0000950170-23-060682 | 10-Q | XBRL Viewer

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Fair Value Measurements - Additional Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets transfer from Level 1 to Level 2	$ 0
Fair value assets transfer from Level 2 to Level 1	0
Fair value liabilities transfer from Level 1 to Level 2	0
Fair value liabilities transfer from Level 2 to Level 1	$ 0

Marketable Securities

9 Months Ended

Sep. 30, 2023

Marketable Securities [Abstract]

Marketable Securities

The Company values its marketable securities using independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:


	Fair Value Measurements as of September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	195,338	$	10	$	(348	)	$	195,000
U.S. government agency bonds		106,690		—		(343	)		106,347
	$	302,028	$	10	$	(691	)	$	301,347


	Fair Value Measurements as of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	201,834	$	21	$	(2,610	)	$	199,245
U.S. government agency bonds		108,036		—		(1,116	)		106,920
	$	309,870	$	21	$	(3,726	)	$	306,165

The Company holds marketable debt securities with an aggregate fair value of $39.8 million as of September 30, 2023 with contractual maturity dates greater than one year.

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:


	September 30, 2023
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	118,259	$	(111	)	$	24,726	$	(237	)	$	142,985	$	(348	)
U.S. government agency bonds		89,282		(106	)		17,064		(237	)		106,346		(343	)
	$	207,541	$	(217	)	$	41,790	$	(474	)	$	249,331	$	(691	)


	December 31, 2022
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	44,213	$	(640	)	$	84,997	$	(1,970	)	$	129,210	$	(2,610	)
U.S. government agency bonds		68,919		(627	)		38,000		(489	)		106,919		(1,116	)
	$	113,132	$	(1,267	)	$	122,997	$	(2,459	)	$	236,129	$	(3,726	)

The Company holds investment grade marketable securities considered to be in an unrealized loss position. Although these marketable securities are held at an unrealized loss position at September 30, 2023, the Company does not intend to sell the marketable securities prior to the value of the securities being recovered and the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. Further, the Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods then ended. Marketable securities include $1.5 million and $0.5 million in accrued interest as of September 30, 2023 and December 31, 2022, respectively.

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2023
Cover [Abstract]
Entity Registrant Name	TANGO THERAPEUTICS, INC.
Trading Symbol	TNGX
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001819133
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39485
Entity Tax Identification Number	85-1195036
Entity Address, Address Line One	201 Brookline Ave.
Entity Address, Address Line Two	Suite 901
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02215
City Area Code	857
Local Phone Number	320-4900
Title of 12(b) Security	Common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17,852,652	12,701,089
Stock options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17,095,005	12,701,089
Unvested restricted common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	757,647

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (22,263)	$ (20,710)	$ (28,008)	$ (29,050)	$ (24,858)	$ (25,208)	$ (70,981)	$ (79,116)
Denominator:
Weighted-average common stock outstanding - basic	97,033,273			87,892,195			91,268,133	87,868,081
Weighted-average common stock outstanding - diluted	97,033,273			87,892,195			91,268,133	87,868,081
Net loss per common share - basic	$ (0.23)			$ (0.33)			$ (0.78)	$ (0.90)
Net loss per common share - diluted	$ (0.23)			$ (0.33)			$ (0.78)	$ (0.90)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1B
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Other Funding Commitments

As of September 30, 2023, the Company had ongoing preclinical and clinical studies. The Company enters into contracts in the normal course of business with contract research organizations in connection with preparation and operation of clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other preclinical and clinical services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties.

Guarantees

The Company enters into certain agreements with other parties in the ordinary course of business that contain indemnification provisions. These typically include agreements with directors and officers, business partners, contractors, landlords, construction companies, contract research organizations, clinical trial sites, and other parties. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party under the terms of the contract, including as a result of the Company’s activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of these obligations is minimal.

Litigation

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of September 30, 2023, and no material legal proceedings are currently pending or threatened. Because of uncertainties related to claims, proceedings and litigation, assessments of potential liabilities are based on the Company's best estimates based on information available at the time of the assessment. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation, court decisions or settlement of claims (and offers of settlement), the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse effect on the operating results of the Company. Costs associated with involvement in legal proceedings are expensed as incurred. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If the Company were to

be unable to prevail in any such proceedings, the consolidated financial position, results of operations, and future cash flows of the Company may be materially impacted.

Other Items

In August 2023, Tango received an inconsequential equity stake in another biotech company, a related party, in exchange for providing lab space and resources for the early phases of company development.

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

10.

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	(in thousands, except per share data)						(in thousands, except per share data)
	2023			2022			2023			2022
Numerator:
Net loss	$	(22,263	)	$	(29,050	)	$	(70,981	)	$	(79,116	)
Denominator:
Weighted-average number of common shares outstanding – basic and diluted		97,033,273			87,892,195			91,268,133			87,868,081
Net loss per share – basic and diluted	$	(0.23	)	$	(0.33	)	$	(0.78	)	$	(0.90	)

In August 2023, the Company completed a private placement, in which 13,196,671 shares of common stock were sold together with pre-funded warrants to purchase 2,340,579 shares of common stock with an exercise price of $0.0001 per share. The pre-funded warrants were classified as a component of permanent equity in the Company's condensed consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying

the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate net loss per share attributable to common stockholders because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date of the pre-funded warrants.

The Company’s potential dilutive securities, which include common stock options and unvested restricted common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company 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 because including them would have had an anti-dilutive effect:


	September 30,
	2023		2022
Stock options to purchase common stock		17,095,005		12,701,089
Unvested restricted common stock		757,647		—
Total		17,852,652		12,701,089

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:


	Fair Market Value Measurements as of September 30, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	15,807	$	—	$	—	$	15,807
U.S. Treasury bills		—		9,292		—		9,292
Marketable debt securities:
U.S. Treasury bills		—		195,000		—		195,000
U.S. government agency bonds		—		106,347		—		106,347
Total assets	$	15,807	$	310,639	$	—	$	326,446


	Fair Market Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	7,577	$	—	$	—	$	7,577
U.S. Treasury bills		—		16,030		—		16,030
Marketable debt securities
U.S. Treasury bills		—		199,245		—		199,245
U.S. government agency bonds		—		106,920		—		106,920
Total assets	$	7,577	$	322,195	$	—	$	329,772

There were no transfers between fair value levels during the nine months ended September 30, 2023.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	(in thousands, except per share data)						(in thousands, except per share data)
	2023			2022			2023			2022
Numerator:
Net loss	$	(22,263	)	$	(29,050	)	$	(70,981	)	$	(79,116	)
Denominator:
Weighted-average number of common shares outstanding – basic and diluted		97,033,273			87,892,195			91,268,133			87,868,081
Net loss per share – basic and diluted	$	(0.23	)	$	(0.33	)	$	(0.78	)	$	(0.90	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company 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 because including them would have had an anti-dilutive effect:


	September 30,
	2023		2022
Stock options to purchase common stock		17,095,005		12,701,089
Unvested restricted common stock		757,647		—
Total		17,852,652		12,701,089

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Options outstanding Beginning balance	12,924,086
Number of Shares Granted	5,113,352
Number of Shares Exercised	(246,848)
Number of Shares Cancelled	(695,585)
Number of Shares, Options outstanding Ending balance	17,095,005	12,924,086
Number of Shares Options exercisable	7,372,207
Weighted Average Exercise Price, Options outstanding Beginning balance	$ 6.50
Weighted Average Exercise Price Granted	5.19
Weighted Average Exercise Price Exercised	2.26
Weighted Average Exercise Price Cancelled	8.01
Weighted Average Exercise Price, Options outstanding Ending balance	6.12	$ 6.50
Weighted Average Exercise Price Options exercisable	$ 5.65
Weighted Average Contractual Term, Options outstanding	7 years 9 months 29 days	8 years 1 month 17 days
Weighted Average Contractual Term Options exercisable	7 years 1 month 20 days
Aggregate Intrinsic Value, Options outstanding	$ 87,902,516	$ 24,267,448
Aggregate Intrinsic Value Options exercisable	$ 41,520,355

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at the beginning at Dec. 31, 2021	$ 344,747	$ 88	$ 506,760	$ (765)	$ (161,336)
Balance at the beginning (in Shares) at Dec. 31, 2021		87,598,184
Issuance of common stock from exercise of options and employee stock purchase plan	265		265
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		111,315
Stock based compensation expense	3,205		3,205
Business combination and PIPE financing, issuance costs	(8)		(8)
Other comprehensive income (loss)	(2,645)			(2,645)
Net loss	(25,208)				(25,208)
Balance at the ending at Mar. 31, 2022	320,356	$ 88	510,222	(3,410)	(186,544)
Balance at the ending (in Shares) at Mar. 31, 2022		87,709,499
Balance at the beginning at Dec. 31, 2021	344,747	$ 88	506,760	(765)	(161,336)
Balance at the beginning (in Shares) at Dec. 31, 2021		87,598,184
Net loss	(79,116)
Balance at the ending at Sep. 30, 2022	273,072	$ 88	518,292	(4,856)	(240,452)
Balance at the ending (in Shares) at Sep. 30, 2022		88,067,254
Balance at the beginning at Mar. 31, 2022	320,356	$ 88	510,222	(3,410)	(186,544)
Balance at the beginning (in Shares) at Mar. 31, 2022		87,709,499
Issuance of common stock from exercise of options and employee stock purchase plan	718		718
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		288,450
Stock based compensation expense	3,425		3,425
Other comprehensive income (loss)	(937)			(937)
Net loss	(24,858)				(24,858)
Balance at the ending at Jun. 30, 2022	298,704	$ 88	514,365	(4,347)	(211,402)
Balance at the ending (in Shares) at Jun. 30, 2022		87,997,949
Issuance of common stock from exercise of options and employee stock purchase plan	112		112
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		69,305
Stock based compensation expense	3,815		3,815
Other comprehensive income (loss)	(509)			(509)
Net loss	(29,050)				(29,050)
Balance at the ending at Sep. 30, 2022	273,072	$ 88	518,292	(4,856)	(240,452)
Balance at the ending (in Shares) at Sep. 30, 2022		88,067,254
Balance at the beginning at Dec. 31, 2022	249,476	$ 88	522,605	(3,705)	(269,512)
Balance at the beginning (in Shares) at Dec. 31, 2022		88,179,374
Issuance of common stock from exercise of options and employee stock purchase plan	73		73
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		30,590
Stock based compensation expense	4,219		4,219
Other comprehensive income (loss)	1,504			1,504
Net loss	(28,008)				(28,008)
Balance at the ending at Mar. 31, 2023	227,264	$ 88	526,897	(2,201)	(297,520)
Balance at the ending (in Shares) at Mar. 31, 2023		88,209,964
Balance at the beginning at Dec. 31, 2022	249,476	$ 88	522,605	(3,705)	(269,512)
Balance at the beginning (in Shares) at Dec. 31, 2022		88,179,374
Net loss	(70,981)
Balance at the ending at Sep. 30, 2023	276,595	$ 102	617,667	(681)	(340,493)
Balance at the ending (in Shares) at Sep. 30, 2023		101,847,154
Balance at the beginning at Mar. 31, 2023	227,264	$ 88	526,897	(2,201)	(297,520)
Balance at the beginning (in Shares) at Mar. 31, 2023		88,209,964
Issuance of common stock from exercise of options and employee stock purchase plan	586		586
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		252,880
Stock based compensation expense	5,121		5,121
Other comprehensive income (loss)	684			684
Net loss	(20,710)				(20,710)
Balance at the ending at Jun. 30, 2023	212,945	$ 88	532,604	(1,517)	(318,230)
Balance at the ending (in Shares) at Jun. 30, 2023		88,462,844
Issuance of common stock from exercise of options and employee stock purchase plan	441		441
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		187,639
Issuance of common stock and pre-funded warrants, net (in Shares)		13,196,671
Issuance of common stock and pre-funded warrants, net	79,776	$ 14	79,762
Stock based compensation expense	4,860		4,860
Other comprehensive income (loss)	836			836
Net loss	(22,263)				(22,263)
Balance at the ending at Sep. 30, 2023	$ 276,595	$ 102	$ 617,667	$ (681)	$ (340,493)
Balance at the ending (in Shares) at Sep. 30, 2023		101,847,154

Supplemental Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Depreciation expense	$ 1,798	$ 1,038
Security Deposits [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Restricted cash	$ 3,400	$ 4,000

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Unit [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Units, Granted \| shares	809,738
Number of Stock Units, Vested \| shares	(37,500)
Number of Stock Units, Forfeited \| shares	(14,591)
Number of Stock Units, Unvested and outstanding Ending balance \| shares	757,647
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	$ 4.94
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	2.67
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	4.6
Weighted Average Grant Date Fair Value Per Share, Unvested and outstanding Ending balance \| $ / shares	$ 5.05

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies There have been no significant changes from the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies, of the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates The preparation of consolidated financial statements requires that the Company make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates and assumptions made in the consolidated financial statements include, but are not limited to, the revenue recognized from collaboration agreements, the valuation of stock-based awards and the accrual for research and development expenses. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements requires that the Company make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates and assumptions made in the consolidated financial statements include, but are not limited to, the revenue recognized from collaboration agreements, the valuation of stock-based awards and the accrual for research and development expenses. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Collaboration revenue	$ 10,732,000	$ 6,920,000	$ 31,096,000	$ 18,449,000
Operating expenses:
Research and development	27,149,000	28,744,000	83,859,000	76,815,000
General and administrative	9,209,000	8,099,000	26,397,000	22,138,000
Total operating expenses	36,358,000	36,843,000	110,256,000	98,953,000
Loss from operations	(25,626,000)	(29,923,000)	(79,160,000)	(80,504,000)
Other income:
Interest income	1,872,000	350,000	4,383,000	865,000
Other income, net	1,514,000	523,000	3,883,000	526,000
Total other income, net	3,386,000	873,000	8,266,000	1,391,000
Loss before income taxes	(22,240,000)	(29,050,000)	(70,894,000)	(79,113,000)
Provision for income taxes	(23,000)	0	(87,000)	(3,000)
Net loss	$ (22,263,000)	$ (29,050,000)	$ (70,981,000)	$ (79,116,000)
Net loss per common share - basic	$ (0.23)	$ (0.33)	$ (0.78)	$ (0.90)
Net loss per common share - diluted	$ (0.23)	$ (0.33)	$ (0.78)	$ (0.90)
Weighted average number of common shares outstanding - basic	97,033,273	87,892,195	91,268,133	87,868,081
Weighted average number of common shares outstanding - diluted	97,033,273	87,892,195	91,268,133	87,868,081
Net loss	$ (22,263,000)	$ (29,050,000)	$ (70,981,000)	$ (79,116,000)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	836,000	(509,000)	3,024,000	(4,091,000)
Comprehensive loss	(21,427,000)	(29,559,000)	(67,957,000)	(83,207,000)
Collaboration Revenue [Member]
Collaboration revenue	$ 10,732,000	$ 6,920,000	26,096,000	$ 18,449,000
License Revenue [Member]
Collaboration revenue			$ 5,000,000

Supplemental Balance Sheet Information - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items]
Cash and cash equivalents	$ 58,533	$ 59,968
Construction in Progress [Member]
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items]
Cash and cash equivalents	58,533		$ 100,312
Restricted cash	3,423		3,990
Cash, cash equivalents and restricted cash	$ 61,956		$ 104,302

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2023

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

Undesignated Preferred Stock

The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue shares of preferred stock with a par value of $0.001 per share. The number of shares of preferred stock authorized to be issued is 10,000,000 shares as of September 30, 2023. The shares of preferred stock are currently undesignated and no shares are issued or outstanding.

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

The Company’s effective income tax rate was -0.1% and 0.0% for the three months ended September 30, 2023 and 2022, respectively, and -0.1% and 0.0% for the nine months ended September 30, 2023 and 2022, respectively. The income tax provision was $23,000 and $0 for the three months ended September 30, 2023 and 2022, respectively, and the income tax provision was $87,000 and $3,000 for the nine months ended September 30, 2023 and 2022, respectively. Consistent with the prior year, for 2023 the Company assessed the requirement to capitalize and amortize research and experimentation expenditures for US tax purposes, which remains effective as of September 30, 2023. The Company is forecasting a taxable loss position in 2023 for which no tax benefit is recorded due to the valuation allowance maintained against the Company’s deferred tax assets.

The effective income tax rate for the three and nine months ended September 30, 2023 and 2022 differed from the 21.0% federal statutory rate primarily due to the valuation allowance maintained against the Company’s deferred tax assets.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//740/tableOfContent

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-Name Accounting Standards Codification
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-Paragraph 1
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-Topic 740
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses on Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	$ 207,541	$ 113,132
Securities Less than twelve months, Unrealized loss	(217)	(1,267)
Securities Greater than twelve months, Fair value	41,790	122,997
Securities Greater than twelve months, Unrealized loss	(474)	(2,459)
Securities, Total Fair value	249,331	236,129
Securities, Total Unrealized loss	(691)	(3,726)
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	118,259	44,213
Securities Less than twelve months, Unrealized loss	(111)	(640)
Securities Greater than twelve months, Fair value	24,726	84,997
Securities Greater than twelve months, Unrealized loss	(237)	(1,970)
Securities, Total Fair value	142,985	129,210
Securities, Total Unrealized loss	(348)	(2,610)
U.S. Government Agency Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	89,282	68,919
Securities Less than twelve months, Unrealized loss	(106)	(627)
Securities Greater than twelve months, Fair value	17,064	38,000
Securities Greater than twelve months, Unrealized loss	(237)	(489)
Securities, Total Fair value	106,346	106,919
Securities, Total Unrealized loss	$ (343)	$ (1,116)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Collaboration Agreements - Additional Information (Details)	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Aug. 31, 2020 USD ($) Program	Oct. 31, 2018 Program	Jun. 30, 2023 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
2018 Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research term			3 years
Number of licensed product \| Program			5
Non-refundable upfront payment received						$ 50,000,000		$ 50,000,000
Amended Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research term		7 years
Number of licensed product \| Program		15
Non-refundable upfront payment received						$ 125,000,000
Milestone payments receivable		$ 410,000,000
Temporary equity, par value		125,000,000
Revenue recognized, cumulative catch-up adjustment					$ (11,300,000)
Research extension fee										$ 12,000,000	$ 12,000,000
License fee amount	$ 5,000,000
Contract with customer liability, revenue recognized				$ 5,000,000
Amended Gilead Agreement [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage in common stock						10.00%
Amended Gilead Agreement [Member] \| Series B-1 Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equity, par value		$ 20,000,000
Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price allocated to performance obligation						$ 199,000,000
Cummulative research extension fee						24,000,000
Short-term deferred revenue						27,100,000			$ 31,800,000
Long-term deferred revenue						70,700,000			$ 92,100,000
Collaboration Revenue [Member] \| Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer liability, revenue recognized						$ 26,100,000	$ 18,400,000

Net Loss Per Share - Additional Information (Details) - Private Placement [Member]	Aug. 11, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Number of shares sold	13,196,671
Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase shares of common stock	2,340,579
Exercise price \| $ / shares	$ 0.0001

Stock-Based Compensation - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $	$ 9.3
Weighted-average amortization period	2 years 6 months
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	6,200,500
2023 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	2,256,250
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued	186,761
Restricted Stock Unit [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $	$ 3.1
Weighted-average amortization period	2 years 3 months 18 days

Collaboration Agreements - Additional Information (Details1)	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-21
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue remaining performance obligations expected remaining contractual term	3 years 10 months 24 days

Marketable Securities - Summary of Debt Securities, Available For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 302,028	$ 309,870
Gross Unrealized Gains	10	21
Gross Unrealized Loss	(691)	(3,726)
Fair Value	301,347	306,165
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	195,338	201,834
Gross Unrealized Gains	10	21
Gross Unrealized Loss	(348)	(2,610)
Fair Value	195,000	199,245
U.S. Government Agency Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	106,690	108,036
Gross Unrealized Loss	(343)	(1,116)
Fair Value	$ 106,347	$ 106,920

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 15,632	$ 14,565
Less: Accumulated depreciation	(5,371)	(3,681)
Property and equipment, net	10,261	10,884
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	8,581	7,720
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,312	2,235
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	125	125
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,737	1,699
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,857	2,778
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 20	$ 8

Fair Value Measurements - Summary Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	$ 15,807	$ 7,577
Cash equivalents, U.S. Treasury bills	9,292	16,030
Total assets	326,446	329,772
Marketable Debt Securities [Member] \| U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	195,000	199,245
Marketable Debt Securities [Member] \| U.S. Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	106,347	106,920
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	15,807	7,577
Total assets	15,807	7,577
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, U.S. Treasury bills	9,292	16,030
Total assets	310,639	322,195
Level 2 [Member] \| Marketable Debt Securities [Member] \| U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	195,000	199,245
Level 2 [Member] \| Marketable Debt Securities [Member] \| U.S. Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	$ 106,347	$ 106,920

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

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

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Research and development	$	2,573	$	1,791	$	7,516	$	5,089
General and administrative		2,287		2,024		6,684		5,356
Total	$	4,860	$	3,815	$	14,200	$	10,445

Schedule of Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2023:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
	(in years)
Options outstanding as of December 31, 2022		12,924,086		$	6.50		8.13	$	24,267,448
Granted		5,113,352			5.19
Exercised		(246,848	)		2.26
Cancelled		(695,585	)		8.01
Options outstanding as of September 30, 2023		17,095,005		$	6.12		7.83	$	87,902,516
Options exercisable as of September 30, 2023		7,372,207		$	5.65		7.14	$	41,520,355

Summary of Restricted Stock Unit Activity

The following table summarizes the RSU activity for the nine months ended September 30, 2023:


	Number of Stock Units			Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2022		—		$	-
Granted		809,738			4.94
Vested		(37,500	)		2.67
Forfeited		(14,591	)		4.60
Unvested and outstanding as of September 30, 2023		757,647		$	5.05

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 11, 2023	Sep. 30, 2023	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issuance cost		$ 178	$ 8
Private Placement [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units issued in transaction	13,196,671
Unit price	$ 5.15
Gross proceeds	$ 80,000
Stock issuance cost	200
Net proceeds from private placement	$ 79,800
Private Placement [Member] \| Pre-funded Warrants [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Unit price	$ 5.1499
Warrants to purchase shares of common stock	2,340,579
Exercise price	$ 0.0001

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (70,981)	$ (79,116)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation	1,798	1,038
Noncash operating lease expense	2,692	1,538
Stock-based compensation	14,200	10,445
(Accretion) amortization on marketable securities	(1,030)	(219)
Other, net	22	15
Changes in operating assets and liabilities:
Accounts Receivable	2,000
Prepaid expenses and other current assets	(3,582)	(1,299)
Right-of-use asset		(10,125)
Other long-term assets	(42)	63
Accounts payable	(1,617)	2,137
Accrued expenses and other liabilities	(6,026)	5,849
Operating lease liabilities	(1,853)	1,309
Deferred revenue	(26,096)	(12,449)
Net cash used in operating activities	(90,515)	(80,814)
Cash flows from investing activities
Purchase of property and equipment	(1,300)	(6,651)
Sales and maturities of marketable securities	268,423	160,602
Purchases of marketable securities	(259,549)	(114,947)
Net cash provided by investing activities	7,574	39,004
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and purchase of shares under ESPP	1,100	1,096
Proceeds from issuance of common stock and pre-funded warrants, net	80,017
Payments of transaction costs	(178)	(8)
Net cash provided by financing activities	80,939	1,088
Net change in cash, cash equivalents and restricted cash	(2,002)	(40,722)
Cash, cash equivalents and restricted cash, beginning of period	63,958	145,024
Cash, cash equivalents and restricted cash, end of period	61,956	104,302
Supplemental cash flow information:
Cash paid for leases	4,116	1,413
Supplemental disclosure of noncash investing and financing activity:
Purchases of property and equipment included in accounts payable and accrued expenses		952
Operating lease liabilities from obtaining right-of-use assets		38,227
Revaluation of right-of-use asset and lease liability upon to lease remeasurement	$ (228)	$ 311

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Temporary Equity, Par or Stated Value Per Share	$ 0.001	$ 0.001
Temporary Equity, Shares Authorized	10,000,000	10,000,000
Temporary Equity, Shares Issued	0	0
Temporary Equity, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	101,847,154	88,179,374
Common Stock, Shares, Outstanding	101,847,154	88,179,374

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:


	Fair Market Value Measurements as of September 30, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	15,807	$	—	$	—	$	15,807
U.S. Treasury bills		—		9,292		—		9,292
Marketable debt securities:
U.S. Treasury bills		—		195,000		—		195,000
U.S. government agency bonds		—		106,347		—		106,347
Total assets	$	15,807	$	310,639	$	—	$	326,446


	Fair Market Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	7,577	$	—	$	—	$	7,577
U.S. Treasury bills		—		16,030		—		16,030
Marketable debt securities
U.S. Treasury bills		—		199,245		—		199,245
U.S. government agency bonds		—		106,920		—		106,920
Total assets	$	7,577	$	322,195	$	—	$	329,772

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Incentive Plan

In March 2017, the Company's stockholders approved the 2017 Stock Option and Grant Plan, pursuant to which stock options, restricted stock awards, unrestricted stock awards, restricted stock units (RSUs), or any combination of the forgoing could be issued to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company.

The 2021 Stock Option and Incentive Plan (the 2021 Plan) became effective upon the closing of the Business Combination and replaced the 2017 Stock Option and Grant Plan. The 2021 Plan allows the Company to issue stock options, stock appreciation awards, restricted stock awards, unrestricted stock awards, restricted stock units (RSUs) and cash-based awards, or any combination of the forgoing to eligible employees, officers, directors, or consultants. As of September 30, 2023, the Company had 6,200,500 shares available for future issuance under the 2021 Plan.

The 2023 Inducement Plan (the Inducement Plan) became effective upon approval of the Company's board of directors in February 2023. The Inducement Plan allows the Company to make equity and equity-based incentive awards to individuals who were not previously employees or directors of the Company. As of September 30, 2023, the Company had 2,256,250 shares available for future issuance under the Inducement Plan.

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Research and development	$	2,573	$	1,791	$	7,516	$	5,089
General and administrative		2,287		2,024		6,684		5,356
Total	$	4,860	$	3,815	$	14,200	$	10,445

Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2023:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
	(in years)
Options outstanding as of December 31, 2022		12,924,086		$	6.50		8.13	$	24,267,448
Granted		5,113,352			5.19
Exercised		(246,848	)		2.26
Cancelled		(695,585	)		8.01
Options outstanding as of September 30, 2023		17,095,005		$	6.12		7.83	$	87,902,516
Options exercisable as of September 30, 2023		7,372,207		$	5.65		7.14	$	41,520,355

As of September 30, 2023, total unrecognized compensation expense related to stock options was $39.3 million, which the Company expects to recognize over a remaining weighted-average period of 2.5 years.

Restricted Stock Unit Activity

The following table summarizes the RSU activity for the nine months ended September 30, 2023:


	Number of Stock Units			Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2022		—		$	-
Granted		809,738			4.94
Vested		(37,500	)		2.67
Forfeited		(14,591	)		4.60
Unvested and outstanding as of September 30, 2023		757,647		$	5.05

As of September 30, 2023, total unrecognized compensation expense related to RSUs was $3.1 million, which the Company expects to recognize over a remaining weighted-average period of 2.3 years.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the ESPP) was adopted and approved by the Company’s board of directors and by the Company’s stockholders and became effective upon the closing of the Business Combination. During the nine months ended September 30, 2023, the Company issued 186,761 shares of common stock under the ESPP.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 58,533	$ 59,968
Marketable securities	301,347	306,165
Accounts receivable		2,000
Restricted cash	856	567
Prepaid expenses and other current assets	10,155	6,572
Total current assets	370,891	375,272
Property and equipment, net	10,261	10,884
Operating lease right-of-use assets	44,422	46,886
Restricted cash, net of current portion	2,567	3,423
Other assets	48	5
Total assets	428,189	436,470
Current liabilities:
Accounts payable	2,837	4,453
Accrued expenses and other current liabilities	11,467	17,495
Operating lease liabilities	2,040	1,770
Deferred revenue	27,072	31,792
Income tax payable		35
Total current liabilities	43,416	55,545
Operating lease liabilities, net of current portion	37,466	39,361
Deferred revenue, net of current portion	70,712	92,088
Total liabilities	151,594	186,994
Commitments and contingencies (Note 7)
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
Stockholders' equity:
Common stock, $0.001 par value; 200,000,000 shares authorized at September 30, 2023 and December 31, 2022;104,187,733 and 88,179,374 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	102	88
Additional paid-in capital	617,667	522,605
Accumulated other comprehensive loss	(681)	(3,705)
Accumulated deficit	(340,493)	(269,512)
Total stockholders' equity	276,595	249,476
Total liabilities and stockholders' equity	$ 428,189	$ 436,470

Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Information

Property and Equipment

Property and equipment, net, consists of the following:


	September 30, 2023			December 31, 2022
	(in thousands)
Laboratory equipment	$	8,581		$	7,720
Computer equipment		2,312			2,235
Computer software		125			125
Furniture and fixtures		1,737			1,699
Leasehold improvements		2,857			2,778
Construction in progress		20			8
		15,632			14,565
Less: Accumulated depreciation		(5,371	)		(3,681	)
Property and equipment, net	$	10,261		$	10,884

Depreciation expense was $1.8 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities include the following:


	September 30, 2023		December 31, 2022
	(in thousands)
Payroll and employee-related costs	$	5,415	$	5,738
Research and development costs		4,613		10,490
Other		1,439		1,267
Total accrued expenses and other current liabilities	$	11,467	$	17,495

Restricted Cash

As of September 30, 2023 and 2022, the Company maintained a restricted cash balance of $3.4 million and $4.0 million, respectively, all of which was related to security deposits associated with the Company’s facility leases. The cash will remain restricted in accordance with the lease agreements absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	September 30, 2023		September 30, 2022
	(in thousands)
Cash and cash equivalents	$	58,533	$	100,312
Restricted cash		3,423		3,990
Cash, cash equivalents and restricted cash	$	61,956	$	104,302

Collaboration Agreements

9 Months Ended

Sep. 30, 2023

Collaboration Agreements [Abstract]

Collaboration Agreements

2018 Gilead Agreement

In October 2018, the Company entered into a Research Collaboration and License Agreement (the 2018 Gilead Agreement) with Gilead Sciences, Inc. (Gilead). Pursuant to the 2018 Gilead Agreement, the Company performed target discovery and validation activities in accordance with an agreed-upon multi-year research plan. During the initial three-year research term, Gilead had the option to obtain exclusive, worldwide licenses to develop and commercialize up to five validated programs (Gilead Program License). Gilead paid the Company a $50.0 million non-refundable upfront payment upon the execution of the 2018 Gilead Agreement and is eligible to receive certain milestone payments.

The Company assessed this arrangement in accordance with ASC 606, Revenue from Contracts with Customers, and concluded that the contract counterparty, Gilead, was a customer. The Company identified a single performance obligation under the arrangement consisting of the combination of participating on the joint steering committee and the research and development services provided during the research term. The identified promises were determined to not be individually distinct due to the specialized nature of the early-stage research services to be provided by the Company and the interdependent relationship between the promises. The Company determined that the option for Gilead to extend the term of the arrangement was not priced at a discount, and therefore did not provide Gilead with a material right. This option will be excluded from the transaction price until exercised. At the inception of the 2018 Gilead Agreement, the Company also determined that the Gilead program license options provided to Gilead did not include a material right.

The total transaction price, subject to variable consideration constraints, was allocated to the combined single performance obligation. The Company determined that the single combined performance obligation is satisfied over time as the customer is simultaneously receiving and consuming the benefit of the Company’s performance. The future milestone payments represent variable consideration that is fully constrained at inception of the arrangement as the achievement of the milestone events are highly uncertain.

Amended Gilead Agreement

In August 2020, Gilead made an equity investment of $20.0 million into the Company as a participant in the Company’s Series B-1 preferred stock offering. At the time of the original investment, as well as of the September 30, 2023 balance sheet date, Gilead maintains an ownership of less than 10% of the Company's common stock and is thus not considered to be a related party to the Company.

In August 2020, the Company and Gilead also entered into an Amended Research Collaboration and License Agreement (the Gilead Agreement), which superseded and replaced the 2018 Gilead Agreement. The Gilead Agreement represents a continuation of the initial target discovery and validation research and development efforts begun under the 2018 Gilead Agreement. Under the Gilead Agreement:

•

The Company received upfront, non-refundable consideration of $125.0 million from Gilead upon execution of the Gilead Agreement in 2020;

•

The term of the 2018 Gilead Agreement ended on the date the Gilead Agreement was executed. The Gilead Agreement has a research term of seven years;

•

Gilead expanded its option to license up to 15 programs for which Gilead may obtain exclusive, worldwide licenses to develop and commercialize therapies, subject to applicable license fees;

•

Prior to exercising its option to license a program, Gilead may “extend” such program, in which case Gilead will pay research option-extension fees and the Company will continue to collaborate with Gilead to discover and develop programs, potentially through early clinical development;

•

Gilead has the option to “reserve” a target during which Gilead may: (i) license the target, (ii) “extend” the target, or (iii) decline the target, during the designated reserve target period. If, during the reserve target period Tango elects to work on the reserved target, Tango will retain full rights to the target program and Gilead receives a right of first negotiation in connection with any future partnering or licensing of such target by Tango, if any; and

•

For up to five programs licensed by Gilead, the Company has the option to co-develop and co-promote the lead product in the U.S., subject to certain exceptions, and is eligible to receive tiered royalties in the first decile on ex-U.S. sales.

The Company is eligible to receive up to $410.0 million per program in license, research option-extension, and clinical, regulatory, and commercial milestones and royalties on future sales of commercialized products, if any.

The Gilead Agreement was accounted for as a modification of the 2018 Gilead Agreement under ASC 606 as both the scope and price of the contract were changed under the Gilead Agreement. The additional goods and services to be provided under the Gilead Agreement are not distinct from the combined performance obligation identified under the 2018 Gilead Agreement which was only partially satisfied at the date of contract modification. As such, the Company identified a single combined performance obligation under the Gilead Agreement consisting of the research services and continued participation on the joint steering committee during the research term. As a result, the Company’s progress towards completing its research services to Gilead over the seven-year term of the Gilead Agreement was lower than its progress under the three-year term of the 2018 Gilead Agreement and a cumulative catch-up adjustment was recorded during the third quarter of 2020 resulting in a charge of $11.3 million against revenue previously recognized through the date of the Gilead Agreement.

In December 2020 and in September 2021, Gilead elected to extend two programs for a research extension fee of $12.0 million each. The Company determined that the additional goods and services relating to the continued research services were not distinct from the early-stage research services already promised to Gilead under the on-going research plan. Consideration pertaining to each of the research option-extensions is paid to the Company in equal quarterly installment payments over an agreed upon payment schedule. The research option-extension consideration was added to the transaction price under the Gilead Agreement.

In June 2023, Gilead licensed a program for a $5.0 million license fee. The $5.0 million license fee was received and recognized as revenue in the second quarter of 2023 as the Company has no continued involvement in the advancement of the program, Gilead can benefit from the license on its own, and the license is separately identifiable from the research services.

Gilead Revenue Recognized

The total transaction price allocated to the combined performance obligation under the Gilead Agreement was $199.0 million at September 30, 2023. The total transaction price was comprised of the $50.0 million upfront payment pursuant to the 2018 Gilead Agreement, the $125.0 million upfront payment pursuant to the Gilead Agreement, and $24.0 million pursuant to the research option-extension fee payments related to decisions made in 2020 and 2021. During the nine months ended September 30, 2023 and 2022, the Company recognized $26.1 million and $18.4 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period.

The Company reevaluates the transaction price and the total estimated costs expected to be incurred to satisfy the performance obligations at the end of each reporting period and as uncertain events, such as changes to the expected timing and cost of certain research and development activities that the Company is responsible for, are resolved or other changes in circumstances occur. As of September 30, 2023 and December 31, 2022, the Company had short-term deferred revenue of $27.1 million and $31.8 million, respectively, and long-term deferred revenue of $70.7 million and $92.1 million, respectively, related to the Gilead collaboration. The remaining deferred revenue is expected to be recognized proportionally to the completed obligations over an expected remaining contractual term of approximately 3.9 years.

Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded as deferred revenue on the Company’s unaudited condensed consolidated balance sheets.

Costs incurred pursuant to the Gilead Agreements are recorded as research and development expense.

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net, consists of the following:


	September 30, 2023			December 31, 2022
	(in thousands)
Laboratory equipment	$	8,581		$	7,720
Computer equipment		2,312			2,235
Computer software		125			125
Furniture and fixtures		1,737			1,699
Leasehold improvements		2,857			2,778
Construction in progress		20			8
		15,632			14,565
Less: Accumulated depreciation		(5,371	)		(3,681	)
Property and equipment, net	$	10,261		$	10,884

Schedule of Accrued Expenses and Other Current Liabilities Current

Accrued expenses and other current liabilities include the following:


	September 30, 2023		December 31, 2022
	(in thousands)
Payroll and employee-related costs	$	5,415	$	5,738
Research and development costs		4,613		10,490
Other		1,439		1,267
Total accrued expenses and other current liabilities	$	11,467	$	17,495

Schedule of Cash, Cash Equivalents Restricted Cash and Restricted Cash Equivalents

The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	September 30, 2023		September 30, 2022
	(in thousands)
Cash and cash equivalents	$	58,533	$	100,312
Restricted cash		3,423		3,990
Cash, cash equivalents and restricted cash	$	61,956	$	104,302

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Provision for income taxes	$ 23,000	$ 0	$ 87,000	$ 3,000
Effective income tax rate	(0.10%)	0.00%	(0.10%)	0.00%
Federal statutory rate	21.00%	21.00%	21.00%	21.00%
Forecasting Taxable Loss Position Deferred Tax Assets [Member]
Provision for income taxes			$ 0

- Definition

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

+ References + Details

Nature of the Business and Basis of Presentation

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

Tango Therapeutics, Inc. is a precision oncology company committed to the discovery and development of novel drugs in defined patient populations with high unmet medical need.

Tango Therapeutics, Inc. (together with its consolidated subsidiaries, Tango or the Company) formerly known as BCTG Acquisition Corp. (BCTG), was incorporated in Delaware on May 21, 2020. BCTG was a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

Private Placement

On August 10, 2023, the Company entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 13,196,671 shares of common stock at a price of $5.15 per share and pre-funded warrants to purchase 2,340,579 shares of common stock at a purchase price of $5.1499 per pre-funded warrant, resulting in gross proceeds of $80.0 million. The pre-funded warrants have an exercise price of $0.0001 per share of common stock, were immediately exercisable and will remain exercisable until exercised in full. After deducting expenses related to the private placement of $0.2 million, the net proceeds to the Company from the private placement were $79.8 million. The private placement closed on August 11, 2023.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements reflect the operations of Tango and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar.

In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results for the year ending December 31, 2023, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 27, 2023.

Marketable Securities - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Marketable securities, Accrued interest	$ 1,500,000	$ 500,000
Fair Value	301,347,000	306,165,000
Marketable Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Impairments to marketable securities or reserves for credit losses	0	$ 0
Fair Value	$ 39,800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Marketable Securities [Abstract]

Summary of Debt Securities, Available-for-sale

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:


	Fair Value Measurements as of September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	195,338	$	10	$	(348	)	$	195,000
U.S. government agency bonds		106,690		—		(343	)		106,347
	$	302,028	$	10	$	(691	)	$	301,347


	Fair Value Measurements as of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	201,834	$	21	$	(2,610	)	$	199,245
U.S. government agency bonds		108,036		—		(1,116	)		106,920
	$	309,870	$	21	$	(3,726	)	$	306,165

Summary of Fair value and Gross Unrealized Losses on Securities

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:


	September 30, 2023
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	118,259	$	(111	)	$	24,726	$	(237	)	$	142,985	$	(348	)
U.S. government agency bonds		89,282		(106	)		17,064		(237	)		106,346		(343	)
	$	207,541	$	(217	)	$	41,790	$	(474	)	$	249,331	$	(691	)


	December 31, 2022
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	44,213	$	(640	)	$	84,997	$	(1,970	)	$	129,210	$	(2,610	)
U.S. government agency bonds		68,919		(627	)		38,000		(489	)		106,919		(1,116	)
	$	113,132	$	(1,267	)	$	122,997	$	(2,459	)	$	236,129	$	(3,726	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
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+ Details

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,860	$ 3,815	$ 14,200	$ 10,445
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,573	1,791	7,516	5,089
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,287	$ 2,024	$ 6,684	$ 5,356

Redeemable Convertible Preferred Stock - Additional Information (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Redeemable convertible preferred stock shares authorized	10,000,000	10,000,000
Redeemable convertible preferred stock Par or Stated Value Per Share	$ 0.001	$ 0.001
Redeemable convertible preferred stock, issued	0	0
Redeemable convertible preferred stock, outstanding	0	0

Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities Current (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and employee-related costs	$ 5,415	$ 5,738
Research and development costs	4,613	10,490
Other current liabilities	1,439	1,267
Total accrued expenses and other current liabilities	$ 11,467	$ 17,495