0001558370-23-001916 | 10-K | XBRL Viewer

Equity	12 Months Ended
Dec. 31, 2022
Equity [Abstract]
Equity	9. Equity As of December 31, 2022, our amended and restated certificate of incorporation authorizes us to issue 150,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share, all of which preferred stock is undesignated. In January 2021, we issued and sold 9,200,000 shares of our common stock, including 1,200,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, in a follow-on public offering, resulting in net proceeds of $211.3 million after deducting underwriting discounts and commissions and other offering expenses. In August 2021, we entered into an “at-the-market” sales agreement pursuant to which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $250.0 million. As of February 23, 2023, the issuance date of these consolidated financial statements, we have issued and sold 1,795,524 shares of our common stock pursuant to this sales agreement resulting in net proceeds of $12.3 million. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of our stockholders. Holders of common stock are not entitled to receive dividends, unless declared by the board of directors.

Equity

12 Months Ended

Dec. 31, 2022

9. Equity

As of December 31, 2022, our amended and restated certificate of incorporation authorizes us to issue 150,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share, all of which preferred stock is undesignated.

In January 2021, we issued and sold 9,200,000 shares of our common stock, including 1,200,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, in a follow-on public offering, resulting in net proceeds of $211.3 million after deducting underwriting discounts and commissions and other offering expenses. In August 2021, we entered into an “at-the-market” sales agreement pursuant to which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $250.0 million. As of February 23, 2023, the issuance date of these consolidated financial statements, we have issued and sold 1,795,524 shares of our common stock pursuant to this sales agreement resulting in net proceeds of $12.3 million.

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

- Definition

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

+ References

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+ Details

Prepaid expenses and other current assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid expenses and other current assets

Schedule of prepaid expenses and other current assets


	December 31, 2022		December 31, 2021
(in thousands)
Prepaid research and development expenses	$	4,555	$	747
Prepaid insurance		1,180		1,463
Prepaid facilities-related expenses		922		1,160
Prepaid employee compensation and benefits		349		561
Interest income receivable		265		7
Other		259		103
Total	$	7,530	$	4,041

Convertible preferred stock	12 Months Ended
Dec. 31, 2022
Temporary Equity Disclosure [Abstract]
Convertible preferred stock	8. Convertible preferred stock Prior to the IPO, we issued Series A convertible preferred stock, or Series A, Series B convertible preferred stock, or Series B, and Series C convertible preferred stock, or Series C. Collectively the Series A, Series B and Series C are referred to as the Preferred Stock. On January 9, 2020, we issued and sold 19,936,296 shares of Series C at a price of $5.5914 per share for gross proceeds of $111.5 million. We incurred issuance costs in connection with this transaction of $2.6 million. Upon issuance of each class of Preferred Stock, we assessed the embedded conversion and liquidation features of the shares and determined that such features did not require us to separately account for these features. We also concluded that no beneficial conversion feature existed on the issuance date of each class of Preferred Stock. Upon the closing of the IPO in June 2020, our Preferred Stock automatically converted into 27,094,085 shares of common stock.

Convertible preferred stock

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Convertible preferred stock

8. Convertible preferred stock

Prior to the IPO, we issued Series A convertible preferred stock, or Series A, Series B convertible preferred stock, or Series B, and Series C convertible preferred stock, or Series C. Collectively the Series A, Series B and Series C are referred to as the Preferred Stock.

On January 9, 2020, we issued and sold 19,936,296 shares of Series C at a price of $5.5914 per share for gross proceeds of $111.5 million. We incurred issuance costs in connection with this transaction of $2.6 million.

Upon issuance of each class of Preferred Stock, we assessed the embedded conversion and liquidation features of the shares and determined that such features did not require us to separately account for these features. We also concluded that no beneficial conversion feature existed on the issuance date of each class of Preferred Stock.

Upon the closing of the IPO in June 2020, our Preferred Stock automatically converted into 27,094,085 shares of common stock.

Prepaid expenses and other current assets

12 Months Ended

Dec. 31, 2022

Prepaid expenses and other current assets

Prepaid expenses and other current assets

4. Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:


	December 31, 2022		December 31, 2021
(in thousands)
Prepaid research and development expenses	$	4,555	$	747
Prepaid insurance		1,180		1,463
Prepaid facilities-related expenses		922		1,160
Prepaid employee compensation and benefits		349		561
Interest income receivable		265		7
Other		259		103
Total	$	7,530	$	4,041

As of December 31, 2022 and 2021, there was $1.7 million and $0.1 million, respectively, of prepaid research and development expenses included in other long-term assets on our consolidated balance sheet.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

6. Leases

We lease our office and laboratory space under a noncancelable operating lease that was entered into in August 2018, amended in July 2019 and June 2020, and expires in 2029, or the Office and Lab Lease. We have an option to extend the Office and Lab Lease term for one additional term of five years at the greater of the then-current base rent or the then-current fair market value. Exercise of this option was not determined to be reasonably certain and thus was not considered in determining the operating lease liability on the consolidated balance sheet as of December 31, 2022. We posted a letter of credit in the amount of approximately $2.1 million as a security deposit. The letter of credit is subject to increase if we were to sublease any portion of the leased premises. The Office and Lab Lease does not include any restrictions or covenants that had to be accounted for under the lease guidance.

In July 2021, we entered into a lease agreement, or the Seyon Lease, to build out a current Good Manufacturing Practice-, or cGMP-, compliant manufacturing facility in Waltham, Massachusetts in order to scale ceDNA manufacturing utilizing RES for clinical and initial commercial supply. The Seyon Lease commenced in December 2021, when we were granted access to the facility and monthly rent payments began in September 2022, and the total rent payment is expected to be approximately $104.3 million for the 12-year lease term. We have an option to extend the Seyon Lease term for two additional terms of five years each at the greater of the then-current base rent or the then-current fair market value. Exercise of this option was not determined to be reasonably certain and thus was not considered in determining the operating lease liability on the consolidated balance sheet as of December 31, 2022. In connection with the Seyon Lease, we provided a security deposit of $3.6 million in the form of a letter of credit. We will pay an initial monthly base rent of approximately $0.4 million that will increase annually, up to an estimated monthly base rent of $0.8 million. We are obligated to pay operating costs, taxes and utilities applicable to the facility. We will be responsible for costs of constructing interior improvements within the facility that exceed a construction allowance of $26.0 million provided by the landlord. Following additional process development of RES, we achieved a significant increase in scale, while maintaining high productivity and ceDNA purity. RES production requires a much smaller manufacturing footprint than previously anticipated, and consequently, we are seeking one or more third parties to assume our lease or sublease the property.

The following table presents our costs included in operating expenses related to our noncancelable operating leases:


(in thousands)		For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
Operating lease cost	$	13,796	$	6,615
Variable lease cost		2,572		1,796
Total	$	16,368	$	8,411

Net cash paid for the amounts included in the measurement of the operating lease liability on the consolidated balance sheet and operating activities in our consolidated statement of cash flows was $9.2 million and $7.1 million for the years ended December 31, 2022 and 2021, respectively. The weighted-average remaining lease term and weighted-average

incremental borrowing rate for all leases as of December 31, 2022 was 10 years and 7.4%, respectively, and as of December 31, 2021 was 9.6 years and 7.0%, respectively.

Future lease payments for our noncancelable operating leases as of December 31, 2022 and a reconciliation to the carrying amount of the operating lease liability presented in the consolidated balance sheet as of December 31, 2022 are as follows:


Year Ending December 31,	(in thousands)
2023	$	13,435
2024		15,207
2025		15,638
2026		16,094
2027		16,550
Thereafter		73,219
Total undiscounted payments due under operating leases		150,143
Total undiscounted unearned tenant improvements		(23,502)
Less imputed interest		(44,934)
Total	$	81,707

Current operating lease liability	$	7,086
Non-current operating lease liability		74,621
Total	$	81,707

Income Taxes - Summary of Changes in the Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Abstract]
Valuation allowance as of beginning of year	$ 98,902	$ 60,968
Increases recorded to income tax provision	38,956	37,934
Valuation allowance as of end of year	$ 137,858	$ 98,902

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and equipment, net

Property and equipment, net consisted of the following:


	As of December 31,
(in thousands)	2022		2021
Laboratory equipment	$	13,619	$	12,826
Computer equipment and software		1,189		1,128
Furniture and fixtures		1,146		826
Leasehold improvements		20,786		17,374
Construction in progress		13		3,748
		36,753		35,902
Less: Accumulated depreciation and amortization		(14,538)		(10,016)
Total	$	22,215	$	25,886

Stock-based compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Jun. 11, 2020	Aug. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement number of options granted			3,527,390
Share based compensation by share based fair value			$ 6.34
Per-share purchase price, percentage			85.00%
Weighted average grant date fair value of Unvested restricted common stock, Vested \| $ / shares			$ 4.59
No of Intrinsic stock option exercised			$ 0.5	$ 19.4	$ 20.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 3.5	$ 0.2	$ 0.3
Shares issued			1,660,884
Shares issued during the period		1,795,524
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of Unvested restricted common stock, Vested \| $ / shares			$ 4.76	$ 18.81	$ 10.41
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted common stock			$ 0.1	$ 17.7	$ 15.8
2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance	2,547,698
Stock based compensation vesting period service based			4 years
Stock based compensation period of expiry			10 years
Common stock shares available for future issuance			696,263
2020 Stock Incentive Plan \| Maximum \| Additional From 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance	7,173,014
2020 Stock Incentive Plan \| Maximum \| Annual Increase 2021 To 2030
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock shares additionally reserved for issuance	4.00%
Employee Stock Purchase Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance			1,520,738	950,931	481,231	2,115,792	1,520,738	950,931
Shares issued			1,338,776
Shares issued during the period			143,455
Employee Stock Purchase Plan 2020 \| Maximum \| Annual Increase 2021 To 2030
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock shares additionally reserved for issuance	1.00%
Number of share instruments newly issued under a share-based compensation plan	1,302,157
Common Stock [Member] \| 2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement number of shares authorized for issuance									10,275,717	8,407,405
Common Stock [Member] \| 2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement number of shares authorized for issuance			14,433,745	12,154,517	10,275,717	16,813,962	14,433,745	12,154,517

Net Loss per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share

14. Net loss per share

Net loss per share

We have generated a net loss in all periods presented, therefore the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. We excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated:


	December 31,
	2022	2021	2020
Unvested restricted common stock	—	11,083	678,135
Unvested restricted common stock units	959,521	13,120	19,681
Stock options to purchase common stock	8,827,322	6,205,088	5,241,770
Total	9,786,843	6,229,291	5,939,586

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
IPO [Member]
Stock issuance of costs	$ 404	$ 590	$ 3,185
Series C Convertible Preferred Stock [Member]
Stock issuance of costs			$ 2,640

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Property and equipment

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


		Estimated Useful Life
Laboratory equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining life of lease or useful life

Equity - Additional Information (Detail) $ / shares in Units, $ in Millions			1 Months Ended		12 Months Ended
	Jan. 31, 2021 USD ($) shares	Jun. 16, 2020 shares	Aug. 31, 2021 USD ($) shares	Jan. 31, 2021 USD ($) shares	Dec. 31, 2022 security $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares
Common stock, shares authorized					150,000,000	150,000,000
Common stock, par value per share \| $ / shares					$ 0.0001	$ 0.0001
Preferred stock, shares authorized					5,000,000	5,000,000
Preferred stock, par value per share \| $ / shares					$ 0.0001	$ 0.0001
Shares issued during the period			1,795,524
Net proceeds from shares issued \| $	$ 211.3		$ 12.3	$ 211.3
Number of vote per common share \| security					1
Maximum
Aggregate gross offering price \| $			$ 250.0
Common Stock [Member]
Shares issued during the period	9,200,000			9,200,000	1,795,524	9,200,000	12,105,263
Over-Allotment Option [Member] \| Common Stock [Member]
Shares issued during the period	1,200,000	1,578,947		1,200,000

Summary of Significant Accounting Policies - Summary Of Property And Equipment (Detail)	12 Months Ended
	Dec. 31, 2022
Laboratory equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful life	5 years
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful life	3 years
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Useful life	Shorter of remaining life of lease or useful life

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Prepaid research and development expenses	$ 4,555	$ 747
Prepaid insurance	1,180	1,463
Prepaid facilities-related expenses	922	1,160
Prepaid employee compensation and benefits	349	561
Interest income receivable	265	7
Other	259	103
Total	$ 7,530	$ 4,041

Property and equipment, net - Summary of Property and equipment, net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 36,753	$ 35,902
Less: Accumulated depreciation and amortization	(14,538)	(10,016)
Property and equipment, net	22,215	25,886
Laboratory equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,619	12,826
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,189	1,128
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,146	826
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,786	17,374
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13	$ 3,748

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes

11. Income taxes

For the years ended December 31, 2022, 2021 and 2020, we recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each year, due to the uncertainty of realizing a benefit from those items. All of our operating losses since inception have been generated in the United States.

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


	Year Ended December 31,
	2022		2021		2020
Federal statutory income tax rate	(21.0)	%	(21.0)	%	(21.0)	%
State income taxes, net of federal benefit	(6.1)		(6.7)		(7.0)
Federal and state research and development tax credits	(2.3)		(2.4)		(4.2)
Stock-based compensation expense	0.9		(1.7)		(2.6)
Other	—		—		—
Change in deferred tax asset valuation allowance	28.5		31.8		34.8
Effective income tax rate	—	%	—	%	—	%

Net deferred tax assets as of December 31, 2022 and 2021 consisted of the following:


	December 31,
(in thousands)	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	89,546	$	79,607
Research and development tax credit carryforwards		15,368		12,157
Operating lease liability		22,322		22,082
Capitalized research and development costs		20,005		—
Other		10,359		6,386
Total deferred tax assets		157,600		120,232
Deferred tax liabilities:
Operating lease right-of-use assets		(16,176)		(17,797)
Property and equipment		(3,566)		(3,533)
Total deferred tax liabilities		(19,742)		(21,330)
Valuation allowance		(137,858)		(98,902)
Net deferred tax assets	$	—	$	—

As of December 31, 2022, we had federal net operating loss carryforwards of $328.2 million, which may be available to offset future taxable income, of which $8.2 million of the total net operating loss carryforwards expire at various dates beginning in 2036, while the remaining $320.0 million do not expire but may be limited in their usage to an annual deduction equal to 80% of annual taxable income. As of December 31, 2022, we had state net operating loss carryforwards of $326.5 million, which may be available to offset future taxable income and expire at various dates beginning in 2036. In addition, as of December 31, 2022, we also had federal and state research and development tax credit carryforwards of $10.4 million and $6.2 million, respectively, which may be available to reduce future tax liabilities and expire at various dates beginning in 2036 and 2033, respectively.

Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, or the Code, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income and tax liabilities. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. We have performed an analysis of ownership changes through December 31, 2021. Based on this analysis, we believe that $0.7 million of our tax attributes will expire unutilized due to Section 382 limitations. If we experience any ownership changes subsequent to the effective date of our most recent analysis, utilization of the net operating loss carryforwards or research and development tax credit carryforwards may be subject to incremental annual limitations.

We have evaluated the positive and negative evidence bearing upon our ability to realize the deferred tax assets, which consist primarily of net operating loss carryforwards and research and development tax credit carryforwards. Management has considered our history of cumulative net losses incurred since inception, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that we will not realize the benefits of federal and state net deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2022 and 2021. We reevaluate the positive and negative evidence at each reporting period.

The changes in the valuation allowance for deferred tax assets during the year ended December 31, 2022 and 2021 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards. The changes in the valuation allowance for 2022 and 2021 were as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Valuation allowance as of beginning of year	$	98,902	$	60,968
Increases recorded to income tax provision		38,956		37,934
Valuation allowance as of end of year	$	137,858	$	98,902

We assess the uncertainty in our income tax positions to determine whether a tax position of ours is more likely than not to be sustained upon examination, including resolution of any related appeals of litigation processes, based on the technical merits of the position. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement with the relevant taxing authority. No reserve for uncertain tax positions or related interest and penalties have been recorded at December 31, 2022 and 2021.

We file income tax returns as prescribed by the tax laws of the jurisdictions in which we operate. In the normal course of business, we are subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. We are open to future tax examination under statute from 2019 to the present. To the extent we have tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, or state tax authorities to the extent utilized in a future period.

Section 174 of the Tax Cuts and Jobs Act of 2017, or the Tax Act, requires taxpayers to capitalize and amortize research and development costs for the tax years beginning after December 31, 2021. For the year ended December 31, 2022, the capitalization and amortization of research and development costs resulted in a $73.2 million reduction of federal and state net operating loss carryforwards. In accordance with Section 174 of the Tax Act, we will amortize research and development costs for tax purposes over 5 years for costs of research and development performed in the U.S. and over 15 years for costs of research and development performed outside the U.S.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Marketable securities and fair value measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Marketable securities and fair value measurements

3. Marketable securities and fair value measurements

The following tables present our marketable securities by security type as of December 31, 2022:

As of December 31, 2022

Gross

Amortized

Unrealized

Fair

(in thousands)

Cost

Gains

Losses

Value

U.S. treasury securities

186,003

(96)

185,920

We did not have marketable securities as of December 31, 2021.

Our marketable securities, as of December 31, 2022, consisted of investments that matured within one year.

The following tables present our assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques that we utilized to determine such fair value:


	Fair Value Measurements at December 31, 2022 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	77,010	$	—	$	—	$	77,010
Marketable securities:
U.S. treasury securities		—		185,920		—		185,920
Totals	$	77,010	$	185,920	$	—	$	262,930



	Fair Value Measurements at December 31, 2021 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	259,609	$	—	$	—	$	259,609

- Definition

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

+ References + Details

Stock-based compensation

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-based compensation

10. Stock-based compensation

Our 2017 Stock Incentive Plan, or the 2017 Plan, provided for us to grant incentive or nonstatutory stock options, restricted stock, restricted stock units and other equity awards to employees, non-employees and directors. In January 2020, the number of shares of common stock authorized for issuance under the 2017 Plan was increased from 8,407,405 shares to 10,275,717 shares.

In May 2020 our board of directors adopted, and in June 2020 our stockholders approved, the 2020 Stock Incentive Plan, or the 2020 Plan, and, together with the 2017 Plan, or the Plans, which became effective on June 11, 2020. The 2020 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares of common stock reserved for issuance under the 2020 Plan is the sum of (1) 2,547,698 shares; plus (2) the number of shares (up to a maximum of 7,173,014 shares) as was equal to the sum of (x) the number of shares of common stock reserved for issuance under the 2017 Plan that remained available for grant under the 2017 Plan on June 11, 2020 and (y) the number of shares of common stock subject to outstanding awards granted under the 2017 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2021 and continuing until, and including, the fiscal year ending December 31, 2030, equal to the lesser of (i) 4% of the number of shares of common stock outstanding on such date, and (ii) an amount determined by the board of directors. In January 2021, 2022 and 2023, the number of shares of common stock authorized for issuance under the 2020 Plan was increased from 10,275,717 shares to 12,154,517 shares, from 12,154,517 shares to 14,433,745 shares, and from 14,433,745 shares to 16,813,962 shares, respectively. Upon the effectiveness of the 2020 Plan, we ceased granting additional awards under the 2017 Plan.

The Plans are administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions on any award under the Plans are determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the Plans with service-based vesting conditions generally vest over four years and expire after ten years. The exercise price for stock options granted is not less than the fair value of common stock as of the date of grant. Prior to our IPO, fair value of common stock was determined by the board of directors. Subsequent to our IPO, fair value of common stock is based on quoted market prices.

As of December 31, 2022, 696,263 shares remained available for future issuance under the 2020 Plan. Shares subject to outstanding awards granted under the Plans that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right will be available for future awards under the 2020 Plan.

Stock option valuation

The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. We completed our IPO in 2020 and, accordingly, lack sufficient company-specific historical and implied volatility information. Therefore, we estimated our expected stock volatility based on combination of company-specific historical volatility and that of a publicly traded set of peer companies. We expect to continue to use this method to estimate expected stock volatility until we have adequate historical data regarding the volatility of our own traded stock price. For options with service-based vesting conditions, the expected term of our stock options was determined utilizing the “simplified” method for awards that qualified as “plain-vanilla” options. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield was based on the fact that we have never paid cash dividends and do not expect to pay any cash dividends in the foreseeable future.

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:


	Year Ended December 31,
	2022		2021		2020
Risk-free interest rate	2.08	%	0.81	%	0.60	%
Expected volatility	91.2	%	76.0	%	77.3	%
Expected dividend yield	—		—		—
Expected term (in years)	6.0		6.0		6.0

The following table summarizes our stock option activity since December 31, 2021:


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
				(in years)	(in thousands)
Outstanding as of December 31, 2021	6,205,088	$	17.09	8.33	$	5,140
Granted	3,527,390		6.34
Exercised	(150,699)		4.17
Forfeited	(754,457)		15.53
Outstanding as of December 31, 2022	8,827,322	$	13.15	7.97	$	55
Vested and expected to vest as of December 31, 2022	8,300,055	$	13.65	8.02	$	55
Options exercisable as of December 31, 2022	3,249,364	$	15.44	6.98	$	55

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of our common stock for those stock options that had strike prices lower than the fair value of our common stock.

The weighted average grant-date fair value of stock options granted during the years ended December 31, 2022, 2021 and 2020 was $4.76, $18.81, and $10.41 per share, respectively.

The total intrinsic value of stock options exercised during the years ended December 31, 2022, 2021, and 2020 was $0.5 million, $19.4 million and $20.0 million, respectively.

Restricted common stock units

The following table summarizes our restricted common stock units activity since December 31, 2021:


				Weighted Average

	Shares	Grant Date Fair Value
Unvested restricted common stock units as of December 31, 2021	13,120	$	19.00
Granted	1,660,884		6.55
Vested	(523,165)		6.69
Forfeited	(191,318)		6.50
Unvested restricted common stock units as of December 31, 2022	959,521	$	6.65

The total fair value of restricted common stock units vested during the years ended December 31, 2022, 2021, and 2020 was approximately $3.5 million, $0.2 million, and $0.3 million, respectively.

Restricted common stock awards

We did not issue restricted stock awards in the year ended December 31, 2022. The following table summarizes our restricted common stock awards activity since December 31, 2021:


		Weighted Average
	Shares	Grant Date Fair Value
Unvested restricted common stock as of December 31, 2021	11,083	$	4.59
Issued	—		—
Vested	(11,083)		4.59
Forfeited	—		—
Unvested restricted common stock as of December 31, 2022	—	$	—

The total fair value of restricted common stock awards vested during the years ended December 31, 2022, 2021, and 2020 was approximately $0.1 million, $17.7 million, and $15.8 million, respectively.

Employee stock purchase plan

In May 2020 our board of directors adopted, and in June 2020 our stockholders approved, the 2020 Employee Stock Purchase Plan, or the 2020 ESPP, which became effective June 11, 2020. The 2020 ESPP is administered by our board of directors or by a committee appointed by the board of directors. The 2020 ESPP provides participating employees with the opportunity to purchase shares of common stock through payroll deductions made over the term of the offering. The per-share purchase price at the end of each offering period is equal to the lesser of 85% of the closing price of our common stock at the beginning or end of the offering period. During the year ended December 31, 2022, we issued 143,455 shares of common stock under the 2020 ESPP and 1,338,776 shares remained available for issuance as of December 31, 2022.

The number of shares of common stock reserved for issuance under the 2020 ESPP automatically increases on the first day of each fiscal year, beginning with the fiscal year that commenced on January 1, 2021 and continuing for each fiscal year until, and including the fiscal year commencing on, January 1, 2030, in an amount equal to the lowest of (1) 1,302,157 shares of common stock, (2) 1% of the number of shares of common stock outstanding on such date, and (3) an amount determined by the board of directors. In January 2021, 2022, and 2023, the number of shares of common stock authorized for issuance under the 2020 ESPP was increased from 481,231 shares to 950,931 shares, from 950,931 shares to 1,520,738 shares, and from 1,520,738 shares to 2,115,792 shares, respectively.

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of shares of common stock granted under the 2020 ESPP:


	Year Ended December 31,		Year Ended December 31,
	2022		2021
Risk-free interest rate	1.43	%	0.09	%

Expected volatility	93.5	%	85.6	%
Expected dividend yield	—		—
Expected term (in years)	0.5		0.5

Stock-Based Compensation

We record compensation cost for all share-based payment arrangements, including employee, non-employee and director stock options and restricted common stock. We recorded stock-based compensation expense in the following expense categories of our consolidated statements of operations and comprehensive loss:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Research and development expenses	$	12,405	$	9,316	$	4,301
General and administrative expenses		12,047		8,541		4,111
Total	$	24,452	$	17,857	$	8,412

The following table summarizes our unrecognized stock-based compensation expense by type of awards and the weighted-average period over which that expense is expected to be recognized:


	Unrecognized Expense (in thousands)	Weight-average Recognition Period (in years)
Type of award:
Time-based stock options	37,088	2.42
Performance-based stock options	1,702	*
Restricted stock units	5,165	1.31

* Performance-based stock options are recorded as expense beginning when vesting events are determined to be probable.

Net Loss per Share - Summary of Potential Dilutive Securities, Presented Based on Amounts Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	9,786,843	6,229,291	5,939,586
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	0	11,083	678,135
Unvested restricted common stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	959,521	13,120	19,681
Stock option to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	8,827,322	6,205,088	5,241,770

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Number of operating segment \| segment	1
Income Tax rate settlement	50.00%
Interest and penalties \| $	$ 0	$ 0

Marketable securities and fair value measurements - Summary of assets measured at fair value on a recurring basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Marketable securities:
Total	$ 262,930
Level 1
Marketable securities:
Total	77,010
Level 2
Marketable securities:
Total	185,920
Money Market Funds
Cash equivalents:
Cash equivalents	77,010	$ 259,609
Money Market Funds \| Level 1
Cash equivalents:
Cash equivalents	77,010	$ 259,609
U.S. treasury securities
Marketable securities:
Marketable securities	185,920
U.S. treasury securities \| Level 2
Marketable securities:
Marketable securities	$ 185,920

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of reconciliation of the U.S. federal statutory income tax rate

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


	Year Ended December 31,
	2022		2021		2020
Federal statutory income tax rate	(21.0)	%	(21.0)	%	(21.0)	%
State income taxes, net of federal benefit	(6.1)		(6.7)		(7.0)
Federal and state research and development tax credits	(2.3)		(2.4)		(4.2)
Stock-based compensation expense	0.9		(1.7)		(2.6)
Other	—		—		—
Change in deferred tax asset valuation allowance	28.5		31.8		34.8
Effective income tax rate	—	%	—	%	—	%

Summary of Net deferred tax assets

Net deferred tax assets as of December 31, 2022 and 2021 consisted of the following:


	December 31,
(in thousands)	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	89,546	$	79,607
Research and development tax credit carryforwards		15,368		12,157
Operating lease liability		22,322		22,082
Capitalized research and development costs		20,005		—
Other		10,359		6,386
Total deferred tax assets		157,600		120,232
Deferred tax liabilities:
Operating lease right-of-use assets		(16,176)		(17,797)
Property and equipment		(3,566)		(3,533)
Total deferred tax liabilities		(19,742)		(21,330)
Valuation allowance		(137,858)		(98,902)
Net deferred tax assets	$	—	$	—

Summary of changes in the valuation allowance for deferred tax assets


	Year Ended December 31,
(in thousands)	2022		2021
Valuation allowance as of beginning of year	$	98,902	$	60,968
Increases recorded to income tax provision		38,956		37,934
Valuation allowance as of end of year	$	137,858	$	98,902

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
IncomeTax [Line Items]
Income tax benefits	$ 0	$ 0	$ 0
Net operating loss carry forwards	$ 320,000
Percentage on annual taxable income	80.00%
Tax Credit Carryforward, Amount	$ 6,200
Percentage of change in ownership	50.00%
Deferred tax assets tax attribute	$ 700
Unrecognized Tax Benefits of income tax rate	50.00%
Tax Credit Carry forward, Expiration Year	2036
Operating Loss Carry forwards, Expiration Year	2036
Loss from operations	$ (141,182)	(119,101)	(81,114)
Reserve for uncertain tax positions	0	0
Interest and penalties		$ 0	$ 0
Operating loss carryforwards	73,200
Federal income tax Authority [Member]
IncomeTax [Line Items]
Net operating loss carry forwards	328,200
State and Local Jurisdiction [Member]
IncomeTax [Line Items]
Net operating loss carry forwards	326,500
Federal and state research and development tax credit carry forwards [Member]
IncomeTax [Line Items]
Operating loss carryforward with expiration date	8,200
Tax Credit Carryforward, Amount	$ 10,400

Property and equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

5. Property and equipment, net

Property and equipment, net consisted of the following:


	As of December 31,
(in thousands)	2022		2021
Laboratory equipment	$	13,619	$	12,826
Computer equipment and software		1,189		1,128
Furniture and fixtures		1,146		826
Leasehold improvements		20,786		17,374
Construction in progress		13		3,748
		36,753		35,902
Less: Accumulated depreciation and amortization		(14,538)		(10,016)
Total	$	22,215	$	25,886

Depreciation and amortization expense for the years ended December 31, 2022, 2021, and 2020 was $5.1 million, $4.5 million, and $3.4 million, respectively.

In July 2021, we entered into a lease agreement to build out a current Good Manufacturing Practice-, or cGMP-, compliant manufacturing facility in Waltham, Massachusetts in order to scale ceDNA manufacturing utilizing RES for clinical and initial commercial supply. Following additional process development of RES, we achieved a significant increase in scale, while maintaining high productivity and ceDNA purity. RES production requires a much smaller manufacturing footprint than previously anticipated, and consequently, we are seeking one or more third parties to assume our lease or sublease the property. As a result, we recognized an impairment of $5.1 million related to the abandonment of leasehold improvements on our consolidated statements of operations and comprehensive loss during the year ended December 31, 2022. We have performed an impairment assessment on other assets related to this abandonment of leasehold improvements and concluded that no additional impairment is necessary.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (136,639)	$ (119,151)	$ (80,523)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	24,452	17,857	8,412
Depreciation and amortization expense	5,130	4,532	3,432
Amortization (accretion) of premium (discount) on marketable securities, net	(2,289)	529	249
Loss (gain) on sale of property and equipment	41	237	0
Loss on impairment of property and equipment	5,811	0	0
Changes in operating assets and liabilities:
Tenant receivable	(395)		448
Prepaid expenses and other current assets	(3,489)	1,367	(2,831)
Operating lease right-of-use assets	5,935	3,072	0
Other noncurrent assets	(1,295)	(152)	(252)
Accounts payable	(1,386)	1,756	(1,444)
Accrued expenses and other current liabilities	795	1,833	3,426
Operating lease liability	881	(3,701)	0
Deferred rent	0	0	(1,059)
Net cash used in operating activities	(102,448)	(91,821)	(70,142)
Cash flows from investing activities:
Purchases of property and equipment	(8,801)	(5,958)	(5,518)
Proceeds from sale of property and equipment	0	105	0
Purchases of marketable securities	(323,714)	0	(243,178)
Maturities of marketable securities	140,000	198,900	43,500
Net cash (used in) provided by investing activities	(192,515)	193,047	(205,196)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs incurred and paid in current period	0	0	108,854
Proceeds from public offering of common stock, net of underwriting discounts and commissions	0	211,876	213,900
Proceeds from issuance of common stock from public ATM offering, net of commissions and offering costs	12,360	0	0
Payment of offering costs	(50)	(955)	(3,226)
Proceeds from exercise of stock options and other types of equity, net	1,260	3,750	3,567
Tax withholding payments related to net share settlements of restricted stock units	(581)	0	0
Net cash provided by financing activities	12,989	214,671	323,095
Net (decrease) increase in cash, cash equivalents and restricted cash	(281,974)	315,897	47,757
Cash, cash equivalents and restricted cash at beginning of period	380,837	64,940	17,183
Cash, cash equivalents and restricted cash at end of period	98,863	380,837	64,940
Supplemental disclosure of noncash investing and financing information:
Lease liabilities arising from obtaining right-of-use assets	0	34,806	0
Purchases of property and equipment included in accounts payable and accrued expenses	24	1,515	494
Unrealized (losses) gains on marketable securities	(83)	(9)	9
Offering costs included in accounts payable and accrued expenses	0	55	295
Conversion of convertible preferred stock to common stock	$ 0	$ 0	$ 224,425

Prepaid expenses and other current assets - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets [Line Items]
Prepaid research and development expenses	$ 4,555	$ 747
Other Noncurrent Assets [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Prepaid research and development expenses	$ 1,700	$ 100

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.0001	$ 0.0001
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 per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	59,505,437	56,980,701
Common stock, shares outstanding	59,505,437	56,969,618

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and stock-based compensation expense. We base our estimates on historical experience, known trends and other market-specific or other relevant factors that we believe to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Concentrations of credit risk and of significant suppliers

Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash, cash equivalents, and marketable securities. We believe that we are not exposed to significant credit risk due to the financial strength of the depository institutions in which our cash, cash equivalents, and marketable securities are held. We maintain our cash equivalents in money market funds that invest in U.S. treasury securities. We have adopted an investment policy that limits the amounts that we may invest in the securities of single issuer with the exclusion of the U.S. government. We have not experienced any credit losses.

We are dependent on a small number of third-party suppliers for our drug substance and drug product. In particular, we rely, and expect to continue to rely, on third-party suppliers for certain materials and components required for the production of any product candidates we may develop for our programs. These programs could be adversely affected by a significant interruption in the supply process.

Cash equivalents

We consider all highly liquid investments with a remaining maturity when purchased of three months or less to be cash equivalents.

Restricted cash

Amounts included in restricted cash represent amounts pledged as collateral for letters of credit required for security deposits on our leased facilities. These amounts are classified as restricted cash on our consolidated balance sheets.

Marketable securities

Our marketable securities, which consisted of debt securities as of December 31, 2022, are classified as available-for-sale and are reported at fair value. Unrealized gains and losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit).

We assess our available-for-sale debt securities under the available-for-sale debt security impairment model in Topic 326 as of each reporting date in order to determine if a portion of any decline in fair value below carrying value recognized on our available-for-sale debt securities is the result of a credit loss. We record credit losses in the consolidated statements of operations and comprehensive loss as credit loss expense, which is limited to the difference between the fair value and the amortized cost of the security. To date, we have not recorded any credit losses on our available-for-sale debt securities.

Fair value measurements

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

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

●

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

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

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

Property and equipment


		Estimated Useful Life
Laboratory equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining life of lease or useful life

Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance which do not improve or extend the life of the respective assets are charged to expense as incurred.

Impairment of long-lived assets

Long-lived assets consist of property and equipment. We evaluate the recoverability of our long-lived assets when circumstances indicate that an event of impairment may have occurred. We recognize an impairment loss only if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. Impairment is measured based on the difference between the carrying value of the related assets and the fair value of such assets. We

recorded $5.8 million in impairment losses on long-lived assets during the year ended December 31, 2022. We did not record any impairment losses on long-lived assets during the years ended December 31, 2021 and December 31, 2020.

Leases

We determine whether a contract is, or contains, a lease at inception. We classify each of our leases as operating or financing considering factors such as the length of the lease term, the present value of the lease payments, the nature of the asset being leased, and the potential for ownership of the asset to transfer during the lease term. Leases with terms greater than one-year are recognized on the consolidated balance sheets as right-of-use assets and lease liabilities and are measured at the present value of the fixed payments due over the expected lease term less the present value of any incentives, rebates or abatements we expect to receive from the lessor. Options to extend a lease are included in the expected lease term if exercise of the option is deemed reasonably certain. Costs determined to be variable and not based on an index or rate are not included in the measurement of the lease liability and are expensed as incurred. The interest rate implicit in lease contracts is typically not readily determinable. As such, we utilize the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis an amount equal to the lease payments over a similar term and in a similar economic environment. To estimate our incremental borrowing rate, a credit rating applicable to our company is estimated using a synthetic credit rating analysis since we do not currently have a rating agency-based credit rating. We record expense to recognize fixed lease payments on a straight-line basis over the expected lease term. We have elected the practical expedient not to separate lease and non-lease components for real estate leases.

Classification and accretion of convertible preferred stock

Our convertible preferred stock outstanding prior to the IPO was classified outside of stockholders’ equity (deficit) on the consolidated balance sheets because the holders of such shares had redemption rights in the event of a deemed liquidation that, in certain situations, was not solely within our control and would have required the redemption of the then-outstanding convertible preferred stock.

Segment information

We have determined that our chief executive officer is the chief operating decision maker, or CODM. The CODM reviews financial information presented on a consolidated basis. Resource allocation decisions are made by the CODM based on consolidated results. There are no segment managers who are held accountable by the CODM for operations, operating results, and planning for levels or components below the consolidated unit level. As such, we have concluded that we operate as one segment. All long-lived assets are located in the United States.

Research and development costs

Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation and amortization, manufacturing expenses and external costs of vendors engaged to conduct preclinical development activities as well as the cost of licensing technology.

Upfront payments and milestone payments made for the licensing of technology with no alternative future use are expensed as research and development expenses in the period in which they are incurred. Advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

Research and manufacturing contract costs and accruals

We have entered into various research and development and manufacturing contracts. These agreements are generally cancelable, and costs for research and development and manufacturing activities are expensed in the period in which they are incurred. Payments for such activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred. We record accruals for costs incurred but not billed. When evaluating the adequacy of the accrued liabilities, we analyze progress of the research studies and manufacturing activities, including the phase or

completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from our estimates. Our historical accrual estimates have not been materially different from the actual costs.

Patent costs

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

Stock-based compensation

We measure stock options with service-based vesting or performance-based vesting granted to employees, non-employees and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. We measure restricted common stock awards and units using the difference between the purchase price per share of the award or unit, if any, and the fair value of our common stock at the date of grant.

Compensation expense for awards with service-based vesting is generally recognized over the vesting period of the award using the straight-line method to record the expense. We use the graded-vesting method to record the expense of awards with both service-based and performance-based vesting conditions, commencing once achievement of the performance condition becomes probable. We account for forfeitures of share-based awards as they occur. We classify stock-based compensation expense in our consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2022, 2021 and 2020, our only element of other comprehensive loss was unrealized gains (losses) on available-for-sale debt securities.

Income taxes

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

We account for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. We have accrued no amounts for interest and penalties on our consolidated balance sheets at December 31, 2022 and 2021.

Net loss per share

Prior to closing of the IPO, we followed the two-class method when computing net income (loss) per share as we had issued shares that met the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed.

Basic net income (loss) per share attributable to common stockholders was computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders was computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders was computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares.

Our participating securities contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in our losses. Accordingly, in periods in which we reported a net loss, such losses were not allocated to such participating securities. In periods in which we reported a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders was the same as basic net loss per share attributable to common stockholders, since dilutive common shares were not assumed to have been issued if their effect was anti-dilutive.

Subsequent to the closing of our IPO, we only have one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which we report a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

We reported a net loss attributable to common stockholders for each of the years ended December 31, 2022, 2021 and 2020.

Leases - Costs included in operating expenses related to the operating lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 13,796	$ 6,615
Variable lease cost	2,572	1,796
Total	$ 16,368	$ 8,411

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of estimates

Concentrations of credit risk and of significant suppliers

Cash equivalents

We consider all highly liquid investments with a remaining maturity when purchased of three months or less to be cash equivalents.

Restricted cash

Marketable securities

Fair value measurements

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

●

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

Property and equipment


		Estimated Useful Life
Laboratory equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining life of lease or useful life

Impairment of long-lived assets

Leases

Classification and accretion of convertible preferred stock

Segment information

Research and development costs

Research and manufacturing contract costs and accruals

Patent costs

Stock-based compensation

Comprehensive loss

Income taxes

Net loss per share

We reported a net loss attributable to common stockholders for each of the years ended December 31, 2022, 2021 and 2020.

Stock-based compensation - Summarizes the Company's Restricted Common Stock Activity (Detail)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Payment Arrangement [Abstract]
Unvested restricted common stock, Beginning \| Shares	11,083
Number of Shares, Issued, Shares	3,527,390
Vested \| Shares	(11,083)
Forfeited \| Shares	0
Unvested restricted common stock, Ending \| Shares	0
Weighted average grant date fair value of Unvested restricted common stock, Beginning \| $ / shares \| $ / shares	$ 4.59
Weighted average grant date fair value of Unvested restricted common stock, Vested \| $ / shares \| $ / shares	4.59
Weighted average grant date fair value of Unvested restricted common stock, Forfeited \| $ / shares \| $ / shares	0
Weighted average grant date fair value of Unvested restricted common stock, Ending \| $ / shares \| $ / shares	$ 0

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Transition Report	false
Entity File Number	001-39319
Entity Registrant Name	GENERATION BIO CO.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4301284
Entity Address, Address Line One	301 Binney Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	655-7500
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Trading Symbol	GBIO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 306.0
Entity Common Stock, Shares Outstanding		59,665,758
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Boston, Massachusetts
Entity Central Index Key	0001733294
Document Fiscal Period Focus	FY
Amendment Flag	false

Income Taxes - Summary of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 89,546	$ 79,607
Research and development tax credit carryforwards	15,368	12,157
Operating lease liability	22,322	22,082
Deferred rent	20,005	0
Other	10,359	6,386
Total deferred tax assets	157,600	120,232
Deferred tax liabilities:
Operating lease right-of-use assets	(16,176)	(17,797)
Property and equipment	(3,566)	(3,533)
Total deferred tax liabilities	(19,742)	(21,330)
Valuation allowance	(137,858)	(98,902)	$ (60,968)
Total deferred tax assets	$ 0	$ 0

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Dec. 31, 2019	$ 115,593	$ 1	$ 9,859		$ (108,452)	$ (98,592)
Beginning balance, shares at Dec. 31, 2019	26,425,664	5,270,889
Issuance of Series C convertible preferred stock, net of issuance costs of $2,640, shares	19,936,296
Issuance of Series C convertible preferred stock, net of issuance costs of $2,640	$ 108,832
Conversion of convertible preferred stock into common stock upon initial public offering, convertible preferred stock	$ (224,425)
Conversion of convertible preferred stock into common stock upon initial public offering, convertible preferred stock, shares	(46,361,960)
Conversion of convertible preferred stock into common stock upon initial public offering		$ 3	224,422			224,425
Conversion of convertible preferred stock into common stock upon initial public offering, shares		27,094,085
Issuance of common stock upon initial public offering, net of issuance costs		$ 1	210,714			210,715
Issuance of common stock upon initial public offering, net of issuance costs, shares		12,105,263
Issuance of common stock upon exercise of stock options			3,567			3,567
Issuance of common stock upon exercise of stock options, shares		792,845
Vesting of restricted common stock, shares		1,028,795
Stock-based compensation expense			8,412			8,412
Unrealized losses on marketable securities				$ 9		9
Net loss					(80,523)	(80,523)
Ending balance at Dec. 31, 2020		$ 5	456,974	9	(188,975)	268,013
Ending balance, shares at Dec. 31, 2020		46,291,877
Issuance of common stock upon initial public offering, net of issuance costs		$ 1	211,285			211,286
Issuance of common stock upon initial public offering, net of issuance costs, shares		9,200,000
Issuance of common stock upon exercise of stock options			3,257			3,257
Issuance of common stock upon exercise of stock options, shares		767,185
Vesting of restricted common stock, shares		672,049
Issuance of common stock under other equity plans, shares		38,507
Issuance of common stock under other equity plans			493			493
Stock-based compensation expense			17,857			17,857
Unrealized losses on marketable securities				(9)		(9)
Net loss					(119,151)	(119,151)
Ending balance at Dec. 31, 2021		$ 6	689,866		(308,126)	381,746
Ending balance, shares at Dec. 31, 2021		56,969,618
Issuance of common stock upon initial public offering, net of issuance costs			12,338			12,338
Issuance of common stock upon initial public offering, net of issuance costs, shares		1,795,524
Issuance of common stock upon exercise of stock options			628			$ 628
Issuance of common stock upon exercise of stock options, shares		150,699				150,699
Vesting of restricted common stock			(581)			$ (581)
Vesting of restricted common stock, shares		446,141
Issuance of common stock under other equity plans, shares		143,455
Issuance of common stock under other equity plans			632			632
Stock-based compensation expense			24,452			24,452
Unrealized losses on marketable securities				(83)		(83)
Net loss					(136,639)	(136,639)
Ending balance at Dec. 31, 2022		$ 6	$ 727,335	$ (83)	$ (444,765)	$ 282,493
Ending balance, shares at Dec. 31, 2022		59,505,437

Convertible preferred stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 09, 2020	Dec. 31, 2020	Jun. 16, 2020
Common Stock [Member]
Temporary Equity [Line Items]
Shares issued upon conversion			27,094,085
Series C Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Shares issued during the period	19,936,296
Shares issued price	$ 5.5914
Gross proceeds	$ 111,500
Stock issuance of costs	$ 2,600	$ 2,640

Marketable securities and fair value measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of marketable securities

The following tables present our marketable securities by security type as of December 31, 2022:

As of December 31, 2022

Gross

Amortized

Unrealized

Fair

(in thousands)

Cost

Gains

Losses

Value

U.S. treasury securities

186,003

(96)

185,920

Summary of assets measured at fair value on a recurring basis


	Fair Value Measurements at December 31, 2022 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	77,010	$	—	$	—	$	77,010
Marketable securities:
U.S. treasury securities		—		185,920		—		185,920
Totals	$	77,010	$	185,920	$	—	$	262,930



	Fair Value Measurements at December 31, 2021 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	259,609	$	—	$	—	$	259,609

Income Taxes - Summary of Reconciliation of the U.S. Federal Statutory Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory income tax rate	(21.00%)	(21.00%)	(21.00%)
State income taxes, net of federal benefit	(6.10%)	(6.70%)	(7.00%)
Federal and state research and development tax credits	(2.30%)	(2.40%)	(4.20%)
Stock-based compensation expense	0.90%	(1.70%)	(2.60%)
Other	0.00%	0.00%	0.00%
Change in deferred tax asset valuation allowance	28.50%	31.80%	34.80%
Effective income tax rate	0.00%	0.00%	0.00%

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Defined contribution plan, percentage	4.00%

License Agreements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
License Agreements Disclosure [Line Items]
Research and development	$ 96,718	$ 85,247	$ 58,532
NIH [Member]
License Agreements Disclosure [Line Items]
Research and development	100	100	100
NIH [Member] \| License Agreement Terms [Member]
License Agreements Disclosure [Line Items]
Future milestone obligation	$ 400
Percentage of increase decrease in net sales	25.00%
UMass [Member] \| License Agreement Terms [Member]
License Agreements Disclosure [Line Items]
Future milestone obligation	$ 800
Shares Issued For Services	125,677
Research and development	$ 100	$ 100	$ 100
Adjustments to Additional Paid in Capital, Other	$ 100

Accrued expenses - Summary of Accrued expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued employee compensation and benefits	$ 7,970	$ 7,579
Accrued external research and development expenses	1,959	2,091
Accrued professional fees	1,047	962
Property and equipment	0	869
Other	426	676
Total	$ 11,402	$ 12,177

Marketable securities and fair value measurements - Summary of marketable securities (Detail) - Fair Value, Recurring [Member] - U.S. treasury securities $ in Thousands	Dec. 31, 2022 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 186,003
Gross Unrealized Gains	13
Gross Unrealized Losses	(96)
Fair Value	$ 185,920

Accrued expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued expenses

7. Accrued expenses

Accrued expenses and other current liabilities consisted of the following:



	December 31, 2022		December 31, 2021
(in thousands)
Accrued employee compensation and benefits	$	7,970	$	7,579
Accrued external research and development expenses		1,959		2,091
Accrued professional fees		1,047		962
Property and equipment		—		869
Other		426		676
Total	$	11,402	$	12,177

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2022

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

Summary of Inputs Used in Black-Scholes Option Pricing Model

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:


	Year Ended December 31,
	2022		2021		2020
Risk-free interest rate	2.08	%	0.81	%	0.60	%
Expected volatility	91.2	%	76.0	%	77.3	%
Expected dividend yield	—		—		—
Expected term (in years)	6.0		6.0		6.0

Summarizes the Company's stock option activity

The following table summarizes our stock option activity since December 31, 2021:


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
				(in years)	(in thousands)
Outstanding as of December 31, 2021	6,205,088	$	17.09	8.33	$	5,140
Granted	3,527,390		6.34
Exercised	(150,699)		4.17
Forfeited	(754,457)		15.53
Outstanding as of December 31, 2022	8,827,322	$	13.15	7.97	$	55
Vested and expected to vest as of December 31, 2022	8,300,055	$	13.65	8.02	$	55
Options exercisable as of December 31, 2022	3,249,364	$	15.44	6.98	$	55

Schedule of restricted common stock units


				Weighted Average

	Shares	Grant Date Fair Value
Unvested restricted common stock units as of December 31, 2021	13,120	$	19.00
Granted	1,660,884		6.55
Vested	(523,165)		6.69
Forfeited	(191,318)		6.50
Unvested restricted common stock units as of December 31, 2022	959,521	$	6.65

Summarizes the Company's restricted common stock activity

We did not issue restricted stock awards in the year ended December 31, 2022. The following table summarizes our restricted common stock awards activity since December 31, 2021:


		Weighted Average
	Shares	Grant Date Fair Value
Unvested restricted common stock as of December 31, 2021	11,083	$	4.59
Issued	—		—
Vested	(11,083)		4.59
Forfeited	—		—
Unvested restricted common stock as of December 31, 2022	—	$	—

Summary of stock-based compensation expense was classified in the statements of operations and comprehensive loss


	Year Ended December 31,
(in thousands)	2022		2021		2020
Research and development expenses	$	12,405	$	9,316	$	4,301
General and administrative expenses		12,047		8,541		4,111
Total	$	24,452	$	17,857	$	8,412

Schedule of unrecognized stock based compensation expense


	Unrecognized Expense (in thousands)	Weight-average Recognition Period (in years)
Type of award:
Time-based stock options	37,088	2.42
Performance-based stock options	1,702	*
Restricted stock units	5,165	1.31

* Performance-based stock options are recorded as expense beginning when vesting events are determined to be probable.

Employee Stock Purchase Plan 2020

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

Summary of Inputs Used in Black-Scholes Option Pricing Model


	Year Ended December 31,		Year Ended December 31,
	2022		2021
Risk-free interest rate	1.43	%	0.09	%

Expected volatility	93.5	%	85.6	%
Expected dividend yield	—		—
Expected term (in years)	0.5		0.5

Property and equipment, net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net, by Type [Abstract]
Depreciation and amortization expense	$ 5,130	$ 4,532	$ 3,432
Loss on impairment of property and equipment	$ 5,100

Stock-based compensation - Summarizes the unrecognized stock based compensation expense (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Time Based Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 37,088
Unrecognized stock compensation on account of unvested options remaining period over which the compensation is to be recognized	2 years 5 months 1 day
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 1,702
Unvested restricted common stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 5,165
Unrecognized stock compensation on account of unvested options remaining period over which the compensation is to be recognized	1 year 3 months 21 days

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Generation Bio Co., or Generation Bio, was incorporated on October 21, 2016 as Torus Therapeutics, Inc. and subsequently changed its name to Generation Bio Co. Generation Bio Co. and its consolidated subsidiary, or the company, we, our or us, are innovating genetic medicines to provide durable, redosable treatments for potentially hundreds of millions of patients living with rare and prevalent diseases. Our non-viral genetic medicines platform incorporates our high-capacity DNA construct called closed-ended DNA, or ceDNA; our cell-targeted lipid nanoparticle delivery system, or ctLNP; and our highly scalable capsid-free manufacturing process that uses our proprietary cell-free rapid enzymatic synthesis, or RES, to produce ceDNA. Using our approach, we are developing novel genetic medicines to provide targeted delivery of genetic payloads that include large and multiple genes to a range of cell types across a broad array of diseases. We are also engineering our genetic medicines to be redosable, which may enable individualized patient titration to reach the desired therapeutic expression and to maintain efficacy throughout a patient’s life. We are headquartered in Cambridge, Massachusetts.

We are subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, the ability to establish clinical- and commercial-scale manufacturing processes and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization of a product. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if our development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales.

In June 2020, we completed our initial public offering, or IPO, pursuant to which we issued and sold 12,105,263 shares of our common stock, including 1,578,947 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, resulting in net proceeds of $210.7 million, after deducting underwriting discounts and commissions and other offering expenses. Upon the closing of the IPO, all of our outstanding convertible preferred stock automatically converted into shares of common stock. In January 2021, we issued and sold 9,200,000 shares of our common stock, including 1,200,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, in a follow-on public offering, resulting in net proceeds of $211.3 million after deducting underwriting discounts and commissions and other offering expenses.

The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, we have funded our operations with proceeds from the sales of instruments convertible into convertible preferred stock (which converted into convertible preferred stock in 2017), the sale of convertible preferred stock (which converted into common stock in 2020), and most recently, with proceeds from the sales of common stock in underwritten public offerings. We have incurred recurring losses, including net losses of $136.6 million for the year ended December 31, 2022. As of December 31, 2022, we had an accumulated deficit of $444.8 million. We expect to continue to generate operating losses in the foreseeable future. As of February 23, 2023, the issuance date of these consolidated financial statements, we expect that our cash, cash equivalents, and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements for at least 12 months.

We will need to obtain additional funding through public or private equity offerings, debt financings, collaborations, strategic alliances and/or licensing arrangements. We may not be able to obtain financing on acceptable terms, or at all, and we may not be able to enter into collaborative or strategic alliances or licensing arrangements. The terms of any financing may adversely affect the holdings or the rights of our stockholders. Arrangements with collaborators or others may require us to relinquish rights to certain of our technologies or programs. If we are unable to obtain funding, we could be forced to delay, reduce or eliminate some or all of our research and development programs, pipeline expansion or commercialization efforts, which could adversely affect our business prospects. Although management will continue to

pursue these plans, there is no assurance that we will be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations when needed or at all.

The accompanying consolidated financial statements reflect the operations of Generation Bio and our wholly owned subsidiary, Generation Bio Securities Corporation. Intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, or GAAP, in the United States of America. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB.

Accrued expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of accrued expenses



	December 31, 2022		December 31, 2021
(in thousands)
Accrued employee compensation and benefits	$	7,970	$	7,579
Accrued external research and development expenses		1,959		2,091
Accrued professional fees		1,047		962
Property and equipment		—		869
Other		426		676
Total	$	11,402	$	12,177

Stock-based compensation - Summarizes the Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Number of shares Outstanding , Beginning	6,205,088
Number of Shares, Issued, Shares	3,527,390
Number of shares \| Exercised	(150,699)
Number of shares \| Forfeited	(754,457)
Number of shares Outstanding , Ending	8,827,322	6,205,088
Number of shares \| Vested and expected to vest	8,300,055
Number of shares \| Options exercisable	3,249,364
Weighted average exercise price Outstanding , Beginning	$ 17.09
Weighted average exercise price \| Granted	6.34
Weighted average exercise price \| Exercised	4.17
Weighted average exercise price \| Forfeited	15.53
Weighted average exercise price Outstanding , Ending	13.15	$ 17.09
Weighted average exercise price \| Vested and expected to vest	13.65
Weighted average exercise price \| Options exercisable	$ 15.44
Weighted average contractual term (in years) Outstanding	7 years 11 months 19 days	8 years 3 months 29 days
Weighted average contractual term (in years) \| Vested and expected to vest	8 years 7 days
Weighted average contractual term (in years) \| Options exercisable	6 years 11 months 23 days
Aggregate intrinsic value (in thousands) Outstanding	$ 55	$ 5,140
Aggregate intrinsic value (in thousands) \| Vested and expected to vest	55
Aggregate intrinsic value (in thousands) \| Options exercisable	$ 55

Nature of the Business and Basis of Presentation - Additional information (Detail) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
	Jan. 31, 2021	Jun. 16, 2020	Aug. 31, 2021	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Date of incorporation					Oct. 21, 2016
Shares issued during the period			1,795,524
Net proceeds from shares issued	$ 211,300		$ 12,300	$ 211,300
Net loss					$ (136,639)	$ (119,151)	$ (80,523)
Accumulated deficit					(444,765)	$ (308,126)
Impairment loss					$ 5,800
Common Stock [Member]
Shares issued during the period	9,200,000			9,200,000	1,795,524	9,200,000	12,105,263
Common Stock [Member] \| IPO [Member]
Shares issued during the period		12,105,263
Net proceeds from shares issued		$ 210,700
Common Stock [Member] \| Over-Allotment Option [Member]
Shares issued during the period	1,200,000	1,578,947		1,200,000

- Definition

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

+ References

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+ Details

- Definition

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

+ References + Details

License Agreements

12 Months Ended

Dec. 31, 2022

License Agreements Disclosure [Abstract]

License Agreements

12. License agreements

NIH

We have an agreement with the U.S. Department of Health and Human Services, as represented by The National Heart, Lung, and Blood Institute, an Institute of the National Institutes of Health, or NIH, entered into in 2017, pursuant to which NIH granted us a non-exclusive license, with the right to grant sublicenses, under certain NIH intellectual property related to our ceDNA construct. In July 2019, the agreement was amended to include Association Institut de Myologie, Universite Pierre et Marie Curie, Centre National de la Recherche Scientifique, and Inserm Transfert SA, collectively referred to as the French Institutions, as a licensor.

We are obligated to make future milestone payments of up to $0.4 million per licensed product upon the achievement of specified milestones as well as royalties on a licensed product-by-licensed product and country-by-country basis of a low single digit percentage of annual net sales of licensed products. We are obligated to pay a high single-digit royalty percentage of all sublicensing income. The royalties on net sales may be reduced by up to 25% in certain circumstances as defined in the agreement. Our royalty obligation expires on a licensed product-by-licensed product and country-by-country basis upon the expiration of the last-to-expire licensed intellectual property rights in such country. Additionally, we are required to reimburse the French Institutions for a portion of certain past and ongoing patent related expenses related to the licensed technology. The agreement requires us to use reasonable commercial efforts to meet certain performance milestones and execute a commercial development plan within specified timeframes.

Unless terminated earlier, the agreement remains in effect until the last to expire of the licensed patent rights on a licensed product-by-licensed product and country-by-country basis. NIH and the French Institutions may terminate the agreement

if we fail to perform our material obligations, including but not limited to our failure to meet the applicable performance milestones despite using commercially reasonable efforts, and have not remediated such deficiency within a specified time period. NIH and the French Institutions can terminate the agreement in the event we become insolvent, file a petition in bankruptcy, have such a petition filed against it, or determine to file a petition in bankruptcy. In addition, NIH and the French Institutions may terminate the agreement in the event of a material breach by us and failure to cure such breach within a certain period of time. We are currently in compliance with the terms of the agreement. We can voluntarily terminate the agreement with prior notice to NIH and the French Institutions.

During each of the years ended December 31, 2022, 2021, and 2020, we recorded research and development expense of less than $0.1 million under this agreement.

UMass

We have an agreement with the University of Massachusetts as represented by and solely on behalf of its Medical School, or UMass, entered into in 2017, pursuant to which UMass granted us an exclusive license, with the right to grant sublicenses, under the UMass intellectual property related to our ceDNA construct.

We are obligated to make future milestone payments of up to $0.8 million per licensed product upon the achievement of specified milestones as well as royalties on a licensed product-by-licensed product and country-by-country basis of a low single digit percentage of annual net sales of licensed products, subject to annual minimum royalties as defined in the agreement. Additionally, we have agreed to pay a low-to-mid single-digit royalty percentage of all sublicensing income, which will vary depending on when the sublicense agreement to a third party was executed. The milestone payments are non-refundable and non-creditable against any other payments due to UMass under the agreement. Our royalty obligation expires on a licensed product-by-licensed product and country-by-country basis upon the expiration of the last-to-expire licensed intellectual property rights in such country. The agreement requires us to use diligent efforts to meet certain performance milestones within specified timeframes.

As part of the arrangement, we agreed to issue 125,677 shares of our common stock to UMass. We recorded $0.1 million as research and development expense and additional-paid-in capital at the time of the agreement in 2017, representing the fair value of the common stock at that time. The shares were issued in August 2019.

Unless terminated earlier, the agreement will continue until the last-to-expire valid claim of the licensed patents. UMass may terminate the agreement if we fail to perform our material obligations, including but not limited to our failure to meet the applicable performance milestones despite using commercially reasonable efforts, and have not remediated such deficiency within a specified time period or negotiated a revised performance timeline. UMass can terminate the agreement if we fail to make any payments within a specified period after receiving written notice of such failure, or in the event of a material breach by us and failure to cure such breach within a certain period of time. We are currently in compliance with the terms of the agreement. We can voluntarily terminate the agreement with prior notice to UMass. As of December 31, 2022, we have paid the first milestone for the issuance of the first patent in the licensed patent application family, and we have recorded no royalty or other milestone liabilities under the UMass Agreement.

During each of the years ended December 31, 2022, 2021, and 2020, we recorded research and development expense of less than $0.1 million under this agreement.

Other license agreements

We have other license agreements under which we may become subject to future additional fees and milestone payments.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 93,171	$ 375,145
Marketable securities	185,920	0
Tenant receivable	395	0
Prepaid expenses and other current assets	7,530	4,041
Total current assets	287,016	379,186
Property and equipment, net	22,215	25,886
Operating lease right-of-use assets	59,208	65,143
Restricted cash	5,692	5,692
Deferred offering costs	434	461
Other long-term assets	1,699	403
Total assets	376,264	476,771
Current liabilities:
Accounts payable	662	2,023
Accrued expenses and other current liabilities	11,402	12,177
Operating lease liability	7,086	4,608
Total current liabilities	19,150	18,808
Operating lease liability, net of current portion	74,621	76,217
Total liabilities	93,771	95,025
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized and no shares issued or outstanding at December 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized at December 31, 2022 and December 31, 2021; 59,505,437 and 56,980,701 shares issued at December 31, 2022 and December 31, 2021, respectively; 59,505,437 and 56,969,618 shares outstanding at December 31, 2022 and December 31, 2021, respectively	6	6
Additional paid-in capital	727,335	689,866
Accumulated other comprehensive income	(83)	0
Accumulated deficit	(444,765)	(308,126)
Total stockholders' equity	282,493	381,746
Total liabilities and stockholders' equity	$ 376,264	$ 476,771

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of potential dilutive securities, presented based on amounts outstanding


	December 31,
	2022	2021	2020
Unvested restricted common stock	—	11,083	678,135
Unvested restricted common stock units	959,521	13,120	19,681
Stock options to purchase common stock	8,827,322	6,205,088	5,241,770
Total	9,786,843	6,229,291	5,939,586

Stock-based compensation - Summary of Inputs Used in Black-Scholes Option Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.08%	0.81%	0.60%
Expected volatility	91.20%	76.00%	77.30%
Expected term (in years)	6 years	6 years	6 years
Employee Stock Purchase Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.43%	0.09%
Expected volatility	93.50%	85.60%
Expected term (in years)	6 months	6 months

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and contingencies

401(k) Plan

We have a defined-contribution plan under Section 401(k) of the Code, or the 401(k) Plan. The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their

annual compensation on a pre-tax basis. In September 2020, we adopted a match program, beginning on January 1, 2021, for employee contributions to the 401(k) Plan up to a maximum of four percent of the employee’s salary, subject to the maximums established under the Code.

Indemnification agreements

In the ordinary course of business, we may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with members of our board of directors and our officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments we could be required to make under these indemnification agreements is, in many cases, unlimited. We have not incurred any material costs as a result of such indemnifications and are not currently aware of any indemnification claims.

Legal proceedings

We, from time to time, may be subject to legal proceedings and claims in the ordinary course of business. We are not currently aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.

Leases - Future lease payments for noncancelable operating lease (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 13,435
2024	15,207
2025	15,638
2026	16,094
2027	16,550
Thereafter	73,219
Total undiscounted payments due under operating leases	150,143	$ 104,300
Total undiscounted unearned tenant improvements	(23,502)
Less imputed interest	(44,934)
Current operating lease liability	7,086	4,608
Non-current operating lease liability	74,621	$ 76,217
Total	$ 81,707

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Costs included in operating expenses related to the operating lease


(in thousands)		For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
Operating lease cost	$	13,796	$	6,615
Variable lease cost		2,572		1,796
Total	$	16,368	$	8,411

Future lease payments for noncancelable operating lease


Year Ending December 31,	(in thousands)
2023	$	13,435
2024		15,207
2025		15,638
2026		16,094
2027		16,550
Thereafter		73,219
Total undiscounted payments due under operating leases		150,143
Total undiscounted unearned tenant improvements		(23,502)
Less imputed interest		(44,934)
Total	$	81,707

Current operating lease liability	$	7,086
Non-current operating lease liability		74,621
Total	$	81,707

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 96,718	$ 85,247	$ 58,532
General and administrative	44,464	33,854	22,582
Total operating expenses	141,182	119,101	81,114
Loss from operations	(141,182)	(119,101)	(81,114)
Other income (expense):
Other income (expense) and interest income, net	4,543	(50)	591
Net loss and net loss attributable to common stockholders	$ (136,639)	$ (119,151)	$ (80,523)
Net loss per share attributable to common stockholders, basic	$ (2.35)	$ (2.12)	$ (2.95)
Net loss per share attributable to common stockholders, diluted	$ (2.35)	$ (2.12)	$ (2.95)
Weighted average common shares outstanding, basic	58,114,893	56,295,409	27,256,494
Weighted average common shares outstanding, diluted	58,114,893	56,295,409	27,256,494
Comprehensive loss:
Net loss	$ (136,639)	$ (119,151)	$ (80,523)
Other comprehensive loss:
Unrealized (losses) gains on marketable securities	(83)	(9)	9
Comprehensive loss	$ (136,722)	$ (119,160)	$ (80,514)

Stock-based compensation - Summarizes the Company's Restricted Stock Units (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shares
Unvested restricted common stock units, Beginning balance	13,120
Granted	1,660,884
Vested	(523,165)
Forfeited	(191,318)
Unvested restricted common stock units, Ending balance	959,521
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning balance	$ 6.65	$ 19.00
Weighted Average Grant Date Fair Value, Granted	6.55
Weighted Average Grant Date Fair Value, Vested	6.69
Weighted Average Grant Date Fair Value, Forfeited	6.50
Weighted Average Grant Date Fair Value, Ending balance	$ 6.65

Leases - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Operating lease term			12 years
Total rent payments		$ 150,143	$ 104,300
Initial monthly base rent on operating lease	$ 400
Option to extend lease	two
Operating lease agreement option to renewal term	5 years
Construction allowance in operating lease	$ 26,000
Lease existence of option to extend		true
Operating lease agreement option to renewal term		5 years
Letter of credit for security deposit		$ 2,100
Operating lease payments		$ 9,200	$ 7,100
Weighted-average incremental borrowing		7.40%	7.00%
Weighted-average remaining lease term		10 years	9 years 7 months 6 days
Maximum
Estimated monthly base rent on operating lease	800
Letter of Credit
Security deposit	$ 3,600

Stock-based compensation - Summary of Stock-Based Compensation Expense was Classified in the Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 24,452	$ 17,857	$ 8,412
Research and development expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	12,405	9,316	4,301
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,047	$ 8,541	$ 4,111