2022 Q3 Form 10-Q Financial Statement
#000095017022016853 Filed on August 11, 2022
Income Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $7.226M | $6.459M | $7.520M |
YoY Change | 27.29% | 19.39% | 56.99% |
% of Gross Profit | |||
Research & Development | $16.88M | $15.33M | $15.28M |
YoY Change | 30.56% | 18.22% | 70.9% |
% of Gross Profit | |||
Depreciation & Amortization | $900.0K | $600.0K | $400.0K |
YoY Change | 200.0% | 50.0% | 33.33% |
% of Gross Profit | |||
Operating Expenses | $24.10M | $21.79M | $22.80M |
YoY Change | 29.56% | 18.56% | 66.06% |
Operating Profit | -$24.10M | -$21.79M | -$22.80M |
YoY Change | 29.56% | 18.56% | 66.06% |
Interest Expense | $313.0K | $133.0K | $63.00K |
YoY Change | 552.08% | 1230.0% | 530.0% |
% of Operating Profit | |||
Other Income/Expense, Net | $313.0K | $133.0K | $63.00K |
YoY Change | 552.08% | 1230.0% | 800.0% |
Pretax Income | -$23.79M | -$21.66M | -$22.74M |
YoY Change | 28.21% | 17.9% | 65.72% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$23.79M | -$21.66M | -$22.74M |
YoY Change | 28.21% | 17.9% | 65.69% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.63 | -$0.58 | -$0.61 |
Diluted Earnings Per Share | -$0.63 | -$0.58 | -$609.7K |
COMMON SHARES | |||
Basic Shares Outstanding | 38.06M | 37.44M | 37.49M |
Diluted Shares Outstanding | 38.01M | 37.44M | 37.29M |
Balance Sheet
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $136.1M | $151.1M | $181.6M |
YoY Change | -39.78% | -38.24% | -30.84% |
Cash & Equivalents | $60.83M | $62.95M | $90.04M |
Short-Term Investments | $75.24M | $88.14M | $91.58M |
Other Short-Term Assets | $1.771M | $2.288M | $2.212M |
YoY Change | 136.45% | 3420.0% | 2304.35% |
Inventory | |||
Prepaid Expenses | $4.891M | $5.467M | $6.474M |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $142.7M | $158.8M | $190.3M |
YoY Change | -38.5% | -36.28% | -28.53% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $12.96M | $14.83M | $11.77M |
YoY Change | 116.41% | 153.45% | 105.11% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $2.878M | $2.385M | $8.189M |
YoY Change | 34.42% | 12.98% | 217.16% |
Total Long-Term Assets | $63.64M | $65.77M | $43.97M |
YoY Change | 139.62% | 154.16% | 64.83% |
TOTAL ASSETS | |||
Total Short-Term Assets | $142.7M | $158.8M | $190.3M |
Total Long-Term Assets | $63.64M | $65.77M | $43.97M |
Total Assets | $206.4M | $224.6M | $234.3M |
YoY Change | -20.21% | -18.36% | -20.03% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $824.0K | $1.268M | $1.255M |
YoY Change | -57.89% | -46.48% | -47.84% |
Accrued Expenses | $6.288M | $6.286M | $9.258M |
YoY Change | 10.78% | 46.42% | 110.65% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $11.10M | $12.26M | $18.15M |
YoY Change | 20.54% | 47.66% | 110.23% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $36.54M | $37.38M | $21.68M |
YoY Change | 121.91% | 123.41% | 26.77% |
Total Long-Term Liabilities | $36.54M | $37.38M | $21.68M |
YoY Change | 121.91% | 123.41% | 26.77% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $11.10M | $12.26M | $18.15M |
Total Long-Term Liabilities | $36.54M | $37.38M | $21.68M |
Total Liabilities | $47.64M | $49.64M | $39.82M |
YoY Change | 85.55% | 98.29% | 54.64% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$198.3M | -$174.5M | -$152.9M |
YoY Change | 77.26% | 87.02% | 103.96% |
Common Stock | $358.2M | $350.8M | $348.4M |
YoY Change | 3.88% | 2.15% | 1.83% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $158.7M | $175.0M | $194.4M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $206.4M | $224.6M | $234.3M |
YoY Change | -20.21% | -18.36% | -20.03% |
Cashflow Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$23.79M | -$21.66M | -$22.74M |
YoY Change | 28.21% | 17.9% | 65.69% |
Depreciation, Depletion And Amortization | $900.0K | $600.0K | $400.0K |
YoY Change | 200.0% | 50.0% | 33.33% |
Cash From Operating Activities | -$18.90M | -$24.99M | -$22.90M |
YoY Change | 8.99% | 50.88% | 29.78% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$298.0K | -$5.832M | $2.011M |
YoY Change | -53.14% | 533.91% | 71.73% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $13.00M | $3.130M | -$5.044M |
YoY Change | -265.61% | -104.17% | |
Cash From Investing Activities | $12.70M | -$2.702M | -$7.055M |
YoY Change | -249.68% | -96.45% | 502.48% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 4.075M | 604.0K | 200.0K |
YoY Change | 1927.36% | -235.12% | -99.91% |
NET CHANGE | |||
Cash From Operating Activities | -18.90M | -24.99M | -22.90M |
Cash From Investing Activities | 12.70M | -2.702M | -7.055M |
Cash From Financing Activities | 4.075M | 604.0K | 200.0K |
Net Change In Cash | -2.125M | -27.09M | -29.76M |
YoY Change | -91.71% | -70.89% | -113.9% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$18.90M | -$24.99M | -$22.90M |
Capital Expenditures | -$298.0K | -$5.832M | $2.011M |
Free Cash Flow | -$18.60M | -$19.16M | -$24.92M |
YoY Change | 11.35% | 22.48% | 32.39% |
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|
-254000 | |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-1326000 | ||
CY2022Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-21913000 | |
CY2021Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-18370000 | |
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-45722000 | ||
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-33321000 | ||
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
216263000 | |
CY2022Q1 | vor |
Stock Issued During Period Value Stock Options Vested And Exercised
StockIssuedDuringPeriodValueStockOptionsVestedAndExercised
|
247000 | |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1746000 | |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-1072000 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-22737000 | |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
194447000 | |
CY2022Q2 | vor |
Stock Issued During Period Value Stock Options Vested And Exercised
StockIssuedDuringPeriodValueStockOptionsVestedAndExercised
|
146000 | |
CY2022Q2 | vor |
Stock Issued During Period Value Issuance Of Common Stock From Open Market Sales Agreement
StockIssuedDuringPeriodValueIssuanceOfCommonStockFromOpenMarketSalesAgreement
|
553000 | |
CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1741000 | |
CY2022Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-254000 | |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21659000 | |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
174974000 | |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-59065000 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
152711000 | |
CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
17132000 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
186308000 | |
CY2021Q1 | vor |
Stock Issued During Period Value Stock Options Vested And Exercised
StockIssuedDuringPeriodValueStockOptionsVestedAndExercised
|
65000 | |
CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
891000 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13723000 | |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
267187000 | |
CY2021Q2 | vor |
Stock Issued During Period Value Stock Options Vested And Exercised
StockIssuedDuringPeriodValueStockOptionsVestedAndExercised
|
224000 | |
CY2021Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1067000 | |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-18370000 | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-762000 | ||
us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
181000 | ||
us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
285000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-47896000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-34214000 | ||
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
5044000 | ||
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
75122000 | ||
us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
3130000 | ||
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
250108000 | |
us-gaap |
Profit Loss
ProfitLoss
|
-44396000 | ||
us-gaap |
Profit Loss
ProfitLoss
|
-32093000 | ||
us-gaap |
Depreciation
Depreciation
|
1001000 | ||
us-gaap |
Depreciation
Depreciation
|
665000 | ||
us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
2512000 | ||
us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
1504000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3487000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1958000 | ||
us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
120000 | ||
us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
4000 | ||
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-8238000 | ||
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-1141000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
728000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
4064000 | ||
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-1473000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
7843000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2090000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-9757000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-77212000 | ||
us-gaap |
Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
|
45375000 | ||
us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
189199000 | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
2215000 | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
504000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
300000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
44000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
804000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
232403000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-56849000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
120977000 | ||
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
122214000 | |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
50098000 | |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
65365000 | |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
171075000 | |
vor |
Lease Incentive Paid By Landlord
LeaseIncentivePaidByLandlord
|
7927000 | ||
vor |
Operating Right Of Use Assets And Operating Lease Liability Recorded Upon Lease Commencement
OperatingRightOfUseAssetsAndOperatingLeaseLiabilityRecordedUponLeaseCommencement
|
23376000 | ||
vor |
Operating Right Of Use Assets And Operating Lease Liability Recorded Upon Lease Commencement
OperatingRightOfUseAssetsAndOperatingLeaseLiabilityRecordedUponLeaseCommencement
|
35000 | ||
us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
1331000 | ||
us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
142000 | ||
vor |
Conversion Of Redeemable Convertible Preferred Stock To Common Stock Upon Closing Of Initial Public Offering
ConversionOfRedeemableConvertiblePreferredStockToCommonStockUponClosingOfInitialPublicOffering
|
152711000 | ||
CY2022Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
62952000 | |
CY2021Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
169516000 | |
CY2022Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
14832000 | |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6853000 | |
CY2022Q2 | us-gaap |
Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
|
2413000 | |
CY2021Q2 | us-gaap |
Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
|
1559000 | |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
65365000 | |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
171075000 | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">December 30, 2015</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Risks and Uncertainties</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, the impact of the COVID-19 pandemic, including impacts related to the variants of the virus, geopolitical tensions, adverse macroeconomic conditions and the need to obtain additional financing.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.733%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities at June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> | ||
dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2015-12-30 | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to its initial public offering); accrued expenses and research and development expenses.</span></p> | ||
CY2022Q2 | us-gaap |
Depreciation
Depreciation
|
600000 | |
CY2022Q2 | us-gaap |
Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
|
true | |
CY2022Q2 | us-gaap |
Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
|
true | |
CY2022Q2 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
89462000 | |
CY2022Q2 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
1326000 | |
CY2022Q2 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
88136000 | |
CY2021Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
87668000 | |
CY2021Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
87668000 | |
vor |
Debt Securities Available For Sale Change In Present Values Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValuesExpenseReversal
|
0 | ||
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
|
0 | ||
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
|
0 | ||
vor |
Fair Value Assets Level1 To Level2 Transferred Amount
FairValueAssetsLevel1ToLevel2TransferredAmount
|
0 | ||
vor |
Fair Value Assets Level2 To Level1 Transferred Amount
FairValueAssetsLevel2ToLevel1TransferredAmount
|
0 | ||
CY2022Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
17917000 | |
CY2021Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
8937000 | |
CY2022Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
3085000 | |
CY2021Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2084000 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.13 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.13 | ||
us-gaap |
Depreciation
Depreciation
|
1000000.0 | ||
CY2021Q2 | us-gaap |
Depreciation
Depreciation
|
400000 | |
us-gaap |
Depreciation
Depreciation
|
700000 | ||
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
2512000 | ||
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
1504000 | ||
CY2022Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2609000 | |
CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
4178000 | |
CY2022Q2 | vor |
Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
|
2012000 | |
CY2021Q4 | vor |
Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
|
797000 | |
CY2022Q2 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1321000 | |
CY2021Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
743000 | |
CY2022Q2 | vor |
Accrued Liability On Property And Equipment Current
AccruedLiabilityOnPropertyAndEquipmentCurrent
|
255000 | |
CY2022Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
89000 | |
CY2021Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
617000 | |
CY2022Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
6286000 | |
CY2021Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
6335000 | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1948264 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
478434 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
5.65 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
15.40 | ||
CY2022Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
17300000 | |
us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y6M29D | ||
CY2022Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
138052 | |
CY2022Q2 | vor |
Share Based Compensation Arrangement By Share Based Payment Award Option Unvested Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionUnvestedExercisedInPeriodWeightedAverageExercisePrice
|
2.02 | |
CY2022Q2 | vor |
Proceeds From Stock Unvested Option Exercised
ProceedsFromStockUnvestedOptionExercised
|
300000 | |
us-gaap |
Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
|
false | ||
CY2022Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
1592000 | |
CY2021Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
757000 | |
CY2022Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1741000 | |
CY2021Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1067000 | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3487000 | ||
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1958000 | ||
us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
52000 | ||
CY2022Q2 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
301000 | |
CY2021Q2 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
312000 | |
us-gaap |
Variable Lease Cost
VariableLeaseCost
|
642000 | ||
us-gaap |
Variable Lease Cost
VariableLeaseCost
|
434000 | ||
CY2022Q2 | us-gaap |
Lease Cost
LeaseCost
|
1893000 | |
CY2021Q2 | us-gaap |
Lease Cost
LeaseCost
|
1069000 | |
us-gaap |
Lease Cost
LeaseCost
|
3154000 | ||
us-gaap |
Lease Cost
LeaseCost
|
1990000 | ||
CY2022Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
46142000 | |
CY2021Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
15670000 | |
CY2022Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
4429000 | |
CY2021Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
1839000 | |
CY2022Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
37379000 | |
CY2021Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
16174000 | |
CY2022Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
41808000 | |
CY2021Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
18013000 | |
CY2022Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P8Y2M12D | |
CY2021Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P8Y7M20D | |
CY2022Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.082 | |
CY2021Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.094 | |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
8522000 | ||
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
1141000 | ||
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
31904000 | ||
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
35000 | ||
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21659000 | |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-18370000 | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-44396000 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-32093000 | ||
us-gaap |
Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
|
1228000 | ||
CY2022Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-21659000 | |
CY2021Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-18370000 | |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-44396000 | ||
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-33321000 | ||
CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
37437063 | |
CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
37437063 | |
CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
36843087 | |
CY2021Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
36843087 | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
37365647 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
37365647 | ||
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
29593814 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
29593814 | ||
CY2022Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.58 | |
CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.58 | |
CY2021Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.50 | |
CY2021Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.50 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.19 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.19 |