0001564590-20-053036 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 09, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	ALVR
Entity Registrant Name	ALLOVIR, INC.
Entity Central Index Key	0001754068
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,106,873
Security12b Title	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity File Number	001-39409
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	83-1971007
Entity Address Address Line1	139 Main Street
Entity Address, Address Line Two	Suite 500
Entity Address City Or Town	Cambridge
Entity Address State Or Province	MA
Entity Address Postal Zip Code	02142
City Area Code	617
Local Phone Number	433-2605
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 142,250	$ 61,084
Short-term investments	236,238	64,993
Accrued interest	423	262
Unbilled grant receivables	169	298
Prepaid expenses and other current assets	4,861	676
Total current assets	383,941	127,313
Property and equipment	295	350
Operating lease right-of-use assets	9,474	11,759
Total assets	393,710	139,422
Current liabilities:
Accounts payable	1,843	630
Accrued expenses	7,849	5,163
Operating lease liability, current	3,188	3,067
Amount due to related party	641	246
Total current liabilities	13,521	9,106
Operating lease liability, long term	6,286	8,692
Total liabilities	19,807	17,798
Preferred stock
Preferred stock, value		173,127
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value: 10,000,000 shares authorized at September 30, 2020 and 0 at December 31, 2019; 0 issued and outstanding at September 30, 2020 and December 31, 2019, respectively
Common stock, $0.0001 par value: 150,000,000 and 90,000,000 shares authorized at September 30, 2020 and December 31, 2019, respectively; 65,106,873 and 6,502,929 issued at September 30, 2020 and December 31, 2019, respectively; 61,659,533 and 2,099,740 outstanding at September 30, 2020 and December 31, 2019, respectively	7
Additional paid-in capital	473,841	3,748
Accumulated other comprehensive (loss) income	(41)	68
Accumulated deficit	(99,904)	(55,319)
Total stockholders’ equity (deficit)	373,903	(51,503)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 393,710	139,422
Series B Preferred Stock
Preferred stock
Preferred stock, value		120,923
Series A Preferred Stock
Preferred stock
Preferred stock, value		$ 52,204

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, shares authorized		79,398,350
Preferred stock, shares issued		59,398,350
Preferred stock, shares outstanding		59,398,350
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	90,000,000
Common stock, shares issued	65,106,873	6,502,929
Common stock, shares outstanding	61,659,533	2,099,740
Series B Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	0	14,877,697
Preferred stock, shares issued	0	14,877,697
Preferred stock, shares outstanding	0	14,877,697
Series A Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	0	64,520,653
Preferred stock, shares issued	0	44,520,653
Preferred stock, shares outstanding	0	44,520,653

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue				$ 165
Operating expenses:
Research and development	$ 17,182	$ 5,655	$ 32,906	9,561
General and administrative	6,718	2,823	12,987	7,800
Total operating expenses	23,900	8,478	45,893	17,361
Loss from operations	(23,900)	(8,478)	(45,893)	(17,196)
Total other income, net:
Interest income	112	781	735	1,400
Other income, net	174	427	573	700
Net loss	$ (23,614)	$ (7,270)	$ (44,585)	$ (15,096)
Net loss per share — basic and diluted	$ (0.58)	$ (4.97)	$ (2.93)	$ (13.67)
Weighted-average common shares outstanding — basic and diluted	40,465,705	1,463,421	15,195,000	1,104,454
Comprehensive loss:
Net loss	$ (23,614)	$ (7,270)	$ (44,585)	$ (15,096)
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities	(125)	(27)	(83)	102
Unrealized (loss) gain on foreign currency translation	(26)		(26)
Total other comprehensive (loss) income	(151)	(27)	(109)	102
Comprehensive loss	$ (23,765)	$ (7,297)	$ (44,694)	$ (14,994)

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Series B Preferred Stock	Series A Preferred Stock
Balance at Dec. 31, 2018	$ (30,622)		$ 858		$ (31,480)
Temporary equity, Balance, Shares at Dec. 31, 2018							42,066,666
Temporary equity, Balance at Dec. 31, 2018							$ 52,204
Balance, Shares at Dec. 31, 2018		747,231
Issuance of common stock, upon vesting of restricted stock, Shares		140,106
Stock-based compensation	231		231
Net loss	(2,524)				(2,524)
Balance at Mar. 31, 2019	(32,915)		1,089		(34,004)
Temporary equity, Balance, Shares at Mar. 31, 2019							42,066,666
Temporary equity, Balance at Mar. 31, 2019							$ 52,204
Balance, Shares at Mar. 31, 2019		887,337
Balance at Dec. 31, 2018	(30,622)		858		(31,480)
Temporary equity, Balance, Shares at Dec. 31, 2018							42,066,666
Temporary equity, Balance at Dec. 31, 2018							$ 52,204
Balance, Shares at Dec. 31, 2018		747,231
Unrealized (loss) gain on available-for-sale securities	102
Net loss	(15,096)
Balance at Sep. 30, 2019	(43,348)		3,126	$ 102	(46,576)
Temporary equity, Balance, Shares at Sep. 30, 2019						14,877,697	42,066,666
Temporary equity, Balance at Sep. 30, 2019						$ 120,923	$ 52,204
Balance, Shares at Sep. 30, 2019		1,609,411
Balance at Mar. 31, 2019	(32,915)		1,089		(34,004)
Temporary equity, Balance, Shares at Mar. 31, 2019							42,066,666
Temporary equity, Balance at Mar. 31, 2019							$ 52,204
Balance, Shares at Mar. 31, 2019		887,337
Issuance of Series B Preferred Stock, net of $330 issuance costs						$ 120,923
Issuance of Series B Preferred Stock, net of $330 issuance costs, Shares						14,877,697
Issuance of common stock, upon vesting of restricted stock, Shares		510,876
Unrealized (loss) gain on available-for-sale securities	129			129
Stock-based compensation	1,441		1,441
Net loss	(5,302)				(5,302)
Balance at Jun. 30, 2019	(36,647)		2,530	129	(39,306)
Temporary equity, Balance, Shares at Jun. 30, 2019						14,877,697	42,066,666
Temporary equity, Balance at Jun. 30, 2019						$ 120,923	$ 52,204
Balance, Shares at Jun. 30, 2019		1,398,213
Issuance of common stock, upon vesting of restricted stock, Shares		211,198
Unrealized (loss) gain on available-for-sale securities	(27)			(27)
Stock-based compensation	596		596
Net loss	(7,270)				(7,270)
Balance at Sep. 30, 2019	(43,348)		3,126	102	(46,576)
Temporary equity, Balance, Shares at Sep. 30, 2019						14,877,697	42,066,666
Temporary equity, Balance at Sep. 30, 2019						$ 120,923	$ 52,204
Balance, Shares at Sep. 30, 2019		1,609,411
Balance at Dec. 31, 2019	$ (51,503)		3,748	68	(55,319)
Temporary equity, Balance, Shares at Dec. 31, 2019	59,398,350					14,877,697	44,520,653
Temporary equity, Balance at Dec. 31, 2019	$ 173,127					$ 120,923	$ 52,204
Balance, Shares at Dec. 31, 2019		2,099,740
Issuance of common stock, upon vesting of restricted stock, Shares		292,644
Unrealized (loss) gain on available-for-sale securities	176			176
Stock-based compensation	646		646
Net loss	(9,339)				(9,339)
Balance at Mar. 31, 2020	(60,020)		4,394	244	(64,658)
Temporary equity, Balance, Shares at Mar. 31, 2020						14,877,697	44,520,653
Temporary equity, Balance at Mar. 31, 2020						$ 120,923	$ 52,204
Balance, Shares at Mar. 31, 2020		2,392,384
Balance at Dec. 31, 2019	$ (51,503)		3,748	68	(55,319)
Temporary equity, Balance, Shares at Dec. 31, 2019	59,398,350					14,877,697	44,520,653
Temporary equity, Balance at Dec. 31, 2019	$ 173,127					$ 120,923	$ 52,204
Balance, Shares at Dec. 31, 2019		2,099,740
Unrealized (loss) gain on available-for-sale securities	(83)
Unrealized (loss) gain on foreign currency translation	(26)
Net loss	(44,585)
Balance at Sep. 30, 2020	373,903	$ 7	473,841	(41)	(99,904)
Temporary equity, Balance, Shares at Sep. 30, 2020						0	0
Balance, Shares at Sep. 30, 2020		61,659,533
Balance at Mar. 31, 2020	(60,020)		4,394	244	(64,658)
Temporary equity, Balance, Shares at Mar. 31, 2020						14,877,697	44,520,653
Temporary equity, Balance at Mar. 31, 2020						$ 120,923	$ 52,204
Balance, Shares at Mar. 31, 2020		2,392,384
Issuance of common stock, upon vesting of restricted stock, Shares		409,475
Unrealized (loss) gain on available-for-sale securities	(134)			(134)
Stock-based compensation	492		492
Net loss	(11,632)				(11,632)
Balance at Jun. 30, 2020	(71,294)		4,886	110	(76,290)
Temporary equity, Balance, Shares at Jun. 30, 2020						14,877,697	44,520,653
Temporary equity, Balance at Jun. 30, 2020						$ 120,923	$ 52,204
Balance, Shares at Jun. 30, 2020		2,801,859
Issuance of common stock, upon vesting of restricted stock, Shares		311,035
Initial public offering, net of underwriting discounts, commissions and offering costs	291,975	$ 2	291,973
Initial public offering, net of underwriting discounts, commissions and offering costs, Shares		18,687,500
Conversion of convertible preferred stock into common stock upon initial public offering	173,127	$ 5	173,122
Temporary equity conversion of convertible preferred stock into common stock upon initial public offering, Shares						(14,877,697)	(44,520,653)
Temporary equity conversion of convertible preferred stock into common stock upon initial public offering						$ (120,923)	$ (52,204)
Conversion of convertible preferred stock into common stock upon initial public offering, Shares		39,859,139
Unrealized (loss) gain on available-for-sale securities	(125)			(125)
Unrealized (loss) gain on foreign currency translation	(26)			(26)
Stock-based compensation	3,860		3,860
Net loss	(23,614)				(23,614)
Balance at Sep. 30, 2020	$ 373,903	$ 7	$ 473,841	$ (41)	$ (99,904)
Temporary equity, Balance, Shares at Sep. 30, 2020						0	0
Balance, Shares at Sep. 30, 2020		61,659,533

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2019 USD ($)
Series B Preferred Stock
Stock issuance costs	$ 330

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (44,585)	$ (15,096)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	55
Accretion of discounts on short-term investments	92	(450)
Stock compensation expense	4,998	2,268
Changes in operating assets and liabilities:
Subscription receivable and unbilled grants receivable	129	(273)
Accrued interest	(160)	(305)
Prepaid expenses and other current assets	(4,542)	(301)
Accounts payable, accrued expenses and amount due to related party	4,295	3,028
Deferred grant revenue		(158)
Net cash used in operating activities	(39,718)	(11,287)
Cash flows from investing activities
Purchase of property and equipment		(218)
Purchase of short-term investments	(242,419)	(119,305)
Maturities of short-term investments	71,000	20,000
Net cash used in investing activities	(171,419)	(99,523)
Cash flows from financing activities
Proceeds from issuance of Preferred Stock		121,253
Issuance costs related to the issuance of preferred stock		(330)
Payment of initial public offering costs	(3,120)
Proceeds from issuance of commons stock upon initial public offering, net of underwriting discounts of $22,238	295,449
Net cash provided by financing activities	292,329	120,923
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(26)
Net increase in cash, cash equivalents and restricted cash	81,166	10,113
Cash, cash equivalents and restricted cash at beginning of period	61,084	24,960
Cash, cash equivalents and restricted cash at end of period	142,250	35,073
Non-cash investing and financing activities
Unrealized gain on short-term investments	(83)	102
Right-of-use assets obtained in exchange for operating lease liability		$ 13,213
Deferred offering costs included in accounts payable and accrued expenses	356
Conversion of preferred stock to common stock upon initial public offering	$ 173,127

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Statement Of Cash Flows [Abstract]
Underwriting discounts, amount	$ 22,238

Nature of the Business

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the Business

1. Nature of the Business

AlloVir, Inc. (“AlloVir” or “the Company”, formerly known as ViraCyte, Inc.) is a leading late, clinical-stage cell therapy company developing highly innovative allogeneic T cell therapies to treat and prevent devastating viral diseases. The Company’s innovative and proprietary virus-specific T cell, or VST, therapy platform allows AlloVir to generate off-the-shelf VSTs designed to restore immunity in patients with T cell deficiencies who are at risk from the life-threatening consequences of viral diseases. There is an urgent medical need for therapies to treat a large number of patients suffering from viral diseases who currently have limited or no treatment options. To date, the Company has generated five innovative, allogeneic, off-the-shelf VST therapy candidates targeting 12 different devastating viruses, the most advanced of which has successfully completed a proof-of-concept trial across five viruses and is entering initial pivotal trials for the treatment of virus-associated hemorrhagic cystitis in the fourth quarter of 2020.

The Company’s lead product candidate, Viralym-M, is a multi-VST cell therapy that targets five viruses: BK virus, cytomegalovirus, adenovirus, Epstein-Barr virus and human herpesvirus 6. To fully explore the clinical benefit of Viralym-M, the Company plans to initiate a total of three Phase 3 pivotal and three Phase 2 proof-of-concept trials in 2020 and 2021 for the treatment and prevention of life-threatening viral diseases in pediatric and/or adult patients, each representing a potential meaningful commercial opportunity. In addition, the Company anticipates filing an Investigational New Drug, or IND, application with the FDA in the second half of 2020 for its second cell therapy, ALVR106, an allogeneic, off-the-shelf, VST therapy designed to target severe respiratory diseases caused by four respiratory viruses: respiratory syncytial virus, influenza, parainfluenza virus and human metapneumovirus. The Company plans to initiate a Phase 1/2 clinical study in autologous and allogeneic HSCT patients with respiratory viral diseases in 2021. We own worldwide development and commercialization rights to our cell therapies. Pursuant to the Company’s sponsored research agreement with Baylor College of Medicine (“BCM”), BCM has initiated a proof-of-concept trial for ALVR109, an allogeneic, off-the-shelf VST therapy designed to target SARS-CoV-2, the virus that causes the severe and life-threatening viral disease, COVID-19. ALVR109 is being developed to arrest the progression of COVID-19 by eradicating SARS-CoV-2 virus-infected cells.

The Company was formed on August 16, 2013 as a Delaware limited liability company (“LLC”) under the name AdCyte LLC and on July 29, 2014 the Company changed its name to ViraCyte LLC. On September 17, 2018, the Company converted from a Delaware LLC to a Delaware corporation (the “LLC Conversion”) and changed its name to ViraCyte, Inc. On May 22, 2019, the Company changed its name to AlloVir, Inc. The Company has principal offices in Houston, Texas and Cambridge, Massachusetts.

On August 8, 2019, AlloVir formed AlloVir International Designated Activity Company (“AlloVir International”), a wholly-owned subsidiary established in Ireland.

On October 9, 2019, AlloVir Securities Corporation was incorporated as a Massachusetts Security Corporation, a wholly-owned subsidiary of AlloVir.

On November 10, 2019, AlloVir International formed AlloVir Italia S.R.L. (“AlloVir Italia”), a wholly-owned subsidiary in Italy.

On August 3, 2020, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 18,687,500 shares of its common stock, at a public offering price of $17.00 per share, resulting in gross proceeds of $317.7 million. The Company received approximately $292.0 million in net proceeds after deducting underwriting discounts and commissions and offering costs.

Upon the closing of the IPO, all of the then-outstanding shares of convertible preferred stock automatically converted into 39,859,139 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding.

ElevateBio, LLC

On September 17, 2018, the Company executed a Series A2 Preferred Stock Purchase Agreement (“Series A2 Agreement”) with ElevateBio, LLC, a Delaware LLC (“ElevateBio”) concurrent with the LLC Conversion. ElevateBio was formed on November 29, 2017 and is headquartered in Cambridge, Massachusetts with a focus on the development of a portfolio of novel cell therapy programs acquired through business development activities with biotechnology companies. ElevateBio is structured as a holding company, comprised of asset-specific subsidiaries focused on the development of pipeline assets, as well as a manufacturing subsidiary with the expertise to provide drug development and manufacturing services. As a result of the purchase of the Company’s Series A2 Preferred Stock, ElevateBio acquired an ownership interest in the Company. The Chief Executive Officer, Chief Financial Officer, and other executives of ElevateBio also serve in similar management roles with AlloVir.

Going Concern

In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the condensed consolidated financial statements are issued.

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

The Company believes that its $378.5 million of cash, cash equivalents and short-term investments held at September 30, 2020, are sufficient to fund planned operations for at least twelve months from the date that these condensed consolidated financial statements are available to be issued.

The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Through September 30, 2020, the Company has funded its operations primarily with proceeds received from its recent IPO as well as capital contributions, research grants and the sale of preferred stock. The Company has incurred recurring losses since its inception, including net losses attributable to AlloVir common stockholders of $23.6 million and $7.3 million for the three months ended September 30, 2020 and 2019, respectively and $44.6 million and $15.1 million for the nine months ended September 30, 2020 and 2019, respectively. In addition, at September 30, 2020, the Company had an accumulated deficit of $99.9 million. The Company expects to continue to generate operating losses for the foreseeable future.

The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

COVID-19 Considerations

The development of product candidates could be disrupted and materially adversely affected in the future by a pandemic, epidemic or outbreak of an infectious disease, such as the recent COVID-19 pandemic. The spread of COVID-19 has impacted the global economy and has impacted the Company’s operations, including the interruption of preclinical and clinical trial activities and potential interruption to the Company’s supply chain. For example, the COVID-19 pandemic has delayed clinical trials. If the disruption due to the COVID-19 pandemic continues, planned pivotal clinical trials also could be delayed due to government orders and site policies on account of the pandemic, and some patients may be unwilling or unable to travel to study sites, enroll in trials or be unable to comply with clinical trial protocols if quarantines impede patient movement or interrupt healthcare services, which would delay the Company’s ability to conduct preclinical studies and clinical trials or release clinical trial results and could delay the Company’s ability to obtain regulatory approval and commercialize product candidates. Furthermore, COVID-19 could affect the Company’s employees or the employees of research sites and service providers on whom the Company relies on as well as those of companies with which the Company does business, including suppliers and contract manufacturing organizations or CMOs, thereby disrupting business operations. Quarantines and travel restrictions imposed by governments in the jurisdictions in which the Company and the companies with which it does business operate could materially impact the ability of employees to access preclinical and clinical sites, laboratories, manufacturing sites and offices. The Company has implemented work-at-home policies and only employees essential to the development and research of product candidates remain on-site at the Company’s research and manufacturing facilities; accordingly, the Company may experience limitations in employee resources. The outbreak and any other preventative or protective actions that the Company, its suppliers or other third parties with which it has business relationships, or governments may take in respect of the COVID-19 pandemic, could disrupt, delay or otherwise adversely impact the business.

The Company is still assessing business plans and the impact the COVID-19 pandemic may have on its ability to advance the testing, development and manufacturing of drug candidates, including as a result of adverse impacts on the research sites, service providers, vendors, or suppliers on whom the Company relies on, or to raise financing to support the development of our drug candidates. No assurances can be given that this analysis will enable the Company to avoid part or all of any impact from the spread of COVID-19 or its consequences, including downturns in business sentiment generally or this sector in particular. The Company cannot presently predict the scope and severity of any potential business shutdowns or disruptions, but if the Company or any of the third parties on whom it relies on or with whom it conducts business, were to experience shutdowns or other business disruptions, the Company’s ability to conduct business in the manner and on the timelines presently planned could be materially and adversely impacted.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the years ended December 31, 2019 and 2018 (“annual financial statements”), included in the Company’s final prospectus that forms part of the Company’s Registration Statement on Form S-1 (Reg. No. 333-239698), dated July 29, 2020 and filed with the SEC pursuant to Rule 424(b)(4) on July 30, 2020 (the “Prospectus”). Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies, except as noted below.

Interim Financial Information

The accompanying condensed consolidated balance sheet at September 30, 2020, and the condensed consolidated statements of operations and comprehensive loss, statements of convertible preferred stock and changes in stockholders’ deficit for the three and nine months ended September 30, 2020 and 2019 and condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position at September 30, 2020 and the results of its operations for the three and nine months ended September 30, 2020 and 2019 and its cash flows for the nine months ended September 30, 2020 and 2019. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2020 and 2019 are also unaudited. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020 or for any other subsequent interim period.

Deferred Offering 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 the equity financing, these costs are presented in the consolidated balance sheets as a direct reduction from the carrying amount of the respective equity instrument issued. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. Upon closing the IPO in August 2020, deferred offering costs were derecognized and recorded against the IPO proceeds as a debit to additional paid-in capital. At September 30, 2020 and December 31, 2019, the Company had recorded deferred offering costs of $0 and $0.1 million, respectively.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with certain new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. As noted below, certain new or revised accounting standards were early adopted.

The new accounting pronouncements recently adopted by the Company and issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company are described in the Company’s audited financial statements as of and for the year ended December 31, 2019, and the notes thereto, which are included in the Company’s Prospectus filed with the SEC on July 30, 2020. There have been no new accounting pronouncements issued in the nine months ended September 30, 2020 that are applicable to the Company, except as noted below.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12 – Income Taxes (Topic 740) (“ASU 2019-12”), which removes certain exceptions from the guidance and simplifies the accounting for income taxes in certain areas. The new standard will be effective beginning January 1, 2021. The Company does not expect that the new standard will have a material impact to the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company’s fiscal year beginning December 15, 2023 and subsequent interim periods. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Short-Term Investments

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

Short-Term Investments

3. Short-Term Investments

The following table summarizes the amortized cost and estimated fair value of the Company’s marketable securities, which are considered to be available-for-sale investments and were included in short-term investments on the condensed consolidated balance sheets:

	September 30, 2020
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government treasury securities		236,252		3		(17	)		236,238
Totals	$	236,252	$	3	$	(17	)	$	236,238

	December 31, 2019
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government treasury securities	$	64,925	$	68	$	—	$	64,993
Totals	$	64,925	$	68	$	—	$	64,993

Certain short-term debt securities with original maturities of less than 90 days are included in cash and cash equivalents on the condensed consolidated balance sheets and are not included in the tables above. At September 30, 2020 and December 31, 2019, all investments had contractual maturities within one year.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

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:

	September 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	127,151	$	—	$	—	$	127,151
Totals	$	127,151	$	—	$	—	$	127,151
Short-term investments:
U.S. treasury securities and government treasury securities	$	236,238	$	—	$	—	$	236,238
Totals	$	236,238	$	—	$	—	$	236,238

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	46,407	$	—	$	—	$	46,407
Demand deposit		10,027		—		—		10,027
Totals	$	56,434	$	—	$	—	$	56,434
Short-term investments:
U.S. Government Treasury Bills and Bonds	$	64,993	$	—	$	—	$	64,993
Totals	$	64,993	$	—	$	—	$	64,993

During the nine months ended September 30, 2020 and the year ended December 31, 2019, there were no transfers between levels. The fair values of the Company’s cash equivalents, consisting of a money market fund and demand deposit, are based on quoted market prices in active markets with no valuation adjustment.

The carrying amounts of unbilled grants receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

- 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

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

5. Leases

The Company leases an office space in Houston, Texas under an operating lease that expires in March 2021. The Company also sub-leases from ElevateBio a portion of its office space in Cambridge, Massachusetts on a month-to-month basis. On March 26, 2019, the Company entered into an interim services agreement which ultimately led to a Development and Manufacturing Services Agreement (“DMS Agreement”) with a third-party supplier on July 19, 2019. The DMS Agreement specifies a dedicated manufacturing suite with 2 production lines for the manufacture of AlloVir’s products at the facility.

Maturities of operating lease liabilities at September 30, 2020 are as follows (in thousands):

2020 (remaining 3 months)	$	900
2021		3,600
2022		3,600
2023		2,100
Total lease payments		10,200
Less: interest (4.53% - 5.75%)		(726	)
Total lease liability	$	9,474
Lease liability – current	$	3,188
Lease liability – long-term	$	6,286

Total rent expense was $1.0 million and $0.6 million for the three months ended September 30, 2020 and 2019, respectively, and $3.0 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively. Cash paid for operating leases was $0.9 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $2.7 million and $0.9 million for the nine months ended September 30, 2020 and 2019, respectively. The weighted average remaining lease term is 2.83 years at September 30, 2020. The weighted average discount rate is 5.14%.

Accrued Expenses

9 Months Ended

Sep. 30, 2020

Payables And Accruals [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following:

(in thousands)	September 30, 2020		December 31, 2019
Employee compensation and benefits	$	1,649	$	1,520
Professional fees		1,365		445
Research and development		4,738		3,051
Other		97		147
Total accrued expenses	$	7,849	$	5,163

Sponsored Research and License Agreements

9 Months Ended

Sep. 30, 2020

Research And Development [Abstract]

Sponsored Research and License Agreements

7. Sponsored Research and License Agreements

Baylor College of Medicine

In June 2019, the Company entered into a sponsored research agreement (“SRA-2”) with BCM, under which the Company agreed to pay BCM for performing certain research activities related to virus specific T-cell manufacturing for a one-year period, renewable for an additional one-year term upon written consent of both parties. SRA-2 requires the Company to make payments to BCM totaling $1.0 million, payable in four equal installments. SRA-2 was amended in March 2020 to include the discovery and development of allogeneic, off-the-shelf, virus specific T-cell therapies to combat SARS-CoV-2, the virus that causes COVID-19.

In June 2017, the Company signed a License Agreement (the “License Agreement”) with BCM, whereby the Company acquired a royalty-bearing, worldwide, exclusive license to BCM’s rights in Subject Technology and related patent rights. In May 2020, the Company amended the License Agreement (the “License Agreement Amendment”), pursuant to which the Company obtained (a) an exclusive worldwide license, with the right to sublicense, under certain patent rights and other intellectual property rights of BCM, to make, have made, use, market, sell, offer to sell, lease, import and export products in a particular field, except that such license is non-exclusive within a particular subfield, and in addition with respect to certain patent rights such license is limited to two particular subfields, and (b) an exclusive, worldwide sublicense, with the right to further sublicense, under all patent rights and other intellectual property rights that are exclusively licensed to BCM by a certain third party licensor, to make, have made, use, market, sell, offer to sell, lease, import and export products in the same field. The Company’s rights are subject to the rights of the U.S. government and certain rights retained by BCM.

Unless earlier terminated, the License Agreement Amendment will expire on a country-by-country basis with respect to a product upon the later of (a) the expiration of the last to expire valid claim of a patent or patent application covering such product in such country or (b) 10 years after the first commercial sale of such product in such country. The Company may terminate the License Agreement Amendment in its entirety at any time for convenience upon a certain number of days’ written notice. BCM may terminate the License Agreement Amendment in its entirety for the Company’s uncured material default.

BCM maintains control of all filing, prosecution and maintenance of its patent rights licensed by the Company, and the Company is responsible for all related costs and expenses during the term of the agreement. The Company also reimbursed BCM for costs and expenses (including reasonable legal fees and expenses) incurred prior to the effective date of the agreement with respect to the filing, prosecution and maintenance of the patent rights licensed by the Company. If BCM licenses the patent rights licensed by the Company to third parties for additional fields of use, the Company’s responsibility for patent related costs and expenses will be reduced on a pro-rata basis.

Under the License Agreement Amendment, the Company must use commercially reasonable efforts to develop and commercialize one or more products in certain countries. As partial consideration for the rights conveyed by BCM under the original agreement executed in June 2017, the Company paid BCM a non-refundable license fee of $0.3 million. During the term of the License Agreement Amendment, the Company is obligated to pay BCM a non-refundable annual license maintenance fee but beginning with the fifth year after the original agreement date, license maintenance fees are fully creditable against royalty revenue due in the applicable year. The Company is required to pay certain milestone payments upon the achievement of specified clinical, regulatory, and sales milestones. In the event that the Company is able to successfully develop, launch and commercialize a product under the License Agreement Amendment, total milestone payments could exceed $40.0 million. BCM is also eligible to receive tiered royalties at percentage rates ranging from less than 1% to the low single-digits, on net sales of any products that are commercialized by the Company or its sublicensees that incorporate, utilize or are made with the use of, the intellectual property licensed by the Company. To the extent the Company sublicenses its license rights under the License Agreement Amendment, BCM would be eligible to receive tiered sublicense income at percentage rates in the mid-single to low double-digits.

Collectively under the agreements above and for services provided by BCM the Company paid $0.1 million and $0.2 million during the three months ended September 30, 2020 and 2019, respectively, and $0.9 million and $0.6 million during the nine months ended September 30, 2020 and 2019, respectively. The payments were classified in research and development expense in the condensed consolidated statements of operations and comprehensive loss.

Primarily all costs incurred related to services provided by BCM under License agreements and SRA-2 discussed above qualify for reimbursement under one of the Company’s grants discussed in Note 8 and Note 9. Consideration received under the CPRIT Grant is recognized within grant revenue under ASC 606 in the condensed consolidated statements of operations and comprehensive loss. Reimbursements for qualifying expenses incurred under all other grants are recognized within “Other income, net” in the condensed consolidated statements of operations and comprehensive loss.

Revenue

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue

8. Revenue

CPRIT GRANT

In August 2017, the Company was awarded a $9.0 million grant (the “CPRIT Grant”) from the Cancer Research and Prevention Institute of Texas (“CPRIT”) to perform a phase IIB clinical trial to establish the safety and effectiveness of Viralym-M, in adults and children with a common, very severe virus infection (BK Virus) after stem cell transplant. The grant period is three years beginning September 1, 2017 through August 31, 2020. This grant has a matching requirement where the Company is obligated to match 50% of the grant funds used on the project. In addition, the grant includes other compliance requirements including the obligation for the Company to operate with a principal place of business in Texas. There were no costs incurred to obtain or fulfill the contract. In November 2019, the Company provided CPRIT with written notice of its intent to terminate the grant. In December 2019, the Company returned $2.6 million of grant funds received, including interest relating to these funds in the amount of $0.1 million, and decreased its deferred revenue balance to zero. The Company received acknowledgment of the termination from CPRIT in January 2020.

In addition to the requirements above, the CPRIT Grant also required that the Company grant CPRIT a non-commercial license to technology developed under the grant and pay CPRIT a share of revenue on sales of commercial products developed using CPRIT funds equal to low single digits of revenue until such time as CPRIT has been paid an aggregate amount equal to 400% of the grant award proceeds. No royalty payments were made under this license agreement during the nine months ended September 30, 2020 and 2019, respectively.

The Company accounted for the CPRIT Grant under ASC 606, as CPRIT represents a customer to the Company and the performance obligations are clearly defined within the arrangement. Revenue recognized during the nine months ended September 30, 2019 from amounts included in the contract liability at the beginning of the period was $0.2 million.

The following table presents the changes in the Company’s contract liabilities during the year ended December 31, 2019:

(in thousands)

Balance at

Beginning

of Period

Additions

Deductions

Balance at

End of

Period

Contract liabilities:

Deferred revenue

2,663

—

(2,663

)

—

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Funding Arrangements

9 Months Ended

Sep. 30, 2020

Research And Development [Abstract]

Funding Arrangements

9. Funding Arrangements

SBIR GRANT

In June 2017, the Company was awarded a Small Business Innovation Research (“SBIR”) grant by the National Institute of Health (“NIH”) in the amount of $3.0 million. This grant is effective from September 15, 2017 to June 30, 2020 and in April 2020, the Company received an extension through June 30, 2021. The grant is funded on an ongoing basis based on periodic reports of qualifying expenditures reported by the Company to NIH. Under this grant, the Company received $0.4 million and $0 million during the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020 and 2019, the Company received $0.7 million and $0.5 million, respectively. The Company recognized income of approximately $0.2 million and $0.4 million on expenses incurred during the three months ended September 30, 2020 and 2019, respectively, and $0.6 and $0.7 million during the nine months ended September 30, 2020 and 2019, respectively.

The SBIR grant does not fall within the scope of ASC 606 as NIH does not meet the definition of a customer, and the grant from NIH was given for the benefit of public health rather than for monetary compensation. Accordingly, funding received under this grant is recognized in “Other income, net” in the condensed consolidated statements of operations and comprehensive loss.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Convertible Preferred Stock

10. Convertible Preferred Stock

On August 3, 2020, upon the closing of the Company’s IPO, all of the then-outstanding shares of convertible preferred stock automatically converted into 39,859,139 shares of common stock. There were no outstanding shares of preferred stock at September 30, 2020.

At December 31, 2019, preferred stock consisted of the following:

(in thousands, except share amounts)	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Liquidation Value		Common Stock Issuable Upon Conversion
Series A1 Preferred Stock		20,000,000		—	$	—	$	—		—
Series A2 Preferred Stock		20,000,000		20,000,000		29,775		30,000		13,420,970
Series A3 Preferred Stock		22,453,987		22,453,987		19,364		33,681		15,067,706
Series A4 Preferred Stock		2,066,666		2,066,666		3,065		3,100		1,386,831
Series B Preferred Stock		14,877,697		14,877,697		120,923		121,253		9,983,632
Total		79,398,350		59,398,350	$	173,127	$	188,034		39,859,139

The holders of Series A1, A2, A3, and A4 Preferred Stock (collectively referred to as “holders of Series A Preferred Stock” unless noted) and Series B Preferred Stock, had the following rights and preferences:

Voting

The holders of preferred stock were entitled to the same voting rights as the holders of common stock, with a number of votes equal to the number of common stock into which such preferred stock would be converted. The holders of a majority of the then outstanding preferred stock had the right to vote upon any matter submitted to the shareholders for a vote. Except for holders of Series A4 Preferred Stock, which is non-voting.

Certain matters, prior to being able to be undertaken by the Company, required the affirmative vote of the holders of preferred stock, voting separately as a single class. These matters included amending the Certificate of Incorporation, authorizing new shares of stock, liquidating the business, selling or licensing material assets, changing Board of Director composition and other matters. In addition, certain matters required the affirmative vote of the holders of Series B Preferred Stock, including the amendment of the Certificate of Incorporation or Bylaws in a manner that adversely affects the powers, preferences, rights or privileges of the Series B Preferred Stock, certain purchases or redemptions of capital stock and any changes in the number of authorized shares of Series B Preferred Stock.

Conversion

At the option of the holder, all preferred stock was convertible into common stock at any time after the date of issuance. The initial conversion price was equal to the original issue price per share ($1.50 for Series A Preferred Stock and $8.15 for Series B Preferred Stock) and was subject to adjustment as disclosed in Certificate of Incorporation. Each share of preferred stock automatically converted into common stock at the applicable conversion rate upon either (a) the affirmative election of the required holders or (b) the closing of an underwritten public offering on the New York Stock Exchange or NASDAQ with gross proceeds of at least $100.0 million.

Dividends

The holders of preferred stock were entitled to non-cumulative dividends of 8% of the original issue price, payable when, and if, declared by the Board of Directors. Dividends for Series A Preferred Stock are only paid after payment in full of dividends for Series B Preferred Stock.

Liquidation Preference

In the event of a liquidation of the Company, the holders of Series B Preferred Stock were entitled to be paid, in preference to Series A Preferred Stock and common stock, the greater of 1) the Series B Preferred Stock original issue price of $8.15 per share, plus any dividends declared but unpaid or 2) the amount per share that would have been payable had all shares of Series B Preferred Stock been converted into common stock at the time of the liquidation (the “Series B Liquidation Preference”). If amounts upon liquidation were insufficient to pay the Series B Preferred Stock, the holders of Series B Preferred Stock would share ratably in the distribution of the assets based on the distribution that would have otherwise been paid in full.

In the event of a liquidation of the Company, after payment of the Series B Liquidation Preference, the holders of Series A Preferred Stock were entitled to be paid, in preference to common stock, the greater of 1) the Series A Preferred Stock original issue price of $1.50 per share, plus any dividends declared but unpaid or 2) the amount per share that would have been payable had all shares of Series A Preferred Stock been converted into common stock at the time of the liquidation (the “Series A Liquidation Preference”). If amounts upon liquidation were insufficient to pay the Series A Preferred Stock, the holders of Series A Preferred Stock would share ratably in the distribution of the assets based on the distribution that would have otherwise been paid in full.

Redemption

The Company determined that all series of preferred stock were redeemable, based on the Certificate of Incorporation that states upon the occurrence of a deemed liquidation event, the holders of preferred stock were entitled to receive cash or other assets. Additionally, the deemed liquidation events are not in the sole control of the Company and the preferred stock does not meet any limited exceptions under ASC 480, Distinguishing Liabilities From Equity. As such, the Company classified its preferred stock outside of permanent equity and into mezzanine equity.

Covenant to Purchase Crossover Securities

Upon the occurrence of a decrease in the Company’s cash or on the occurrence of a crossover round, the Company would have been required to issue additional preferred stock and ElevateBio would have been required to purchase such shares with an aggregate purchase price of $20.0 million, with the number of shares imputed based on the estimated fair value per share at that time. The Company evaluated whether this feature represented an embedded derivative or a freestanding financial instrument and concluded that the obligation to issue additional shares represented a contingent forward that should be accounted for at fair value. The Company concluded that the fair value at issuance and at December 31, 2018 was de minimis based on the probabilities of such events occurring at such dates. The contingent forward was settled on May 8, 2019 in conjunction with the issuance of Series B Preferred Stock.

Make Whole Provisions

The preferred stock agreements contained various make whole provisions upon the occurrence of certain events, such as stock splits, recapitalizations, etc. The Company evaluated whether these features represent embedded derivatives or free standing financial instruments and concluded that the features represent a derivative embedded within the agreement which requires bifurcation and to be recorded at fair value. At issuance and December 31, 2019, the Company concluded that the fair value was de minimis based on the probabilities of such events occurring at such dates.

Stockholder's Equity (Deficit)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Stockholder’s Equity (Deficit)

11. Stockholder’s Equity (Deficit)

On August 3, 2020, in connection with the closing of the Company’s IPO, the Company filed its amended and restated certificate of incorporation, which authorizes the Company to issue up to 10,000,000 shares of preferred stock, $0.0001 par value per share. There are no shares of preferred stock issued or outstanding at September 30, 2020.

At September 30, 2020, the Company’s amended and restated certificate of incorporation authorized the Company to issue 150,000,000 shares of common stock at a par value of $0.0001 per share. In conjunction with the Company's IPO closing on August 3, 2020, the Company issued and sold 18,687,500 shares of its common stock, including 2,437,500 shares pursuant to the full exercise of the underwriters' option to purchase additional shares, at a public offering price of $17.00 per share, for aggregate net proceeds of $292.0 million after deducting underwriting discounts and commissions and offering costs. In connection with the Company’s IPO, all outstanding shares of preferred stock converted into 39,859,139 shares of common stock.

The following is a summary of the rights and privileges of the holders of the Company’s common stock at September 30, 2020:

Voting Rights

The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there are not any cumulative voting rights. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of the holders of shares of capital stock of the Company; however, the issuance of common stock may be subject to the vote of the holders of one or more series of preferred stock that may be required by terms of the Third Amended and Restated Certificate of Incorporation.

Dividends

Subject to preferences that may be applicable to any then-outstanding preferred stock, holders of common stock are entitled to receive ratably those dividends, if any, as may be declared from time to time by the Board out of legally available funds. At September 30, 2020, no cash dividends have been declared or paid.

Liquidation Preference

In the event of a liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all debts and other liabilities and the satisfaction of any liquidation preference granted to the then-outstanding shares of preferred stock.

Rights and Preferences

Holders of common stock have no preemptive, conversion or subscription rights and there are no redemption or sinking fund provisions applicable to the common stock. The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that the Company may designate in the future.

The Company has reserved shares of common stock for issuance as follows:

	September 30, 2020		December 31, 2019
Preferred Stock		—		39,859,139
Unvested restricted stock		3,554,488		4,403,148
Options to purchase common stock		3,661,905		44,960
Stock available for grant under the 2018 Equity Incentive Plan		—		486,082
Stock available for grant under the 2020 Stock Option and Grant Plan		4,338,284		—
Total		11,554,677		44,793,329

Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

2018 Equity Incentive Plan

The Company’s 2018 Plan provided for the Company to issue restricted stock, restricted stock units, incentive stock options, and non-statutory stock options and other stock-based awards to employees, officers, members of the Board, consultants and advisors of the Company. The 2018 Plan was most recently amended in July 2020.

At September 30, 2020, the Company had granted 6,715,415 shares of common stock under the 2018 Plan, including an aggregate of 98,643 shares of common stock issuable upon the exercise of outstanding options under the 2018 Plan. No shares remained available for future issuance under the 2018 Plan. Any options or awards outstanding under the 2018 Plan remain outstanding and effective.

2020 Stock Option and Grant Plan

On July 2, 2020, the Company’s Board of Directors adopted and in July 2020 the stockholders approved the 2020 Stock Option and Grant Plan (the “2020 Plan”) which became effective on July 28, 2020, the date immediately prior to the date on which the registration statement related to the IPO was declared effective, and as a result no further awards will be made under the 2018 Plan thereafter. Initially, the aggregate number of shares of our common stock that may be issued pursuant to stock awards under the 2020 Plan will be 8,008,734 shares. The number of shares of our common stock reserved for issuance under the 2020 Plan shall be cumulatively increased on January 1, 2021 and each January 1 thereafter by 5% of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year or a lesser number of shares determined by our board of directors. Unless our board of directors elects not to increase the number of shares available for future grant each year, our stockholders may experience additional dilution, which could cause our stock price to fall.

At September 30, 2020, there were an aggregate of 3,563,262 shares of common stock issuable upon the exercise of outstanding options under the 2020 Plan and 107,188 shares of restricted common stock granted under the 2020 Plan. Additionally, there were an aggregate of 4,338,284 shares reserved for future issuance under the 2020 Plan.

Restricted Common Stock

The Company granted 171,204 and 2,191,272 shares of restricted common stock to employees during the nine months ended September 30, 2020 and 2019, respectively.

Under the 2018 Plan the Company granted restricted common stock awards with both a service and performance condition. Stock compensation is recognized over the vesting period based on the probability of achievement of the performance condition. The performance condition was based on the Company’s completion of its IPO, which was consummated on August 3, 2020. The awards earned upon satisfaction of the performance condition will become fully vested on the fourth anniversary of the vesting commencement date of the award (i.e. continued service is required beyond the satisfaction of the performance condition prior to vesting). As of September 30, 2020, the performance condition was met and compensation expense of $1.6 million related to these performance based awards has been recorded.

The following table summarizes restricted common stock activity for the nine months ended September 30, 2020:

	Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2020		4,403,148		$	1.87
Granted		171,204			13.17
Forfeited		(6,710	)		3.01
Vested		(1,013,154	)		1.88
Unvested as of September 30, 2020		3,554,488		$	2.41

At September 30, 2020, there was $7.2 million of unrecognized stock-based compensation cost related to the restricted stock, which is expected to be recognized over a weighted average period of 2.8 years.

Stock Options

The Company granted 3,616,945 stock options during the nine months ended September 30, 2020. They vest over a four-year period and have a 10-year contractual term. There were no stock options granted during the nine months ended September 30, 2019.

The following table summarizes stock option activity (in thousands, except share and per share data):

	Stock Options
	Shares		Weighted Average Exercise Price		Weighted Average Contractual Life (in years)		Aggregate Intrinsic Value
Options outstanding as of January 1, 2020		44,960	$	3.01		9.5		—
Granted		3,616,945		16.89
Exercised		—		—
Forfeited		—		—
Options outstanding as of September 30, 2020		3,661,905	$	16.72		9.8	$	39,553
Options vested and exercisable at September 30, 2020		14,048	$	3.01		9.0	$	344

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period.

The weighted-average grant date fair value of the Company’s stock options granted during the three and nine months ended September 30, 2020 was $13.01 and $12.86, respectively.

At September 30, 2020, there was $44.3 million of unrecognized stock-based compensation expense related to unvested stock options, which is being recognized over a period of 3.72 years.

The fair value was estimated on the date of grant using the Black Scholes option-pricing model, with the following assumptions:

	Three Months Ended September 30, 2020			Nine Months Ended September 30, 2020
Expected term (in years)		6.08			6.08
Expected volatility		95.2	%		95.1	%
Risk-free interest rate		0.35	%		0.35	%
Expected dividend yield		—			—
Fair value of common stock	$	13.01		$	12.86

Stock-Based Compensation Expense

Stock-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Research and development	$	3,092	$	174	$	3,400	$	356
General and administrative		768		422		1,598		1,912
Total stock-based compensation expense	$	3,860	$	596	$	4,998	$	2,268

2020 Employee Stock Purchase Plan

In July 2020, the 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was also adopted by the Board of Directors and approved by the stockholders. The purpose of the 2020 ESPP is to provide eligible employees of the Company and other designated companies, with opportunities to purchase shares of the Company’s common stock, par value $0.0001 per share. 611,354 shares of common stock in the aggregate have been approved and reserved for this purpose, plus on January 1, 2021 and each January 1 thereafter until January 1, 2030, the number of shares of common stock reserved and available for issuance under the Plan shall be cumulatively increased by the least of (i) 1,222,707 shares of common stock, (ii) 1% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, and (iii) such number of shares of common stock as determined by the Administrator.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company’s income tax provision is computed based on the federal statutory rate and the average state statutory rates, net of the related federal benefit. For the three and nine months ended September 30, 2020 and 2019, the Company did not record a current or deferred income tax expense or benefit due to current and historical losses incurred by the Company. The Company’s losses before income taxes consist solely of losses from domestic operations.

The Company’s estimate of the realizability of the deferred tax asset is dependent on estimates of projected future levels of taxable income. In analyzing future taxable income levels, the Company considered all evidence currently available, both positive and negative.

- Definition

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

+ References + Details

Net Loss per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Loss per Share

14. Net Loss per Share

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share data)	2020			2019			2020			2019
Numerator:
Net loss – basic and diluted	$	(23,614	)	$	(7,270	)	$	(44,585	)	$	(15,096	)
Denominator:
Weighted-average common shares outstanding – basic and diluted		40,465,705			1,463,421			15,195,000			1,104,454
Net loss per share – basic and diluted	$	(0.58	)	$	(4.97	)	$	(2.93	)	$	(13.67	)

Based on the amounts outstanding at September 30, 2020 and 2019, the Company excluded the following potential shares of common stock from the computation of diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2020 and 2019, because including them would have had an anti-dilutive effect. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

	September 30,
	2020		2019
Series A2 Preferred Stock		—		20,000,000
Series A3 Preferred Stock		—		22,453,987
Series A4 Preferred Stock		—		2,066,666
Series B Preferred Stock		—		14,877,697
Options to purchase common stock		3,661,905		—
Unvested restricted stock		3,554,488		4,861,308

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

15. Related Party Transactions

The Company entered into an agreement with ElevateBio that provides for ongoing services to the Company in areas such as accounting operations, public relations, information technology, human resources and administration management, finance and risk management, marketing services, facilities, procurement and travel and corporate development and strategy (the “Shared Services Agreement”). The Company was billed quarterly for such services at cost, with mark-up for profit on specific services, but including reasonable allocations of employee benefits, facilities and other direct or fairly allocated indirect costs that relate to the associates providing the services. The Company also subleases office space, which includes payment for common area charges. The Company also has a SOW to receive manufacturing and project management consulting services from ElevateBio. The Company incurred $2.3 million and $0.9 million during the three months ended September 30, 2020 and 2019 and $4.8 million and $2.3 million of expenses during the nine months ended September 30, 2020 and 2019, respectively, related to services provided to the Company by ElevateBio and affiliates. The Company owed ElevateBio $0.6 million and $0.2 million as of September 30, 2020 and December 31, 2019, respectively, which is recorded in “Amount due to related party” on the condensed consolidated balance sheets.

Members of the Company’s management received a total of $0.1 million and $0.1 million in consulting fees during the three months ended September 30, 2020 and 2019 respectively, and $0.5 million and $0.3 million during the nine months ended September 30, 2020 and 2019, respectively.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information The accompanying condensed consolidated balance sheet at September 30, 2020, and the condensed consolidated statements of operations and comprehensive loss, statements of convertible preferred stock and changes in stockholders’ deficit for the three and nine months ended September 30, 2020 and 2019 and condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position at September 30, 2020 and the results of its operations for the three and nine months ended September 30, 2020 and 2019 and its cash flows for the nine months ended September 30, 2020 and 2019. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2020 and 2019 are also unaudited. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020 or for any other subsequent interim period.
Deferred Offering Costs	Deferred Offering 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 the equity financing, these costs are presented in the consolidated balance sheets as a direct reduction from the carrying amount of the respective equity instrument issued. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. Upon closing the IPO in August 2020, deferred offering costs were derecognized and recorded against the IPO proceeds as a debit to additional paid-in capital. At September 30, 2020 and December 31, 2019, the Company had recorded deferred offering costs of $0 and $0.1 million, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with certain new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. As noted below, certain new or revised accounting standards were early adopted. The new accounting pronouncements recently adopted by the Company and issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company are described in the Company’s audited financial statements as of and for the year ended December 31, 2019, and the notes thereto, which are included in the Company’s Prospectus filed with the SEC on July 30, 2020. There have been no new accounting pronouncements issued in the nine months ended September 30, 2020 that are applicable to the Company, except as noted below.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12 – Income Taxes (Topic 740) (“ASU 2019-12”), which removes certain exceptions from the guidance and simplifies the accounting for income taxes in certain areas. The new standard will be effective beginning January 1, 2021. The Company does not expect that the new standard will have a material impact to the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company’s fiscal year beginning December 15, 2023 and subsequent interim periods. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Short-Term Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Marketable Securities

	September 30, 2020
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government treasury securities		236,252		3		(17	)		236,238
Totals	$	236,252	$	3	$	(17	)	$	236,238

	December 31, 2019
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government treasury securities	$	64,925	$	68	$	—	$	64,993
Totals	$	64,925	$	68	$	—	$	64,993

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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:

	September 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	127,151	$	—	$	—	$	127,151
Totals	$	127,151	$	—	$	—	$	127,151
Short-term investments:
U.S. treasury securities and government treasury securities	$	236,238	$	—	$	—	$	236,238
Totals	$	236,238	$	—	$	—	$	236,238

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	46,407	$	—	$	—	$	46,407
Demand deposit		10,027		—		—		10,027
Totals	$	56,434	$	—	$	—	$	56,434
Short-term investments:
U.S. Government Treasury Bills and Bonds	$	64,993	$	—	$	—	$	64,993
Totals	$	64,993	$	—	$	—	$	64,993

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Summary of Maturities Operating Leases Liabilities

Maturities of operating lease liabilities at September 30, 2020 are as follows (in thousands):

2020 (remaining 3 months)	$	900
2021		3,600
2022		3,600
2023		2,100
Total lease payments		10,200
Less: interest (4.53% - 5.75%)		(726	)
Total lease liability	$	9,474
Lease liability – current	$	3,188
Lease liability – long-term	$	6,286

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2020

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:

(in thousands)	September 30, 2020		December 31, 2019
Employee compensation and benefits	$	1,649	$	1,520
Professional fees		1,365		445
Research and development		4,738		3,051
Other		97		147
Total accrued expenses	$	7,849	$	5,163

Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Summary of Changes in Contract Liabilities

The following table presents the changes in the Company’s contract liabilities during the year ended December 31, 2019:

(in thousands)

Balance at

Beginning

of Period

Additions

Deductions

Balance at

End of

Period

Contract liabilities:

Deferred revenue

2,663

—

(2,663

)

—

Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Preferred Stock

At December 31, 2019, preferred stock consisted of the following:

(in thousands, except share amounts)	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Liquidation Value		Common Stock Issuable Upon Conversion
Series A1 Preferred Stock		20,000,000		—	$	—	$	—		—
Series A2 Preferred Stock		20,000,000		20,000,000		29,775		30,000		13,420,970
Series A3 Preferred Stock		22,453,987		22,453,987		19,364		33,681		15,067,706
Series A4 Preferred Stock		2,066,666		2,066,666		3,065		3,100		1,386,831
Series B Preferred Stock		14,877,697		14,877,697		120,923		121,253		9,983,632
Total		79,398,350		59,398,350	$	173,127	$	188,034		39,859,139

Stock and Stockholders Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

The Company has reserved shares of common stock for issuance as follows:

	September 30, 2020		December 31, 2019
Preferred Stock		—		39,859,139
Unvested restricted stock		3,554,488		4,403,148
Options to purchase common stock		3,661,905		44,960
Stock available for grant under the 2018 Equity Incentive Plan		—		486,082
Stock available for grant under the 2020 Stock Option and Grant Plan		4,338,284		—
Total		11,554,677		44,793,329

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Restricted Common Stock Activity

The following table summarizes restricted common stock activity for the nine months ended September 30, 2020:

	Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2020		4,403,148		$	1.87
Granted		171,204			13.17
Forfeited		(6,710	)		3.01
Vested		(1,013,154	)		1.88
Unvested as of September 30, 2020		3,554,488		$	2.41

Summary of Stock Option Activity

The following table summarizes stock option activity (in thousands, except share and per share data):

	Stock Options
	Shares		Weighted Average Exercise Price		Weighted Average Contractual Life (in years)		Aggregate Intrinsic Value
Options outstanding as of January 1, 2020		44,960	$	3.01		9.5		—
Granted		3,616,945		16.89
Exercised		—		—
Forfeited		—		—
Options outstanding as of September 30, 2020		3,661,905	$	16.72		9.8	$	39,553
Options vested and exercisable at September 30, 2020		14,048	$	3.01		9.0	$	344

Schedule of Estimated Fair Value Assumptions Using Black Scholes Option-Pricing Model

The fair value was estimated on the date of grant using the Black Scholes option-pricing model, with the following assumptions:

	Three Months Ended September 30, 2020			Nine Months Ended September 30, 2020
Expected term (in years)		6.08			6.08
Expected volatility		95.2	%		95.1	%
Risk-free interest rate		0.35	%		0.35	%
Expected dividend yield		—			—
Fair value of common stock	$	13.01		$	12.86

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Research and development	$	3,092	$	174	$	3,400	$	356
General and administrative		768		422		1,598		1,912
Total stock-based compensation expense	$	3,860	$	596	$	4,998	$	2,268

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share data)	2020			2019			2020			2019
Numerator:
Net loss – basic and diluted	$	(23,614	)	$	(7,270	)	$	(44,585	)	$	(15,096	)
Denominator:
Weighted-average common shares outstanding – basic and diluted		40,465,705			1,463,421			15,195,000			1,104,454
Net loss per share – basic and diluted	$	(0.58	)	$	(4.97	)	$	(2.93	)	$	(13.67	)

Potential Dilutive Securities Excluded From Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders

	September 30,
	2020		2019
Series A2 Preferred Stock		—		20,000,000
Series A3 Preferred Stock		—		22,453,987
Series A4 Preferred Stock		—		2,066,666
Series B Preferred Stock		—		14,877,697
Options to purchase common stock		3,661,905		—
Unvested restricted stock		3,554,488		4,861,308

Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
	Aug. 03, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 04, 2020	Dec. 31, 2019
Net proceeds from issuance initial public offering	$ 292,000							$ 295,449
Preferred stock, shares outstanding											59,398,350
Cash, cash equivalents, and short-term investments		$ 378,500						378,500
Net losses attributable to common stockholders		(23,614)	$ (11,632)	$ (9,339)	$ (7,270)	$ (5,302)	$ (2,524)	(44,585)	$ (15,096)
Accumulated deficit		$ (99,904)						$ (99,904)			$ (55,319)
Convertible Preferred Stock
Preferred stock, shares outstanding										0
Common Stock
Common stock issued and sold		18,687,500
Stock issued upon conversion of preferred stock		39,859,139
IPO
Common stock issued and sold	18,687,500
Public offering price per share	$ 17.00
Gross proceeds from issuance of common stock	$ 317,700
Stock issued upon conversion of preferred stock	39,859,139
IPO \| Common Stock
Stock issued upon conversion of preferred stock	39,859,139

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Deferred offering costs	$ 0.0	$ 0.1

Short-Term Investments - Summary of Amortized Cost and Estimated Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 236,252	$ 64,925
Unrealized Gains	3	68
Unrealized Losses	(17)
Fair Value	236,238	64,993
U.S. Government Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	236,252	64,925
Unrealized Gains	3	68
Unrealized Losses	(17)
Fair Value	$ 236,238	$ 64,993

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Cash equivalents:
Cash equivalents	$ 127,151	$ 56,434
Short-term investments:
Short-term investments	236,238	64,993
U.S. Treasury Securities and Government Treasury Securities
Short-term investments:
Short-term investments	236,238
U.S. Government Treasury Bills and Bonds
Short-term investments:
Short-term investments		64,993
Level 1
Cash equivalents:
Cash equivalents	127,151	56,434
Short-term investments:
Short-term investments	236,238	64,993
Level 1 \| U.S. Treasury Securities and Government Treasury Securities
Short-term investments:
Short-term investments	236,238
Level 1 \| U.S. Government Treasury Bills and Bonds
Short-term investments:
Short-term investments		64,993
Money Market Fund
Cash equivalents:
Cash equivalents	127,151	46,407
Money Market Fund \| Level 1
Cash equivalents:
Cash equivalents	$ 127,151	46,407
Demand Deposit
Cash equivalents:
Cash equivalents		10,027
Demand Deposit \| Level 1
Cash equivalents:
Cash equivalents		$ 10,027

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Lease expiration month and year			2021-03
Operating lease, rental expense	$ 1.0	$ 0.6	$ 3.0	$ 1.1
Cash paid for operating lease	$ 0.9	$ 0.5	$ 2.7	$ 0.9
Operating lease, weighted average remaining lease term	2 years 9 months 29 days		2 years 9 months 29 days
Operating lease, weighted average discount rate, percent	5.14%		5.14%

Leases - Summary of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (remaining 3 months)	$ 900
2021	3,600
2022	3,600
2023	2,100
Total lease payments	10,200
Less: interest (4.53% - 5.75%)	(726)
Total lease liability	9,474
Operating lease liability, current	3,188	$ 3,067
Operating lease liability, long term	$ 6,286	$ 8,692

Leases - Summary of Operating Lease Liabilities (Details) (Parenthetical)	Sep. 30, 2020
Lessor Lease Description [Line Items]
Operating lease interest percentage	5.14%
Minimum
Lessor Lease Description [Line Items]
Operating lease interest percentage	4.53%
Maximum
Lessor Lease Description [Line Items]
Operating lease interest percentage	5.75%

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Employee compensation and benefits	$ 1,649	$ 1,520
Professional fees	1,365	445
Research and development	4,738	3,051
Other	97	147
Total accrued expenses	$ 7,849	$ 5,163

Sponsored Research and License Agreements - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2020 USD ($) Installment	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Sponsored Research And License Agreements [Line Items]
Research and development expense		$ 17,182	$ 5,655	$ 32,906	$ 9,561
SRA-2 \| BCM
Sponsored Research And License Agreements [Line Items]
Research activities performing fees	$ 1,000
Number of installment for research activities payments \| Installment	4
Agreement for research activities, additional term with written consent	1 year
Agreement for research activities, term	1 year
License Agreement Amendment \| BCM
Sponsored Research And License Agreements [Line Items]
Non-refundable license fee payments	$ 300
Milestone payments				$ 40,000
Minimum percentage of eligible to receive tiered royalties		1.00%		1.00%
Collective Agreements \| BCM
Sponsored Research And License Agreements [Line Items]
Research and development expense		$ 100	$ 200	$ 900	$ 600

Revenue - Additional Information (Details) - USD ($)	1 Months Ended		9 Months Ended		12 Months Ended
Revenue - Additional Information (Details) - USD ($)	Dec. 31, 2019	Aug. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Revenue from grant				$ 165,000
Grant funds received returned amount					$ 2,663,000
Deferred revenue balance						$ 2,663,000
Revenue recognized included in contract liability at beginning of period				200,000
CPRIT \| Non-commercial License Agreement
Disaggregation Of Revenue [Line Items]
Maximum paid percentage of grant award proceeds until which revenue share is payable			400.00%
Royalty payments			$ 0	$ 0
CPRIT \| Grant
Disaggregation Of Revenue [Line Items]
Revenue from grant		$ 9,000,000
Period of grant		3 years
Percentage of obligation of grant funds used		50.00%
Cost incurred to obtain or fulfill the contract		$ 0
Grant funds received returned amount	$ 2,600,000
Interest relating to grant funds returned	100,000
Deferred revenue balance	$ 0				$ 0

Revenue - Summary of Changes in Contract Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Contract liabilities:
Deferred revenue, Balance at Beginning of Period	$ 2,663
Deferred revenue, Deductions	$ (2,663)

Funding Arrangements - Additional Information (Details) - Grant - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research grant, description and terms				In June 2017, the Company was awarded a Small Business Innovation Research (“SBIR”) grant by the National Institute of Health (“NIH”) in the amount of $3.0 million. This grant is effective from September 15, 2017 to June 30, 2020 and in April 2020, the Company received an extension through June 30, 2021.
Research revenue grant awarded	$ 3.0
Grant revenue received		$ 0.4	$ 0.0	$ 0.7	$ 0.5
Research related income recognized		$ 0.2	$ 0.4	$ 0.6	$ 0.7

Convertible Preferred Stock - Schedule of Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Class Of Stock [Line Items]
Preferred Stock Authorized				79,398,350
Preferred Stock Issued				59,398,350
Preferred Stock Outstanding				59,398,350
Carrying Value				$ 173,127
Liquidation Value				$ 188,034
Common Stock Issuable Upon Conversion				39,859,139
Series A1 Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Authorized				20,000,000
Series A2 Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Authorized				20,000,000
Preferred Stock Issued				20,000,000
Preferred Stock Outstanding				20,000,000
Carrying Value				$ 29,775
Liquidation Value				$ 30,000
Common Stock Issuable Upon Conversion				13,420,970
Series A3 Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Authorized				22,453,987
Preferred Stock Issued				22,453,987
Preferred Stock Outstanding				22,453,987
Carrying Value				$ 19,364
Liquidation Value				$ 33,681
Common Stock Issuable Upon Conversion				15,067,706
Series A4 Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Authorized				2,066,666
Preferred Stock Issued				2,066,666
Preferred Stock Outstanding				2,066,666
Carrying Value				$ 3,065
Liquidation Value				$ 3,100
Common Stock Issuable Upon Conversion				1,386,831
Series B Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Authorized	0			14,877,697
Preferred Stock Issued	0			14,877,697
Preferred Stock Outstanding	0	14,877,697	14,877,697	14,877,697	14,877,697	14,877,697
Carrying Value		$ 120,923	$ 120,923	$ 120,923	$ 120,923	$ 120,923
Liquidation Value				$ 121,253
Common Stock Issuable Upon Conversion				9,983,632

Convertible Preferred Stock - Additional Information (Details) - USD ($)		9 Months Ended
	Aug. 03, 2020	Sep. 30, 2020	Sep. 30, 2019
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock	$ 292,000,000	$ 295,449,000
Preferred stock, purchase price			$ 121,253,000
Percentage of non-cumulative dividends		8.00%
ElevateBio, LLC
Class Of Stock [Line Items]
Preferred stock, purchase price		$ 20,000,000
Minimum
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock		$ 100,000,000
Series A Preferred Stock
Class Of Stock [Line Items]
Shares issued, price per share		$ 1.50
Series B Preferred Stock
Class Of Stock [Line Items]
Shares issued, price per share		$ 8.15

Stockholders Equity (Deficit) - Additional Information (Details)		9 Months Ended
	Aug. 03, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) Vote $ / shares shares	Dec. 31, 2019 $ / shares shares
Class Of Stock [Line Items]
Preferred stock, par or stated value per share \| $ / shares		$ 0.0001	$ 0.0001
Preferred stock, shares authorized		10,000,000	0
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Common stock, shares authorized		150,000,000	90,000,000
Common stock, par value \| $ / shares		$ 0.0001	$ 0.0001
Number of votes per share \| Vote		1
Common stock, voting rights		The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there are not any cumulative voting rights. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of the holders of shares of capital stock of the Company; however, the issuance of common stock may be subject to the vote of the holders of one or more series of preferred stock that may be required by terms of the Third Amended and Restated Certificate of Incorporation
Cash dividends declared or paid \| $		$ 0
IPO
Class Of Stock [Line Items]
Preferred stock, par or stated value per share \| $ / shares	$ 0.0001
Preferred stock, shares authorized	10,000,000
Common stock issued and sold	18,687,500
Public offering price per share \| $ / shares	$ 17.00
Proceeds from issuance of common stock \| $	$ 292,000,000
Stock issued upon conversion of preferred stock	39,859,139
Over-Allotment Option
Class Of Stock [Line Items]
Common stock issued and sold	2,437,500

Stockholders Equity (Deficit) - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	11,554,677	44,793,329
2018 Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	0
2020 Stock Option and Grant Plan
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	4,338,284
Unvested Restricted Stock
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	3,554,488	4,403,148
Option To Purchase Common Stock
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	3,661,905	44,960
Stock Available for Grant \| 2018 Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for issuance		486,082
Stock Available for Grant \| 2020 Stock Option and Grant Plan
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	4,338,284
Preferred Stock
Class Of Stock [Line Items]
Reserved shares of common stock for issuance		39,859,139

Stock-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 02, 2020	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for issuance			11,554,677		11,554,677		44,793,329
Stock-based compensation expense			$ 3,860,000	$ 596,000	$ 4,998,000	$ 2,268,000
Number of incentive stock option granted					3,616,945
Weighted average grant-date fair value of stock options granted			$ 13.01		$ 12.86
Common stock, par value			$ 0.0001		$ 0.0001		$ 0.0001
Restricted Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted					171,204	2,191,272
Unrecognized stock-based compensation cost			$ 7,200,000		$ 7,200,000
Weighted average period of cost expected to be recognized					2 years 9 months 18 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period of cost expected to be recognized					3 years 8 months 19 days
Number of incentive stock option granted					3,616,945	0
Stock options vesting period					4 years
Stock options contractual term					10 years
Unrecognized stock-based compensation expenses			$ 44,300,000		$ 44,300,000
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares granted			6,715,415		6,715,415
Number of shares of common stock issuable upon exercise of outstanding options			98,643		98,643
Reserved shares of common stock for issuance			0		0
Stock-based compensation expense					$ 1,600
2020 Stock Option and Grant Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for issuance			4,338,284		4,338,284
Common stock authorized for issuance	8,008,734
Cumulative increase in number shares reserved for issuance, percentage	5.00%
Common stock issuable upon exercise of outstanding options					3,563,262
2020 Stock Option and Grant Plan \| Restricted Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted					107,188
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for issuance		611,354
Cumulative increase in number shares reserved for issuance, percentage		1.00%
Common stock, par value		$ 0.0001
Annual increase in number of shares reserved for issuance		1,222,707

Stock-Based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Common Stock - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Number of Shares
Number of Shares, Unvested as of January 1, 2020	4,403,148
Number of Shares, Granted	171,204	2,191,272
Number of Shares, Forfeited	(6,710)
Number of Shares, Vested	(1,013,154)
Number of Shares, Unvested as of September 30, 2020	3,554,488
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Unvested as of January 1, 2020	$ 1.87
Weighted Average Grant Date Fair Value, Granted	13.17
Weighted Average Grant Date Fair Value, Forfeited	3.01
Weighted Average Grant Date Fair Value, Vested	1.88
Weighted Average Grant Date Fair Value, Unvested as of September 30, 2020	$ 2.41

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options Outstanding, Beginning Balance	44,960
Number of Options, Granted	3,616,945
Number of Options Outstanding, Ending Balance	3,661,905	44,960
Options vested and exercisable at September 30, 2020	14,048
Weighted Average Exercise Price, Options outstanding as of January 1, 2020	$ 3.01
Weighted Average Exercise Price, Granted	16.89
Weighted Average Exercise Price, Options outstanding as of September 30, 2020	16.72	$ 3.01
Weighted Average Exercise Price, Options vested and exercisable at September 30, 2020	$ 3.01
Weighted Average Contractual Life, Options outstanding	9 years 9 months 18 days	9 years 6 months
Weighted Average Contractual Life, Options vested and exercisable at September 30, 2020	9 years
Aggregate Intrinsic Value, Options outstanding as of September 30, 2020	$ 39,553
Aggregate Intrinsic Value, Options vested and exercisable at September 30, 2020	$ 344

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions Using Black Scholes Option-Pricing Model (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (in years)	6 years 29 days	6 years 1 month 9 days
Expected volatility	95.20%	95.10%
Risk-free interest rate	0.35%	0.35%
Fair value of common stock	$ 13.01	$ 12.86

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,860	$ 596	$ 4,998	$ 2,268
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,092	174	3,400	356
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 768	$ 422	$ 1,598	$ 1,912

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
Deferred income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0

Net Loss per Share - Computation Of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net loss – basic and diluted	$ (23,614)	$ (7,270)	$ (44,585)	$ (15,096)
Denominator:
Weighted-average common shares outstanding — basic and diluted	40,465,705	1,463,421	15,195,000	1,104,454
Net loss per share – basic and diluted	$ (0.58)	$ (4.97)	$ (2.93)	$ (13.67)

Net Loss per Share - Potential Dilutive Securities Excluded From Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Series A2 Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		20,000,000
Series A3 Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		22,453,987
Series A4 Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		2,066,666
Series B Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		14,877,697
Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,661,905
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,554,488	4,861,308

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Amount due to related party	$ 641		$ 641		$ 246
Consulting fees to members of management	100	$ 100	500	$ 300
ElevateBio and Affiliates
Related Party Transaction [Line Items]
Expenses incurred related to services with related party	2,300	$ 900	4,800	$ 2,300
Amount due to related party	$ 600		$ 600		$ 200