0001819133 tngx:SeriesBTrancheTwoRedeemableConvertiblePreferredStockMember 2021-03-18 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2019-01-01 2019-01-31 0001819133 tngx:StockOptionsMember 2021-01-01 2021-12-31 0001819133 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-12-31 0001819133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0001819133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0001819133 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001819133 tngx:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMember 2021-12-31 0001819133 tngx:AmendedGileadAgreementMember 2021-01-01 2021-12-31 0001819133 us-gaap:SeriesBPreferredStockMember 2020-01-01 2020-12-31 0001819133 tngx:ComputerSoftwareMember 2021-12-31 0001819133 srt:MinimumMember tngx:HundredBinneyStreetInCambridgeMember 2017-07-31 0001819133 tngx:SeriesBCommonSharesMember 2020-04-07 0001819133 srt:ScenarioPreviouslyReportedMember tngx:SeriesACommonSharesMember 2019-12-31 0001819133 srt:ScenarioPreviouslyReportedMember 2020-01-01 2020-12-31 0001819133 tngx:SpecifiedRegulatoryAndSalesMilestonesForGeneticContextMember tngx:MedivirAgreementMember 2020-03-31 0001819133 2017-03-01 2017-03-31 0001819133 tngx:LicenseRevenueMember tngx:GileadAgreementBasedPerformanceMember 2021-01-01 2021-12-31 0001819133 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001819133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001819133 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-12-31 0001819133 tngx:SeriesBCommonSharesMember 2020-04-06 2020-04-07 0001819133 us-gaap:StateAndLocalJurisdictionMember tngx:ResearchAndDevelopmentMember 2021-01-01 2021-12-31 0001819133 tngx:PublicSharesMember 2020-09-08 2020-09-08 0001819133 2021-08-10 2021-08-10 0001819133 tngx:TwoThousandAndEighteenGileadAgreementMember 2018-10-01 2018-10-31 0001819133 tngx:SeriesBRedeemableConvertiblePreferredStockMember 2020-04-30 0001819133 tngx:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMember us-gaap:SubsequentEventMember 2022-01-01 2022-01-01 0001819133 tngx:MergerAgreementMember 2021-04-13 2021-04-13 0001819133 tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 us-gaap:CommonStockMember 2019-12-31 0001819133 tngx:BctgAcquisitionCorpMember 2021-12-31 0001819133 tngx:SeriesBOneRedeemableConvertiblePreferredStockMember 2020-08-01 2020-08-31 0001819133 tngx:TwoThousandAndEighteenGileadAgreementMember 2018-12-31 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2017-03-31 0001819133 us-gaap:AccountingStandardsUpdate201613Member 2021-12-31 0001819133 tngx:TangoTherapeuticsIncMember 2021-08-10 0001819133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001819133 us-gaap:CommonStockMember 2020-09-08 2020-09-08 0001819133 2020-09-08 2020-09-08 0001819133 us-gaap:StateAndLocalJurisdictionMember 2021-01-01 2021-12-31 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2017-03-01 2017-03-31 0001819133 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 tngx:StockOptionsMember 2020-01-01 2020-12-31 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2021-10-01 2021-12-31 0001819133 tngx:AmendedGileadAgreementMember 2020-08-31 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2017-07-31 0001819133 tngx:SeriesBRedeemableConvertiblePreferredStockMember 2020-04-01 2020-04-30 0001819133 srt:ScenarioPreviouslyReportedMember tngx:SeriesB1CommonSharesMember 2020-08-17 0001819133 us-gaap:FurnitureAndFixturesMember 2021-01-01 2021-12-31 0001819133 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001819133 tngx:SeriesACommonSharesMember 2019-01-01 2019-12-31 0001819133 us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-12-31 0001819133 2020-01-01 2020-12-31 0001819133 us-gaap:StateAndLocalJurisdictionMember 2021-12-31 0001819133 tngx:SeriesACommonSharesMember 2019-12-31 0001819133 tngx:LaboratoryEquipmentMember 2021-01-01 2021-12-31 0001819133 us-gaap:ComputerEquipmentMember 2021-12-31 0001819133 tngx:AmendedGileadAgreementMember 2020-08-01 2020-08-31 0001819133 tngx:TangoTherapeuticsIncMember 2021-08-10 2021-08-10 0001819133 us-gaap:DomesticCountryMember 2021-12-31 0001819133 tngx:SeriesBRedeemableConvertiblePreferredStockMember 2021-03-31 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2018-12-31 0001819133 us-gaap:ComputerSoftwareIntangibleAssetMember 2021-01-01 2021-12-31 0001819133 tngx:SeriesBOneRedeemableConvertiblePreferredStockMember 2020-08-17 0001819133 tngx:GileadAgreementMember 2021-12-31 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2021-11-01 2021-11-30 0001819133 us-gaap:AccountingStandardsUpdate201912Member 2021-12-31 0001819133 tngx:TwoThousandAndTwentyOnePlanMember 2021-01-01 2021-12-31 0001819133 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember tngx:MarketableDebtSecuritiesMember 2020-12-31 0001819133 us-gaap:EquipmentMember 2021-12-31 0001819133 tngx:TheTwoHundredAndOneBrooklineAvenueLeaseMember us-gaap:LetterOfCreditMember us-gaap:SubsequentEventMember 2022-01-31 0001819133 srt:MaximumMember 2020-01-01 2020-12-31 0001819133 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001819133 tngx:CollaborationRevenueMember tngx:GileadAgreementMember 2020-01-01 2020-12-31 0001819133 us-gaap:USGovernmentAgenciesDebtSecuritiesMember tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2021-01-01 2021-12-31 0001819133 us-gaap:USTreasurySecuritiesMember tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 tngx:SeriesBTrancheOneRedeemableConvertiblePreferredStockMember 2021-08-10 0001819133 tngx:TwoThousandAndEighteenGileadAgreementMember 2018-01-01 2018-12-31 0001819133 tngx:SeriesBOnePreferredStockMember tngx:AmendedGileadAgreementMember 2020-08-31 0001819133 tngx:SeriesBTrancheTwoRedeemableConvertiblePreferredStockMember 2021-08-10 0001819133 us-gaap:FurnitureAndFixturesMember 2021-12-31 0001819133 us-gaap:IPOMember 2021-01-01 2021-12-31 0001819133 tngx:SeriesBTrancheOneRedeemableConvertiblePreferredStockMember 2020-04-07 0001819133 srt:MinimumMember tngx:HundredBinneyStreetInCambridgeMember 2021-11-01 2021-11-30 0001819133 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 tngx:BctgAcquisitionCorpMember 2021-08-11 2021-08-11 0001819133 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001819133 tngx:SeriesBOneRedeemableConvertiblePreferredStockMember 2020-08-31 0001819133 srt:MaximumMember tngx:HundredBinneyStreetInCambridgeMember 2017-07-31 0001819133 tngx:MarketableDebtSecuritiesMember 2020-12-31 0001819133 us-gaap:PrivatePlacementMember 2021-12-31 0001819133 us-gaap:LeaseholdImprovementsMember 2021-01-01 2021-12-31 0001819133 tngx:RestrictedCommonStockAwardMember 2019-12-31 0001819133 tngx:MergerAgreementMember 2021-08-10 2021-08-10 0001819133 2021-08-10 0001819133 tngx:TheTwoHundredAndOneBrooklineAvenueLeaseMember 2019-09-30 0001819133 us-gaap:CommonStockMember 2021-12-31 0001819133 tngx:MedivirAgreementMember 2020-03-31 0001819133 tngx:TwoThousandAndTwentyOnePlanMember us-gaap:SubsequentEventMember 2022-01-01 2022-01-01 0001819133 tngx:RestrictedCommonStockAwardMember 2020-12-31 0001819133 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001819133 tngx:HitgenAgreementMember 2017-09-01 2017-09-30 0001819133 tngx:StockOptionsMember 2021-12-31 0001819133 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 us-gaap:DomesticCountryMember 2021-01-01 2021-12-31 0001819133 us-gaap:AccountingStandardsUpdate202006Member 2021-12-31 0001819133 tngx:FoundersAndAdvisorsMember tngx:RestrictedCommonStockAwardMember 2017-01-01 2017-12-31 0001819133

2022-01-01

2021-12-31 0001819133 us-gaap:PrivatePlacementMember 2021-01-01 2021-12-31 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2018-01-01 2018-12-31 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2020-01-01 2020-12-31 0001819133 2019-12-31 0001819133 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001819133 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember tngx:MarketableDebtSecuritiesMember 2020-12-31 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2019-12-31 0001819133 tngx:SeriesBOneRedeemableConvertiblePreferredStockMember 2021-08-10 0001819133 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0001819133 tngx:SeriesACommonSharesMember 2021-08-10 0001819133 srt:MinimumMember tngx:AmendedGileadAgreementMember 2021-12-31 0001819133 tngx:RestrictedCommonStockAwardMember 2021-01-01 2021-12-31 0001819133 tngx:MarketableDebtSecuritiesMember 2021-01-01 2021-12-31 0001819133 2021-12-31 0001819133 us-gaap:DomesticCountryMember tngx:ResearchAndDevelopmentMember 2021-12-31 0001819133 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001819133 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001819133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001819133 2021-06-30 0001819133 us-gaap:IPOMember 2020-09-08 0001819133 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-12-31 0001819133 tngx:SpecifiedClinicalMilestonesMember tngx:MedivirAgreementMember 2020-03-31 0001819133 tngx:SeriesBCommonSharesMember 2021-08-10 0001819133 tngx:AmendedGileadAgreementMember 2020-07-01 2020-09-30 0001819133 us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0001819133 tngx:SeriesBRedeemableConvertiblePreferredStockMember 2021-03-01 2021-03-31 0001819133 tngx:LicenseRevenueMember 2020-01-01 2020-12-31 0001819133 srt:MinimumMember 2021-01-01 2021-12-31 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2018-03-31 0001819133 srt:MaximumMember tngx:HundredBinneyStreetInCambridgeMember 2021-11-01 2021-11-30 0001819133 us-gaap:EquipmentMember 2020-12-31 0001819133 2019-09-01 2019-09-30 0001819133 tngx:CollaborationRevenueMember 2020-01-01 2020-12-31 0001819133 tngx:HundredBinneyStreetInCambridgeMember us-gaap:LetterOfCreditMember 2021-01-01 2021-12-31 0001819133 us-gaap:SeriesAPreferredStockMember 2019-12-31 0001819133 tngx:AmendedGileadAgreementMember 2021-04-01 2021-04-30 0001819133 tngx:AmendedGileadAgreementMember 2021-04-01 2021-06-30 0001819133 us-gaap:RetainedEarningsMember 2021-12-31 0001819133 tngx:BctgAcquisitionCorpMember 2021-08-10 0001819133 tngx:SpecifiedRegulatoryApprovalAndSalesMilestonesMember tngx:MedivirAgreementMember 2020-03-31 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2021-08-10 0001819133 srt:ScenarioPreviouslyReportedMember tngx:SeriesBCommonSharesMember 2020-04-07 0001819133 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-12-31 0001819133 tngx:MergerAgreementMember 2021-04-13 0001819133 tngx:AmendedGileadAgreementMember 2020-12-31 0001819133 tngx:SeriesB1CommonSharesMember 2020-08-16 2020-08-17 0001819133 tngx:SeriesBOnePreferredStocksMember 2020-01-01 2020-12-31 0001819133 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001819133 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001819133 us-gaap:IPOMember 2020-09-08 2020-09-08 0001819133 2022-03-21 0001819133 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 2020-12-31 0001819133 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001819133 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001819133 us-gaap:USTreasurySecuritiesMember tngx:MarketableDebtSecuritiesMember 2020-12-31 0001819133 srt:MaximumMember tngx:MarketableDebtSecuritiesMember 2021-12-31 0001819133 us-gaap:SeriesBPreferredStockMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2021-03-31 0001819133 tngx:BctgBusinessCombinationAndPipeFinancingMember 2021-08-10 0001819133 tngx:TwoThousandAndTwentyOnePlanMember 2021-12-31 0001819133 2021-08-31 0001819133 us-gaap:StateAndLocalJurisdictionMember tngx:ResearchAndDevelopmentMember 2021-12-31 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2017-07-31 0001819133 us-gaap:RestrictedStockMember 2021-01-01 2021-12-31 0001819133 tngx:CollaborationRevenueMember 2021-01-01 2021-12-31 0001819133 us-gaap:SeriesBPreferredStockMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2021-01-01 2021-03-31 0001819133 tngx:BctgBusinessCombinationAndPipeFinancingMember 2021-01-01 2021-12-31 0001819133 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001819133 us-gaap:PrivatePlacementMember 2021-08-11 2021-08-11 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2018-03-01 2018-03-31 0001819133 srt:MinimumMember 2020-01-01 2020-12-31 0001819133 tngx:AmendedGileadAgreementMember 2021-09-30 0001819133 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001819133 us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0001819133 tngx:BctgTrustAccountMember 2021-01-01 2021-12-31 0001819133 srt:MaximumMember tngx:StockOptionsMember 2020-01-01 2020-12-31 0001819133 us-gaap:ComputerEquipmentMember 2021-01-01 2021-12-31 0001819133 us-gaap:DomesticCountryMember tngx:ResearchAndDevelopmentMember 2021-01-01 2021-12-31 0001819133 tngx:BctgAcquisitionCorpMember 2021-08-10 2021-08-10 0001819133 tngx:RestrictedCommonStockAwardMember 2020-01-01 2020-12-31 0001819133 us-gaap:USGovernmentAgenciesDebtSecuritiesMember tngx:MarketableDebtSecuritiesMember 2020-12-31 0001819133 us-gaap:PrivatePlacementMember 2021-08-10 0001819133 tngx:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMember 2021-01-01 2021-12-31 0001819133 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember tngx:MarketableDebtSecuritiesMember 2020-12-31 0001819133 2021-01-01 2021-12-31 0001819133 us-gaap:ComputerEquipmentMember 2020-12-31 0001819133 tngx:HitgenAgreementMember 2021-03-01 2021-03-31 0001819133 tngx:LicenseRevenueMember tngx:GileadLetterAgreementMember 2020-01-01 2020-12-31 0001819133 us-gaap:AccountingStandardsUpdate201815Member 2021-12-31 0001819133 tngx:SeriesB1CommonSharesMember 2020-08-17 0001819133 tngx:SeriesARedeemableConvertiblePreferredStockMember 2019-01-31 0001819133 tngx:GileadAgreementMember 2020-12-31 0001819133 tngx:CollaborationRevenueMember tngx:GileadAgreementMember 2021-01-01 2021-12-31 0001819133 tngx:BctgBusinessCombinationAndPipeFinancingMember 2021-12-31 0001819133 tngx:MedivirAgreementMember 2021-12-31 0001819133 tngx:TwoThousandAndEighteenGileadAgreementMember 2021-01-01 2021-12-31 0001819133 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001819133 us-gaap:SeriesBPreferredStockMember 2021-01-01 2021-12-31 0001819133 us-gaap:LeaseholdImprovementsMember 2021-12-31 0001819133 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-12-31 0001819133 tngx:ComputerSoftwareMember 2020-12-31 0001819133 tngx:SeriesB1CommonSharesMember 2021-08-10 0001819133 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember tngx:MarketableDebtSecuritiesMember 2020-12-31 0001819133 tngx:BctgAcquisitionCorpMember 2021-08-11 0001819133 us-gaap:ConstructionInProgressMember 2021-12-31 0001819133 tngx:MarketableDebtSecuritiesMember 2020-01-01 2020-12-31 0001819133 us-gaap:RetainedEarningsMember 2019-12-31 0001819133 us-gaap:CommonStockMember 2020-12-31 0001819133 srt:MaximumMember 2021-01-01 2021-12-31 0001819133 tngx:LicenseRevenueMember 2021-01-01 2021-12-31 0001819133 tngx:TheTwoHundredAndOneBrooklineAvenueLeaseMember 2019-09-01 2019-09-30 0001819133 us-gaap:PrivatePlacementMember 2021-08-11 0001819133 tngx:HundredBinneyStreetInCambridgeMember 2017-07-01 2017-07-31 0001819133 us-gaap:RetainedEarningsMember 2020-12-31 0001819133 us-gaap:AccountingStandardsUpdate201813Member 2021-12-31 tngx:Program pure shares tngx:Segment tngx:Milestone iso4217:USD shares iso4217:USD

P1Y

false 0001819133 FY

--12-31 10-K true 2021-12-31 2021 false 001-39485 TANGO THERAPEUTICS, INC. DE 85-1195036 100 Binney St. Suite 700 Cambridge MA 02142 857 320-4900 Common stock, par value $0.001 per share TNGX NASDAQ No No Yes Yes Non-accelerated Filer true true false false false 189800000 87707499 238 PricewaterhouseCoopers LLP Boston, Massachusetts

142745000

28381000

342510000

161939000

2000000

567000

4516000

1312000

492338000

193632000

4832000

3823000

1254000

7480000

1712000

2279000

19000

38000

500155000

207252000

3226000

1841000

9887000 6140000

1503000

959000

26022000

31977000

52000

40690000

40917000

6925000

114718000

120805000

5000

155408000

168652000

0.001

10000000

0.001

200000000

56393261

87598184

40372133

88000

40000

506760000

141644000

-765000

17000

-161336000

-103101000

344747000

38600000

500155000

207252000

26042000

6972000

11000000

684000

37042000

7656000

77636000

49991000

17596000

9865000

95232000

59856000

-58190000

-52200000

495000

108000

-248000

120000

247000

228000

-57943000

-51972000

292000

-58235000

-51972000

-0.94

-1.63

62108032

31932204

-58235000

-51972000

-782000

7000

-59017000

-51965000

55700000 55700000 4530115 5000 3319000 10000 -51129000 -47795000 55700000 55700000 18922317 19000 55681000 55700000

23452432

24000

59000000

10000

-51129000

7905000

200000

22686025

29761000

22686025 29761000 7706861 8000 29753000 29761000

200000

27152255

51083000

27152255 51083000 9224122 8000 51075000 51083000

12000

27813

40000

39095

1764000

7000

-51972000

40372133

40000

141644000

17000

-103101000

38600000

100000

22686025

29990000

22686025 29990000 7706861 8000 29982000 29990000

15800000

38880436 39000 326238000 326277000

638754

1000

1057000

1058000

6000

7833000

-782000

-58235000

87598184

88000

506760000

-765000

-161336000

344747000

-58235000

-51972000

897000

718000

1069000

907000

7833000

1764000

-254000

17000

2000000

3159000

81000

139000

38000

1232000

1171000

3829000 1196000 -1066000 -655000

-12042000

119081000

-59527000

70074000

1837000

1106000

190764000

63220000

372361000

207540000

40000

-183434000

-145466000

29990000

80844000

1058000

40000

342113000 15836000

357325000

80884000

114364000

5492000

30660000

25168000

145024000

30660000

-1835000 -1782000

166534000

5315000

154000

29000

550000000.0

167100000

18610000

186100000

26900000

326300000

16675000

2175000

10.00

166800000

9600000

5800000

533500

10.00

5300000

2. Summary of Significant Accounting Policies <div style="font-size:10.0pt;font-family:Times New Roman;">Use of Estimates </div>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. <div style="font-size:10.0pt;font-family:Times New Roman;">Segment Information </div>Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in one operating segment, the business of discovering and developing precision oncology therapies. <div style="font-size:10.0pt;font-family:Times New Roman;">Cash Equivalents </div>All highly liquid marketable securities purchased with an original maturity date of 90 days or less at the date of purchase are considered to be cash equivalents. Cash equivalents consisted of money market funds and U.S. Treasury bills as of December 31, 2021 and 2020. <div style="font-size:10.0pt;font-family:Times New Roman;">Investments in Marketable Securities Marketable debt securities consist of investments with original maturities greater than 90 days. The Company classifies its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. Unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity (deficit). Amortization and accretion of premiums and discounts are recorded in interest income. Realized gains and losses are included as a component of other income, net in the consolidated statements of operations. </div>The Company evaluates its investments with unrealized losses for impairment. When assessing investments for unrealized declines in value, the Company considers whether the decline in value is related to a credit loss or non-credit loss. For credit losses, the Company reduces the investment to fair value through an allowance for credit losses recorded to the balance sheet and corresponding charge to the statement of operations. The allowance for credit losses and corresponding impairment charge is adjusted each period for changes in fair value. For non-credit losses, the Company reduces the investment to fair value through a charge to the statement of comprehensive loss, reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. No such credit losses were recorded during the periods presented. <div style="font-size:10.0pt;font-family:Times New Roman;">Fair Value Measurements The accounting standard for fair value measurements defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires certain disclosures about fair value measurements. Under this standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: <div style="margin-left:6.667%;display:flex;margin-top:6.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;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;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.571084182443509%;">•<div style="display:inline;">Level 1 — Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. </div></div><div style="margin-left:6.667%;display:flex;margin-top:6.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;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;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.571084182443509%;">•<div style="display:inline;">Level 2 — Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates. </div></div><div style="margin-left:6.667%;display:flex;margin-top:6.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;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;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.571084182443509%;">•<div style="display:inline;">Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. </div></div></div>The fair value of the Company’s cash equivalents and marketable securities are determined according to the fair value hierarchy described below (see Note 5). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. <div style="font-size:10.0pt;font-family:Times New Roman;">Concentration of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents and marketable debt securities. The Company’s cash, cash equivalent and marketable securities balances are held by major financial institutions that management believes to be creditworthy. The Company uses multiple financial institutions to limit the amount of credit exposure to any one financial institution. Substantially all the Company’s cash, cash equivalent and marketable debt securities were invested in money market funds, U.S. Treasury bills, and U.S. government agency bonds at December 31, 2021 and 2020. At times, the Company’s cash deposits may exceed the amount of federal insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk beyond the normal credit risk associated with commercial banking relationships. </div>The Company relies, and expects to continue to rely, on a small number of vendors to perform research activities and clinical trial activities that continue to progress its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the related processes of these vendors. <div style="font-size:10.0pt;font-family:Times New Roman;">Restricted Cash Cash accounts with any type of restriction are considered restricted cash and are classified on the balance sheet based on the length of the restrictive obligation. As of both December 31, 2021 and 2020, the Company recorded restricted cash of $2.3 million, all of which was related to security deposits associated with the Company’s facility leases in Boston, Massachusetts and Cambridge, Massachusetts. The security deposit associated with the Company's facility lease in Boston, Massachusetts is recorded as non-current in its balance sheet as of December 31, 2021 and December 31, 2020 because the deposit is required for the duration of the lease which is greater than a year. The security deposit associated with the Company's facility lease in Cambridge, Massachusetts is recorded as current in its balance sheet as of December 31, 2021 because the deposit is required for the duration of the amended lease which is less than a year from the balance sheet date. The security deposit associated with the Company's facility lease in Cambridge, Massachusetts was recorded as non-current in its balance sheet as of December 31, 2020 because the deposit was required for the duration of the original lease which, prior to the 2021 lease amendment, was for greater than a year from the December 31, 2020 balance sheet date.<div style="font-size:12.0pt;font-family:Times New Roman;">The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:66.312%;"/> <td style="width:1.6%;"/> <td style="width:1.282%;"/> <td style="width:13.33%;"/> <td style="width:0.636%;"/> <td style="width:1.6%;"/> <td style="width:1.282%;"/> <td style="width:13.32%;"/> <td style="width:0.636%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Cash and cash equivalents</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">142,745</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">28,381</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Restricted cash</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">567</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Restricted cash, net of current portion</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1,712</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">2,279</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Cash, cash equivalents and restricted cash</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">145,024</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">30,660</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table> </div></div><div style="font-size:10.0pt;font-family:Times New Roman;">Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of each asset. Estimated useful lives are periodically assessed to determine if changes are appropriate. The estimated useful lives of the Company’s property and equipment are as follows: <div style="font-size:12.0pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:43.72%;"/> <td style="width:1.835%;"/> <td style="width:54.444%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">Asset</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Estimated useful life</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Computer equipment</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">3 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Computer software</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">5 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Furniture and fixtures</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">7 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Laboratory equipment</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">7 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Leasehold improvements</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">Shorter of remaining lease term or 10 years</td> </tr> </table></div>The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. If indicators of impairment are present, the assets are tested for recoverability by comparing the carrying amount of the assets to the related estimated future undiscounted cash flows that the assets are expected to generate. If the expected cash flows are less than the carrying value of the asset group, then the asset group is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. To date, no such impairment losses have been recorded. </div>Costs for assets not yet placed into service are capitalized as construction-in-progress and depreciated or amortized in accordance with the above useful lives once placed into service. Upon retirement or sale, the related cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred. <div style="font-size:10.0pt;font-family:Times New Roman;">Operating Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances and the existence of an identified asset(s), if any, and its control over the use of the identified asset(s), if applicable. Upon lease commencement, operating lease liabilities and their corresponding right-of-use assets are recorded on the balance sheet based at the present value of lease payments over the expected lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized over the expected term on a straight-line basis. Lease payments are discounted at the lease commencement date using the interest rate implicit in the lease contract. As this rate is typically not readily determinable, the Company determines an incremental borrowing rate that is used to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Certain prospective adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. </div>The Company elected to account for lease and non-lease components as a single lease component, however non-lease components that are variable, such as common area maintenance and utilities, are generally paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use asset and operating lease liability and are reflected as an expense in the period incurred. The Company’s lease terms often include renewal options. The amounts determined for the Company’s right-of-use assets and lease liabilities generally do not assume that any renewal options or any early-termination provisions, if any, are exercised, unless it is reasonably certain that the Company will exercise such options. <div style="font-size:10.0pt;font-family:Times New Roman;">Revenue Recognition At contract inception, the Company assesses whether the collaboration arrangements are within the scope of ASC Topic 808, Collaborative Arrangements, or ASC 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the arrangement are within the scope of ASC 808 and which elements are within the scope of ASC 606 (as described below). For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. To date, the Company has not entered into any arrangements within the scope of ASC 808. The Company’s revenues are generated through its license and collaboration agreements with Gilead. Refer to Note 4, “Collaboration Agreements.” elsewhere in these notes to the Company's consolidated financial statements.The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. ASC 606 provides a five-step framework whereby revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The Company only applies this framework to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. The Company then allocates the transaction price (that is, the amount of consideration the Company expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which the Company expects to be entitled, subject to the constraint on variable consideration. Variable consideration is not constrained if the potential reversal of cumulative revenue recognized at the contract level is not significant. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under active agreements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to the identified performance obligations on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. In certain instances, the timing of satisfying these obligations can be difficult to estimate. Accordingly, the Company’s estimates may change in the future and those changes could be material. Such changes to estimates would result in a change in amounts of revenue recognized. If these estimates and judgments change over the course of these agreements, it may affect the timing and amount of revenue that the Company recognizes and records in future periods. Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as accounts receivable in the Company’s consolidated balance sheet. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the one year following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the one year following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets. Exclusive License Rights — If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, which generally include research and development services, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a license is distinct from the other promises, the Company considers relevant facts and circumstances of each arrangement, including the research and development capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from the license for its intended purpose without the receipt of the remaining promises, whether the value of the license is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises and whether it is separately identifiable from the remaining promises. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation and whether the license is the predominant promise within the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the license is the predominant promise, and it is determined that the license represents functional intellectual property (“IP”), revenue is recognized at the point in time when control of the license is transferred. If it is determined that the license does not represent functional IP, revenue is recognized over time using an appropriate method of measuring progress. Research and Development Services — The obligations under the Company’s collaboration agreements may include research and development services to be performed by the Company to benefit the collaboration partner. For performance obligations that include research and development services, the Company generally recognizes revenue allocated to such performance obligations based on an appropriate measure of progress. The Company utilizes judgment to determine the appropriate method of measuring progress for purposes of recognizing revenue, which is generally an input measure such as costs incurred. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods of which revenue should be recognized, are subject to estimates by management and may change over the course of the contract. Reimbursements from the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. No collaborative arrangements existed that would result in such reimbursements for the periods presented. Customer Options — The Company’s arrangements may provide a collaborator with the right to acquire additional goods or services in the future. Under these agreements, fees may be due to the Company (i) upon the exercise of the customer option or (ii) in equal installment payments over an agreed upon period. If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the additional goods and services underlying the customer options are evaluated in order to determine if these additional goods or services are distinct from those included as a performance obligation at the outset of the arrangement. If the additional services are not determined to be distinct, the variable consideration pertaining to the customer option is added to the initial transaction price at the time in which the option exercise becomes probable, so long as a potential for reversal of cumulative revenue recognized at the contract level is not significant. Any such adjustments to the transaction price are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. If the additional services are distinct, the Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the inception of the arrangement. The Company allocates the transaction price to material rights based on the relative stand-alone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised or expires. Milestone Payments — At the inception of an arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue recognized would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. If a milestone or other variable consideration relates specifically to the Company’s efforts to satisfy a single performance obligation or to a specific outcome from satisfying the performance obligation, the Company generally allocates the milestone amount entirely to that performance obligation once it is probable that a significant revenue reversal would not occur. </div>Royalties — For arrangements that include sales-based royalties, including milestone payments based on a level of sales, where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from licensing agreements. <div style="font-size:10.0pt;font-family:Times New Roman;">Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research programs, including the cost of salaries, employee benefits, stock-based compensation expense, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors to conduct research and development activities and the allocable portions of facility costs, such as rent, utilities, and general support services. All costs incurred to fulfill the Company’s obligations under the collaboration with Gilead are classified as research and development expenses. All costs associated with research and development are expensed as incurred. </div>Management estimates the Company’s accrued research and development expenses as of each balance sheet date in the Company’s financial statements based on facts and circumstances known to the Company at that time. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Nonrefundable advance payments for goods and services are deferred and recognized as expense in the period that the related goods are consumed or services are performed. <div style="font-size:10.0pt;font-family:Times New Roman;">Patent Costs </div>All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. <div style="font-size:10.0pt;font-family:Times New Roman;">Stock-Based Compensation The Company measures the cost of employee services received in exchange for stock-based awards based on the grant-date fair value of the awards. The Company calculates the fair value of restricted stock awards based on the grant date fair value of the underlying common stock. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the awards for service-based awards, which is generally the vesting period. The Company recognizes stock-based compensation for performance-based awards when the underlying performance conditions are considered probable of occurrence and recognizes the cumulative effect of current and prior period changes in the period of change.Prior to the consummation of the Business Combination transaction, as there was not a public market for the common stock of the Company prior to becoming publicly traded, the fair value of common stock underlying stock-based awards was based on a valuation provided by the board of directors as derived from a recommendation by an unrelated third-party valuation firm. The Company determined the estimated per share fair value of its common stock at various dates considering contemporaneous and retrospective valuations that incorporated objective and subjective factors, including actual and forecasted financial results, market conditions and performance of comparable publicly traded companies, developments and milestones of the Company, the rights and preferences of common and redeemable convertible preferred stock, advice from the third-party valuation specialists, and transactions involving the Company’s stock. The estimated per share fair value of the Company’s common stock was determined in accordance with the guidance outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. The fair value of each restricted common stock award was estimated on the date of grant based on the fair value of the Company’s common stock on that same date. Subsequent to becoming a publicly traded Company upon the consummation of the Business Combination transaction, the fair value of common stock underlying stock-based awards is based on an estimate at each grant date using the market price of our common stock and each of the assumptions discussed below. Expected Term: The expected term of the stock options is estimated using the “simplified method,” as prescribed in SEC’s Staff Accounting Bulletin (SAB) No. 107, as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. Expected Volatility: Since there is limited historical data for the Company’s common stock and limited company-specific historical volatility, the Company has determined the share price volatility for options granted based on an analysis of the volatility used by a peer group of publicly traded companies. In evaluating similarity, the Company considers factors such as industry, stage of life cycle and size. Risk-free Interest Rate: The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected life of the option. Dividend Rate: The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so. The assumptions used in estimating the fair value of stock-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. </div>Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur. Any consideration paid by employees on exercising stock options and the corresponding portion previously credited to additional paid-in capital are credited to share capital. <div style="font-size:10.0pt;font-family:Times New Roman;">Deferred Financing Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in shareholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. </div><div style="font-size:10.0pt;font-family:Times New Roman;">Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period corresponding to the enactment date. A valuation allowance is established when it is more likely than not that all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a more likely than not likelihood of being realized upon ultimate settlement with the tax authority. The recognition and measurement of tax benefits requires significant judgments that are subject to change as new information becomes available. </div>Penalties and interest expense related to income taxes are included as components of income tax expense and interest expense, respectively, as necessary. <div style="font-size:10.0pt;font-family:Times New Roman;">Comprehensive Gain (Loss) Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive loss for the years ended December 31, 2021 and 2020 was unrealized gains (losses) on investments in marketable securities. </div><div style="font-size:10.0pt;font-family:Times New Roman;">Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing net loss by the weighted-average number of shares of common shares outstanding during each reporting period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share attributable to common stockholders includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s unvested restricted stock entitles the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would apply the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the unvested restricted stock have no obligation to fund losses. The two-class method of computing net loss per share would be applicable in a reporting period that resulted in a net income position, as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. </div><div style="font-size:10.0pt;font-family:Times New Roman;">Commitments and Contingencies </div>Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. <div style="font-size:10.0pt;font-family:Times New Roman;">Subsequent Events </div>The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. <div style="font-size:10.0pt;font-family:Times New Roman;">Emerging Growth Company StatusThe Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an initial public offering or such earlier time that it is no longer an emerging growth company. However, the Company has not yet delayed the adoption of any new accounting standards.</div><div style="font-size:10.0pt;font-family:Times New Roman;">Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. For available-for-sale debt securities, entities are required to recognize an allowance for credit losses rather than a reduction in carrying value of the asset. Entities are no longer permitted to consider the length of time that fair value has been less than amortized cost when evaluating when credit losses should be recognized. For public entities, the guidance was effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. Early adoption was permitted. The Company early adopted this standard as of January 1, 2020 on a prospective basis. The adoption did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The amendments become effective for the Company’s fiscal year beginning January 1, 2020. Early adoption of the amendments in full or only the provisions that eliminate or modify the disclosure requirements for fair value measurements is permitted. Adoption of this standard on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new standard requires a customer in a cloud computing arrangement to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The new standard became effective for the Company’s fiscal year beginning January 1, 2020. Early adoption was permitted. The early adoption of this standard on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, (“ASC 740”). The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intra-period tax allocation exception to the incremental approach, ownership changes in investments, changes from a subsidiary to an equity method investment, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This guidance became effective for the Company's fiscal year beginning January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815 — 40). The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company elected to early adopt this guidance on January 1, 2021. Adoption of the ASU 2020-06 guidance as of January 1, 2021 had no impact on its consolidated financial statements for the year ended December 31, 2020. The Company issued the second tranche of its redeemable convertible Series B preferred stock in March 2021 at an original issue price of $1.32 per share, which would have resulted in the recognition of a beneficial conversion feature of $28.4 million prior to the adoption of ASU 2020-06. However, the consummation of the Business Combination and the application of a retroactive adjustment to historical redeemable convertible preferred stock in all periods presented under the reverse recapitalization accounting treatment have resulted in the adoption of this guidance not resulting in a material impact on the Company’s financial statements for the year ended December 31, 2021.</div><div style="font-size:10.0pt;font-family:Times New Roman;">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. </div>

P90D

Restricted Cash Cash accounts with any type of restriction are considered restricted cash and are classified on the balance sheet based on the length of the restrictive obligation. As of both December 31, 2021 and 2020, the Company recorded restricted cash of $2.3 million, all of which was related to security deposits associated with the Company’s facility leases in Boston, Massachusetts and Cambridge, Massachusetts. The security deposit associated with the Company's facility lease in Boston, Massachusetts is recorded as non-current in its balance sheet as of December 31, 2021 and December 31, 2020 because the deposit is required for the duration of the lease which is greater than a year. The security deposit associated with the Company's facility lease in Cambridge, Massachusetts is recorded as current in its balance sheet as of December 31, 2021 because the deposit is required for the duration of the amended lease which is less than a year from the balance sheet date. The security deposit associated with the Company's facility lease in Cambridge, Massachusetts was recorded as non-current in its balance sheet as of December 31, 2020 because the deposit was required for the duration of the original lease which, prior to the 2021 lease amendment, was for greater than a year from the December 31, 2020 balance sheet date.<div style="font-size:12.0pt;font-family:Times New Roman;">The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:66.312%;"/> <td style="width:1.6%;"/> <td style="width:1.282%;"/> <td style="width:13.33%;"/> <td style="width:0.636%;"/> <td style="width:1.6%;"/> <td style="width:1.282%;"/> <td style="width:13.32%;"/> <td style="width:0.636%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Cash and cash equivalents</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">142,745</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">28,381</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Restricted cash</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">567</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Restricted cash, net of current portion</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1,712</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">2,279</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Cash, cash equivalents and restricted cash</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">145,024</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">30,660</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table> </div>

2300000

142745000

28381000

567000

1712000

2279000

145024000

30660000

The estimated useful lives of the Company’s property and equipment are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:43.72%;"/> <td style="width:1.835%;"/> <td style="width:54.444%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">Asset</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Estimated useful life</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Computer equipment</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">3 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Computer software</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">5 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Furniture and fixtures</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">7 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Laboratory equipment</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">7 years</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Leasehold improvements</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">Shorter of remaining lease term or 10 years</td> </tr> </table>

P3Y

P5Y

P7Y

Shorter of remaining lease term or 10 years

Revenue Recognition At contract inception, the Company assesses whether the collaboration arrangements are within the scope of ASC Topic 808, Collaborative Arrangements, or ASC 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the arrangement are within the scope of ASC 808 and which elements are within the scope of ASC 606 (as described below). For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. To date, the Company has not entered into any arrangements within the scope of ASC 808. The Company’s revenues are generated through its license and collaboration agreements with Gilead. Refer to Note 4, “Collaboration Agreements.” elsewhere in these notes to the Company's consolidated financial statements.The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. ASC 606 provides a five-step framework whereby revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The Company only applies this framework to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. The Company then allocates the transaction price (that is, the amount of consideration the Company expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which the Company expects to be entitled, subject to the constraint on variable consideration. Variable consideration is not constrained if the potential reversal of cumulative revenue recognized at the contract level is not significant. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under active agreements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to the identified performance obligations on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. In certain instances, the timing of satisfying these obligations can be difficult to estimate. Accordingly, the Company’s estimates may change in the future and those changes could be material. Such changes to estimates would result in a change in amounts of revenue recognized. If these estimates and judgments change over the course of these agreements, it may affect the timing and amount of revenue that the Company recognizes and records in future periods. Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as accounts receivable in the Company’s consolidated balance sheet. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the one year following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the one year following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets. Exclusive License Rights — If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, which generally include research and development services, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a license is distinct from the other promises, the Company considers relevant facts and circumstances of each arrangement, including the research and development capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from the license for its intended purpose without the receipt of the remaining promises, whether the value of the license is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises and whether it is separately identifiable from the remaining promises. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation and whether the license is the predominant promise within the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the license is the predominant promise, and it is determined that the license represents functional intellectual property (“IP”), revenue is recognized at the point in time when control of the license is transferred. If it is determined that the license does not represent functional IP, revenue is recognized over time using an appropriate method of measuring progress. Research and Development Services — The obligations under the Company’s collaboration agreements may include research and development services to be performed by the Company to benefit the collaboration partner. For performance obligations that include research and development services, the Company generally recognizes revenue allocated to such performance obligations based on an appropriate measure of progress. The Company utilizes judgment to determine the appropriate method of measuring progress for purposes of recognizing revenue, which is generally an input measure such as costs incurred. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods of which revenue should be recognized, are subject to estimates by management and may change over the course of the contract. Reimbursements from the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. No collaborative arrangements existed that would result in such reimbursements for the periods presented. Customer Options — The Company’s arrangements may provide a collaborator with the right to acquire additional goods or services in the future. Under these agreements, fees may be due to the Company (i) upon the exercise of the customer option or (ii) in equal installment payments over an agreed upon period. If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the additional goods and services underlying the customer options are evaluated in order to determine if these additional goods or services are distinct from those included as a performance obligation at the outset of the arrangement. If the additional services are not determined to be distinct, the variable consideration pertaining to the customer option is added to the initial transaction price at the time in which the option exercise becomes probable, so long as a potential for reversal of cumulative revenue recognized at the contract level is not significant. Any such adjustments to the transaction price are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. If the additional services are distinct, the Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the inception of the arrangement. The Company allocates the transaction price to material rights based on the relative stand-alone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised or expires. Milestone Payments — At the inception of an arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue recognized would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. If a milestone or other variable consideration relates specifically to the Company’s efforts to satisfy a single performance obligation or to a specific outcome from satisfying the performance obligation, the Company generally allocates the milestone amount entirely to that performance obligation once it is probable that a significant revenue reversal would not occur. Royalties — For arrangements that include sales-based royalties, including milestone payments based on a level of sales, where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from licensing agreements.

0 Deferred Financing Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in shareholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering.

true

2020-01-01

true

2020-01-01

true

2020-01-01

true

2021-01-01

true

2021-01-01

true

1.32

28400000

3. Business CombinationOn August 10, 2021 (the "Closing Date"), BCTG, a Delaware corporation and now predecessor of the Company, consummated the Business Combination, pursuant to the Merger Agreement, by and among BCTG, BCTG Merger Sub Inc., a Delaware corporation ("BCTG Merger Sub"), and Old Tango. Prior to consummation of the Business Combination, Old Tango changed its name from “Tango Therapeutics, Inc.” to “Tango Therapeutics Sub, Inc.” and in connection with the Business Combination, BCTG changed its name to “Tango Therapeutics, Inc.” (the former name of Old Tango). Pursuant to the Merger Agreement, on the Closing Date, BCTG Merger Sub merged with and into Old Tango, or the Merger, with Old Tango surviving the Merger as a wholly-owned subsidiary of BCTG, and BCTG changed its name to “Tango Therapeutics, Inc.”, or New Tango.Pursuant to the terms and conditions of the Merger Agreement, the aggregate consideration paid to Old Tango equity holders upon the closing of the Merger was 55,000,000 shares of New Tango common stock. Subsequent to the closing of the Business Combination, New Tango entered into subscription agreements with certain investors ("PIPE Investors") pursuant to which the PIPE Investors purchased 18,610,000 shares of New Tango common stock at $10.00 per share, for aggregate gross proceeds of $186.1 million, under the PIPE Financing.<div style="font-size:10.0pt;font-family:Times New Roman;">The following table summarizes the elements of the net proceeds from the Business Combination and PIPE Financing transaction as of December 31, 2021 (in thousands): <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:75.102%;"/> <td style="width:4.662%;"/> <td style="width:1.282%;"/> <td style="width:18.09%;"/> <td style="width:0.865%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Recapitalization</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;">Cash - BCTG's Trust Account and cash (net of redemptions)</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">156,013</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;">Cash - PIPE Financing</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;text-align:center;">186,100</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;">Less transaction costs and advisory fees paid</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(15,836</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;">Net cash proceeds from the Business Combination and PIPE Financing</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;text-align:center;">326,277</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;">Add: non-cash net assets assumed from BCTG</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">3</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;">Net contributions from Business Combination and PIPE Financing</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">326,280</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table></div><div style="font-size:10.0pt;font-family:Times New Roman;">The following table summarizes the number of shares of common stock outstanding immediately following the consummation of the Business Combination and PIPE Financing transaction: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:79.237%;"/> <td style="width:3.886%;"/> <td style="width:0.646%;"/> <td style="width:15.366%;"/> <td style="width:0.865%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Number of Shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;">BCTG common shares outstanding prior to the Business Combination</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;text-align:center;">21,377,250</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;">Less redemption of BCTG shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(1,106,814</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;">Common shares of BCTG outstanding as of the Business Combination</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;text-align:center;">20,270,436</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;">Shares issued pursuant to the PIPE Financing</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">18,610,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;">Business Combination and PIPE Financing shares</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;text-align:center;">38,880,436</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;">Old Tango common shares (after preferred shares were converted 1-for-1 for common shares)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">48,593,803</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;">Total shares of Common Stock immediately after Business Combination consummation</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:2.250pt double rgba(0,0,0,1);"> </td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">87,474,239</td> <td style="background-color:rgba(204,238,255,1);word-break:break-word;vertical-align:middle;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table></div>The merger consideration of 55,000,0000 shares of New Tango common stock issued to Old Tango equity holders consists of 48,593,803 shares issued in exchange for Old Tango common and preferred shares outstanding, included in the table above, as well as 6,406,197 shares issued in exchange for the Old Tango unvested restricted stock awards and unexercised stock options outstanding immediately prior to the effective time of the Business Combination.Retrospective Application of RecapitalizationAs discussed above, the Business Combination with BCTG, which was consummated on August 10, 2021, is accounted for as a reverse recapitalization of equity structure. Under the reverse recapitalization model, the Business Combination was treated as Old Tango issuing equity for the net assets of BCTG, with no goodwill or intangible assets recorded. Under this method of accounting, BCTG was treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the fact that subsequent to the Business Combination, Old Tango’s stockholders possess a majority of the voting power of the combined company, the Company comprises all of the ongoing operations of Old Tango, the Company comprises a majority of the governing body of Old Tango, and the Company’s senior management comprises all of the senior management of Old Tango. These consolidated financial statements contain recasted stockholders' equity balances resulting from the retroactive application of reverse recapitalization accounting in accordance with U.S. GAAP.Retroactive Application of Recapitalization to the Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)<div style="font-size:10.0pt;font-family:Times New Roman;">Pursuant to the terms of the Merger Agreement, upon the closing of the Business Combination on August 10, 2021 (the “Effective Time”), each share of Old Tango’s redeemable convertible preferred stock (the “Preferred Stock”) issued and outstanding immediately prior to the Effective Time was converted into a share of the Company’s common stock using the exchange ratio of 0.34 as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:9.468%;"/> <td style="width:1.003%;"/> <td style="width:16.066%;"/> <td style="width:1.003%;"/> <td style="width:0.646%;"/> <td style="width:15.002%;"/> <td style="width:0.646%;"/> <td style="width:1.003%;"/> <td style="width:0.646%;"/> <td style="width:12.767%;"/> <td style="width:0.646%;"/> <td style="width:1.003%;"/> <td style="width:0.646%;"/> <td style="width:11.515%;"/> <td style="width:0.646%;"/> <td style="width:1.003%;"/> <td style="width:0.646%;"/> <td style="width:11.783%;"/> <td style="width:0.646%;"/> <td style="width:1.003%;"/> <td style="width:0.646%;"/> <td style="width:10.919%;"/> <td style="width:0.646%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Date</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Description</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Redeemable Convertible Preferred Stock</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Preferred to Common Exchange Ratio</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Common Stock Shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">8/10/2021 Merger Recapitalization Exchange Ratio</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Recapitalization Common Stock</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">12/31/2019</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">Series A</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">55,700,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">1.00</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">55,700,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">18,922,317</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">4/7/2020</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">Series B (tranche 1)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">22,686,025</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1.00</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">22,686,025</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,706,861</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">8/17/2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">Series B-1</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">27,152,255</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">1.00</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">27,152,255</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">9,224,122</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">3/18/2021</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">Series B (tranche 2)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">22,686,025</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1.00</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">22,686,025</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,706,861</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> </table> </div>All common shares, as well as previously issued share options and restricted stock awards (“RSAs”), presented in the accompanying recasted consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit) and/or in the related notes are presented on an as-converted basis, converted at the ratio of 0.34.Retroactive Application of Recapitalization to the Consolidated Statements of Operations and Comprehensive LossIn accordance with the retroactive application of recapitalization to the accompanying consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit), the basic and diluted weighted-average shares of common stock outstanding for the years ended December 31, 2021 and 2020 have been retroactively converted using the exchange ratio of 0.34. <div style="font-size:10.0pt;font-family:Times New Roman;">The following table summarizes the weighted-average common shares, basic and diluted, for the year ended December 31, 2020: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:8.153%;"/> <td style="width:0.945%;"/> <td style="width:20.491%;"/> <td style="width:1.293%;"/> <td style="width:0.567%;"/> <td style="width:9.704%;"/> <td style="width:0.567%;"/> <td style="width:0.716%;"/> <td style="width:0.577%;"/> <td style="width:10.022%;"/> <td style="width:0.567%;"/> <td style="width:0.945%;"/> <td style="width:0.577%;"/> <td style="width:10.668%;"/> <td style="width:0.567%;"/> <td style="width:0.945%;"/> <td style="width:9.356%;"/> <td style="width:0.945%;"/> <td style="width:8.381%;"/> <td style="width:0.945%;"/> <td style="width:0.567%;"/> <td style="width:11.941%;"/> <td style="width:0.567%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Date</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Description</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">As previously recorded</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">8/10/2021 Merger Exchange Ratio</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Recapitalized Common Stock</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Days Outstanding in 2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">% of weighting</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Weighted average common shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">12/31/2020</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:middle;">Weighted-average shares, basic and diluted</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">11,461,011</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">3,893,305</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">100%</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">3,893,305</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">12/31/2019</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">Series A shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">55,700,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">18,922,317</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">365</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">100%</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">18,922,317</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">4/7/2020</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">Series B shares</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">22,686,025</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,706,443</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">268</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">73%</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">5,664,025</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:9.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">8/17/2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">Series B-1 shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">27,152,255</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">0.34</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">9,223,621</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">136</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">37%</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">3,452,558</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:9.0pt;"> <td colspan="19" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">Weighted average number of common shares outstanding – basic and diluted for the year ended December 31, 2020</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">31,932,204</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table></div>Retroactive Application of Recapitalization to the Consolidated Balance Sheets To conform to the retroactive application of recapitalization to the accompanying consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit), historical proceeds from the issuance of preferred stock, less the par value of the historical preferred shares that were converted into common shares using the 0.34 ratio at the Effective Time, have been reclassified to additional paid in capital for the years ended December 31, 2021 and 2020, respectively.

2021-08-10

55000000

18610000

10.00

186100000

156013000

186100000

15836000

326277000

3000

326280000

21377250

1106814

20270436

18610000

38880436

48593803

87474239

55000000

48593803

6406197

55700000

1.00

55700000

0.34 18922317

22686025

1.00

22686025

0.34 7706861

27152255

1.00

27152255

0.34 9224122

22686025

1.00

22686025

0.34 7706861 0.34 0.34 0.34

11461011 0.34 3893305 1 3893305

55700000

0.34 18922317 P365D 1

18922317

22686025

0.34 7706443 P268D 0.73

5664025

27152255

0.34 9223621 P136D 0.37

3452558

31932204

0.34 0.34

P3Y 5 50000000.0 1700000000

20000000.0

0.10

125000000.0

P7Y 15 410000000.0 P7Y

-11300000

12000000.0 12000000.0 12000000.0 11000000.0

11000000.0

199000000.0

50000000.0 125000000.0 12000000.0 12000000.0

26000000.0

7000000.0

11000000.0

700000

26000000.0

32000000.0

114700000

120800000

P5Y7M6D

14000000.0

24000000.0 2000000.0 8000000.0

5. Fair Value Measurements <div style="font-size:12.0pt;font-family:Times New Roman;">The following tables present information about the Company’s financial assets measured at fair value on a recurring basis: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:48.325%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.884%;"/> <td style="width:0.616%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.943%;"/> <td style="width:0.616%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.735%;"/> <td style="width:0.616%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.943%;"/> <td style="width:0.616%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Fair Market Value Measurements as of December 31, 2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 1</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 2</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 3</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Total</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Cash equivalents:</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Money market funds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">62,244</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">62,244</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">38,433</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">38,433</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Marketable debt securities:</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">287,123</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">287,123</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. government agency bonds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">55,387</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">55,387</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Total assets</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">62,244</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">380,943</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">443,187</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:49.518%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.526%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.546%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.456%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.546%;"/> <td style="width:0.636%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Fair Market Value Measurements as of December 31, 2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 1</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 2</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 3</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Total</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Cash equivalents</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Money market funds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">12,698</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">12,698</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,175</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,175</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Marketable debt securities</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">131,939</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">131,939</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. government agency bonds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">30,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">30,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Total assets</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">12,698</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">169,114</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">181,812</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table></div>There were no transfers between fair value levels during the years ended December 31, 2021 and 2020.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:48.325%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.884%;"/> <td style="width:0.616%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.943%;"/> <td style="width:0.616%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.735%;"/> <td style="width:0.616%;"/> <td style="width:1.163%;"/> <td style="width:1.263%;"/> <td style="width:9.943%;"/> <td style="width:0.616%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Fair Market Value Measurements as of December 31, 2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 1</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 2</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 3</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Total</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Cash equivalents:</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Money market funds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">62,244</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">62,244</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">38,433</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">38,433</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Marketable debt securities:</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">287,123</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">287,123</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. government agency bonds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">55,387</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">55,387</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Total assets</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">62,244</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">380,943</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">443,187</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:49.518%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.526%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.546%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.456%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:1.273%;"/> <td style="width:9.546%;"/> <td style="width:0.636%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Fair Market Value Measurements as of December 31, 2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 1</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 2</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Level 3</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Total</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Cash equivalents</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Money market funds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">12,698</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">12,698</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,175</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,175</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Marketable debt securities</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. Treasury bills</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">131,939</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">131,939</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">U.S. government agency bonds</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">30,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">30,000</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Total assets</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">12,698</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">169,114</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">181,812</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> </table>

62244000

38433000

287123000

55387000

62244000

380943000

443187000

12698000

7175000

131939000

30000000

12698000

169114000

181812000

287699000

1000

577000

287123000

55576000

189000

55387000

343275000

1000

766000

342510000

131927000

12000

131939000

29995000

5000

30000000

161922000

17000

161939000

800000

200000

100000

5587000

4580000

198000

172000

125000

467000

384000

246000

738000

7361000

5507000

2529000

1684000

4832000

3823000

900000

700000

3688000

2652000

5533000 2695000

666000

793000

9887000 6140000

P8Y

option to extend for one additional three-year period.

true

P3Y

9500000

9800000

300000

1700000 0.03 15600000 600000

1700000

P10Y

option to extend for up to two five-year periods.

true

5100000 0.03

12700000

2021-11

The lease termination agreement is a modification of the original lease agreement that provides for, among other things, the acceleration of the expiration of the original term of the lease from June 30, 2026 to an earlier lease termination date, for which the earlier date shall be no later than October 15, 2022.

2026-06-30

2022-10-15

5300000

5200000 600000

1300000

7500000

The elements of lease cost were as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.656%;"/> <td style="width:1.581%;"/> <td style="width:1.272%;"/> <td style="width:12.435%;"/> <td style="width:2.137%;"/> <td style="width:1.581%;"/> <td style="width:1.272%;"/> <td style="width:11.928%;"/> <td style="width:2.137%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Year Ended December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">Operating leases</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Operating lease cost</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1,889</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1,889</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Short-term lease cost</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">133</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">93</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Variable lease cost</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">673</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">643</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Total operating lease costs</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">2,695</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(0,0,0,1);text-align:center;">2,625</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:2.250pt double rgba(255,255,255,0.01);"> </td> </tr> <tr> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">Other information</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">December 31, 2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">December 31, 2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Operating cash flows used for operating leases</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1,835</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1,782</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Weighted average remaining lease term in years</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">0.9</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">5.5</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Weighted average discount rate</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">12</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">%</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">12</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">%</td> </tr> </table>

1889000

133000

93000

673000

643000

2695000

2625000

1835000

1782000

P0Y10M24D

P5Y6M

0.12

1572000

69000

1503000

9. Commitments and Contingencies Research Collaboration Agreement In September 2017, the Company entered into a Research Collaboration Agreement (the “HitGen Agreement”) with HitGen Ltd (“HitGen”). Under the terms of the HitGen Agreement, HitGen would use its DNA-encoded library technology to screen up to three targets and deliver to the Company the structures of certain compounds that bind to the targets. The Company would provide certain materials containing each target for purposes of the screen. The Company could have been obligated to make certain milestone payments. The Company and HitGen mutually agreed to terminate the HitGen Agreement in March 2021. No milestones were achieved or owed upon the termination of the agreement and the Company did not make any payments upon termination of the HitGen Agreement. License Agreement In March 2020, the Company entered into a License Agreement (the “Medivir Agreement”) with Medivir AB (“Medivir”), pursuant to which the Company obtained an exclusive license to all patents, know-how and other intellectual property associated with a preclinical-stage research program. Pursuant to the Medivir Agreement, the Company made an upfront payment of $0.4 million. Under the terms of the Medivir Agreement, the Company is obligated to pay Medivir in connection with development, regulatory and commercial activities. The Company has agreed to make certain milestone payments of $1.4 million in the aggregate for the first licensed product that achieves specified clinical milestones, plus $25.0 million for the first licensed product that achieves specified regulatory approval and sales milestones, in each case, in either of the first two specified genetic contexts and $0.7 million in the aggregate if that first licensed product achieves specified clinical milestones, plus $5.0 million if that first licensed product achieves specified regulatory and sales milestones for a third genetic context or the second licensed product achieves such specified development, regulatory and sales milestones in either of the first two specified genetic contexts. The Company has the right to reduce these milestone payments by a specified amount in the event the licensed product is not covered by Medivir’s patents or if payments are due to a third party for a license under such third party’s intellectual property rights. The Company is also obligated to pay Medivir a low single-digit royalty on net sales of any product covered by a licensed patent. The Medivir Agreement expires on the date of expiration of all royalty obligations. Either party may terminate the Medivir Agreement earlier upon an uncured material breach of the other party. Upfront fees paid pursuant to the Medivir License Agreement were recorded to research and development expense. No milestones have been achieved to date. Other Funding CommitmentsAs of December 31, 2021, the Company had ongoing non-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other 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, contract research organizations and clinical sites. 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 December 31, 2021, 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.

0 0 400000 1400000

25000000.0

700000

5000000.0

0 10. Redeemable Convertible Preferred Stock In March 2017, Old Tango executed a stock purchase agreement to sell 55,000,000 shares of redeemable convertible series A preferred stock (“Series A”). This agreement was subsequently amended in July 2017 to increase the authorized capital to 55,700,000 shares of Series A. Pursuant to the initial closing of the Series A stock purchase agreement, Old Tango issued an aggregate of 18,700,000 shares of Series A convertible preferred stock for $1.00 per share, resulting in net proceeds of $14.0 million after deducting $4.7 million related to the settlement of the convertible notes and accrued interest that were previously outstanding. During the year-ended December 31, 2018, Old Tango issued 26,000,000 additional shares of Series A preferred stock at a price of $1.00 per share resulting in total proceeds from this issuance of $26.0 million. In January 2019, Old Tango issued 11,000,000 additional shares of Series A preferred stock at a price of $1.00 per share resulting in total proceeds from this issuance of $11.0 million. The aggregate issuance costs associated with the issuance of all three issuances of Series A preferred stock was less than $0.1 million. In April 2020, Old Tango executed a stock purchase agreement to sell shares of redeemable convertible series B preferred stock (“Series B”). The Series B stock purchase agreement allows for the issuance of up to 45,372,051 shares. In April 2020, Old Tango issued 22,686,025 shares of Series B at a price of $1.32 per share. Proceeds from this issuance totaled $29.8 million, net of $0.2 million in issuance costs. In March 2021, Old Tango sold 22,686,025 additional shares of Series B stock at a price of $1.32 per share upon the achievement of specified development milestones in connection with the second tranche of the Series B stock purchase agreement. Proceeds from this issuance totaled $30.0 million. Total issuance costs associated with the March 2021 issuance of Series B preferred stock was less than $0.1 million. In August 2020, Old Tango executed a stock purchase agreement to sell shares of redeemable convertible series B-1 preferred stock (“Series B-1”). The Series B-1 stock purchase agreement allowed for the issuance of up to 27,152,255 shares. All 27,152,255 shares of Series B-1 were issued at a price of $1.89 per share in August 2020. Proceeds from this issuance was $51.1 million, net of $0.1 million in issuance costs. Conversion of Redeemable Convertible Preferred StockPursuant to the terms of the Merger Agreement, upon the Effective Time, each share of Old Tango’s Preferred Stock issued and outstanding immediately prior to the Effective Time was converted into a share of Old Tango’s common stock and subsequently converted into shares of New Tango common stock using an exchange ratio of 0.34. A retroactive adjustment has been applied to all periods presented to reflect the Business Combination and reverse recapitalization, therefore, resulting in no outstanding Preferred Stock as of December 31, 2021 and 2020. Refer to Note 3 for additional discussion. Undesignated Preferred StockThe 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 December 31, 2021. The shares of preferred stock are currently undesignated.

55000000

55700000

18700000 1.00

14000000.0

4700000

26000000 1.00

26000000.0

11000000 1.00

11000000.0

100000

45372051

22686025 1.32

29800000

200000 22686025 1.32

30000000.0

100000

27152255

27152255 1.89

51100000

100000

0.34

0.001

10000000

0.001

The holder of each share of common stock is entitled to one vote in respect of each share of stock held.

200000000

87598184

40372133

12. Equity Incentive Plans Pursuant to the terms of the Business Combination, upon the Closing Date, each option to purchase Old Tango’s common stock became an option to purchase shares of common stock of the surviving entity and was subsequently adjusted using an exchange ratio of 0.34. A retroactive adjustment has been applied to all periods presented to reflect the Business Combination and reverse recapitalization as discussed further in Note 3.Founder and Advisor Awards During 2017, the Company issued 4,690,000 shares of restricted common stock outside of the Company’s 2017 Stock Option and Grant Plan to nonemployee founders and advisors (the “Founders and Advisors”). The shares are issued under the terms of the respective restricted common stock agreements and are subject to repurchase by the Company at the original purchase price per share upon the termination of the grantee’s service relationship with the Company. As the restrictions are released and the awards vest, the value is recorded as common stock and excess of par value is recorded as additional paid in capital on the accompanying balance sheet. As of December 31, 2021, all founder and advisor restricted stock awards (“RSAs”) had vested. 2017 Stock Option and Grant Plan In March 2017, the Company’s stockholders approved the 2017 Stock Option and Grant Plan (the “2017 Plan”), under which stock options and RSAs were granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. Such issuances under the 2017 Plan were subject to vesting, forfeiture and other restrictions as deemed appropriate by the board of directors (“Board of Directors”) at the time of issuance.Upon effectiveness of the 2021 Stock Option and Incentive Plan (the "2021 Plan") in August 2021, the remaining shares available under the 2017 Plan ceased to be available for issuance and no future issuances will be made under the 2017 Plan. The shares of common stock underlying outstanding awards under the 2017 Plan that are forfeited, cancelled, reacquired by the Company prior to vesting, expire or are otherwise terminated (other than by exercise) will be added to the shares of common stock available for issuance under the 2021 Plan.2021 Stock Option and Incentive PlanUpon the closing of the Business Combination in August 2021, the Company's stockholders approved the 2021 Plan under which stock options, RSAs, unrestricted stock awards, restricted stock units, or any combination of the forgoing may be granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. Such issuances are subject to vesting, forfeiture and other restrictions as deemed appropriate by the Board of Directors at the time of issuance.Upon approval, the maximum number of shares of stock reserved and available for issuance under the 2021 Plan was 9,498,725 shares. The number of shares available for future grant will automatically increase on the first day of each fiscal year by an amount equal to the least of: (i) five percent of the number of shares of Stock issued and outstanding on the immediately preceding December 31 or (ii) such lesser number of shares as determined by the 2021 Plan Administrator, as appointed by the Board of Directors. Awards that are returned to the Company's equity plan as a result of forfeiture, cancellation, are reacquired by the Company prior to vesting, expiration, or any other form of termination (other than by exercise) are automatically made available for issuance under the 2021 Plan. As of December 31, 2021, there were 6,271,873 shares available for future grant under the 2021 Plan and on January 1, 2022, the number of shares available for future grant under the 2021 Plan increased by 4,377,321 shares.2021 Employee Stock Purchase PlanThe 2021 Employee Stock Purchase Plan (the “2021 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 in August 2021. An aggregate of 949,873 shares were reserved for issuance. The 2021 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2022 and each January 1 thereafter, by the least of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, (ii) 949,873 shares or (iii) such number of shares as determined by the administrator. The 2021 ESPP was increased by 875,464 shares on January 1, 2022. Restricted Stock Awards <div style="font-size:12.0pt;font-family:Times New Roman;">The following table summarizes the RSA activity of the Company’s plans as of and for the years ended December 31, 2021 and 2020: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.186%;"/> <td style="width:1.878%;"/> <td style="width:0.972%;"/> <td style="width:11.601%;"/> <td style="width:1.028%;"/> <td style="width:1.558%;"/> <td style="width:1.525%;"/> <td style="width:13.534%;"/> <td style="width:0.718%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Number of shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Weighted Average Grant-Date Fair Value</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Unvested restricted common stock outstanding as of December 31, 2019</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1,084,125</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1.07</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Vested</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">(788,227</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">1.06</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Forfeited</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(39,087</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">0.23</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Unvested restricted common stock outstanding as of December 31, 2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">256,811</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1.22</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Vested</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">(256,598</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1.22</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Forfeited</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(213</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1.35</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Unvested restricted common stock outstanding as of December 31, 2021</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> </table></div>RSAs represent an unsecured promise to grant at no cost a set number of shares of common stock upon vesting. RSA recipients are not entitled to cash dividends and have no voting rights during the vesting period. The RSAs are issued under the terms of the respective RSA agreements and are subject to repurchase upon the holder’s termination of their service relationship with the Company. The award restrictions are released as the awards vest. Upon vesting, the value is recorded as common stock and excess of par value as is recorded as additional paid in capital on the accompanying balance sheets. The common stock is subject to the Company’s right to repurchase at the original purchase price per share. As of December 31, 2021, all RSAs had vested. The aggregate fair value of RSAs that vested during the years ended December 31, 2021 and 2020 was $0.3 million and $0.5 million, respectively. Stock Options <div style="font-size:12.0pt;font-family:Times New Roman;">The following table summarizes the stock option activity of the Company’s plans as of and for the years ended December 31, 2021 and 2020: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:49.488%;"/> <td style="width:1.193%;"/> <td style="width:0.636%;"/> <td style="width:9.931%;"/> <td style="width:0.865%;"/> <td style="width:1.193%;"/> <td style="width:1.272%;"/> <td style="width:9.524%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:0.646%;"/> <td style="width:10.081%;"/> <td style="width:0.636%;"/> <td style="width:1.193%;"/> <td style="width:1.272%;"/> <td style="width:9.603%;"/> <td style="width:0.636%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Number of shares</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Weighted Average Exercise Price</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Weighted Average Contractual Term</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Aggregate Intrinsic Value</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="14" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in years)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Options outstanding as of December 31, 2020</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">4,094,544</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1.88</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">8.58</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">6,635,627</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Granted</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">6,200,841</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">7.53</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Exercised</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">(638,754</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1.66</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Cancelled</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(283,638</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">3.34</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Options outstanding as of December 31, 2021</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">9,372,993</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">5.59</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">8.55</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">51,415,394</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Options exercisable as of December 31, 2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">2,117,654</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">2.56</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">6.52</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">17,759,485</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> </table></div>The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The total intrinsic value of options exercised totaled $4.8 million and less than $0.1 million for the years ended December 31, 2021 and 2020, respectively. The weighted-average grant date fair value per share of stock options granted was $5.40 and $1.44 for the years ending December 31, 2021 and 2020, respectively. As of December 31, 2021, total unrecognized compensation expense related to stock options was $29.3 million, which the Company expects to recognize over a remaining weighted-average period of 3.0 years. Substantially all options outstanding as of December 31, 2021 are expected to vest. Stock Option Valuation <div style="font-size:12.0pt;font-family:Times New Roman;">The weighted average assumptions used to estimate the grant date fair value of the stock options using the Black-Scholes option pricing model were as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:66.997%;"/> <td style="width:1.62%;"/> <td style="width:14.881%;"/> <td style="width:1.62%;"/> <td style="width:14.881%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Expected option life (in years)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">6.2</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">5.0 – 6.1</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Expected volatility</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">72%</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">67% – 72%</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Risk-free interest rate</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">0.5%</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:left;">0.4% – 1.4%</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Expected dividend yield</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">— %</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">— %</td> </tr> </table></div>Stock-Based Compensation Expense The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations: <div style="font-size:12.0pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.603%;"/> <td style="width:1.569%;"/> <td style="width:1.524%;"/> <td style="width:13.388%;"/> <td style="width:0.718%;"/> <td style="width:1.569%;"/> <td style="width:1.524%;"/> <td style="width:13.388%;"/> <td style="width:0.718%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Year Ended December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Research and development</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">4,616</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1,003</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">General and administrative</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">3,217</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">761</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Total</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">7,833</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1,764</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> </table></div>

0.34

4690000

9498725

0.05

6271873

4377321

949873

0.01

949873

875464

1084125

1.07

788227

1.06

39087

0.23

256811

1.22

256598

1.22

213

1.35

300000

500000

4094544

1.88

P8Y6M29D

6635627000

6200841

7.53

638754

1.66

283638

3.34

9372993

5.59

P8Y6M18D

51415394000

2117654

2.56

P6Y6M7D

17759485000

4800000

100000

5.40

1.44

29300000

P3Y

P6Y2M12D

P5Y

P6Y1M6D

0.72

0.67

0.72

0.005

0.004

0.014

The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.603%;"/> <td style="width:1.569%;"/> <td style="width:1.524%;"/> <td style="width:13.388%;"/> <td style="width:0.718%;"/> <td style="width:1.569%;"/> <td style="width:1.524%;"/> <td style="width:13.388%;"/> <td style="width:0.718%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Year Ended December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Research and development</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">4,616</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">1,003</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">General and administrative</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">3,217</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">761</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Total</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">7,833</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1,764</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> </table>

4616000

1003000

3217000

761000

7833000

1764000

13. Income Taxes During the year ended December 31, 2021, the Company recorded a total tax provision of $0.3 million. During the year ended December 31, 2020, the Company recorded no tax provision or benefits due to the losses incurred and the need for a full valuation allowance against its deferred tax assets. All of the Company’s operating losses since inception have been generated in the United States. <div style="font-size:10.0pt;font-family:Times New Roman;">A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.503%;"/> <td style="width:1.513%;"/> <td style="width:0.696%;"/> <td style="width:11.709%;"/> <td style="width:3.524%;"/> <td style="width:1.513%;"/> <td style="width:0.696%;"/> <td style="width:12.338%;"/> <td style="width:2.507%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Year Ended December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Income taxes at U.S. federal statutory rate</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">21.0</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">%</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">21.0</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">%</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">State income taxes, net of federal benefit</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">6.1</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">5.9</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Federal and state research and development tax credits</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">5.4</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">4.4</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Stock-based compensation expense</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">(1.1</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">(0.7</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Nondeductible/nontaxable permanent items</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">0.6</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Other</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">(0.3</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">(1.7</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Change in valuation allowance</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(32.1</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(28.9</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Effective tax rate</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">(0.4</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">)%</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">—%</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> </table> </div><div style="font-size:10.0pt;font-family:Times New Roman;">The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.094%;"/> <td style="width:1.546%;"/> <td style="width:1.524%;"/> <td style="width:13.366%;"/> <td style="width:1.016%;"/> <td style="width:1.546%;"/> <td style="width:1.524%;"/> <td style="width:13.366%;"/> <td style="width:1.016%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Year Ended December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;">(in thousands)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Deferred tax assets</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Net operating loss carryforwards</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">4,403</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">11,085</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Research and development credit carryforwards</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">7,084</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">5,213</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Operating lease liability</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">411</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">2,154</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Deferred revenue</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">34,625</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">11,891</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Accruals and reserves</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">958</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;">648</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Capitalized research costs</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">2,193</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">2,506</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Other</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1,008</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">88</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:20.0pt;word-break:break-word;vertical-align:top;">Total gross deferred tax assets</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">50,682</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">33,585</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Valuation allowance</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(49,568</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(30,945</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Net deferred tax assets</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">1,114</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">2,640</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Deferred tax liabilities</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Depreciation</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">(771</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">(597</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Right-of-use asset</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(343</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(2,043</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:20.0pt;word-break:break-word;vertical-align:top;">Total gross deferred tax liabilities</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(1,114</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(2,640</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Net deferred taxes</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> </table></div>As of December 31, 2021, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $19.3 million and $17.4 million, respectively, which may be available to offset future taxable income. The federal NOLs include $2.8 million which expire at various dates beginning in 2036 and $16.5 million which carry forward indefinitely. The state NOLs expire at various dates beginning in 2036. As of December 31, 2021, the Company also had U.S. federal and state research and development tax credit carryforwards of $4.9 million and $3.0 million, respectively, which may be available to offset future tax liabilities and begin to expire in 2034 and 2030, respectively. Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income or tax liabilities. In general, an ownership change results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has performed an analysis of ownership changes through December 31, 2021 and determined that on February 6, 2017 and August 17, 2020, ownership changes had occurred. Based on this analysis, the Company’s ability to use its pre-change tax attributes to offset federal and state taxable income are subject to annual limitations and a portion of the attributes generated prior to February 6, 2017 will expire unutilized, which could potentially result in an increased future tax liability. The Company has adjusted its deferred tax assets and valuation allowance balance for the affected tax attribute carryforwards to reflect the expiration of the attributes. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported, if based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2021 and 2020. Management reevaluates the positive and negative evidence at each reporting period. The Company recorded an increase to the valuation allowance of $18.6 million during 2021 related primarily to the increase in deferred revenue and research and development tax credit carryforwards. As of December 31, 2021 and 2020, the Company had not recorded any amounts for unrecognized tax benefits. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. As of December 31, 2021 and 2020, the Company had no accrued interest or penalties related to uncertain tax positions in the consolidated statements of operations and comprehensive loss. The Company files income tax returns in the U.S. federal and Massachusetts jurisdictions, as prescribed by tax laws. The Company will file a final California income tax return for the short-period through the Closing Date of the Business Combination. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The statute of limitations for federal and state tax authorities is generally closed for years prior to December 31, 2018, although carryforward attributes that were generated prior to 2018 may still be subject to change upon examination if they are utilized to offset taxable income in subsequent tax years. There are currently no federal or state income tax audits in progress.

300000

0.210

0.061

0.059

0.054 0.044

0.011

0.007

0.006

-0.003

-0.017

-0.321

-0.289

-0.004

4403000

11085000

7084000

5213000

411000 2154000

34625000

11891000

958000

648000

2193000

2506000

1008000

88000

50682000

33585000

49568000

30945000

1114000

2640000

771000 597000

343000

2043000

1114000

2640000

19300000

17400000

2800000 2036 16500000 2036

4900000

3000000.0

2034 2030 0.50

18600000

Basic and diluted net loss per share attributable to common stockholders was calculated as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.243%;"/> <td style="width:1.525%;"/> <td style="width:1.514%;"/> <td style="width:13.823%;"/> <td style="width:1.017%;"/> <td style="width:1.525%;"/> <td style="width:1.514%;"/> <td style="width:13.823%;"/> <td style="width:1.017%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Year Ended December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">(in thousands, except share and per share data)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Numerator:</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Net loss</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(58,235</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(51,972</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Denominator:</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Weighted-average common stock outstanding – basic and diluted</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">62,108,032</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">31,932,204</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Net loss per common share – basic and diluted</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(0.94</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);">$</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">(1.63</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);">)</td> </tr> </table>

-58235000

-51972000

62108032

31932204

-0.94

-1.63

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: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.094%;"/> <td style="width:1.569%;"/> <td style="width:0.718%;"/> <td style="width:14.448%;"/> <td style="width:0.718%;"/> <td style="width:1.569%;"/> <td style="width:0.718%;"/> <td style="width:14.448%;"/> <td style="width:0.718%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">Year Ended December 31,</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2021</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;">2020</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);text-align:left;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;">Stock options to purchase common stock</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">9,372,993</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;">4,094,544</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;">Unvested restricted common stock</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">—</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">256,811</td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);text-indent:10.0pt;word-break:break-word;vertical-align:top;">Total</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">9,372,993</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);"> </td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:center;">4,353,375</td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"> </td> </tr> </table>

9372993

4094544

256811

9372993

4353375