10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39539

PMV PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	46-3218129
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
8 Clarke Drive, Suite 3 Cranbury, NJ	08512
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (609) 642-6670

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.00001	PMVP	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

As of November 8, 2022, the registrant had 45,665,428 shares of common stock, $0.00001 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Condensed Financial Statements (Unaudited)	1
	Condensed Balance Sheets (Unaudited)	1
	Condensed Statements of Operations and Comprehensive Loss (Unaudited)	2
	Condensed Statements of Stockholders’ Equity (Unaudited)	3
	Condensed Statements of Cash Flows (Unaudited)	4
	Notes to Unaudited Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22
PART II.	OTHER INFORMATION	23
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	24
Signatures		25

i

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this Quarterly Report on Form10-Q, including statements regarding our future results of operations and financial position, business strategy, development plans, planned preclinical studies and clinical trials, future results of clinical trials, expected research and development costs, regulatory strategy, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our financial performance;

•the sufficiency of our existing cash, cash equivalents and short-term marketable securities to fund our future operating expenses and capital expenditure requirements;

•our need to raise additional funding before we can expect to generate any revenues from product sales;

•our ability to obtain additional funding for our operations, when needed, including funding necessary to complete further development and commercialization of our product candidates, if approved;

•the accuracy of our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

•the implementation of our strategic plans for our business and product candidates;

•the size of the market opportunity for our product candidates and our ability to maximize those opportunities;

•the initiation, timing, progress and results of our research and development programs, preclinical studies, clinical trials and investigational new drug applications, or IND, and other regulatory submissions;

•the beneficial characteristics, safety, efficacy and therapeutic effects of our product candidates;

•our estimates of the number of patients for each of our programs including patients expected to have certain p53 mutations and the number of patients that will enroll in our clinical trials;

•the ability of our clinical trials to demonstrate safety and efficacy of our product candidates, and other favorable results;

•our plans relating to the clinical development of our product candidates, including the disease areas to be evaluated;

•the timing, progress and focus of our clinical trials, and the reporting of data from those trials;

•our ability to obtain and maintain regulatory approval of our product candidates;

•our plans relating to commercializing our product candidates, if approved;

•the expected benefits of our existing and any potential future strategic collaborations with third parties and our ability to attract collaborators with development, regulatory and commercialization expertise;

•the success of competing therapies that are or may become available;

•the timing or likelihood of regulatory filings and approvals, including our expectation to seek accelerated reviews or special designations, such as breakthrough therapy and orphan drug designation, for our product candidates, including our intention to seek accelerated approval for PC14586, our lead product candidate, for a tumor-agnostic indication;

•our plans relating to the further development and manufacturing of our product candidates, including for additional indications that we may pursue;

•existing regulations and regulatory developments in the United States and other jurisdictions;

•our plans and ability to obtain or protect intellectual property rights, including extensions of existing patent terms where available;

ii

•our plans to rely on third parties to conduct and support preclinical and clinical development;

•our ability to retain the continued service of our key personnel and to identify, hire and then retain additional qualified personnel; and

•the impact of the ongoing coronavirus disease 2019, or COVID-19, pandemic, or other potential global disruptions on our business, such as the recent conflict between Russia and Ukraine and the trade sanctions imposed in response thereto

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the section titled “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021, as well as in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

iii

PART I—FINANCIAL INFORMATION

Item 1. Condensed Financial Statements (Unaudited).

PMV Pharmaceuticals, Inc.

Condensed Balance Sheets

(unaudited)

(in thousands, except share and per share amounts)

	September 30, 2022 (unaudited)			December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	99,850		$	172,467
Restricted cash		822			822
Marketable securities, current		159,007			124,696
Prepaid expenses and other current assets		5,497			3,301
Total current assets		265,176			301,286
Property and equipment, net		9,966			3,090
Marketable securities, noncurrent		—			16,911
Right-of-use assets		9,535			10,060
Other assets		307			221
Total assets	$	284,984		$	331,568
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	4,826		$	3,189
Accrued expenses		6,436			8,627
Operating lease liabilities, current		394			403
Total current liabilities		11,656			12,219
Operating lease liabilities, noncurrent		12,135			10,790
Total liabilities		23,791			23,009
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at September 30, 2022 and December 31, 2021. No shares issued or outstanding at September, 2022 and December 31, 2021.		—			—
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 45,624,860 and 45,433,684 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively.		—			—
Additional paid-in capital		483,916			476,363
Accumulated deficit		(221,698	)		(167,726	)
Accumulated other comprehensive loss		(1,025	)		(78	)
Total stockholders’ equity		261,193			308,559
Total liabilities and stockholders’ equity	$	284,984		$	331,568

The accompanying notes are an integral part of these unaudited condensed financial statements.

1

PMV Pharmaceuticals, Inc.

Condensed Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except share and per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Operating expenses:
Research and development	$	13,666		$	9,162		$	36,963		$	24,326
General and administrative		5,709			5,935			18,915			15,495
Total operating expenses		19,375			15,097			55,878			39,821
Loss from operations		(19,375	)		(15,097	)		(55,878	)		(39,821	)
Other income (expense):
Interest income, net		1,124			102			1,830			343
Other income (expense), net		13			3			67			14
Total other income (expense)		1,137			105			1,897			357
Loss before (benefit) provision for income taxes		(18,238	)		(14,992	)		(53,981	)		(39,464	)
(Benefit) provision for income taxes		(9	)		19			(9	)		23
Net loss		(18,229	)		(15,011	)		(53,972	)		(39,487	)
Unrealized (loss) gain on available for sale investments, net of tax		(2	)		7			(947	)		14
Comprehensive loss	$	(18,231	)	$	(15,004	)	$	(54,919	)	$	(39,473	)
Net loss per share -- basic and diluted	$	(0.40	)	$	(0.33	)	$	(1.18	)	$	(0.88	)
Weighted-average common shares outstanding		45,622,957			45,295,232			45,556,635			45,052,100

The accompanying notes are an integral part of these unaudited condensed financial statements.

2

PMV Pharmaceuticals, Inc.

Condensed Statements of Stockholders’ Equity

(unaudited)

(in thousands, except share amounts)

	Common Stock				Additional Paid-in		Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2020		44,777,818	$	—	$	469,001	$	—		$	(109,880	)	$	359,121
Exercise of stock options		103,351		—		162		—			—			162
Stock-based compensation expense		—		—		627		—			—			627
Net loss		—		—		—		—			(11,602	)		(11,602	)
Unrealized loss on available for sale investments		—		—		—		(13	)		—			(13	)
Balance at March 31, 2021		44,881,169	$	—	$	469,790	$	(13	)	$	(121,482	)	$	348,295
Exercise of stock options and common stock issued under the 2020 ESPP		332,398		—		1,256		—			—			1,256
Stock-based compensation expense		—		—		1,150		—			—			1,150
Net loss		—		—		—		—			(12,874	)		(12,874	)
Unrealized gain on available for sale investments		—		—		—		20			—			20
Balance at June 30, 2021		45,213,567	$	—	$	472,196	$	7		$	(134,356	)	$	337,847
Exercise of stock options		138,640		—		309		—			—			309
Stock-based compensation expense		—		—		1,796		—			—			1,796
Net loss		—		—		—		—			(15,011	)		(15,011	)
Unrealized gain on available for sale investments		—		—		—		7			—			7
Balance at September 30, 2021		45,352,207	$	—	$	474,301	$	14		$	(149,367	)	$	324,948

	Common Stock				Additional Paid-in		Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2021		45,433,684	$	—	$	476,363	$	(78	)	$	(167,726	)	$	308,559
Exercise of stock options		98,708		—		128		—			—			128
Stock-based compensation expense		—		—		2,177		—			—			2,177
Net loss		—		—		—		—			(18,433	)		(18,433	)
Unrealized loss on available for sale investments		—		—		—		(588	)		—			(588	)
Balance at March 31, 2022		45,532,392	$	—	$	478,668	$	(666	)	$	(186,159	)	$	291,843
Exercise of stock options and common stock issued under the 2020 ESPP		90,218		—		276		—			—			276
Stock-based compensation expense		—		—		2,518		—			—			2,518
Net loss		—		—		—		—			(17,310	)		(17,310	)
Unrealized loss on available for sale investments		—		—		—		(357	)		—			(357	)
Balance at June 30, 2022		45,622,610	$	—	$	481,462	$	(1,023	)	$	(203,469	)	$	276,970
Exercise of stock options		2,250		—		6		—			—			6
Stock-based compensation expense		—		—		2,448		—			—			2,448
Net loss		—		—		—		—			(18,229	)		(18,229	)
Unrealized loss on available for sale investments		—		—		—		(2	)		—			(2	)
Balance at September 30, 2022		45,624,860	$	—	$	483,916	$	(1,025	)	$	(221,698	)	$	261,193

The accompanying notes are an integral part of these unaudited condensed financial statements.

3

PMV Pharmaceuticals, Inc.

Condensed Statements of Cash Flows

(unaudited)

(in thousands)

	Nine Months Ended September 30,
	2022			2021
Cash flows from operating activities:
Net loss	$	(53,972	)	$	(39,487	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense		7,143			3,573
Depreciation		240			230
Amortization (accretion) of premiums on marketable securities		(102	)		459
Non-cash lease expense		250			644
Other, net		(86	)		(17	)
Change in operating assets and liabilities:
Prepaid expenses and other assets		(2,196	)		(1,743	)
Operating lease right-of-use assets and liabilities		1,611			—
Accounts payable		867			(385	)
Accrued expenses		(2,191	)		2,183
Net cash used in operating activities		(48,436	)		(34,543	)
Cash flows from investing activities:
Purchases of property and equipment		(6,346	)		(1,087	)
Purchases of marketable securities		(194,512	)		(235,167	)
Maturities of marketable securities		176,267			85,111
Net cash used in investing activities		(24,591	)		(151,143	)
Cash flows from financing activities:
Proceeds from the exercise of stock options and common stock issued under the 2020 ESPP		410			1,727
Net cash provided by financing activities		410			1,727
Net decrease in cash and cash equivalents		(72,617	)		(183,959	)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash - beginning of period		173,289			361,422
Cash, cash equivalents, and restricted cash - end of period	$	100,672		$	177,463
Supplemental disclosures of noncash investing activities
Accrued purchases of property and equipment	$	770		$	—
Supplemental disclosures of cash flow information
Cash paid for income taxes	$	—		$	23

The accompanying notes are an integral part of these unaudited condensed financial statements.

4

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

1. Formation and Business of the Company

Organization and Liquidity

PMV Pharmaceuticals, Inc. (the “Company” or “We”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at 8 Clarke Drive, Suite 3, Cranbury, New Jersey.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant 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. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company has incurred net losses and negative cash flows from operations since its inception. During the three and nine months ended September 30, 2022, the Company incurred a net loss of $18,229 and $53,972, respectively. For the nine months ended September 30, 2022, the Company used $48,436 of cash for operations. At September 30, 2022, the Company had an accumulated deficit of $221,698. Cash, cash equivalents, and marketable securities were $258,857 as of September 30, 2022. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for at least the next twelve months from the date of issuance of these financial statements.

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 1, 2022. Since the date of those financial statements, there have been no changes to its significant accounting policies.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of September 30, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021, has been derived from our audited financial statements.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be

5

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates.

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the three months ended September 30, 2022 and 2021, the Company recorded $228 and $127 of amortization, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded $102 of accretion and $459 of amortization, respectively.

Restricted cash as of September 30, 2022, included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.

Comprehensive Loss

The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account

6

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

3. Fair Value Measurements

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of September 30, 2022, and December 31, 2021:

	As of September 30, 2022
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	74,369	$	—	$	—		$	74,369	$	74,369	$	—	$	—
Corporate securities		122,320		—		(533	)		121,787		—		121,787		—
Government securities		61,691		—		(492	)		61,199		28,051		33,148		—
Total financial assets	$	258,380	$	—	$	(1,025	)	$	257,355	$	102,420	$	154,935	$	—

	As of December 31, 2021
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	40,960	$	—	$	—		$	40,960	$	40,960	$	—	$	—
Corporate securities		227,378		3		(19	)		227,362		—		227,362		—
Government securities		42,307		—		(62	)		42,245		—		42,245		—
Total financial assets	$	310,645	$	3	$	(81	)	$	310,567	$	40,960	$	269,607	$	—

Cash Equivalents — As of September 30, 2022, the Company had cash of $1,502 and cash equivalents of $98,348. Cash equivalents consisted of money market funds of $74,369 corporate debt securities of $4,979 and government securities of $19,000. As of December 31, 2021, the Company had cash of $3,508 and cash equivalents of $168,960. Cash equivalents consisted of money market funds of $40,960 and corporate debt securities of $128,000. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.

Marketable Securities — Marketable securities of $159,007 as of September 30, 2022, consisted of corporate debt securities of $116,808 and government debt securities of $42,199. There were $159,007 current marketable securities and no noncurrent marketable securities as of September 30, 2022. Marketable securities of $141,607 as of December 31, 2021, consisted of corporate debt securities of $99,362 and government debt securities of $42,245. There were $124,696 current marketable securities and $16,911 noncurrent marketable securities as of December 31, 2021.

7

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

As of September 30, 2022, and December 31, 2021, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

4. Property and Equipment, Net

	September 30, 2022			December 31, 2021
Machinery & equipment		2,416		$	2,261
Computers		13			8
Furniture & fixtures		69			9
Leasehold improvements		409			161
Assets not placed in service		9,167			2,519
Total property and equipment		12,074			4,958
Less: Accumulated depreciation		(2,108	)		(1,868	)
Property and equipment, net	$	9,966		$	3,090

Depreciation expense for the three months ended September 30, 2022 and 2021 was $74 and $80, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $240 and $230, respectively.

5. Accrued Expenses

Accrued expenses consist of the following:

	September 30, 2022		December 31, 2021
Accrued compensation	$	2,960	$	3,797
Accrued legal and professional services		81		—
Accrued research and development costs		3,352		4,734
Other accrued liabilities		43		96
Total	$	6,436	$	8,627

6. Commitments and Contingencies

Operating Leases

In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s current headquarters.

In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases expired June 2022. In January 2022, the Company signed a lease extension for both leases for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, real estate taxes and operating costs related to the premises.

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $15.50 per square foot and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expired in July 2022. In January 2022, the Company signed a lease extension for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The second lease is for office space in Lexington, Massachusetts, that expires August 2023, with an option to renew for a one-time, three-year extension. The initial annual base rent is $28.50 per square foot and will increase $1.00 per square foot at the end of each rent year.

8

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

In 2018, the Company received a lease incentive for the buildout of 420 Bedford Street in Lexington, MA. The Company was given an allowance for $165 on behalf of the lessor for construction of office space. Management recognizes this allowance as a lease incentive in its Right-of-Use asset and straight-lines the allowance throughout the term of the lease. As of September 30, 2022, the remaining rent incentive pertaining to the Lexington, MA lease totaled $35.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters. Payment under this lease will total $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2022. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. As of September 30, 2022, $1,612 of reimbursements were received.

The components of lease cost for the three and nine months ended September 30, 2022, and 2021, are as follows, in thousands:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	578	$	511	$	1,619	$	1,180
Variable lease cost		247		158		643		470
Total lease cost	$	825	$	669	$	2,262	$	1,650

Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2022, and December 31, 2021, are as follows, in thousands:

Operating Leases:	September 30, 2022			December 31, 2021
Right-of-use assets, operating leases	$	9,535		$	10,060
Operating lease liabilities, current	$	394		$	403
Operating lease liabilities, non-current		12,135			10,790
Total operating lease liabilities	$	12,529		$	11,193
Weighted-average remaining lease term (years)		9.38			10.02
Weighted-average discount rate		5.75	%		5.75	%

Other information related to leases for the nine months ended September 30, 2022 and 2021, respectively, as follows, in thousands:

	Nine Months Ended September 30,
	2022			2021
Net cash paid (received) for amounts included in the measurement of lease liabilities	$	(242	)	$	535
Leased assets obtained in exchange for new or modified operating lease liabilities		581			10,314

9

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

Future minimum lease payments, net of reimbursements, remaining as of September 30, 2022, under operating leases by fiscal year were as follows, in thousands:

Fiscal year
2022	$	(1,925	)
2023		1,908
2024		1,814
2025		1,869
2026		1,925
Thereafter		11,477
Total minimum lease payments	$	17,068
Less: Amounts representing imputed interest		(4,539	)
Present value of lease liabilities	$	12,529

Rent expense recorded during the three months ended September 30, 2022 and 2021 was $578 and $511, respectively. Rent expense recorded during the nine months ended September 30, 2022 and 2021 was $1,619 and $1,180, respectively.

The Company currently subleases the office space at 420 Bedford Street in Lexington, MA to another company. This sublease agreement expires in August, 2023. In April 2021, the company entered into a sublease agreement with the previous tenants of the office space at 1 Research Way in Princeton, NJ, to begin April 2021 and end June 2021. Sublease income recorded during the three months ended September 30, 2022 and 2021 was $29 and $29, respectively. Sublease income recorded during the nine months ended September 30, 2022 and 2021 was $83 and $89, respectively.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

7. Stockholders’ Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. At September 30, 2022 and December 31, 2021, there were 45,624,860 and 45,433,684 shares of common stock issued and outstanding, respectively.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of September 30, 2022, no dividends on common stock had been declared by the Company.

8. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan is 4,406,374, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent (5%) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2022, the board of directors exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,363,084 shares, effective as of January 1, 2022. As of September 30, 2022, there were 4,727,364 shares available for issuance under the 2020 Plan.

10

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

On September 9, 2022, the Company granted 374,899 Restricted Stock Units (RSUs) to employees pursuant to an employee retention program approved by the Board's compensation committee. The RSU's have graded vesting on an annual basis for two years of continuous service, as per the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,572 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2022, the board waived the increase to the shares reserved under the 2020 ESPP. On May 20, 2022, employees exercised their right to purchase 18,454 shares under the 2020 ESPP. As of September 30, 2022, 65,520 shares are issued or outstanding, and there were 801,464 shares available for issuance, under the 2020 ESPP.

Stock Options

The following table summarizes option activity for the nine-month period ended September 30, 2022:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances at December 31, 2021		4,951,680			4,246,007		$	8.22		6.86	$	68,506
Shares reserved for issuance		1,363,084			—			—
Options granted		(1,296,797	)		1,296,797		$	16.28
RSU's granted		(374,899	)		—			—
Options forfeited / cancelled		84,296			(84,296	)	$	19.08
Options exercised		—			(172,722	)	$	1.08
Balances at September 30, 2022 (unaudited)		4,727,364			5,285,786		$	10.23		6.89	$	28,402
At September 30, 2022
Vested and expected to vest					5,285,786		$	10.23		6.89	$	28,402
Exercisable					3,221,232		$	6.37		5.71	$	24,664

At September 30, 2022, the total compensation cost related to nonvested awards not yet recognized is $22,378. The weighted-average period over which the nonvested awards is expected to be recognized is 3.0 years.

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

	Nine Months Ended		Nine Months Ended
	September 30,		September 30,
	2022		2021
Risk-free interest rate		1.48% - 3.42%		0.35% - 1.22%
Expected life (in years)		5.50 - 6.44		5.50 - 6.43
Dividend yield		0%		0%
Expected volatility		77.00%-81.00%		79.00-79.90%

The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows:

11

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

	Nine Months Ended		Nine Months Ended
	September 30,		September 30,
	2022		2021
Risk-free interest rate		1.57%		0.02%
Expected life (in years)		0.49		0.50
Dividend yield		0%		0%
Expected volatility		77.00%		79.00%

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term.

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Stock-based compensation expense recorded under ASC 718 related to stock options granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Research and development	$	836	$	449	$	2,293	$	983
General and administrative		1,612		1,347		4,850		2,590
Total stock-based compensation	$	2,448	$	1,796	$	7,143	$	3,573

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Stock options	$	2,290	$	1,687	$	6,862	$	3,260
Restricted stock units		103		—		103		—
Employee stock purchase plan		55		109		178		313
Total stock-based compensation	$	2,448	$	1,796	$	7,143	$	3,573

Restricted Stock Units

The following table presents RSU activity under the 2020 Plan as of September 30, 2022:

	Number of Stock Units		Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021		—	$	—
Granted		374,899		13.6
Unvested shares at September 30, 2022		374,899	$	13.6

Compensation expense totaling $103 was recognized for the RSUs for the three and nine months ended September 30, 2022.

As of September 30, 2022, there was $5,004 of unrecognized compensation cost related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 2.0 years.

12

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

9. Income Taxes

During the three and nine months ended September 30, 2022 and 2021, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

10. Net Loss per Share

The Company excluded all outstanding stock options and restricted stock awards at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. The following common stock equivalents were excluded from the calculation of diluted net loss per share:

	As of September 30,
	2022		2021
Options to purchase common stock		5,285,786		4,225,430
Unvested restricted common stock units		374,899		—
Unvested employee stock purchase plan shares		801,464		811,944
Total		6,462,149		5,037,374

11. Related Parties

The Company has consulting agreements with two members of its board of directors; one of which waived his consulting fees as of September 2021. Total consulting fees paid in each of the three months ended September 30, 2022 and 2021, were $19.7 and $29, respectively. Total consulting fees paid in each of the nine months ended September 30, 2022 and 2021, were $78 and $85, respectively. There were no amounts owed under the consulting agreements as of September 30, 2022.

Total consulting fees paid as of the year ended December 31, 2021, was $110. In May of 2021, the two members of the board of directors were awarded 5,781 options of Company stock each, as per their updated Scientific Advisory Board agreements. There were no amounts owed under the consulting agreements as of December 31, 2021.

13

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion of our financial condition and results of operations in conjunction with our unaudited financial statements and the related notes and other financial information included in this Quarterly Report on Form 10-Q and our audited financial statements and notes thereto as of and for the years ended December 31, 2021 and 2020 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, including Contractual Obligations and Commitments, and Critical Accounting Policies and Significant Judgments and Estimates, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (SEC) on March 1, 2022. Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to “we,” “us,” and “our” refer to PMV Pharmaceuticals, Inc.

In addition to historical information, this Quarterly Report on Form 10-Q contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including but not limited to those set forth under the captions “Special Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended. Furthermore, past operating results are not necessarily indicative of results that may occur in future periods.

Overview

We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. p53 is a well-defined tumor suppressor protein known as the “guardian of the genome,” and normal, or wild-type, p53 has the ability to eliminate cancer cells. However, mutant p53 proteins can be misfolded and lose their wild-type tumor suppressing function. These p53 mutations are found in approximately half of all cancers. The field of p53 biology was established by our co-founder Dr. Arnold Levine when he discovered the p53 protein in 1979. We have leveraged more than four decades of research experience and developed unique insights into p53 to create a precision oncology platform designed to generate selective, small molecule, tumor-agnostic therapies that structurally correct specific mutant p53 proteins to restore their wild-type function. We are deploying our precision oncology platform to target the top ten most frequent, or hotspot, p53 mutations that are collectively associated with approximately 10-15% of all cancers. In addition, we are expanding the utilization of our platform to target certain cancers where wild-type p53 function is silenced.

Since our formation in March 2013, we have devoted substantially all of our time and efforts to performing research and development activities and raising capital. We are not profitable and have incurred losses in each year since our inception. Our net losses were $57.8 million and $34.4 million for the years ended December 31, 2021, and 2020, respectively. During the three and nine months ended September 30, 2022, the Company incurred a net loss of $18.2 million and $54.0 million, respectively. As of September 30, 2022, we had an accumulated deficit of $221.7 million. We do not currently have any product candidates approved for sale, and we continue to incur significant research and development and general administrative expenses related to our operations. We initiated a Phase 1/2 clinical trial in October 2020 for our lead product candidate, PC14586. In October 2020, we were granted FDA Fast Track Designation of PC14586 for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. We dosed our first patient in this clinical trial in the fourth quarter of 2020. In June 2022, we presented our Initial Phase 1 clinical data for PC14586. We expect that our operating expenses will increase significantly as we advance our product candidates through preclinical and clinical development, seek regulatory approval, and prepare for and, if approved, proceed to commercialization; acquire, discover, validate, and develop additional product candidates; obtain, maintain, protect, and enforce our intellectual property portfolio; and hire additional personnel. Furthermore, we have incurred and will continue to incur additional costs associated with operating as a public company that we did not experience as a private company. We expect to continue to incur significant losses for the foreseeable future.

Our ability to generate product revenue will depend on the successful development, regulatory approval, and eventual commercialization of one or more of our product candidates. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through private or public equity or debt financings, collaborative, or other arrangements with corporate sources, or through other sources of financing. Adequate funding may not be available to us on acceptable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of our product candidates.

We plan to continue to use third-party service providers, including clinical research organizations, or CROs, and contract manufacturing organization, or CMOs, to carry out our preclinical and clinical development and to manufacture and supply the materials to be used during the development and commercialization of our product candidates. We do not currently have a sales force.

14

Components of Results of Operations

Revenue

To date, we have not generated any revenue from any sources, including from product sales, and we do not expect to generate any revenue from the sale of products in the foreseeable future. If our development efforts for our product candidates are successful and result in regulatory approval, or license agreements with third parties, we may generate revenue in the future from product sales. However, there can be no assurance as to when we will generate such revenue, if at all.

Operating Expenses

Research and Development Expenses

Our research and development expenses consist primarily of costs incurred to conduct research, such as the discovery and development of our product candidates as well as the development of future product candidates. Research and development expenses include personnel costs, including stock-based compensation expense, third-party contractor services, laboratory materials and supplies, and depreciation and maintenance of research equipment. We expense research and development costs as they are incurred.

As we are at a very early stage of development, we do not allocate our costs by product candidate or development program, as a significant amount of research and development expenses include compensation costs, materials, supplies, depreciation on and maintenance of research equipment, and the cost of services provided by outside contractors, which are not tracked by product candidate or development program. In particular, with respect to internal costs, several of our departments support multiple product candidate research and development programs, and therefore the costs cannot be allocated to a particular product candidate or development program. Substantially all of our research and development costs are associated with our lead product candidate, PC14586. We initiated a Phase 1/2 clinical trial in October 2020 for our lead product candidate, PC14586. In October 2020, we were granted FDA Fast Track Designation of PC14586 for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. We dosed our first patient in this clinical trial in the fourth quarter of 2020. In June 2022, we presented our initial Phase 1 clinical data for PC14586 at the 2022 ASCO Annual Meeting.

We expect our research and development expenses to increase substantially in absolute dollars in the future as we advance our product candidates into and through clinical trials and pursue regulatory approval of our product candidates. The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming. The actual probability of success for our product candidates may be affected by a variety of factors including: the safety and efficacy of our product candidates, early clinical data, investment in our clinical program, the ability of any future collaborators to successfully develop our licensed product candidates, competition, manufacturing capability, and commercial viability. We may never succeed in achieving regulatory approval for any of our product candidates. As a result of the uncertainties discussed above, we are unable to determine the duration and completion costs of our research and development projects.

General and Administrative Expenses

General and administrative expenses include personnel costs, expenses for outside professional services and other allocated expenses. Personnel costs consist of salaries, bonuses, benefits, and stock-based compensation. Outside professional services consist of legal, accounting and audit services and other consulting fees. Allocated expenses consist of rent expense related to our office and research and development facilities. We have incurred additional expenses as a public company, including expenses related to compliance with the rules and regulations of the SEC, and those of any national securities exchange on which our securities are traded, additional insurance expenses, investor relations activities and other administrative and professional services. We have increased our headcount significantly to support our operations as a public company. We also expect to increase our general and administrative expenses as we advance our product candidates through preclinical research and development, manufacturing, clinical development, and commercialization.

Interest Income, Net

Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents and short-term marketable securities and interest costs related to amortization of premiums and discounts on short-term marketable securities.

15

Results of Operations

Comparison of the Three Months ended September 30, 2022 and 2021.

The following table summarizes our results of operations (in thousands):

	Three Months Ended September 30,
Statement of operations data:	2022 (Unaudited)			2021 (Unaudited)			Change
Operating expenses:
Research and development	$	13,666		$	9,162		$	4,504
General and administrative		5,709			5,935			(226	)
Total operating expenses		19,375			15,097			4,278
Loss from operations		(19,375	)		(15,097	)		(4,278	)
Other income (expense):
Interest income, net		1,124			102			1,022
Other income (expense), net		13			3			10
Total other income (expense)		1,137			105			1,032
Loss before (benefit) provision for income taxes		(18,238	)		(14,992	)		(3,246	)
(Benefit) provision for income taxes		(9	)		19			(28	)
Net loss	$	(18,229	)	$	(15,011	)	$	(3,218	)

Research and Development Expenses

The following table summarizes our research and development expenses incurred during the periods indicated (in thousands):

	Three Months Ended September 30,
Statement of operations data:	2022 (Unaudited)		2021 (Unaudited)		Change
Research	$	1,366	$	1,843	$	(477	)
Development		9,148		5,141		4,007
Personnel related		2,316		1,729		587
Stock-based compensation		836		449		387
Total	$	13,666	$	9,162	$	4,504

Research and development expenses were $13.7 million for the three months ended September 30, 2022, compared to $9.2 million for the three months ended September 30, 2021. The increase of $4.5 million, compared to the three months ended September 30, 2021, was primarily due to the following:

•$0.5 million decrease in research expenses, largely driven by decreased contractual research organization costs;

•$4.0 million increase in development expenses associated with advancing our lead product candidate, PC14586, through the Phase 1/2 clinical trial; and

•$1.0 million increase in expenses for personnel related costs and stock-based compensation, primarily driven by increased headcount.

16

General and Administrative Expenses

General and administrative expenses were $5.7 million for the three months ended September 30, 2022, compared to $5.9 million for the three months ended September 30, 2021. The decrease of $0.2 million, compared to the three months ended September 30, 2021, was primarily due to following:

•$0.1 million decrease in personnel and office related expense and $0.4 million decrease in finance and legal support; and

•$0.3 million increase due to facility related costs for our new office and laboratory building in Princeton, NJ.

Interest Income, Net

Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents and marketable securities and interest costs related to amortization of premiums and discounts on marketable securities. Interest income, net was $1.1 million for the three months ended September 30, 2022. The increase of $1.0 million compared to the three months ended September 30, 2021, is driven by increased interest rates from cash investments in marketable securities and U.S treasuries during the three months ended September 30, 2022.

Comparison of the Nine Months ended September 30, 2022 and 2021

The following table summarizes our results of operations (in thousands):

	Nine Months Ended September 30,
Statement of operations data:	2022 (Unaudited)			2021 (Unaudited)			Change
Operating expenses:
Research and development	$	36,963		$	24,326		$	12,637
General and administrative		18,915			15,495			3,420
Total operating expenses		55,878			39,821			16,057
Loss from operations		(55,878	)		(39,821	)		(16,057	)
Other income (expense):
Interest income, net		1,830			343			1,487
Other income (expense), net		67			14			53
Total other income		1,897			357			1,540
Loss before (benefit) provision for income taxes		(53,981	)		(39,464	)		(14,517	)
(Benefit) provision for income taxes		(9	)		23			(32	)
Net loss	$	(53,972	)	$	(39,487	)	$	(14,485	)

Research and Development Expenses

The following table summarizes our research and development expenses incurred during the periods indicated (in thousands):

	Nine Months Ended September 30,
Statement of operations data:	2022 (Unaudited)		2021 (Unaudited)		Change
Research	$	5,771	$	6,378	$	(607	)
Development		21,868		11,611		10,257
Personnel related		7,031		5,354		1,677
Stock-based compensation		2,293		983		1,310
Total	$	36,963	$	24,326	$	12,637

17

Research and development expenses were $37.0 million for the nine months ended September 30, 2022, compared to $24.4 million for the nine months ended September 30, 2021. The increase of $12.6 million, compared to the nine months ended September 30, 2021, was primarily due to the following:

•$0.6 million decrease in research expenses, largely driven by decreased contractual research organization costs focused on discovery research;

•$10.3 million increase in development expenses associate with advancing our lead product candidate, PC14586, through the Phase 1/2 clinical trial; and

•$2.9 million increase in expenses for personnel-related costs and stock-based compensation, primarily driven by increased headcount.

General and Administrative Expenses

General and administrative expenses were $18.9 million for the nine months ended September 30, 2022, compared to $15.5 million for the nine months ended September 30, 2021. The increase of $3.4 million, compared to the nine months ended September 30, 2021, was primarily due to the following:

•$2.4 million increase in personnel related expense due to increased headcount to build out general and administrative infrastructure; and

•$0.1 million increase in finance and legal support, along with a $0.1 million decrease for directors and officers insurance, and a $1.0 million increase due to facility related costs for our new office and laboratory building in Princeton, NJ.

Interest Income, Net

Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents and marketable securities and interest costs related to amortization of premiums and discounts on marketable securities. Interest income, net was $1.8 million for the nine months ended September 30, 2022 compared to $0.3 million for the nine months ended September 30, 2021. The increase of $1.5 million is driven by increased interest rates from cash investments in marketable securities and U.S treasuries during the nine months ended September 30, 2022.

Liquidity and Capital Resources

Our financial condition is summarized as follows:

	September 30,		December 31,
	2022		2021		Change
Financial assets:
Cash and cash equivalents	$	99,850	$	172,467	$	(72,617	)
Marketable securities - current		159,007		124,696		34,311
Marketable securities - noncurrent		—		16,911		(16,911	)
Total financial assets	$	258,857	$	314,074	$	(55,217	)
Working capital:
Current assets	$	265,176	$	301,286	$	(36,110	)
Current liabilities		11,656		12,219		(563	)
Total working capital	$	253,520	$	289,067	$	(35,547	)

Sources of Liquidity

Since our inception, we have not generated any revenue from any product sales or any other sources and have incurred significant operating losses and negative cash flows from our operations. We have not yet commercialized any of our product candidates and we do not expect to generate revenue from sales of any product candidates for several years, if at all. As of September 30, 2022, we had cash, cash equivalents, and marketable securities of $258.9 million and an accumulated deficit of $221.7 million. In September 2020, we completed an IPO of 13,529,750 shares of our common stock, which includes the exercise in full by the underwriters of their option to purchase 1,764,750 additional shares of common stock, at a public

18

offering price of $18.00 per share for aggregate gross proceeds of $243.5 million. We received $223.2 million in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by us. In October 2021, we filed an automatic shelf registration statement on Form S-3. We did not sell any shares pursuant to the shelf registration statement and did not receive any gross proceeds in fiscal year 2021 or the nine months ended September 30, 2022.

Contractual Obligations and Commitments

We enter into contracts in the normal course of business with CROs and other vendors to assist in the performance of our research and development activities and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore are cancelable contracts and not included in the table of contractual obligations and commitments.

In January 2021, we signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and is intended to replace our two existing facilities. Payments under this lease will total $19.9 million through May 2032. Amounts related to future lease payments as of September 30, 2022, totaled $19.5 million, with $2.0 million to be paid within the next 12 months.

Plan of Operation and Future Funding Requirements

We use our capital resources primarily to fund operating expenses, mainly research and development expenditures. We plan to increase our research and development expenses for the foreseeable future as we continue the preclinical and clinical development of our product candidates. At this time, due to the inherently unpredictable nature of preclinical and clinical development and given the early stage of our product candidates, we cannot reasonably estimate the costs we will incur and the timelines that will be required to complete development, obtain marketing approval and commercialize our current product candidates or any future product candidates, if at all. For the same reasons, we are also unable to predict when, if ever, we will generate revenue from product sales or whether, or when, if ever, we may achieve profitability. Clinical and preclinical development timelines, the probability of success, and development costs can differ materially from expectations. In addition, we cannot forecast which product candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements.

Due to our significant research and development expenditures, we have generated substantial operating losses in each period since inception. We have incurred an accumulated deficit of $221.7 million through September 30, 2022. We expect to incur substantial additional losses in the future as we expand our research and development activities. For the nine months ended September 30, 2022 and 2021, our cash operating expenditures were $48.4 million and $34.5 million, respectively. We expect to increase our investment in operations in the remainder of 2022 and 2023. Based on our research and development plans, we expect that our cash, cash equivalents and marketable securities as of September 30, 2022 will be sufficient to fund our operations at least through 2023.

We have based this estimate on assumptions that may prove to be wrong, however, and we could use our capital resources sooner than we expect.

The timing and amount of our operating expenditures will depend largely on:

•the timing and progress of preclinical and clinical development activities;

•the number and scope of preclinical and clinical programs we decide to pursue;

•the timing and amount of milestone payments we may receive under any future collaboration agreements;

•our ability to maintain future licenses and research and development programs and to establish new collaboration and/or in-licensing arrangements;

•the costs involved in prosecuting and enforcing patent and other intellectual property claims;

•the cost and timing of regulatory approvals; and

•our efforts to build out our new office and laboratory headquarters, enhance operational systems and hire additional personnel, including personnel to support development of our product candidates and satisfy our obligations as a public company.

Until such time, if ever, as we can generate substantial revenue from product sales, we expect to fund our operations and capital funding needs through equity and/or debt financing. We may also consider entering into collaboration arrangements or selectively partnering for clinical development and commercialization. The sale of additional equity would result in additional dilution to our stockholders. The incurrence of debt financing would result in debt service obligations and the instruments

19

governing such debt could provide for operating and financing covenants that would restrict our operations or our ability to incur additional indebtedness or pay dividends, among other items. If we raise additional funds through governmental funding, collaborations, strategic partnerships and alliances or marketing, distribution, or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. If we are not able to secure adequate additional funding, we may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could materially and adversely affect our business, financial condition, results of operations and prospects.

Cash Flows

The following table summarizes our cash flows for the period indicated (in thousands):

	Nine Months Ended September 30,
	2022 (Unaudited)			2021 (Unaudited)
Cash used in operating activities	$	(48,436	)	$	(34,543	)
Cash used in investing activities		(24,591	)		(151,143	)
Cash provided by financing activities		410			1,727
Net (decrease) in cash and cash equivalents	$	(72,617	)	$	(183,959	)

Operating Activities

Net cash used in operating activities for the nine months ended September 30, 2022, was $48.4 million, which consisted primarily of net loss of $54.0 million partially offset by non-cash charges of $7.4 million. Changes in our net operating assets decreased operating cash by $1.9 million. The non-cash charges primarily consisted of stock-based compensation of $7.1 million, and non-cash lease expense of $0.3 million. The change in our net operating assets and liabilities was primarily due to an increase in prepaid expenses and other assets, a decrease in accrued expenses, an increase in outstanding payables, and an increase in operating lease right of use assets and liabilities driven by a cash reimbursement of $1.6 million for the buildout of the new office building in Princeton, NJ.

Net cash used in operating activities for the nine months ended September 30, 2021, was $34.5 million, which consisted primarily of net loss of $39.5 million partially offset by non-cash charges of $4.9 million. Changes in our net operating assets increased operating cash by $0.1 million. The non-cash charges primarily consisted of stock-based compensation of $3.6 million, depreciation and amortization of $0.7 million, and non-cash lease expense of $0.6 million. The change in our net operating assets and liabilities was primarily due to an increase in prepaid expenses and other assets, an increase in accrued expenses, and a decrease in outstanding payables.

Investing Activities

Our investing activities used $24.6 million of cash during the nine months ended September 30, 2022, which consisted primarily of purchases of marketable securities of $194.5 million, along with purchase of property and equipment of $6.4 million partially offset by maturities of marketable securities of $176.3 million.

Our investing activities used $151.1 million of cash during the nine months ended September 30, 2021, which consisted primarily of purchases of marketable securities of $235.2 million, along with purchase of property and equipment of $1.1 million partially offset by maturities of marketable securities of $85.1 million.

Financing Activities

Our financing activities provided $0.4 million of cash during the nine months ended September 30, 2022, which consisted primarily of proceeds from the exercise of stock options and issuance of common stock under the 2020 ESPP.

Our financing activities provided $1.7 million of cash during the nine months ended September 30, 2021, which consisted primarily of proceeds from the exercise of stock options.

20

Critical Accounting Policies and Significant Judgments and Estimates

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the amounts reported in those financial statements and accompanying notes. Although we believe that the estimates we use are reasonable, due to the inherent uncertainty involved in making those estimates, actual results reported in future periods could differ from those estimates.

We believe that the accounting policies described below involve a high degree of judgment and complexity. Accordingly, these are the policies we believe are the most critical to aid in fully understanding and evaluating our financial condition and results of our operations. During the nine-month period ended September 30, 2022, there were no material changes to our critical accounting policies from those described in our audited financial statements for the year ended December 31, 2021, included in our Annual Report on Form 10-K filed with the SEC on March 1, 2022, except as noted below.

Research and Development Costs, Accrued Research and Development Costs and Related Prepaid Expenses

Research and development costs are expensed as incurred. Research and development expenses consist principally of personnel costs, including salaries, stock-based compensation and benefits for employees, third-party license fees and other operational costs related to our research and development activities, including sourcing of raw materials and manufacturing of our product candidates, allocated facility-related expenses and external costs of outside vendors, and other direct and indirect costs. Non-refundable research and development advance payments are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or services are performed.

As part of the process of preparing our financial statements, we are required to estimate our accrued research and development expenses. This process involves reviewing open contracts and purchase orders, communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual costs. The majority of our service providers invoice us in arrears for services performed, on a pre-determined schedule or when contractual milestones are met; however, some require advance payments. We make estimates of our accrued expenses as of each balance sheet date in the financial statements based on facts and circumstances known to us at that time. We periodically confirm the accuracy of the estimates with the service providers and make adjustments if necessary. Examples of estimated accrued research and development expenses include fees paid to:

•vendors, including research laboratories, in connection with preclinical development activities;

•CROs and investigative sites in connection with preclinical studies and clinical trials; and

•CMOs in connection with drug substance and drug product formulation of preclinical studies and clinical trial materials.

We base our expenses related to preclinical studies and clinical trials on our estimates of the services received and efforts expended pursuant to quotes and contracts with multiple research institutions and CROs that supply, conduct and manage preclinical studies and clinical trials on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to our vendors will exceed the level of services provided and result in a prepayment of the expense. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing service fees, we estimate the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, we adjust the accrual or the prepaid expense accordingly. Although we do not expect our estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to our prior estimates of accrued research and development expenses.

Stock-Based Compensation

We measure all stock options and other stock-based awards granted to our employees, directors, consultants, and other non-employee service providers based on the fair value on the date of the grant. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is typically the vesting term. Compensation expense related to awards to employees with performance-based vesting conditions is recognized based on grant date fair value over the requisite service period using the accelerated attribution method to the extent achievement of the performance condition is probable. Non-employee option awards are measured at the earlier of the commitment date for performance by the counterparty or the

21

date when the performance is complete, and compensation expense is recognized in the same manner as if we had paid cash for goods or services.

We classify stock-based compensation expense in our statement of operations in the same way the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified.

We use the Black-Scholes option pricing model to estimate the fair value of stock options on the date of grant. Using the Black-Scholes option pricing model requires management to make significant assumptions and judgments. We determined these assumptions for the Black-Scholes option-pricing model.

Since we do not have a trading history of common stock, the expected volatility was derived from the average historical stock volatilities of the common stock of several public companies within the industry that we consider to be comparable to our business over a period equivalent to the expected term of the stock-based awards.

Recent Accounting Pronouncements

For a description of recent accounting pronouncements, see Note 2 of the notes to our unaudited condensed financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risks in the ordinary course of our business. These risks primarily relate to interest rate risks.

We had cash, cash equivalents, and marketable securities of $258.9 million and restricted cash of $0.8 million as of September 30, 2022. The Company’s cash equivalents consist of interest-bearing U.S. treasury securities, money market funds, and corporate debt securities. Our exposure due to changes in interest rates is not material due to the nature and amount of our money-market funds and short-term marketable securities.

We are not currently exposed to significant market risk related to changes in foreign currency exchange rates; however, we may contract with foreign vendors that are located outside the United States in the future. This may subject us to fluctuations in foreign currency exchange rates in the future.

Item 4. Controls and Procedures.

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our Securities Exchange Act of 1934, as amended (the “Exchange Act”) reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

We carry out a variety of ongoing procedures, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, to evaluate the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2022.

There have not been any changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

22

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently involved in any litigation or legal proceedings that, in management’s opinion, are likely to have any material adverse effect on the Company.

Item 1A. Risk Factors.

There have been no material changes to the Company’s risk factors as set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 1, 2022, as supplemented by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the SEC on May 10, 2022. You should carefully review and consider the information regarding certain factors which could materially affect our business, financial condition or future results set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 1, 2022, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the SEC on May 10, 2022, and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, as filed with the SEC on August 9, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Unregistered Sales of Equity Securities

None.

(b) Use of Proceeds

Our registration statement on Form S-1 (File No. 333-248627) relating to the IPO was declared effective by the SEC. The IPO closed on September 25, 2020 at which time we sold 13,529,750 shares of common stock (including the exercise in full by the underwriters of their option to purchase an additional 1,764,750 shares of common stock) at a public offering price of $18.00 per share. We received net proceeds from the IPO of approximately $223.2 million, after deducting the underwriting discounts and commissions of approximately $17.0 million and estimated offering related expenses of approximately $3.3 million. No offering expenses were paid or payable, directly, or indirectly, to our directors, officers, or persons owning 10% or more of any class of equity securities or to our affiliates. Goldman Sachs & Co. LLC, BofA Securities, Cowen, and Evercore ISI acted as joint book-running managers for the offering.

There has been no material change in the planned use of proceeds from the IPO from that described in the prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act on September 24, 2020.

On October 4, 2021, our shelf registration statement on Form S-3 (File No. 333-260012) was automatically declared effective by the SEC for our future follow-on offering. Pursuant to our shelf registration statement, we may offer and sell an indeterminate amount and combination of shares of our common stock, shares of our preferred stock, various series of debt securities and warrants to purchase any of such securities in one or more registered offerings. The Company has not issued any shares of common stock pursuant to the offering. There has been no material change in the planned use of proceeds from the follow-on offering as described in the Form S-3 Registration Statement. None of the offering expenses were paid or payable, directly, or indirectly, to our directors, officers, or persons owning 10% or more of any class of equity securities or to our affiliates.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

23

Item 6. Exhibits.

Exhibit Number	Description	Form	File No.	Number	Filing Date
31.1+	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+†	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+†	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

† The certifications attached as Exhibit 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

+ Filed herewith.

24

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PMV Pharmaceuticals, Inc.
Date: November 8, 2022	By:	/s/ David H. Mack
		David H. Mack, Ph.D.
		President, Chief Executive Officer, and Director
		(Principal Executive Officer)
	PMV Pharmaceuticals, Inc.
Date: November 8, 2022	By:	/s/ Winston Kung
		Winston Kung
		Chief Operating Officer and Chief Financial Officer
		(Principal Financial Officer)

25

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David H. Mack, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2022, of PMV Pharmaceuticals, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 8, 2022	By:	/s/ David H. Mack
		David H. Mack, Ph.D.
		President, Chief Executive Officer, and Director (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Winston Kung, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2022, of PMV Pharmaceuticals, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 8, 2022	By:	/s/ Winston Kung
		Winston Kung
		Chief Operating Officer and Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2022, of PMV Pharmaceuticals, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 8, 2022	By:	/s/ David H. Mack
		David H. Mack, Ph.D.
		President, Chief Executive Officer, and Director (Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2022, of PMV Pharmaceuticals, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 8, 2022	By:	/s/ Winston Kung
		Winston Kung
		Chief Operating Officer and Chief Financial Officer (Principal Financial Officer)

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 08, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	8 Clarke Drive
Entity Address, Address Line Two	Suite 3
Entity Address, City or Town	Cranbury
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08512
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,665,428
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001699382
Amendment Flag	false

XML

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 99,850	$ 172,467
Restricted cash	822	822
Marketable securities, current	159,007	124,696
Prepaid expenses and other current assets	5,497	3,301
Total current assets	265,176	301,286
Property and equipment, net	9,966	3,090
Marketable securities, noncurrent	0	16,911
Right-of-use assets	9,535	10,060
Other assets	307	221
Total assets	284,984	331,568
Current liabilities:
Accounts payable	4,826	3,189
Accrued expenses	6,436	8,627
Operating lease liabilities, current	394	403
Total current liabilities	11,656	12,219
Operating lease liabilities, noncurrent	12,135	10,790
Total liabilities	23,791	23,009
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at September 30, 2022 and December 31, 2021.No shares issued or outstanding at September 30, 2022 and December 31, 2021.
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 45,624,860 and 45,433,684 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively.
Additional paid-in capital	483,916	476,363
Accumulated deficit	(221,698)	(167,726)
Accumulated other comprehensive loss	(1,025)	(78)
Total stockholders’ equity	261,193	308,559
Total liabilities and stockholders’ equity	$ 284,984	$ 331,568

XML

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	45,624,860	45,433,684
Common stock, shares outstanding	45,624,860	45,433,684

XML

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 13,666	$ 9,162	$ 36,963	$ 24,326
General and administrative	5,709	5,935	18,915	15,495
Total operating expenses	19,375	15,097	55,878	39,821
Loss from operations	(19,375)	(15,097)	(55,878)	(39,821)
Other income (expense):
Interest income, net	1,124	102	1,830	343
Other income (expense), net	13	3	67	14
Total other income (expense)	1,137	105	1,897	357
Loss before (benefit) provision for income taxes	(18,238)	(14,992)	(53,981)	(39,464)
(Benefit) provision for income taxes	(9)	19	(9)	23
Net loss	(18,229)	(15,011)	(53,972)	(39,487)
Unrealized (loss) gain on available for sale investments, net of tax	(2)	7	(947)	14
Comprehensive loss	$ (18,231)	$ (15,004)	$ (54,919)	$ (39,473)
Net loss per share - basic	$ (0.40)	$ (0.33)	$ (1.18)	$ (0.88)
Net loss per share - diluted	$ (0.40)	$ (0.33)	$ (1.18)	$ (0.88)
Weighted-average common shares outstanding - basic	45,622,957	45,295,232	45,556,635	45,052,100
Weighted-average common shares outstanding - diluted	45,622,957	45,295,232	45,556,635	45,052,100

XML

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2020	$ 359,121		$ 469,001		$ (109,880)
Balance, Shares at Dec. 31, 2020		44,777,818
Exercise of stock options	162		162
Exercise of stock options, Shares		103,351
Stock-based compensation expense	627		627
Net loss	(11,602)				(11,602)
Unrealized gain (loss) on available for sale investments	(13)			$ (13)
Balance at Mar. 31, 2021	348,295		469,790	(13)	(121,482)
Balance, Shares at Mar. 31, 2021		44,881,169
Balance at Dec. 31, 2020	359,121		469,001		(109,880)
Balance, Shares at Dec. 31, 2020		44,777,818
Net loss	(39,487)
Balance at Sep. 30, 2021	324,948		474,301	14	(149,367)
Balance, Shares at Sep. 30, 2021		45,352,207
Balance at Mar. 31, 2021	348,295		469,790	(13)	(121,482)
Balance, Shares at Mar. 31, 2021		44,881,169
Exercise of stock options and common stock issued under the 2020 ESPP	1,256		1,256
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		332,398
Stock-based compensation expense	1,150		1,150
Net loss	(12,874)				(12,874)
Unrealized gain (loss) on available for sale investments	20			20
Balance at Jun. 30, 2021	337,847		472,196	7	(134,356)
Balance, Shares at Jun. 30, 2021		45,213,567
Exercise of stock options	309		309
Exercise of stock options, Shares		138,640
Stock-based compensation expense	1,796		1,796
Net loss	(15,011)				(15,011)
Unrealized gain (loss) on available for sale investments	7			7
Balance at Sep. 30, 2021	324,948		474,301	14	(149,367)
Balance, Shares at Sep. 30, 2021		45,352,207
Balance at Dec. 31, 2021	308,559		476,363	(78)	(167,726)
Balance, Shares at Dec. 31, 2021		45,433,684
Exercise of stock options	128		128
Exercise of stock options, Shares		98,708
Stock-based compensation expense	2,177		2,177
Net loss	(18,433)				(18,433)
Unrealized gain (loss) on available for sale investments	(588)			(588)
Balance at Mar. 31, 2022	291,843		478,668	(666)	(186,159)
Balance, Shares at Mar. 31, 2022		45,532,392
Balance at Dec. 31, 2021	$ 308,559		476,363	(78)	(167,726)
Balance, Shares at Dec. 31, 2021		45,433,684
Exercise of stock options, Shares	172,722
Net loss	$ (53,972)
Balance at Sep. 30, 2022	261,193		483,916	(1,025)	(221,698)
Balance, Shares at Sep. 30, 2022		45,624,860
Balance at Mar. 31, 2022	291,843		478,668	(666)	(186,159)
Balance, Shares at Mar. 31, 2022		45,532,392
Exercise of stock options and common stock issued under the 2020 ESPP	276		276
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		90,218
Stock-based compensation expense	2,518		2,518
Net loss	(17,310)				(17,310)
Unrealized gain (loss) on available for sale investments	(357)			(357)
Balance at Jun. 30, 2022	276,970		481,462	(1,023)	(203,469)
Balance, Shares at Jun. 30, 2022		45,622,610
Exercise of stock options	6		6
Exercise of stock options, Shares		2,250
Stock-based compensation expense	2,448		2,448
Net loss	(18,229)				(18,229)
Unrealized gain (loss) on available for sale investments	(2)			(2)
Balance at Sep. 30, 2022	$ 261,193		$ 483,916	$ (1,025)	$ (221,698)
Balance, Shares at Sep. 30, 2022		45,624,860

XML

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (53,972)	$ (39,487)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,143	3,573
Depreciation	240	230
Amortization (accretion) of premiums on marketable securities	(102)	459
Non-cash lease expense	250	644
Other, net	(86)	(17)
Change in operating assets and liabilities:
Prepaid expenses and other assets	(2,196)	(1,743)
Operating lease right-of-use assets and liabilities	1,611
Accounts payable	867	(385)
Accrued expenses	(2,191)	2,183
Net cash used in operating activities	(48,436)	(34,543)
Cash flows from investing activities:
Purchases of property and equipment	(6,346)	(1,087)
Purchases of marketable securities	(194,512)	(235,167)
Maturities of marketable securities	176,267	85,111
Net cash used in investing activities	(24,591)	(151,143)
Cash flows from financing activities:
Proceeds from the exercise of stock options and common stock issued under the 2020 ESPP	410	1,727
Net cash provided by financing activities	410	1,727
Net decrease in cash and cash equivalents	(72,617)	(183,959)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash - beginning of period	173,289	361,422
Cash, cash equivalents, and restricted cash - end of period	100,672	177,463
Supplemental disclosures of noncash investing activities
Accrued purchases of property and equipment	$ 770
Supplemental disclosures of cash flow information
Cash paid for income taxes		$ 23

XML

Formation and Business of the Company

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

Organization and Liquidity

PMV Pharmaceuticals, Inc. (the “Company” or “We”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at 8 Clarke Drive, Suite 3, Cranbury, New Jersey.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant 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. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company has incurred net losses and negative cash flows from operations since its inception. During the three and nine months ended September 30, 2022, the Company incurred a net loss of $18,229 and $53,972, respectively. For the nine months ended September 30, 2022, the Company used $48,436 of cash for operations. At September 30, 2022, the Company had an accumulated deficit of $221,698. Cash, cash equivalents, and marketable securities were $258,857 as of September 30, 2022. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for at least the next twelve months from the date of issuance of these financial statements.

XML

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 1, 2022. Since the date of those financial statements, there have been no changes to its significant accounting policies.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of September 30, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021, has been derived from our audited financial statements.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be

reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates.

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the three months ended September 30, 2022 and 2021, the Company recorded $228 and $127 of amortization, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded $102 of accretion and $459 of amortization, respectively.

Restricted cash as of September 30, 2022, included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.

Comprehensive Loss

The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account

held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

XML

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

3. Fair Value Measurements

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of September 30, 2022, and December 31, 2021:

	As of September 30, 2022
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	74,369	$	—	$	—		$	74,369	$	74,369	$	—	$	—
Corporate securities		122,320		—		(533	)		121,787		—		121,787		—
Government securities		61,691		—		(492	)		61,199		28,051		33,148		—
Total financial assets	$	258,380	$	—	$	(1,025	)	$	257,355	$	102,420	$	154,935	$	—

	As of December 31, 2021
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	40,960	$	—	$	—		$	40,960	$	40,960	$	—	$	—
Corporate securities		227,378		3		(19	)		227,362		—		227,362		—
Government securities		42,307		—		(62	)		42,245		—		42,245		—
Total financial assets	$	310,645	$	3	$	(81	)	$	310,567	$	40,960	$	269,607	$	—

Cash Equivalents — As of September 30, 2022, the Company had cash of $1,502 and cash equivalents of $98,348. Cash equivalents consisted of money market funds of $74,369 corporate debt securities of $4,979 and government securities of $19,000. As of December 31, 2021, the Company had cash of $3,508 and cash equivalents of $168,960. Cash equivalents consisted of money market funds of $40,960 and corporate debt securities of $128,000. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.

Marketable Securities — Marketable securities of $159,007 as of September 30, 2022, consisted of corporate debt securities of $116,808 and government debt securities of $42,199. There were $159,007 current marketable securities and no noncurrent marketable securities as of September 30, 2022. Marketable securities of $141,607 as of December 31, 2021, consisted of corporate debt securities of $99,362 and government debt securities of $42,245. There were $124,696 current marketable securities and $16,911 noncurrent marketable securities as of December 31, 2021.

As of September 30, 2022, and December 31, 2021, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

XML

Property and Equipment, Net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

	September 30, 2022			December 31, 2021
Machinery & equipment		2,416		$	2,261
Computers		13			8
Furniture & fixtures		69			9
Leasehold improvements		409			161
Assets not placed in service		9,167			2,519
Total property and equipment		12,074			4,958
Less: Accumulated depreciation		(2,108	)		(1,868	)
Property and equipment, net	$	9,966		$	3,090

Depreciation expense for the three months ended September 30, 2022 and 2021 was $74 and $80, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $240 and $230, respectively.

XML

Accrued Expenses

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consist of the following:

	September 30, 2022		December 31, 2021
Accrued compensation	$	2,960	$	3,797
Accrued legal and professional services		81		—
Accrued research and development costs		3,352		4,734
Other accrued liabilities		43		96
Total	$	6,436	$	8,627

XML

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s current headquarters.

In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases expired June 2022. In January 2022, the Company signed a lease extension for both leases for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, real estate taxes and operating costs related to the premises.

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $15.50 per square foot and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expired in July 2022. In January 2022, the Company signed a lease extension for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The second lease is for office space in Lexington, Massachusetts, that expires August 2023, with an option to renew for a one-time, three-year extension. The initial annual base rent is $28.50 per square foot and will increase $1.00 per square foot at the end of each rent year.

In 2018, the Company received a lease incentive for the buildout of 420 Bedford Street in Lexington, MA. The Company was given an allowance for $165 on behalf of the lessor for construction of office space. Management recognizes this allowance as a lease incentive in its Right-of-Use asset and straight-lines the allowance throughout the term of the lease. As of September 30, 2022, the remaining rent incentive pertaining to the Lexington, MA lease totaled $35.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters. Payment under this lease will total $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2022. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. As of September 30, 2022, $1,612 of reimbursements were received.

The components of lease cost for the three and nine months ended September 30, 2022, and 2021, are as follows, in thousands:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	578	$	511	$	1,619	$	1,180
Variable lease cost		247		158		643		470
Total lease cost	$	825	$	669	$	2,262	$	1,650

Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2022, and December 31, 2021, are as follows, in thousands:

Operating Leases:	September 30, 2022			December 31, 2021
Right-of-use assets, operating leases	$	9,535		$	10,060
Operating lease liabilities, current	$	394		$	403
Operating lease liabilities, non-current		12,135			10,790
Total operating lease liabilities	$	12,529		$	11,193
Weighted-average remaining lease term (years)		9.38			10.02
Weighted-average discount rate		5.75	%		5.75	%

Other information related to leases for the nine months ended September 30, 2022 and 2021, respectively, as follows, in thousands:

	Nine Months Ended September 30,
	2022			2021
Net cash paid (received) for amounts included in the measurement of lease liabilities	$	(242	)	$	535
Leased assets obtained in exchange for new or modified operating lease liabilities		581			10,314

Future minimum lease payments, net of reimbursements, remaining as of September 30, 2022, under operating leases by fiscal year were as follows, in thousands:

Fiscal year
2022	$	(1,925	)
2023		1,908
2024		1,814
2025		1,869
2026		1,925
Thereafter		11,477
Total minimum lease payments	$	17,068
Less: Amounts representing imputed interest		(4,539	)
Present value of lease liabilities	$	12,529

Rent expense recorded during the three months ended September 30, 2022 and 2021 was $578 and $511, respectively. Rent expense recorded during the nine months ended September 30, 2022 and 2021 was $1,619 and $1,180, respectively.

The Company currently subleases the office space at 420 Bedford Street in Lexington, MA to another company. This sublease agreement expires in August, 2023. In April 2021, the company entered into a sublease agreement with the previous tenants of the office space at 1 Research Way in Princeton, NJ, to begin April 2021 and end June 2021. Sublease income recorded during the three months ended September 30, 2022 and 2021 was $29 and $29, respectively. Sublease income recorded during the nine months ended September 30, 2022 and 2021 was $83 and $89, respectively.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

XML

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. At September 30, 2022 and December 31, 2021, there were 45,624,860 and 45,433,684 shares of common stock issued and outstanding, respectively.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of September 30, 2022, no dividends on common stock had been declared by the Company.

XML

Stock Plan

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Plan

8. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan is 4,406,374, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent (5%) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2022, the board of directors exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,363,084 shares, effective as of January 1, 2022. As of September 30, 2022, there were 4,727,364 shares available for issuance under the 2020 Plan.

On September 9, 2022, the Company granted 374,899 Restricted Stock Units (RSUs) to employees pursuant to an employee retention program approved by the Board's compensation committee. The RSU's have graded vesting on an annual basis for two years of continuous service, as per the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,572 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2022, the board waived the increase to the shares reserved under the 2020 ESPP. On May 20, 2022, employees exercised their right to purchase 18,454 shares under the 2020 ESPP. As of September 30, 2022, 65,520 shares are issued or outstanding, and there were 801,464 shares available for issuance, under the 2020 ESPP.

Stock Options

The following table summarizes option activity for the nine-month period ended September 30, 2022:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances at December 31, 2021		4,951,680			4,246,007		$	8.22		6.86	$	68,506
Shares reserved for issuance		1,363,084			—			—
Options granted		(1,296,797	)		1,296,797		$	16.28
RSU's granted		(374,899	)		—			—
Options forfeited / cancelled		84,296			(84,296	)	$	19.08
Options exercised		—			(172,722	)	$	1.08
Balances at September 30, 2022 (unaudited)		4,727,364			5,285,786		$	10.23		6.89	$	28,402
At September 30, 2022
Vested and expected to vest					5,285,786		$	10.23		6.89	$	28,402
Exercisable					3,221,232		$	6.37		5.71	$	24,664

At September 30, 2022, the total compensation cost related to nonvested awards not yet recognized is $22,378. The weighted-average period over which the nonvested awards is expected to be recognized is 3.0 years.

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

	Nine Months Ended		Nine Months Ended
	September 30,		September 30,
	2022		2021
Risk-free interest rate		1.48% - 3.42%		0.35% - 1.22%
Expected life (in years)		5.50 - 6.44		5.50 - 6.43
Dividend yield		0%		0%
Expected volatility		77.00%-81.00%		79.00-79.90%

The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows:

	Nine Months Ended		Nine Months Ended
	September 30,		September 30,
	2022		2021
Risk-free interest rate		1.57%		0.02%
Expected life (in years)		0.49		0.50
Dividend yield		0%		0%
Expected volatility		77.00%		79.00%

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term.

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Stock-based compensation expense recorded under ASC 718 related to stock options granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Research and development	$	836	$	449	$	2,293	$	983
General and administrative		1,612		1,347		4,850		2,590
Total stock-based compensation	$	2,448	$	1,796	$	7,143	$	3,573

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Stock options	$	2,290	$	1,687	$	6,862	$	3,260
Restricted stock units		103		—		103		—
Employee stock purchase plan		55		109		178		313
Total stock-based compensation	$	2,448	$	1,796	$	7,143	$	3,573

Restricted Stock Units

The following table presents RSU activity under the 2020 Plan as of September 30, 2022:

	Number of Stock Units		Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021		—	$	—
Granted		374,899		13.6
Unvested shares at September 30, 2022		374,899	$	13.6

Compensation expense totaling $103 was recognized for the RSUs for the three and nine months ended September 30, 2022.

As of September 30, 2022, there was $5,004 of unrecognized compensation cost related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 2.0 years.

XML

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

During the three and nine months ended September 30, 2022 and 2021, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

XML

Net Loss per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss per Share

10. Net Loss per Share

The Company excluded all outstanding stock options and restricted stock awards at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. The following common stock equivalents were excluded from the calculation of diluted net loss per share:

	As of September 30,
	2022		2021
Options to purchase common stock		5,285,786		4,225,430
Unvested restricted common stock units		374,899		—
Unvested employee stock purchase plan shares		801,464		811,944
Total		6,462,149		5,037,374

XML

Related Parties

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Parties

11. Related Parties

The Company has consulting agreements with two members of its board of directors; one of which waived his consulting fees as of September 2021. Total consulting fees paid in each of the three months ended September 30, 2022 and 2021, were $19.7 and $29, respectively. Total consulting fees paid in each of the nine months ended September 30, 2022 and 2021, were $78 and $85, respectively. There were no amounts owed under the consulting agreements as of September 30, 2022.

Total consulting fees paid as of the year ended December 31, 2021, was $110. In May of 2021, the two members of the board of directors were awarded 5,781 options of Company stock each, as per their updated Scientific Advisory Board agreements. There were no amounts owed under the consulting agreements as of December 31, 2021.

XML

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of September 30, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021, has been derived from our audited financial statements.

Use of Estimates

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 and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be

reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates.

Cash, Cash Equivalents and Marketable Securities

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the three months ended September 30, 2022 and 2021, the Company recorded $228 and $127 of amortization, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded $102 of accretion and $459 of amortization, respectively.

Restricted cash as of September 30, 2022, included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.

Comprehensive Loss

Comprehensive Loss

The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.

Leases

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account

held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

XML

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of September 30, 2022, and December 31, 2021:

	As of September 30, 2022
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	74,369	$	—	$	—		$	74,369	$	74,369	$	—	$	—
Corporate securities		122,320		—		(533	)		121,787		—		121,787		—
Government securities		61,691		—		(492	)		61,199		28,051		33,148		—
Total financial assets	$	258,380	$	—	$	(1,025	)	$	257,355	$	102,420	$	154,935	$	—

	As of December 31, 2021
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	40,960	$	—	$	—		$	40,960	$	40,960	$	—	$	—
Corporate securities		227,378		3		(19	)		227,362		—		227,362		—
Government securities		42,307		—		(62	)		42,245		—		42,245		—
Total financial assets	$	310,645	$	3	$	(81	)	$	310,567	$	40,960	$	269,607	$	—

XML

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

	September 30, 2022			December 31, 2021
Machinery & equipment		2,416		$	2,261
Computers		13			8
Furniture & fixtures		69			9
Leasehold improvements		409			161
Assets not placed in service		9,167			2,519
Total property and equipment		12,074			4,958
Less: Accumulated depreciation		(2,108	)		(1,868	)
Property and equipment, net	$	9,966		$	3,090

XML

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consist of the following:

	September 30, 2022		December 31, 2021
Accrued compensation	$	2,960	$	3,797
Accrued legal and professional services		81		—
Accrued research and development costs		3,352		4,734
Other accrued liabilities		43		96
Total	$	6,436	$	8,627

XML

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

The components of lease cost for the three and nine months ended September 30, 2022, and 2021, are as follows, in thousands:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	578	$	511	$	1,619	$	1,180
Variable lease cost		247		158		643		470
Total lease cost	$	825	$	669	$	2,262	$	1,650

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2022, and December 31, 2021, are as follows, in thousands:

Operating Leases:	September 30, 2022			December 31, 2021
Right-of-use assets, operating leases	$	9,535		$	10,060
Operating lease liabilities, current	$	394		$	403
Operating lease liabilities, non-current		12,135			10,790
Total operating lease liabilities	$	12,529		$	11,193
Weighted-average remaining lease term (years)		9.38			10.02
Weighted-average discount rate		5.75	%		5.75	%

Summary of Other Information Related to Leases

Other information related to leases for the nine months ended September 30, 2022 and 2021, respectively, as follows, in thousands:

	Nine Months Ended September 30,
	2022			2021
Net cash paid (received) for amounts included in the measurement of lease liabilities	$	(242	)	$	535
Leased assets obtained in exchange for new or modified operating lease liabilities		581			10,314

Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases

Future minimum lease payments, net of reimbursements, remaining as of September 30, 2022, under operating leases by fiscal year were as follows, in thousands:

Fiscal year
2022	$	(1,925	)
2023		1,908
2024		1,814
2025		1,869
2026		1,925
Thereafter		11,477
Total minimum lease payments	$	17,068
Less: Amounts representing imputed interest		(4,539	)
Present value of lease liabilities	$	12,529

XML

Stock Plan (Tables)

9 Months Ended

Sep. 30, 2022

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

Schedule of Stock Options Activity

The following table summarizes option activity for the nine-month period ended September 30, 2022:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances at December 31, 2021		4,951,680			4,246,007		$	8.22		6.86	$	68,506
Shares reserved for issuance		1,363,084			—			—
Options granted		(1,296,797	)		1,296,797		$	16.28
RSU's granted		(374,899	)		—			—
Options forfeited / cancelled		84,296			(84,296	)	$	19.08
Options exercised		—			(172,722	)	$	1.08
Balances at September 30, 2022 (unaudited)		4,727,364			5,285,786		$	10.23		6.89	$	28,402
At September 30, 2022
Vested and expected to vest					5,285,786		$	10.23		6.89	$	28,402
Exercisable					3,221,232		$	6.37		5.71	$	24,664

Schedule of Estimated Fair Value of Stock Options

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

	Nine Months Ended		Nine Months Ended
	September 30,		September 30,
	2022		2021
Risk-free interest rate		1.48% - 3.42%		0.35% - 1.22%
Expected life (in years)		5.50 - 6.44		5.50 - 6.43
Dividend yield		0%		0%
Expected volatility		77.00%-81.00%		79.00-79.90%

Stock-based Compensation Expense Related to Options Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated

Stock-based compensation expense recorded under ASC 718 related to stock options granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Research and development	$	836	$	449	$	2,293	$	983
General and administrative		1,612		1,347		4,850		2,590
Total stock-based compensation	$	2,448	$	1,796	$	7,143	$	3,573

Schedule of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Stock options	$	2,290	$	1,687	$	6,862	$	3,260
Restricted stock units		103		—		103		—
Employee stock purchase plan		55		109		178		313
Total stock-based compensation	$	2,448	$	1,796	$	7,143	$	3,573

Schedule of RSU Activity Under the 2020 Plan

The following table presents RSU activity under the 2020 Plan as of September 30, 2022:

	Number of Stock Units		Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021		—	$	—
Granted		374,899		13.6
Unvested shares at September 30, 2022		374,899	$	13.6

ESPP

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

Schedule of Estimated Fair Value of Stock Options

The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows:

	Nine Months Ended		Nine Months Ended
	September 30,		September 30,
	2022		2021
Risk-free interest rate		1.57%		0.02%
Expected life (in years)		0.49		0.50
Dividend yield		0%		0%
Expected volatility		77.00%		79.00%

XML

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share

The following common stock equivalents were excluded from the calculation of diluted net loss per share:

	As of September 30,
	2022		2021
Options to purchase common stock		5,285,786		4,225,430
Unvested restricted common stock units		374,899		—
Unvested employee stock purchase plan shares		801,464		811,944
Total		6,462,149		5,037,374

XML

Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 18,229	$ 17,310	$ 18,433	$ 15,011	$ 12,874	$ 11,602	$ 53,972	$ 39,487
Cash used in operating activities							48,436	$ 34,543
Accumulated deficit	221,698						221,698		$ 167,726
Cash, cash equivalents, and marketable securities	$ 258,857						$ 258,857

XML

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Accretion (amortization) of available-for-sale debt securities	$ (228)	$ (127)	$ 102	$ (459)
Restricted cash	$ 822		$ 822

XML

Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	$ 258,380	$ 310,645
Gross Unrealized Gains		3
Gross Unrealized Losses	(1,025)	(81)
Fair Value	257,355	310,567
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	102,420	40,960
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	154,935	269,607
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	74,369	40,960
Fair Value	74,369	40,960
Money Market Funds | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	74,369	40,960
Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	122,320	227,378
Gross Unrealized Gains		3
Gross Unrealized Losses	(533)	(19)
Fair Value	121,787	227,362
Corporate Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	121,787	227,362
Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	61,691	42,307
Gross Unrealized Losses	(492)	(62)
Fair Value	61,199	42,245
Government Securities | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	28,051
Government Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 33,148	$ 42,245

XML

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash	$ 1,502,000	$ 3,508,000
Cash equivalents	98,348,000	168,960,000
Marketable Securities	159,007,000	141,607,000
Marketable securities, noncurrent	0	16,911,000
Marketable securities, current	159,007,000	124,696,000
Allowance for credit losses	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	116,808,000	99,362,000
Corporate Debt Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	4,979,000	128,000,000
Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	42,199,000	42,245,000
Government Debt Securities | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	19,000,000
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 74,369,000	$ 40,960,000

XML

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 12,074	$ 4,958
Less: Accumulated depreciation	(2,108)	(1,868)
Property and equipment, net	9,966	3,090
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,416	2,261
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	13	8
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	69	9
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	409	161
Assets Not Placed in Service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 9,167	$ 2,519

XML

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 74	$ 80	$ 240	$ 230

XML

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 2,960	$ 3,797
Accrued legal and professional services	81
Accrued research and development costs	3,352	4,734
Other accrued liabilities	43	96
Total	$ 6,436	$ 8,627

XML

Commitments and Contingencies - Additional Information (Details)	1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2022	Apr. 30, 2021	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease $ / ft²	Sep. 30, 2022 USD ($) $ / ft²	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / ft²	Sep. 30, 2021 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2017 ft² $ / ft²	Jun. 30, 2015 ft² $ / ft²
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases | Lease				2
Rent expense					$ 578,000	$ 511,000	$ 1,619,000	$ 1,180,000
Cranbury, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²										6,000	13,000
Initial base rent per square foot | $ / ft²										22.00	20.00
Operating lease expiration period							2022-06
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for both leases for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
Operating lease maintenance expense per square foot | $ / ft²					3.00		3.00
Operating lease, description							Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent.
Management fee of base rent percentage					3.00%		3.00%
Cranbury, New Jersey | Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
South Brunswick, New Jersey.
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²				6,000
Initial base rent per square foot | $ / ft²				15.50
Operating lease expiration period				2022-07
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
Management fee of base rent percentage				3.00%
South Brunswick, New Jersey. | Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Initial base rent per square foot | $ / ft²				28.50
Operating lease expiration period				2023-08
Operating lease, renewal term				3 years
Initial base rent increased per square foot | $ / ft²				1.00
Allowance on behalf of lessor for construction of office space.									$ 165,000
Remaining rent incentives					$ 35,000		$ 35,000
Sublease expiration period							2023-08
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description							That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters
Lease area of square feet | ft²			50,581
Operating Leases, extended year			2032
Operating leases, extension period			5 years
Operating lease, payments			$ 19,889,000
Operating leases extended month and year			2032-05
Tenant improvement allowance			$ 4,046,000
Reimbursements received					1,612,000		$ 1,612,000
Sublease with tenant office space starting period		2021-04
Sublease with tenant office space ending period		2021-06
Sublease income					$ 29,000	$ 29,000	$ 83,000	$ 89,000

XML

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 578	$ 511	$ 1,619	$ 1,180
Variable lease cost	247	158	643	470
Total lease cost	$ 825	$ 669	$ 2,262	$ 1,650

XML

Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases:
Right-of-use assets, operating leases	$ 9,535	$ 10,060
Operating lease liabilities, current	394	403
Operating lease liabilities, non-current	12,135	10,790
Total operating lease liabilities	$ 12,529	$ 11,193
Weighted-average remaining lease term (years)	9 years 4 months 17 days	10 years 7 days
Weighted-average discount rate	5.75%	5.75%

XML

Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Net cash paid (received) for amounts included in the measurement of lease liabilities	$ (242)	$ 535
Leased assets obtained in exchange for new or modified operating lease liabilities	$ 581	$ 10,314

XML

Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ (1,925)
2023	1,908
2024	1,814
2025	1,869
2026	1,925
Thereafter	11,477
Total minimum lease payments	17,068
Less: Amounts representing imputed interest	(4,539)
Present value of lease liabilities	$ 12,529	$ 11,193

XML

Stockholder's Equity - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	45,624,860	45,433,684
Common stock, shares outstanding	45,624,860	45,433,684
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Dividends, common stock declared	$ 0

XML

Stock Plan - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
	Sep. 09, 2022	May 20, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022	Sep. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted to employees					374,899
Total compensation cost related to nonvested awards not yet recognized			$ 22,378,000		$ 22,378,000
Unrecognized compensation cost, weighted average period of recognition					3 years
Dividend yield					0.00%	0.00%
Compensation expense			2,448,000	$ 1,796,000	$ 7,143,000	$ 3,573,000
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted to employees	374,899
Unrecognized compensation cost, weighted average period of recognition					2 years
Compensation expense			103,000		$ 103,000
Unrecognized compensation cost			$ 5,004		$ 5,004
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			4,406,374		4,406,374
Number of additional shares reserved for issuance, minimum			4,406,374		4,406,374
Percentage of number of shares of common stock outstanding increase			5.00%		5.00%
Number of additional shares reserved for issuance, maximum							1,363,084
Shares issued					4,727,364
2020 Plan | Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period on an annual basis	2 years
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			801,464		801,464			400,572
Employees exercised their right to purchase shares		18,454
Percentage of number of shares of common stock outstanding increase								1.00%
Number of additional shares reserved for issuance, maximum								801,504
Shares issued					65,520
Shares outstanding					65,520

XML

Stock Plan - Schedule of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Shares Available For Grant
Shares Available for Grant, Balance	4,951,680
Shares Available for Grant, Shares reserved for issuance	1,363,084
Shares Available for Grant, Options granted	(1,296,797)
Shares Available for Grant, RSU's granted	(374,899)
Shares Available for Grant, Options forfeited / cancelled	84,296
Shares Available for Grant, Balance	4,727,364	4,951,680
Number of Options
Options	4,246,007
Options granted, Number of Options	1,296,797
Options forfeited / cancelled, Number of Options	(84,296)
Options exercised, Number of Options	(172,722)
Options Outstanding, Number of Options	5,285,786	4,246,007
Vested and expected to vest, Number of Options	5,285,786
Exercisable, Number of Options	3,221,232
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price | $ / shares	$ 8.22
Options granted, Weighted Average Exercise Price | $ / shares	16.28
Options forfeited / cancelled, Weighted Average Exercise Price | $ / shares	19.08
Options exercised, Weighted Average Exercise Price | $ / shares	1.08
Options Outstanding, Weighted Average Exercise Price | $ / shares	10.23	$ 8.22
Vested and expected to vest, Weighted Average Exercise Price | $ / shares	10.23
Exercisable, Weighted Average Exercise Price | $ / shares	$ 6.37
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 10 months 20 days	6 years 10 months 9 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life	6 years 10 months 20 days
Exercisable, Weighted-Average Remaining Contractual Life	5 years 8 months 15 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value | $	$ 28,402	$ 68,506
Vested and expected to vest, Aggregate Intrinsic Value | $	28,402
Exercisable, Aggregate Intrinsic Value | $	$ 24,664

XML

Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	1.48%	0.35%
Risk-free interest rate, maximum	3.42%	1.22%
Dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years 6 months	5 years 6 months
Expected volatility	77.00%	79.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 5 months 8 days	6 years 5 months 4 days
Expected volatility	81.00%	79.90%

XML

Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair value of Stock Options Granted and Stock Purchase Rights Under ESPP (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	1.57%	0.02%
Expected life (in years)	5 months 26 days	6 months
Dividend yield	0.00%	0.00%
Expected volatility	77.00%	79.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	5 years 6 months	5 years 6 months
Expected volatility	77.00%	79.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 5 months 8 days	6 years 5 months 4 days
Expected volatility	81.00%	79.90%

XML

Stock Plan - Stock-based Compensation Expense Related to Options Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,448	$ 1,796	$ 7,143	$ 3,573
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	836	449	2,293	983
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,612	$ 1,347	$ 4,850	$ 2,590

XML

Stock Plan - Schedule of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,448	$ 1,796	$ 7,143	$ 3,573
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,290	1,687	6,862	3,260
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	103		103
Employee stock purchase plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 55	$ 109	$ 178	$ 313

XML

Stock Plan - Schedule of RSU Activity Under the 2020 Plan (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Units, Granted | shares	374,899
Number of Stock Units, Ending balance | shares	374,899
Weighted-Average Grant Date Fair Value, Granted | $ / shares	$ 13.6
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares	$ 13.6

XML

Net Loss per Share - Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	6,462,149	5,037,374
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	5,285,786	4,225,430
Unvested restricted common stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	374,899
Unvested employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	801,464	811,944

XML

Related Parties - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2021 Member shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) Member	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Options awarded | shares				1,296,797
Board of Directors
Related Party Transaction [Line Items]
Number of consulting agreement members | Member	2				2
Consulting fees | $		$ 19,700	$ 29,000	$ 78,000	$ 85,000	$ 110,000
Amount owed to related party | $		$ 0		$ 0		$ 0
Options awarded | shares	5,781