0000950170-21-001372 | 10-Q | XBRL Viewer | Monte Rosa Therapeutics INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	Monte Rosa Therapeutics, Inc.
Entity Central Index Key	0001826457
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		46,381,919
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Security12b Title	Common stock, par value $0.0001 per share
Trading Symbol	GLUE
Security Exchange Name	NASDAQ
Entity File Number	001-40522
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	81-3766197
Entity Address Address Line1	645 Summer Street
Entity Address, Address Line Two	Suite 102
Entity Address City Or Town	Boston
Entity Address State Or Province	MA
Entity Address Postal Zip Code	02210
City Area Code	617
Local Phone Number	949-2643
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 357,060	$ 41,699
Prepaid expenses and other current assets	1,229	1,892
Total current assets	358,289	43,591
Property and equipment, net	8,923	4,623
Restricted cash	1,729	1,164
Total assets	368,941	49,378
Current liabilities:
Accounts payable	7,463	7,066
Accrued expenses and other current liabilities	3,328	2,529
Preferred stock tranche obligations	0	19,680
Total current liabilities	10,791	29,275
Defined benefit plan liability	1,472	1,067
Total liabilities	12,263	30,342
Commitments and Contingencies
Convertible preferred stock, $0.0001 par value; no shares authorized, issued and outstanding as of June 30, 2021; and 77,631,514 shares authorized and 53,631,514 shares issued and outstanding as of December 31, 2020	0	67,764
Stockholders’ deficit
Common stock, $0.0001 par value; 500,000,000 shares authorized, 45,025,857 shares issued and 44,603,731 shares outstanding as of June 30, 2021; and 97,500,000 shares authorized, 2,180,803 shares issued and 1,685,534 shares outstanding as of December 31, 2020	4	1
Additional paid-in capital	436,847	404
Accumulated other comprehensive loss	(1,415)	(1,056)
Accumulated deficit	(78,758)	(48,077)
Total stockholders’ deficit	356,678	(48,728)
Total liabilities, convertible preferred stock and stockholders’ deficit	$ 368,941	$ 49,378

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Convertible preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	10,000,000	77,631,514
Convertible preferred stock, shares issued	0	53,631,514
Convertible preferred stock, shares outstanding	0	53,631,514
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	97,500,000
Common stock, shares, issued	45,025,857	2,180,803
Common stock shares outstanding	44,603,731	1,685,534

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 14,637	$ 4,855	$ 23,910	$ 8,670
General and administrative	3,486	541	5,717	1,019
Total operating expenses	18,123	5,396	29,627	9,689
Operating Income (Loss), Total	(18,123)	(5,396)	(29,627)	(9,689)
Other income (expense):
Interest income, net	14	1	20	(2)
Foreign currency exchange gain (loss), net	(296)	31	(114)	25
Changes in fair value of preferred stock tranche obligations, net	0	0	(960)	0
Total other (expense) income	(282)	32	(1,054)	23
Net loss	(18,405)	(5,364)	(30,681)	(9,666)
Provision for pension benefit obligation	(495)	0	(359)	0
Comprehensive loss	(18,900)	(5,364)	(31,040)	(9,666)
Reconciliation of net loss to net loss attributable to common stockholders
Net loss	$ (18,405)	$ (5,364)	$ (30,681)	$ (9,666)
Net loss per share attributable to common stockholders—basic and diluted	$ (3.63)	$ (3.64)	$ (9.03)	$ (6.69)
Weighted-average number of shares outstanding used in computing net loss per common share—basic and diluted	5,070,554	1,475,409	3,399,174	1,445,820

Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Series A Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2019	$ (12,148)						$ 50			$ (12,198)
Balance (in shares) at Dec. 31, 2019							1,416,230
Balance at Dec. 31, 2019		$ 18,950
Balance (in shares) at Dec. 31, 2019		19,250,000
Stock-based compensation expense	11							$ 11
Net loss	(4,302)									(4,302)
Balance at Mar. 31, 2020	(16,439)						$ 50	11		(16,500)
Balance (in shares) at Mar. 31, 2020							1,416,230
Balance at Mar. 31, 2020		$ 18,950
Balance (in shares) at Mar. 31, 2020		19,250,000
Balance at Dec. 31, 2019	(12,148)						$ 50			(12,198)
Balance (in shares) at Dec. 31, 2019							1,416,230
Balance at Dec. 31, 2019		$ 18,950
Balance (in shares) at Dec. 31, 2019		19,250,000
Net loss	(9,666)
Balance at Jun. 30, 2020	(21,706)							158		(21,864)
Balance (in shares) at Jun. 30, 2020							1,488,477
Balance at Jun. 30, 2020		$ 32,026
Balance (in shares) at Jun. 30, 2020		29,631,514
Balance at Mar. 31, 2020	(16,439)						$ 50	11		(16,500)
Balance (in shares) at Mar. 31, 2020							1,416,230
Balance at Mar. 31, 2020		$ 18,950
Balance (in shares) at Mar. 31, 2020		19,250,000
Restricted common stock vesting, Shares							72,247
Change in par value of common stock due to the Contribution and Exchange agreement							$ (50)	50
Conversion of convertible note and accrued interest to Series A convertible preferred stock			$ 754
Conversion of convertible note and accrued interest to Series A convertible preferred stock, shares			754,280
Issuance of convertible preferred stock, net of issuance costs				$ 12,322
Issuance of convertible preferred stock, net of issuance costs, shares				9,627,234
Stock-based compensation expense	97							97
Net loss	(5,364)									(5,364)
Balance at Jun. 30, 2020	(21,706)							158		(21,864)
Balance (in shares) at Jun. 30, 2020							1,488,477
Balance at Jun. 30, 2020		$ 32,026
Balance (in shares) at Jun. 30, 2020		29,631,514
Balance at Dec. 31, 2020	$ (48,728)						$ 1	404	$ (1,056)	(48,077)
Balance (in shares) at Dec. 31, 2020							1,685,534
Balance at Dec. 31, 2020		$ 67,764
Balance (in shares) at Dec. 31, 2020	53,631,514	53,631,514
Restricted common stock vesting, Shares							36,565
Issuance of convertible preferred stock, net of issuance costs					$ 68,571	$ 94,837
Issuance of convertible preferred stock, net of issuance costs, shares					24,000,000	32,054,521
Provision for pension benefit obligation	$ 136								136
Stock-based compensation expense	252							252
Net loss	(12,276)									(12,276)
Balance at Mar. 31, 2021	(60,616)						$ 1	656	(920)	(60,353)
Balance (in shares) at Mar. 31, 2021							1,722,099
Balance at Mar. 31, 2021		$ 231,172
Balance (in shares) at Mar. 31, 2021		109,686,035
Balance at Dec. 31, 2020	$ (48,728)						$ 1	404	(1,056)	(48,077)
Balance (in shares) at Dec. 31, 2020							1,685,534
Balance at Dec. 31, 2020		$ 67,764
Balance (in shares) at Dec. 31, 2020	53,631,514	53,631,514
Exercise of common stock options, Shares	76,950
Net loss	$ (30,681)
Balance at Jun. 30, 2021	$ 356,678						$ 4	436,847	(1,415)	(78,758)
Balance (in shares) at Jun. 30, 2021							44,603,731
Balance (in shares) at Jun. 30, 2021	0
Balance at Mar. 31, 2021	$ (60,616)						$ 1	656	(920)	(60,353)
Balance (in shares) at Mar. 31, 2021							1,722,099
Balance at Mar. 31, 2021		$ 231,172
Balance (in shares) at Mar. 31, 2021		109,686,035
Restricted common stock vesting, Shares							36,580
Exercise of common stock options	128						$ 0	128
Exercise of common stock options, Shares							76,950
Issuance of common stock	0							0
Issuance of common stock in connection with initial public offering, net of issuance costs of $18.5 million	203,875						$ 1	203,874
Issuance of common stock in connection with initial public offering, net of issuance costs of $18.5 million, shares							11,700,000
Issuance of convertible preferred stock, net of issuance costs	231,172	$ (231,172)					$ 2	231,170
Issuance of convertible preferred stock, net of issuance costs, shares		(109,686,035)					31,068,102
Provision for pension benefit obligation	(495)							0	(495)
Stock-based compensation expense	1,019							1,019
Net loss	(18,405)						$ 0	0	0	(18,405)
Balance at Jun. 30, 2021	$ 356,678						$ 4	$ 436,847	$ (1,415)	$ (78,758)
Balance (in shares) at Jun. 30, 2021							44,603,731
Balance (in shares) at Jun. 30, 2021	0

Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Series A-2 Convertible Preferred Stock
Stock issuance costs of convertible securities			$ 178,000
Series B Convertible Preferred Stock
Stock issuance costs of convertible securities		$ 69,000
Series C Convertible Preferred Stock
Stock issuance costs of convertible securities		$ 163,000
Common Stock
Stock issuance costs	$ 18,500,000

Condensed Combined and Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (30,681,000)	$ (9,666,000)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	1,271,000	108,000
Depreciation	741,000	143,000
Changes in fair value of preferred stock tranche obligations	960,000	0
Changes in operating assets and liabilities
Prepaid expenses and other current assets	663,000	(522,000)
Accounts payable	(1,195,000)	2,158,000
Accrued expenses and other current liabilities	844,000	191,000
Net cash used in operating activities	(27,397,000)	(7,588,000)
Cash flows from investing activities:
Purchases of property and equipment	(4,918,000)	(1,273,000)
Net cash used in investing activities	(4,918,000)	(1,273,000)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock	143,000,000	12,500,000
Payment of convertible preferred stock issuance costs	(231,000)	(178,000)
Proceeds from initial public offering, net of underwriting discount of $15.6 million	206,739,000	0
Payment of initial public offering issuance costs	(1,395,000)	0
Proceeds from exercise of employee stock options	128,000	0
Net cash provided by financing activities	348,241,000	12,322,000
Net increase (decrease) in cash, cash equivalents and restricted cash	315,926,000	3,461,000
Cash, cash equivalents and restricted cash—beginning of period	42,863,000	9,245,000
Cash, cash equivalents and restricted cash—end of period	358,789,000	12,706,000
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	357,060,000	12,706,000
Restricted cash	1,729,000	0
Cash, cash equivalents and restricted cash—end of period	358,789,000	12,706,000
Supplemental disclosure of noncash items
Conversion of convertible preferred stock into common stock	231,172,000	0
Settlement of preferred stock tranche obligation	20,640,000	0
Common stock issuance costs in accounts payable	1,469,000	0
Conversion of convertible note payable and accrued interest into Series A convertible preferred stock	0	754,000
Purchases of property and equipment in accounts payable	$ 123,000	$ 332,000

Condensed Combined and Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Statement Of Cash Flows [Abstract]
Proceeds from initial public offering, net of underwriting discount	$ 15.6

Description of Business, Contribution and Exchange, and Liquidity

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Description of Business, Contribution and Exchange, and Liquidity

1. Description of business, contribution and exchange, and liquidity

Business

Monte Rosa Therapeutics, Inc. is a biotechnology company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically-relevant proteins. As used in these condensed combined and consolidated financial statements, unless the context otherwise requires, references to the Company or Monte Rosa refer to Monte Rosa Therapeutics, Inc. and its wholly owned subsidiaries Monte Rosa Therapeutics AG and Monte Rosa Therapeutics Securities Corp. The Company was incorporated in Delaware in November 2019 and is headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland.

Contribution and exchange

Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in November 2019. In 2020, Monte Rosa Therapeutics, Inc. and Monte Rosa Therapeutics AG, entities under common control since the incorporation of Monte Rosa Therapeutics, Inc., consummated a contribution and exchange agreement, or the Contribution and Exchange, whereby Monte Rosa Therapeutics, Inc. acquired the net assets and shareholdings of Monte Rosa Therapeutics AG via a one-for-one exchange of equity between Monte Rosa Therapeutics, Inc. and the shareholders of Monte Rosa Therapeutics AG in a common control reorganization. Accordingly, the historical financial information has been retrospectively adjusted to include the historical results and financial position of Monte Rosa Therapeutics, Inc. combined with Monte Rosa Therapeutics AG’s historical results and financial position, after the elimination of all intercompany accounts and transactions.

Initial Public Offering

In June 2021 the Company completed its initial public offering, or IPO, and issued an aggregate of 11,700,000 shares of common stock at a price to the public of $19.00 per share. The Company received aggregate net proceeds from the IPO of $203.9 million, after deducting underwriting discounts and commissions of $15.6 million and offering costs of $2.9 million. In connection with the IPO, the Company granted the underwriters a 30-day option to purchase an additional 1,755,000 shares. In July 2021, the underwriters exercised the option in full and the Company issued 1,755,000 shares of common stock for aggregate net proceeds of $31.0 million after deducting underwriter discounts and commissions of $2.3 million.

Immediately prior to consummation of the IPO, all outstanding shares of the Company's Series A, Series A-2, Series B and Series C convertible preferred stock were converted into 31,068,102 shares of common stock. The Company's common stock began trading on the Nasdaq Global Select Market on June 24, 2021 under the symbol “GLUE”.

Liquidity considerations

Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares.

The Company’s continued discovery and development of its product candidates 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 and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

As of June 30, 2021, the Company had an accumulated deficit of $78.8 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $30.7 million and $9.7 million for the six months ended June 30, 2021 and 2020, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash and cash equivalents of $357.1 million as of June 30, 2021 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the condensed combined and consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery

research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.

Coronavirus pandemic

The coronavirus, or COVID-19, pandemic has spread worldwide, and has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border scrutiny and other measures. The outbreak and government measures taken in response have also had a significant impact, both directly and indirectly, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The future progression of the outbreak and its effects on the Company’s business and operations are uncertain. To date, our operations have not been significantly impacted by the COVID-19 pandemic.

The actual and perceived impact of the COVID-19 pandemic is changing daily, and its ultimate effect on the Company cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant. The COVID-19 pandemic may negatively impact the Company’s business, financial condition and results of operations causing interruptions or delays in the Company’s programs and services.

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual combined and consolidated financial statements for the year ended December 31, 2020 included in the final prospectus for the Company’s IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the Securities and Exchange Commission, or SEC on June 25, 2021.

Unaudited Financial Information

The Company’s condensed combined and consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and pursuant to the rules and regulations of the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Recently issued accounting pronouncements

The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act (JOBS Act).

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, or ASU 2016-02, with guidance regarding the accounting for and disclosure of leases. The update requires lessees to recognize the liabilities related all leases, including operating leases, with a term greater than 12 months on the balance sheet. This update also requires lessees and lessors to disclose key information about their leasing transactions. This standard is effective for annual reporting periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-02 on its financial statements and financial statement disclosures.

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The Company is currently assessing the potential impact of adopting ASU 2016-13 on its financial statements and financial statement disclosures.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the impact adoption of ASU 2019-12 will have on the financial statements and disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact adoption of ASU 2020-06 will have on its financial statements and disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair value measurements

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 (in thousands):


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total

Current assets
Money market funds	$	144,831	$	—	$	—	$	144,831
Pension plan assets(1)		—		1,850		—		1,850
Total assets measured at fair value	$	144,831	$	1,850	$	—	$	146,681

	As of December 31, 2020
Current assets
Money market funds	$	38,712	$	—	$	—	$	38,712
Pension plan assets(1)		—		1,217		—		1,217
Total assets measured at fair value	$	38,712	$	1,217	$	—	$	39,929
Current liabilities
Preferred stock tranche obligation	$	—	$	—	$	19,680	$	19,680
Total liabilities measured at fair value	$	—	$	—	$	19,680	$	19,680

(1)

The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Swiss Life Collective BVG Foundation collective investment fund.

Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

The Company’s Series B Preferred Stock Tranche Obligation is measured at fair value using a Black-Scholes option pricing valuation methodology. The fair value of Series B Preferred Stock Tranche Obligation includes inputs not observable in the market and thus represents a Level 3 measurement. The option pricing valuation methodology utilized requires inputs based on certain subjective assumptions, including (i) expected stock price volatility, (ii) calculation of an expected term, (iii) a risk-free interest rate, and (iv) expected dividends. The assumptions utilized to value the Series B Preferred Stock Tranche Obligation as of December 31, 2020 were (i) expected stock price volatility of 93%; (ii) remaining term of 1.7 years; (iii) a risk-free interest rate of 0.12%; and (iv) an expectation of no dividends. The assumptions utilized to value the Series B Preferred Stock Tranche Obligation just prior to settlement were (i) expected stock price volatility of 26%; (ii) remaining term 0.003 years; (iii) a risk-free rate of 0.04%; and (iv) an expectation of no dividends. The Series B Preferred Stock Tranche Obligation was extinguished in February 2021 upon the issuance of the Series B Preferred Stock. Immediately prior to the issuance of the Series B Preferred Stock in February 2021, the Company adjusted the carrying value of the liability to its estimated fair value of $20.6 million.

The following table provides a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Six months ended June 30,
	2021
Balance at beginning of period	$	19,680
Change in fair value		960
Settlement of Preferred Stock Tranche Obligation		(20,640	)
Balance at end of period	$	—

There were no transfers among Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2021 and 2020.

- Definition

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

+ References + Details

Property and Equipment, net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, net

4. Property and Equipment, net

Property and equipment, net, consist of the following (in thousands):


	June 30, 2021			December 31, 2020
Laboratory equipment	$	9,639		$	5,205
Furniture and fixtures	277				—
Computer hardware and software	185				27
Leasehold improvements	173				—
Total property and equipment, at cost	$	10,274		$	5,232
Less: accumulated depreciation		(1,351	)		(609	)
Property and equipment, net	$	8,923		$	4,623

Depreciation expense for the six months ended June 30, 2021 and 2020, was $741,000 and $143,000, respectively.

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2021

Convertible Preferred Stock

5. Convertible preferred stock

In April 2020, the Company authorized the sale of up to 9,635,000 shares of its Series A-2 Preferred at a price of $1.2984 per share and issued 9,627,234 shares of Series A-2 Preferred to a single investor for aggregate gross proceeds of $12.4 million.

In September 2020, the Company authorized the sale of up to 48,000,000 shares of its Series B Preferred at a price of $2.00 per share, or Series B Financing. In an initial closing in September 2020, the Company issued 24,000,000 shares of Series B Preferred to several new and existing investors for aggregate gross proceeds of $48.0 million. The Series B Financing further allowed certain purchasers of Series B Preferred the option, or the Series B Preferred Stock Tranche Obligation, to purchase up to an additional 24,000,000 shares of Series B Preferred at a price per share of $2.00, which occurred in February 2021 as described below.

The Company concluded that the Preferred Stock Tranche Obligation met the definition of a freestanding financial instrument, as it is legally detachable and separately exercisable from the Series B Preferred. Therefore, the Company allocated the proceeds received from the issuance of shares under the Series B Preferred Stock Purchase Agreement between the Preferred Stock Tranche Obligation and the Series B Preferred. The fair value of the Preferred Stock Tranche Obligation of $12.0 million on issuance was allocated from the $48.0 million proceeds of the Series B Preferred financing and is classified as a current liability on the combined and consolidated balance sheet as of December 31, 2020 as the Series B Preferred would become redeemable upon a Deemed Liquidation Event, the occurrence of which is not within the Company’s control.

In February 2021, the Company issued 24,000,000 shares of Series B Preferred pursuant to the Preferred Stock Tranche Obligation for aggregate gross proceeds of $48.0 million less issuance costs of $69,000.

In March 2021, the Company authorized the sale of up to 32,054,521 shares of its Series C Preferred Stock at a price of $2.9637 per share, and issued the authorized shares of Series C Preferred to several new and existing investors for aggregate gross proceeds of $95.0 million less issuance costs of $163,000.

Immediately prior to consummation of the IPO, all outstanding shares of the Company’s Series A, Series A-2, Series B and Series C convertible preferred stock were converted into 31,068,102 shares of common stock.

Common stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Common stock

6. Common stock

The Company had 500,000,000 shares of common stock authorized, of which 45,025,857 shares were issued and 44,603,731 shares were outstanding at June 30, 2021.

The holders of common stock are entitled to dividends when and if declared by the board of directors, subject to the preferences applicable to outstanding shares of Convertible Preferred Stock. The board of directors has not declared any dividends and the Company has not paid any dividends.

The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders.

The Company has issued restricted stock to founders, employees and consultants, and expense for this restricted stock is recognized on a straight-line basis (see Note 7). The restricted stock generally vests monthly over 4 years.

As of June 30, 2021 and December 31, 2020, the Company has reserved the following shares of common stock for potential conversion of outstanding Preferred Stock, the vesting of restricted stock and exercise of stock options:


	June 30, 2021		December 30, 2020
Convertible preferred stock		—		53,631,514
Options to purchase common stock		5,562,928		2,205,380
Unvested restricted common stock		422,133		495,278
		5,985,061		56,332,172

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

7. Stock-based compensation

2020 Stock incentive plan

The Company’s 2020 Stock Option and Grant Plan, or the 2020 Plan, provided for the Company to grant stock options, restricted stock and other stock awards, to employees, non-employee directors, and consultants. Upon the effectiveness of the 2021 Plan (as defined below), no further issuances will be made under the 2020 Plan.

2021 Stock incentive plan

The Company’s 2021 Stock Option and Incentive Plan, or the 2021 Plan, was approved by the Company’s board of directors on May 28, 2021, and the Company’s stockholders on June 17, 2021, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2021 Plan is 4,903,145, which will be automatically increased on January 1, 2022 and each January 1 thereafter by 5% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation, nomination and corporate governance committee.

2021 Employee stock purchase plan

The Company’s 2021 Employee Stock Purchase Plan, or the 2021 ESPP, was approved by the Company’s board of directors on May 28, 2021, and the Company’s stockholders on June 17, 2021, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. A total of 439,849 shares of the Company’s common stock were initially reserved for issuance under the 2021 ESPP, which will be automatically increased on January 1, 2022 and each January 1 thereafter through January 1, 2031, by the least of (i) 439,849 shares of the Company’s common stock, (ii) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, 2020 or (iii) such lesser number of shares of the Company’s common stock as determined by the plan administrator of the 2021 ESPP.

Stock option activity

The following summarizes stock option activity:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding—December 31, 2020		2,205,380		$	2.05		9.9	$	312
Granted		3,808,807			9.99		—		—
Exercised		(76,950	)		1.66		—		1,619
Forfeited		(374,309	)		2.19		—		—
Outstanding—June 30, 2021		5,562,928		$	7.48		9.7	$	84,676
Vested or expected to vest—June 30, 2021		5,562,928		$	7.48		9.7	$	84,676
Exercisable—June 30, 2021		37,302		$	5.52		9.3	$	641

The aggregate intrinsic value of options granted is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock.

Restricted stock award activity

The following summarizes restricted stock activity:


	Number of shares			Weighted average grant date fair value
Unvested as of December 31, 2020		495,278		$	1.02
Vested		(73,145	)	$	0.60
Unvested as of June 30, 2021		422,133		$	1.08

The aggregate fair value of restricted stock that vested during the six months ended June 30, 2021 and 2020 was $44,000 and $69,000, respectively. The weighted average grant date fair value of restricted stock that vested during the six months ended June 30, 2021 was $0.60.

Stock-based compensation expense

Stock-based compensation expense is classified as follows (in thousands):


	Six months ended June 30,
	2021		2020
Research and development	$	501	$	57
General and administrative	770		51
Total stock-based compensation expense	$	1,271	$	108

As of June 30, 2021, total unrecognized stock–based compensation cost related to unvested stock options and restricted stock awards was $27.6 million and $394,000, respectively. The Company expects to recognize this remaining cost over a weighted average period of 3.6 and 2.4 years, respectively.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income taxes

8. Income taxes

The Company did not record a provision or benefit for income taxes during the six months ended June 30, 2021 and 2020. The Company continues to maintain a full valuation allowance against all of its deferred tax assets.

The Company has evaluated the positive and negative evidence involving its ability to realize our deferred tax assets. The Company has considered its history of cumulative net losses incurred since inception and its lack of any commercial products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period.

- Definition

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

+ References + Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Common Share

9. Net loss per common share

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Net loss	$	(18,405	)	$	(5,364	)	$	(30,681	)	$	(9,666	)
Net loss per share attributable to common stockholders—basic and diluted	$	(3.63	)	$	(3.64	)	$	(9.03	)	$	(6.69	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		5,070,554			1,475,409			3,399,174			1,445,820

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive:


	June 30,		June 30,
	2021		2020
Convertible Preferred Stock		—		29,631,514
Stock options to purchase common stock		5,562,928		—
Restricted common stock		422,133		517,833

Related Parties

6 Months Ended

Jun. 30, 2021

Related Parties

10. Related parties

Versant Ventures has been a related party since inception of the Company as an investor and member of the board of directors. The Company has a service agreement with a Versant Ventures discovery engine, Ridgeline Therapeutics GmbH, or Ridgeline. Ridgeline provided management and administrative support to facilitate start-up of the Company and provided and continues to provide research and development services. Expenses attributable to Ridgeline were recognized primarily in research and development expenses in the Company’s condensed combined and consolidated statements of operations and comprehensive loss. The Company paid $2.6 million and $3.1 million to Ridgeline during the three months ended June 30, 2021 and 2020, respectively. The Company paid $7.3 million and $5.6 million to Ridgeline during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020, the Company had $462,000 and $4.8 million, respectively, in accounts payable in the condensed consolidated balance sheets associated with Ridgeline.

The Company also had a cost sharing agreement with Versant Ventures for the Company’s Chief Executive Officer. Amounts recognized as a result of this agreement are recognized in general and administrative expenses in the Company’s condensed combined and consolidated statements of operations and comprehensive loss. The Company received $40,000 and paid $79,000 to Versant Ventures during the three months ended June 30, 2021 and 2020, respectively, related to this agreement. The Company received $120,000 and paid $94,000 to Versant Ventures during the six months ended June 30, 2021 and 2020, respectively, related to this agreement. As of June 30, 2021 and December 31, 2020, the Company had $40,000 and $79,000, respectively, in prepaids and other current assets in the condensed consolidated balance sheets related to this agreement.

The Institute for Cancer Research, or the ICR, has been a related party since inception of the Company. The Company had a license, collaboration and investment agreement with the ICR. The Company paid $0 and $584,000 to ICR during the three months ended June 30, 2021 and 2020, respectively. The Company paid $0 and $1.2 million to ICR during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020, no amounts were owed by the Company to ICR.

Employee Retirement Plan

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Retirement Plan

11. Employee retirement plans

The Company, in compliance with Swiss Law, is contracted with the Swiss Life Collective BVG Foundation for the provision of pension benefits in a defined benefit plan. All benefits are reinsured in their entirety with Swiss Life Ltd within the framework of the contract. The technical administration and management of the savings account are guaranteed by Swiss Life on behalf of the collective foundation. Insurance benefits due are paid directly to the entitled persons by Swiss Life in the name of and for the account of the collective foundation. The pension plan is financed by contributions of both employees and employer. The contract between the Company and the collective foundation can be terminated by either side. In the event of a termination, the Company would have an obligation to find alternative pension arrangements for its employees. Because there is no guarantee that the employee pension arrangements would be continued under the same conditions, there is a risk, albeit remote, that a pension obligation may fall on the Company. The pension assets are pooled for all affiliated companies; the investment of assets is done by the governing bodies of the collective foundation or by mandated parties. The risks of disability, death and longevity are reinsured in their entirety with Swiss Life Ltd. The Company recorded $104,000 and $0 defined benefit related expense during the three months ended June 30, 2021 and

2020, respectively. The Company recorded $187,000 and $0 defined benefit related expense during the six months ended June 30, 2021 and 2020, respectively.

In February 2021, the Company adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible U.S. based employees of the Company. All employees are eligible to become participants of the plan immediately upon hire. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right, but is not obligated, to make additional contributions to this plan. The Company makes safe-harbor match contributions of 100% of the first 4% of each participant’s eligible compensation. The Company recorded $65,000 and $0 matching 401(k) contribution related expense during the three months ended June 30, 2021 and 2020, respectively. The Company recorded $98,000 and $0 matching 401(k) contribution related expense during the six months ended June 30, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent events

The Company has evaluated subsequent events through the date these financial statements were issued and has determined that there have been no events that have occurred that would require adjustments to the Company’s disclosures in the condensed combined and consolidated financial statements, except as referenced below.

On July 23, 2021, the underwriters of the Company's IPO exercised their option to purchase additional shares in full and the Company issued 1,755,000 shares of common stock for aggregate net proceeds of $31.0 million after deducting underwriter discounts and commissions of $2.3 million.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Contribution and Exchange	Contribution and exchange Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in November 2019. In 2020, Monte Rosa Therapeutics, Inc. and Monte Rosa Therapeutics AG, entities under common control since the incorporation of Monte Rosa Therapeutics, Inc., consummated a contribution and exchange agreement, or the Contribution and Exchange, whereby Monte Rosa Therapeutics, Inc. acquired the net assets and shareholdings of Monte Rosa Therapeutics AG via a one-for-one exchange of equity between Monte Rosa Therapeutics, Inc. and the shareholders of Monte Rosa Therapeutics AG in a common control reorganization. Accordingly, the historical financial information has been retrospectively adjusted to include the historical results and financial position of Monte Rosa Therapeutics, Inc. combined with Monte Rosa Therapeutics AG’s historical results and financial position, after the elimination of all intercompany accounts and transactions.
Initial Public Offering	Initial Public Offering In June 2021 the Company completed its initial public offering, or IPO, and issued an aggregate of 11,700,000 shares of common stock at a price to the public of $19.00 per share. The Company received aggregate net proceeds from the IPO of $203.9 million, after deducting underwriting discounts and commissions of $15.6 million and offering costs of $2.9 million. In connection with the IPO, the Company granted the underwriters a 30-day option to purchase an additional 1,755,000 shares. In July 2021, the underwriters exercised the option in full and the Company issued 1,755,000 shares of common stock for aggregate net proceeds of $31.0 million after deducting underwriter discounts and commissions of $2.3 million. Immediately prior to consummation of the IPO, all outstanding shares of the Company's Series A, Series A-2, Series B and Series C convertible preferred stock were converted into 31,068,102 shares of common stock. The Company's common stock began trading on the Nasdaq Global Select Market on June 24, 2021 under the symbol “GLUE”.
Liquidity Consideration	Liquidity considerations Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares. The Company’s continued discovery and development of its product candidates 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 and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. As of June 30, 2021, the Company had an accumulated deficit of $78.8 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $30.7 million and $9.7 million for the six months ended June 30, 2021 and 2020, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash and cash equivalents of $357.1 million as of June 30, 2021 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the condensed combined and consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.
Coronavirus Pandemic	Coronavirus pandemic The coronavirus, or COVID-19, pandemic has spread worldwide, and has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border scrutiny and other measures. The outbreak and government measures taken in response have also had a significant impact, both directly and indirectly, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The future progression of the outbreak and its effects on the Company’s business and operations are uncertain. To date, our operations have not been significantly impacted by the COVID-19 pandemic. The actual and perceived impact of the COVID-19 pandemic is changing daily, and its ultimate effect on the Company cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant. The COVID-19 pandemic may negatively impact the Company’s business, financial condition and results of operations causing interruptions or delays in the Company’s programs and services.
Unaudited Financial Information	Unaudited Financial Information The Company’s condensed combined and consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and pursuant to the rules and regulations of the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act (JOBS Act). In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, or ASU 2016-02, with guidance regarding the accounting for and disclosure of leases. The update requires lessees to recognize the liabilities related all leases, including operating leases, with a term greater than 12 months on the balance sheet. This update also requires lessees and lessors to disclose key information about their leasing transactions. This standard is effective for annual reporting periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-02 on its financial statements and financial statement disclosures. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The Company is currently assessing the potential impact of adopting ASU 2016-13 on its financial statements and financial statement disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the impact adoption of ASU 2019-12 will have on the financial statements and disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact adoption of ASU 2020-06 will have on its financial statements and disclosures.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total

Current assets
Money market funds	$	144,831	$	—	$	—	$	144,831
Pension plan assets(1)		—		1,850		—		1,850
Total assets measured at fair value	$	144,831	$	1,850	$	—	$	146,681

	As of December 31, 2020
Current assets
Money market funds	$	38,712	$	—	$	—	$	38,712
Pension plan assets(1)		—		1,217		—		1,217
Total assets measured at fair value	$	38,712	$	1,217	$	—	$	39,929
Current liabilities
Preferred stock tranche obligation	$	—	$	—	$	19,680	$	19,680
Total liabilities measured at fair value	$	—	$	—	$	19,680	$	19,680

(1)

Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis on Unobservable Inputs

The following table provides a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Six months ended June 30,
	2021
Balance at beginning of period	$	19,680
Change in fair value		960
Settlement of Preferred Stock Tranche Obligation		(20,640	)
Balance at end of period	$	—

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net, consist of the following (in thousands):


	June 30, 2021			December 31, 2020
Laboratory equipment	$	9,639		$	5,205
Furniture and fixtures	277				—
Computer hardware and software	185				27
Leasehold improvements	173				—
Total property and equipment, at cost	$	10,274		$	5,232
Less: accumulated depreciation		(1,351	)		(609	)
Property and equipment, net	$	8,923		$	4,623

Common stock (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Common Stock Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options


	June 30, 2021		December 30, 2020
Convertible preferred stock		—		53,631,514
Options to purchase common stock		5,562,928		2,205,380
Unvested restricted common stock		422,133		495,278
		5,985,061		56,332,172

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock Option Activity

The following summarizes stock option activity:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding—December 31, 2020		2,205,380		$	2.05		9.9	$	312
Granted		3,808,807			9.99		—		—
Exercised		(76,950	)		1.66		—		1,619
Forfeited		(374,309	)		2.19		—		—
Outstanding—June 30, 2021		5,562,928		$	7.48		9.7	$	84,676
Vested or expected to vest—June 30, 2021		5,562,928		$	7.48		9.7	$	84,676
Exercisable—June 30, 2021		37,302		$	5.52		9.3	$	641

Schedule of Restricted Stock Award Activity

The following summarizes restricted stock activity:


	Number of shares			Weighted average grant date fair value
Unvested as of December 31, 2020		495,278		$	1.02
Vested		(73,145	)	$	0.60
Unvested as of June 30, 2021		422,133		$	1.08

Schedule of Stock Based Compensation Expense

Stock-based compensation expense is classified as follows (in thousands):


	Six months ended June 30,
	2021		2020
Research and development	$	501	$	57
General and administrative	770		51
Total stock-based compensation expense	$	1,271	$	108

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Net loss	$	(18,405	)	$	(5,364	)	$	(30,681	)	$	(9,666	)
Net loss per share attributable to common stockholders—basic and diluted	$	(3.63	)	$	(3.64	)	$	(9.03	)	$	(6.69	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		5,070,554			1,475,409			3,399,174			1,445,820

Schedule of Antidilutive Securities Excluded from Earnings Per Share Calculation

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive:


	June 30,		June 30,
	2021		2020
Convertible Preferred Stock		—		29,631,514
Stock options to purchase common stock		5,562,928		—
Restricted common stock		422,133		517,833

Description of Business, Contribution and Exchange, and Liquidity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended
	Jul. 23, 2021	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subsidiary Or Equity Method Investee [Line Items]
Common stock shares issued		45,025,857	45,025,857				45,025,857		2,180,803
Common stock par or stated value per share		$ 0.0001	$ 0.0001				$ 0.0001		$ 0.0001
Proceeds from initial public offering, net of underwriting discount of $15.6 million							$ 206,739	$ 0
Accumulated deficit		$ (78,758)	$ (78,758)				(78,758)		$ (48,077)
Net loss			(18,405)	$ (12,276)	$ (5,364)	$ (4,302)	(30,681)	(9,666)
Cash and cash equivalents at carrying value		$ 357,060	$ 357,060		$ 12,706		$ 357,060	$ 12,706	$ 41,699
Convertible Preferred Stock
Subsidiary Or Equity Method Investee [Line Items]
Stock Issued during period, for conversion of convertible securities			(109,686,035)
Common Stock
Subsidiary Or Equity Method Investee [Line Items]
Stock Issued during period, for conversion of convertible securities		31,068,102	31,068,102
Net loss			$ 0
IPO
Subsidiary Or Equity Method Investee [Line Items]
Common stock shares issued		11,700,000	11,700,000				11,700,000
Common stock par or stated value per share		$ 19.00	$ 19.00				$ 19.00
Proceeds from initial public offering, net of underwriting discount of $15.6 million							$ 203,900
Underwriting discount and commission							15,600
Offering Costs							$ 2,900
IPO \| Subsequent Event
Subsidiary Or Equity Method Investee [Line Items]
Common stock shares issued	1,755,000
Proceeds from issuance of common stock	$ 31,000
Underwriting discount and commission	$ 2,300

Fair Value Measurements - Summary of Financial Assets Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Total assets measured at fair value	$ 146,681	$ 39,929
Current liabilities
Total liabilities measured at fair value		19,680
Preferred Stock Tranche Obligation
Current liabilities
Total liabilities measured at fair value		19,680
Level 1
Current assets
Total assets measured at fair value	144,831	38,712
Current liabilities
Total liabilities measured at fair value		0
Level 1 \| Preferred Stock Tranche Obligation
Current liabilities
Total liabilities measured at fair value		0
Level 2
Current assets
Total assets measured at fair value	1,850	1,217
Current liabilities
Total liabilities measured at fair value		0
Level 2 \| Preferred Stock Tranche Obligation
Current liabilities
Total liabilities measured at fair value		0
Level 3
Current assets
Total assets measured at fair value	0	0
Current liabilities
Total liabilities measured at fair value		19,680
Level 3 \| Preferred Stock Tranche Obligation
Current liabilities
Total liabilities measured at fair value		19,680
Money Market Funds
Current assets
Total assets measured at fair value	144,831	38,712
Money Market Funds \| Level 1
Current assets
Total assets measured at fair value	144,831	38,712
Money Market Funds \| Level 2
Current assets
Total assets measured at fair value	0	0
Money Market Funds \| Level 3
Current assets
Total assets measured at fair value	0	0
Pension Plan Assets
Current assets
Total assets measured at fair value	1,850	1,217
Pension Plan Assets \| Level 1
Current assets
Total assets measured at fair value	0	0
Pension Plan Assets \| Level 2
Current assets
Total assets measured at fair value	1,850	1,217
Pension Plan Assets \| Level 3
Current assets
Total assets measured at fair value	$ 0	$ 0

Fair Value Measurements - Additional Information (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 Rate PriceVolatility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measure at fair value, transfers among Level 1, Level 2 or Level 3 \| $	$ 0	$ 0
Preferred Stock Tranche Obligation \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Adjustment of carrying value to estimated fair value \| $	$ 20,600
Measurement Input Price Volatility \| Preferred Stock Tranche Obligation \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input \| PriceVolatility			0.93
Measurement Input Expected Term \| Preferred Stock Tranche Obligation \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, term			1 year 8 months 12 days
Measurement Input Expected Term \| Preferred Stock Tranche Obligation \| Level 3 \| Prior Settlement of Preferred Stock Tranch Obligation [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, term			1 day
Measurement Input Risk Free Interest Rate \| Preferred Stock Tranche Obligation \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input			0.0012
Measurement Input Risk Free Interest Rate \| Preferred Stock Tranche Obligation \| Level 3 \| Prior Settlement of Preferred Stock Tranch Obligation [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input			0.0004
Measurement Input Expected Dividend Payment \| Preferred Stock Tranche Obligation \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input			0
Measurement Input Expected Dividend Payment \| Preferred Stock Tranche Obligation \| Level 3 \| Prior Settlement of Preferred Stock Tranch Obligation [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input			0

Fair Value Measurements - Summary of Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Input (Details) - Level 3 - Preferred Stock Tranche Obligation $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Balance at beginning of period	$ 19,680
Change in fair value	960
Settlement of Preferred Stock Tranche Obligation	(20,640)
Balance at end of period	$ 0

Property and Equipment, net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 10,274	$ 5,232
Less: accumulated depreciation	(1,351)	(609)
Property and equipment, net	8,923	4,623
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	9,639	5,205
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	277	0
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	185	27
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 173	$ 0

Property and Equipment, net - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 741,000	$ 143,000

Convertible Preferred Stock - Additional Information (Details) - USD ($)	1 Months Ended				6 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2020	Apr. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class Of Stock [Line Items]
Convertible preferred stock converted to common stock					31,068,102
Payments of stock issuance costs					$ 231,000	$ 178,000
Series A-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized				9,635,000
Preferred stock price per share				$ 1.2984
Preferred stock shares issued				9,627,234
Gross proceed from issuance of preferred stock				$ 12,400,000
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized			48,000,000
Preferred stock price per share			$ 2.00
Preferred stock shares issued			24,000,000
Gross proceed from issuance of preferred stock			$ 48,000,000.0
Series B Convertible Preferred Stock \| Preferred Stock Tranche Obligation
Class Of Stock [Line Items]
Preferred stock price per share			$ 2.00
Preferred stock shares issued		24,000,000	24,000,000
Gross proceed from issuance of preferred stock		$ 48,000,000.0
Payments of stock issuance costs		$ 69,000
Fair value of preferred stock tranche obligation.							$ 12,000,000.0
Series C Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized	32,054,521
Preferred stock price per share	$ 2.9637
Gross proceed from issuance of preferred stock	$ 95,000,000.0
Payments of stock issuance costs	$ 163,000

Common stock (Additional Information) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000	97,500,000
Common stock shares issued	45,025,857	2,180,803
Common stock shares outstanding	44,603,731	1,685,534
Dividends declared	$ (0)
Dividends paid	$ 0
Common stock, voting rights	one
Restricted Stock
Class Of Stock [Line Items]
Vesting term	4 years

Common stock - Schedule of Common Stock for Potential Conversion Outstanding Preferred Stock (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock reserved for future issuance	5,985,061	56,332,172
Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	0	53,631,514
Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	5,562,928	2,205,380
Restricted Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	422,133	495,278

Stock-Based Compensation - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	5,985,061		56,332,172
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value of restricted stock vested	$ 44,000	$ 69,000
Weighted average grant date fair value, vested	$ 0.60
Unrecognized stock based compensation cost	$ 394,000
Expected remaining cost, weighted average period	2 years 4 months 24 days
Unvested Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation cost	$ 27,600,000
Expected remaining cost, weighted average period	3 years 7 months 6 days
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	4,903,145
Increase in share percentage	5.00%
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	439,849
Increase in share percentage	1.00%
Number of share increase	439,849

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of options, beginning balance \| shares	2,205,380
Number of options, granted \| shares	3,808,807
Number of options, exercised \| shares	(76,950)
Number of options, forfeited \| shares	(374,309)
Number of options, ending balance \| shares	5,562,928	2,205,380
Number of options, vested or expected to vest \| shares	5,562,928
Number of options, exercisable \| shares	37,302
Weighted average exercise price, beginning balance \| $ / shares	$ 2.05
Weighted average exercise price, granted \| $ / shares	9.99
Weighted average exercise price, exercised \| $ / shares	1.66
Weighted average exercise price, forfeited \| $ / shares	2.19
Weighted average exercise price, ending balance \| $ / shares	7.48	$ 2.05
Weighted average exercise price, vested or expected to vest \| $ / shares	7.48
Weighted average exercise price, exercisable \| $ / shares	$ 5.52
Weighted average remaining contractual term (years), balance	9 years 8 months 12 days	9 years 10 months 24 days
Weighted average remaining contractual term (years), vested or expected to vest	9 years 8 months 12 days
Weighted average remaining contractual term (years), exercisable	9 years 3 months 18 days
Aggregate intrinsic value, beginning balance \| $	$ 312
Aggregate intrinsic value, exercised \| $	1,619
Aggregate intrinsic value, ending balance \| $	84,676	$ 312
Aggregate intrinsic value, vested or expected \| $	84,676
Aggregate intrinsic value, exercisable \| $	$ 641

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Unvested, beginning balance \| shares	495,278
Number of shares, Vested \| shares	(73,145)
Number of shares, Unvested, ending balance \| shares	422,133
Weighted average grant date fair value, beginning balance \| $ / shares	$ 1.02
Weighted average grant date fair value, vested \| $ / shares	0.60
Weighted average grant date fair value, ending balance \| $ / shares	$ 1.08

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,271	$ 108
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	501	57
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 770	$ 51

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Provision or benefit for income tax	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Loss Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (18,405)	$ (12,276)	$ (5,364)	$ (4,302)	$ (30,681)	$ (9,666)
Net loss per share attributable to common stockholders—basic and diluted	$ (3.63)		$ (3.64)		$ (9.03)	$ (6.69)
Weighted-average number of shares outstanding used in computing net loss per common share—basic and diluted	5,070,554		1,475,409		3,399,174	1,445,820

- 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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+ Details

Net Loss Per Share (Schedule of Anti-Dilutive Shares Excluded from Earnings Per Share Calculation) (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	0	29,631,514
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	5,562,928	0
Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	422,133	517,833

Related Parties - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Research and development	$ 14,637,000		$ 4,855,000	$ 23,910,000	$ 8,670,000
General and administrative expense	3,486,000		541,000	5,717,000	1,019,000
Ridgeline
Related Party Transaction [Line Items]
Research and development	2,600,000		3,100,000	7,300,000	5,600,000
Accounts payable	462,000			462,000		$ 4,800,000
Versant Venture
Related Party Transaction [Line Items]
Reimbursement received for general and administrative expenses	40,000		40,000	120,000	120,000
General and administrative expense		$ 79,000	79,000	94,000	94,000
Other prepaid expense, current	40,000			40,000		79,000
ICR
Related Party Transaction [Line Items]
Accounts payable	0			0		$ 0
Related party transaction, amounts of transaction	$ 0		$ 584,000	$ 0	$ 1,200,000

Employee Retirement Plan - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Defined benefit plan expenses	$ 104,000	$ 0	$ 187,000	$ 0
Percentage of company's matching contribution with respect to each participant's contribution			4.00%
Company matching contributions to maximum employees eligible compensation			100.00%
Total company contributions to 401 (k) plan	$ 65,000	$ 0	$ 98,000	$ 0

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jul. 23, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock shares issued		45,025,857	2,180,803
IPO
Subsequent Event [Line Items]
Common stock shares issued		11,700,000
Underwriting discount and commission		$ 15.6
Subsequent Event \| IPO
Subsequent Event [Line Items]
Common stock shares issued	1,755,000
Aggregate net proceeds after deducting underwriter discounts and commissions	$ 31.0
Underwriting discount and commission	$ 2.3