0001193125-20-233120 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Aug. 27, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Relay Therapeutics, Inc.
Entity Central Index Key	0001812364
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Current Reporting Status	No
Entity Address, State or Province	MA
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	RLAY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		89,974,876

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 137,053	$ 41,954
Investments	175,153	313,862
Prepaid expenses and other current assets	3,659	4,720
Total current assets	315,865	360,536
Property and equipment, net	7,391	8,094
Operating lease assets	22,778	23,560
Restricted cash	878	878
Deferred offering costs	1,123
Total assets	348,035	393,068
Current liabilities:
Accounts payable	2,830	6,991
Accrued expenses and other current liabilities	8,565	3,746
Operating lease liability	1,370	1,249
Total current liabilities	12,765	11,986
Operating lease liability, net of current portion	22,872	23,583
Restricted stock liability	9	156
Total liabilities	35,646	35,725
Commitments and contingencies (Note 9)
Convertible preferred stock (Series A, B and C), $0.001 par value; 337,272,859 shares authorized; 212,642,857 shares issued and outstanding (aggregate liquidation preference of $519,825)	537,781	537,781
Stockholders' deficit:
Common stock, $0.001 par value; 260,000,000 shares authorized; 4,883,208 and 4,716,634 shares issued at June 30, 2020 and December 31, 2019, respectively; 4,592,731 and 4,037,476 shares outstanding at June 30, 2020 and December 31, 2019, respectively	5	4
Additional paid-in capital	15,064	8,715
Accumulated other comprehensive income	631	325
Accumulated deficit	(241,092)	(189,482)
Total stockholders' deficit	(225,392)	(180,438)
Total liabilities, convertible preferred stock, and stockholders' deficit	$ 348,035	$ 393,068

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	260,000,000	260,000,000
Common stock shares issued	4,883,208	4,716,634
Common stock shares outstanding	4,592,731	4,037,476
Convertible Preferred Stock [Member]
Temporary equity par value	$ 0.001	$ 0.001
Temporary equity shares authorized	337,272,859	337,272,859
Temporary equity shares issued	212,642,857	212,642,857
Temporary equity shares outstanding	212,642,857	212,642,857
Temporary equity liquidation preference	$ 519,825	$ 519,825

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development expenses	$ 21,666	$ 16,397	$ 43,363	$ 29,643
General and administrative expenses	6,053	3,508	10,814	6,664
Total operating expenses	27,719	19,905	54,177	36,307
Loss from operations	(27,719)	(19,905)	(54,177)	(36,307)
Other income (expense):
Interest income	998	2,368	2,570	4,645
Other expense	(3)		(3)	(57)
Total other income (expense), net	995	2,368	2,567	4,588
Net loss	$ (26,724)	$ (17,537)	$ (51,610)	$ (31,719)
Net loss per share, basic and diluted	$ (6.06)	$ (5.28)	$ (12.06)	$ (9.90)
Weighted average shares of common stock, basic and diluted	4,408,470	3,321,045	4,281,169	3,205,103
Other comprehensive income:
Unrealized holding gain (loss)	$ (763)	$ 475	$ 306	$ 475
Total other comprehensive income (loss)	(763)	475	306	475
Total comprehensive loss	$ (27,487)	$ (17,062)	$ (51,304)	$ (31,244)

Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Convertible Preferred Stock [Member]
Beginning balance at Dec. 31, 2018	$ (110,927)	$ 3	$ 3,247		$ (114,177)	$ 532,120
Beginning balance, shares at Dec. 31, 2018		2,998,017				210,863,764
Issuance of Series C preferred stock, net of issuance costs						$ 5,686
Issuance of Series C preferred stock, net of issuance costs, shares						1,779,093
Issuance of common stock upon exercise of stock options	29		29
Issuance of common stock upon exercise of stock options, shares		7,040
Vesting of restricted common stock	101		101
Vesting of restricted common stock ,shares		216,777
Stock-based compensation expense	820		820
Net loss	(14,182)				(14,182)
Ending balance at Mar. 31, 2019	(124,159)	$ 3	4,197		(128,359)	$ 537,806
Ending balance, shares at Mar. 31, 2019		3,221,834				212,642,857
Beginning balance at Dec. 31, 2018	(110,927)	$ 3	3,247		(114,177)	$ 532,120
Beginning balance, shares at Dec. 31, 2018		2,998,017				210,863,764
Net loss	(31,719)
Ending balance at Jun. 30, 2019	(140,016)	$ 3	5,402	$ 475	(145,896)	$ 537,785
Ending balance, shares at Jun. 30, 2019		3,455,508				212,642,857
Beginning balance at Mar. 31, 2019	(124,159)	$ 3	4,197		(128,359)	$ 537,806
Beginning balance, shares at Mar. 31, 2019		3,221,834				212,642,857
Series C preferred stock issuance costs						$ (21)
Issuance of common stock upon exercise of stock options	23		23
Issuance of common stock upon exercise of stock options, shares		16,897
Vesting of restricted common stock	100		100
Vesting of restricted common stock ,shares		216,777
Stock-based compensation expense	1,082		1,082
Unrealized gain(Loss) on investments	475			475
Net loss	(17,537)				(17,537)
Ending balance at Jun. 30, 2019	(140,016)	$ 3	5,402	475	(145,896)	$ 537,785
Ending balance, shares at Jun. 30, 2019		3,455,508				212,642,857
Beginning balance at Dec. 31, 2019	(180,438)	$ 4	8,715	325	(189,482)	$ 537,781
Beginning balance, shares at Dec. 31, 2019		4,037,476				212,642,857
Issuance of common stock upon exercise of stock options	351		351
Issuance of common stock upon exercise of stock options, shares		85,845
Vesting of restricted common stock	98		98
Vesting of restricted common stock ,shares		210,516
Stock-based compensation expense	1,455		1,455
Unrealized gain(Loss) on investments	1,069			1,069
Net loss	(24,886)				(24,886)
Ending balance at Mar. 31, 2020	(202,351)	$ 4	10,619	1,394	(214,368)	$ 537,781
Ending balance, shares at Mar. 31, 2020		4,333,837				212,642,857
Beginning balance at Dec. 31, 2019	$ (180,438)	$ 4	8,715	325	(189,482)	$ 537,781
Beginning balance, shares at Dec. 31, 2019		4,037,476				212,642,857
Issuance of common stock upon exercise of stock options, shares	181,414
Net loss	$ (51,610)
Ending balance at Jun. 30, 2020	(225,392)	$ 5	15,064	631	(241,092)	$ 537,781
Ending balance, shares at Jun. 30, 2020		4,592,731				212,642,857
Beginning balance at Mar. 31, 2020	(202,351)	$ 4	10,619	1,394	(214,368)	$ 537,781
Beginning balance, shares at Mar. 31, 2020		4,333,837				212,642,857
Issuance of common stock upon exercise of stock options	367		367
Issuance of common stock upon exercise of stock options, shares		95,573
Vesting of restricted common stock	47	$ 1	46
Vesting of restricted common stock ,shares		163,321
Stock-based compensation expense	4,032		4,032
Unrealized gain(Loss) on investments	(763)			(763)
Net loss	(26,724)				(26,724)
Ending balance at Jun. 30, 2020	$ (225,392)	$ 5	$ 15,064	$ 631	$ (241,092)	$ 537,781
Ending balance, shares at Jun. 30, 2020		4,592,731				212,642,857

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (51,610)	$ (31,719)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,487	1,902
Depreciation expense	1,724	1,358
Net amortization of premiums and discounts on investments	(438)	(722)
Loss on sale of equipment		56
Changes in assets and liabilities:
Prepaid expenses and other current assets	1,061	(297)
Lease assets and liabilities, net	192	1,032
Accounts payable	(4,045)	525
Accrued expenses and other liabilities	4,451	1,996
Net cash used in operating activities	(43,178)	(25,869)
Cash flows from investing activities:
Purchases of property and equipment	(1,434)	(5,017)
Proceeds from sale of equipment		20
Purchases of investments	(71,103)	(375,000)
Proceeds from maturities of investments	210,556	18,000
Net cash provided by (used in) investing activities	138,019	(361,997)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		5,665
Proceeds from issuance of common stock upon exercise of stock options	718	52
Payment of deferred offering costs	(460)
Net cash provided by financing activities	258	5,717
Net increase (decrease) in cash, cash equivalents and restricted cash	95,099	(382,149)
Cash, cash equivalents and restricted cash at beginning of period	42,832	422,383
Cash, cash equivalents and restricted cash at end of period	137,931	40,234
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	330	1,162
Reclassification of restricted stock liability to additional paid in capital	144	201
Deferred offering costs included in accounts payable and accrued expenses	$ 664
Right of use asset obtained in exchange for lease obligation		$ 24,936

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 137,053	$ 41,954	$ 39,356
Restricted cash	878	878	878
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$ 137,931	$ 42,832	$ 40,234	$ 422,383

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2020

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 medicines company transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology. The Company is built upon unparalleled insights into protein motion and how this dynamic behavior relates to protein function. The Company’s Dynamo platform integrates an array of leading edge experimental and computational approaches, which allows the Company to apply the understanding of protein structure and motion to drug discovery. The Company is advancing its lead product candidates,

RLY-4008

and

RLY-1971,

and a development candidate selection for a PI3Kα selective mutant program, known as the

RLY-PI3K1047

program, for the treatment of patients with advanced solid tumors. The Company initiated a Phase 1 clinical trial for

RLY-1971

in patients with advanced solid tumors in the first quarter of 2020 and a Phase 1 clinical trial for

RLY-4008

in patients with advanced solid tumors having oncogenic FGFR2 alterations in the third quarter of 2020.

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

pre-clinical

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, including

RLY-1971

and

RLY-4008,

and the

RLY-PI3K1047

program by developing its innovative experimental and computational approaches on protein motion, 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 $241,092 as of June 30, 2020. The Company expects that its existing cash, cash equivalents and investments as of June 30, 2020, in addition to the net proceeds of $424,800 from the Company’s initial public offering (“IPO”), which closed on July 20, 2020, will enable it to fund its planned operating expenses and capital expenditure requirements for at least one year from the date of the issuance of these condensed 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 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.

Initial Public Offering

On July 20, 2020, the Company closed its IPO and issued 23,000,000 shares of its common stock at a price of $20.00 per share for net proceeds of $424,800, after deducting underwriting discounts and commissions of $32,200 and estimated expenses of $3,000. In connection with the IPO, all shares of Series A, Series B and Series C convertible preferred stock converted into 61,992,534 shares of common stock.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

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”). The Company’s consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiary, Relay Therapeutics Securities Corporation. All intercompany balances and transactions have been eliminated.

Unaudited Interim Financial Information

The accompanying consolidated balance sheet as of June 30, 2020, the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2020 and 2019, the consolidated statements of convertible preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2020 and 2019, and the consolidated statements of cash flows for the six months ended June 30, 2020 and 2019 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2020 and the consolidated results of its operations and cash flows for the three and six months ended June 30, 2020 and 2019. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2020 and 2019 are unaudited. The consolidated results for the three and six months ended June 30, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020, any other interim periods, or any future year or period.

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 condensed 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 accrual of research and development and manufacturing expenses, the valuation of equity instruments, the probability of achieving milestones for performance-based vesting of equity awards, and the incremental borrowing rate for determining the operating lease asset and liability. Estimates are periodically reviewed in light of changes in circumstances, facts and experience.

The full extent to which the

COVID-19

pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning

COVID-19

and the actions taken to contain or treat

COVID-19,

as well as the economic impact on local, regional, national and international markets. The Company has made estimates of the impact of

COVID-19

within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with

in-process

financings as deferred offering costs until such financings are consummated. After consummation of the financing, these costs are recorded as a reduction of the proceeds received from the financing. If a planned financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss.

There were deferred offering costs recorded on the Company’s condensed consolidated balance sheet of $1,123 at June 30, 2020 and no deferred offering costs at December 31, 2019.

Recently Adopted Accounting Pronouncements

The Company adopted ASU

No. 2018-13,

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

on January 1, 2020. This standard modifies certain disclosure requirements on fair value measurements. The adoption of this standard did not have a material impact on the Company’s disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No.

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

. This standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and it establishes additional disclosure requirements related to credit risks. For

available-for-sale

debt securities with expected credit losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This guidance was originally effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption was permitted. In November 2019, the FASB subsequently issued ASU

2019-10,

Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging

(Topic 815), and Leases (Topic 842): Effective Dates

, whereby the effective date of this standard for smaller reporting companies was deferred to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and early adoption is still permitted.

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

Fair Value of Financial Assets

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

3. Fair Value of Financial Assets

The following tables present information about the Company’s financial assets 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 June 30, 2020:
	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	136,555	$	—	$	—	$	136,555
Investments:
US treasury bills		—		114,414		—		114,414
US agency securities		—		60,739		—		60,739

Total investments		—		175,153		—		175,153

Total	$	136,555	$	175,153	$	—	$	311,708


	Fair Value Measurements as of December 31, 2019:
	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	41,658	$	—	$	—	$	41,658
Investments:
US treasury bills		—		232,604		—		232,604
US agency securities		—		81,258		—		81,258

Total investments		—		313,862		—		313,862

Total	$	41,658	$	313,862	$	—	$	355,520

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. The Company did not have any financial assets or liabilities that required Level 3 inputs during any of the periods presented in the accompanying consolidated financial statements.

- Definition

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

+ References + Details

Investments

6 Months Ended

Jun. 30, 2020

Schedule of Investments [Abstract]

Investments

4. Investments

The fair value of

available-for-sale

investments by type of security was as follows:


	June 30, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Investments:
U.S treasury bills	$	113,956	$	458	$	—	$	114,414
U.S agency securities		60,566		173		—		60,739

Total investments	$	174,522	$	631	$	—	$	175,153


	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Investments:
U.S treasury bills	$	232,336	$	268	$	—	$	232,604
U.S agency securities		81,201		57		—		81,258

Total investments	$	313,537	$	325	$	—	$	313,862

All

available-for-sale

securities have contractual maturities of less than one year.

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2020

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

5. Convertible Preferred Stock

The Company issued Series A, Series B and Series C convertible preferred stock (collectively, “Convertible Preferred Stock”). Upon issuance of each class of Convertible Preferred Stock, the Company assessed the embedded conversion and liquidity features of the shares and determined that such features did not require the Company to separately account for these features. The Company also concluded that no beneficial conversion feature existed on the issuance date of each class of Convertible Preferred Stock.

Convertible Preferred Stock consisted of the following:


	June 30, 2020
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A preferred stock		56,824,740		56,824,740	$	75,657	$	56,825		16,002,820
Series B preferred stock		31,188,115		31,188,115		62,876		63,000		8,783,102
Series C preferred stock		249,260,004		124,630,002		399,248		400,000		35,097,955

Total convertible preferred stock		337,272,859		212,642,857	$	537,781	$	519,825		59,883,877


	December 31, 2019
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A preferred stock		56,824,740		56,824,740	$	75,657	$	56,825		16,002,820
Series B preferred stock		31,188,115		31,188,115		62,876		63,000		8,783,102
Series C preferred stock		249,260,004		124,630,002		399,248		400,000		35,097,955

Total convertible preferred stock		337,272,859		212,642,857	$	537,781	$	519,825		59,883,877

The conversion ratio for Series C was adjusted on July 8, 2020 (see Note 11).

Upon the closing of the Company’s IPO in July 2020, all outstanding convertible preferred stock automatically converted into 61,992,534 shares of common stock (see Note 11).

Classification and Accretion of Convertible Preferred Stock

The Company’s convertible preferred stock is classified outside of stockholders’ equity (deficit) on the consolidated balance sheet because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, are not solely within the control of the Company and would require the redemption of the then-outstanding convertible preferred stock. The convertible preferred stock is not redeemable, except in the event of a deemed liquidation. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the convertible preferred stock are not being accreted to their redemption values. Subsequent adjustments to the carrying values of the convertible preferred stock would be made only when a deemed liquidation event becomes probable.

Convertible Preferred Stock Rights and Preferences

The rights and preferences for Convertible Preferred Stock are detailed in the Company’s final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on July 16, 2020.

Common Stock

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Common Stock

6. Common Stock

The Company has issued restricted shares of common stock to its founders and

non-employees.

In addition, the Company has issued restricted shares of common stock upon the early exercise of stock options under the Company’s 2016 Plan. The restrictions on the common shares generally lapse over four years. The Company has included the proceeds from the sale of the restricted shares of common stock as a restricted stock liability in the accompanying consolidated balance sheets. Amounts are reclassified to additional paid in capital as the restrictions lapse. The Company has the right to repurchase any unvested shares of restricted common stock at the original cost in the event of termination.

The following table summarizes the restricted stock activity for the six months ended June 30, 2020:


	Shares			Weighted- Average Purchase Price
Unvested at December 31, 2019		679,158		$	0.21
Vested		(373,837	)		0.39
Cancelled		(14,844	)		0.03

Unvested at June 30, 2020		290,477		$	0.03

Share-Based Payments

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Payments

7. Share-Based Payments

In 2016, the Company adopted the Relay Therapeutics, Inc. Stock Option and Grant Plan (the “Plan”). All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted options, restricted stock units, or RSUs, and other stock-based awards under the terms of the Plan. There were 777,099 and 3,100,839 share-based awards available for grant at June 30, 2020 and December 31, 2019, respectively.

The following table summarizes the stock option activity under the Plan for the six months ended June 30, 2020:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2019		5,306,176		$	4.62		8.99	$	3,214
Granted		2,500,266			5.89				20,369
Exercised		(181,414	)		3.95
Cancelled		(153,941	)		4.93

Outstanding at June 30, 2020		7,471,087		$	5.05		8.93	$	67,263

Vested at June 30, 2020		1,428,137		$	4.35		8.25	$	13,865

In the first quarter of 2020, the Company’s board of directors approved the issuance of options with performance-based vesting conditions to purchase 1,960,547 shares of common stock. The commencement of vesting is based on the achievement of certain scientific and operational milestones during a

two-year

period, for which the achievement is discretionary and subject to the approval of the Company’s board of directors. Accordingly, the Company is applying variable accounting for these awards until the board of directors approves the commencement of vesting of the options. The service inception date precedes the grant date for these awards as the awards have been authorized, the recipients are providing service prior to the grant date, and there are performance conditions that, if not met by the accounting grant date, would result in the forfeiture of the award. Therefore, the stock-based compensation expense to be recognized for the options is based on the fair value of the awards on the accounting grant date. The Company’s board of directors, in its discretion, determined that a portion of the performance conditions had been achieved during the second quarter of 2020. The Company has made a probability assessment of the likelihood for achievement of the remaining conditions as of June 30, 2020. The Company recognized stock-based compensation expense associated with the options for which the board of directors approved the commencement of vesting in the second quarter of 2020 and for awards where achievement of the performance conditions is considered probable in the amount of $2,623 in the statement of operations for the three and six month periods ended June 30, 2020.

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development expenses	$	1,941	$	647	$	2,838	$	1,201
General and administrative expenses		2,091		439		2,649		701

	$	4,032	$	1,086	$	5,487	$	1,902

As of June 30, 2020, total unrecognized compensation cost related to the unvested stock-based awards was $31,407, which is expected to be recognized over a weighted average period of 3.2 years.

Net Loss Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net loss	$	(26,724	)	$	(17,537	)	$	(51,610	)	$	(31,719	)

Net loss per share, basic and diluted	$	(6.06	)	$	(5.28	)	$	(12.06	)	$	(9.90	)

Weighted average shares of common stock, basic and diluted		4,408,470			3,321,045			4,281,169			3,205,103

The Company’s potentially dilutive securities, which include convertible preferred stock, options to purchase common stock and unvested restricted stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Convertible preferred stock		59,883,877		59,883,877		59,883,877		59,883,877
Options to purchase common stock		7,471,087		4,594,499		7,471,087		4,594,499
Unvested restricted stock		290,477		1,112,556		290,477		1,112,556

		67,645,441		65,590,932		67,645,441		65,590,932

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. 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 agreement provides that the parties will jointly conduct research efforts with the goal of identifying and developing product candidates. The original term of the agreement was three years and required the Company to pay an annual fee of $1,000. On June 15, 2020, the Company and D.E. Shaw Research agreed to amend the Collaboration and License Agreement (“Amended and Restated Collaboration and License Agreement”). The Amended and Restated Collaboration and License Agreement extended the term of the agreement to August 16, 2025 and increased the annual fee from $1,000 to $7,900. The Amended and Restated Collaboration and License Agreement automatically renews for successive one year periods unless either party provides at least one year notice of

non-renewal,

and the annual fee during each of the one year renewal terms is subject to the mutual agreement of the Company and D.E. Shaw Research.

The Company is obligated to pay potential development milestone payments under the terms of the agreement up to $7,300 per target, plus sales milestones and royalties, upon the achievement of certain specified contingent events. The Company assessed the milestone and royalty events at June 30, 2020 and December 31, 2019, and concluded no such payments were required. The Company recorded research and development expense of $974 and $250 under this agreement for the three months ended June 30, 2020 and 2019, respectively, and $1,224 and $500 for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020 and December 31, 2019, the Company had an accrued expense balance to D. E. Shaw Research of approximately $1,596 and $372, respectively.

Other Research Arrangements

The Company has certain other research and license arrangements with third parties, which provide the Company with research services with the goal of identifying and developing product candidates. The Company is obligated to pay development milestone payments for up to four targets, each in the range of $4,000 to $7,000, upon the achievement of certain specified contingent events. The Company assessed the milestones at June 30, 2020 and December 31, 2019 and concluded no such milestone payments were due. The Company incurred approximately $236 and $380 of research and development expense under these agreements for the three months ended June 30, 2020 and 2019, respectively, and $1,430 and $626 for the six months ended June 30, 2020 and 2019, respectively.

Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions

10. Related Party Transactions

From inception to December 31, 2019, the Company received consulting and management services from Third Rock Ventures LLP (“TRV”), an entity affiliated with certain of the Company’s investors. There were no amounts incurred for these services in the three and six months ended June 30, 2020 and no amount was due for these services as of June 30, 2020. The Company incurred approximately $50 for these services during the six months ended June 30, 2019 and no expense was incurred for the three months ended June 30, 2019. At December 31, 2019, $80 was due to TRV for these services.

Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent Events

In preparing the consolidated interim financial statements as of June 30, 2020 and for the three and six month periods then ended, the Company evaluated subsequent events for recognition and measurement purposes. The Company concluded that no events or transactions have occurred that require disclosure in the accompanying consolidated financial statements, other than the following.

(a) Authorization of Preferred Stock

On July 8, 2020, the Company’s stockholders approved the authorization of 10,000,000 shares of undesignated preferred stock with a par value of $0.001.

(b) Increase in Authorization of Common Stock

On July 8, 2020, the Company’s stockholders approved a decrease in the number of authorized shares of common stock from 260,000,000 to 150,000,000.

On July 8, 2020, the Company’s board of directors and its Series C preferred stockholders approved a reduction in the conversion price of the Series C preferred stock from $3.21 to $3.027603 and the Series C preferred stockholders relinquished their protective right with respect to the approval of an automatic conversion of preferred stock in a firm commitment underwritten public offering if the per share price is less than $22.80. As a result of the change in the conversion price, the outstanding shares of Series C preferred stock were convertible into 37,206,604 shares of common stock. The changes to the conversion feature are considered to be substantial changes to material terms of the instrument, and, therefore, the Company will account for the changes as an extinguishment and reissuance of a new instrument for accounting purposes.

In addition, on July 8, 2020, the required Convertible Preferred Stockholders authorized the automatic conversion of all shares of Convertible Preferred Stock in an IPO, regardless of the price per share or total proceeds raised, as long as the IPO is completed on or before September 30, 2020.

(d) Reverse Stock Split

On July 8, 2020, the Company effected a

one-for-3.55092

reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s Preferred Stock. Accordingly, all share and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios.

(e) 2020 Stock Option and Incentive Plan

On July 8, 2020, the Company’s shareholders approved the 2020 Stock Option and Incentive Plan (the “2020 Stock Plan”), which became effective on the date immediately prior to the effectiveness of the Company’s registration statement on Form

S-1

for its proposed IPO. The 2020 Stock Plan provides for the issuance of up to 8,376,080 of share-based awards.

(f) Employee Stock Purchase Plan

On July 8, 2020, the Company’s shareholders approved the 2020 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on the date immediately prior to the effectiveness of Company’s registration statement on Form

S-1

for its proposed IPO. The ESPP provides for the issuance of up to 1,092,532 of share-based awards.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of presentation

Unaudited Interim Financial Information

Use of Estimates

The full extent to which the

COVID-19

and the actions taken to contain or treat

COVID-19,

as well as the economic impact on local, regional, national and international markets. The Company has made estimates of the impact of

COVID-19

within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with

in-process

There were deferred offering costs recorded on the Company’s condensed consolidated balance sheet of $1,123 at June 30, 2020 and no deferred offering costs at December 31, 2019.

Recently Adopted Accounting Pronouncements

The Company adopted ASU

No. 2018-13,

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

on January 1, 2020. This standard modifies certain disclosure requirements on fair value measurements. The adoption of this standard did not have a material impact on the Company’s disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No.

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

available-for-sale

2019-10,

Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging

(Topic 815), and Leases (Topic 842): Effective Dates

Fair Value of Financial Assets (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

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


	Fair Value Measurements as of June 30, 2020:
	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	136,555	$	—	$	—	$	136,555
Investments:
US treasury bills		—		114,414		—		114,414
US agency securities		—		60,739		—		60,739

Total investments		—		175,153		—		175,153

Total	$	136,555	$	175,153	$	—	$	311,708


	Fair Value Measurements as of December 31, 2019:
	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	41,658	$	—	$	—	$	41,658
Investments:
US treasury bills		—		232,604		—		232,604
US agency securities		—		81,258		—		81,258

Total investments		—		313,862		—		313,862

Total	$	41,658	$	313,862	$	—	$	355,520

Investments (Tables)

6 Months Ended

Jun. 30, 2020

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:


	June 30, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Investments:
U.S treasury bills	$	113,956	$	458	$	—	$	114,414
U.S agency securities		60,566		173		—		60,739

Total investments	$	174,522	$	631	$	—	$	175,153


	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Investments:
U.S treasury bills	$	232,336	$	268	$	—	$	232,604
U.S agency securities		81,201		57		—		81,258

Total investments	$	313,537	$	325	$	—	$	313,862

Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2020

Temporary Equity Disclosure [Abstract]

Issuance Date of Each Class of Convertible Preferred Stock

Convertible Preferred Stock consisted of the following:


	June 30, 2020
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A preferred stock		56,824,740		56,824,740	$	75,657	$	56,825		16,002,820
Series B preferred stock		31,188,115		31,188,115		62,876		63,000		8,783,102
Series C preferred stock		249,260,004		124,630,002		399,248		400,000		35,097,955

Total convertible preferred stock		337,272,859		212,642,857	$	537,781	$	519,825		59,883,877


	December 31, 2019
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A preferred stock		56,824,740		56,824,740	$	75,657	$	56,825		16,002,820
Series B preferred stock		31,188,115		31,188,115		62,876		63,000		8,783,102
Series C preferred stock		249,260,004		124,630,002		399,248		400,000		35,097,955

Total convertible preferred stock		337,272,859		212,642,857	$	537,781	$	519,825		59,883,877

Common Stock (Tables)

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Summary Of The Restricted Stock Activity

The following table summarizes the restricted stock activity for the six months ended June 30, 2020:


	Shares			Weighted- Average Purchase Price
Unvested at December 31, 2019		679,158		$	0.21
Vested		(373,837	)		0.39
Cancelled		(14,844	)		0.03

Unvested at June 30, 2020		290,477		$	0.03

Share-Based Payments (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option activity under the Plan for the six months ended June 30, 2020:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2019		5,306,176		$	4.62		8.99	$	3,214
Granted		2,500,266			5.89				20,369
Exercised		(181,414	)		3.95
Cancelled		(153,941	)		4.93

Outstanding at June 30, 2020		7,471,087		$	5.05		8.93	$	67,263

Vested at June 30, 2020		1,428,137		$	4.35		8.25	$	13,865

Schedule of Stock-Based Compensation Expense Included In The Company's Consolidated Statements of Operations And Comprehensive Loss

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development expenses	$	1,941	$	647	$	2,838	$	1,201
General and administrative expenses		2,091		439		2,649		701

	$	4,032	$	1,086	$	5,487	$	1,902

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2020

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:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net loss	$	(26,724	)	$	(17,537	)	$	(51,610	)	$	(31,719	)

Net loss per share, basic and diluted	$	(6.06	)	$	(5.28	)	$	(12.06	)	$	(9.90	)

Weighted average shares of common stock, basic and diluted		4,408,470			3,321,045			4,281,169			3,205,103

Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Convertible preferred stock		59,883,877		59,883,877		59,883,877		59,883,877
Options to purchase common stock		7,471,087		4,594,499		7,471,087		4,594,499
Unvested restricted stock		290,477		1,112,556		290,477		1,112,556

		67,645,441		65,590,932		67,645,441		65,590,932

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jul. 20, 2020	Jun. 30, 2020	Dec. 31, 2019
Accumulated deficit		$ 241,092	$ 189,482
Subsequent Event [Member]
Proceeds from initial public offering	$ 424,800
Number of shares issued in transaction	23,000,000
Sale price of stock	$ 20.00
Underwriting discounts and commissions	$ 32,200
Estimated expenses	$ 3,000
Conversion of stock shares converted	61,992,534

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Deferred offering costs	$ 1,123	$ 0

Fair Value of Financial Assets - Summary of Financial Assets 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	Jun. 30, 2020	Dec. 31, 2019
Investments:
Total	$ 311,708	$ 355,520
Investments [Member]
Investments:
Total investments	175,153	313,862
Money market funds [Member] \| Cash equivalents [Member]
Cash equivalents:
Assets, fair value	136,555	41,658
US treasury bills [Member] \| Investments [Member]
Cash equivalents:
Assets, fair value	114,414	232,604
US agency securities [Member] \| Investments [Member]
Cash equivalents:
Assets, fair value	60,739	81,258
Level 1 [Member]
Investments:
Total	136,555	41,658
Level 1 [Member] \| Money market funds [Member] \| Cash equivalents [Member]
Cash equivalents:
Assets, fair value	136,555	41,658
Level 2 [Member]
Investments:
Total	175,153	313,862
Level 2 [Member] \| Investments [Member]
Investments:
Total investments	175,153	313,862
Level 2 [Member] \| US treasury bills [Member] \| Investments [Member]
Cash equivalents:
Assets, fair value	114,414	232,604
Level 2 [Member] \| US agency securities [Member] \| Investments [Member]
Cash equivalents:
Assets, fair value	$ 60,739	$ 81,258

Investments - Summary of Fair Value of Available-for-Sale Investments by Type of Security (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 174,522	$ 313,537
Unrealized Gains	631	325
Fair Value	175,153	313,862
U.S treasury bills [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	113,956	232,336
Unrealized Gains	458	268
Fair Value	114,414	232,604
U.S agency securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	60,566	81,201
Unrealized Gains	173	57
Fair Value	$ 60,739	$ 81,258

Convertible Preferred Stock - Summary of Issuance Date of Each Class of Convertible Preferred Stock (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Carrying Value	$ 537,781	$ 537,781
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Shares Authorized	56,824,740	56,824,740
Preferred Shares Issued and Outstanding	56,824,740	56,824,740
Carrying Value	$ 75,657	$ 75,657
Liquidation Preference	$ 56,825	$ 56,825
Common Stock Issuable Upon Conversion	16,002,820	16,002,820
Series B Preferred stock [Member]
Temporary Equity [Line Items]
Preferred Shares Authorized	31,188,115	31,188,115
Preferred Shares Issued and Outstanding	31,188,115	31,188,115
Carrying Value	$ 62,876	$ 62,876
Liquidation Preference	$ 63,000	$ 63,000
Common Stock Issuable Upon Conversion	8,783,102	8,783,102
Series C Preferred stock [Member]
Temporary Equity [Line Items]
Preferred Shares Authorized	249,260,004	249,260,004
Preferred Shares Issued and Outstanding	124,630,002	124,630,002
Carrying Value	$ 399,248	$ 399,248
Liquidation Preference	$ 400,000	$ 400,000
Common Stock Issuable Upon Conversion	35,097,955	35,097,955
Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Shares Authorized	337,272,859	337,272,859
Preferred Shares Issued and Outstanding	212,642,857	212,642,857
Carrying Value	$ 537,781	$ 537,781
Liquidation Preference	$ 519,825	$ 519,825
Common Stock Issuable Upon Conversion	59,883,877	59,883,877

Convertible Preferred Stock - Additional Information (Detail) - Subsequent Event [Member] - shares	Jul. 31, 2020	Jul. 08, 2020
Outstanding convertible preferred stock automatically converted into common shares		37,206,604
IPO [Member]
Outstanding convertible preferred stock automatically converted into common shares	61,992,534

Common Stock - Additional Information (Detail)	6 Months Ended
Common Stock - Additional Information (Detail)	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock Restriction Period	4 years

Common Stock - Summary Of The Restricted Stock Activity (Detail) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares - Beginning \| shares	679,158
Shares - Vested \| shares	(373,837)
Shares - Cancelled \| shares	(14,844)
Shares - Ending \| shares	290,477
Weighted- Average Purchase Price - Beginning \| $ / shares	$ 0.21
Weighted- Average Purchase Price - Vested \| $ / shares	0.39
Weighted- Average Purchase Price - Cancelled \| $ / shares	0.03
Weighted- Average Purchase Price - Ending \| $ / shares	$ 0.03

Share-Based Payments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4,032		$ 1,086	$ 5,487	$ 1,902
Total unrecognized compensation cost related to the unvested stock-based awards, Value	31,407			$ 31,407
Total unrecognized compensation cost related to the unvested stock-based awards, Weighted average period				3 years 2 months 12 days
Operating Income (Loss) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2,623			$ 2,623
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards available for grant	777,099			777,099		3,100,839
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award		1,960,547
Share-based Payment Award, Award Vesting Rights				The commencement of vesting is based on the achievement of certain scientific and operational milestones during a two-year period, for which the achievement is discretionary and subject to the approval of the Company’s board of directors.

Share-Based Payments - Schedule of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Payment Arrangement [Abstract]
Options and Warrants Outstanding, Number of Shares Beginning Balance \| shares	5,306,176
Granted, Number of Shares \| shares	2,500,266
Exercised, Number of Shares \| shares	(181,414)
Cancelled, Number of Shares \| shares	(153,941)
Options and Warrants Outstanding, Number of Shares Ending Balance \| shares	7,471,087	5,306,176
Shares, Vested \| shares	1,428,137
Weighted Average Exercise Price Per Share, Outstanding Beginning Balance	$ 4.62
Weighted Average Exercise Price Per Share, Granted	5.89
Weighted Average Exercise Price Per Share, Exercised	3.95
Weighted Average Exercise Price Per Share, Cancelled	4.93
Weighted Average Exercise Price Per Share, Outstanding Ending Balance	5.05	$ 4.62
Weighted Average Exercise Price Per Share, Vested	$ 4.35
Weighted Average Remaining Contractual Life, Outstanding	8 years 11 months 4 days	8 years 11 months 26 days
Weighted Average Remaining Contractual Life, Vested	8 years 3 months
Aggregate Intrinsic Value, Outstanding Value \| $		$ 3,214
Aggregate Intrinsic Value, Granted Value	$ 20,369
Aggregate Intrinsic Value, Outstanding Value \| $	$ 67,263
Aggregate Intrinsic Value, Vested Value \| $	$ 13,865

Share-Based Payments - Schedule of Stock-Based Compensation Expense Included In The Company's Consolidated Statements of Operations And Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4,032	$ 1,086	$ 5,487	$ 1,902
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,941	647	2,838	1,201
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2,091	$ 439	$ 2,649	$ 701

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (26,724)	$ (24,886)	$ (17,537)	$ (14,182)	$ (51,610)	$ (31,719)
Net loss per share, basic and diluted	$ (6.06)		$ (5.28)		$ (12.06)	$ (9.90)
Weighted average shares of common stock, basic and diluted	4,408,470		3,321,045		4,281,169	3,205,103

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Net Loss Per Share - Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect	67,645,441	65,590,932	67,645,441	65,590,932
Convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect	59,883,877	59,883,877	59,883,877	59,883,877
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect	7,471,087	4,594,499	7,471,087	4,594,499
Unvested restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect	290,477	1,112,556	290,477	1,112,556

Commitments and Contingencies - Additional Information (Detail) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 16, 2020 USD ($)	Jun. 30, 2020 USD ($) Targets	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) Targets	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Research and development expense		$ 21,666	$ 16,397	$ 43,363	$ 29,643
Accrued expenses		8,565		8,565		$ 3,746
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Accrued expenses		1,596		$ 1,596		372
DE Shaw Research [Member] \| License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development arrangement, term of contract				3 years
Research and development arrangement, annual fee		1,000		$ 1,000
Milestone payment Due		0		0		0
Research and development expense		974	250	$ 1,224	500
DE Shaw Research [Member] \| License Agreement Terms [Member] \| Forecast [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development arrangement, annual fee	$ 7,900
Research and development arrangement, expiration date	Aug. 16, 2025
DE Shaw Research [Member] \| License Agreement Terms [Member] \| Maximum [Member]
Commitments and Contingencies Disclosure [Line Items]
Agreement renewal period				1 year
Potential development milestone payments				$ 7,300
Other Third Parties [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense		236	$ 380	1,430	$ 626
Other Third Parties [Member] \| License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due		$ 0		0		$ 0
Other Third Parties [Member] \| License Agreement Terms [Member] \| Maximum [Member]
Commitments and Contingencies Disclosure [Line Items]
Potential development milestone payments				$ 7,000
Number of milestone targets \| Targets		4		4
Other Third Parties [Member] \| License Agreement Terms [Member] \| Minimum [Member]
Commitments and Contingencies Disclosure [Line Items]
Potential development milestone payments				$ 4,000

Related Party Transactions - Additional Information (Detail) - Third Rock Venture [Member] - Consulting And Management Services [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Expense	$ 0	$ 0	$ 0	$ 50
Due To Related Parties	$ 0		$ 0		$ 80

Subsequent Events - Additional Information (Detail)		6 Months Ended
Subsequent Events - Additional Information (Detail)	Jul. 08, 2020 $ / shares shares	Jun. 30, 2020 $ / shares shares	Jul. 20, 2020 $ / shares	Dec. 31, 2019 shares
Subsequent Event [Line Items]
Common stock shares authorized		260,000,000		260,000,000
Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock convertible conversion price \| $ / shares		$ 3.21
Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred stock, Shares Authorized	10,000,000
Preferred stock, Par Value \| $ / shares	$ 0.001
Common stock shares authorized	150,000,000
Sale price of stock \| $ / shares			$ 20.00
Series C preferred stock were convertible into common stock, Shares	37,206,604
Reserve stock split, Conversion ratio	3.55092
Subsequent Event [Member] \| Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock convertible conversion price \| $ / shares	$ 3.027603
Subsequent Event [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Sale price of stock \| $ / shares	$ 22.80
Subsequent Event [Member] \| 2020 Stock Plan [Member]
Subsequent Event [Line Items]
Share-based awards, authorized for issuance	8,376,080
Subsequent Event [Member] \| ESPP [Member]
Subsequent Event [Line Items]
Share-based awards, authorized for issuance	1,092,532