0000950170-25-027756 | 10-K | XBRL Viewer

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Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 166,311	$ 141,453
Tax credit carryforwards	88,707	45,969
Capitalized R&D	154,424	90,273
Lease liability	14,820	12,914
Stock compensation	16,892	19,448
Intangibles	1,341	1,261
Depreciation and amortization	967	505
Other	2,346	263
Total gross deferred tax assets	445,808	312,086
Valuation allowance	(431,929)	(299,829)
Net deferred tax assets	13,879	12,257
Deferred tax liabilities
Operating lease assets	(13,879)	(12,257)
Total deferred tax liabilities	$ (13,879)	$ (12,257)

Investments - Additional Information (Detail) - DebtSecurity	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Debt securities unrealized loss position	58	70

Investments - Summary of Fair Value of Available-for-Sale Investments by Type of Security (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 658,027	$ 606,546
Unrealized Gains	1,029	698
Unrealized Losses	(2,020)	(894)
Fair Value	657,036	606,350
Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	296,361	500,629
Unrealized Gains	639	107
Unrealized Losses	(35)	(835)
Fair Value	296,965	499,901
Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	361,666	105,917
Unrealized Gains	390	591
Unrealized Losses	(1,985)	(59)
Fair Value	360,071	106,449
U.S treasury bills [Member] \| Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	245,208	314,957
Unrealized Gains	516	83
Unrealized Losses	(35)	(482)
Fair Value	245,689	314,558
U.S treasury bills [Member] \| Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	319,625	100,917
Unrealized Gains	376	591
Unrealized Losses	(1,607)	(58)
Fair Value	318,394	101,450
U.S agency securities [Member] \| Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	51,153	185,672
Unrealized Gains	123	24
Unrealized Losses	0	(353)
Fair Value	51,276	185,343
U.S agency securities [Member] \| Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	42,041	5,000
Unrealized Gains	14
Unrealized Losses	(378)	(1)
Fair Value	$ 41,677	$ 4,999

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

3. Segment Information

As summarized in Note 2, Significant Accounting Policies, the Company’s CODM is the President and Chief Executive Officer and the Company views its operations as one segment, which is using innovative experimental and computational approaches on protein motion for making medicines to drug protein targets that have previously been intractable or inadequately addressed. The factors used in determining the Company’s segments include the nature of the Company’s operating activities, the organizational and reporting structure, and the type of information provided to and reviewed by the Company’s CODM to allocate resources and evaluate financial performance.

The measure of segment assets is reported on the Company’s consolidated balance sheets as total consolidated assets. The Company only operates in the United States and all tangible assets, consisting of property and equipment and operating lease right-of-use assets, are held in the United States.

The Company’s CODM uses consolidated net loss to evaluate the Company’s expenditures and monitor budget-to-actual results. In connection therewith, the review of budget-to-actual results is used in assessing performance of the Company’s one operating segment, as well as in establishing resource allocations across the Company.

The following tables illustrates information about segment revenue, significant segment expenses, and segment net loss.


	Year Ended December 31,
	2024			2023			2022
License and other revenue	$	10,007		$	25,546		$	1,381
Less:
Research and development expenses
External costs for programs in clinical trials	$	92,096		$	101,055		$	51,094
External costs for platform technologies and preclinical programs		76,392			76,471			82,779
Employee related expenses (1)		71,979			77,120			62,447
Other expenses		22,302			22,512			16,011
General and administrative expenses (2)		33,309			36,510			39,734
Other segment expenses (income)
Depreciation expense		5,464			5,269			4,130
Stock compensation expense		94,139			86,031			56,138
Change in fair value of contingent consideration liability		(13,206	)		(6,422	)		(11,677	)
Interest income		(34,746	)		(31,045	)		(8,786	)
Other (income) expense		(14	)		18			20
Segment net loss		(337,708	)		(341,973	)		(290,509	)
Reconciliation to consolidated net loss:
Adjustments or reconciling items		—			—			—
Consolidated net loss	$	(337,708	)	$	(341,973	)	$	(290,509	)

The expense categories and amounts in the table above align with the segment-level information regularly provided to the CODM.

(1) "Employee related expenses" excludes stock compensation expense, which is summarized in Note 8, Stock Compensation.

(2) "General and administrative expenses" excludes stock compensation expense, which is summarized in Note 8, Stock Compensation.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	300,000,000
Common stock shares issued	167,755,715	127,462,409
Common stock shares outstanding	167,755,715	127,462,409
Undesignated Preferred Stock [Member]
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 124,287	$ 143,736
Restricted cash	2,119	2,707
Cash, cash equivalents, and restricted cash per statements of cash flows	$ 126,406	$ 146,443

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,
	2024		2023
	(in thousands)
External research and development costs	$	19,565	$	12,509
Consulting and professional services		935		886
Compensation costs		106		702
Other		630		793
Total accrued expenses	$	21,236	$	14,890

Collaboration and License Arrangements

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and License Agreements

10. Collaboration and License Agreements

Genentech, Inc.

In December 2020, the Company and Genentech, Inc. ("Genentech") entered into the Collaboration and License Agreement (as amended from time to time, the "Genentech Agreement"), which granted Genentech a license to develop and commercialize migoprotafib (GDC-1971, formerly known as RLY-1971).

Effective as of January 7, 2025 (the "Termination Date"), Genentech elected to terminate the Genetech Agreement without cause. As a result of the termination of the Genentech Agreement, the Company is not entitled to receive any further milestones or other payments due after the Termination Date. The parties ceased to have any development or commercialization obligations after the Termination Date and the licenses the Company granted to Genentech pursuant to the Genentech Agreement ceased to be in effect as of the Termination Date.

As of December 31, 2024, consideration under the Genentech Agreement totaled $121.8 million, which included $10.0 million paid to the Company in connection with a milestone achieved during the year ended December 31, 2024.

Accounting Analysis

Identification of the Contract

The Company concluded Genentech was a customer and, as such, the Genentech Agreement was within the scope of ASC 606.

Identification of Performance Obligations

At commencement of the Genentech Agreement, the Company identified the following performance obligations:

•

License to develop and commercialize migoprotafib and the related know-how;

•

Research and development services to complete the Phase 1a Trial for migoprotafib; and

•

Transfer of active pharmaceutical ingredient and other materials related to migoprotafib.

Determination of Transaction Price

As of December 31, 2024, the transaction price for the Genentech Agreement was $121.8 million, which included non-refundable payments and milestones paid. In connection therewith, certain milestone payments and royalties were excluded from the transaction price as of December 31, 2024, because such payments were variable consideration fully constrained. As part of management’s evaluation of the constraint, the Company considered numerous factors, including consideration of the fact that achievement of the milestones is outside of the Company’s control, contingent upon Genentech’s efforts, the receipt of regulatory approval, and subject to scientific risks of success.

Allocation of Transaction Price to Performance Obligations

The Company allocated the transaction price of $121.8 million to each performance obligation based on estimates of their stand-alone selling prices ("SSP"). The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The Company also reviewed comparable market transactions in determining the SSP of the license. The SSP for the research and development services and the transfer of active pharmaceutical ingredient were based on estimates of the associated effort and cost of such services, as well as the cost to manufacture the active pharmaceutical ingredient, adjusted for a reasonable profit margin expected to be realized under similar contracts.

Recognition of Revenue

The Company recognized revenue for each of the performance obligations as follows.

•

Upon execution of the Genentech Agreement in 2020, the license and related know-how were transferred. Therefore, the full amount allocated to the license and related know-how at such time was recognized immediately in 2020. As the transaction price has been updated through December 31, 2024, any changes to the amount allocated to the performance obligation have also been recognized immediately. Revenue recognized related to the performance obligation during the years ended December 31, 2024, 2023, and 2022 was $9.6 million, $24.0 million, and $0.3 million, respectively.

•

The performance obligation for research and development services consisted of the Company completing the Phase 1a clinical trial initiated in 2020. The Company fully satisfied the performance obligation during the year ended December 31, 2023, recognizing revenue over time using a cost-based input method by calculating actual costs incurred through each period end in comparison to the total estimated costs expected to be incurred. As the transaction price has been updated through December 31, 2024, any changes to the amount allocated to the performance obligation has also been recognized consistent with the model noted. Revenue recognized related to the performance obligation during the years ended December 31, 2024, 2023, and 2022 was $0.3 million, $1.4 million, and $0.7 million, respectively.

•

The amount of the transaction price originally allocated to the performance obligation for active pharmaceutical ingredient was recognized in full upon transfer of such material to Genentech in 2021. As the transaction price has been updated through December 31, 2024, any changes to the amount allocated to the performance obligation have also been recognized immediately. Revenue recognized related to the performance obligation during the years ended December 31, 2024, 2023, and 2022 was $0.1 million, $0.1 million, and $0.1 million, respectively.

Elevar Therapeutics, Inc.

In December 2024, the Company and Elevar Therapeutics, Inc. ("Elevar") entered into the Exclusive License Agreement ("Elevar Agreement"), pursuant to which Elevar was granted exclusive global development and commercialization rights for lirafugratinib (RLY-4008), the Company's selective oral small molecule inhibitor of fibroblast growth factor receptor 2 ("FGFR2"). Upon execution of the Elevar Agreement, Elevar is responsible for all further development activities and global commercialization for lirafugratinib in FGFR2-driven cholangiocarcinoma and FGFR2-altered other solid tumors.

As of December 31, 2024, consideration under the Elevar Agreement totaled $7.7 million, which included $5.0 million paid in upfront consideration and $2.7 million paid for the transfer of active pharmaceutical ingredient and other materials. The Company is also eligible to receive up to $495.0 million in regulatory and commercial milestone payments, as well as tiered royalties.

Accounting Analysis

Identification of the Contract

The Company concluded Elevar was a customer and, as such, the Elevar Agreement was within the scope of ASC 606.

Identification of Performance Obligations

At commencement of the Elevar Agreement, the Company identified the following performance obligations:

•

License to develop and commercialize lirafugratinib and the related know-how; and

•

Transfer of active pharmaceutical ingredient and other materials related to lirafugratinib.

Determination of Transaction Price

As of December 31, 2024, the transaction price for the Elevar Agreement was $7.7 million, which included the payments noted above. In connection therewith, certain milestone payments and royalties were excluded from the transaction price as of December 31, 2024, because such payments were variable consideration fully constrained. As part of management’s evaluation of the constraint, the Company considered numerous factors, including consideration of the fact that achievement of the milestones is outside of the Company’s control, contingent upon Elevar's efforts, the receipt of regulatory approval, and subject to scientific risks of success.

Allocation of Transaction Price to Performance Obligations

The Company allocated the transaction price of $7.7 million to each performance obligation based on estimates of their stand-alone selling prices ("SSP"). However, the estimates had no impact on the Company's consolidated financial statements as of December 31, 2024, since no revenue was recognized through December 31, 2024, as noted below.

Recognition of Revenue

The Company expects to recognize revenue for each of the performance obligations as follows.

•

As of December 31, 2024, the Company had not completed transfer of the license to develop and commercialize lirafugratinib and the related know-how. Therefore, no amounts were recognized as revenue for the performance obligation through December 31, 2024.

•

As of December 31, 2024, the Company had not completed transfer of the active pharmaceutical ingredient and other materials related to lirafugratinib. Therefore, no amounts were recognized as revenue for the performance obligation through December 31, 2024.

As of December 31, 2024, the total consideration paid under the Elevar Agreement of $7.7 million was recorded as deferred revenue within current liabilities on the Company's consolidated balance sheets. The Company expects to recognize the amount noted as license and other revenue upon completion of the performance obligations.

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (337,708)	$ (341,973)	$ (290,509)
Net loss per share, basic	$ (2.36)	$ (2.79)	$ (2.59)
Net loss per share, diluted	$ (2.36)	$ (2.79)	$ (2.59)
Weighted average shares of common stock, basic	142,867,844	122,576,527	112,233,649
Weighted average shares of common stock, diluted	142,867,844	122,576,527	112,233,649

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Investments [Abstract]

Summary of Fair Value of Available-for-Sale Investments by Type of Security

The fair value of available-for-sale investments by type of security was as follows:


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	245,208	$	516	$	(35	)	$	245,689
U.S. agency securities		51,153		123		—			51,276
Total investments with a maturity of one year or less		296,361		639		(35	)		296,965

U.S. treasury bills		319,625		376		(1,607	)		318,394
U.S. agency securities		42,041		14		(378	)		41,677
Total investments with a maturity of one to two years		361,666		390		(1,985	)		360,071
Total investments	$	658,027	$	1,029	$	(2,020	)	$	657,036


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	314,957	$	83	$	(482	)	$	314,558
U.S. agency securities		185,672		24		(353	)		185,343
Total investments with a maturity of one year or less		500,629		107		(835	)		499,901

U.S. treasury bills		100,917		591		(58	)		101,450
U.S. agency securities		5,000		—		(1	)		4,999
Total investments with a maturity of one to two years		105,917		591		(59	)		106,449
Total investments	$	606,546	$	698	$	(894	)	$	606,350

Available-for-sale Debt Securities in an Unrealized Loss Position

The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position:


	December 31, 2024
	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	258,196	$	(1,642	)	$	—	$	—	$	258,196	$	(1,642	)
U.S. agency securities		35,455		(378	)		—		—		35,455		(378	)
Total	$	293,651	$	(2,020	)	$	—	$	—	$	293,651	$	(2,020	)


	December 31, 2023
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	172,625	$	(371	)	$	27,822	$	(169	)	$	200,447	$	(540	)
U.S. agency securities		136,356		(207	)		36,742		(147	)		173,098		(354	)
Total	$	308,981	$	(578	)	$	64,564	$	(316	)	$	373,545	$	(894	)

Investments - Available-for-sale Debt Securities in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 293,651	$ 308,981
Less than 12 Months, Unrealized Losses	(2,020)	(578)
12 Months or Longer, Fair Value	0	64,564
12 Months or Longer, Unrealized Losses	0	(316)
Total, Fair Value	293,651	373,545
Total, Unrealized Losses	(2,020)	(894)
U.S treasury bills [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	258,196	172,625
Less than 12 Months, Unrealized Losses	(1,642)	(371)
12 Months or Longer, Fair Value	0	27,822
12 Months or Longer, Unrealized Losses	0	(169)
Total, Fair Value	258,196	200,447
Total, Unrealized Losses	(1,642)	(540)
U.S agency securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	35,455	136,356
Less than 12 Months, Unrealized Losses	(378)	(207)
12 Months or Longer, Fair Value	0	36,742
12 Months or Longer, Unrealized Losses	0	(147)
Total, Fair Value	35,455	173,098
Total, Unrealized Losses	$ (378)	$ (354)

Operating Leases - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2032	Apr. 30, 2029	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2021 ft²	Sep. 30, 2020 ft²	Jan. 31, 2018 ft²	Dec. 31, 2017 ft²
Operating Leased Assets [Line Items]
Operating lease option to terminate			true
Right of use asset			$ 51,762	$ 57,969
399 Binney Street [Member]
Operating Leased Assets [Line Items]
Land subject to ground leases \| ft²							1,824	44,807	44,336
Letter of credit			900
Fixed lease payments			4,400	4,300	$ 4,100
Right of use asset			$ 14,270	$ 16,670
Weighted-average remaining lease term			4 years 3 months 29 days	5 years 3 months 29 days
Weighted-average discount rate			10.40%	10.40%
399 Binney Street [Member] \| Forecast [Member]
Operating Leased Assets [Line Items]
Operating lease agreement expiration date		2029-04
Letter of credit expiration date		Apr. 30, 2029
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Land subject to ground leases \| ft²						41,474
Letter of credit			$ 1,200
Fixed lease payments			5,100	$ 5,000	$ 11,500
Right of use asset			$ 37,492	$ 41,299
Weighted-average remaining lease term			7 years 6 months	8 years 6 months
Weighted-average discount rate			8.00%	8.00%
60 Hampshire Street [Member] \| Forecast [Member]
Operating Leased Assets [Line Items]
Operating lease agreement expiration date	2032-06
Letter of credit expiration date	Jun. 30, 2032

Stock Compensation - Schedule of Restricted Stock Units Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Time-Based RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares - Beginning \| shares	2,992,247
Number of Shares Underlying RSUs, Granted \| shares	6,294,890
Number of Shares Underlying RSUs, Vested \| shares	(2,125,326)
Number of Shares Underlying RSUs, Cancelled \| shares	(1,353,152)
Shares - Ending \| shares	5,808,659
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 19.14
Weighted Average Grant Date Fair Value, Granted \| $ / shares	10.67
Weighted Average Grant Date Fair Value, Vested \| $ / shares	15.46
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	14.28
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 12.44
Performance-Based RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares - Beginning \| shares	0
Number of Shares Underlying RSUs, Granted \| shares	1,777,985
Number of Shares Underlying RSUs, Cancelled \| shares	(131,980)
Shares - Ending \| shares	1,646,005
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 0
Weighted Average Grant Date Fair Value, Granted \| $ / shares	10.86
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	6.24
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 4.12

Collaboration and License Agreements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration And License Arrangement [Line Items]
Collaboration revenue	$ 10,007,000	$ 25,546,000	$ 1,381,000
Deferred revenue	$ 7,679,000
Genentech [Member] \| Genentech Agreement [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, purpose	In December 2020, the Company and Genentech, Inc. ("Genentech") entered into the Collaboration and License Agreement (as amended from time to time, the "Genentech Agreement"), which granted Genentech a license to develop and commercialize migoprotafib (GDC-1971, formerly known as RLY-1971).
License agreement transaction price	$ 121,800,000
Additional payment included in revenue upon achievement of other specified development commercialization and sales based milestones does not exercise option to participate in collaboration	10,000,000
Genentech [Member] \| Genentech Agreement [Member] \| Transfer of License and Related Know-How [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue	9,600,000	24,000,000	300,000
Genentech [Member] \| Genentech Agreement [Member] \| Research and Development Services [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue	300,000	1,400,000	700,000
Genentech [Member] \| Genentech Agreement [Member] \| Transfer of Active Pharmaceutical Ingredient [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue	100,000	$ 100,000	$ 100,000
Genentech [Member] \| Genentech Agreement [Member] \| Stand-alone Selling Prices ("SSP") [Member]
Collaboration And License Arrangement [Line Items]
License agreement transaction price	121,800,000
Elevar [Member] \| Elevar Agreement [Member]
Collaboration And License Arrangement [Line Items]
License agreement transaction price	7,700,000
Payment for upfront consideration	5,000,000
Payment for transfer active pharmaceutical ingredient and other material	2,700,000
Deferred revenue	7,700,000
Elevar [Member] \| Elevar Agreement [Member] \| Maximum [Member]
Collaboration And License Arrangement [Line Items]
Amount receivable upon achievement of regulatory and commercial milestones	495,000,000
Elevar [Member] \| Elevar Agreement [Member] \| Stand-alone Selling Prices ("SSP") [Member]
Collaboration And License Arrangement [Line Items]
Collaboration agreement transaction price	$ 7,700,000

Nature of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2024

Text Block [Abstract]

Nature of Business and Basis of Presentation

1. Nature of Business and Basis of Presentation

Relay Therapeutics, Inc. (the "Company") was incorporated in Delaware on May 4, 2015 and is headquartered in Cambridge, Massachusetts. The Company is a clinical-stage, precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies with the goal of bringing life-changing therapies to patients. As the Company believes it is among the first of a new breed of biotech created at the intersection of complementary techniques and technologies, the Company aims to push the boundaries of what’s possible in drug discovery. The Company’s Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. The Company’s initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The Company’s lead product candidate, RLY-2608, is in clinical development. In June 2024, the Company announced three new programs, including two genetic disease programs to address clinically and commercially validated targets in vascular malformations and Fabry disease, respectively, and an NRAS-selective inhibitor for NRAS-mutated solid tumors. The Company also has four active discovery stage programs across precision oncology and genetic diseases.

The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations, and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities.

The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval, or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.

The Company has devoted substantially all of its resources to developing its product candidates by integrating its computation and experimental approaches, building its intellectual property portfolio, business planning, raising capital and providing general and administrative support for these operations.

The Company has incurred net operating losses since inception and had an accumulated deficit of $1.7 billion as of December 31, 2024. The Company expects its existing cash, cash equivalents, and investments as of December 31, 2024 will enable it to fund its planned operating expenses and capital expenditures for at least one year from the date of the issuance of these consolidated financial statements. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a material adverse effect on its financial condition and ability to pursue its business strategies. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into license or collaboration arrangements or obtain government grants. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce, or eliminate its research and development programs, product portfolio expansion, or commercialization efforts, which could adversely affect its business prospects. In the event the Company requires additional funding, there can be no assurance that it will be successful in obtaining sufficient funding on terms acceptable to the Company to fund its continuing operations, if at all.

Operating Leases - Schedule of Operating Leases Presentation in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating lease assets	$ 51,762	$ 57,969
Operating lease liabilities	5,727	4,964
Operating lease liabilities, net of current portion	42,775	48,502
399 Binney Street [Member]
Operating Leased Assets [Line Items]
Operating lease assets	14,270	16,670
Operating lease liabilities	2,943	2,535
Operating lease liabilities, net of current portion	13,408	16,352
Total operating lease liabilities	16,351	18,887
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Operating lease assets	37,492	41,299
Operating lease liabilities	2,784	2,429
Operating lease liabilities, net of current portion	29,367	32,150
Total operating lease liabilities	$ 32,151	$ 34,579

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Intellectual Property License

The Company has a Collaboration and License Agreement with D. E. Shaw Research, LLC ("D. E. Shaw Research"). The contract provides the parties will jointly conduct research efforts with the goal of identifying and developing product candidates. The original term of the contract was three years and required the Company to pay an annual fee of $1.0 million. On June 15, 2020, the Company and D. E. Shaw Research agreed to amend the Collaboration and License Agreement and increase the annual fee from $1.0 million to $9.9 million (the "DESRES Agreement"). The DESRES Agreement also extended the initial research term of the agreement to August 16, 2025, continuing thereafter on a target-by-target basis until all payment obligations have expired.

The Company is obligated to pay development milestone payments under the terms of the DESRES Agreement up to $7.3 million per target, plus sales milestones and royalties, upon the achievement of certain specified contingent events. Such payments for achievement of development and regulatory milestones total up to $7.3 million in the aggregate for each of the first three products the Company develops and up to $6.3 million, in the aggregate, for each product the Company develops thereafter. The Company assessed the milestone events and royalties under the DESRES Agreement as of December 31, 2024 and 2023, concluding no such payments were due.

For the years ended December 31, 2024, 2023, and 2022, the Company recorded research and development expenses of $9.7 million, $9.5 million, and $9.4 million, respectively, under the DESRES Agreement on its consolidated statements of operations.

As of December 31, 2024 and 2023, the Company had prepaid balances of $5.9 million and $5.4 million, respectively, under the DESRES Agreement on its consolidated balance sheets.

As of December 31, 2024 and 2023, the Company had accrued expense and accounts payable balances of $0.1 million and $0, respectively, under the DESRES Agreement on its consolidated balance sheets.

Other Research Arrangements

The Company has certain other research and license arrangements and other collaborations with third parties, which provide the Company with specified research and/or development services.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (337,708)	$ (341,973)	$ (290,509)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	5,464	5,269	4,130
Stock compensation expense	94,139	86,031	56,138
Net realized gain on sale of investments	(101)
Net amortization of premiums and discounts on investments	(12,315)	(10,763)	1,182
Change in fair value of contingent consideration liability	(13,206)	(6,422)	(11,677)
Changes in assets and liabilities:
Accounts receivable		306	97
Contract asset		4,913	(376)
Prepaid expenses and other current assets	(5,356)	(4,648)	(2,140)
Operating lease assets and liabilities, net	1,243	1,509	(8,132)
Accounts payable and accrued expenses	10,268	(9,590)	11,289
Deferred revenue	7,679		(248)
Other liabilities	786	(24,948)	10,756
Net cash used in operating activities	(249,107)	(300,316)	(229,490)
Cash flows from investing activities:
Purchases of property and equipment	(2,018)	(4,126)	(9,062)
Purchases of investments	(650,629)	(385,542)	(535,419)
Proceeds from maturities and sales of investments	611,564	647,302	355,736
Net cash provided by (used in) investing activities	(41,083)	257,634	(188,745)
Cash flows from financing activities:
Proceeds from issuance of common stock through Private Placement, net	29,803
Proceeds from issuance of common stock via at-the-market offerings, net	17,932	30,281
Proceeds from issuance of common stock through follow-on offering, net	218,157		284,744
Proceeds from issuance of common stock through exercise of stock options	2,782	1,986	3,480
Proceeds from issuance of common stock via employee stock purchase plan	1,479	2,486	1,686
Net cash provided by financing activities	270,153	34,753	289,910
Net decrease in cash, cash equivalents, and restricted cash	(20,037)	(7,929)	(128,325)
Cash, cash equivalents and restricted cash at beginning of period	146,443	154,372	282,697
Cash, cash equivalents and restricted cash at end of period	126,406	146,443	154,372
Supplemental disclosure of non-cash activities:
Periodic change in additions of property and equipment within current liabilities	(1,544)	410	159
Periodic change in costs to obtain license agreement within current liabilities	$ 2,508
Operating lease assets obtained in exchange for operating lease liabilities			46,626
Issuance of common stock upon milestone achievement		$ 12,750	$ 6,203

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

In preparing the consolidated financial statements as of December 31, 2024, the Company evaluated subsequent events for recognition and measurement through the filing date of this Annual Report on Form 10-K. The Company concluded no events or transactions have occurred that require disclosure in the accompanying consolidated financial statements, except as otherwise included in the notes above.

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Private Placement [Member]	At-the-Market Offerings [Member]	Follow-On Offering [Member]	Common Stock [Member]	Common Stock [Member] Private Placement [Member]	Common Stock [Member] At-the-Market Offerings [Member]	Common Stock [Member] Follow-On Offering [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Private Placement [Member]	Additional Paid-in Capital [Member] At-the-Market Offerings [Member]	Additional Paid-in Capital [Member] Follow-On Offering [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 897,808				$ 109				$ 1,666,887				$ (1,088)	$ (768,100)
Beginning balance, shares at Dec. 31, 2021					108,210,318
Issuance of common stock upon milestone achievement,shares					301,939
Issuance of common stock upon milestone achievement	6,203								6,203
Issuance of common stock, net				$ 284,744				$ 11				$ 284,733
Issuance of common stock, net, shares								11,320,755
Issuance of common stock through exercise of stock options	3,480				$ 1				3,479
Issuance of common stock through exercise of stock options, shares					757,873
Issuance of common stock via employee stock purchase plan	1,686								1,686
Issuance of common stock via employee stock purchase plan, shares					123,019
Vesting of restricted stock units, Shares					398,330
Stock compensation expense	56,138								56,138
Unrealized (loss) gain on investments	(9,332)												(9,332)
Net loss	(290,509)													(290,509)
Ending balance at Dec. 31, 2022	950,218				$ 121				2,019,126				(10,420)	(1,058,609)
Ending balance, shares at Dec. 31, 2022					121,112,234
Issuance of common stock upon milestone achievement,shares					1,797,064
Issuance of common stock upon milestone achievement	12,750				$ 2				12,748
Issuance of common stock, net			$ 30,281				$ 3				$ 30,278
Issuance of common stock, net, shares							3,026,072
Issuance of common stock through exercise of stock options	1,986				$ 1				1,985
Issuance of common stock through exercise of stock options, shares					399,498
Issuance of common stock via employee stock purchase plan	2,486								2,486
Issuance of common stock via employee stock purchase plan, shares					244,125
Vesting of restricted stock units, Shares					883,416
Stock compensation expense	86,031								86,031
Unrealized (loss) gain on investments	10,224												10,224
Net loss	(341,973)													(341,973)
Ending balance at Dec. 31, 2023	752,003				$ 127				2,152,654				(196)	(1,400,582)
Ending balance, shares at Dec. 31, 2023					127,462,409
Issuance of common stock, net		$ 29,803	$ 17,932	$ 218,157		$ 3	$ 2	$ 33		$ 29,800	$ 17,930	$ 218,124
Issuance of common stock, net, shares						2,500,000	1,889,597	32,857,143
Issuance of common stock through exercise of stock options	2,782				$ 2				2,780
Issuance of common stock through exercise of stock options, shares					617,570
Issuance of common stock via employee stock purchase plan	1,479				$ 1				1,478
Issuance of common stock via employee stock purchase plan, shares					303,670
Vesting of restricted stock units, Shares					2,125,326
Stock compensation expense	94,139								94,139
Unrealized (loss) gain on investments	(795)												(795)
Net loss	(337,708)													(337,708)
Ending balance at Dec. 31, 2024	$ 777,792				$ 168				$ 2,516,905				$ (991)	$ (1,738,290)
Ending balance, shares at Dec. 31, 2024					167,755,715

Common Stock

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Common Stock

7. Common Stock

Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors. As of December 31, 2024, no dividends had been declared.

At-the-Market Offerings

In August 2021, the Company entered into a sales agreement (the "2021 Sales Agreement") with Cowen and Company, LLC ("Cowen"), pursuant to which the Company could offer and sell shares of its common stock having aggregate gross proceeds of up to $300.0 million from time to time in "at-the-market" offerings through Cowen, as the Company’s sales agent.

As of December 31, 2022, no shares of common stock had been sold under the 2021 Sales Agreement.

During the year ended December 31, 2023, the Company sold 3,026,072 shares of common stock under the 2021 Sales Agreement at a weighted-average price of $10.26 per share. The Company received proceeds of $30.3 million therefrom, which were net of $0.8 million in commissions paid to Cowen and other offering expenses.

During the year ended December 31, 2024, the Company sold 1,889,597 shares of common stock under the 2021 Sales Agreement at a weighted-average price of $9.73 per share. The Company received $17.9 million in proceeds therefrom, which were net of $0.5 million in commissions paid to Cowen and other offering expenses.

In August 2024, the 2021 Sales Agreement was terminated by mutual agreement between the Company and Cowen. Separately, the Company entered into a new sales agreement (the "2024 Sales Agreement") with TD Securities (USA) LLC ("TD Securities"), pursuant to which the Company may offer and sell shares of its common stock having aggregate gross proceeds of up to $250.0 million from time to time in "at-the-market" offerings through TD Securities, as the Company’s sales agent.

During the year ended December 31, 2024, there were no sales of common stock under the 2024 Sales Agreement.

Private Placement

In January 2024, the Company entered into a securities purchase agreement with Nextech Crossover I SCP for the private placement of 2,500,000 shares of common stock at $12.00 per share (the "Private Placement"). The Company received $29.8 million in proceeds from the Private Placement, which was net of $0.2 million in offering expenses.

Follow-On Offerings

In September 2022, the Company completed a public offering of 11,320,755 shares of common stock at an offering price of $26.50 per share. The Company received proceeds of $284.7 million, which was net of $15.3 million in underwriting discounts and other expenses.

In September 2024, the Company completed a public offering of 32,857,143 shares of common stock at an offering price of $7.00 per share. The Company received proceeds of $218.2 million, which was net of $11.8 million in underwriting discounts and other expenses.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Net Loss Per Share - Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	22,381,837	20,544,007	12,819,064
Options outstanding to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	14,570,218	15,610,586	11,050,735
Unvested and outstanding restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,811,619	3,398,017	1,566,760
Common stock issued upon milestone achievement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,535,404	201,569

Operating Leases - Summary of Operating Lease Presentation in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
399 Binney Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	$ 4,243	$ 4,245	$ 4,243
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	6,806	6,487	3,239
Research and development expenses [Member] \| 399 Binney Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	3,648	3,631	3,350
Research and development expenses [Member] \| 60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	5,851	5,549	2,675
General and administrative expenses [Member] \| 399 Binney Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	595	614	893
General and administrative expenses [Member] \| 60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	$ 955	$ 938	$ 564

Fair Value Measurements - Additional Information (Detail) - ZebiAI [Member] - Level 3 [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Apr. 22, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination contingent consideration liability contingent milestones payments	$ 0	$ 85,000
Business combination contingent consideration liability, contingent earnout payments	$ 0	$ 100,000

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Income tax benefits	$ 0	$ 0	$ 0
Net operating loss carryforwards, federal	596,300,000	498,000,000
Net operating loss carryforwards, state	625,200,000	559,700,000
Increase in valuation allowance	132,100,000	69,300,000
Unrecognized tax benefits	$ 0	0
Description of income tax examinations	There are currently no pending tax examinations.
CARES Act, description of corporate tax payers	Corporate taxpayers may carryback NOLs originating during 2018 through 2020 for up to five years, which was not previously allowed under the 2017 Tax Act. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize NOL carryforwards to offset taxable income in 2018, 2019, or 2020. Taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income plus business interest income (30% limit under the 2017 Tax Act) for tax years beginning January 1, 2019 and 2020. The CARES Act allows taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credits instead of recovering the credits through refunds over a period of years, as originally enacted by the 2017 Tax Act.
CARES Act, percentage of eliminates of taxable income	80.00%
CARES Act, maximum percentage of interest deducted by tax payers	50.00%
CARES Act, percentage of interest deducted by tax payers	30.00%
CARES Act, percentage of corporate charitable deduction limit	25.00%
CARES Act, period of qualified improvement property for cost-recovery	15 years
CARES Act, percentage of bonus depreciation	100.00%
Maximum [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryback period	5 years
Federal [Member]
Income Tax Disclosure [Line Items]
Income tax benefits	$ 0	0	0
Net operating loss carryforwards, subject to expiration	43,100,000
Net operating loss carryforwards, not subject to expiration	$ 553,200,000
Net operating loss carryforwards, begin to expire year	2035
Research and development tax credits, begin to expire year	2035
Research and development tax credit carryforwards	$ 47,500,000	38,900,000
Orphan drug tax credit carryforwards	$ 19,500,000	0
Orphan drug tax credits, begin to expire year	2042
State [Member]
Income Tax Disclosure [Line Items]
Income tax benefits	$ 0	0	$ 0
Net operating loss carryforwards, begin to expire year	2035
Research and development tax credits, begin to expire year	2030
Research and development tax credit carryforwards	$ 27,000,000	$ 8,500,000

Fair Value Measurements - Schedule of Changes in Fair Value of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 13,206	$ 32,378	$ 50,258
Change in fair value of Contingent Milestone Payments	(8,206)	(6,422)	(11,677)
Change in carrying value of Contingent Earnout Payments	(5,000)
Common stock issued upon milestone achievement		(12,750)	(6,203)
Ending balance	$ 0	$ 13,206	$ 32,378

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	RELAY THERAPEUTICS, INC.
Entity Central Index Key	0001812364
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 859.3
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		169,521,849
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	RLAY
Security Exchange Name	NASDAQ
Entity File Number	001-39385
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3923475
Entity Address, Address Line One	399 Binney Street
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	370-8837
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The Registrant intends to file a definitive proxy statement pursuant to Regulation 14A relating to the 2025 Annual Meeting of Stockholders within 120 days of the end of the registrant’s fiscal year ended December 31, 2024. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Boston, Massachusetts
Document Financial Statement Error Correction [Flag]	false
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Relay Therapeutics, Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2025 expressed an unqualified opinion thereon.

Employee Benefits

12 Months Ended

Dec. 31, 2024

Postemployment Benefits [Abstract]

Retirement Benefits

14. Employee Benefits

In 2016, the Company established a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the "401(k) Plan"). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company made matching contributions to the 401(k) Plan of $2.4 million, $2.6 million, and $2.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Significant Accounting Policies - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Property and equipment	$ 34,823	$ 34,483
Less: accumulated depreciation	(28,912)	(23,582)
Total property and equipment, net	5,911	10,901
Laboratory Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment	27,407	25,558
Leasehold Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment	3,825	3,826
Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment	1,743	1,743
Furniture and Fixtures [Member]
Significant Accounting Policies [Line Items]
Property and equipment	1,779	1,779
Construction in Process [Member]
Significant Accounting Policies [Line Items]
Property and equipment	$ 69	$ 1,577

Acquisition of ZebiAI - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value of contingent milestone payments and earnout payments	$ 0	$ 13,206	$ 32,378	$ 50,258

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended					12 Months Ended			17 Months Ended
	Sep. 30, 2024	Aug. 31, 2024	Jan. 31, 2024	Sep. 30, 2022	Aug. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Voting Rights						Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders.
Dividends declared						$ 0
Common Stock [Member] \| 2021 Sales Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold						1,889,597
Common Stock [Member] \| Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold			2,500,000			2,500,000
Offering price per share			$ 12
Net proceeds			$ 29,800,000
Offering expenses			$ 200,000
Common Stock [Member] \| Follow-On Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold	32,857,143			11,320,755		32,857,143		11,320,755
Offering price per share	$ 7			$ 26.5
Net proceeds	$ 218,200,000			$ 284,700,000
Underwriting discounts, commissions and other offering expenses	$ 11,800,000			$ 15,300,000
Common Stock [Member] \| Cowen [Member] \| 2021 Sales Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds from the sale of shares					$ 300,000,000
Common stock shares sold							3,026,072		0
Weighted-average sales price of shares issued						$ 9.73	$ 10.26
Net proceeds						$ 17,900,000	$ 30,300,000
Commissions and other offering expenses						$ 500,000	$ 800,000
Common Stock [Member] \| TD Securities [Member] \| 2024 Sales Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds from the sale of shares		$ 250,000,000
Common stock shares sold						0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurements as of December 31, 2024:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	122,128	$	—	$	—	$	122,128
Total cash equivalents		122,128		—		—		122,128
Investments:
U.S. treasury bills		—		564,083		—		564,083
U.S. agency securities		—		92,953		—		92,953
Total investments		—		657,036		—		657,036
Total assets	$	122,128	$	657,036	$	—	$	779,164
Liabilities
Contingent Milestone Payments	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	Fair Value Measurements as of December 31, 2023:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	140,466	$	—	$	—	$	140,466
Total cash equivalents		140,466		—		—		140,466
Investments:
U.S. treasury bills		—		416,008		—		416,008
U.S. agency securities		—		190,342		—		190,342
Total investments		—		606,350		—		606,350
Total assets	$	140,466	$	606,350	$	—	$	746,816
Liabilities
Contingent Milestone Payments	$	—	$	—	$	8,206	$	8,206
Total liabilities	$	—	$	—	$	8,206	$	8,206

Schedule of Changes in Contingent Consideration Liability

The following table reconciles the change in the contingent consideration liability:


	Year Ended December 31,
	2024			2023			2022
	(in thousands)
Balance at beginning of period	$	13,206		$	32,378		$	50,258
Change in fair value of Contingent Milestone Payments		(8,206	)		(6,422	)		(11,677	)
Change in carrying value of Contingent Earnout Payments		(5,000	)		—			—
Common stock issued upon milestone achievement		—			(12,750	)		(6,203	)
	$	—		$	13,206		$	32,378

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2024

399 Binney Street [Member]

Operating Leased Assets [Line Items]

Schedule of Operating Leases Presentation in Consolidated Balance Sheets

The following table summarizes the presentation of amounts recorded on the Company’s consolidated balance sheets for the operating lease at 399 Binney Street as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	(in thousands)
Assets:
Operating lease assets	$	14,270	$	16,670
Liabilities:
Operating lease liabilities	$	2,943	$	2,535
Operating lease liabilities, net of current portion		13,408		16,352
Total operating lease liabilities	$	16,351	$	18,887

Summary of Operating Lease Presentation in Consolidated Statements of Operations

The following table summarizes the effect of lease costs for the Company's operating lease at 399 Binney Street on the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Research and development expenses	$	3,648	$	3,631	$	3,350
General and administrative expenses		595		614		893
	$	4,243	$	4,245	$	4,243

Summary of Future Minimum Lease Payments

As of December 31, 2024, the minimum lease payments for the Company’s operating lease at 399 Binney Street for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount (in thousands)
2025		4,503
2026		4,634
2027		4,768
2028		4,906
2029		1,651
Thereafter		—
Total lease payments		20,462
Less: interest		(4,111	)
Present value of operating lease liabilities	$	16,351

60 Hampshire Street [Member]

Operating Leased Assets [Line Items]

Schedule of Operating Leases Presentation in Consolidated Balance Sheets

The following table summarizes the presentation of amounts recorded on the Company’s consolidated balance sheets for the operating lease at 60 Hampshire Street as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	(in thousands)
Assets:
Operating lease assets	$	37,492	$	41,299
Liabilities:
Current operating lease liabilities	$	2,784	$	2,429
Operating lease liabilities, net of current portion		29,367		32,150
Total operating lease liabilities	$	32,151	$	34,579

Summary of Operating Lease Presentation in Consolidated Statements of Operations

The following table summarizes the effect of lease costs for the Company's operating lease at 60 Hampshire Street on the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Research and development expenses	$	5,851	$	5,549	$	2,675
General and administrative expenses		955		938		564
	$	6,806	$	6,487	$	3,239

Summary of Future Minimum Lease Payments

As of December 31, 2024, the minimum lease payments for the Company’s operating lease at 60 Hampshire Street for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount (in thousands)
2025		5,257
2026		5,409
2027		5,565
2028		5,726
2029		5,892
Thereafter		15,466
Total lease payments		43,315
Less: interest		(11,164	)
Present value of operating lease liabilities	$	32,151

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (337,708)	$ (341,973)	$ (290,509)

- Definition

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

+ References

+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

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


		Year Ended December 31,
		2024			2023			2022
	(in thousands, except share and per share data)
Net loss		$	(337,708	)	$	(341,973	)	$	(290,509	)
Net loss per share, basic and diluted		$	(2.36	)	$	(2.79	)	$	(2.59	)
Weighted average shares of common stock, basic and diluted			142,867,844			122,576,527			112,233,649

Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share

For the years ended December 31, 2024, 2023, and 2022, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. In computing diluted net loss per share for the years ended December 31, 2024, 2023, and 2022, the Company excluded the following potentially dilutive securities, as the effect would be anti-dilutive and reduce the net loss per share calculated for each period.


	Year Ended December 31,
	2024		2023		2022
Options outstanding to purchase common stock		14,570,218		15,610,586		11,050,735
Unvested and outstanding restricted stock units		7,811,619		3,398,017		1,566,760
Common stock issued upon milestone achievement		—		1,535,404		201,569
		22,381,837		20,544,007		12,819,064

Stock Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation

8. Stock Compensation

In 2016, the Company adopted the 2016 Stock Option and Grant Plan (the "2016 Stock Plan"). Subsequent to July 2020, no further awards have been granted under the 2016 Stock Plan and all equity-based awards have been and will continue to be granted under the 2020 Stock Option and Incentive Plan (the "2020 Stock Plan"). To the extent outstanding options granted under the 2016 Stock Plan are cancelled, forfeited, or otherwise terminated without being exercised and would otherwise have been returned to the share reserve under the 2016 Stock Plan, the number of shares underlying such awards will be available for future grant under the 2020 Stock Plan.

In 2020, the Company’s stockholders approved the 2020 Stock Plan. All of the Company’s employees, officers, directors, and consultants are eligible to be granted options, restricted stock units, and other stock-based awards under the terms of the 2020 Stock Plan, which originally provided for the issuance of up to 8,376,080 of stock-based awards. The 2020 Stock Plan is also subject to annual increases to be added on the first day of each fiscal year, commencing on January 1, 2021, equal to 5% of the number of outstanding shares on the immediately preceding December 31 or such lesser number of shares approved by the Company’s board of directors or compensation committee of the board of directors. On January 1, 2024, the number of shares available for issuance under the 2020 Stock Plan was increased by 6,372,620 shares of common stock. There were 9,417,226 stock-based awards available for issuance at December 31, 2024 under the 2020 Stock Plan.

In 2020, the Company adopted an Employee Stock Purchase Plan ("ESPP") that permits eligible employees to enroll in six-month offering periods. Participants may purchase shares of the Company’s common stock, through after-tax payroll deductions, at a price equal to 85% of the fair market value of the common stock on the first or last day of the applicable six-month offering period, whichever is lower. Purchase dates under the ESPP occur on or about June 30 and December 31 each year. The Company’s stockholders originally authorized 1,092,532 shares for issuance pursuant to the ESPP, which is subject to annual increases to be added on the first day of each fiscal year, commencing on January 1, 2021, equal to the lesser of 2,185,064 shares of the Company’s common stock, 1% of the number of outstanding shares on the immediately preceding December 31, or an amount determined by the Company’s board of directors. On January 1, 2024, the number of shares available for issuance under the ESPP was increased by 1,274,524 shares of common stock. There were 4,844,950 shares available for issuance at December 31, 2024 under the ESPP.

In connection with all stock-based payments, total stock compensation expense recognized was as follows:


		Year Ended December 31,
		2024		2023		2022
	(in thousands)
Research and development expenses		$	51,622	$	48,351	$	30,671
General and administrative expenses			42,517		37,680		25,467
		$	94,139	$	86,031	$	56,138

Time-Based Stock Options

The Company has historically granted stock options to employees, directors, and consultants with vesting subject to continued service over time. Accordingly, stock compensation expense for such awards is recognized using a straight-line attribution model over the vesting term.

The following table summarizes activity for time-based stock options for the year ended December 31, 2024:


	Number of Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		12,391,815		$	18.56		7.58	$	18,907
Granted		1,249,240			6.90
Exercised		(551,334	)		4.42
Cancelled		(1,491,377	)		22.69
Outstanding at December 31, 2024		11,598,344		$	17.44		6.93	$	—
Vested at December 31, 2024		7,856,919		$	18.08		6.28	$	—
Unvested at December 31, 2024		3,741,425		$	16.11		8.30	$	—

The total intrinsic value of time-based stock options exercised was $6.7 million, $4.4 million, and $15.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The fair value of each time-based stock option granted is estimated on the grant date using the Black-Scholes option pricing model, pursuant to which the weighted-average grant date fair values were $4.87, $12.83, and $13.67 during the years ended December 31, 2024, 2023, and 2022, respectively. The following table summarizes the assumptions used in calculating the fair value of the time-based stock options granted.


	Year Ended December 31,
	2024	2023	2022
Expected term (in years)	6.25	6.25	6.25
Risk-free interest rate	3.5% to 4.7%	3.3% to 5.0%	1.6% to 4.2%
Expected volatility	75.8% to 78.9%	74.1% to 79.8%	72.7% to 76.2%
Expected dividend yield	0.0%	0.0%	0.0%

The Company uses the simplified method to calculate the expected term, as it does not have sufficient historical exercise data as a public company to provide a reasonable basis upon which to estimate the expected term for time-based stock options granted. The expected term is applied to the group of time-based stock option grants as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior amongst the Company’s employees, directors, and consultants. The risk-free interest rate is based on a U.S. treasury instrument, whose term is consistent with the expected term of the time-based stock options. The Company’s assumption for volatility is based on historical volatility of (a) the Company's stock price on the Nasdaq Global Market and (b) a group of peer companies with similar characteristics to the Company and who have similar risk profiles and positions within the industry. The Company has not historically issued dividends and, therefore, estimates none in calculating the grant date fair value of time-based stock options.

As of December 31, 2024, the total unrecognized stock compensation related to unvested time-based stock options was $34.4 million, which the Company expects to recognize over a weighted-average period of approximately 1.03 years.

Performance-Based Stock Options

In prior years, the Company granted options to certain employees with vesting subject to achievement of certain performance conditions, as well as continued service over time. Specifically, commencement of vesting was contingent on achievement of various goals over specified periods, subject to approval by either the Company’s Board of Directors or President and Chief Executive Officer.

For the performance-based stock options, the Company applied variable accounting until the performance criteria were determined to be achieved, at which time vesting commenced over contractual service periods. Furthermore, because (a) the awards were authorized prior to the accounting grant date pursuant to ASC Topic 718, Stock Compensation ("ASC 718"), (b) the recipients were providing service prior to the accounting grant date, and (c) there were performance conditions that, if not met by the accounting grant date, would have resulted in the forfeiture of the award, the service inception dates preceded the accounting grant dates. Ultimately, the stock compensation expense for the options was determined based on the fair value of the awards on the accounting grant dates, which was then recognized using an accelerated attribution model over the vesting term commencing upon the actual or expected accounting grant dates.

For the performance-based stock options granted in prior years, all performance conditions were resolved in prior years and the grant dates were set prior to December 31, 2024.

The following table summarizes activity for performance-based stock options for the year ended December 31, 2024:


	Number of Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		1,705,951		$	5.42		6.18	$	9,808
Exercised		(66,236	)		5.22
Cancelled		(83,031	)		7.80
Outstanding at December 31, 2024		1,556,684		$	5.30		5.17	$	—
Vested at December 31, 2024		1,556,684		$	5.30		5.17	$	—
Unvested at December 31, 2024		—		$	—		—	$	—

The total intrinsic value of performance-based stock options exercised was $0.1 million, $0.3 million, and $0.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The fair value of each performance-based stock option granted in prior years was estimated on the accounting grant date, or at the end of each reporting period if variable accounting was applied, using the Black-Scholes option-pricing model. There were no performance-based stock options granted during the years ended December 31, 2024, 2023, and 2022.

As of December 31, 2024, the total unrecognized stock compensation related to unvested performance-based stock options was $0 million.

Time-Based RSUs

The Company has historically granted RSUs to employees, directors, and consultants with vesting subject to continued service over time. Accordingly, stock compensation expense for such awards is recognized using a straight-line attribution model over the vesting term. The fair value of each time-based RSU is based on the closing price of the Company’s common stock on the date of grant.

The following table summarizes activity for time-based RSUs for the year ended December 31, 2024:


	Number of Shares Underlying RSUs			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		2,992,247		$	19.14
Granted		6,294,890			10.67
Vested		(2,125,326	)		15.46
Cancelled		(1,353,152	)		14.28
Unvested at December 31, 2024		5,808,659			12.44

The fair value of time-based RSUs vested during the year ended December 31, 2024 was $15.2 million.

As of December 31, 2024, the total unrecognized compensation related to unvested time-based RSUs granted was $51.5 million, which the Company expects to recognize over a weighted-average period of approximately 0.84 years.

Performance-Based RSUs

Besides the 2023 Market Based Awards summarized below, the Company had only granted time-based RSUs to employees, directors, and consultants, as summarized above, prior to the year ended December 31, 2024. During the year ended December 31, 2024, the Company granted RSUs to certain employees with vesting subject to achievement of certain performance conditions, as well as continued service over time. Specifically, commencement of vesting is contingent on achievement of various goals over specified periods, subject to approval by either the Company's Board of Directors or Compensation Committee of the Board of Directors.

For the performance-based RSUs, the Company applies variable accounting until the performance criteria are determined to be achieved, at which time vesting commences over contractual service periods. Furthermore, because (a) the awards are authorized prior to the accounting grant date pursuant to ASC 718, (b) the recipients are providing service prior to the accounting grant date, and (c) there are performance conditions that, if not met by the accounting grant date, would result in the forfeiture of the award, the service inception dates precede the accounting grant dates. Ultimately, the stock compensation expense for the RSUs are determined based on the fair value of the awards on the accounting grant dates, which are then recognized using an accelerated attribution model over the vesting term commencing upon the actual or expected accounting grant dates.

For the performance-based RSUs granted during the year ended December 31, 2024, the performance conditions are only expected to be resolved in future periods and, therefore, the accounting grant dates were not set as of December 31, 2024.

The following table summarizes activity for performance-based RSUs for the year ended December 31, 2024:


	Number of Shares Underlying RSUs			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		—		$	—
Granted		1,777,985			10.86
Cancelled		(131,980	)		6.24
Unvested at December 31, 2024		1,646,005			4.12

The fair values for "Granted" in the table above were calculated using the Company's closing stock prices on the grant dates.

The fair values for "Cancelled" in the table above were calculated using the Company's closing stock prices on the cancellation dates.

The fair values for "Unvested" in the table above were calculated using the Company's closing stock price on December 31, 2024.

As of December 31, 2024, the total unrecognized compensation related to unvested performance-based RSUs granted was $1.7 million, which the Company expects to recognize over a weighted-average period of approximately 0.46 years.

Market-Based Awards

During the year ended December 31, 2023, the Company granted 1,512,820 stock options and 405,770 RSUs to certain employees, with vesting over three years of continued service and contingent upon achievement of certain market conditions ("2023 Market-Based Awards"). The Company measured the fair value of the 2023 Market-Based Awards on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs. Ultimately, the fair value of the 2023 Market-Based Awards was estimated as $12.53 per share for the stock options and $16.11 per share for the RSUs, yielding a total of $25.5 million. The total compensation expense, or $25.5 million, is being recognized pursuant to the accelerated attribution method over the requisite service period of three years, regardless of whether the market conditions have been achieved. The impact of forfeitures, if any, will be recognized upon occurrence.

There were no other grants of similar awards during the years ended December 31, 2024 and 2022.

As of December 31, 2024, the market conditions underlying the 2023 Market-Based Awards had not been achieved and, therefore, none had vested. In connection therewith, none of the options were exercised and none of the RSUs were released through December 31, 2024. During the year ended December 31, 2024, 97,630 options and 48,815 RSUs from the Market-Based Awards were cancelled.

As of December 31, 2024, the total unrecognized compensation related to unvested market-based awards granted was $2.1 million, which the Company expects to recognize over a period of 1.07 years.

Employee Stock Purchase Plan

The following table summarizes activity under the Company's ESPP during the years ended December 31, 2024, 2023, and 2022, including (a) after-tax contributions from employees, (b) shares purchased, and (c) weighted-average assumptions used in the Black-Scholes option pricing model to estimate the fair value of the option component of the shares purchased.


	Year Ended December 31,
	2024		2023		2022
After-tax contributions (in thousands)	$	1,479	$	2,486	$	1,686
Shares of common stock purchased		303,670		244,125		123,019
Expected term (in years)	0.50		0.50			0.50
Risk-free interest rate	5.3%		5.1%		1.0%
Expected volatility	65.1%		86.8%		74.4%
Expected dividend yield	0.0%		0.0%		0.0%

As of December 31, 2024, there was no unrecognized stock compensation expense related to ESPP, since the purchase for the offering period between July 1, 2024 and December 31, 2024 was transacted on December 31, 2024.

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss per Share

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


		Year Ended December 31,
		2024			2023			2022
	(in thousands, except share and per share data)
Net loss		$	(337,708	)	$	(341,973	)	$	(290,509	)
Net loss per share, basic and diluted		$	(2.36	)	$	(2.79	)	$	(2.59	)
Weighted average shares of common stock, basic and diluted			142,867,844			122,576,527			112,233,649


	Year Ended December 31,
	2024		2023		2022
Options outstanding to purchase common stock		14,570,218		15,610,586		11,050,735
Unvested and outstanding restricted stock units		7,811,619		3,398,017		1,566,760
Common stock issued upon milestone achievement		—		1,535,404		201,569
		22,381,837		20,544,007		12,819,064

The amounts included in the table above for options and RSUs are presented based on amounts outstanding at each period end.

The amounts included in the table above for common stock issued upon milestone achievement are presented based on the weighted-average anti-dilutive effect from shares issued in connection with Contingent Milestone Payments in each of the periods presented.

Employee Benefits - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer matching contribution	$ 2.4	$ 2.6	$ 2.3

Operating Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Operating Leases

12. Operating Leases

399 Binney Street

In December 2017, the Company entered into an operating lease agreement for 44,336 square feet of office and laboratory space at 399 Binney Street, Cambridge, Massachusetts, which was increased to 44,807 square feet in January 2018. The Company gained control of the leased space in January 2019 and, accordingly, recorded an operating lease right-of-use asset and liability at such time. The operating lease expires in April 2029, subject to certain renewal options, which have not been included in the Company’s operating lease right-of-use asset and liability, as the Company is not reasonably certain to exercise such options as of December 31, 2024.

In September 2020, the Company entered into an amendment to its operating lease agreement to expand the leased space by 1,824 square feet of office space at 399 Binney Street, Cambridge, Massachusetts. The amendment to the operating lease agreement met the criteria to be accounted for as a separate operating lease. The Company gained control of the leased space in October 2020 and, accordingly, recorded an operating lease right-of-use asset and liability at such time. The operating lease right-of-use asset and lease liability recorded in connection with the amendment were not material. The amended operating lease expires in April 2029, subject to certain renewal options, which have not been included in the Company’s operating lease right-of-use asset and liability, as the Company is not reasonably certain to exercise such options as of December 31, 2024.

As discussed in Note 2, Significant Accounting Policies, the Company provided a letter of credit in the amount of $0.9 million with a financial institution, which expires commensurate with the lease in April 2029.

The following table summarizes the presentation of amounts recorded on the Company’s consolidated balance sheets for the operating lease at 399 Binney Street as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	(in thousands)
Assets:
Operating lease assets	$	14,270	$	16,670
Liabilities:
Operating lease liabilities	$	2,943	$	2,535
Operating lease liabilities, net of current portion		13,408		16,352
Total operating lease liabilities	$	16,351	$	18,887


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Research and development expenses	$	3,648	$	3,631	$	3,350
General and administrative expenses		595		614		893
	$	4,243	$	4,245	$	4,243

The Company made cash payments of $4.4 million, $4.3 million, and $4.1 million under the operating lease agreement for 399 Binney Street during the years ended December 31, 2024, 2023, and 2022, respectively.

As of December 31, 2024, the minimum lease payments for the Company’s operating lease at 399 Binney Street for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount (in thousands)
2025		4,503
2026		4,634
2027		4,768
2028		4,906
2029		1,651
Thereafter		—
Total lease payments		20,462
Less: interest		(4,111	)
Present value of operating lease liabilities	$	16,351

The weighted-average remaining lease term and weighted-average discount rate of the Company's operating lease at 399 Binney Street were 4.33 years and 10.4%, respectively, at December 31, 2024.

The weighted-average remaining lease term and weighted-average discount rate of the Company's operating lease at 399 Binney Street were 5.33 years and 10.4%, respectively, at December 31, 2023.

60 Hampshire Street

In May 2021, the Company entered into an operating lease agreement for 41,474 square feet of office and laboratory space at 60 Hampshire Street, Cambridge, Massachusetts. The Company gained control of the leased space in July 2022 and, accordingly, recorded an operating lease right-of-use asset and liability at such time. The operating lease expires in June 2032 and there are no renewal options.

As discussed in Note 2, Significant Accounting Policies, the Company provided a letter of credit in the amount of $1.2 million with a financial institution, which expires commensurate with the lease in June 2032.

The following table summarizes the presentation of amounts recorded on the Company’s consolidated balance sheets for the operating lease at 60 Hampshire Street as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	(in thousands)
Assets:
Operating lease assets	$	37,492	$	41,299
Liabilities:
Current operating lease liabilities	$	2,784	$	2,429
Operating lease liabilities, net of current portion		29,367		32,150
Total operating lease liabilities	$	32,151	$	34,579


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Research and development expenses	$	5,851	$	5,549	$	2,675
General and administrative expenses		955		938		564
	$	6,806	$	6,487	$	3,239

The Company made cash payments of $5.1 million, $5.0 million, and $11.5 million under the operating lease agreement for 60 Hampshire Street during the years ended December 31, 2024, 2023, and 2022, respectively.

As of December 31, 2024, the minimum lease payments for the Company’s operating lease at 60 Hampshire Street for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount (in thousands)
2025		5,257
2026		5,409
2027		5,565
2028		5,726
2029		5,892
Thereafter		15,466
Total lease payments		43,315
Less: interest		(11,164	)
Present value of operating lease liabilities	$	32,151

The weighted-average remaining lease term and weighted-average discount rate of the Company's operating lease at 60 Hampshire Street were 7.50 years and 8.0%, respectively, at December 31, 2024.

The weighted-average remaining lease term and weighted-average discount rate of the Company's operating lease at 60 Hampshire Street were 8.50 years and 8.0%, respectively, at December 31, 2023.

Investments

12 Months Ended

Dec. 31, 2024

Schedule of Investments [Abstract]

Investments

5. Investments

The fair value of available-for-sale investments by type of security was as follows:


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	245,208	$	516	$	(35	)	$	245,689
U.S. agency securities		51,153		123		—			51,276
Total investments with a maturity of one year or less		296,361		639		(35	)		296,965

U.S. treasury bills		319,625		376		(1,607	)		318,394
U.S. agency securities		42,041		14		(378	)		41,677
Total investments with a maturity of one to two years		361,666		390		(1,985	)		360,071
Total investments	$	658,027	$	1,029	$	(2,020	)	$	657,036


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	314,957	$	83	$	(482	)	$	314,558
U.S. agency securities		185,672		24		(353	)		185,343
Total investments with a maturity of one year or less		500,629		107		(835	)		499,901

U.S. treasury bills		100,917		591		(58	)		101,450
U.S. agency securities		5,000		—		(1	)		4,999
Total investments with a maturity of one to two years		105,917		591		(59	)		106,449
Total investments	$	606,546	$	698	$	(894	)	$	606,350


	December 31, 2024
	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	258,196	$	(1,642	)	$	—	$	—	$	258,196	$	(1,642	)
U.S. agency securities		35,455		(378	)		—		—		35,455		(378	)
Total	$	293,651	$	(2,020	)	$	—	$	—	$	293,651	$	(2,020	)


	December 31, 2023
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	172,625	$	(371	)	$	27,822	$	(169	)	$	200,447	$	(540	)
U.S. agency securities		136,356		(207	)		36,742		(147	)		173,098		(354	)
Total	$	308,981	$	(578	)	$	64,564	$	(316	)	$	373,545	$	(894	)

As summarized in the tables immediately above, the Company held 58 and 70 debt securities that were in an unrealized loss position as of December 31, 2024 and 2023, respectively. The unrealized losses at December 31, 2024 and 2023 were attributable to changes in interest rates and the unrealized losses do not represent credit losses. The Company does not intend to sell such securities and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis.

Stock Compensation - Additional Information (Detail) - USD ($)			12 Months Ended
	Jan. 01, 2024	Jan. 01, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			$ 94,139,000	$ 86,031,000	$ 56,138,000
Time-Based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value			$ 6,700,000	$ 4,400,000	$ 15,500,000
Weighted average grant date fair value of stock option granted			$ 4.87	$ 12.83	$ 13.67
Total unrecognized compensation cost related to the unvested stock awards, Value			$ 34,400,000
Total unrecognized compensation cost related to the unvested stock awards, Weighted average period			1 year 10 days
Number of stock options granted			1,249,240
Expected term from grant through exercise			6 years 3 months	6 years 3 months	6 years 3 months
Dividend yield rate			0.00%	0.00%	0.00%
Number of shares exercised			551,334
Number of shares, cancelled			1,491,377
Performance-Based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value			$ 100,000	$ 300,000	$ 400,000
Total unrecognized compensation cost related to the unvested stock awards, Value			$ 0
Number of stock options granted			0	0	0
Number of shares exercised			66,236
Number of shares, cancelled			83,031
Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares, vested			$ 15,200,000
Total unrecognized compensation cost related to the unvested stock awards, Value			$ 51,500,000
Total unrecognized compensation cost related to the unvested stock awards, Weighted average period			10 months 2 days
Number of RSUs, cancelled			1,353,152
Number of RSUs, vested			2,125,326
Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to the unvested stock awards, Value			$ 1,700,000
Total unrecognized compensation cost related to the unvested stock awards, Weighted average period			5 months 15 days
Number of RSUs, cancelled			131,980
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted								0
2020 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Number of Shares Authorized			9,417,226				8,376,080
Percentage of additional common stock authorized		5.00%
Increase in number of shares of common stock available for issuance	6,372,620
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Number of Shares Authorized			4,844,950				1,092,532
Percentage of additional common stock authorized						1.00%
Increase in number of shares of common stock available for issuance	1,274,524
Percentage of fair market value of common stock							85.00%
Shares authorized additionally under ESPP		2,185,064
Total unrecognized compensation cost related to the unvested stock awards, Value			$ 0
Expected term from grant through exercise			6 months	6 months	6 months
Risk-free interest rate			5.30%	5.10%	1.00%
Historical volatility rate			65.10%	86.80%	74.40%
Dividend yield rate			0.00%	0.00%	0.00%
Market-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense				$ 25,500,000
Total unrecognized compensation cost related to the unvested stock awards, Value			$ 2,100,000
Total unrecognized compensation cost related to the unvested stock awards, Weighted average period			1 year 25 days
Market-Based Awards [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted			0		0
RSU granted				405,770
Vesting period				3 years
Fair value of market based awards				$ 16.11
Number of RSUs, cancelled			48,815
Number of shares, released			0
Number of RSUs, vested			0
Market-Based Awards [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted			0	1,512,820	0
Vesting period				3 years
Fair value of market based awards				$ 12.53
Number of shares exercised			0
Number of shares, cancelled			97,630
Number of RSUs, vested			0

Stock Compensation - Schedule of Estimated Fair Value of Stock Options (Detail) - Time-Based Stock Options [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months	6 years 3 months	6 years 3 months
Risk-free interest rate minimum	3.50%	3.30%	1.60%
Risk-free interest rate maximum	4.70%	5.00%	4.20%
Expected volatility rate minimum	75.80%	74.10%	72.70%
Expected volatility rate maximum	78.90%	79.80%	76.20%
Expected dividend yield	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
-Section 50
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements


	Fair Value Measurements as of December 31, 2024:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	122,128	$	—	$	—	$	122,128
Total cash equivalents		122,128		—		—		122,128
Investments:
U.S. treasury bills		—		564,083		—		564,083
U.S. agency securities		—		92,953		—		92,953
Total investments		—		657,036		—		657,036
Total assets	$	122,128	$	657,036	$	—	$	779,164
Liabilities
Contingent Milestone Payments	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	Fair Value Measurements as of December 31, 2023:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	140,466	$	—	$	—	$	140,466
Total cash equivalents		140,466		—		—		140,466
Investments:
U.S. treasury bills		—		416,008		—		416,008
U.S. agency securities		—		190,342		—		190,342
Total investments		—		606,350		—		606,350
Total assets	$	140,466	$	606,350	$	—	$	746,816
Liabilities
Contingent Milestone Payments	$	—	$	—	$	8,206	$	8,206
Total liabilities	$	—	$	—	$	8,206	$	8,206

In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data.

Fair Value of Contingent Consideration

In April 2021, the Company acquired ZebiAI.

Pursuant to the terms of the acquisition, the Company is liable for certain contingent consideration, including (a) up to $85.0 million in platform and program milestones ("Contingent Milestone Payments") and (b) up to $100.0 million in earnout payments ("Contingent Earnout Payments"), both payable to ZebiAI's former equity holders upon achievement.

The Company classified the Contingent Milestone Payments within Level 3 of the fair value hierarchy. Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480"), the Company accounted for the Contingent Milestone Payments as a liability and remeasured the fair value at each reporting period based on the probability of achieving the milestones and timing. In connection therewith, the liability was recorded at $0 on the consolidated balance sheet as of December 31, 2024.

The Company has not accounted for the Contingent Earnout Payments as derivatives under ASC Topic 815, Derivatives and Hedging ("ASC 815"). As such, they were only measured at fair value as of the acquisition date and have not been re-assessed at fair value as of each reporting period end. During the year ended December 31, 2024, the contingency was resolved without the consideration becoming payable. Therefore, the liability was recorded at $0 on the consolidated balance sheet as of December 31, 2024.

The following table reconciles the change in the contingent consideration liability:


	Year Ended December 31,
	2024			2023			2022
	(in thousands)
Balance at beginning of period	$	13,206		$	32,378		$	50,258
Change in fair value of Contingent Milestone Payments		(8,206	)		(6,422	)		(11,677	)
Change in carrying value of Contingent Earnout Payments		(5,000	)		—			—
Common stock issued upon milestone achievement		—			(12,750	)		(6,203	)
	$	—		$	13,206		$	32,378

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operating Leases - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
399 Binney Street [Member]
Operating Leased Assets [Line Items]
2025	$ 4,503
2026	4,634
2027	4,768
2028	4,906
2029	1,651
Thereafter	0
Total lease payments	20,462
Less: interest	(4,111)
Present value of operating lease liabilities	16,351	$ 18,887
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
2025	5,257
2026	5,409
2027	5,565
2028	5,726
2029	5,892
Thereafter	15,466
Total lease payments	43,315
Less: interest	(11,164)
Present value of operating lease liabilities	$ 32,151	$ 34,579

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for reporting on Form 10-K.

The Company’s consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiaries, Relay Therapeutics Securities Corporation and Relay ML Discovery, LLC.

All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. ("ZebiAI") in 2021, the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"), the accrual of research and development and manufacturing expenses, the valuation of equity instruments, and the incremental borrowing rate for determining operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience.

Segments

In general, segments are identified as components of an enterprise or business about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM") in making decisions on how to allocate resources and assess performance of the enterprise or business.

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to provide enhancements to segment disclosures, even for entities with one reportable segment. In particular, the standard requires disclosure of significant segment expenses regularly (a) provided to the CODM and (b) included within each reported measure of segment profit and loss. The standard also requires disclosure of all other segment items by reportable segment and a description of its composition. Finally, the standard requires disclosure of the title and position of the CODM and an explanation of CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

The Company adopted ASU 2023-07 upon filing of this Annual Report on Form 10-K.

The Company's CODM is the President and Chief Executive Officer.

The Company and the CODM view the Company's operations as one segment, which is using innovative experimental and computational approaches on protein motion for making medicines to drug protein targets that have previously been intractable or inadequately addressed.

For further considerations, refer to Note 3, Segment Information.

Cash Equivalents

The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Cash equivalents, which consist of money market funds, are stated at fair value.

Restricted Cash

As of December 31, 2024 and 2023, the Company had restricted cash of $2.1 million and $2.7 million, respectively, to secure letters of credit in connection with the Company's operating leases, as detailed in Note 12, Operating Leases. The Company classified the restricted cash as a noncurrent asset on its consolidated balance sheets, consistent with the terms of the lease agreements.

Investments

Investments in marketable securities are classified as available-for-sale.

Investments are measured and reported at fair value using quoted prices in active markets for similar securities.

Premiums or discounts from par value are amortized to interest income over the life of the underlying investment.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). Certain amendments thereto were also issued by the FASB. The Company adopted ASU 2016-13, as well as the related amendments thereto, on January 1, 2022, pursuant to which the Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If the assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit

losses is recorded on the consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment not related to credit is recognized in other comprehensive loss as a separate component of stockholders' equity. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the consolidated statements of operations and comprehensive loss. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

In the event no credit losses are identified, the entire change in fair value of investments are recognized as unrealized gains and losses, which are included as a component of accumulated other income/(loss) on the consolidated balance sheets and statements of stockholders' equity, as well as a component of other comprehensive income/(loss) on the consolidated statements of operations and comprehensive loss, until realized. To the extent there are realized gains/(losses), such amounts are specifically identified and included in interest income.

All of the Company’s available-for-sale securities are available to the Company for use in current operations. As a result, the Company classified all such securities as current assets as of December 31, 2024 and 2023, although the stated maturity of some individual securities may be one year or more beyond the balance sheet dates.

Concentration of Credit Risk and Significant Suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and investments. From time to time, the Company has maintained all of its cash, cash equivalents, and investments at certain accredited financial institutions in amounts that exceed federally insured limits. The Company generally invests its excess capital in money market funds, U.S. treasury bonds, U.S. treasury bills, and agency bonds, all of which are subject to minimal credit and market risk. Management has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The investment portfolio is maintained in accordance with the Company’s investment policy, which defines allowable investments, specifies credit quality standards, and limits the credit exposure of any single issuer.

The Company is dependent on third-party suppliers for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relies and expects to continue to rely on a small number of these suppliers, as discussed in Note 11, Commitments and Contingencies, to meet its requirements for certain of its programs. These programs could be adversely affected by a significant interruption in preclinical and clinical testing, as well as the supply of active pharmaceutical ingredients and formulated drugs.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable.

•

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

•

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

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

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is recognized using the straight-line method over the useful life of the asset. Laboratory and computer equipment are depreciated over three years. Furniture and fixtures are depreciated over five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the asset. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.

Property and equipment, net consisted of the following:


	December 31,
	2024			2023
	(in thousands)
Property and equipment:
Laboratory equipment	$	27,407		$	25,558
Leasehold improvements		3,825			3,826
Computer equipment		1,743			1,743
Furniture and fixtures		1,779			1,779
Construction in process		69			1,577
		34,823			34,483
Less: accumulated depreciation		(28,912	)		(23,582	)
Total property and equipment, net	$	5,911		$	10,901

Impairment of Long-Lived Assets

The Company continually evaluates long-lived assets for potential impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. Recoverability is measured by comparing the book values of the assets to the expected future net undiscounted cash flows the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured in an amount by which the book values of the assets exceed their fair value. The Company did not recognize any impairment losses for the years ended December 31, 2024, 2023, and 2022.

Research and Development Costs

In general, research and development expenses include salaries, stock compensation and benefits of employees, third-party license fees, and other operational costs incurred in connection with the Company’s research and development activities, including allocated facility expenses and external costs of outside vendors engaged to conduct both preclinical studies and clinical trials. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made.

The Company expenses research and development costs as incurred. When evaluating the adequacy of expense recognized, particularly from services performed by external third parties, the Company analyzes progress of the services, including the phase or completion of events, invoices received, and contracted costs. Judgments and estimates are made in determining the expense recognized and the related prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical estimates have not been materially different from the actual costs.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.

Stock Compensation

For stock options and restricted stock units ("RSUs") granted to employees, directors, and other consultants with vesting over specified periods of continued service, the Company measures their fair value on the grant date using (a) the Black-Scholes Option Pricing Model for stock options and (b) the Company’s closing stock price on such date for RSUs. In connection therewith, compensation expense for such awards is recognized under the straight-line method over the requisite service period, which is generally the vesting period. The Company recognizes the impact of forfeitures on compensation expense as they occur.

For stock options and RSUs granted to employees, directors, and other consultants with vesting over specified periods of continued service and contingent upon achievement of certain performance conditions, the Company measures their fair value on the grant date using (a) the Black-Scholes Option Pricing Model for stock options and (b) the Company’s closing stock price on such date for RSUs. In connection therewith, compensation expense for such awards is recognized under the accelerated attribution method over the requisite service period, which is generally the vesting period. The Company recognizes the impact of forfeitures on compensation expense as they occur.

For stock options and RSUs granted to employees, directors, and other consultants with vesting over specified periods of continued service and contingent upon achievement of certain market conditions, the Company measures their fair value on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs. In connection therewith, compensation expense for such awards is recognized under the accelerated attribution method over the derived service period or requisite service period, whichever is longer, regardless of whether the market conditions have been achieved. The Company recognizes the impact of forfeitures on compensation expense as they occur.

Revenue Recognition

The Company accounts for revenue recognition in accordance with ASC 606, pursuant to which an entity recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps at contract inception: (i) identify the contract(s) with customer(s); (ii) identify the performance obligation(s) in the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract(s); and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

Once the 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 at contract inception. The Company then determines the transaction price and allocates it to the performance obligations. As part of the accounting for such arrangements, the Company must use judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above, including the determination of whether milestones or other variable consideration should be included in the transaction price; and (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of the transaction price in step (iv) above.

The Company utilizes key assumptions and judgments in (a) determining the stand-alone selling price for each performance obligation, which may include discounted cash flow models, evaluation of comparable transactions, and pricing considered in negotiating the transaction and estimated costs, and (b) determining how the transaction price is allocated amongst the performance obligations. The Company also uses judgment to determine whether milestones or other variable consideration should be included in the transaction price. As part of management’s evaluation of the transaction price, the Company considers numerous factors, including whether the achievement of the milestones is outside of the Company's control, contingent upon the efforts of others, or subject to scientific risks of success. If the Company concludes it is probable that a significant revenue reversal would not occur, the associated milestone payment is included in the transaction price. Milestone payments that are not within the Company's control, such as regulatory approvals, are generally not considered probable until those milestones are achieved. The Company re-evaluates the transaction price, including estimated variable consideration included in the transaction price and all constrained amounts, in each reporting period and as uncertain events are resolved or other changes in circumstances occur. For revenue-based royalties, including milestone payments based on the level of sales, the Company will include royalties in the transaction price at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty is allocated has been satisfied (or partially satisfied).

Once the performance obligations are identified, the transaction price is allocated to each performance obligation based on the relative stand-alone selling price. The Company then recognizes as revenue the amount of the transaction price allocated to the respective performance obligation when (or as) it is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, the Company recognizes revenue based on the use of either an output or input method.

Contract Assets and Liabilities

In general, a contract asset is an entity's right to consideration in exchange for goods or services the entity has transferred to a customer when the right is conditioned on something besides the passage of time. The Company recognizes a contract asset when it transfers goods or services to a customer before the customer pays consideration and/or before payment is due, excluding any amounts presented as a receivable. The Company also assesses contract assets for credit losses.

In general, a contract liability, or deferred revenue, primarily relates to amounts for which an entity has received payment or has the unconditional right to receive payment in the future, but has not yet satisfied the related performance obligations. The Company records such payments or consideration due as deferred revenue and until it satisfies the performance obligations under such arrangements. In connection therewith, upfront payments from the Company's licensing agreements do not represent financing, as the payment is not funding the transfer of good or services and the technology under the licenses granted reflects research and development expenses already incurred.

Leases

Pursuant to ASC Topic 842, Leases ("ASC 842"), the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company’s operating leases are recognized on its consolidated balance sheets as other noncurrent assets, other current liabilities, and other noncurrent liabilities. The Company does not have any finance leases.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease payments made prior to commencement and exclude lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

The Company has lease agreements with lease and non-lease components, which are accounted for as a combined element.

Comprehensive Loss

Comprehensive loss includes net loss, as well as other changes in stockholders’ equity resulting from transactions and economic events other than those with stockholders. For the years ended December 31, 2024, 2023, and 2022, other comprehensive income (loss) consisted of changes in unrealized gains and losses from available-for-sale investments.

Net Loss Per Common Share

Net Loss per Common Share

Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted-average number of common shares outstanding during the period and the effect of any dilutive securities. For periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

For additional discussion of net loss per common share, please refer to Note 9, Net Loss per Share.

Income Taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events recognized in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. The tax position first must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. as well as the related net interest and penalties.

Recently Adopted Accounting Pronouncements

As noted above, the Company adopted (a) ASU 2016-13, as well as the related amendments thereto, on January 1, 2022 and (b) ASU 2023-07 upon filing of this Annual Report on Form 10-K. The adoption of the standards noted did not have a material impact on the Company's consolidated financial statements or disclosures, except as otherwise noted.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and footnotes.

Income Taxes - Summary of Reconciliation of Expected Income Tax (Benefit) Computed Using Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	11.60%	(3.70%)	6.50%
Change in valuation allowance	(39.10%)	(20.30%)	(30.20%)
R&D credit carryovers	12.70%	4.50%	4.20%
Stock compensation	(6.70%)	(1.70%)	(2.10%)
Permanent differences	0.50%	0.20%	0.60%
Total	0.00%	0.00%	0.00%

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Property and Equipment [Member]

Significant Accounting Policies [Line Items]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2024			2023
	(in thousands)
Property and equipment:
Laboratory equipment	$	27,407		$	25,558
Leasehold improvements		3,825			3,826
Computer equipment		1,743			1,743
Furniture and fixtures		1,779			1,779
Construction in process		69			1,577
		34,823			34,483
Less: accumulated depreciation		(28,912	)		(23,582	)
Total property and equipment, net	$	5,911		$	10,901

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy (Detail) - Fair value on a recurring basis [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments:
Total assets	$ 779,164	$ 746,816
Liabilities
Contingent Milestone Payments		8,206
Total liabilities		8,206
Level 1 [Member]
Investments:
Total assets	122,128	140,466
Level 2 [Member]
Investments:
Total assets	657,036	606,350
Level 3 [Member]
Liabilities
Contingent Milestone Payments		8,206
Total liabilities		8,206
Investments [Member]
Investments:
Total investments	657,036	606,350
Investments [Member] \| U.S. treasury bills [Member]
Investments:
Total investments	564,083	416,008
Investments [Member] \| U.S. agency securities [Member]
Investments:
Total investments	92,953	190,342
Investments [Member] \| Level 2 [Member]
Investments:
Total investments	657,036	606,350
Investments [Member] \| Level 2 [Member] \| U.S. treasury bills [Member]
Investments:
Total investments	564,083	416,008
Investments [Member] \| Level 2 [Member] \| U.S. agency securities [Member]
Investments:
Total investments	92,953	190,342
Cash equivalents [Member]
Cash equivalents:
Assets, fair value	122,128	140,466
Cash equivalents [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	122,128	140,466
Cash equivalents [Member] \| Level 1 [Member]
Cash equivalents:
Assets, fair value	122,128	140,466
Cash equivalents [Member] \| Level 1 [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	$ 122,128	$ 140,466

Segment Information - Schedule of Reportable Segment Revenue, Operating Expenses, and Net Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
License and other revenue	$ 10,007	$ 25,546	$ 1,381
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue	$ 10,007	$ 25,546	$ 1,381
Research and development expenses
General and administrative expenses	76,592	74,950	65,978
Other segment expenses (income)
Depreciation expense	5,464	5,269	4,130
Stock compensation expense	94,139	86,031	56,138
Change in fair value of contingent consideration liability	(13,206)	(6,422)	(11,677)
Interest income	(34,746)	(31,045)	(8,786)
Other (income) expense	(14)	18	20
Reconciliation to consolidated net loss:
Net loss	(337,708)	(341,973)	(290,509)
Operating Segments [Member]
Revenue:
License and other revenue	$ 10,007	$ 25,546	$ 1,381
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Research and development expenses
General and administrative expenses	$ 33,309	$ 36,510	$ 39,734
Other segment expenses (income)
Depreciation expense	5,464	5,269	4,130
Stock compensation expense	94,139	86,031	56,138
Change in fair value of contingent consideration liability	(13,206)	(6,422)	(11,677)
Interest income	(34,746)	(31,045)	(8,786)
Other (income) expense	(14)	18	20
Segment net loss	(337,708)	(341,973)	(290,509)
Operating Segments [Member] \| Research and Development Expense [Member]
Research and development expenses
External costs for programs in clinical trials	92,096	101,055	51,094
External costs for platform technologies and preclinical programs	76,392	76,471	82,779
Employee related expenses	71,979	77,120	62,447
Other expenses	$ 22,302	$ 22,512	$ 16,011

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 124,287	$ 143,736
Investments	657,036	606,350
Prepaid expenses	17,348	16,702
Other current assets	10,533	3,315
Total current assets	809,204	770,103
Property and equipment, net	5,911	10,901
Operating lease assets	51,762	57,969
Restricted cash	2,119	2,707
Intangible asset	2,300	2,300
Total assets	871,296	843,980
Current liabilities:
Accounts payable	14,097	9,211
Accrued expenses	21,236	14,890
Operating lease liabilities	5,727	4,964
Deferred revenue	7,679
Other current liabilities	1,990	1,204
Total current liabilities	50,729	30,269
Operating lease liabilities, net of current portion	42,775	48,502
Contingent consideration liability	0	13,206
Total liabilities	93,504	91,977
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 shares authorized as of December 31, 2024, and December 31, 2023; 167,755,715 and 127,462,409 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	168	127
Additional paid-in capital	2,516,905	2,152,654
Accumulated other comprehensive loss	(991)	(196)
Accumulated deficit	(1,738,290)	(1,400,582)
Total stockholders' equity	777,792	752,003
Total liabilities and stockholders' equity	$ 871,296	$ 843,980

Stock Compensation - Schedule of Estimated Fair Value of Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
After-tax contributions	$ 1,479	$ 2,486	$ 1,686
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
After-tax contributions	$ 1,479	$ 2,486	$ 1,686
Shares of common stock purchased	303,670	244,125	123,019
Expected term (in years)	6 months	6 months	6 months
Risk-free interest rate	5.30%	5.10%	1.00%
Expected volatility	65.10%	86.80%	74.40%
Expected dividend yield	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting Information [Line Items]

Schedule of Reportable Segment Revenue, Operating Expenses, and Net Loss

The following tables illustrates information about segment revenue, significant segment expenses, and segment net loss.


	Year Ended December 31,
	2024			2023			2022
License and other revenue	$	10,007		$	25,546		$	1,381
Less:
Research and development expenses
External costs for programs in clinical trials	$	92,096		$	101,055		$	51,094
External costs for platform technologies and preclinical programs		76,392			76,471			82,779
Employee related expenses (1)		71,979			77,120			62,447
Other expenses		22,302			22,512			16,011
General and administrative expenses (2)		33,309			36,510			39,734
Other segment expenses (income)
Depreciation expense		5,464			5,269			4,130
Stock compensation expense		94,139			86,031			56,138
Change in fair value of contingent consideration liability		(13,206	)		(6,422	)		(11,677	)
Interest income		(34,746	)		(31,045	)		(8,786	)
Other (income) expense		(14	)		18			20
Segment net loss		(337,708	)		(341,973	)		(290,509	)
Reconciliation to consolidated net loss:
Adjustments or reconciling items		—			—			—
Consolidated net loss	$	(337,708	)	$	(341,973	)	$	(290,509	)

The expense categories and amounts in the table above align with the segment-level information regularly provided to the CODM.

(1) "Employee related expenses" excludes stock compensation expense, which is summarized in Note 8, Stock Compensation.

(2) "General and administrative expenses" excludes stock compensation expense, which is summarized in Note 8, Stock Compensation.

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following:


	December 31,
	2024		2023
	(in thousands)
External research and development costs	$	19,565	$	12,509
Consulting and professional services		935		886
Compensation costs		106		702
Other		630		793
Total accrued expenses	$	21,236	$	14,890

Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

All intercompany balances and transactions have been eliminated.

Use of Estimates

Segments

The Company adopted ASU 2023-07 upon filing of this Annual Report on Form 10-K.

The Company's CODM is the President and Chief Executive Officer.

For further considerations, refer to Note 3, Segment Information.

Cash Equivalents

Restricted Cash

Investments

Investments in marketable securities are classified as available-for-sale.

Investments are measured and reported at fair value using quoted prices in active markets for similar securities.

Premiums or discounts from par value are amortized to interest income over the life of the underlying investment.

Concentration of Credit Risk and Significant Suppliers

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP.

•

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

•

Property and Equipment

Property and equipment, net consisted of the following:


	December 31,
	2024			2023
	(in thousands)
Property and equipment:
Laboratory equipment	$	27,407		$	25,558
Leasehold improvements		3,825			3,826
Computer equipment		1,743			1,743
Furniture and fixtures		1,779			1,779
Construction in process		69			1,577
		34,823			34,483
Less: accumulated depreciation		(28,912	)		(23,582	)
Total property and equipment, net	$	5,911		$	10,901

Impairment of Long-Lived Assets

Research and Development Costs

Patent Costs

Stock Compensation

For stock options and RSUs granted to employees, directors, and other consultants with vesting over specified periods of continued service and contingent upon achievement of certain market conditions, the Company measures their fair value on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs. In connection therewith, compensation expense for such awards is recognized under the accelerated attribution method over the derived service period or requisite service period, whichever is longer, regardless of whether the market conditions have been achieved. The Company recognizes the impact of forfeitures on compensation expense as they occur.

Revenue Recognition

Contract Assets and Liabilities

Leases

The Company has lease agreements with lease and non-lease components, which are accounted for as a combined element.

Comprehensive Loss

Net Loss per Common Share

For additional discussion of net loss per common share, please refer to Note 9, Net Loss per Share.

Income Taxes

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

During the years ended December 31, 2024, 2023, and 2022, the Company recorded no income tax benefits due to losses incurred and the uncertainty of future taxable income.

A reconciliation of the expected income tax (benefit) computed using the U.S. Federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2024, 2023, and 2022:


	December 31,
	2024	2023	2022
Income tax computed at federal statutory rate	21.0%	21.0%	21.0%
State taxes, net of federal benefit	11.6%	(3.7)%	6.5%
Change in valuation allowance	(39.1)%	(20.3)%	(30.2)%
R&D credit carryovers	12.7%	4.5%	4.2%
Stock compensation	(6.7)%	(1.7)%	(2.1)%
Permanent differences	0.5%	0.2%	0.6%
Total	0.0%	0.0%	0.0%

The Company’s deferred tax assets and liabilities at December 31, 2024 and 2023, consist of the following:


	December 31,
	2024			2023
	(in thousands)
Deferred tax assets:
Net operating losses	$	166,311		$	141,453
Tax credit carryforwards		88,707			45,969
Capitalized R&D		154,424			90,273
Lease liability		14,820			12,914
Stock compensation		16,892			19,448
Intangibles		1,341			1,261
Depreciation and amortization		967			505
Other		2,346			263
Total gross deferred tax assets		445,808			312,086
Valuation allowance		(431,929	)		(299,829	)
Net deferred tax assets		13,879			12,257
Deferred tax liabilities
Operating lease assets		(13,879	)		(12,257	)
Total deferred tax liabilities		(13,879	)		(12,257	)
	$	—		$	—

The Company has incurred net operating losses ("NOLs") since inception. As of December 31, 2024 and 2023, the Company had federal NOL carryforwards of $596.3 million and $498.0 million, respectively, available to reduce federal taxable income, of which $43.1 million begin to expire in 2035 and $553.2 million do not expire. The Company also has state NOL carryforwards of $625.2 million and $559.7 million as of December 31, 2024 and 2023, respectively, available to reduce state taxable income, which begin to expire in 2035.

As of December 31, 2024 and 2023, the Company also had available federal research and development tax credit carryforwards of $47.5 million and $38.9 million, respectively, available to reduce federal tax liabilities, which begin to expire in 2035.

As of December 31, 2024 and 2023, the Company also had available state research and development tax credit carryforwards of $27.0 million and $8.5 million, respectively, available to reduce state tax liabilities, which being to expire in 2030.

As of December 31, 2024 and 2023, the Company also had available federal orphan drug tax credit carryforwards of $19.5 million and $0, respectively, available to reduce federal tax liabilities, which begin to expire in 2042.

Utilization of NOL and research and development credit carryforwards may generally be subject to limitation under Sections 382 and 383 of the Internal Revenue Code of 1986 ("Sections 382 and 383") due to ownership changes that have occurred previously or could occur in the future. Such ownership changes may limit the amount of NOL and research and development credit carryforwards that can be utilized annually to offset any post-ownership change in taxable income and tax, respectively. The most recent Section 382 study was performed by the Company up to December 31, 2024, through which it was noted that a historic ownership change has likely occurred. Nonetheless, the Company has concluded that, as of December 31, 2024, the prospective utilization of NOL and research and development credit carryforwards from inception through December 31, 2024 (and, therefore, the corresponding federal and state deferred tax assets) should not be restricted by Sections 382 and 383, although ownership changes after December 31, 2024 could impact the Company’s ability to utilize such tax attributes in the future.

The Company recorded a valuation allowance against its deferred tax assets for the years ended December 31, 2024 and 2023, because the Company’s management believes it is more likely than not that such assets will not be realized. The valuation allowance increased by approximately $132.1 million and $69.3 million for the years ended December 31, 2024 and 2023, respectively, primarily as a result of operating losses generated with no corresponding financial statement benefit.

The Company had no unrecognized tax benefits as of December 31, 2024 and 2023.

The Company files tax returns, as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company’s tax years are still open under statute from inception to the present.

In 2017, the Tax Cuts and Jobs Act of 2017 ("2017 Tax Act") was signed into law. Amongst other provisions, the 2017 Tax Act requires taxpayers to capitalize and amortize research and experimental (R&D) expenditures under Section 174 for tax years beginning after December 31, 2021. As such, the rule noted became effective for the Company during the year ended December 31, 2022, ultimately resulting in the capitalization of certain R&D costs within its tax provision. The Company will amortize such costs for tax purposes over 5 years if the R&D was performed in the United States and over 15 years if the R&D was performed outside the United States.

In 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law. The CARES Act lifts certain deduction limitations originally imposed by the 2017 Tax Act. Corporate taxpayers may carryback NOLs originating during 2018 through 2020 for up to five years, which was not previously allowed under the 2017 Tax Act. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize NOL carryforwards to offset taxable income in 2018, 2019, or 2020. Taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income plus business interest income (30% limit under the 2017 Tax Act) for tax years beginning January 1, 2019 and 2020. The CARES Act allows taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credits instead of recovering the credits through refunds over a period of years, as originally enacted by the 2017 Tax Act. In addition, the CARES Act raises the corporate charitable deduction limit to 25% of taxable income and makes qualified improvement property generally eligible for 15-year cost-recovery and 100% bonus depreciation. The enactment of the CARES Act did not result in any adjustments to the Company’s income tax provision for the years ended December 31, 2024, 2023, and 2022, or to the Company’s net deferred tax assets as of December 31, 2024 and 2023, since the Company has not recorded any U.S. federal or state income tax benefits for the net losses incurred in any year due to the uncertainty of realizing a benefit therefrom.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Expected Income Tax (Benefit) Computed Using Federal Statutory Income Tax Rate to Effective Income Tax Rate


	December 31,
	2024	2023	2022
Income tax computed at federal statutory rate	21.0%	21.0%	21.0%
State taxes, net of federal benefit	11.6%	(3.7)%	6.5%
Change in valuation allowance	(39.1)%	(20.3)%	(30.2)%
R&D credit carryovers	12.7%	4.5%	4.2%
Stock compensation	(6.7)%	(1.7)%	(2.1)%
Permanent differences	0.5%	0.2%	0.6%
Total	0.0%	0.0%	0.0%

Summary of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities at December 31, 2024 and 2023, consist of the following:


	December 31,
	2024			2023
	(in thousands)
Deferred tax assets:
Net operating losses	$	166,311		$	141,453
Tax credit carryforwards		88,707			45,969
Capitalized R&D		154,424			90,273
Lease liability		14,820			12,914
Stock compensation		16,892			19,448
Intangibles		1,341			1,261
Depreciation and amortization		967			505
Other		2,346			263
Total gross deferred tax assets		445,808			312,086
Valuation allowance		(431,929	)		(299,829	)
Net deferred tax assets		13,879			12,257
Deferred tax liabilities
Operating lease assets		(13,879	)		(12,257	)
Total deferred tax liabilities		(13,879	)		(12,257	)
	$	—		$	—

Commitments and Contingencies - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 15, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019
Commitments and Contingencies Disclosure [Line Items]
Prepaid balance		$ 17,348,000	$ 16,702,000
Accrued expenses		21,236,000	14,890,000
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense		9,700,000	9,500,000	$ 9,400,000
Prepaid balance		5,900,000	5,400,000
Accrued expenses		100,000	0
DE Shaw Research [Member] \| License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development arrangement, annual fee	$ 9,900,000				$ 1,000,000
Research and development arrangement, term of contract					3 years
Initial research and development arrangement, expiration date	Aug. 16, 2025
Milestone payment due for first three targets		7,300,000
Milestone payment due for each target thereafter		6,300,000
Milestone events and royalties payment due		0	$ 0
Maximum [Member] \| DE Shaw Research [Member] \| License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Development milestone payments		$ 7,300,000

Stock Compensation - Schedule of Total Stock Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 94,139	$ 86,031	$ 56,138
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	51,622	48,351	30,671
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 42,517	$ 37,680	$ 25,467

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Total Stock Compensation Expense Recognized

In connection with all stock-based payments, total stock compensation expense recognized was as follows:


		Year Ended December 31,
		2024		2023		2022
	(in thousands)
Research and development expenses		$	51,622	$	48,351	$	30,671
General and administrative expenses			42,517		37,680		25,467
		$	94,139	$	86,031	$	56,138

Schedule of Estimated Fair Value of Employee Stock Purchase Plan


	Year Ended December 31,
	2024		2023		2022
After-tax contributions (in thousands)	$	1,479	$	2,486	$	1,686
Shares of common stock purchased		303,670		244,125		123,019
Expected term (in years)	0.50		0.50			0.50
Risk-free interest rate	5.3%		5.1%		1.0%
Expected volatility	65.1%		86.8%		74.4%
Expected dividend yield	0.0%		0.0%		0.0%

Time-Based Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock Option Activity

The following table summarizes activity for time-based stock options for the year ended December 31, 2024:


	Number of Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		12,391,815		$	18.56		7.58	$	18,907
Granted		1,249,240			6.90
Exercised		(551,334	)		4.42
Cancelled		(1,491,377	)		22.69
Outstanding at December 31, 2024		11,598,344		$	17.44		6.93	$	—
Vested at December 31, 2024		7,856,919		$	18.08		6.28	$	—
Unvested at December 31, 2024		3,741,425		$	16.11		8.30	$	—

Schedule of Estimated Fair Value of Stock Options

The following table summarizes the assumptions used in calculating the fair value of the time-based stock options granted.


	Year Ended December 31,
	2024	2023	2022
Expected term (in years)	6.25	6.25	6.25
Risk-free interest rate	3.5% to 4.7%	3.3% to 5.0%	1.6% to 4.2%
Expected volatility	75.8% to 78.9%	74.1% to 79.8%	72.7% to 76.2%
Expected dividend yield	0.0%	0.0%	0.0%

Performance-Based Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock Option Activity

The following table summarizes activity for performance-based stock options for the year ended December 31, 2024:


	Number of Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		1,705,951		$	5.42		6.18	$	9,808
Exercised		(66,236	)		5.22
Cancelled		(83,031	)		7.80
Outstanding at December 31, 2024		1,556,684		$	5.30		5.17	$	—
Vested at December 31, 2024		1,556,684		$	5.30		5.17	$	—
Unvested at December 31, 2024		—		$	—		—	$	—

Time-Based RSUs [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Restricted Stock Units Activity

The following table summarizes activity for time-based RSUs for the year ended December 31, 2024:


	Number of Shares Underlying RSUs			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		2,992,247		$	19.14
Granted		6,294,890			10.67
Vested		(2,125,326	)		15.46
Cancelled		(1,353,152	)		14.28
Unvested at December 31, 2024		5,808,659			12.44

Performance-Based RSUs [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Restricted Stock Units Activity

The following table summarizes activity for performance-based RSUs for the year ended December 31, 2024:


	Number of Shares Underlying RSUs			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		—		$	—
Granted		1,777,985			10.86
Cancelled		(131,980	)		6.24
Unvested at December 31, 2024		1,646,005			4.12

Insider Trading Arrangements - Directors and Officers [Member]	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
License and other revenue	$ 10,007	$ 25,546	$ 1,381
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue	$ 10,007	$ 25,546	$ 1,381
Operating expenses:
Research and development expenses	319,089	330,018	246,355
Change in fair value of contingent consideration liability	(13,206)	(6,422)	(11,677)
General and administrative expenses	76,592	74,950	65,978
Total operating expenses	382,475	398,546	300,656
Loss from operations	(372,468)	(373,000)	(299,275)
Other income:
Interest income	34,746	31,045	8,786
Other income (expense)	14	(18)	(20)
Total other income, net	34,760	31,027	8,766
Net loss	$ (337,708)	$ (341,973)	$ (290,509)
Net loss per share, basic	$ (2.36)	$ (2.79)	$ (2.59)
Net loss per share, diluted	$ (2.36)	$ (2.79)	$ (2.59)
Weighted average shares of common stock, basic	142,867,844	122,576,527	112,233,649
Weighted average shares of common stock, diluted	142,867,844	122,576,527	112,233,649
Other comprehensive (loss) income:
Unrealized holding (loss) gain	$ (795)	$ 10,224	$ (9,332)
Total other comprehensive (loss) income	(795)	10,224	(9,332)
Total comprehensive loss	$ (338,503)	$ (331,749)	$ (299,841)

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2024 Segment
Segment Reporting Information [Line Items]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	President and Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s CODM uses consolidated net loss to evaluate the Company’s expenditures and monitor budget-to-actual results. In connection therewith, the review of budget-to-actual results is used in assessing performance of the Company’s one operating segment, as well as in establishing resource allocations across the Company.
Number of operating segments	1

Significant Accounting Policies - Schedule of Reportable Segment Revenue, Operating Expenses, and Net Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
License and other revenue	$ 10,007	$ 25,546	$ 1,381
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue	$ 10,007	$ 25,546	$ 1,381
Research and development expenses
General and administrative expenses	76,592	74,950	65,978
Other segment expenses (income)
Depreciation expense	5,464	5,269	4,130
Stock compensation expense	94,139	86,031	56,138
Change in fair value of contingent consideration liability	(13,206)	(6,422)	(11,677)
Total operating expenses	382,475	398,546	300,656
Loss from operations	(372,468)	(373,000)	(299,275)
Other income:
Interest income	34,746	31,045	8,786
Other income (expense)	14	(18)	(20)
Total other income, net	34,760	31,027	8,766
Net loss	(337,708)	(341,973)	(290,509)
Operating Segment
Revenue:
License and other revenue	$ 10,007	$ 25,546	$ 1,381
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Research and development expenses
General and administrative expenses	$ 33,309	$ 36,510	$ 39,734
Other segment expenses (income)
Depreciation expense	5,464	5,269	4,130
Stock compensation expense	94,139	86,031	56,138
Change in fair value of contingent consideration liability	(13,206)	(6,422)	(11,677)
Other income:
Interest income	34,746	31,045	8,786
Other income (expense)	14	(18)	(20)
Operating Segment \| Research and development expenses [Member]
Research and development expenses
External costs for programs in clinical trials	92,096	101,055	51,094
External costs for platform technologies and preclinical programs	76,392	76,471	82,779
Employee related expenses	71,979	77,120	62,447
Other expenses	$ 22,302	$ 22,512	$ 16,011

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
External research and development costs	$ 19,565	$ 12,509
Consulting and professional services	935	886
Compensation costs	106	702
Other	630	793
Total accrued expenses	$ 21,236	$ 14,890

Nature of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands	Dec. 31, 2024 USD ($) Program	Jun. 30, 2024 Program	Dec. 31, 2023 USD ($)
Nature of Business and Basis of Presentation [Line Items]
Number of new programs		3
Number of genetic disease programs		2
Accumulated deficit \| $	$ (1,738,290)		$ (1,400,582)
Precision Oncology And Genetic Diseases [Member] \| Minimum [Member]
Nature of Business and Basis of Presentation [Line Items]
Number of discovery stage programs	4

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	President and Chief Executive Officer [Member]
Maturity days for highly liquid investments	The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents.
Restricted cash	$ 2,119,000	$ 2,707,000
Operating lease option to extent	true
Operating lease option to terminate	true
Impairment loss of long lived assets	$ 0	0	$ 0
Description of Income tax benefit, likelihood of realized upon ultimate settlement	greater than 50%
Laboratory and Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years
Furniture and Fixtures [Member]
Significant Accounting Policies [Line Items]
Property and equipment, useful life	5 years
Letter of Credit [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 2,100,000	$ 2,700,000

Stock Compensation - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Time-Based Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options and Warrants Outstanding, Number of Shares Beginning Balance	12,391,815
Granted, Number of Shares	1,249,240
Exercised, Number of Shares	(551,334)
Cancelled, Number of Shares	(1,491,377)
Options and Warrants Outstanding, Number of Shares Ending Balance	11,598,344	12,391,815
Shares, Vested	7,856,919
Shares, Unvested	3,741,425
Weighted Average Exercise Price Per Share, Outstanding Beginning Balance	$ 18.56
Weighted Average Exercise Price Per Share, Granted	6.9
Weighted Average Exercise Price Per Share, Exercised	4.42
Weighted Average Exercise Price Per Share, Cancelled	22.69
Weighted Average Exercise Price Per Share, Outstanding Ending Balance	17.44	$ 18.56
Weighted Average Exercise Price Per Share, Vested	18.08
Weighted Average Exercise Price Per Share, Unvested	$ 16.11
Weighted Average Remaining Contractual Life, Outstanding	6 years 11 months 4 days	7 years 6 months 29 days
Weighted Average Remaining Contractual Life, Vested	6 years 3 months 10 days
Weighted Average Remaining Contractual Life, Unvested	8 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding Value	$ 0	$ 18,907
Aggregate Intrinsic Value, Vested Value	0
Aggregate Intrinsic Value, Unvested Value	$ 0
Performance-Based Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options and Warrants Outstanding, Number of Shares Beginning Balance	1,705,951
Granted, Number of Shares	0	0	0
Exercised, Number of Shares	(66,236)
Cancelled, Number of Shares	(83,031)
Options and Warrants Outstanding, Number of Shares Ending Balance	1,556,684	1,705,951
Shares, Vested	1,556,684
Shares, Unvested	0
Weighted Average Exercise Price Per Share, Outstanding Beginning Balance	$ 5.42
Weighted Average Exercise Price Per Share, Exercised	5.22
Weighted Average Exercise Price Per Share, Cancelled	7.8
Weighted Average Exercise Price Per Share, Outstanding Ending Balance	5.3	$ 5.42
Weighted Average Exercise Price Per Share, Vested	5.3
Weighted Average Exercise Price Per Share, Unvested	$ 0
Weighted Average Remaining Contractual Life, Outstanding	5 years 2 months 1 day	6 years 2 months 4 days
Weighted Average Remaining Contractual Life, Vested	5 years 2 months 1 day
Aggregate Intrinsic Value, Outstanding Value	$ 0	$ 9,808
Aggregate Intrinsic Value, Vested Value	0
Aggregate Intrinsic Value, Unvested Value	$ 0