0001193125-22-068759 | 10-K | XBRL Viewer

Print Document View Excel Document

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 131,650	$ 58,152
Marketable securities	45,276	90,683
Prepaid expenses and other current assets	3,767	2,692
Total current assets	180,693	151,527
Restricted cash	1,780	1,780
Property and equipment, net	7,461	8,312
Total assets	189,934	161,619
Current liabilities:
Accounts payable	3,040	3,760
Accrued expenses and other current liabilities	7,823	7,670
Total current liabilities	10,863	11,430
Deferred rent	6,399	6,283
Total liabilities	17,262	17,713
Commitments and contingencies (Note 8)
Stockholders' Equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value; 150,000,000 shares authorized; 48,541,601 shares and 39,466,254 shares issued and 48,533,135 shares and 39,260,532 shares outstanding as of December 31, 2020 and 2019, respectively	59	49
Additional paid-in capital	498,210	398,311
Accumulated other comprehensive loss	(30)	(23)
Accumulated deficit	(325,567)	(254,431)
Total stockholders' equity	172,672	143,906
Total liabilities and stockholders' equity	$ 189,934	$ 161,619

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, Shares authorized	10,000,000	10,000,000
Preferred stock, Shares issued	0	0
Preferred stock, Shares outstanding	0	0
Common stock, Par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, Shares issued	58,799,157	48,541,601
Common stock, Shares outstanding	58,799,157	48,533,135

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 46,766	$ 50,615
General and administrative	27,926	28,087
Total operating expenses	74,692	78,702
Loss from operations	(74,692)	(78,702)
Interest and other income, net	3,556	3,766
Net loss	$ (71,136)	$ (74,936)
Net loss per share, basic	$ (1.29)	$ (1.71)
Net loss per share, diluted	$ (1.29)	$ (1.71)
Weighted average common shares outstanding, basic	54,948,808	43,920,121
Weighted average common shares outstanding, diluted	54,948,808	43,920,121
Comprehensive loss:
Net loss	$ (71,136)	$ (74,936)
Other comprehensive loss:
Unrealized losses on marketable securities	(7)	(31)
Total other comprehensive loss	(7)	(31)
Total comprehensive loss	$ (71,143)	$ (74,967)

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2019	$ 141,193	$ 39	$ 320,641	$ 8	$ (179,495)
Beginning balance, shares at Dec. 31, 2019		39,260,532
Issuance of common stock	64,563	$ 9	64,554
Issuance of common stock, shares		8,625,000
Vesting of restricted stock, shares		184,500
Issuance of common stock upon exercise of stock options	3,072	$ 1	3,071
Issuance of common stock upon exercise of stock options, shares		447,402
Issuance of common stock under Employee Stock Purchase Plan	104		104
Issuance of common stock under Employee Stock Purchase Plan, shares		15,701
Stock-based compensation expense	9,941		9,941
Unrealized losses on marketable securities	(31)			(31)
Net loss	(74,936)				(74,936)
Ending balance at Dec. 31, 2020	143,906	$ 49	398,311	(23)	(254,431)
Ending balance, shares at Dec. 31, 2020		48,533,135
Issuance of common stock	86,097	$ 10	86,087
Issuance of common stock, shares		9,599,998
Vesting of restricted stock, shares		218,464
Issuance of common stock upon exercise of stock options	$ 3,363		3,363
Issuance of common stock upon exercise of stock options, shares	421,997	421,997
Issuance of common stock under Employee Stock Purchase Plan	$ 141		141
Issuance of common stock under Employee Stock Purchase Plan, shares		25,563
Stock-based compensation expense	10,308		10,308
Unrealized losses on marketable securities	(7)			(7)
Net loss	(71,136)				(71,136)
Ending balance at Dec. 31, 2021	$ 172,672	$ 59	$ 498,210	$ (30)	$ (325,567)
Ending balance, shares at Dec. 31, 2021		58,799,157

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (71,136)	$ (74,936)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	10,308	9,941
Depreciation and amortization expense	2,020	1,978
Loss on disposal of property and equipment	95	1
Net amortization of premiums on marketable securities	708	179
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,075)	1,422
Accounts payable	(720)	948
Accrued expenses and other current liabilities	153	(3,633)
Deferred rent	116	77
Net cash used in operating activities	(59,531)	(64,023)
Cash flows from investing activities:
Purchases of property and equipment	(1,264)	(400)
Purchases of marketable securities	(45,308)	(95,735)
Maturities of marketable securities	90,000	85,500
Net cash provided by (used in) investing activities	43,428	(10,635)
Cash flows from financing activities:
Proceeds from private investment	86,400
Proceeds from public offerings, net of underwriting discounts and commissions		64,860
Payments of offering costs	(303)	(297)
Proceeds from exercise of common stock options	3,363	3,072
Proceeds from issuance of common stock under Employee Stock Purchase Plan	141	104
Net cash provided by financing activities	89,601	67,739
Net increase (decrease) in cash, cash equivalents and restricted cash	73,498	(6,919)
Cash, cash equivalents and restricted cash at beginning of period	59,932	66,851
Cash, cash equivalents and restricted cash at end of period	$ 133,430	$ 59,932

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Magenta Therapeutics, Inc. (the “Company”) is a clinical-stage biotechnology company developing novel medicines designed to bring the curative power of stem cell transplants to more patients with blood cancers, genetic diseases and autoimmune diseases. The Company was incorporated under the laws of the State of Delaware in June 2015 as HSCTCo Therapeutics, Inc. In February 2016, the Company changed its name to Magenta Therapeutics, Inc. and in June 2018 the Company completed its initial public offering.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, the continuing impact of the novel coronavirus

(“COVID-19”)

pandemic and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company has incurred recurring losses since inception, including net losses of $71.1 million and $74.9 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company had an accumulated deficit of $325.6 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of these consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to fund its operations.

The Company expects its expenses to increase substantially in connection with ongoing activities, particularly as the Company advances its preclinical activities and clinical trials for its product candidates in development. Accordingly, the Company will need to obtain substantial additional funding in connection with continuing operations. If the Company is unable to raise capital when needed, or on attractive terms, it could be forced to delay, reduce or eliminate its research or drug development programs or any future commercialization efforts. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated.

Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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 financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from

those

estimates.

Concentrations of Credit Risk and of Significant Suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains all cash, cash equivalents and marketable securities at two accredited financial institutions in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.

Marketable Securities

The Company’s marketable securities are classified

as available-for-sale and

are carried at fair value with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value judged to be other than temporary are included as a component of interest and other income, net based on the specific identification method. The Company classifies its marketable securities with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities are available for current operations.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


		Estimated Useful Life
Lab equipment		5 years
Computer equipment		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of life of lease or estimated useful life

Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2021 or 2020.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

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

•

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

•

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

The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

Deferred Rent

The Company’s lease agreements include payment escalations and lease incentives, which are accrued or deferred as appropriate such that rent expense for each lease is recognized on a straight-line basis over the respective lease term. Adjustments for such items, consisting primarily of tenant improvement allowances and payment escalations, are recorded as deferred rent and amortized over the lease term.

Segment Information

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s tangible assets are held in the United States.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based

compensation and benefits, facilities costs, depreciation, manufacturing expenses and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials as well as the cost of licensing technology.

Upfront payments and milestone payments made for the licensing of technology are expensed as research and development in the period in which they are incurred. Advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

Research, Development and Manufacturing Contract Costs Accruals

The Company has entered into various research, development and manufacturing contracts with research institutions and other companies both inside and outside of the United States. These agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research, development and manufacturing costs. When evaluating the adequacy of any accrual estimate, the Company analyzes a number of factors, including the Company’s knowledge of the progress of the studies or trials, including the phase or completion of events; invoices received to date under the contracts; communication from the third parties of any actual costs incurred during the period that have not yet been invoiced; and the costs included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Patent Costs

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

Stock-Based Compensation

The Company measures all stock-based awards granted to employees, directors and

non-employees

based on the fair value on the date of grant. Compensation expense of those awards is recognized over the requisite service period, which is generally the vesting period of the respective award. Generally, the Company issues awards with either service-only vesting conditions and records the expense using the straight-line method or service and performance vesting conditions and records the expense when achievement of the performance condition becomes probable using the graded-vesting method. The Company accounts for forfeitures as they occur.

The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, the Company estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies along with the volatility of its own stock and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The Company classifies stock-based compensation expense in its statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a

two-step

process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed

more-likely-than-not

to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2021 and 2020, the Company’s only element of other comprehensive income (loss) was unrealized gains (losses) on marketable securities.

Net Loss per Share

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. For periods in which the Company has reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive.

The Company reported a net loss for the years ended December 31, 2021 and 2020. The following potential dilutive securities, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact:


	As of December 31,
	2021		2020
Stock options to purchase common stock		6,248,675		5,622,868
Unvested restricted common stock and units		479,918		373,466
Shares of common stock issuable under Employee Stock Purchase Plan		42,634		15,443

		6,771,227		6,011,777

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No.

2016-02,

Leases

(“ASU

2016-02”).

ASU

2016-02

requires lessees to recognize most leases on their balance sheet as a

right-of-use

asset and a lease liability. Leases will be

classified as either operating or finance, and classification will be based on criteria similar to current lease accounting, but without explicit bright lines. For public entities, the guidance was effective for annual reporting periods beginning after December 15, 2018 and for interim periods within those fiscal years. For nonpublic entities and emerging growth companies that choose to take advantage of the extended transition period, the guidance was effective for annual reporting periods beginning after December 15, 2019. In June 2020, the FASB issued ASU

No. 2020-05,

which further deferred the effective date for nonpublic entities to annual reporting periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted for all entities. ASU

2016-02

initially required adoption using a modified retrospective approach, under which all years presented in the financial statements would be prepared under the revised guidance. In July 2018, the FASB issued ASU No.

2018-11,

Leases (Topic 842) Targeted Improvements

, which added an optional transition method to the existing requirements whereby an entity could adopt the provisions of ASU

2016-02

by recognizing a cumulative-effective adjustment to the opening balance of retained earnings in the period of adoption without adjustment to the financial statements for periods prior to adoption. The Company expects that the adoption of the new leasing standards will result in the recognition of material

right-of-use

assets and lease liabilities on the consolidated balance sheets but does not expect it to have a material impact on its results of operations or cash flows.

In June 2016, the FASB issued ASU

No. 2016-13,

Financial Instruments – Credit Losses (Topic 326)

. The new standard adjusts the accounting for assets held at amortized costs basis, including marketable securities accounted for as available for sale. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities, the guidance was effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. For nonpublic entities and emerging growth companies that choose to take advantage of the extended transition period, the guidance is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted for all entities. In November 2019, the FASB issued ASU

No. 2019-10,

which deferred the effective date for nonpublic entities to annual reporting periods beginning after December 15,

2022

, including interim periods within those fiscal years. The Company does not believe the guidance will have a material impact on its consolidated financial statements.

Marketable Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Marketable Securities And Fair Value Measurements

3. Marketable Securities and Fair Value Measurements

As of December 31, 2021, marketable securities by security type consisted of (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury notes (due within one year)	$	30,213	$	—	$	(20	)	$	30,193
U.S. treasury Notes (due after one year through two years)		15,093		—		(10	)		15,083

Total	$	45,306	$	—	$	(30	)	$	45,276

As of December 31, 2020, marketable securities by security type consisted of (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury notes (due within one year)	$	90,706	$	—	$	(23	)	$	90,683

Total	$	90,706	$	—	$	(23	)	$	90,683

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 (in thousands):


	Fair Value Measurements at December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	131,542	$	—	$	—	$	131,542
Marketable securities:
U.S. treasury notes		—		45,276		—		45,276

Total	$	131,542	$	45,276	$	—	$	176,818


	Fair Value Measurements at December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	43,182	$	—	$	—	$	43,182
U.S. treasury notes		—		14,999		—		14,999
Marketable securities:
U.S. treasury notes		—		90,683		—		90,683

Total	$	43,182	$	105,682	$	—	$	148,864

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property and Equipment, Net

4. Property and Equipment, Net

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


	December 31,
	2021			2020
Laboratory and computer equipment	$	6,397		$	5,477
Furniture and fixtures		826			837
Leasehold improvements		6,905			6,905

		14,128			13,219
Less: Accumulated depreciation and amortization		(6,667	)		(4,907	)

	$	7,461		$	8,312

Depreciation and amortization expense was $2.0 million for each of the years ended December 31, 2021 and 2020, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued payroll and related expenses	$	3,346	$	3,107
Accrued external research and development expenses		2,813		2,662
Deferred rent, current portion		555		555
Accrued professional fees		477		693
Accrued other		632		653

	$	7,823	$	7,670

Common Stock

12 Months Ended

Dec. 31, 2021

Common Stock

6. Common Stock

In May 2021, the Company issued and sold 9,599,998 shares of its common stock in a private placement at a purchase price of $9.00 per share, resulting in net proceeds of $86.1 million, after deducting offering expenses. In connection with the private placement, the Company filed a resale registration statement with the Securities and Exchange Commission (the “SEC”) in June 2021 to register the resale of these shares by the purchasers in the private placement.

In June 2020, the Company issued and sold 8,625,000 shares of its common stock, including the underwriters’ exercise in full of their option to purchase additional shares of common stock, in a

follow-on

public offering at a public offering price of $8.00 per share, resulting in net proceeds of $64.6 million after deducting underwriting discounts and commissions and other offering expenses.

The Company has a shelf registration statement on Form

S-3

(the “Shelf”) on file with the SEC, which covers the offering, issuance and sale of up to an aggregate of $350.0 million of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. The Company simultaneously entered into a sales agreement with Cowen and Company, LLC, as sales agent, to provide for the issuance and sale by the Company of up to $100.0 million of common stock from time to time in

“at-the-market”

offerings under the Shelf (the “ATM Program”). The Shelf was declared effective by the SEC on August 19, 2019. As of December 31, 2021, no sales have been made pursuant to the ATM Program.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends unless declared by the board of directors.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: 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(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

7. Stock-Based Compensation

2018 Stock Option and Incentive Plan

The Magenta Therapeutics, Inc. 2018 Stock Option and Incentive Plan (the “2018 Plan”) provides for the grant of incentive stock options,

non-statutory

stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to employees, directors and consultants. Shares of common stock underlying any awards under the 2018 Plan and the Magenta Therapeutics, Inc. 2016 Stock Option and Grant Plan (the “2016 Plan”) that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) will be available for future awards under the 2018 Plan. As of December 31, 2021, 3,001,271 shares remained available for future grants under the 2018 Plan.

The 2018 Plan provides that the number of shares reserved and available for issuance under the 2018 Plan will automatically increase each January 1 by 4% 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 committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change in capitalization. The number of shares reserved for issuance under the 2018 Plan was increased by 2,351,966 shares effective January 1, 2022.

2016 Stock Option and Grant Plan

The Company also has outstanding stock options and restricted stock awards under the 2016 Plan, but is no longer granting awards under this plan.

The 2018 Plan is administered by the board of directors, or at the discretion of the board of directors, by a committee of the board. The exercise prices, vesting and other restrictions are determined at the discretion of the

board of directors, or

their committee if so delegated, except that the term of awards may not be greater than ten years. Vesting periods are determined at the discretion of the board of directors. Awards

typically vest

over three or four years. The exercise price for stock options granted may not be less than the fair value of common stock as of the date of grant. The fair value of common stock is based on quoted market prices.

2019 Employee Stock Purchase Plan

Employees may elect to participate in

he Magenta Therapeutics, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”). The purchase price of common stock under the ESPP is equal to 85% of the lower of the fair market value of the common stock on the offering date or the exercise date. The

six-month offering

periods begin in December and June of each year. During the year ended December 31, 2021, 25,563 shares of common stock were purchased under the ESPP at a weighted average purchase price of $5.53 per share. During the year ended December 31, 2020, 15,701 shares of common stock were purchased under the ESPP at a weighted average purchase price of $6.59 per share. The Company recognized less than $0.1 million of stock-based compensation during each of the years ended December 31, 2021 and 2020 related to the ESPP. As of December 31, 2021, 125,261 shares remained available for issuance under the ESPP.

The ESPP provides that the number of shares reserved and available for issuance under the ESPP will automatically increase each January 1 through January 1, 2029, by the lesser of

(i) 1% of the number of shares issued and outstanding on the immediately preceding December 31, (ii) 1,000,000 shares and (iii) such number of shares as determined by the compensation committee of the Company’s board of directors. The number of shares reserved for issuance under the ESPP was increased by 587,991 shares on January 1, 2022.

Common Stock Option Valuation

The assumptions that the Company used to determine the fair value of options granted were as follows, presented on a weighted average basis:


	Year Ended December 31,
	2021			2020
Risk-free interest rate		0.9	%		1.0	%
Expected term (in years)		6.0			6.0
Expected volatility		80.5	%		80.4	%
Expected dividend yield		0	%		0	%

Common Stock Option Activity

The following table summarizes the Company’s option activity since Decembe

31, 2020:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2020		5,622,868		$	9.54		8.3	$	2,136
Granted		3,095,759		$	9.24
Exercised		(421,997	)	$	7.97
Forfeited		(2,047,955	)	$	10.58

Outstanding as of December 31, 2021		6,248,675		$	9.15		8.2	$	—

Options vested and expected to vest as of December 31, 2021		6,248,675		$	9.15		8.2	$	—

Options exercisable as of December 31, 2021		2,693,874		$	9.34		7.1	$	—

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the years ended December 31, 2021 and 2020 was $1.3 million and $1.1 million, respectively.

The weighted average grant-date fair value per share of stock options granted during the years ended December 31, 2021 and 2020 was $6.32 and $6.90, respectively.

Restricted Stock Activity

Unvested shares of restricted stock may not be sold or transferred by the holder. These restrictions lapse according to the time-based vesting conditions of each award.

The table below summarizes the Company’s restricted stock activity for grants issued under the 2016 Plan since December 31, 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		8,466		$	4.84
Vested		(8,466	)	$	4.84
Forfeited		—

Outstanding as of December 31, 2021		—

The total fair value of restricted stock vested during the years ended December 31, 2021 and 2020 was less than $0.1 million and $1.7 million, respectively.

Restricted Stock Units

The Company granted service-based restricted stock units to certain employees which vests over three years. Upon vesting, each restricted stock unit entitles the holder to a specified number of shares of common stock.

The table below summarizes the Company’s restricted stock unit activity since December 31, 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		205,000		$	6.80
Granted		275,625		$	8.07
Vested		(39,998	)	$	6.80
Forfeite d		(150,709	)	$	7.22

Outstanding as of December 31, 2021		289,918		$	7.79

The total fair value of restricted stock units vested during the year ended December 31, 2021 was $0.3 million.

Performance Restricted Stock Units

The Company grants performance-based restricted stock units to certain senior employees which vest upon the occurrence of certain operational and financial events. At the achievement of the performance-based vesting criteria, each performance-based restricted stock unit entitles the holder to a specified number of shares of common stock.

The table below summarizes the Company’s performance restricted stock unit activity since December 31, 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		160,000		$	6.75
Granted		320,000		$	10.45
Vested		(170,000	)	$	10.19
Forfeited		(120,000	)	$	6.75

Outstanding as of December 31, 2021		190,000		$	9.91

The total fair value of performance restricted stoc

units vested during the year ended December 31, 2021 was $1.0 million.

Stock-Based Compensation

Stock-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development expenses	$	3,836	$	3,542
General and administrative expenses		6,472		6,399

	$	10,308	$	9,941

As of December 31, 2021, unrecognized compensation expense related to unvested share-based awards with service-based vesting conditions was $20.7 million, which is expected to be recognized over a weighted average period of 2.8 years. Additionally, the Company had unrecognized compensation cost of $1.9 million related to the unvested performance restricted stock units for which the performance conditions were not considered probable of achievement as of December 31, 2021.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

8. Commitments and Contingencies

Leases

In May 2018, the Company entered into a sublease, as amended, for up to approximately 69,000 square feet of office and laboratory space in Cambridge, Massachusetts. The sublease is subject and subordinate to a prime lease between the sublandlord and the prime landlord. The term of the sublease commenced in June 2018 and expires in February 2028. The sublandlord has the right to terminate the sublease after five years. The Company is obligated to pay real estate taxes and other costs related to the premises, including costs of operations and management of the leased premises. In connection with the sublease, as amended, the sublandlord funded $5.2 million in tenant improvements to the leased facility during 2019. The Company is required to maintain a cash balance of $1.8 million to secure a letter of credit associated with the sublease. This amount was classified as noncurrent restricted cash in the consolidated balance sheets at December 31, 2021 and 2020.

As of December 31, 2021 and 2020, the Company had long-term deferred rent of $6.4 million and $6.3 million, respectively, related to lease incentives and payment escalations. As

December 31, 2021 and 2020, the short-term portion of deferred rent of $0.6 million for each period was included in accrued expenses and other current liabilities. The Company recorded rent expense of $6.2 million during each of the years ended December 31, 2021 and 2020.

As of December 31, 2021, the future minimum lease payments due under the noncancelable operating lease is as follows (in thousands):


2022	$	6,375
2023		6,734
2024		7,100
2025		7,455
2026		7,828
Thereafter		9,617

	$	45,109

In 2018, the Company entered into two

sub-subleases

of approximately 27,000 square feet of office space in Cambridge, Massachusetts. One of the

sub-subleases,

as amended, expired in December 2021. The remaining

sub-sublease,

as amended, would have expired in April 2022.

In January 2022, the remaining

sub-sublease

was further amended to increase the square footage from 13,643 square feet to 26,114 square feet and to extend the expiration to April 2023. Total base rent payments due under the further amended

sub-sublease

was $3.4

million

The Company recorded other income of $3.5 million and $2.9 million during the years ended December 31, 2021 and 2020, respectively, related to its sub-subleases.

Collaboration Agreement

In March 2018, the Company entered into a collaboration agreement with Heidelberg Pharma Research GmbH (“HDPR”) whereby the parties agreed to combine the Company’s stem cell platform with proprietary antibodies across up to four exclusive targets with HDPR’s proprietary Antibody Targeted Amanitin Conjugates platform. Under the agreement, the Company may pay upfront technology access fees, research exclusivity fees

and payment

for research support. Additionally, upon the exercise of certain license rights, the Company may be obligated to pay HDPR development, regulatory and commercial milestone payments of up to $83.5 million per target as well as royalties on net sales of products licensed under the agreement. During the years ended December 31, 2021 and 2020, the Company recorded $0.4 million and $0.7 million, respectively, of research and development expense related to this agreement for upfront technology access fees, research exclusivity fees and research support.

Intellectual Property Licenses

The Company has a license agreement with the President and Fellows of Harvard College (“Harvard”), entered into in November 2016, for an exclusive, worldwide, royalty-bearing license for certain technologies related to conditioning and mobilization. The Company is obligated to pay Harvard maintenance fees of $0.1 million annually and to reimburse qualified expenses related to the patents. The Company is also obligated to pay milestone payments of up to $7.4 million for the first two licensed products upon the achievement of certain development and regulatory milestones and to pay royalties on a

product-by-product

and

country-by-country

basis on net sales of products licensed under the agreement. During each of the years ended December 31, 2021 and 2020, the Company recorded $0.1 million of research and development expenses related to the achievement of two of these milestones.

The Company has a license agreement with Novartis International Pharmaceutical Ltd. (“Novartis”), entered into in April 2017, to use and develop certain patent rights (the “Novartis License”). Under the Novartis License, the Company was granted an exclusive, worldwide, sublicensable license to research, develop and commercialize certain licensed products that contain Novartis compounds for the expansion of cord blood derived

non-gene-edited/-modified

hematopoietic stem cells. The Company is obligated to make payments of up to $177.0 million upon the achievement of specified clinical and regulatory milestones and up to $125.0 million

upon the achievement of specified commercial milestones and to pay tiered royalties, on a

product-by-product

and

country-by-country

basis, up to a maximum of 20% on net sales of

products

licensed under the agreement. On December 13, 2021, the Company notified Novartis of its termination of the Novartis License which becomes effective 90 days from the date of notification. Prior to the notice of termination, no milestones related to the Novartis License had been met.

The Company has agreements with third parties in the normal course of business, under which it can license certain developed technologies. If the Company exercises its rights to license the respective technologies, it may be subject to additional fees and milestone payments. During the year ended December 31, 2021, the Company did not incur any expense related to these licenses. During the year ended December 31, 2020, the Company recorded research and development expense of $0.8 million related to the license of certain developed technologies under these agreements.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and senior management that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2021 or 2020.

Legal Proceedings

The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as they are incurred.

401(k) Savings Plan

12 Months Ended

Dec. 31, 2021

401(k) Savings Plan

9. 401(k) Savings Plan

The Company has a 401(k) available for participating employees who meet certain eligibility requirements. Eligible employees may defer a portion of their salary as defined by the plan. Company contributions to the plan may be made at the discretion of the board of directors of the Company. Effective August 2021, the Company began making matching contributions of up to 2% of eligible wages. During the year ended December 31, 2021, the Company recorded $0.1 million of expense related to this matching contribution.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax

10. Income Taxes

During the years ended December 31, 2021 and 2020, the Company recorded no income tax benefits for the net operating losses incurred or for the research and orphan drug tax credits generated in each year, due to its uncertainty of realizing a benefit from those items.

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2021			2020
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		5.8			5.8
Research and orphan drug tax credits		3.3			3.4
Other		0.5			(1.7	)
Increase in deferred tax asset valuation allowance		(30.6	)		(28.5	)

Effective income tax rate		—	%		—	%

Net deferred tax assets as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	67,236		$	49,958
Capitalized research and development expenses		8,665			9,506
Research and orphan drug tax credit carryforwards		12,370			9,988
Stock compensation expense		5,430			2,832
Accrued expense		936			828
Other		1,891			1,867

Total deferred tax assets		96,528			74,979
Valuation allowance		(95,367	)		(73,600	)

Net deferred tax assets		1,161			1,379

Deferred tax liabilities:
Depreciation and amortization		(1,161	)		(1,379	)

Total deferred tax liabilities		(1,161	)		(1,379	)

Net deferred tax assets and liabilities	$	—		$	—

As of December 31, 2021, the Company had net operating loss

carryforwards

for federal income tax purposes of $247.2 million, of which $17.5 million begin to expire in 2035 and $229.7 million can be carried forward indefinitely. As of December 31, 2021, the Company had net operating loss carryforwards for state income tax purposes of $247.4 million which begin to expire in 2035. As of December 31, 2021, the Company also had available research and orphan drug tax credit carryforwards for federal and state income tax purposes of $10.3 million and $2.7 million, respectively, which begin to expire in 2035 and 2030, respectively. Utilization of the net operating loss carryforwards and research and orphan drug tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”) due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. The Company has not conducted a formal study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382 and 383 of the Code, at any time since inception, utilization of the net operating loss carryforwards or research and orphan drug tax credit carryforwards may be subject to an annual limitation under Section 382 and 383 of the Code, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable

long-term tax-exempt rate,

and then could be subject to additional adjustments, as required. Any

limitation may result in expiration of a portion of the net operating loss carryforwards or research and orphan drug tax credit carryforwards before utilization.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. The Company considered its history of cumulative net losses incurred since inception and its lack of commercialization of any products since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2021 and 2020. The Company reevaluates the positive and negative evidence at each reporting period.

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2021 and 2020 related primarily to the increase in net operating loss carryforwards, capitalized research and development expenses and research and orphan drug tax credit carryforwards and were as follows (in thousands):


	Year Ended December 31,
	2021		2020
Valuation allowance as of beginning of year	$	73,600	$	52,248
Net increases recorded to income tax provision		21,767		21,352

Valuation allowance as of end of year	$	95,367	$	73,600

The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2021 or 2020.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are open under statute from 2018 to the present. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Related Parties

12 Months Ended

Dec. 31, 2021

Related Parties

11. Related Parties

National Marrow Donor Program (as successor in interest to Be The Match BioTherapies Collection Services, LLC (formerly known as Be The Match BioTherapies, LLC))

Effective March 2018, Amy Lynn Ronneberg, the then serving President of Be The Match BioTherapies, LLC, became a member of the Company’s board of directors and subsequently was appointed Chief Executive Officer of the National Marrow Donor Program/Be The Match, or NMDP/Be The Match, organization in June 2020. The Company has collaboration agreements with the National Marrow Donor Program (as successor in interest to Be The Match BioTherapies Collection Services, LLC (formerly known as Be The Match BioTherapies, LLC)) and a research agreement with an affiliated organization, Center for International Blood and Marrow Transplant Research. In addition, in June 2020, the Company entered into a clinical collaboration agreement with NMDP/Be The Match to evaluate the potential utility of

MGTA-145

for mobilizing and collecting hematopoietic stem cells from donors in a single day and then using them for allogeneic transplants in patients. Under the terms of this agreement, the Company shall fund up to fifty percent of NMDP/Be The Match clinical trial costs and provide the trial drugs which will be included in research and development expense.

For the years ended December 31, 2021 and 2020, the Company recorded expense of $0.7 million and $0.4 million, respectively, related to these agreements. As of December 31, 2021 and 2020, amounts on the consolidated balance sheets related to these agreements were $0.2 million and

less than

$0.1 million, respectively, which amounts were included in accounts payable and

accrued expenses and other current liabilities and less than

$0.1

million, which amounts were included in prepaid expenses and other current assets.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Use of Estimates

those

estimates.

Concentrations of Credit Risk and of Significant Suppliers

Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.

Marketable Securities

The Company’s marketable securities are classified

as available-for-sale and

Property and Equipment


		Estimated Useful Life
Lab equipment		5 years
Computer equipment		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of life of lease or estimated useful life

Impairment of Long-Lived Assets

Fair Value Measurements

•

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

•

Deferred Rent

Segment Information

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s tangible assets are held in the United States.

Research and Development Costs

Research, Development and Manufacturing Contract Costs Accruals

Patent Costs

Stock-Based Compensation

The Company measures all stock-based awards granted to employees, directors and

non-employees

Income Taxes

The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a

two-step

more-likely-than-not

Comprehensive Loss

Net Loss per Share


	As of December 31,
	2021		2020
Stock options to purchase common stock		6,248,675		5,622,868
Unvested restricted common stock and units		479,918		373,466
Shares of common stock issuable under Employee Stock Purchase Plan		42,634		15,443

		6,771,227		6,011,777

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No.

2016-02,

Leases

(“ASU

2016-02”).

ASU

2016-02

requires lessees to recognize most leases on their balance sheet as a

right-of-use

asset and a lease liability. Leases will be

No. 2020-05,

2016-02

2018-11,

Leases (Topic 842) Targeted Improvements

, which added an optional transition method to the existing requirements whereby an entity could adopt the provisions of ASU

2016-02

right-of-use

assets and lease liabilities on the consolidated balance sheets but does not expect it to have a material impact on its results of operations or cash flows.

In June 2016, the FASB issued ASU

No. 2016-13,

Financial Instruments – Credit Losses (Topic 326)

No. 2019-10,

which deferred the effective date for nonpublic entities to annual reporting periods beginning after December 15,

2022

, including interim periods within those fiscal years. The Company does not believe the guidance will have a material impact on its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Estimated Useful Life of Asset


		Estimated Useful Life
Lab equipment		5 years
Computer equipment		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of life of lease or estimated useful life

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential dilutive securities, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact:


	As of December 31,
	2021		2020
Stock options to purchase common stock		6,248,675		5,622,868
Unvested restricted common stock and units		479,918		373,466
Shares of common stock issuable under Employee Stock Purchase Plan		42,634		15,443

		6,771,227		6,011,777

Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Marketable Securities by Security Type

As of December 31, 2021, marketable securities by security type consisted of (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury notes (due within one year)	$	30,213	$	—	$	(20	)	$	30,193
U.S. treasury Notes (due after one year through two years)		15,093		—		(10	)		15,083

Total	$	45,306	$	—	$	(30	)	$	45,276

As of December 31, 2020, marketable securities by security type consisted of (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury notes (due within one year)	$	90,706	$	—	$	(23	)	$	90,683

Total	$	90,706	$	—	$	(23	)	$	90,683

Schedule of Financial Assets Measured at Fair Value on Recurring Basis


	Fair Value Measurements at December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	131,542	$	—	$	—	$	131,542
Marketable securities:
U.S. treasury notes		—		45,276		—		45,276

Total	$	131,542	$	45,276	$	—	$	176,818


	Fair Value Measurements at December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	43,182	$	—	$	—	$	43,182
U.S. treasury notes		—		14,999		—		14,999
Marketable securities:
U.S. treasury notes		—		90,683		—		90,683

Total	$	43,182	$	105,682	$	—	$	148,864

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Property and Equipment, Net

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


	December 31,
	2021			2020
Laboratory and computer equipment	$	6,397		$	5,477
Furniture and fixtures		826			837
Leasehold improvements		6,905			6,905

		14,128			13,219
Less: Accumulated depreciation and amortization		(6,667	)		(4,907	)

	$	7,461		$	8,312

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued payroll and related expenses	$	3,346	$	3,107
Accrued external research and development expenses		2,813		2,662
Deferred rent, current portion		555		555
Accrued professional fees		477		693
Accrued other		632		653

	$	7,823	$	7,670

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Assumptions Used to Determine the Fair Value of Option Grants

The assumptions that the Company used to determine the fair value of options granted were as follows, presented on a weighted average basis:


	Year Ended December 31,
	2021			2020
Risk-free interest rate		0.9	%		1.0	%
Expected term (in years)		6.0			6.0
Expected volatility		80.5	%		80.4	%
Expected dividend yield		0	%		0	%

Schedule of Common Stock Option Activity

The following table summarizes the Company’s option activity since Decembe

31, 2020:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2020		5,622,868		$	9.54		8.3	$	2,136
Granted		3,095,759		$	9.24
Exercised		(421,997	)	$	7.97
Forfeited		(2,047,955	)	$	10.58

Outstanding as of December 31, 2021		6,248,675		$	9.15		8.2	$	—

Options vested and expected to vest as of December 31, 2021		6,248,675		$	9.15		8.2	$	—

Options exercisable as of December 31, 2021		2,693,874		$	9.34		7.1	$	—

Schedule of Stock Based Compensation Expense

Stock-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development expenses	$	3,836	$	3,542
General and administrative expenses		6,472		6,399

	$	10,308	$	9,941

Restricted Stock Units (RSUs) [Member]

Schedule of Activity Relating to Restricted Stock Units

The table below summarizes the Company’s restricted stock unit activity since December 31, 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		205,000		$	6.80
Granted		275,625		$	8.07
Vested		(39,998	)	$	6.80
Forfeite d		(150,709	)	$	7.22

Outstanding as of December 31, 2021		289,918		$	7.79

Performance Restricted Stock Units [Member]

Schedule of Activity Relating to Restricted Stock Units

The table below summarizes the Company’s performance restricted stock unit activity since December 31, 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		160,000		$	6.75
Granted		320,000		$	10.45
Vested		(170,000	)	$	10.19
Forfeited		(120,000	)	$	6.75

Outstanding as of December 31, 2021		190,000		$	9.91

2016 Plan [Member]

Schedule of Activity Relating to Restricted Stock Units

The table below summarizes the Company’s restricted stock activity for grants issued under the 2016 Plan since December 31, 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		8,466		$	4.84
Vested		(8,466	)	$	4.84
Forfeited		—

Outstanding as of December 31, 2021		—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Future Minimum Lease Payments Due Under Noncancelable Operating Lease

As of December 31, 2021, the future minimum lease payments due under the noncancelable operating lease is as follows (in thousands):


2022	$	6,375
2023		6,734
2024		7,100
2025		7,455
2026		7,828
Thereafter		9,617

	$	45,109

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2021			2020
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		5.8			5.8
Research and orphan drug tax credits		3.3			3.4
Other		0.5			(1.7	)
Increase in deferred tax asset valuation allowance		(30.6	)		(28.5	)

Effective income tax rate		—	%		—	%

Company's Deferred Tax Assets

Net deferred tax assets as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	67,236		$	49,958
Capitalized research and development expenses		8,665			9,506
Research and orphan drug tax credit carryforwards		12,370			9,988
Stock compensation expense		5,430			2,832
Accrued expense		936			828
Other		1,891			1,867

Total deferred tax assets		96,528			74,979
Valuation allowance		(95,367	)		(73,600	)

Net deferred tax assets		1,161			1,379

Deferred tax liabilities:
Depreciation and amortization		(1,161	)		(1,379	)

Total deferred tax liabilities		(1,161	)		(1,379	)

Net deferred tax assets and liabilities	$	—		$	—

Changes in Deferred Tax Asset Valuation Allowance


	Year Ended December 31,
	2021		2020
Valuation allowance as of beginning of year	$	73,600	$	52,248
Net increases recorded to income tax provision		21,767		21,352

Valuation allowance as of end of year	$	95,367	$	73,600

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Net loss	$ (71,136)	$ (74,936)
Accumulated deficit	$ (325,567)	$ (254,431)

- Definition

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

+ References

Reference 1: 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 2: 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=123359005&loc=d3e8933-108599

Reference 3: 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=124431687&loc=d3e22595-107794

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: 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=123367319&loc=SL114868664-224227

Reference 9: 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=123570139&loc=d3e3602-108585

Reference 10: 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=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

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=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: 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=123596393&loc=d3e14064-108612

Reference 19: 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=124431687&loc=d3e22583-107794

Reference 20: 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 21: 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=125511455&loc=SL5780133-109256

Reference 22: 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 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=124431687&loc=d3e22658-107794

Reference 24: 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=124509347&loc=SL7669619-108580

Reference 25: 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=123359005&loc=d3e8924-108599

Reference 26: 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=124431687&loc=d3e22694-107794

Reference 27: 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=124431687&loc=d3e22694-107794

Reference 28: 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 29: 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=124509347&loc=SL7669625-108580

Reference 30: 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=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: 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=123359005&loc=d3e8906-108599

Reference 35: 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=123359005&loc=d3e8933-108599

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Asset (Detail)	12 Months Ended
	Dec. 31, 2021
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	Shorter of life of lease or estimated useful life

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	6,771,227	6,011,777
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	6,248,675	5,622,868
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	479,918	373,466
Shares of common stock issuable under Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	42,634	15,443

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Impairment losses on long-lived assets	$ 0	$ 0

Marketable Securities and Fair Value Measurements - Schedule of Marketable Securities by Security Type (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Amortized Cost	$ 45,306	$ 90,706
Gross Unrealized Gains
Gross Unrealized Losses	(30)	(23)
Estimated Fair Value	45,276	90,683
US Treasury Notes [Member] \| Due With In One Year [Member]
Marketable Securities [Line Items]
Amortized Cost	30,213	90,706
Gross Unrealized Gains
Gross Unrealized Losses	(20)	(23)
Estimated Fair Value	30,193	$ 90,683
US Treasury Notes [Member] \| Due After One Year Through Two Years [Member]
Marketable Securities [Line Items]
Amortized Cost	15,093
Gross Unrealized Gains
Gross Unrealized Losses	(10)
Estimated Fair Value	$ 15,083

Marketable Securities and Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 45,276	$ 90,683
Fair Value on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	176,818	148,864
Level 1 [Member] \| Fair Value on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	131,542	43,182
Level 2 [Member] \| Fair Value on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	45,276	105,682
Money Market Funds [Member] \| Fair Value on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	131,542	43,182
Money Market Funds [Member] \| Level 1 [Member] \| Fair Value on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	131,542	43,182
US Treasury Notes [Member] \| Fair Value on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		14,999
Marketable securities	45,276	90,683
US Treasury Notes [Member] \| Level 2 [Member] \| Fair Value on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		14,999
Marketable securities	$ 45,276	$ 90,683

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,128	$ 13,219
Less: Accumulated depreciation and amortization	(6,667)	(4,907)
Property and equipment, net	7,461	8,312
Laboratory and computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,397	5,477
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	826	837
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,905	$ 6,905

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 2,020	$ 1,978

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued payroll and related expenses	$ 3,346	$ 3,107
Accrued external research and development expenses	2,813	2,662
Deferred rent, current portion	555	555
Accrued professional fees	477	693
Accrued other	632	653
Total	$ 7,823	$ 7,670

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Aug. 08, 2019	May 31, 2021	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Net proceeds from common stock			$ 64,600		$ 64,860
Common stock, voting rights				Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
Common Stock [Member]
Class of Stock [Line Items]
Stock issued, shares			8,625,000	9,599,998	8,625,000
Stock issued, price per shares			$ 8.00
Common Stock [Member] \| Private Placement [Member]
Class of Stock [Line Items]
Stock issued, shares		9,599,998
Stock issued, price per shares		$ 9.00
Net proceeds from common stock		$ 86,100
Maximum [Member]
Class of Stock [Line Items]
Shelf offering value	$ 350,000
Common stock reserved for future issuance	$ 100,000

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 01, 2022	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of stock options granted			$ 6.32	$ 6.90
Period for recognition of unrecognized expense			2 years 9 months 18 days
Stock based compensation			$ 10,308	$ 9,941
Intrinsic value of stock options exercised			1,300	1,100
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested				$ 1,700
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested			100
Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense			1,900
Fair value of units vested			1,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense			$ 20,700
Vesting period			3 years
Fair value of units vested			$ 300
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance under Stock Option and Incentive Plan			3,001,271
2018 Stock Option and Incentive Plan [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares reserved for future issuance	2,351,966
2018 Stock Option and Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage applied to the outstanding shares as annual increase in the number of shares authorized for issuance			4.00%
Term of award			10 years
Vesting period			4 years
2018 Stock Option and Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance under Stock Option and Incentive Plan			125,261
Annual Increase In Aggregate Number Of Shares Reserved For Future Issuance		1,000,000
Maximum percentage of shares issued and outstanding		1.00%
Percentage of purchase price of common stock under the ESPP			85.00%
Common stock purchased			25,563	15,701
Stock issued, price per shares			$ 5.53	$ 6.59
2019 Employee Stock Purchase Plan [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares reserved for future issuance	587,991
2019 Employee Stock Purchase Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation			$ 100	$ 100

Stock-Based Compensation - Schedule of Assumptions Used to Determine the Fair Value of Option Grants (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk-free interest rate	0.90%	1.00%
Expected term (in years)	6 years	6 years
Expected volatility	80.50%	80.40%
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation - Schedule of Common Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance	5,622,868
Number of Shares, Granted	3,095,759
Number of Shares, Exercised	(421,997)
Number of Shares, Forfeited	(2,047,955)
Number of Shares, Ending Balance	6,248,675
Number of Shares, Options vested and expected to vest as of December 31, 2020	6,248,675
Number of Shares, Options exercisable as of December 31, 2020	2,693,874
Weighted-Average Exercise Price, Outstanding, Beginning balance	$ 9.54
Weighted-Average Exercise Price, Granted	9.24
Weighted-Average Exercise Price, Exercised	7.97
Weighted-Average Exercise Price, Forfeited	10.58
Weighted-Average Exercise Price, Outstanding, Ending balance	9.15
Weighted-Average Exercise Price, Options vested and expected to vest as of December 31, 2020	9.15
Weighted-Average Exercise Price, Options exercisable as of December 31, 2020	$ 9.34
Weighted Average Remaining Contractual Term	8 years 2 months 12 days	8 years 3 months 18 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest as of December 31, 2020	8 years 2 months 12 days
Weighted Average Remaining Contractual Term, Options exercisable as of December 31, 2020	7 years 1 month 6 days
Aggregate Intrinsic Value, Beginning Balance	$ 2,136

Stock-Based Compensation - Schedule of Activity Relating to Restricted Stock Units (Detail)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance \| shares	205,000
Number of Shares, Granted \| shares	275,625
Number of Shares, Vested \| shares	(39,998)
Number of Shares, Forfeited \| shares	(150,709)
Number of Shares Outstanding, Ending Balance \| shares	289,918
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 6.80
Weighted Average Grant Date Fair Value, Granted \| $ / shares	8.07
Weighted Average Grant Date Fair Value, Vested \| $ / shares	6.80
Weighted Average Grant Date Fair Value,Forfeited \| $ / shares	7.22
Weighted Average Grant Date Fair Value Outstanding, Ending Balance \| $ / shares	$ 7.79
Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance \| shares	160,000
Number of Shares, Granted \| shares	320,000
Number of Shares, Vested \| shares	(170,000)
Number of Shares, Forfeited \| shares	(120,000)
Number of Shares Outstanding, Ending Balance \| shares	190,000
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 6.75
Weighted Average Grant Date Fair Value, Granted \| $ / shares	10.45
Weighted Average Grant Date Fair Value, Vested \| $ / shares	10.19
Weighted Average Grant Date Fair Value,Forfeited \| $ / shares	6.75
Weighted Average Grant Date Fair Value Outstanding, Ending Balance \| $ / shares	$ 9.91
2016 Stock Option and Grant Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance \| shares	8,466
Number of Shares, Vested \| shares	(8,466)
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 4.84
Weighted Average Grant Date Fair Value, Vested \| $ / shares	$ 4.84

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation expense	$ 10,308	$ 9,941
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation expense	3,836	3,542
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation expense	$ 6,472	$ 6,399

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2018 USD ($) ft²	Apr. 30, 2017 USD ($)	Dec. 31, 2021 USD ($) ft² Milestone	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 ft² Sublease	Jan. 31, 2022 USD ($) ft²	Mar. 31, 2018 USD ($)	Nov. 30, 2016 USD ($)
Other Commitments [Line Items]
Sublease commencement period	2018-06
Sublease expiration period	2028-02
Property sublease, description	In May 2018, the Company entered into a sublease, as amended, for up to approximately 69,000 square feet of office and laboratory space in Cambridge, Massachusetts. The sublease is subject and subordinate to a prime lease between the sublandlord and the prime landlord. The term of the sublease commenced in June 2018 and expires in February 2028. The sublandlord has the right to terminate the sublease after five years.
Sublease termination period	5 years
Long-term deferred rent			$ 6,399	$ 6,283
Deferred rent, current portion			555	555
Rent expense			6,200	6,200
Research and development expense			46,766	50,615
Restricted cash			$ 1,780	1,780
Maximum [Member] \| Office and Lab Sublease [Member]
Other Commitments [Line Items]
Square feet of property subject to sublease \| ft²	69,000
Sub-Sublease [Member]
Other Commitments [Line Items]
Square feet of property subject to sublease \| ft²			13,643			27,000
Number of Sub-sublease \| Sublease						2
Other income from sub-sublease			$ 3,500	2,900
Sub-Sublease [Member] \| Subsequent Event [Member]
Other Commitments [Line Items]
Square feet of property subject to sublease \| ft²							26,114
Rental payments receivable							$ 3,400
License Agreement with Novartis International Pharmaceutical Ltd. [Member]
Other Commitments [Line Items]
Number of milestones met \| Milestone			0
License Agreement with Novartis International Pharmaceutical Ltd. [Member] \| Maximum [Member]
Other Commitments [Line Items]
License agreement royalty percentage		20.00%
License Agreement with Novartis International Pharmaceutical Ltd. [Member] \| Achievement of Clinical and Regulatory Milestones [Member] \| Maximum [Member]
Other Commitments [Line Items]
Potential milestone payments due		$ 177,000
License Agreement with Novartis International Pharmaceutical Ltd. [Member] \| Achievement of Commercial Milestones [Member] \| Maximum [Member]
Other Commitments [Line Items]
Potential milestone payments due		$ 125,000
Collaboration Agreement [Member]
Other Commitments [Line Items]
Research and development expense			$ 400	700
Collaboration Agreement [Member] \| Development, Regulatory and Commercial Milestone [Member] \| Per Target [Member] \| Maximum [Member]
Other Commitments [Line Items]
Potential milestone payments due								$ 83,500
License Agreement With Harvard [Member]
Other Commitments [Line Items]
Research and development expense			100	100
License Agreement With Harvard [Member] \| Maintenance [Member] \| Annual [Member] \| Maximum [Member]
Other Commitments [Line Items]
Payment obligation									$ 100
License Agreement With Harvard [Member] \| Achievement of Development and Regulatory Milestones [Member] \| Maximum [Member]
Other Commitments [Line Items]
Potential milestone payments due									$ 7,400
License Agreement With Third Parties [Member] \| License [Member]
Other Commitments [Line Items]
Research and development expense			$ 0	$ 800
Paid By Sublandlord [Member] \| Office and Lab Sublease [Member]
Other Commitments [Line Items]
Payments for tenant improvements					$ 5,200
Letter of Credit [Member] \| Office and Lab Sublease [Member]
Other Commitments [Line Items]
Restricted cash	$ 1,800

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Due Under Noncancelable Operating Lease (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leased Assets [Line Items]
2022	$ 6,375
2023	6,734
2024	7,100
2025	7,455
2026	7,828
Thereafter	9,617
Operating leases future minimum payments due	$ 45,109

401(k) Savings Plan - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Retirement Benefits [Abstract]
Defined contribution plan,Employers matching contributions subject to time based vesting requirements	2.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0.1

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 0	$ 0
Unrecognized tax benefits	$ 0	$ 0
Earliest tax year [Member]
Income Tax Disclosure [Line Items]
Open Tax Year	2018
Federal [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 247,200,000
Tax credit carryforward, amount	$ 10,300,000
Tax credit carryforward expiration year start	2035
Operating loss carryforward expiration year start	2035
Federal [Member] \| Expirable [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 17,500,000
Federal [Member] \| Non-expirable [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	229,700,000
State [Member]
Income Tax Disclosure [Line Items]
Tax credit carryforward, amount	$ 2,700
Tax credit carryforward expiration year start	2030
Operating loss carryforward expiration year start	2035
State [Member] \| Expirable [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 247,400,000

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	5.80%	5.80%
Research and orphan drug tax credits	3.30%	3.40%
Other	0.50%	(1.70%)
Increase in deferred tax asset valuation allowance	(30.60%)	(28.50%)
Effective income tax rate	0.00%	0.00%

Income Taxes - Company's Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 67,236	$ 49,958
Capitalized research and development expenses	8,665	9,506
Research and orphan drug tax credit carryforwards	12,370	9,988
Stock compensation expense	5,430	2,832
Accrued expense	936	828
Other	1,891	1,867
Total deferred tax assets	96,528	74,979
Valuation allowance	(95,367)	(73,600)	$ (52,248)
Net deferred tax assets	1,161	1,379
Deferred tax liabilities:
Depreciation and amortization	(1,161)	(1,379)
Total deferred tax liabilities	(1,161)	(1,379)
Net deferred tax assets and liabilities	$ 0	$ 0

Income Taxes - Changes in Deferred Tax Asset Valuation Allowance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Valuation allowance as of beginning of year	$ 73,600	$ 52,248
Net increases recorded to income tax provision	21,767	21,352
Valuation allowance as of end of year	$ 95,367	$ 73,600

Related Parties - Additional Information (Detail) - Match Bio Therapies [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Expenses paid to related party	$ 0.7	$ 0.4
Accounts Payable, Accrued Expenses and Other Current Liabilities [Member]
Related Party Transaction [Line Items]
Amounts owed to related party	$ 0.2	0.1
Prepaid Expenses and Other Current Assets [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Prepaid expense and other current assets related parties		$ 0.1

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details