0000950170-22-016853 | 10-Q | XBRL Viewer

Nature of the Business	6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]
Nature of the Business	1. Nature of the Business Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on December 30, 2015. Risks and Uncertainties The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, the impact of the COVID-19 pandemic, including impacts related to the variants of the virus, geopolitical tensions, adverse macroeconomic conditions and the need to obtain additional financing. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities at June 30, 2022 will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued.

Nature of the Business

6 Months Ended

Jun. 30, 2022

1. Nature of the Business

Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on December 30, 2015.

Risks and Uncertainties

The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, the impact of the COVID-19 pandemic, including impacts related to the variants of the virus, geopolitical tensions, adverse macroeconomic conditions and the need to obtain additional financing.

The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities at June 30, 2022 will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued.

Significant Agreements	6 Months Ended
Jun. 30, 2022
Significant Agreements [Abstract]
Significant Agreements	9. Significant Agreements Since December 31, 2021, there have been no material changes to the key terms of the Company’s license agreements. For further information regarding the Company’s existing license agreements, please see Note 11 to the consolidated financial statements included in the 2021 Annual Report.

Significant Agreements

6 Months Ended

Jun. 30, 2022

Significant Agreements [Abstract]

Significant Agreements

9. Significant Agreements

Since December 31, 2021, there have been no material changes to the key terms of the Company’s license agreements. For further information regarding the Company’s existing license agreements, please see Note 11 to the consolidated financial statements included in the 2021 Annual Report.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted-average assumptions used principally in determining the fair value of options granted were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Fair value of common stock	$	4.37		$	23.38		$	8.30		$	22.66
Expected term (in years)		5.6			6.1			6.0			6.0
Expected volatility		79.8	%		79.7	%		78.4	%		79.7	%
Risk-free interest rate		3.4	%		1.1	%		1.8	%		0.8	%
Dividend yield		—			—			—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	909	$	542	$	1,705	$	991
General and administrative		832		525		1,782		967
Total stock-based compensation expense	$	1,741	$	1,067	$	3,487	$	1,958

Marketable Securities - Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 89,462	$ 87,668
Gross Unrealized Holding losses	(1,326)
Fair Value	88,136	87,668
Maturing in One Year or Less \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,436	7,603
Gross Unrealized Holding losses	(110)
Fair Value	9,326	7,603
Maturing in One Year or Less \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	80,026	30,119
Gross Unrealized Holding losses	(1,216)
Fair Value	$ 78,810	30,119
Maturing after One Year through Five Years \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		5,006
Fair Value		5,006
Maturing after One Year through Five Years \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		44,940
Fair Value		$ 44,940

Leases - Summary of Other Lease Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 8,522	$ 1,141
Right-of-use assets obtained in exchange for lease obligations	$ 31,904	$ 35

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 62,952	$ 119,801	$ 169,516
Restricted cash equivalents	2,413	2,413	1,559
Total cash, cash equivalents and restricted cash equivalents as shown on the statements of cash flows	$ 65,365	$ 122,214	$ 171,075	$ 50,098

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Lease Expense

The elements of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Operating lease cost	$	1,592	$	757	$	2,512	$	1,504
Short-term lease cost		—		—		—		52
Variable lease cost		301		312		642		434
Total lease cost	$	1,893	$	1,069	$	3,154	$	1,990

Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	June 30, 2022			December 31, 2021
Assets
Operating lease right-of-use assets	$	46,142		$	15,670
Liabilities
Operating lease liabilities, current	$	4,429		$	1,839
Operating lease liabilities, non-current		37,379			16,174
Total lease liabilities	$	41,808		$	18,013
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	8.2			8.64
Weighted-average discount rate		8.2	%		9.4	%

Summary of Other Lease Activity

The following table represents other lease activity:


	Six Months Ended June 30,
(in thousands)	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	8,522	$	1,141
Right-of-use assets obtained in exchange for lease obligations	$	31,904	$	35

Marketable Securities - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Credit losses related to marketable securities	$ 0

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 600	$ 400	$ 1,001	$ 665

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted			1,948,264	478,434
Weighted-average grant-date fair value of options granted			$ 5.65	$ 15.40
Unrecognized compensation expense related to stock options	$ 17.3		$ 17.3
Unrecognized share based compensation expense, recognition period			2 years 6 months 29 days
Number unvested options	138,052		138,052
Weighted average exercise price of options exercised and unvested	$ 2.02		$ 2.02
Proceeds from unvested options exercises	$ 0.3		$ 0.3
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights description			vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years
Vesting period			48 months
Contractual term			10 years
Weighted-average grant-date fair value of options granted	$ 4.37	$ 23.38	$ 8.30	$ 22.66
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share based compensation expense, recognition period			11 months 23 days
Restricted stock units granted			1,040,500	0
Weighted average grant date fair value of restricted stock, granted			$ 6.00
Unrecognized compensation expense related to related to restricted stock units	$ 6.1		$ 6.1
Tranche One \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Vesting percentage			25.00%
Tranche Two \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
2021 Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	1,909,837		1,909,837

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share amounts)	2022			2021			2022			2021
Numerator:
Net loss	$	(21,659	)	$	(18,370	)	$	(44,396	)	$	(32,093	)
Cumulative dividends on redeemable convertible preferred stock		—			—			—			(1,228	)
Net loss attributable to common stockholders	$	(21,659	)	$	(18,370	)	$	(44,396	)	$	(33,321	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		37,437,063			36,843,087			37,365,647			29,593,814
Net loss per share attributable to common stockholders, basic and diluted	$	(0.58	)	$	(0.50	)	$	(1.19	)	$	(1.13	)

Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

As of the three and six months ended June 30, 2022 and 2021, the Company’s potentially dilutive securities were stock options, unvested restricted stock and restricted stock units. The Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	As of June 30,
	2022		2021
Options to purchase common stock		5,893,016		5,141,794
Unvested restricted stock		138,052		257,578
Restricted stock units		1,040,500		—

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Employee-related and other expenses	$	2,609	$	4,178
Research and development expenses		2,012		797
Professional fees		1,321		743
Property and equipment		255		—
Other		89		617
Total accrued liabilities	$	6,286	$	6,335

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 1,592	$ 757	$ 2,512	$ 1,504
Short-term lease cost				52
Variable lease cost	301	312	642	434
Total lease cost	$ 1,893	$ 1,069	$ 3,154	$ 1,990

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,741	$ 1,067	$ 3,487	$ 1,958
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	909	542	1,705	991
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 832	$ 525	$ 1,782	$ 967

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total	$ 17,917	$ 8,937
Less: Accumulated depreciation	(3,085)	(2,084)
Property and equipment, net	14,832	6,853
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total	1,715	317
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total	9,540	8,457
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total	4,861
Other
Property Plant And Equipment [Line Items]
Total	567	$ 163
Construction in Progress
Property Plant And Equipment [Line Items]
Total	$ 1,234

Net Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	5,893,016	5,141,794
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	138,052	257,578
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	1,040,500

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common shares upon closing of initial public offering, offering costs and underwriter fees	$ 17,132

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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


	June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	61,952	$	—	$	—	$	61,952
Marketable securities
Corporate bonds		—		9,326		—		9,326
U.S. Treasuries		—		78,810		—		78,810
Total marketable securities		—		88,136		—		88,136
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	64,365	$	88,136	$	—	$	152,501


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	95,339	$	—	$	—	$	95,339
Marketable securities
Corporate bonds		—		12,609		—		12,609
U.S. Treasuries		—		75,059		—		75,059
Total marketable securities		—		87,668		—		87,668
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	97,752	$	87,668	$	—	$	185,420

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to its initial public offering); accrued expenses and research and development expenses.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). During the six months ended June 30, 2022, other than the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as discussed below, and addition of the cloud computing arrangement accounting policy, there have been no changes to the Company’s significant accounting policies as described in the 2021 Annual Report.
Measurement of Credit Losses	Measurement of Credit Losses For financial assets measured at fair value through other comprehensive loss, the Company must record an allowance for credit losses at the end of each reporting period in the condensed consolidated statement of operations. When developing an estimate of expected credit losses on financial assets, the Company will consider available information relevant to assessing the collectability of cash flows. This information may include internal information, external information, or a combination of both, relating to past events, current conditions, and reasonable and supportable forecasts for financial asset pools. The Company’s investment in corporate bonds and U.S. treasury securities, reported as available-for-sale investments, and the associated accrued interest reported as other current assets on the condensed consolidated balance sheets, is the only financial asset pool. The financial asset pool was determined by the type of financial asset instrument and its credit quality. Management does not expect a credit loss with this financial asset pool and determined an allowance was not required based on the issuers' current high quality credit ratings and the lack of default history on its obligations.
Cloud Computing Arrangements	Cloud Computing Arrangements The Company capitalizes implementation costs for cloud computing arrangement service contracts. The Company’s cloud computing arrangements relate to its enterprise resource planning and manufacturing software. These assets are classified as software and included in property and equipment, net in the consolidated balance sheets and are amortized on a straight-line basis over their assessed useful life beginning when the contract is ready for its intended use. The estimated useful lives of these assets is three years and are subject to the Company’s existing Impairment of Long-Lived Assets accounting policy as described in the 2021 Annual Report.
Recently Adopted Accounting Pronouncements	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, which has been subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03 (“ASU 2016-13”). This standard requires that credit losses be recorded using an expected losses model rather than the incurred losses model that was previously used and establishes additional credit risk disclosures associated with financial assets. The adoption of this standard on January 1, 2022, did not have a significant impact on the Company’s financial statements.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (44,396)	$ (32,093)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation expense	1,001	665
Non-cash lease expense	2,512	1,504
Stock-based compensation	3,487	1,958
Other	120	4
Changes in operating assets and liabilities:
Operating lease liability	(8,238)	(1,141)
Prepaid expenses and other current assets	(728)	(4,064)
Accounts payable and accrued liabilities	(1,473)	(762)
Other assets	(181)	(285)
Net cash used in operating activities	(47,896)	(34,214)
Cash flow from investing activities
Purchases of marketable securities	(5,044)	(75,122)
Proceed from maturities of marketable securities	3,130
Purchases of property and equipment	(7,843)	(2,090)
Net cash used in investing activities	(9,757)	(77,212)
Cash flow from financing activities
Proceeds from issuance of redeemable convertible preferred stock		45,375
Proceeds from the issuance of common stock upon closing of initial public offering, net of underwriter fees		189,199
Payment of initial public offering costs		(2,215)
Proceeds from the issuance of common stock from open market sales agreeement	504
Proceeds from stock option exercises	300	44
Net cash provided by financing activities	804	232,403
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents	(56,849)	120,977
Cash, cash equivalents and restricted cash equivalents, beginning of period	122,214	50,098
Cash, cash equivalents and restricted cash equivalents, end of period	65,365	171,075
Supplemental disclosure of non-cash activities
Lease incentive paid by the landlord on behalf of the Company	7,927
Operating right-of-use assets and operating lease liability recorded upon lease commencement	23,376	35
Purchases of property and equipment in accounts payable and accrued liabilities	$ 1,331	142
Conversion of redeemable convertible preferred stock to common stock upon closing of the initial public offering		$ 152,711

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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


	June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	61,952	$	—	$	—	$	61,952
Marketable securities
Corporate bonds		—		9,326		—		9,326
U.S. Treasuries		—		78,810		—		78,810
Total marketable securities		—		88,136		—		88,136
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	64,365	$	88,136	$	—	$	152,501


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	95,339	$	—	$	—	$	95,339
Marketable securities
Corporate bonds		—		12,609		—		12,609
U.S. Treasuries		—		75,059		—		75,059
Total marketable securities		—		87,668		—		87,668
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	97,752	$	87,668	$	—	$	185,420

The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities was determined based on observable market inputs. There were no transfers between levels from the year ended December 31, 2021.

- Definition

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

+ References + Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to its initial public offering); accrued expenses and research and development expenses. Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). During the six months ended June 30, 2022, other than the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as discussed below, and addition of the cloud computing arrangement accounting policy, there have been no changes to the Company’s significant accounting policies as described in the 2021 Annual Report. Measurement of Credit Losses For financial assets measured at fair value through other comprehensive loss, the Company must record an allowance for credit losses at the end of each reporting period in the condensed consolidated statement of operations. When developing an estimate of expected credit losses on financial assets, the Company will consider available information relevant to assessing the collectability of cash flows. This information may include internal information, external information, or a combination of both, relating to past events, current conditions, and reasonable and supportable forecasts for financial asset pools. The Company’s investment in corporate bonds and U.S. treasury securities, reported as available-for-sale investments, and the associated accrued interest reported as other current assets on the condensed consolidated balance sheets, is the only financial asset pool. The financial asset pool was determined by the type of financial asset instrument and its credit quality. Management does not expect a credit loss with this financial asset pool and determined an allowance was not required based on the issuers' current high quality credit ratings and the lack of default history on its obligations. Cloud Computing Arrangements The Company capitalizes implementation costs for cloud computing arrangement service contracts. The Company’s cloud computing arrangements relate to its enterprise resource planning and manufacturing software. These assets are classified as software and included in property and equipment, net in the consolidated balance sheets and are amortized on a straight-line basis over their assessed useful life beginning when the contract is ready for its intended use. The estimated useful lives of these assets is three years and are subject to the Company’s existing Impairment of Long-Lived Assets accounting policy as described in the 2021 Annual Report. 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, which has been subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03 (“ASU 2016-13”). This standard requires that credit losses be recorded using an expected losses model rather than the incurred losses model that was previously used and establishes additional credit risk disclosures associated with financial assets. The adoption of this standard on January 1, 2022, did not have a significant impact on the Company’s financial statements.

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

10. Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share amounts)	2022			2021			2022			2021
Numerator:
Net loss	$	(21,659	)	$	(18,370	)	$	(44,396	)	$	(32,093	)
Cumulative dividends on redeemable convertible preferred stock		—			—			—			(1,228	)
Net loss attributable to common stockholders	$	(21,659	)	$	(18,370	)	$	(44,396	)	$	(33,321	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		37,437,063			36,843,087			37,365,647			29,593,814
Net loss per share attributable to common stockholders, basic and diluted	$	(0.58	)	$	(0.50	)	$	(1.19	)	$	(1.13	)


	As of June 30,
	2022		2021
Options to purchase common stock		5,893,016		5,141,794
Unvested restricted stock		138,052		257,578
Restricted stock units		1,040,500		—

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2 transfers amount	$ 0
Fair value assets, level 2 to level 1 transfers amount	0
Fair value assets, transfers into level 3	0
Fair value assets, transfers out of level 3	$ 0

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 152,501	$ 185,420
Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	88,136	87,668
Marketable Securities \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	9,326	12,609
Marketable Securities \| U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	78,810	75,059
Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	61,952	95,339
Restricted Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	2,413	2,413
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	64,365	97,752
Level 1 \| Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	61,952	95,339
Level 1 \| Restricted Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	2,413	2,413
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	88,136	87,668
Level 2 \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	88,136	87,668
Level 2 \| Marketable Securities \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	9,326	12,609
Level 2 \| Marketable Securities \| U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 78,810	$ 75,059

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (21,659)	$ (22,737)	$ (18,370)	$ (13,723)	$ (44,396)	$ (32,093)
Cumulative dividends on redeemable convertible preferred stock						(1,228)
Net loss attributable to common stockholders	$ (21,659)		$ (18,370)		$ (44,396)	$ (33,321)
Denominator, basic
Weighted-average number of common shares outstanding, basic	37,437,063		36,843,087		37,365,647	29,593,814
Net loss per share attributable to common stockholders, basic	$ (0.58)		$ (0.50)		$ (1.19)	$ (1.13)
Denominator, diluted
Weighted-average number of common shares outstanding, diluted	37,437,063		36,843,087		37,365,647	29,593,814
Net loss per share attributable to common stockholders, diluted	$ (0.58)		$ (0.50)		$ (1.19)	$ (1.13)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 15,333	$ 12,970	$ 30,613	$ 21,911
General and administrative	6,459	5,410	13,979	10,199
Total operating expenses	21,792	18,380	44,592	32,110
Loss from operations	(21,792)	(18,380)	(44,592)	(32,110)
Other income:
Interest income	133	10	196	17
Total other income	133	10	196	17
Net loss	(21,659)	(18,370)	(44,396)	(32,093)
Cumulative dividends on redeemable convertible preferred stock				(1,228)
Net loss attributable to common stockholders	$ (21,659)	$ (18,370)	$ (44,396)	$ (33,321)
Net loss per share attributable to common stockholders, basic	$ (0.58)	$ (0.50)	$ (1.19)	$ (1.13)
Net loss per share attributable to common stockholders, diluted	$ (0.58)	$ (0.50)	$ (1.19)	$ (1.13)
Weighted Average Number of Shares Outstanding, Basic	37,437,063	36,843,087	37,365,647	29,593,814
Weighted Average Number of Shares Outstanding, Diluted	37,437,063	36,843,087	37,365,647	29,593,814
Other comprehensive loss:
Unrealized loss on available for sale investments	$ (254)		$ (1,326)
Total other comprehensive loss	(254)		(1,326)
Comprehensive loss attributable to common stockholders	$ (21,913)	$ (18,370)	$ (45,722)	$ (33,321)

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting standards update [Extensible list]	us-gaap:AccountingStandardsUpdate201613Member

- Definition

Indicates amendment to accounting standards.

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+ Details

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

Nature of the Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022
Nature Of Business [Line Items]
Incorporation date	Dec. 30, 2015

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30,			December 31,
(in thousands)	2022			2021
Computer equipment and software	$	1,715		$	317
Laboratory equipment		9,540			8,457
Manufacturing equipment		4,861			—
Other		567			163
Construction in progress		1,234			—
Total		17,917			8,937
Less: Accumulated depreciation		(3,085	)		(2,084	)
Property and equipment, net	$	14,832		$	6,853

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	37,644,288	37,375,428
Common stock, shares outstanding	37,506,236	37,174,741

Leases - Additional Information (Details) - USD ($) $ in Millions			6 Months Ended
	Apr. 29, 2022	Jan. 28, 2022	Jun. 30, 2022
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Existence of Option to Extend [true false]			false
Standby Letters of Credit
Lessee Lease Description [Line Items]
Increase in irrevocable line of credit facility			$ 2.4
First Lease Amendment
Lessee Lease Description [Line Items]
Operating lease commencement date		Jan. 28, 2022
Aggregate total fixed rent payments		$ 8.4
Second Lease Amendment
Lessee Lease Description [Line Items]
Operating lease commencement date	Apr. 29, 2022
Aggregate total fixed rent payments	$ 22.3

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

8. Leases

Cambridgepark Lease Amendments

On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Company’s lease agreement for its corporate office and laboratory facilities with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”).

The First Lease Amendment and Second Lease Amendment commenced for accounting purposes on January 28, 2022 and April 29, 2022, respectively. The terms of the Lease Amendments are through September 2030 for approximately $8.4 million and $22.3 million in fixed payments for the First Lease Amendment and Second Lease Amendment, respectively. There are no options to extend the Lease Amendments.

Payments due associated with the Lease Amendments include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the existing lease agreement. In conjunction with the Lease Amendments, the Company was required to increase its irrevocable standby letter of credit to $2.4 million for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents.

For further information regarding the Company’s Cambridgepark lease, please see Note 10 to the consolidated financial statements included in the 2021 Annual Report.

The elements of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Operating lease cost	$	1,592	$	757	$	2,512	$	1,504
Short-term lease cost		—		—		—		52
Variable lease cost		301		312		642		434
Total lease cost	$	1,893	$	1,069	$	3,154	$	1,990

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	June 30, 2022			December 31, 2021
Assets
Operating lease right-of-use assets	$	46,142		$	15,670
Liabilities
Operating lease liabilities, current	$	4,429		$	1,839
Operating lease liabilities, non-current		37,379			16,174
Total lease liabilities	$	41,808		$	18,013
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	8.2			8.64
Weighted-average discount rate		8.2	%		9.4	%

The following table represents other lease activity:


	Six Months Ended June 30,
(in thousands)	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	8,522	$	1,141
Right-of-use assets obtained in exchange for lease obligations	$	31,904	$	35

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30,			December 31,
(in thousands)	2022			2021
Computer equipment and software	$	1,715		$	317
Laboratory equipment		9,540			8,457
Manufacturing equipment		4,861			—
Other		567			163
Construction in progress		1,234			—
Total		17,917			8,937
Less: Accumulated depreciation		(3,085	)		(2,084	)
Property and equipment, net	$	14,832		$	6,853

Depreciation expense for the three and six months ended June 30, 2022 was $0.6 million and $1.0 million, respectively, and for the three and six months ended June 30, 2021 was $0.4 million and $0.7 million, respectively.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	VOR BIOPHARMA INC.
Entity Central Index Key	0001817229
Entity File Number	001-39979
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1591163
Entity Address, Address Line One	100 Cambridgepark Drive
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
City Area Code	617
Local Phone Number	655-6580
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		38,056,306
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VOR
Security Exchange Name	NASDAQ

Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets	$ 46,142	$ 15,670
Liabilities
Operating lease liabilities, current	4,429	1,839
Operating lease liabilities, non-current	37,379	16,174
Total lease liabilities	$ 41,808	$ 18,013
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	8 years 2 months 12 days	8 years 7 months 20 days
Weighted-average discount rate	8.20%	9.40%

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Employee-related and other expenses	$ 2,609	$ 4,178
Research and development expenses	2,012	797
Professional fees	1,321	743
Property and equipment	255
Other	89	617
Total accrued expenses	$ 6,286	$ 6,335

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive loss	Accumulated Deficit	Series A-1 Redeemable Convertible Preferred Stock	Series A-2 Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock
Beginning Balance at Dec. 31, 2020	$ (59,065)	$ 1	$ 2,158		$ (61,224)
Beginning Balance, Shares at Dec. 31, 2020		505,074
Beginning Balance at Dec. 31, 2020						$ 2	$ 42,786	$ 64,548
Beginning Balance, Shares at Dec. 31, 2020						20,000,000	107,194,866	124,519,220
Issuance of redeemable convertible preferred stock								$ 45,375
Issuance of redeemable convertible preferred stock, Shares								87,259,605
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering						$ (2)	$ (42,786)	$ (109,923)
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering, Shares						(20,000,000)	(107,194,866)	(211,778,825)
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering	152,711	$ 2	152,709
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering, Shares		24,924,501
Issuance of common stock upon closing of initial public offering, net of offering costs and underwriter fees of $17,132	186,308	$ 1	186,307
Issuance of common stock upon closing of initial public offering, net of offering costs and underwriter fees, Shares		11,302,219
Issuance of common stock upon vesting and exercise of stock options	65		65
Issuance of common stock upon vesting and exercise of stock options, Shares		38,216
Stock-based compensation expense	891		891
Net loss	(13,723)				(13,723)
Ending Balance at Mar. 31, 2021	267,187	$ 4	342,130		(74,947)
Ending Balance, Shares at Mar. 31, 2021		36,770,010
Beginning Balance at Dec. 31, 2020	(59,065)	$ 1	2,158		(61,224)
Beginning Balance, Shares at Dec. 31, 2020		505,074
Beginning Balance at Dec. 31, 2020						$ 2	$ 42,786	$ 64,548
Beginning Balance, Shares at Dec. 31, 2020						20,000,000	107,194,866	124,519,220
Net loss	(32,093)
Ending Balance at Jun. 30, 2021	250,108	$ 4	343,421		(93,317)
Ending Balance, Shares at Jun. 30, 2021		36,885,372
Beginning Balance at Mar. 31, 2021	267,187	$ 4	342,130		(74,947)
Beginning Balance, Shares at Mar. 31, 2021		36,770,010
Issuance of common stock upon vesting and exercise of stock options	224		224
Issuance of common stock upon vesting and exercise of stock options, Shares		115,362
Stock-based compensation expense	1,067		1,067
Net loss	(18,370)				(18,370)
Ending Balance at Jun. 30, 2021	250,108	$ 4	343,421		(93,317)
Ending Balance, Shares at Jun. 30, 2021		36,885,372
Beginning Balance at Dec. 31, 2021	$ 216,263	$ 4	346,382	$ 0	(130,123)
Beginning Balance, Shares at Dec. 31, 2021	37,174,741	37,174,741
Issuance of common stock upon vesting and exercise of stock options	$ 247		247
Issuance of common stock upon vesting and exercise of stock options, Shares		161,573
Stock-based compensation expense	1,746		1,746
Other comprehensive loss	(1,072)			(1,072)
Net loss	(22,737)				(22,737)
Ending Balance at Mar. 31, 2022	194,447	$ 4	348,375	(1,072)	(152,860)
Ending Balance, Shares at Mar. 31, 2022		37,336,314
Beginning Balance at Dec. 31, 2021	$ 216,263	$ 4	346,382	0	(130,123)
Beginning Balance, Shares at Dec. 31, 2021	37,174,741	37,174,741
Other comprehensive loss	$ (1,326)
Net loss	(44,396)
Ending Balance at Jun. 30, 2022	$ 174,974	$ 4	350,815	(1,326)	(174,519)
Ending Balance, Shares at Jun. 30, 2022	37,506,236	37,506,236
Beginning Balance at Mar. 31, 2022	$ 194,447	$ 4	348,375	(1,072)	(152,860)
Beginning Balance, Shares at Mar. 31, 2022		37,336,314
Issuance of common stock upon vesting and exercise of stock options	146		146
Issuance of common stock upon vesting and exercise of stock options, Shares		74,358
Issuance of common stock from open market sales agreeement	553		553
Issuance of common stock from open market sales agreeement, Shares		95,564
Stock-based compensation expense	1,741		1,741
Other comprehensive loss	(254)			(254)
Net loss	(21,659)				(21,659)
Ending Balance at Jun. 30, 2022	$ 174,974	$ 4	$ 350,815	$ (1,326)	$ (174,519)
Ending Balance, Shares at Jun. 30, 2022	37,506,236	37,506,236

Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The amortized cost and estimated fair value of marketable securities, by contractual maturity are as follows:


	June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value

Maturing in one year or less
Corporate bonds	$	9,436	$	—	$	(110	)	$	9,326
U.S. Treasuries		80,026		—		(1,216	)		78,810
Total	$	89,462	$	—	$	(1,326	)	$	88,136


	December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value

Maturing in one year or less
Corporate bonds	$	7,603	$	—	$	—	$	7,603
U.S. Treasuries		30,119		—		—		30,119
Maturing after one year through five years
Corporate bonds		5,006		—		—		5,006
U.S. Treasuries		44,940		—		—		44,940
Total	$	87,668	$	—	$	—	$	87,668

The unrealized losses of the Company’s marketable securities above were a result of market interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par value. The Company’s intent is to hold the investments until their maturity and any change in fair value that is not credit related is recognized as other comprehensive income (loss), net of applicable taxes. A credit-related impairment is recognized as an allowance to the balance sheet with a corresponding adjustment to earnings. The Company did not recognize any credit losses related to marketable securities for the six months ended June 30, 2022.

Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

6. Accrued Liabilities

Accrued liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2022		2021
Employee-related and other expenses	$	2,609	$	4,178
Research and development expenses		2,012		797
Professional fees		1,321		743
Property and equipment		255		—
Other		89		617
Total accrued liabilities	$	6,286	$	6,335

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

Stock Incentive Plan

As of June 30, 2022, the Company had 1,909,837 shares of its common stock available for future issuance under its stock incentive plan.

Stock Options

The Company’s stock options generally vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Fair value of common stock	$	4.37		$	23.38		$	8.30		$	22.66
Expected term (in years)		5.6			6.1			6.0			6.0
Expected volatility		79.8	%		79.7	%		78.4	%		79.7	%
Risk-free interest rate		3.4	%		1.1	%		1.8	%		0.8	%
Dividend yield		—			—			—			—

During the six months ended June 30, 2022 and 2021, the Company granted stock options to purchase 1,948,264 shares and 478,434 shares of its common stock, respectively, with a weighted-average grant-date fair value of $5.65 and $15.40 per share, respectively. As of June 30, 2022, total unrecognized compensation expense related to stock options was $17.3 million, which is expected to be recognized over a weighted-average period of 2.58 years.

As of June 30, 2022, options for 138,052 shares of Company common stock with a weighted average exercise price of $2.02 were exercised and unvested. The underlying proceeds from the unvested exercises of $0.3 million is recorded in other current liabilities on the condensed consolidated balance sheet.

Restricted Stock Units

During the six months ended June 30, 2022, the Company granted 1,040,500 restricted stock units with a weighted average grant date fair value of $6.00 per share. As of June 30, 2022, total unrecognized compensation expense related to restricted stock units was $6.1 million, which is expected to be recognized over a weighted-average period of 0.98 years. The Company did not grant any restricted stock units during the six months ended June 30, 2021.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	909	$	542	$	1,705	$	991
General and administrative		832		525		1,782		967
Total stock-based compensation expense	$	1,741	$	1,067	$	3,487	$	1,958

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 62,952	$ 119,801
Marketable securities	88,136	87,668
Prepaid expenses	5,467	4,836
Other current assets	2,288	2,094
Total current assets	158,843	214,399
Restricted cash equivalents	2,413	2,413
Property and equipment, net	14,832	6,853
Operating lease right-of-use assets	46,142	15,670
Other assets	2,385	3,255
Total assets	224,615	242,590
Current liabilities:
Accounts payable	1,268	1,545
Accrued liabilities	6,286	6,335
Operating lease liabilities	4,429	1,839
Other current liabilities	279	434
Total current liabilities	12,262	10,153
Long-term liabilities:
Operating lease liabilities—non-current	37,379	16,174
Total liabilities	49,641	26,327
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021
Common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 37,644,288 and 37,375,428 shares issued and 37,506,236 and 37,174,741 outstanding as of June 30, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	350,815	346,382
Accumulated other comprehensive loss	(1,326)
Accumulated deficit	(174,519)	(130,123)
Total stockholders' equity	174,974	216,263
Total liabilities and stockholders' equity	$ 224,615	$ 242,590

Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock			$ 5.65	$ 15.40
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 4.37	$ 23.38	$ 8.30	$ 22.66
Expected term (in years)	5 years 7 months 6 days	6 years 1 month 6 days	6 years	6 years
Expected volatility	79.80%	79.70%	78.40%	79.70%
Risk-free interest rate	3.40%	1.10%	1.80%	0.80%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity

The amortized cost and estimated fair value of marketable securities, by contractual maturity are as follows:


	June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value

Maturing in one year or less
Corporate bonds	$	9,436	$	—	$	(110	)	$	9,326
U.S. Treasuries		80,026		—		(1,216	)		78,810
Total	$	89,462	$	—	$	(1,326	)	$	88,136


	December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value

Maturing in one year or less
Corporate bonds	$	7,603	$	—	$	—	$	7,603
U.S. Treasuries		30,119		—		—		30,119
Maturing after one year through five years
Corporate bonds		5,006		—		—		5,006
U.S. Treasuries		44,940		—		—		44,940
Total	$	87,668	$	—	$	—	$	87,668

Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Class Of Stock [Line Items]
Gross proceeds from stock issued		$ 45,375
Series B
Class Of Stock [Line Items]
Redeemable convertible preferred stock, issued and sold	87,259,605