchy of the Company’s financial assets and liabilities measured on a recurring basis as of December 31, 2022 and December 31, 2021:


	As of December 31, 2022
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	22,494	$	22,494	$	—	$	—

Short-term investments:
U.S. government securities	231,539		231,539		—		—
Non-U.S. government securities	9,357		—		9,357		—
Corporate debt securities	45,666		—		45,666		—
Commercial paper	238,160		—		238,160		—
Long-term investments:

Corporate debt securities	4,794		—		4,794		—
Total	$	552,010	$	254,033	$	297,977	$	—


	As of December 31, 2021
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	89,905	$	89,905	$	—	$	—
Short-term investments:
U.S. government securities	104,967		104,967		—		—
Corporate debt securities	78,677		—		78,677		—
Commercial paper	85,896		—		85,896		—
Long-term investments:
U.S. government securities	59,230		59,230		—		—
Total	$	418,675	$	254,102	$	164,573	$	—

The Company’s financial assets measured at fair value on a recurring basis included cash equivalents, which consist of money market funds, and marketable securities.

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

The carrying amounts reflected in the Company’s consolidated balance sheets for cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term maturities.

- Definition

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

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021		Useful Life
Leasehold improvements	$	826	$	1,357	Length of lease or 5 years, whichever is shorter
Computer equipment	368		157		3-5 years
Furniture	437		360		5 years
Software	6,048		361		3-10 years
Construction in process	7,137		1,971
Property and equipment, gross	14,816		4,206
Less accumulated depreciation	(1,245)		(1,019)
Property and equipment, net	$	13,571	$	3,187

Depreciation expense was $765,000, $490,000, and $349,000 for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Operating Leases

The company’s operating leases relate to real estate.

In October 2018, the Company entered into a lease for its corporate headquarters in Stamford, CT. The Company received $1.5 million from the previous tenant in connection with the assumption of the lease. The Company established a security deposit of $0.5 million in the form of a letter-of-credit. In January 2022, the Company amended this lease agreement to extend the lease term through April 2028, with two five-year renewal options or one ten-year renewal option. The lease payments increase by 2.5% in each year commencing December 1, 2022.

In August 2018, the Company entered into a five-year operating lease in Durham, NC (the location of the Company’s clinical development operations), with two five-year renewal options. The lease payments increase by 2.75% in each of the subsequent four years of the five-year operating lease term. Rental payments under the renewal period will be at current market rates for the premises.

The components of lease cost recorded in the Company’s consolidated statement of operations were as follows:


	Twelve Months Ended December 31,
(in thousands)	2022		2021		2020
Operating lease cost
Fixed	$	1,131	$	993	$	1,049
Variable	336		548		486
Total lease cost	$	1,467	$	1,541	$	1,535

The Company’s leases are included on its consolidated balance sheets as follows:


(in thousands)	As of December 31, 2022		As of December 31, 2021
Operating leases
Operating lease right-of-use-assets	$	4,698	$	1,010
Total operating lease assets	$	4,698	$	1,010

Operating lease liabilities, current	$	483	$	1,162
Operating lease liabilities, long-term	4,768		129
Total operating lease liabilities	$	5,251	$	1,291

Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2022 were as follows:


(in thousands)	Operating Leases
2023	$	783
2024	1,155
2025	1,184
2026	1,213
2027	1,244
Thereafter	424
Total lease payments	6,003
Less: imputed interest	(752)
Present value of lease liabilities	$	5,251

The weighted-average remaining lease term and discount rate related to the Company’s leases were as follows:


	As of December 31, 2022		As of December 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	5.2		1.1
Weighted-average discount rate
Operating leases	4.2	%	3.5	%

Supplemental cash flow information related to the Company’s leases was as follows:


(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	859	$	1,388	$	1,411
Right-of-use assets obtained in exchange for new operating lease liabilities	5,580		—		31

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
(in thousands)	2022		2021
Accrued professional fees	$	1,780	$	1,108
Accrued compensation and benefits	19,142		12,081
Accrued research and development	12,321		10,069
Accrued other	5,999		2,120
Total accrued expenses	$	39,242	$	25,378

Equity Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity Based Compensation

The Company recorded total equity-based compensation expense for the periods presented as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Research and development	$	29,373	$	14,664	$	3,055
General and administrative	43,592		23,780		6,979
Total equity compensation expense	$	72,965	$	38,444	$	10,034

2019 Equity Incentive Plan

The 2019 Equity Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards and dividend equivalent rights to the Company’s officers, employees, directors and other key persons (including consultants). The number of shares available for issuance under the 2019 Equity Incentive Plan is cumulatively increased each January 1, through and including January 1, 2030, by 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s compensation committee. As of December 31, 2022, there were 3,162,205 shares available for future issuance under the 2019 Equity Incentive Plan.

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

2019 Employee Stock Purchase Plan

On August 30, 2019, the Company’s stockholders approved the 2019 Employee Stock Purchase Plan, or the ESPP, which became effective immediately preceding the effectiveness of the Company’s registration statement on September 12, 2019 in connection with the IPO. A total of 442,153 shares of common stock were reserved for issuance under the ESPP. In addition, the number of shares of common stock that may be issued under the ESPP will automatically increase each January 1, through and including January 1, 2028, by the lesser of (i) 663,229 shares of common stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares determined by the administrator of the ESPP. As of December 31, 2022, there were 1,852,890 shares reserved for issuance under the ESPP. No offering periods under the ESPP had been initiated as of December 31, 2022.

Stock Options

A summary of the changes in the Company’s stock options during the periods presented is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Intrinsic Aggregate Value
Outstanding at December 31, 2019	3,225,725	$	5.08	9.4	$	107,771,472
Granted	1,580,788	35.90		—	—
Exercised	(190,484)	4.69		—	—
Forfeited/cancelled	(110,483)	23.49		—	—
Outstanding at December 31, 2020	4,505,546	15.51		8.7	256,860,405
Granted	2,547,813	73.37		—	—
Exercised	(151,643)	7.62		—	—
Forfeited/cancelled	(188,303)	37.34		—	—
Outstanding at December 31, 2021	6,713,413	37.03		8.2	196,012,147
Granted	3,207,347	43.28		—	—
Exercised	(223,467)	8.84		—	—
Forfeited/cancelled	(520,478)	68.33		—	—
Outstanding at December 31, 2022	9,176,815	38.13		8.0	53,719,297
Exercisable at December 31, 2022	4,392,905	28.15		7.1	48,765,645

Aggregate intrinsic value is calculated by subtracting the exercise price of the option from the closing price of the Company’s common stock on closing date, multiplied by the number of shares per each option.

Assumptions used in determining the fair value of the stock options granted in 2022 include risk-free interest rates of 1.46% – 4.23%, expected dividend yield of 0.00%, expected term in years of 5.5 years - 6.1 years and expected volatility of 71.2% - 76.4%.

2019 CEO Performance Award

In June 2019, the Company’s CEO received an award of 176,411 stock options, or the 2019 CEO Performance Award. The 2019 CEO Performance Award can vest over 48 monthly installments based on four years of service, a performance condition (a liquidity event, such as an IPO) and market conditions, assuming continued employment and service through each vesting date. During the vesting period of four years, the 2019 CEO Performance Award is not earned unless the market condition is achieved on each vesting date. If the market condition is not achieved on a vesting date, but is achieved on a future vesting date, the award is earned for the entire period since the last date that such market condition was achieved. All or a portion of the award can be earned following the initial four-year service period if the market condition is next achieved after such four-year service period and Mr. Islam remains in continuous service. The market condition and performance condition are satisfied when the Company’s common stock is listed on a U.S. national securities exchange and achieves a 60-trading day average closing price of at least $28.49 per share (as adjusted for stock splits, recapitalizations, and similar events).

During the year ended December 31, 2022, 33,077 options of the CEO performance award became exercisable upon the satisfaction of the market condition applicable to this award.

At December 31, 2022, the total unrecognized compensation expense related to unvested stock options was $137.4 million, which the Company expects to recognize over a weighted-average remaining period of approximately 2.58 years. For the year ended December 31, 2022, total stock compensation expense for stock options was $54.3 million.

Restricted Stock Awards

A summary of the changes in the Company’s restricted stock awards for the periods presented is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2019	1,289,437	$	1.21
Vested	(588,345)	1.14
Forfeited	(14,224)	1.45
Unvested and outstanding at December 31, 2020	686,868	1.26
Granted	332,226	73.31
Vested	(493,309)	1.19
Forfeited	(55,475)	13.75
Unvested and outstanding at December 31, 2021	470,310	50.76
Granted	36,625	61.74
Vested	(257,219)	32.03
Forfeited	(27,957)	79.25
Unvested and outstanding at December 31, 2022	221,759	70.71

At December 31, 2022, the total unrecognized compensation expense related to unvested restricted stock awards was $10.7 million, which the Company expects to recognize over a weighted-average remaining period of approximately 1.46 years. For the year ended December 31, 2022, total restricted stock awards compensation expense was $7.9 million.

Restricted Stock Units

The following table summarizes restricted stock unit activity for the year ended December 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2021	—	$	—
Granted	738,508	49.77
Vested	(24,369)	24.62
Forfeited	(42,185)	58.76
Unvested and outstanding at December 31, 2022	671,954	50.11

At December 31, 2022, the total unrecognized compensation expense related to unvested restricted stock units was $23.6 million, which the Company expects to recognize over a weighted-average remaining period of approximately 2.12 years. For the year ended December 31, 2022, total restricted stock unit compensation expense was $10.7 million.

License and Collaboration Agreements	12 Months Ended
License and Collaboration Agreements	Dec. 31, 2022
License and Collaboration Agreements
License and Collaboration Agreements	License and Collaboration Agreements Pfizer Inc. In August and October 2017, the Company entered into four license agreements with Pfizer Inc., or Pfizer, for rights to certain technologies, or the License Agreements. Under the License Agreements, the Company obtained from Pfizer the right to use research, develop, manufacture and commercialize certain products, including nirogacestat and mirdametinib. In connection with the License Agreements, the Company issued 6,437,500 units of Junior Series A convertible preferred units to Pfizer (see Note 1). No cash was received by the Company for these units. The Company is required to pay Pfizer milestones payments of up to an aggregate of $232.5 million for nirogacestat and up to an aggregate of $229.8 million for mirdametinib, each upon achievement of certain commercial milestone events. Royalties are also payable under each License Agreement based on a specified percentage of net sales ranging from mid-single digit percentages to low 20s, Royalty payments under each License Agreement continue until the expiration of the last to expire licensed patent applicable to such product, but not less than ten years after the first commercial sale on a country-by-country basis. BeiGene, Ltd. In August 2018, the Company entered into a clinical collaboration agreement with BeiGene Ltd., or BeiGene to conduct a clinical study of the combination of mirdametinib and a BeiGene compound designated as lifirafenib. In accordance with the terms of the agreement, the Company and BeiGene share equally the costs associated with the clinical study. BeiGene is required to supply the BeiGene compound and the Company is required to supply mirdametinib to conduct the clinical study. The collaboration is guided by a joint steering committee. Specified areas of development require unanimous agreement among all members of the joint steering committee. The Company recorded expense of $1.1 million for the years ended December 31, 2022, and December 31, 2021, and $0.9 million for the years ended December 31, 2020, in connection with this collaboration agreement, which are classified as research and development expenses in the Company’s statements of operations. TEAD inhibitor portfolio license agreement In May 2021, the Company announced an exclusive worldwide license agreement with Katholieke Universiteit Leuven, or KU Leuven, and the Flanders Institute for Biotechnology, or VIB, pursuant to which the Company in-licensed a portfolio of novel small molecule inhibitors of the TEA Domain, or TEAD, family of transcription factors, designed for the potential treatment of biomarker-defined solid tumors driven by aberrant Hippo pathway signaling. Under the terms of the agreement, the Company made an upfront payment of $11 million to KU Leuven and VIB, which was recorded as research and development expense in the consolidated statement of operations. Pursuant to the terms of the agreement, KU Leuven and VIB are also eligible to receive up to $285 million in development, regulatory and commercial milestones and tiered single-digit percentage royalties based on any future net sales of products developed based on the in-licensed technology. EGFR inhibitor portfolio license agreement and sponsored research agreement In October 2021, the Company announced an exclusive worldwide license agreement with Dana-Farber Cancer Institute, or Dana-Farber, pursuant to which it in-licensed a portfolio of novel small molecule inhibitors of Epidermal Growth Factor Receptor, or EGFR, designed for the treatment of EGFR-mutant lung cancers. Under the terms of the agreement, the Company made an upfront payment to Dana-Farber, which was recorded as research and development expense in the consolidated statement of operations. Pursuant to the terms of the agreement, Dana-Farber is also eligible to receive development and commercial milestones and royalties based on any future net sales of products developed based on the in-licensed technology. Concurrent with this license agreement, the Company entered a multi-year sponsored research agreement with Stanford Medicine to fund continued research and development in a laboratory at Stanford Medicine as well as collaborating laboratories at Dana-Farber. This sponsored research agreement is intended to support lead optimization and translational biology efforts as the EGFR inhibitor portfolio advances towards development candidate nomination. GSK expanded non-exclusive license and collaboration agreement In September 2022, the Company announced an expansion of its ongoing, non-exclusive clinical collaboration with GSK, which originally commenced in June 2019. The announcement coincided with the entry by the Company and GSK into an amended and restated collaboration and license agreement, or the GSK License Agreement, for the potential continued development and commercialization of nirogacestat in combination with either belantamab mafodotin (belamaf), GSK’s antibody-drug conjugate, or ADC, targeting B-cell maturation antigen, or BCMA, or any other cytotoxic ADC targeting BCMA derived from belantamab that is controlled by GSK, either alone as a combination therapy, or together with other pharmaceutical agents. Pursuant to the terms of the GSK License Agreement and concurrent with the execution of such agreement, the Company entered into a Stock Purchase Agreement with GGL, under which GGL purchased 2,050,819 shares of the Company’s Common Stock in a private placement transaction for an aggregate purchase price of approximately $75.0 million, or $36.57 per share. The shares were sold at a 25% premium to the volume-weighted average share price of the Company’s Common Stock for a specified 30-day period prior to entering into the Stock Purchase Agreement. The fair value of the Common Stock based on the closing price of Common Stock on the day prior to the effective date of the Stock Purchase Agreement was $55.5 million and was recorded to equity. The $19.5 million received in excess of the fair value of the Common Stock represents consideration for the license for the potential continued development and commercialization of nirogacestat in combination with GSK compounds, together with the clinical supply of nirogacestat for future belamaf clinical trials and certain research and development costs associated with nirogacestat. The Company recorded the $19.5 million as deferred revenue in September of 2022 and will recognize revenue as the corresponding performance obligation is satisfied in proportion to expenses incurred, including clinical supply and research and development expenses, associated with the GSK License Agreement. For the year ended December 31, 2022, the revenue related to the upfront consideration received from the GSK License Agreement is immaterial. Under the terms of the GSK License Agreement, the Company is also eligible to receive up to $550.0 million in additional payments, if certain development and commercial milestones are met. The Company continues to retain full commercial rights to nirogacestat. Additionally, SpringWorks will seek to make nirogacestat commercially available in markets where approval has been sought by GSK for a combination with belamaf. Jazz Pharmaceuticals asset purchase and exclusive license agreement In October 2020, the Company and Jazz announced an asset purchase and exclusive license agreement, pursuant to which Jazz acquired the Company’s fatty acid amide hydrolase, or FAAH, inhibitor program including PF-4457845. The FAAH inhibitor program was obtained by the Company as part of the License Agreements in 2018. Jazz made an upfront payment of $35 million to the Company with potential future payments of up to $375 million based upon the achievement of certain clinical development, regulatory, and commercial milestones. In addition, Jazz is obligated to pay the Company tiered sales-based royalties on future net sales of PF-4457845 in the single-digit range. Pursuant to the Jazz Agreement, Jazz is obligated to use commercially reasonable efforts to develop and seek regulatory approval for at least one product in the United States and if regulatory approval is obtained, to commercialize such product in the United States. Consideration received under the Jazz Agreement The Company evaluated the Jazz Agreement under ASC 606, and determined there was a single performance obligation and the license was the predominant item in a bundle of goods that was distinct. The Company transferred all items in the bundle of goods, including the license, in the period ended December 31, 2020. The license is functional intellectual property, given the functionality of the intellectual property is not expected to change substantially as a result of the Company’s ongoing activities, and accordingly, revenue should be recognized at a point in time. The Company recognized the upfront payment as revenue in the period ended December 31, 2020. The Company will not recognize development or regulatory approval milestones until the related activity has been achieved; and royalties, including commercial milestone payments based on the level of sales, will be recognized at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all the royalty has been allocated has been satisfied (or partially satisfied), which for the Jazz Agreement will be the period when the related sales occur.

Investments	12 Months Ended
Investments	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments MapKure In June 2019, the Company announced the formation of MapKure, an entity jointly owned by the Company and BeiGene. BeiGene licensed to MapKure exclusive rights to BGB-3245, an investigational oral, small molecule selective inhibitor of specific BRAF driver mutations and genetic fusions. MapKure is advancing BGB-3245 through clinical development for solid tumor patients harboring BRAF driver mutations and genetic fusions that were observed to be sensitive to the compound in preclinical studies. In addition to the Company’s equity ownership in MapKure, the Company has appointed a member to each of MapKure’s joint steering committee and board of directors. The Company also contributes to clinical development and other operational activities for BGB-3245 through a service agreement with MapKure. In conjunction with the formation of MapKure in June 2019, the Company purchased 3,500,000 Series A preferred units of MapKure, or a 25.0% ownership interest, for $3.5 million and in June 2020, the Company purchased an additional 3,500,000 Series A preferred units of MapKure for $3.5 million, increasing its ownership interest to 38.9%, as required by the terms of the Series A unit purchase agreement. In June 2022, the Company made an additional investment in MapKure and purchased 4,200,000 Series B preferred units of MapKure for $4.2 million, pursuant to the terms of a Series B preferred unit purchase agreement. The Company is obligated to purchase an additional 2,800,000 Series B preferred units of MapKure for $2.8 million at a second closing under such agreement. As of December 31, 2022, the Company’s ownership interest in MapKure was 38.9%. In addition to the Company’s equity ownership in MapKure, the Company has appointed a member to each of MapKure’s joint steering committee and board of directors. The Company also contributes to clinical development and other operational activities for BGB-3245 through a service agreement with MapKure. The Company determined that MapKure is a variable interest entity. The Company is not the primary beneficiary, as the Company does not have the power to direct the activities that most significantly impact the economic performance of MapKure. Accordingly, the Company does not consolidate the financial statements of this entity and accounts for this investment using the equity method of accounting. The Company reaffirmed its assessment as of December 31, 2022. In accordance with ASC 323-10-35-6, the Company records its portion of MapKure’s earnings or losses based on a one quarter lag. For the year ended December 31, 2022, the Company recognized a $2.9 million loss for its portion of MapKure’s losses. The Company’s investment in MapKure is included in “Equity method investments” in the consolidated balance sheet. As of December 31, 2022, the Company’s maximum exposure to loss as a result of the Company’s involvement with MapKure is $7.0 million, representing the carrying value of the investment of $4.2 million plus the unfunded obligation of $2.8 million. In January 2023, pursuant to terms of the Series B preferred unit purchase agreement, the Company purchased an additional 2,800,000 Series B preferred units of MapKure for $2.8 million.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2022, the Company had obligations consisting of operating leases for facilities. Refer to Footnote 7: Leases for more information. The Company enters into contracts in the normal course of business for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice and therefore the Company believes that non-cancelable obligations under these agreements are not material. Additionally, the Company has excluded milestone or royalty payments or other contractual payment obligations as the timing and amounts of such obligations are unknown or uncertain. Contingencies From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can reasonably be made. As of December 31, 2022, and December 31, 2021, there was no litigation or contingency that created at least a reasonable possibility of a material loss.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

As of December 31, 2022 and December 31, 2021, the Company did not have a current or deferred income tax expense or benefit as the Company has incurred losses since inception.

As of December 31, 2022, the Company has federal, state and city net operating loss carryforwards of $368.3 million, $260.9 million and $3.7 million, respectively, which are available to reduce future taxable income. Federal net operating loss carryforwards generated 2018 through 2022 of $364.0 million, will be available to offset 80% of taxable income for an indefinite period of time, until fully utilized. Federal net operating loss carryforwards of $4.3 million reported in 2017, and the state and city net operating loss carryforwards expire at various dates through 2040. The Company also has federal tax credits of $22.7 million, which may be used to offset future tax liabilities. These tax credit carryforwards will expire at various dates beginning in 2038.

The net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions and other provisions within the Internal Revenue Code. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to an ownership change. Subsequent ownership changes may further affect the limitation in future years.

The Company has not recorded any reserves for uncertain tax positions as of December 31, 2022 or December 31, 2021. The Company has completed a study for the research and development credit carryforwards through December 31, 2021, and has not yet conducted a study of research and development credit carryforwards for the year ended December 31, 2022. The 2022 study, once completed, may result in an adjustment to the Company’s research and development credit carryforwards. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheets or statements of operations and comprehensive loss if an adjustment were required.

Interest and penalty charges, if any, related to unrecognized tax benefits will be classified as income tax expense in the accompanying statements of operations and comprehensive loss. As of December 31, 2022, the Company had no accrued interest or penalties related to uncertain tax positions.

Since the Company is in a loss carryforward position, it is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available. The Company is not currently under examination by the Internal Revenue Service or any other jurisdictions for any tax years.

The principal components of deferred tax assets and liabilities are as follows:


	As of December 31,
(in thousands)	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	93,032	$	63,418
Research and development credits	3,422		2,581
Orphan drug credit	19,401		14,198
Accrued expenses	136		18
Depreciation	—		128
Capitalized research and development	21,262		—
Stock compensation	20,286		8,476
Operating lease liabilities	1,103		271
Partnership investment	286		356
Total deferred tax assets	158,928		89,446
Deferred tax liability:
Operating lease right-of-use assets	(987)		(212)
Depreciation	(113)		—
Other	(2)		(2)
Valuation allowance	(157,826)		(89,232)
Net deferred tax assets	$	—	$	—

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all evidence, both positive and negative, the Company has recorded a full valuation allowance against its deferred tax assets at December 31, 2022 and December 31, 2021 because the Company’s management has determined that it is more likely than not that these assets will not be realized. The increase in the valuation allowance of $68.6 million in 2022 primarily relates to the net loss incurred by the Company as well as federal research and orphan drug credits generated.

The effective tax rate for the Company for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 was zero percent. A reconciliation of the income tax expense at the federal statutory tax rate to the Company’s effective income tax rate follows:


	Year Ended December 31,
	2022		2021		2020
Statutory tax rate	21.00	%	21.00	%	21.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	2.33		5.15		—
Stock-based compensation	(0.77)		(0.03)		0.55
Research and development credit	0.27		0.50		2.12
Orphan drug credit	1.87		4.99		11.95
Other	—		—		0.02
Change in valuation allowance	(24.70)		(31.61)		(35.64)
Effective tax rate	—	%	—	%	—	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
401(k) Plan	401(k) PlanIn 2017, the Company adopted a tax-qualified employee savings and retirement plan, or the 401(k) Plan, that covers all of its full-time employees who are at least 21 years of age. Pursuant to the 401(k) Plan, participants may elect to contribute up to the federally allowed maximum limits of their pretax earnings to the 401(k) Plan. Prior to January 1, 2021, the Company did not make any matching contributions. For the year ended December 31, 2022, expense for matching contributions totaling $1.0 million was included in the statement of operations.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company did not have any related party transactions for the years ended December 31, 2022, December 31, 2021 or December 31, 2020.

Net Loss per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share

Basic and diluted net loss per unit and share is calculated as follows:


	Year Ended December 31,
(in thousands, except share and per-share data)	2022		2021		2020
Numerator:
Net loss	$	(277,417)	$	(173,910)	$	(45,574)
Net loss attributable to common stockholders	(277,417)		(173,910)		(45,574)
Denominator:
Weighted average shares outstanding, basic and diluted	53,290,528		48,497,790		43,300,063
Net loss per share, basic and diluted	$	(5.21)	$	(3.59)	$	(1.05)

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of December 31,
	2022	2021
Common stock options issued and outstanding	9,176,815	6,713,413
Restricted stock units subject to future vesting	671,954	—
Restricted stock awards subject to future vesting	221,759	470,310
Total potentially dilutive securities	10,070,528	7,183,723

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of SpringWorks Therapeutics, Inc. and its subsidiaries, collectively, the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued research and development expenses and the valuation of stock-based compensation awards. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known.
Segment Information	Segment InformationOperating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents.
Marketable Securities	Marketable Securities Marketable debt securities are reported at fair value with unrealized gains and losses included in Accumulated other comprehensive income. Each reporting period, the Company evaluates whether there are declines in fair value below amortized cost and if these declines are due to credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. If both criteria regarding the intent or ability to hold are met, any decline in fair value due to credit losses is recorded as an allowance through Other income (expense) on the Company’s consolidated statements of operations; limited by the amount that the fair value is less than the amortized costs basis. If either criteria is not met, any previously recorded allowance for credit losses and any excess amortized cost basis over fair value is recorded in Other income (expense) on the Company’s consolidated statements of operations. As of, and for the years ended December 31, 2022 and December 31, 2021, the Company did not have any allowance for credit losses or impairments of its marketable securities.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and available-for-sale marketable securities. The Company maintains each of its cash, cash equivalent balances and marketable securities balances with high quality, financial institutions and the Company’s marketable securities are invested in high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities and commercial paper.
Property and Equipment	Property and Equipment Property and equipment consist of computer equipment, software, furniture and leasehold improvements and are recorded at cost. Property and equipment are depreciated on a straight-line basis over their estimated useful lives.
Revenue	Revenue The Company recognizes revenue for consideration received related to the development and commercialization of medicines, which is conducted through various means, including in-house development by the Company, joint development or collaboration agreements with third parties, sale or out licensing of product rights, and others. The terms of these arrangements and agreements may contain multiple promised goods and services, which may include licenses, know-how, drug product, related agreements and other deliverables. Payments to the Company under these arrangements may include one or more of the following: upfront license fees; milestone payments; and royalties on future product sales. Arrangements Within the Scope of ASC 606, Revenue from Contracts with Customers The Company recognizes revenue in accordance with ASC 606, which applies to all contracts with customers, except for contracts that are within the scope of other standards, such as collaboration arrangements and leases. Pursuant to ASC 606, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company determines it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies its performance obligation(s). As part of the accounting for these arrangements, the Company may be required to make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations. The Company assesses whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and may require management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct, the Company considers factors such as the research, 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, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time based on the use of an output or input method that most faithfully depicts the transfer of goods and services to the customer. Licenses of intellectual property: The terms of the Company’s license agreements include the license of functional intellectual property, given the functionality of the intellectual property is not expected to change substantially as a result of the Company’s ongoing activities. For licenses that are bundled with other promises (that is, for licenses that are not distinct from other promised goods and services in an arrangement), the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Up-front Fees: If a license agreement is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the license is deemed to be the predominant item and if the combined performance obligation is satisfied over time or at a point in time. Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), 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. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments such as developmental and regulatory approval milestones, are generally not considered probable of being achieved until the related activity has been achieved, due to the uncertain nature of the success of clinical trials and obtaining regulatory approvals, which make it unlikely that a significant revenue reversal could be deemed not probable, until such time that the related event has occurred. Royalties: For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all the royalty has been allocated has been satisfied (or partially satisfied). Reimbursement, cost-sharing and profit-sharing payments: Under certain arrangements, the Company has been reimbursed for a portion of its research and development expenses or participates in the cost-sharing of such research and development expenses. Such reimbursements and cost-sharing arrangements have been reflected in research and development expense in the Company’s consolidated statements of operations, as the Company does not consider performing research and development services for reimbursement to be a part of its ongoing major or central operations.
Research and Development	Research and Development In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the U.S. Food and Drug Administration, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, equity-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities, including expenses associated with particular activities performed by contract research organizations, investigative sites in connection with clinical trials and contract manufacturing organizations, are recognized based on an evaluation of the progress or completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on actual activities completed or costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of expense recognition. Expenses for research and development activities incurred that have yet to be invoiced by the vendors that perform the related activities are reflected in the consolidated financial statements as accrued expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
General and Administrative	General and Administrative General and administrative expenses consist primarily of salaries and related costs, including stock-based compensation for personnel in executive, finance, corporate, commercial, business development and administrative functions. General and administrative expenses also include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax and consulting services; insurance costs; administrative travel expenses; and facility-related expenses, which include direct depreciation costs and expenses for rent and maintenance of facilities and other operating expenses.
Equity-based compensation expense	Equity-based compensation expense The Company accounts for employee equity-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which requires all equity-based awards to employees and non-employee directors be recognized as expense in the statement of operations based on the grant date fair value of the awards. The Company’s equity-based awards generally vest over three or four years. Stock compensation expense is recognized using the straight-line method, based on the grant date fair value, over the requisite service period of the award, which is generally the vesting term. For awards subject to performance conditions, as well as awards containing both market and performance conditions, the Company recognizes equity award compensation expense using an accelerated recognition method over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date. The Company recognizes forfeitures at the time of the actual forfeiture event in accordance with the adoption of the guidance per Accounting Standard Update, or ASU, No. 2016-9. The grant-date fair value of performance-based awards with market conditions is estimated using a Monte Carlo simulation method that incorporates the probability of the performance conditions being met as of the grant date. For stock options issued, the Company estimates the grant date fair value and the resulting stock-based compensation expense using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of certain subjective assumptions which determine the fair value of stock-based awards. Inputs used in the Black-Scholes option-pricing model are: •Fair value of common stock, which is the current trading price of the Company’s common stock. •Expected term — The expected term represents the period that the equity-based awards are expected to be outstanding. The Company uses the simplified method to calculate the expected term due to the limited Company-specific historical information available for the Company. •Expected volatility — The Company lacks Company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based primarily on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock. •Risk-free interest rate — The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the awards. •Expected dividend — The Company has never paid dividends on its common units or stock and has no plans to pay dividends on its common stock. Therefore, the expected dividend yield is zero.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share excludes the potential impact of unvested restricted stock and stock options because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same.
Income Taxes	Income Taxes Income taxes are accounted for using the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its filings or positions is more likely than not to be realized following resolution of any potential contingencies related to the tax benefit. Potential interest related to the underpayment of income taxes will be classified as a component of income tax expense and any related penalties will be classified in income tax expenses in the statement of operations.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Adopted and Recently Issued Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of available-for-sale marketable securities

The following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2022 and December 31, 2021 at net book value:


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	232,229	$	—	$	(690)	$	231,539
Non-U.S. government securities	9,388		—		(31)		9,357
Corporate debt securities	45,710		—		(44)		45,666
Commercial paper	238,160		—		—		238,160
Long-term investments:
Corporate debt securities	4,796				(2)		4,794
Total	$	530,283	$	—	$	(767)	$	529,516


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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets subject to fair value measurements

The following tables sets forth the fair value hierarchy of the Company’s financial assets and liabilities measured on a recurring basis as of December 31, 2022 and December 31, 2021:


	As of December 31, 2022
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	22,494	$	22,494	$	—	$	—

Short-term investments:
U.S. government securities	231,539		231,539		—		—
Non-U.S. government securities	9,357		—		9,357		—
Corporate debt securities	45,666		—		45,666		—
Commercial paper	238,160		—		238,160		—
Long-term investments:

Corporate debt securities	4,794		—		4,794		—
Total	$	552,010	$	254,033	$	297,977	$	—


	As of December 31, 2021
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	89,905	$	89,905	$	—	$	—
Short-term investments:
U.S. government securities	104,967		104,967		—		—
Corporate debt securities	78,677		—		78,677		—
Commercial paper	85,896		—		85,896		—
Long-term investments:
U.S. government securities	59,230		59,230		—		—
Total	$	418,675	$	254,102	$	164,573	$	—

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021		Useful Life
Leasehold improvements	$	826	$	1,357	Length of lease or 5 years, whichever is shorter
Computer equipment	368		157		3-5 years
Furniture	437		360		5 years
Software	6,048		361		3-10 years
Construction in process	7,137		1,971
Property and equipment, gross	14,816		4,206
Less accumulated depreciation	(1,245)		(1,019)
Property and equipment, net	$	13,571	$	3,187

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Various Schedules related to operating leases

The components of lease cost recorded in the Company’s consolidated statement of operations were as follows:


	Twelve Months Ended December 31,
(in thousands)	2022		2021		2020
Operating lease cost
Fixed	$	1,131	$	993	$	1,049
Variable	336		548		486
Total lease cost	$	1,467	$	1,541	$	1,535

The weighted-average remaining lease term and discount rate related to the Company’s leases were as follows:


	As of December 31, 2022		As of December 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	5.2		1.1
Weighted-average discount rate
Operating leases	4.2	%	3.5	%

Supplemental cash flow information related to the Company’s leases was as follows:


(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	859	$	1,388	$	1,411
Right-of-use assets obtained in exchange for new operating lease liabilities	5,580		—		31

Schedule of operating lease assets and liabilities

The Company’s leases are included on its consolidated balance sheets as follows:


(in thousands)	As of December 31, 2022		As of December 31, 2021
Operating leases
Operating lease right-of-use-assets	$	4,698	$	1,010
Total operating lease assets	$	4,698	$	1,010

Operating lease liabilities, current	$	483	$	1,162
Operating lease liabilities, long-term	4,768		129
Total operating lease liabilities	$	5,251	$	1,291

Schedule of future minimum lease obligations

Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2022 were as follows:


(in thousands)	Operating Leases
2023	$	783
2024	1,155
2025	1,184
2026	1,213
2027	1,244
Thereafter	424
Total lease payments	6,003
Less: imputed interest	(752)
Present value of lease liabilities	$	5,251

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
(in thousands)	2022		2021
Accrued professional fees	$	1,780	$	1,108
Accrued compensation and benefits	19,142		12,081
Accrued research and development	12,321		10,069
Accrued other	5,999		2,120
Total accrued expenses	$	39,242	$	25,378

Equity Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

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

The Company recorded total equity-based compensation expense for the periods presented as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Research and development	$	29,373	$	14,664	$	3,055
General and administrative	43,592		23,780		6,979
Total equity compensation expense	$	72,965	$	38,444	$	10,034

Summary of the changes in the company's options during the period

summary of the changes in the Company’s stock options during the periods presented is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Intrinsic Aggregate Value
Outstanding at December 31, 2019	3,225,725	$	5.08	9.4	$	107,771,472
Granted	1,580,788	35.90		—	—
Exercised	(190,484)	4.69		—	—
Forfeited/cancelled	(110,483)	23.49		—	—
Outstanding at December 31, 2020	4,505,546	15.51		8.7	256,860,405
Granted	2,547,813	73.37		—	—
Exercised	(151,643)	7.62		—	—
Forfeited/cancelled	(188,303)	37.34		—	—
Outstanding at December 31, 2021	6,713,413	37.03		8.2	196,012,147
Granted	3,207,347	43.28		—	—
Exercised	(223,467)	8.84		—	—
Forfeited/cancelled	(520,478)	68.33		—	—
Outstanding at December 31, 2022	9,176,815	38.13		8.0	53,719,297
Exercisable at December 31, 2022	4,392,905	28.15		7.1	48,765,645

Summary of share-based payment arrangement, restricted stock and restricted stock unit, activity

A summary of the changes in the Company’s restricted stock awards for the periods presented is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2019	1,289,437	$	1.21
Vested	(588,345)	1.14
Forfeited	(14,224)	1.45
Unvested and outstanding at December 31, 2020	686,868	1.26
Granted	332,226	73.31
Vested	(493,309)	1.19
Forfeited	(55,475)	13.75
Unvested and outstanding at December 31, 2021	470,310	50.76
Granted	36,625	61.74
Vested	(257,219)	32.03
Forfeited	(27,957)	79.25
Unvested and outstanding at December 31, 2022	221,759	70.71

The following table summarizes restricted stock unit activity for the year ended December 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2021	—	$	—
Granted	738,508	49.77
Vested	(24,369)	24.62
Forfeited	(42,185)	58.76
Unvested and outstanding at December 31, 2022	671,954	50.11

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of principal components of the Subsidiaries deferred tax assets

The principal components of deferred tax assets and liabilities are as follows:


	As of December 31,
(in thousands)	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	93,032	$	63,418
Research and development credits	3,422		2,581
Orphan drug credit	19,401		14,198
Accrued expenses	136		18
Depreciation	—		128
Capitalized research and development	21,262		—
Stock compensation	20,286		8,476
Operating lease liabilities	1,103		271
Partnership investment	286		356
Total deferred tax assets	158,928		89,446
Deferred tax liability:
Operating lease right-of-use assets	(987)		(212)
Depreciation	(113)		—
Other	(2)		(2)
Valuation allowance	(157,826)		(89,232)
Net deferred tax assets	$	—	$	—

Schedule of reconciliation of U.S. statutory income tax rate to effective tax rate

A reconciliation of the income tax expense at the federal statutory tax rate to the Company’s effective income tax rate follows:


	Year Ended December 31,
	2022		2021		2020
Statutory tax rate	21.00	%	21.00	%	21.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	2.33		5.15		—
Stock-based compensation	(0.77)		(0.03)		0.55
Research and development credit	0.27		0.50		2.12
Orphan drug credit	1.87		4.99		11.95
Other	—		—		0.02
Change in valuation allowance	(24.70)		(31.61)		(35.64)
Effective tax rate	—	%	—	%	—	%

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

Basic and diluted net loss per unit and share is calculated as follows:


	Year Ended December 31,
(in thousands, except share and per-share data)	2022		2021		2020
Numerator:
Net loss	$	(277,417)	$	(173,910)	$	(45,574)
Net loss attributable to common stockholders	(277,417)		(173,910)		(45,574)
Denominator:
Weighted average shares outstanding, basic and diluted	53,290,528		48,497,790		43,300,063
Net loss per share, basic and diluted	$	(5.21)	$	(3.59)	$	(1.05)

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

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of December 31,
	2022	2021
Common stock options issued and outstanding	9,176,815	6,713,413
Restricted stock units subject to future vesting	671,954	—
Restricted stock awards subject to future vesting	221,759	470,310
Total potentially dilutive securities	10,070,528	7,183,723

Nature of Operations (Details) $ / shares in Units, $ in Millions					1 Months Ended	12 Months Ended
	Sep. 07, 2022 USD ($) $ / shares shares	Sep. 06, 2022 USD ($) $ / shares shares	Feb. 25, 2021 USD ($)	Oct. 13, 2020 USD ($) $ / shares shares	Sep. 30, 2022	Dec. 31, 2022 USD ($) trial shares
Collaborative Arrangement and Arrangement Other than Collaborative
Number of clinical trials \| trial						2
Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares) \| shares	8,650,520			5,637,254
Sales price (usd per share) \| $ / shares	$ 26.01
Sale of stock, consideration received on transaction	$ 225.0
Sale of stock, consideration received on transaction	$ 216.8
Private Placement \| GSK
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares) \| shares		2,050,819
Sales price (usd per share) \| $ / shares		$ 36.57
Sale of stock, consideration received on transaction		$ 75.0
Premium rate paid on weighted average share price (percent)		25.00%
Premium term (days)		30 days			30 days
At-The-Market Offering \| Cowen And Company, LLC
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares) \| shares						2,247,500
Sale of stock, consideration received on transaction						$ 69.7
Sale of stock, consideration received on transaction			$ 200.0			67.8
Commission fee						1.9
Sale of stock, shares remaining in offering, value						$ 130.3
Underwriter's option
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares) \| shares				735,294
Sales price (usd per share) \| $ / shares				$ 51.00
Sale of stock, consideration received on transaction				$ 269.5

Risks and Liquidity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Accumulated deficit	$ (569,930)	$ (292,513)
Working capital	548,700	352,900
Cash, cash equivalents and marketable securities	$ 597,000	$ 432,700

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Number of operating segments \| segment	1
Cash and cash equivalents	$ 67,490,000	$ 103,961,000
Expected dividend yield	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation vesting period (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation vesting period (in years)	4 years

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Marketable securities:
Amortized Cost	$ 530,283	$ 329,082
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(767)	(315)
Estimated Fair Value	529,516	328,770
Short-term investments \| U.S. government securities
Marketable securities:
Amortized Cost	232,229	105,043
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(690)	(79)
Estimated Fair Value	231,539	104,967
Short-term investments \| Non-U.S. government securities
Marketable securities:
Amortized Cost	9,388
Gross Unrealized Gains	0
Gross Unrealized Losses	(31)
Estimated Fair Value	9,357
Short-term investments \| Corporate debt securities
Marketable securities:
Amortized Cost	45,710	78,729
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(44)	(52)
Estimated Fair Value	45,666	78,677
Short-term investments \| Commercial paper
Marketable securities:
Amortized Cost	238,160	85,896
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	238,160	85,896
Long-term investments \| U.S. government securities
Marketable securities:
Amortized Cost		59,414
Gross Unrealized Gains		0
Gross Unrealized Losses		(184)
Estimated Fair Value		$ 59,230
Long-term investments \| Corporate debt securities
Marketable securities:
Amortized Cost	4,796
Gross Unrealized Gains
Gross Unrealized Losses	(2)
Estimated Fair Value	$ 4,794

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Total financial assets	$ 552,010	$ 418,675
U.S. government securities
Fair Value Measurements
Short-term investments	231,539
U.S. government securities \| Marketable securities
Fair Value Measurements
Short-term investments		104,967
U.S. government securities \| Long-term marketable securities
Fair Value Measurements
Long-term investment		59,230
Non-U.S. government securities
Fair Value Measurements
Short-term investments	9,357
Corporate debt securities
Fair Value Measurements
Short-term investments		78,677
Corporate debt securities \| Marketable securities
Fair Value Measurements
Short-term investments	45,666
Corporate debt securities \| Long-term marketable securities
Fair Value Measurements
Short-term investments	4,794
Commercial paper
Fair Value Measurements
Short-term investments	238,160	85,896
Money market funds
Fair Value Measurements
Cash equivalents	22,494	89,905
Level 1
Fair Value Measurements
Total financial assets	254,033	254,102
Level 1 \| U.S. government securities
Fair Value Measurements
Short-term investments	231,539
Level 1 \| U.S. government securities \| Marketable securities
Fair Value Measurements
Short-term investments		104,967
Level 1 \| U.S. government securities \| Long-term marketable securities
Fair Value Measurements
Long-term investment		59,230
Level 1 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments	0
Level 1 \| Corporate debt securities
Fair Value Measurements
Short-term investments		0
Level 1 \| Corporate debt securities \| Marketable securities
Fair Value Measurements
Short-term investments	0
Level 1 \| Corporate debt securities \| Long-term marketable securities
Fair Value Measurements
Short-term investments	0
Level 1 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 1 \| Money market funds
Fair Value Measurements
Cash equivalents	22,494	89,905
Level 2
Fair Value Measurements
Total financial assets	297,977	164,573
Level 2 \| U.S. government securities
Fair Value Measurements
Short-term investments	0
Level 2 \| U.S. government securities \| Marketable securities
Fair Value Measurements
Short-term investments		0
Level 2 \| U.S. government securities \| Long-term marketable securities
Fair Value Measurements
Long-term investment		0
Level 2 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments	9,357
Level 2 \| Corporate debt securities
Fair Value Measurements
Short-term investments		78,677
Level 2 \| Corporate debt securities \| Marketable securities
Fair Value Measurements
Short-term investments	45,666
Level 2 \| Corporate debt securities \| Long-term marketable securities
Fair Value Measurements
Short-term investments	4,794
Level 2 \| Commercial paper
Fair Value Measurements
Short-term investments	238,160	85,896
Level 2 \| Money market funds
Fair Value Measurements
Cash equivalents	0	0
Level 3
Fair Value Measurements
Total financial assets	0	0
Level 3 \| U.S. government securities
Fair Value Measurements
Short-term investments	0
Level 3 \| U.S. government securities \| Marketable securities
Fair Value Measurements
Short-term investments		0
Level 3 \| U.S. government securities \| Long-term marketable securities
Fair Value Measurements
Long-term investment		0
Level 3 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments	0
Level 3 \| Corporate debt securities
Fair Value Measurements
Short-term investments		0
Level 3 \| Corporate debt securities \| Marketable securities
Fair Value Measurements
Short-term investments	0
Level 3 \| Corporate debt securities \| Long-term marketable securities
Fair Value Measurements
Short-term investments	0
Level 3 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 3 \| Money market funds
Fair Value Measurements
Cash equivalents	$ 0	$ 0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment
Property and equipment, gross	$ 14,816	$ 4,206
Less accumulated depreciation	(1,245)	(1,019)
Property and equipment, net	13,571	3,187
Leasehold improvements
Property and Equipment
Property and equipment, gross	$ 826	1,357
Leasehold improvements \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	5 years
Computer equipment
Property and Equipment
Property and equipment, gross	$ 368	157
Computer equipment \| Minimum
Property and Equipment
Property, plant and equipment, useful life (in years)	3 years
Computer equipment \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	5 years
Furniture
Property and Equipment
Property and equipment, gross	$ 437	360
Property, plant and equipment, useful life (in years)	5 years
Software
Property and Equipment
Property and equipment, gross	$ 6,048	361
Software \| Minimum
Property and Equipment
Property, plant and equipment, useful life (in years)	3 years
Software \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	10 years
Construction in process
Property and Equipment
Property and equipment, gross	$ 7,137	$ 1,971

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 765	$ 490	$ 349

Leases - Narrative (Details) $ in Millions	1 Months Ended
Leases - Narrative (Details) $ in Millions	Oct. 31, 2018 USD ($)	Aug. 31, 2018 option	Jan. 31, 2022 option
Stamford, CT
Leases
Cash received from previous tenant \| $	$ 1.5
Security deposit \| $	$ 0.5
Annual increase in lease payments (as a percent)			2.50%
Stamford, CT \| Option One
Leases
Number of renewal options			2
Renewal term (in years)			5 years
Stamford, CT \| Option Two
Leases
Number of renewal options			1
Renewal term (in years)			10 years
Durham, NC
Leases
Number of renewal options		2
Renewal term (in years)		5 years
Annual increase in lease payments (as a percent)		2.75%
Lease term (in years)		5 years
Durham, NC \| Minimum
Leases
Number of years the lease payment will increase		4 years
Durham, NC \| Maximum
Leases
Number of years the lease payment will increase		5 years

Leases - Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost
Fixed	$ 1,131	$ 993	$ 1,049
Variable	336	548	486
Total lease cost	$ 1,467	$ 1,541	$ 1,535

Leases - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 4,698	$ 1,010	$ 2,879
Operating lease liabilities, current	483	1,162
Operating lease liabilities, long-term	4,768	129
Total operating lease liabilities	$ 5,251	$ 1,291	$ 4,030

Leases - Future Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2023	$ 783
2024	1,155
2025	1,184
2026	1,213
2027	1,244
Thereafter	424
Total lease payments	6,003
Less: imputed interest	(752)
Present value of lease liabilities	$ 5,251	$ 1,291	$ 4,030

Leases - Supplemental Information (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease term (in years)
Operating leases -Weighted-average remaining lease term (in years)	5 years 2 months 12 days	1 year 1 month 6 days
Weighted-average discount rate
Operating leases - Weighted-average discount rate	4.20%	3.50%

Leases - Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 859	$ 1,388	$ 1,411
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,580	$ 0	$ 31

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued professional fees	$ 1,780	$ 1,108
Accrued compensation and benefits	19,142	12,081
Accrued research and development	12,321	10,069
Accrued other	5,999	2,120
Total accrued expenses	$ 39,242	$ 25,378

Equity Based Compensation - Equity-based compensation expense related to restricted stock and stock options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity compensation expense	$ 72,965	$ 38,444	$ 10,034
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity compensation expense	29,373	14,664	3,055
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity compensation expense	$ 43,592	$ 23,780	$ 6,979

Equity Based Compensation - 2019 Equity Incentive Plan (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of annual increase in the shares		5.00%
Number of shares authorized for issuance (in shares)	3,162,205
2019 Equity Incentive Plan \| Employee and Non employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	3 years
2019 Equity Incentive Plan \| Employee and Non employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years

Equity Based Compensation - 2019 Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Dec. 31, 2022	Aug. 30, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Minimum risk-free interest rate	1.46%
Maximum risk-free interest rate	4.23%
Expected dividend yield	0.00%
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term	5 years 6 months
Expected volatility	71.20%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term	6 years 1 month 6 days
Expected volatility	76.40%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for future issuance (in shares)		442,153
Automatic increase in to shares authorized by the number of shares (in shares)		663,229
Automatic increase in to shares authorized as percentage of outstanding stock		1.00%
Number of shares authorized for issuance (in shares)	1,852,890

Equity Based Compensation - Stock options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at the beginning (in shares)	6,713,413	4,505,546	3,225,725
Granted (in shares)	3,207,347	2,547,813	1,580,788
Exercised (in shares)	(223,467)	(151,643)	(190,484)
Forfeited/cancelled (in shares)	(520,478)	(188,303)	(110,483)
Outstanding at the end (in shares)	9,176,815	6,713,413	4,505,546	3,225,725
Exercisable (in shares)	4,392,905
Weighted Average Exercise Price
Outstanding at the beginning (usd per share)	$ 37.03	$ 15.51	$ 5.08
Granted (usd per share)	43.28	73.37	35.90
Exercised (usd per share)	8.84	7.62	4.69
Forfeited/cancelled (usd per share)	68.33	37.34	23.49
Outstanding at the end (usd per share)	38.13	$ 37.03	$ 15.51	$ 5.08
Exercisable (usd per share)	$ 28.15
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at the end (in years)	8 years	8 years 2 months 12 days	8 years 8 months 12 days	9 years 4 months 24 days
Exercisable (in years)	7 years 1 month 6 days
Outstanding at the end	$ 53,719,297	$ 196,012,147	$ 256,860,405	$ 107,771,472
Exercisable	$ 48,765,645

Equity Based Compensation - CEO Performance Award (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2019 installment $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award
Incentive units issued (in shares)		3,207,347	2,547,813	1,580,788
Exercisable (in shares)		4,392,905
Stock compensation expense \| $		$ 72,965	$ 38,444	$ 10,034
CEO Performance Award \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Exercisable (in shares)		33,077
Unrecognized compensation expense, options \| $		$ 137,400
Share compensation recognition period		2 years 6 months 29 days
Stock compensation expense \| $		$ 54,300
CEO Performance Award \| CEO \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Incentive units issued (in shares)	176,411
Vesting period , number of monthly installments \| installment	48
Service of CEO	4 years
Vesting period (in years)	4 years
Number of trading day on which average closing price is based	60 days
Average closing price (usd per share) \| $ / shares	$ 28.49

Equity Based Compensation - Restricted stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Grant Date Fair Value
Stock compensation expense	$ 72,965	$ 38,444	$ 10,034
Restricted stock
Number of shares/units
Unvested and outstanding at the beginning (in shares)	470,310	686,868	1,289,437
Granted (in shares)	36,625	332,226
Vested (in shares)	(257,219)	(493,309)	(588,345)
Forfeited (in shares)	(27,957)	(55,475)	(14,224)
Unvested and outstanding at the end (in shares)	221,759	470,310	686,868
Weighted Average Grant Date Fair Value
Outstanding at the beginning (in dollars per share)	$ 50.76	$ 1.26	$ 1.21
Granted (in dollars per share)	61.74	73.31
Vested (in dollars per share)	32.03	1.19	1.14
Forfeited (in dollars per share)	79.25	13.75	1.45
Unvested and outstanding at the end (in dollars per share)	$ 70.71	$ 50.76	$ 1.26
Unrecognized compensation expense, options	$ 10,700
Share compensation recognition period	1 year 5 months 15 days
Stock compensation expense	$ 7,900
Restricted stock units
Number of shares/units
Unvested and outstanding at the beginning (in shares)	0
Granted (in shares)	738,508
Vested (in shares)	(24,369)
Forfeited (in shares)	(42,185)
Unvested and outstanding at the end (in shares)	671,954	0
Weighted Average Grant Date Fair Value
Outstanding at the beginning (in dollars per share)	$ 0
Granted (in dollars per share)	49.77
Vested (in dollars per share)	24.62
Forfeited (in dollars per share)	58.76
Unvested and outstanding at the end (in dollars per share)	$ 50.11	$ 0
Unrecognized compensation expense, options	$ 23,600
Share compensation recognition period	2 years 1 month 13 days
Stock compensation expense	$ 10,700

License and Collaboration Agreements (Details)				1 Months Ended			3 Months Ended	12 Months Ended
License and Collaboration Agreements (Details)	Sep. 07, 2022 USD ($) $ / shares shares	Sep. 06, 2022 USD ($) $ / shares shares	Oct. 13, 2020 shares	Sep. 30, 2022 USD ($)	May 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2017 USD ($) trial shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Research and Development Arrangement, Contract to Perform for Others
Preferred stock, shares issued (in shares) \| shares								0	0
Research and development expenses								$ 146,122,000	$ 101,676,000	$ 51,859,000
Common stock, value issued								6,000	5,000
Private Placement
Research and Development Arrangement, Contract to Perform for Others
Sale of stock (in shares) \| shares	8,650,520		5,637,254
Sale of stock, consideration received on transaction	$ 225,000,000
Sales price (usd per share) \| $ / shares	$ 26.01
Asset Purchase and Exclusive License Agreement \| Katholieke Universiteit Leuven
Research and Development Arrangement, Contract to Perform for Others
Upfront payment					$ 11,000,000
Potential future payments					$ 285,000,000
Pfizer \| License agreement
Research and Development Arrangement, Contract to Perform for Others
Number of license agreements with rights to certain technologies \| trial							4
Minimum period after first commercial sale on country-by-country basis							10 years
Pfizer \| License agreement \| Nirogacestat
Research and Development Arrangement, Contract to Perform for Others
Maximum milestone payments under agreement							$ 232,500,000
Pfizer \| License agreement \| Mirdametinib
Research and Development Arrangement, Contract to Perform for Others
Maximum milestone payments under agreement							$ 229,800,000
Pfizer \| License agreement \| Junior Series A convertible preferred unit
Research and Development Arrangement, Contract to Perform for Others
Preferred stock, shares issued (in shares) \| shares							6,437,500
Gross cash proceeds from issuance							$ 0
BeiGene \| Clinical collaboration agreement
Research and Development Arrangement, Contract to Perform for Others
Research and development expenses								$ 1,100,000	$ 1,100,000	$ 900,000
GSK \| Private Placement
Research and Development Arrangement, Contract to Perform for Others
Sale of stock (in shares) \| shares		2,050,819
Sale of stock, consideration received on transaction		$ 75,000,000
Sales price (usd per share) \| $ / shares		$ 36.57
Premium rate paid on weighted average share price (percent)		25.00%
Premium term (days)		30 days		30 days
Common stock, value issued				$ 55,500,000
Other liabilities				19,500,000
Collaborative arrangement, maximum proceeds from achievement of commercial milestone				$ 550,000,000
Jazz Pharmaceuticals Ireland Limited \| Asset Purchase and Exclusive License Agreement
Research and Development Arrangement, Contract to Perform for Others
Upfront payment						$ 35,000,000
Jazz Pharmaceuticals Ireland Limited \| Asset Purchase and Exclusive License Agreement \| Maximum
Research and Development Arrangement, Contract to Perform for Others
Potential future payments						$ 375,000,000

Investments (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
Investments (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jun. 30, 2022	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Investment					$ 4,193	$ 2,883
Additional investment					4,200	0	$ 3,500
Equity investment loss					2,890	$ 988	$ 605
Series A Preferred Stock
Schedule of Equity Method Investments
Shares purchased (in shares)			3,500,000
MapKure
Schedule of Equity Method Investments
Investment					4,200
Unfunded obligation					2,800
Equity investment loss					2,900
Maximum risk exposure					$ 7,000
MapKure \| Series A Preferred Stock
Schedule of Equity Method Investments
Shares purchased (in shares)				3,500,000
Ownership interest			38.90%	25.00%	38.90%
Investment			$ 3,500	$ 3,500
MapKure \| Series B Preferred Stock
Schedule of Equity Method Investments
Shares purchased (in shares)		4,200,000
Additional investment		$ 4,200
MapKure \| Series B Preferred Stock \| Subsequent Event
Schedule of Equity Method Investments
Purchase obligation (in shares)	2,800,000
Unfunded obligation	$ 2,800

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Net operating loss carryforwards, domestic	$ 368,300,000
Net operating loss carryforwards	$ 364,000,000
Available to offset	80.00%
Operating loss carryforward subject to expiration	$ 4,300,000
Tax credit carryforwards	22,700,000
Accrued interest or penalties	0
Increase in valuation allowance	$ 68,600,000
Effective tax rate	0.00%	0.00%	0.00%
State
Income Taxes
Net operating loss carryforwards, domestic state and city	$ 260,900,000
City
Income Taxes
Net operating loss carryforwards, domestic state and city	$ 3,700,000

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 93,032	$ 63,418
Research and development credits	3,422	2,581
Orphan drug credit	19,401	14,198
Accrued expenses	136	18
Depreciation	0	128
Capitalized research and development	21,262	0
Stock compensation	20,286	8,476
Operating lease liabilities	1,103	271
Partnership investment	286	356
Total deferred tax assets	158,928	89,446
Deferred tax liability:
Operating lease right-of-use assets	(987)	(212)
Depreciation	(113)	0
Other	(2)	(2)
Valuation allowance	(157,826)	(89,232)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the U.S. statutory income tax rate to the Company's effective tax rate
Statutory tax rate	21.00%	21.00%	21.00%
U.S. state and local income taxes, net of U.S. federal income tax benefit	2.33%	5.15%	0.00%
Stock-based compensation	(0.77%)	(0.03%)	0.55%
Research and development credit	0.27%	0.50%	2.12%
Orphan drug credit	1.87%	4.99%	11.95%
Other	0.00%	0.00%	0.02%
Change in valuation allowance	(24.70%)	(31.61%)	(35.64%)
Effective tax rate	0.00%	0.00%	0.00%

401(k) Plan (Details) $ in Millions	12 Months Ended
401(k) Plan (Details) $ in Millions	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Contribution expense	$ 1.0

Net Loss per Share - Basic and diluted net loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (277,417)	$ (173,910)	$ (45,574)
Net loss attributable to common stockholders, basic	(277,417)	(173,910)	(45,574)
Net loss attributable to common stockholders, diluted	$ (277,417)	$ (173,910)	$ (45,574)
Denominator:
Weighted average number of shares outstanding, basic (in shares)	53,290,528	48,497,790	43,300,063
Weighted average number of shares outstanding, diluted (in shares)	53,290,528	48,497,790	43,300,063
Net loss per share, basic (usd per share)	$ (5.21)	$ (3.59)	$ (1.05)
Net loss per share, diluted (usd per share)	$ (5.21)	$ (3.59)	$ (1.05)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- 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

- Definition

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Net Loss per Share - Potential common units not included in the calculation of the diluted net loss per unit and share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	10,070,528	7,183,723
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	9,176,815	6,713,413
Restricted stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	671,954	0
Restricted stock awards subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	221,759	470,310