0000950170-23-020071 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	ITOS
Entity Registrant Name	iTeos Therapeutics, Inc.
Entity Central Index Key	0001808865
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE
Entity Shell Company	false
Entity File Number	001-39401
Entity Tax Identification Number	84-3365066
Entity Address Address Line1	321 Arsenal St
Entity Address City Or Town	Watertown
Entity Address State Or Province	MA
Entity Address Postal Zip Code	02472
City Area Code	339
Local Phone Number	217 0161
Entity Common Stock Shares Outstanding		35,763,742
Security12b Title	Common stock, $0.001 par value per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 225,361	$ 284,803
Short-term investments (amortized cost of $376,908)	376,776	328,359
Grants receivable	433	1,001
Refundable income taxes	235	1,434
Prepaid expenses and other currents assets	12,596	12,701
Total current assets	615,401	628,298
Property and equipment, net	2,119	2,121
Long-term investments (amortized cost of $104,250)	104,484	118,225
Research and development tax credits receivable, net of current portion	1,176	1,128
Restricted cash	235	235
Right of use assets	4,602	4,652
Other assets	329	332
Total assets	728,346	754,991
Current liabilities:
Accounts payable	5,694	7,662
Accrued expenses and other current liabilities	17,727	19,727
Deferred income	2,073	1,180
Deferred revenue	0	12,595
Lease liabilities	864	836
Total current liabilities	26,358	42,000
Grants repayable, net of current portion	6,765	6,622
Lease liabilities, net of current portion	3,761	3,837
Unrecognized tax benefits	39,200	39,200
Total liabilities	76,084	91,659
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.001 par value: 150,000,000 shares authorized at March 31, 2023 and December 31, 2022 respectively; 35,760,627 and 35,611,219 shares issued and outstanding; respectively	36	36
Additional paid-in capital	442,050	435,665
Accumulated other comprehensive loss	(11,548)	(9,644)
Retained earnings	221,724	237,275
Total stockholders’ equity	652,262	663,332
Total liabilities and stockholders’ equity	$ 728,346	$ 754,991

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost of short-term investments	$ 376,908	$ 376,908
Amortized cost of long-term investments	$ 104,250	$ 104,250
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	35,760,627	35,611,219
Common stock, shares outstanding	35,760,627	35,611,219

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
License and collaboration revenue	$ 12,595	$ 152,522
Total revenue	12,595	152,522
Operating expenses:
Research and development expenses	25,598	21,096
General and administrative expenses	11,927	10,615
Total operating expenses	37,525	31,711
(Loss) income from operations	(24,930)	120,811
Other income and expenses:
Grant income	735	491
Research and development tax credits	343	254
Interest income	7,851	92
Other income (expense), net	1,649	(2,115)
(Loss) Income before income taxes	(14,352)	119,533
Income tax expense	(1,199)	(49,951)
Net (loss) income	$ (15,551)	$ 69,582
Basic net (loss) income per common share	$ (0.44)	$ 1.96
Diluted net (loss) income per common share	$ (0.44)	$ 1.82
Weighted-average common shares outstanding - basic	35,716,037	35,493,272
Weighted-average common shares outstanding - diluted	35,716,037	38,135,957
Net (loss) income	$ (15,551)	$ 69,582
Foreign currency translation adjustments	(2,006)	(550)
Unrealized gain on available-for-sale securities	102
Comprehensive (loss) income	$ (17,455)	$ 69,032

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance at Dec. 31, 2021	$ 552,820	$ 35	$ 413,180	$ (1,018)	$ 140,623
Beginning balance (in shares) at Dec. 31, 2021		35,466,001
Stock-based compensation	4,193		4,193
Common stock issued upon exercises of options	333	$ 1	332
Common stock issued upon exercises of options (in shares)		50,911
Currency translation adjustment	(550)			(550)
Net (loss) income	69,582				69,582
Ending balance at Mar. 31, 2022	626,378	$ 36	417,705	(1,568)	210,205
Ending balance (in shares) at Mar. 31, 2022		35,516,912
Beginning balance at Dec. 31, 2021	552,820	$ 35	413,180	(1,018)	140,623
Beginning balance (in shares) at Dec. 31, 2021		35,466,001
Net (loss) income	96,700
Ending balance at Dec. 31, 2022	663,332	$ 36	435,665	(9,644)	237,275
Ending balance (in shares) at Dec. 31, 2022		35,611,219
Stock-based compensation	5,807		5,807
Common stock issued upon exercises of options	$ 578		578
Common stock issued upon exercises of options (in shares)	149,408	149,408
Currency translation adjustment	$ (2,006)			(2,006)
Unrealized loss on available-for-sale securities	102			102
Net (loss) income	(15,551)				(15,551)
Ending balance at Mar. 31, 2023	$ 652,262	$ 36	$ 442,050	$ (11,548)	$ 221,724
Ending balance (in shares) at Mar. 31, 2023		35,760,627

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net (loss) income	$ (15,551,000)	$ 69,582,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	222,000	180,000
Stock-based compensation	5,807,000	4,193,000
Non-cash: Net accretion of available-for-sale debt securities	(2,852,000)	0
Change in operating lease right-of-use assets	2,000	2,000
Changes in operating assets and liabilities:
Grants receivable	579,000	(684,000)
Research and development tax credits receivable	(25,000)	889,000
Refundable income taxes	1,199,000	7,544,000
Prepaid expenses and other current assets	230,000	1,810,000
Accounts payable	(2,104,000)	5,465,000
Accrued expenses and other liabilities	(2,325,000)	(3,062,000)
Income tax payable	0	20,107,000
Deferred income	858,000	194,000
Deferred revenue	(12,595,000)	(152,522,000)
Unrecognized tax benefits	0	22,300,000
Net cash used in operating activities	(26,555,000)	(24,002,000)
Cash flows from investing activities
Purchases of investments	(52,575,000)	0
Proceeds from maturities of investments	21,000,000	0
Purchase of property and equipment	(119,000)	(227,000)
Purchase of other assets	0	(96,000)
Net cash used in investing activities	(31,694,000)	(323,000)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of options	578,000	333,000
Net cash provided by financing activities	578,000	333,000
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(1,771,000)	(563,000)
Net decrease in cash, cash equivalents and restricted cash	(59,442,000)	(24,555,000)
Cash, cash equivalents and restricted cash at beginning of period	285,038,000	848,835,000
Cash, cash equivalents and restricted cash at end of period	225,596,000	824,280,000
Non-cash investing and financing activities
Capital expenditure included in accounts payable	88,000	184,000
Operating lease liabilities arising from obtaining right-of-use assets	79,000	199,000
Unrealized gain on available-for-sale securities	102,000	0
Supplemental disclosure of cash flows
Cash paid for taxes	$ 0	$ 0

Nature of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Disclosure Text Block [Abstract]

Nature of Business and Basis of Presentation

Note 1. Nature of business and basis of presentation

Description of business

iTeos Therapeutics, Inc. (iTeos" or the Company), a Delaware corporation (incorporated on October 4, 2019) headquartered in Watertown, Massachusetts, is the successor to iTeos Belgium SA (iTeos Belgium) a company organized under the laws of Belgium in 2011 and headquartered in Charleroi, Belgium. The Company is a clinical stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for people living with cancer. The Company leverages its deep understanding of the tumor immunology and immunosuppressive pathways to design novel product candidates with the aim of restoring the immune response against cancer. The Company’s innovative pipeline includes two clinical-stage programs targeting novel, validated immuno-oncology pathways. Each of the Company's therapies in development has optimized pharmacologic properties designed to improve clinical outcomes.

The Company’s lead antibody product candidate, belrestotug (formerly EOS-448), also known as GSK4428859A, is an antagonist of TIGIT, or T-cell immunoreceptor with lg and ITIM domains, an immune checkpoint with multiple mechanisms of action.

On June 11, 2021, the Company's wholly owned subsidiary, iTeos Belgium S.A., and GlaxoSmithKline Intellectual Property (No. 4) Limited, or GSK, executed a Collaboration and License Agreement, or the GSK Collaboration Agreement, which became effective on July 26, 2021. Pursuant to the GSK Collaboration Agreement, the Company agreed to grant GSK a license under certain of its intellectual property rights to develop, manufacture, and commercialize products comprised of or containing belrestotug, which license is exclusive in all countries outside of the United States and co-exclusive, with iTeos, in the United States. GSK and iTeos develop belrestotug in combination with other oncology assets, including assets of GSK, and iTeos and GSK jointly own the intellectual property created under the GSK Collaboration Agreement that covers such combinations.

The Company also is advancing inupadenant, a next-generation adenosine A2AR receptor antagonist tailored to overcome the specific adenosine-mediated immunosuppression found in tumor microenvironment, into proof-of concept trials in several indications following encouraging single-agent activity in Phase 1.

The Company continues to progress research programs focused on additional targets that complement its TIGIT and A2AR programs or address additional immunosuppressive pathways. EOS-984 is a clinical development program that targets a novel mechanism in the adenosine pathway. The Company completed Investigational New Drug Application-enabling activities, including toxicity studies, and anticipates initiating clinical studies for EOS-984 in mid-2023.

On December 2, 2020, iTeos Securities Corporation (iTeos SC) was incorporated as a Massachusetts Security Corporation. It is a wholly-owned subsidiary of iTeos Inc. On July 27, 2021, iTeos BE, LLC (iTeos LLC) was incorporated as a Delaware Limited Liability Company. It is a wholly-owned subsidiary of iTeos Belgium.

Liquidity and capital resources

Since inception, the Company’s activities have consisted primarily of performing research and development to advance its product candidates. The Company earned income during 2022, which equaled net income of $96.7 million for the year ended December 31, 2022. The Company had a net loss of $15.6 million for the three months ended March 31, 2023. As of March 31, 2023, the Company had retained earnings of $221.7 million. As of May 10, 2023, the issuance date of the condensed consolidated financial statements for the period ended March 31, 2023, the Company expects that its cash and cash equivalents would be sufficient to fund its operating expenses, capital expenditure requirements and debt service payments for at least 12 months.

The Company may seek additional funding in order to reach its development and commercialization objectives. The Company may not be able to obtain funding on acceptable terms, or at all, and the Company may not be able to enter into additional collaborations or other arrangements that add cash or defray expenses. The terms of any funding may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and adversely impact actual results include, but are not limited to, uncertainty regarding results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current or

future product candidates, uncertainty of market acceptance of the Company’s product candidates, if approved, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities and may not ultimately lead to a marketing approval and commercialization of a product.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration ("FDA") and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. The Company's product candidates may fail to receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, the Company may never generate significant revenue from product sales. The Company will need to generate significant revenue to achieve sustained profitability, and it may never do so.

Global Economic Conditions

Disruptions to the global economy and disruption of global healthcare systems impact the Company's business, financial condition, results of operations and growth prospects. The COVID-19 pandemic, for example, has presented a substantial public health and economic challenge around the world. While the COVID-19 pandemic has not significantly impacted the Company's business or results of operations, the future challenges of the COVID-19 pandemic on the Company's business and operations are uncertain. See “Risk factors” for a discussion of the potential adverse impact of global economic conditions and of COVID-19 on our business, results of operations and financial condition.

Basis of presentation

The accompanying condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP").

The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the years ended December 31, 2022 and 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K (File No. 001-39401). The results for any interim period are not necessarily indicative of results for any future period.

In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of significant accounting policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2022, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 15, 2023. Since the date of those financial statements, there have been no material changes to significant accounting policies.

Accounting standards recently adopted

In June 2016 the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The Company adopted this standard as of January 1, 2023. The adoption of this standard did not have a material impact on the Company's consolidated financial position and results of operations.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Investment securities and fair value measurements

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022:


	March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	188,348	$	-	$	-	$	188,348
U.S. government agency bonds		-		285,935		-		285,935
U.S. treasury bonds		174,968		-		-		174,968
Corporate debt securities		-		20,357		-		20,357
Totals	$	363,316	$	306,292	$	-	$	669,608


	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	92,850	$	-	$	-	$	92,850
U.S. government agency bonds		-		267,748		-		267,748
U.S. treasury bonds		186,477		-		-		186,477
Corporate debt securities		-		5,349		-		5,349
Totals	$	279,327	$	273,097	$	-	$	552,424

Cash equivalents consist of money market funds, which are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in an active market. U.S. treasury securities are also classified as Level 1 because they are valued using quoted prices. U.S. government agency and corporate securities are classified within Level 2 of the fair value hierarchy because they are valued using market-based models that consider inputs such as yield, prices of comparable securities, coupon rate, maturity, and credit quality.

During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the three months ended March 31, 2023 and 2022.

The Company's fixed income securities held as of March 31, 2023 and December 31, 2022 are classified as available-for-sale. The following table presents the amortized cost, fair value, and unrealized losses by major security type, for the fixed income securities held by the Company:


	March 31, 2023
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	285,864	$	229	$	(158	)	$	285,935
U.S. treasury bonds		174,966		44		(42	)		174,968
Corporate debt securities		20,328		29		-			20,357
Totals	$	481,158	$	302	$	(200	)	$	481,260


	December 31, 2022
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	254,881	$	87	$	(211	)	$	254,757
U.S. treasury bonds		186,496		19		(37	)		186,478
Corporate debt securities		5,358		-		(9	)		5,349
Totals	$	446,735	$	106	$	(257	)	$	446,584

The following table presents the amortized cost and fair value of the Company's fixed income securities by maturity grouping:


	March 31, 2023
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	376,908	$	376,776
Due after one year through five years		104,250		104,484
Due after five years through ten years		-		—
Due after ten years		-		—
Total	$	481,158	$	481,260


	December 31, 2022
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	328,405	$	328,359
Due after one year through five years		118,330		118,225
Due after five years through ten years		-		—
Due after ten years		-		—
Total	$	446,735	$	446,584

There were no securities which were determined to be other-than-temporarily impaired as of March 31, 2023 and December 31, 2022. There were no sales of securities which resulted in a realized loss during the three months ended March 31, 2023. The Company recognized $5.0 million of interest income earned from its available-for-sale debt securities and money market funds during the three months ended March 31, 2023. The Company also recognized $2.9 million of accretion on its available-for-sale debt securities, which was recorded to interest income, during the three months ended March 31, 2023.

- 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

Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2023

Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information

Note 4. Supplemental balance sheet information

Property and equipment

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2023			December 31, 2022
Scientific equipment	$	3,162		$	3,008
Furniture & office equipment		1,393			1,332
Leasehold improvements		1,293			1,238
Total		5,848			5,578
Accumulated depreciation and amortization		(3,729	)		(3,457	)
Property & equipment, net	$	2,119		$	2,121

Depreciation and amortization expense was $0.2 million for each of the three months ended March 31, 2023 and 2022.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Accrued clinical trial costs	$	13,230	$	13,496
Accrued personnel costs		3,573		5,635
Accrued professional fees		60		64
Accrued other		864		532
Total accrued expenses and other current liabilities	$	17,727	$	19,727

License and Collaboration Agreements

3 Months Ended

Mar. 31, 2023

License Agreements [Abstract]

License and collaboration agreements

Note 5. License and collaboration agreements

Adimab

In January 2017, the Company entered into a collaboration agreement (as amended, the "Adimab Agreement") with Adimab, LLC ("Adimab"). Adimab has developed an antibody discovery and optimization technology platform. This collaboration enables the Company’s research and development efforts on discovery and optimization of new antibodies against immuno-oncology targets the Company may identify.

Under the terms of the Adimab Agreement, Adimab has granted the Company a worldwide, non-exclusive research license for a one-year research term period and evaluation period for up to 18 months per research program. The Company is required to use commercially reasonable efforts to perform its research activities under the Adimab Agreement and, if the Company exercises its right to obtain a development and commercialization license, the Company is required to use commercially reasonable efforts to pursue development and commercialization of a product directed to the applicable target. Under the terms of the Adimab Agreement, the Company granted Adimab a worldwide, non-exclusive license under all of its patents and know-how that are reasonably necessary or useful for Adimab to perform its research activities under the Adimab Agreement.

In February 2021, the Company entered into an amendment to the Adimab Agreement (the "Amended Adimab Agreement"). The Amended Adimab Agreement specifies different milestone payments for new products that are derived from research programs beginning after February 22, 2021 (the "New Products"). For New Products, on a per target basis, the Company may be required to pay development, regulatory and commercial milestone payments totaling up to an aggregate of $45.8 million for the first three products and additional milestone payments up to $14.5 million for each additional product.

The Company will pay Adimab low to mid single-digit percentage royalties on a country-by-country and product-by-product basis, on worldwide net product sales of licensed products. Royalties are payable on a licensed product-by-licensed product and country-by-country basis until the later of (i) expiration of the last valid claim of a licensed patent right that covers such licensed product in such country, and (ii) ten years following the first commercial sale of such licensed product in such country.

Through March 31, 2023, the Company has paid a total of $5.4 million to Adimab relating to milestones under the Adimab Agreement. The Company did not make any additional payments to Adimab in the three months ended March 31, 2023 as no milestones were achieved in the quarter. As of the date of these condensed consolidated financial statements, the Company has not pursued any additional targets under the Adimab agreement that could potentially result in such milestone payments.

Adimab controls the filing, prosecution, maintenance and enforcement of the intellectual property that it licenses to the Company under the Adimab Agreement. The Company has the right to enforce such licensed intellectual property against infringement if the infringement is competitive with the Company’s licensed products and Adimab does not pursue enforcement. The Company controls the filing, prosecution, maintenance and enforcement of the intellectual property the Company licenses to Adimab under the Adimab Agreement and all program antibody patents.

The term of the Adimab Agreement will continue until the last to expire royalty term on a product-by-product and country-by-country basis if the Company exercises its option, or in the event no option is exercised, the conclusion of the last-to-expire evaluation term, unless terminated earlier by either party. Each party has the right to terminate the Adimab Agreement due to the other party’s uncured material breach or the Company’s abandonment of the product.

GlaxoSmithKline ("GSK")

Summary of Agreement

On June 11, 2021, the Company’s wholly owned subsidiary, iTeos Belgium S.A., and GSK executed a Collaboration and License Agreement (the "GSK Collaboration Agreement"), pursuant to which the Company agreed to grant GSK a license under certain of the Company’s intellectual property rights to develop, manufacture, and commercialize products comprised of or containing the Company’s antibody product, belrestotug. Under the GSK Collaboration Agreement, GSK agreed to make an upfront nonrefundable payment of $625.0 million to the Company within 10 business days of the date on which the GSK Collaboration Agreement became effective, which occurred on July 26, 2021. Additionally, the Company is eligible to receive up to $1.45 billion in milestone payments, contingent upon the belrestotug program achieving certain development and commercial milestones. Within the collaboration, GSK and the Company agree to share responsibility and costs for the global development of belrestotug beyond the Phase 1 study (the "Global Development Plan") and will jointly commercialize and equally split profits in the United States. Outside of the United States, GSK will receive an exclusive license for commercialization, and the Company is eligible to receive tiered double digit royalty payments up to 20% during a customary royalty term.

Collaboration

The Company concluded that the GSK Collaboration Agreement is under the scope of ASC 808 as both parties will actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. ASC 808 provides that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all of the guidance in ASC 606 should be applied, including recognition, measurement, presentation, and disclosure requirements related to such unit of account. The unit-of-account guidance in ASC 808, which aligns with the guidance in ASC 606 (that is, a distinct good or service) is used when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606.

The Company determined that the co-development in Phases 2 and 3 and the co-commercialization efforts of the GSK Collaboration Agreement represent joint operating activities in which both parties are active participants and of which both parties are exposed to significant risks and rewards that are dependent on the success of the activities. Accordingly, the Company is accounting for these activities in accordance with ASC No. 808, Collaborative Arrangements (ASC 808). Additionally, the Company has determined that in the context of these activities, GSK does not represent a customer as contemplated by ASC 606-10-15, Revenue from Contracts with Customers – Scope and Scope Exceptions. As a result, these activities are accounted for as a component of the related expense in the period incurred in accordance with ASC 730, Research and Development. Additionally, reimbursements received from GSK in connection with the joint operating activities are recognized as a reduction to research and development expense.

GSK is responsible for 60% of the costs related to the Global Development Plan. During the three months ended March 31, 2023, the Company recorded to research and development expense approximately $8.3 million related to the cost-sharing provisions of the GSK Collaboration Agreement. $5.0 million of these costs are payable to GSK, which is recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheet as of March 31, 2023. The Company and GSK have collectively agreed to spend an aggregate of $900.0 million on the Global Development Plan.

Revenue Recognition

The Company also evaluated the elements of the GSK Collaboration Agreement in accordance with the provisions of ASC 606 and concluded that the contract counterparty, GSK, is a customer. The Company’s arrangement with GSK contains the following material promises under the contract at inception: (i) transfer of the license under certain of the Company’s intellectual property related to belrestotug, (ii) completion of the Phase 1 clinical study related to belrestotug, (iii) transfer of “Know How” under the belrestotug intellectual property, and (iv) manufacturing until the “Know How” transfer is complete. The Company evaluated the above material promises under ASC 606 and determined that it has one combined performance obligation. These promises are considered to be outputs of the Company's ordinary activities and ongoing major operations. As GSK provided the Company consideration in exchange for these promises, GSK meets the definition of a customer under ASC 606-10-20 in the context of the combined performance obligation. These promises are distinct from the co-development and co-commercialization activities in which the Company and GSK jointly participate. Accordingly, the context in which GSK is a customer is limited to the material promises described above.

The transaction price totaling $625.0 million was comprised of the upfront license payment. As of March 31, 2023, no development or regulatory milestones have been assessed as probable of being reached and thus have been fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to GSK and therefore have also been excluded from the transaction price. The Company is applying the royalty exception for sales-based royalties and will not recognize revenue until the subsequent sale of product occurs.

The transaction price is being recognized as revenue over time as the costs to complete the Phase 1 study, perform interim clinical supply manufacturing, and perform the know-how transfer are incurred. The performance obligation was fully completed in the three months ended March 31, 2023. Revenue is recognized using a percent complete method based on costs incurred compared with the total expected costs to be incurred (cost to cost measure of progress). There are no outputs from the performance obligation. As a result, an input method was appropriate. A cost-to-cost measure of progress provides a faithful depiction of the transfer of services to the customer since the predominant inputs to the performance obligation are labor costs, research and development supplies and manufacturing supplies related to the Phase 1 Study, clinical manufacturing and know-how transfer.

During the three months ended March 31, 2023, the Company recognized revenue totaling approximately $12.6 million with respect to the GSK Collaboration Agreement. The revenue is classified as license and collaboration revenue in the accompanying condensed consolidated statements of operations. There was no deferred revenue remaining as of

March 31, 2023, and there was approximately $12.6 million of deferred revenue as of December 31, 2022. The deferred revenue related to the GSK Collaboration Agreement, of which all was classified as current deferred revenue in the accompanying condensed consolidated balance sheet based on the performance period of the underlying obligations.

Contract Costs

The Company incurred approximately $6.8 million of capitalizable costs to obtain the contract. The Company utilized the practical expedient in ASC 340 and recognized such costs immediately in 2021 as the Company expected to complete its performance obligations under the GSK Collaboration Agreement in less than 12 months.

Contract Assets and Liabilities

The following table presents changes in the Company’s GSK contract assets and liabilities during the three months ended March 31, 2023:


Three Months Ended March 31, 2023
(in thousands)	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract Liabilities:
Deferred Revenue	$	12,595	$	—	$	(12,595	)	$	—

MSD International GmbH

On December 10, 2019, the Company entered into a Clinical Trial Collaboration and Supply Agreement (the "MSD Agreement") with MSD International GmbH ("MSD"), a subsidiary of Merck & Co., Inc. Under the MSD Agreement, the Company sponsors a clinical trial in which both the Company’s compound and MSD’s compound are dosed in combination. The Company conducts the research at its own cost and MSD contributes its compound towards the study at no cost to the Company. The parties equally own the clinical data and inventions from the study, with the exception of inventions relating solely to each party’s compound class. The MSD Agreement will expire upon the delivery of a written report on the results of the study, unless earlier terminated or agreed by the parties.

The Company began receiving compounds from MSD on April 1, 2020 and the Company began the research study in the third quarter of 2020. The terms of the MSD Agreement meet the criteria under ASC 808, as both parties are active participants in the activity and are exposed to the risks and rewards dependent on the commercial success of the activity. ASC 808 does not provide guidance on how to account for the activities under the collaboration, and the Company determined that neither party met the definition of a customer under ASC 606, Revenue from Contracts with Customers. Accordingly, the Company considered other guidance to determine the accounting for the respective elements of the arrangement. The Company accounted for the collaboration activities by analogy to ASC Topic 845, Nonmonetary Transactions, and recognized nonmonetary income with an offsetting entry to expense for amounts received from MSD within research and development expense in the condensed consolidated statement of operations and comprehensive income (loss).

Government Grant Funding and Potential Repayment Commitments Under Recoverable Cash Advance Grants (RCAs)

3 Months Ended

Mar. 31, 2023

Research and Development Arrangement with Federal Government [Abstract]

Government Grant Funding and Potential Repayment Commitments Under Recoverable Cash Advance Grants (RCAs)

Note 6. Government grant funding and potential repayment commitments under recoverable cash advance grants (RCAs)

The Company has been awarded grants from the Walloon Region, a federal region of Belgium (the "Walloon Region") and the European Union (the "Granting Agencies") to fund research and development activities. The grants reimburse a percentage (55-100%) of actual qualifying expenditures. The Company periodically submits proof of qualifying expenditures to the Granting Agencies for approval and reimbursement. To date, the Company has received funding under several grants which included no obligation to repay and two grants that include potential obligations to repay ("RCAs").

As the Granting Agencies do not meet the definition of a customer under Topic 606, qualifying grants receipts are recognized as grant income within other income in the condensed consolidated statement of operations and comprehensive income (loss).

Grants which do not include an obligation to repay

The total amount that the Granting Agencies have agreed to fund in the future if the Company incurs qualifying research and development expenses under these grants is $6.4 million.

Grants which include a potential obligation to repay—RCAs

On July 20, 2017, the Company entered into a recoverable cash advance arrangement whereby the Walloon Region will provide the Company with up to $19.6 million for a research and development program to perform clinical validation of an A2A receptor antagonist drug candidate for immune-oncology ("RCA-1").

On December 3, 2019, the Company entered into another recoverable cash advance arrangement with the Walloon Region (RCA-2) for up to $4.5 million to be received to fund a research and development program conducted to develop a TIGIT blocking antibody with anti-tumor properties.

Under the terms of both agreements, the Company must decide within 6 months after the end of the research period whether it will further pursue commercial development or out licensing of the drug candidate. The research period for RCA-1 ended in December 2021. The Company decided it would pursue commercialization or out licensing of RCA-1. The Company negotiated an extension on the research period for RCA-2 with the Walloon Region. The original research period for RCA-2 ended February 2021 and was extended to March 2022. The Company must repay 30% of the amount received under the grant by annual installments from 2023 to 2042 (the fixed annual repayments) unless the Company decides not to pursue commercial development or out licensing of the drug candidate, applies for a waiver from the Walloon Region justifying its decision based upon the failure of the program, and returns the intellectual property to the Walloon Region. Because of the requirement to repay 30% of the amounts received under the grant, the Company records the present value of such amounts as grants repayable on the condensed consolidated balance sheets.

In addition, in the event that the Company receives revenue from products or services related to the results of the research, it has to pay to the Walloon Region a 0.33% royalty on revenue resulting from RCA-1 and a 0.15% royalty on revenue resulting from RCA-2 (increased from 0.12% effective December 2021). The maximum amount payable to the Walloon Region under each grant, including the fixed annual repayments, the royalty on revenue, and the interest thereon, is twice the amount of funding received.

The Company assessed whether there is an obligation to make a royalty payment based on the probability of successful completion of the research and development and future sales and commercial success of the drug candidate. For the RCA-1, there was no grant repayable related to royalties recorded as of March 31, 2023, or December 31, 2022. For the RCA-2, the Company recorded a royalty accrual of $0.9 million as of March 31, 2023, and $0.8 million as of December 31, 2022, due to the upfront payment from the GSK Collaboration Agreement. The royalty accrual is included in the accrued expenses and other current liabilities in the condensed consolidated balance sheets.

The Company recorded grant income in the condensed consolidated statement of operations and comprehensive income (loss) for the three months ended March 31, 2023 and 2022 for amounts of grants received from the Walloon Region in the period during which the related qualifying expenses were incurred, net of any grants repayable recorded in the condensed consolidated balance sheets.

The Company recorded receivables on the condensed consolidated balance sheets related to amounts the Walloon Region owes the Company based on qualifying expenses incurred by the Company. The Company recorded deferred income in the condensed consolidated balance sheets for amounts received from the Walloon Region in advance of incurring qualifying expenses.

The following table reflects activity for grant programs for the three months ended March 31, 2023 and 2022 and end of period balances as of March 31, 2023, and December 31, 2022:


	RCA -1				RCA-2				Other Grants				Total
(In thousands)	2023		2022		2023		2022		2023		2022		2023		2022
Cash received	$	—	$	—	$	—	$	—	$	2,011	$	—	$	2,011	$	—
Grant income	$	—	$	—	$	—	$	485	$	735	$	6	$	735	$	491
Grants receivable at the end of the period	$	—	$	5	$	—	$	—	$	433	$	996	$	433	$	1,001
Grants repayable at the end of the period	$	5,789	$	5,665	$	1,338	$	1,312	$	—	$	—	$	7,127	$	6,977

As of March 31, 2023 and December 31, 2022, $0.4 million of the grants repayable was included in accrued expenses and other current liabilities and the remaining balance was included in the grants repayable, net of current portion in the condensed consolidated balance sheet.

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Note 7. Stockholders’ equity

The Company's restated Certificate of Incorporation authorizes the Company to issue up to 160,000,000 shares, of which (i) 150,000,000 shares are designated as common stock, par value $0.001 per share, and (ii) 10,000,000 shares are designated as undesignated preferred stock, par value $0.001 per share. Each share of common stock entitles the holders to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Note 8. Stock-based compensation

General

The board of directors, at its sole discretion, shall determine the exercise price. Stock options expire 7 to 10 years from the date of grant. The stock options generally vest 25% upon the one-year anniversary of the service inception date and then ratably each month over the remaining 36 months. Upon termination of service, any unvested stock options are automatically returned to Company. Vested stock options that are not exercised within the specified period, according to the terms and conditions of the option plan, following the termination as an employee, consultant, or service provider to the Company are surrendered back to the Company. Those stock options are added back to the pool and made available for future grants.

2019 Stock Option and Grant Plan

The Company’s 2019 Stock Option and Grant Plan (the "2019 Plan") provided for the Company to grant stock options and other stock-based awards to employees and non-employees to purchase the Company’s common stock. Total authorized options under the 2019 Stock Option and Grant Plan is 3,464,316. The 2020 Plan (as defined below) replaced the 2019 Plan and no further issuances will be made under the 2019 Plan. However, the 2019 Plan continues to govern outstanding equity awards granted thereunder.

On July 15, 2020, the Company’s board of directors approved an amendment to stock options outstanding under the 2019 Stock Option and Grant Plan to provide for immediate 100% vesting for all outstanding options under the plan upon the consummation of a Sale Event, as defined by the amendment.

2020 Stock Option and Incentive Plan

The 2020 Stock Option and Incentive Plan (the "2020 Plan") was approved by the board of directors on July 15, 2020, and the Company’s stockholders on July 20, 2020 and became effective on July 22, 2020. On April 21, 2022, our board of directors adopted an amendment to the 2020 Plan, the amended and restated 2020 Stock Option and Incentive Plan (the "Amended 2020 Plan") to increase the limit on total annual compensation (equity and cash) to non-employee directors. The Amended 2020 Plan was approved by the Company's stockholders and became effective on June 9, 2022. The Amended 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares of common stock reserved for issuance as of December 31, 2022 under the Amended 2020 Plan was 7,335,355 and will be increased each January 1 by 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee of the board of directors. Accordingly, on January 1, 2023, the number of shares of common stock reserved and available for issuance under the Amended 2020 Plan increased by 1,780,560. The number of shares of common stock reserved for issuance as of March 31, 2023 under the Amended 2020 Plan was 9,115,915.

Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the "2020 ESPP") was approved by the board of directors on July 15, 2020, and the Company’s stockholders on July 20, 2020, and became effective on July 22, 2020. The number of shares of common stock reserved for issuance as of March 31, 2023 under the 2020 ESPP was 650,191. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1 thereafter by the lesser of 634,969 shares of common stock, 1% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation committee. There was no increase to the number of shares of common stock reserved and available for issuance under the 2020 ESPP on January 1, 2023. No shares were issued under the 2020 ESPP during the quarter ended March 31, 2023. The purchase price of the stock is equal to 85% of the lesser of the market value of such shares at either first date of the offering period or the last date of the offering period. The estimated fair value of the purchase options for the offering period open during the quarter ended March 31, 2023 was $7.65 per share. The assumptions utilized to estimate the fair value are include in the assumption table below.

Stock-Based Compensation Expense

Stock-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive income (loss) as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Research and development	$	1,148	$	608
General and administrative		4,659		3,585
Total stock-based compensation expense	$	5,807	$	4,193

Of the $5.8 million of stock-based compensation expense recognized during the three months ended March 31, 2023, $5.6 million related to stock options, $0.1 million related to restricted stock units, and $0.1 million related to ESPP.

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2023:


	Stock Options
	Shares			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2022		6,401,987		$	18.50	7.1
Granted		1,004,800			16.74
Forfeited		(45,646	)		29.04
Exercised		(149,408	)		3.87
Outstanding as of March 31, 2023		7,211,733		$	18.49		7.4	$	22,865
Exercisable at March 31, 2023		3,678,442		$	14.84		6.3	$	17,959

The weighted-average grant-date fair value of options awarded during the three months ended March 31, 2023 and 2022 was approximately $12.86 per share and $26.54 per share, respectively. As of March 31, 2023, there was a total of $55.4 million of unrecognized employee compensation costs related to non-vested stock option awards expected to be recognized over a weighted average period of 2.6 years.

The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as expected term, volatility, risk-free interest rate, and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine.

The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during:


	Quarter Ended March 31,
	2023			2022
Stock Options:
Risk-free interest rate	3.46% - 4.22%			1.37% - 1.96%
Expected term (in years)		6			6
Expected volatility	91% - 93%			86% - 91%
Expected dividend yield		0	%	0%
Estimated fair value of common stock	$16.66 - $21.15			$36.13 - $46.56
ESPP Awards:
Risk-free interest rate		1.63	%		-
Expected term (in years)		0.5			-
Expected volatility		77	%		-
Expected dividend yield		0	%		-
Estimated fair value of common stock	$20.92				-

Restricted Stock Units

The Company issued restricted stock units in the quarter ended March 31, 2023, which vest over a two-year period. The following table summarizes the Company’s restricted stock unit activity:


	Shares			Weighted average grant date fair value
Unvested as of December 31, 2022		10,000		$	35.86
Issued		83,500			20.08
Vested		(2,500	)		35.86
Cancelled		—			—
Unvested as of March 31, 2023		91,000		$	21.38

As of March 31, 2023, there was approximately $1.8 million of unrecognized stock-based compensation expense related to restricted stock units that are expected to vest. These costs are expected to be recognized over a weighted-average period of approximately 2.0 years.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income taxes

The following table presents the income (loss) before income taxes, income tax benefit (expense) and effective income tax rates for all periods presented:


(Loss) income before income tax expense	Three Months Ended March 31,
(in thousands)	2023			2022
Domestic		(21,316	)		(14,886	)
Foreign		6,964			134,419
(Loss) income before income tax expense		(14,352	)		119,533
Income tax expense		(1,199	)		(49,951	)
Effective tax rate	(8.4)%			41.8%

The Company's effective tax rates were (8.4)% and 41.8% for the three months ended March 31, 2023 and 2022, respectively. The rates differed from the federal and foreign statutory rates of 21% and 25%, respectively, primarily due to the mix of income between the U.S. and Belgium, the Innovation Income Deduction in Belgium, which excludes 85% of the net revenue generated from qualifying intellectual property from taxation, the taxation in the U.S. from the inclusion of foreign earnings under the Global Intangible Low-Taxed Income ("GILTI") regime, and capitalized research and development expenses under Section 174 of the Internal Revenue Code. In addition, the Company recorded an additional $22.3 million liability during the three months ended March 31, 2022, related to an uncertain tax position regarding the Company's allocation of revenue between Belgium and the U.S. The Company incurred income tax expense for the three months ended March 31, 2023, despite a loss before income taxes, due to taxable interest income generated by a subsidiary of iTeos Belgium which cannot be offset by the net operating losses of iTeos or iTeos Belgium.

There was no change in the unrecognized tax benefits during the three months ended March 31, 2023, as no additional revenue was recognized for tax purposes during that period under the GSK Collaboration Agreement. As the uncertain tax position relates to the Company’s allocation of that revenue between the U.S. and Belgium under the GSK Agreement, the additional recognition of revenue under that agreement increases the liability for the uncertain tax position. As of March 31, 2023, the Company had accrued interest and penalties relating to uncertain tax positions of $2.2 million, all of which was included in the unrecognized tax benefits liability in the condensed consolidated balance sheet as of March 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10. Commitments and contingencies

Purchase commitments

The Company has contractual arrangements with research and development organizations and suppliers; however, these contracts are generally cancelable on 30-60 days’ notice and the obligations under these contracts are largely based on services performed. The Company may also enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing organizations for clinical supplies and with other vendors for preclinical studies, supplies and other services and products for operating purposes. These contracts generally provide for termination on notice. As of March 31, 2023 and December 31, 2022, there were no amounts accrued related to termination charges.

The Company has entered into a Biologics Master Services Agreement with WuXi Biologics (Hong Kong) Limited ("WuXi") (the "WuXi Agreement"). The WuXi Agreement includes the terms and conditions under which WuXi will coordinate the Company’s biologics development and manufacturing services. Pursuant to the WuXi Agreement, the Company may be required to pay WuXi a royalty percentage or a one-time milestone payment on global net sales of third-party manufactured products at the Company’s election. The royalty or one-time milestone payment is only payable if the Company does not use WuXi as the manufacturer in part, or in totality. As of March 31, 2023 and December 31, 2022, there are no minimum commitments under the WuXi Agreement. Additionally, as of March 31, 2023 and December 31, 2022, there are no royalties or milestones payable.

Operating leases

The Company’s operating leases are as follows:

•

An April 2016 lease for 1,577 square meters of office and laboratory space in Gosselies, Belgium, which commenced in May 2016 and terminated in December 2021. In January 2021, the Company entered into an amendment to extend the lease, effective February 2021 with a termination date of January 2030, and increase the office and laboratory space by 201 square meters. In October 2021, the Company entered into an amendment to increase the office and laboratory space by 453 square meters.

•

A November 2021 lease for 9,068 square feet of office space in Watertown, Massachusetts, which commenced in November 2021 and terminates in February 2027. The lease is subject to fixed-rate rent escalations.

•

Various car leases that the Company enters into from time to time. The life of each car lease ranges from 48 to 60 months.

The Company identified and assessed the following estimates in recognizing the operating lease right of use assets and corresponding liabilities.

Expected lease term: The expected lease term includes non-cancelable lease periods and, when applicable, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, as well as periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option.

Incremental borrowing rate: As the discount rates in the Company’s lease are not implicit, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term.

Lease and non-lease components: The Company is required to pay fees for operating expenses in addition to monthly base rent for certain operating leases ("non-lease components"). The Company has not elected the practical expedient which allows non-lease components to be combined with lease components for all asset classes. Variable non-lease components are not included within the lease right-of-use asset and lease liability on the condensed consolidated balance sheet, and instead are reflected as expense in the period they are paid.

Rent expense was $0.3 million for the three months ended March 31, 2023 and 2022.

The following table summarizes lease terms and discount rate:


	March 31, 2023			December 31, 2022
Weighted-average remaining lease term (years)		4.8		5.0
Weighted-average discount rate		4.79	%		4.79	%

The following table summarizes the cash flow and other information:


	Three Months Ended March 31,
(in thousands)	2023		2022
Operating lease liabilities arising from obtaining right-of-use assets (non-cash)	$	79	$	199
Operating cash flows used in operating leases	$	271	$	250

As of March 31, 2023, the Company had the following future minimum lease payments under non-cancelable operating leases for the remainder of 2023 and the future years thereafter (in thousands):


Year ending December 31:
2023	$	810
2024		1,064
2025		1,032
2026		1,001
2027		508
Thereafter		786
Total lease payments		5,201
Less: interest		(576	)
Total lease liability	$	4,625
Lease liabilities	$	864
Lease liabilities, net of current portion	$	3,761

In November 2021, the Company provided a letter of credit for approximately $142 thousand to secure its obligation under its lease in Watertown, Massachusetts. The Company maintains that amount of cash on hand (restricted) to fund any necessary draws on the letter of credit. In addition, as of March 31, 2023 and December 31, 2022, the Company had approximately $93 thousand and $93 thousand on hand, respectively, serving as a guarantee for its lease obligation in Belgium. These amounts have been classified as restricted cash in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022.

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Note 11. Related party transactions

On June 11, 2018, the Company entered into a Royalty Transfer Agreement with the charitable foundations of two of its investors (MPM Oncology Charitable Foundation, Inc. and UBS Optimus Foundation), which requires it to pay a royalty equal to a total of 1% of its net product sales each year within 120 days following each year end. Such agreement was entered into as a result of the capital contributions received from the investors. As the Company has no product sales to date, no royalties were owed to these charitable foundations as of March 31, 2023.

Net Income (Loss) per Share Attributable to Common Stock

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income (loss) Per Share Attributable to Common Stock

Note 12. Net income (loss) per share attributable to common stock

The Company granted certain stock options under the 2019 Plan, and currently grants certain stock options under the 2020 Plan, which are considered common stock equivalents. Unvested restricted stock units granted under the 2020 Plan are also considered common stock equivalents. For the period ending March 31, 2022, the common stock equivalents were included to calculate weighted-average diluted shares outstanding. The Company used the treasury

stock method. For the period ending March 31, 2023, the common stock equivalents were excluded from the calculation of net income (loss) per share due to their anti-dilutive effect.

The following table summarizes the impact of the treasury stock method:


Net (loss) income per share	Three Months Ended March 31,
(in thousands, except per share amounts)	2023			2022
Numerator
Net (loss) income attributable to common stockholders	$	(15,551	)	$	69,582
Denominator
Weighted-average shares used in compute net (loss) income per share, basic		35,716,037			35,493,272
Effect of dilutive securities		—			2,642,685
Weighted-average shares used to compute net (loss) income per share, diluted		35,716,037			38,135,957
Net (loss) income per share:
Basic	$	(0.44	)	$	1.96
Diluted	$	(0.44	)	$	1.82

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the years ended December 31, 2022 and 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K (File No. 001-39401). The results for any interim period are not necessarily indicative of results for any future period. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Accounting standards recently adopted	Accounting standards recently adopted In June 2016 the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The Company adopted this standard as of January 1, 2023. The adoption of this standard did not have a material impact on the Company's consolidated financial position and results of operations.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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


	March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	188,348	$	-	$	-	$	188,348
U.S. government agency bonds		-		285,935		-		285,935
U.S. treasury bonds		174,968		-		-		174,968
Corporate debt securities		-		20,357		-		20,357
Totals	$	363,316	$	306,292	$	-	$	669,608


	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	92,850	$	-	$	-	$	92,850
U.S. government agency bonds		-		267,748		-		267,748
U.S. treasury bonds		186,477		-		-		186,477
Corporate debt securities		-		5,349		-		5,349
Totals	$	279,327	$	273,097	$	-	$	552,424

Summary of Amortized Cost, Fair Value, and Unrealized Losses by Type of Security

The following table presents the amortized cost, fair value, and unrealized losses by major security type, for the fixed income securities held by the Company:


	March 31, 2023
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	285,864	$	229	$	(158	)	$	285,935
U.S. treasury bonds		174,966		44		(42	)		174,968
Corporate debt securities		20,328		29		-			20,357
Totals	$	481,158	$	302	$	(200	)	$	481,260


	December 31, 2022
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	254,881	$	87	$	(211	)	$	254,757
U.S. treasury bonds		186,496		19		(37	)		186,478
Corporate debt securities		5,358		-		(9	)		5,349
Totals	$	446,735	$	106	$	(257	)	$	446,584

Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of the Company's fixed income securities by maturity grouping:


	March 31, 2023
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	376,908	$	376,776
Due after one year through five years		104,250		104,484
Due after five years through ten years		-		—
Due after ten years		-		—
Total	$	481,158	$	481,260


	December 31, 2022
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	328,405	$	328,359
Due after one year through five years		118,330		118,225
Due after five years through ten years		-		—
Due after ten years		-		—
Total	$	446,735	$	446,584

Supplemental Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Balance Sheet Information [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2023			December 31, 2022
Scientific equipment	$	3,162		$	3,008
Furniture & office equipment		1,393			1,332
Leasehold improvements		1,293			1,238
Total		5,848			5,578
Accumulated depreciation and amortization		(3,729	)		(3,457	)
Property & equipment, net	$	2,119		$	2,121

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Accrued clinical trial costs	$	13,230	$	13,496
Accrued personnel costs		3,573		5,635
Accrued professional fees		60		64
Accrued other		864		532
Total accrued expenses and other current liabilities	$	17,727	$	19,727

License and Collaboration Agreements (Tables)

3 Months Ended

Mar. 31, 2023

License Agreements [Abstract]

Schedule of Contract Assets and Liabilities

The following table presents changes in the Company’s GSK contract assets and liabilities during the three months ended March 31, 2023:


Three Months Ended March 31, 2023
(in thousands)	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract Liabilities:
Deferred Revenue	$	12,595	$	—	$	(12,595	)	$	—

Government Grant Funding and Potential Repayment Commitments Under Recoverable Cash Advance Grants (RCAs) (Tables)

3 Months Ended

Mar. 31, 2023

Research and Development Arrangement with Federal Government [Abstract]

Schedule of Activity for Grant Programs

The following table reflects activity for grant programs for the three months ended March 31, 2023 and 2022 and end of period balances as of March 31, 2023, and December 31, 2022:


	RCA -1				RCA-2				Other Grants				Total
(In thousands)	2023		2022		2023		2022		2023		2022		2023		2022
Cash received	$	—	$	—	$	—	$	—	$	2,011	$	—	$	2,011	$	—
Grant income	$	—	$	—	$	—	$	485	$	735	$	6	$	735	$	491
Grants receivable at the end of the period	$	—	$	5	$	—	$	—	$	433	$	996	$	433	$	1,001
Grants repayable at the end of the period	$	5,789	$	5,665	$	1,338	$	1,312	$	—	$	—	$	7,127	$	6,977

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

Stock-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive income (loss) as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Research and development	$	1,148	$	608
General and administrative		4,659		3,585
Total stock-based compensation expense	$	5,807	$	4,193

Summary of Stock Options Activity

The following table summarizes stock option activity for the three months ended March 31, 2023:


	Stock Options
	Shares			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2022		6,401,987		$	18.50	7.1
Granted		1,004,800			16.74
Forfeited		(45,646	)		29.04
Exercised		(149,408	)		3.87
Outstanding as of March 31, 2023		7,211,733		$	18.49		7.4	$	22,865
Exercisable at March 31, 2023		3,678,442		$	14.84		6.3	$	17,959

Schedule of Fair Value Assumptions for Stock Options Granted

The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during:


	Quarter Ended March 31,
	2023			2022
Stock Options:
Risk-free interest rate	3.46% - 4.22%			1.37% - 1.96%
Expected term (in years)		6			6
Expected volatility	91% - 93%			86% - 91%
Expected dividend yield		0	%	0%
Estimated fair value of common stock	$16.66 - $21.15			$36.13 - $46.56
ESPP Awards:
Risk-free interest rate		1.63	%		-
Expected term (in years)		0.5			-
Expected volatility		77	%		-
Expected dividend yield		0	%		-
Estimated fair value of common stock	$20.92				-

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company’s restricted stock unit activity:


	Shares			Weighted average grant date fair value
Unvested as of December 31, 2022		10,000		$	35.86
Issued		83,500			20.08
Vested		(2,500	)		35.86
Cancelled		—			—
Unvested as of March 31, 2023		91,000		$	21.38

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes, Income Tax Benefit (Expense) and Effective Income Tax Rates

The following table presents the income (loss) before income taxes, income tax benefit (expense) and effective income tax rates for all periods presented:


(Loss) income before income tax expense	Three Months Ended March 31,
(in thousands)	2023			2022
Domestic		(21,316	)		(14,886	)
Foreign		6,964			134,419
(Loss) income before income tax expense		(14,352	)		119,533
Income tax expense		(1,199	)		(49,951	)
Effective tax rate	(8.4)%			41.8%

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Terms and Discount Rate

The following table summarizes lease terms and discount rate:


	March 31, 2023			December 31, 2022
Weighted-average remaining lease term (years)		4.8		5.0
Weighted-average discount rate		4.79	%		4.79	%

Schedule of Cash Flow and Other Information

The following table summarizes the cash flow and other information:


	Three Months Ended March 31,
(in thousands)	2023		2022
Operating lease liabilities arising from obtaining right-of-use assets (non-cash)	$	79	$	199
Operating cash flows used in operating leases	$	271	$	250

Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases

As of March 31, 2023, the Company had the following future minimum lease payments under non-cancelable operating leases for the remainder of 2023 and the future years thereafter (in thousands):


Year ending December 31:
2023	$	810
2024		1,064
2025		1,032
2026		1,001
2027		508
Thereafter		786
Total lease payments		5,201
Less: interest		(576	)
Total lease liability	$	4,625
Lease liabilities	$	864
Lease liabilities, net of current portion	$	3,761

Net Income (Loss) per Share Attributable to Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Net Income (loss) Per Shares By Treasury Stock Method

The following table summarizes the impact of the treasury stock method:


Net (loss) income per share	Three Months Ended March 31,
(in thousands, except per share amounts)	2023			2022
Numerator
Net (loss) income attributable to common stockholders	$	(15,551	)	$	69,582
Denominator
Weighted-average shares used in compute net (loss) income per share, basic		35,716,037			35,493,272
Effect of dilutive securities		—			2,642,685
Weighted-average shares used to compute net (loss) income per share, diluted		35,716,037			38,135,957
Net (loss) income per share:
Basic	$	(0.44	)	$	1.96
Diluted	$	(0.44	)	$	1.82

Nature of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net (loss) income	$ (15,551)	$ 69,582	$ 96,700
Retained earnings	$ 221,724		$ 237,275

- Definition

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

+ References

+ Details

Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 669,608	$ 552,424
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents (money market funds)	188,348	92,850
U.S. government agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	285,935	267,748
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	174,968	186,477
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	20,357	5,349
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	363,316	279,327
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents (money market funds)	188,348	92,850
Level 1 \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	174,968	186,477
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	306,292	273,097
Level 2 \| U.S. government agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	285,935	267,748
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 20,357	$ 5,349

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers within hierarchy	$ 0	$ 0
Total available-for-sale securities, Estimated Fair Value	481,260,000		$ 446,584,000
Accretion on its available-for-sale debt securities	2,900,000
Interest Income [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available-for-sale securities, Estimated Fair Value	$ 5,000,000.0

Fair Value Measurements - Summary of Amortized Cost, Fair Value, and Unrealized Losses by Type of Security (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 481,158	$ 446,735
Unrealized Gains	302	106
Unrealized Losses	(200)	(257)
Total available-for-sale securities, Estimated Fair Value	481,260	446,584
U.S. government agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	285,864	254,881
Unrealized Gains	229	87
Unrealized Losses	(158)	(211)
Total available-for-sale securities, Estimated Fair Value	285,935	254,757
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	174,966	186,496
Unrealized Gains	44	19
Unrealized Losses	(42)	(37)
Total available-for-sale securities, Estimated Fair Value	174,968	186,478
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	20,328	5,358
Unrealized Gains	29	0
Unrealized Losses	0	(9)
Total available-for-sale securities, Estimated Fair Value	$ 20,357	$ 5,349

Fair Value Measurements - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due in one year or less, Amortized Cost	$ 376,908	$ 328,405
Due after one year through five years, Amortized Cost	104,250	118,330
In one year or less, Estimated Fair Value	376,776	328,359
Due after one year through five years, fair value	104,484	118,225
Amortized Cost	481,158	446,735
Total available-for-sale securities, Estimated Fair Value	$ 481,260	$ 446,584

Supplemental Balance Sheet Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 5,848	$ 5,578
Accumulated depreciation and amortization	(3,729)	(3,457)
Property & equipment, net	2,119	2,121
Scientific Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,162	3,008
Furniture and Office Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,393	1,332
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,293	$ 1,238

Supplemental Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Balance Sheet Information [Abstract]
Depreciation and amortization	$ 222	$ 180

Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued clinical trial costs	$ 13,230	$ 13,496
Accrued personnel costs	3,573	5,635
Accrued professional fees	60	64
Accrued other	864	532
Total accrued expenses and other current liabilities	$ 17,727	$ 19,727

License and Collaboration Agreements - Additional Information (Details) - USD ($)		3 Months Ended
	Jun. 11, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront payment received		$ 625,000,000.0
License and collaboration revenue		12,595,000	$ 152,522,000
Accrued expenses and other current liabilities		17,727,000		$ 19,727,000
Deferred Revenue				12,595,000
Adimab L L C
Research And Development Arrangement Contract To Perform For Others [Line Items]
Maximum additional receivable based on achievement of research milestones		14,500,000
Adimab L L C \| License revenue
Research And Development Arrangement Contract To Perform For Others [Line Items]
Additional Milestone Payment Accrued		0
License and collaboration revenue		5,400,000
Adimab L L C \| Development Regulatory and Sales Milestone
Research And Development Arrangement Contract To Perform For Others [Line Items]
Maximum option fees receivable based on achievement of research milestones		45,800,000
GSK
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront payment received	$ 625,000,000.0
Milestone payments	$ 1,450,000,000
Eligible royalty payments percentage	20.00%
Accrued expenses and other current liabilities		5,000,000.0
Deferred Revenue		0		$ 12,600,000
Costs related to the cost-sharing provisions		8,300,000
Capitalized contract cost, net		$ 6,800,000
Costs related to global development plan		60.00%
Related party transaction, expenses from transactions with related party		$ 900,000,000.0
GSK \| License revenue
Research And Development Arrangement Contract To Perform For Others [Line Items]
License and collaboration revenue		$ 12,600,000

License and Collaboration Agreements - Schedule of Contract Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
License Agreements [Abstract]
Deferred revenue, Beginning balance	$ 12,595
Deferred revenue, Deductions	$ (12,595)

Government Grant Funding and Potential Repayment Commitments Under Recoverable Cash Advance Grants (RCAs) - Additional Information (Details) - USD ($)			3 Months Ended	12 Months Ended
	Dec. 03, 2019	Jul. 20, 2017	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses			$ 6,400,000
Percentage of royalty on revenue			30.00%		0.12%
Grant repayable			$ 7,127,000			$ 6,977,000
Accrued Expenses and Other Current Liabilities
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grant repayable			$ 400,000	$ 400,000
RCA-1
Research And Development Arrangement Contract To Perform For Others [Line Items]
Recoverable cash advance		$ 19,600
Percentage of royalty on revenue			0.33%
Grant repayable			$ 5,789,000			5,665,000
RCA-2
Research And Development Arrangement Contract To Perform For Others [Line Items]
Recoverable cash advance	$ 4,500,000
Percentage of royalty on revenue			0.15%
Grant repayable			$ 1,338,000			$ 1,312,000
Royalty accruals			$ 900,000	800,000
RCA-1 and RCA-2
Research And Development Arrangement Contract To Perform For Others [Line Items]
Percentage of repayment amount received under grant			30.00%
Research And Development And Future Sales
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grant repayable			$ 0	$ 0
Minimum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Percentage of grant reimburse of actual qualifying expenditures			55.00%
Minimum \| RCA-1 and RCA-2
Research And Development Arrangement Contract To Perform For Others [Line Items]
Term of repayment amount received under grant			2023
Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Percentage of grant reimburse of actual qualifying expenditures			100.00%
Maximum \| RCA-1 and RCA-2
Research And Development Arrangement Contract To Perform For Others [Line Items]
Term of repayment amount received under grant			2042

Government Grant Funding and Potential Repayment Commitments Under Recoverable Cash Advance Grants (RCAs) - Schedule of Activity for Grant Programs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Cash received	$ 2,011
Grant income	735	$ 491
Grants receivable	433	1,001	$ 1,001
Grant repayable	7,127	6,977
RCA-1
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grants receivable		5
Grant repayable	5,789	5,665
RCA-2
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grant income		485
Grant repayable	1,338	1,312
Other Grants
Research And Development Arrangement Contract To Perform For Others [Line Items]
Cash received	2,011
Grant income	735	6
Grants receivable	$ 433	$ 996

Stockholders' Equity - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares authorized	150,000,000	150,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, voting rights	Each share of common stock entitles the holders to one vote on all matters submitted to a vote of the Company’s stockholders.
IPO
Class Of Stock [Line Items]
Capital units, authorized	160,000,000
Common stock, shares authorized	150,000,000
Common stock, par value	$ 0.001
Preferred Stock Shares Authorized	10,000,000
Preferred Stock, par value	$ 0.001

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 15, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 01, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage upon sale		25.00%
Stock options vesting period		36 months
Weighted-average estimated fair value of options awarded (in dollars per share)		$ 12.86	$ 26.54
Stock-based compensation expense		$ 5,807	$ 4,193
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, stock options expiry period		10 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, stock options expiry period		7 years
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		650,191
Percentage of outstanding shares increase in shares reserved for issuance	1.00%
Percentage of purchase price to fair market value		85.00%
Estimated fair value of issued shares		$ 7.65
Maximum increase in common stock shares reserved for issuance	634,969
Non Vested Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs for non-vested stock awards		$ 55,400
Recognition period for compensation cost not yet recognized (in years, months, and days)		2 years 7 months 6 days
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 5,600
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs for non-vested stock awards		$ 1,800
Recognition period for compensation cost not yet recognized (in years, months, and days)		2 years
Stock-based compensation expense		$ 100
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 100
2019 Stock Option And Grant Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options authorized		3,464,316
Stock options issued during period		0
Amendment to 2019 Stock Option and Grant Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage upon sale	100.00%
2020 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cumulative increase in common stock reserve for issuance, percentage	5.00%
Common stock reserved for future issuance		9,115,915		7,335,355
Cumulative increase in common stock reserve for issuance					1,780,560

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 5,807	$ 4,193
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,148	608
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,659	$ 3,585

Stock-based Compensation - Summary of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Shares
Outstanding as of December 31, 2021	6,401,987
Granted	1,004,800
Forfeited	(45,646)
Exercised	(149,408)
Outstanding as of September 30, 2022	7,211,733	6,401,987
Exercisable at September 30, 2022			3,678,442
Weighted-Average Exercise Price Per Share
Outstanding as of December 31, 2021	$ 18.50
Granted	16.74
Forfeited	29.04
Exercised	3.87
Outstanding as of September 30, 2022	18.49	$ 18.50
Exercisable at September 30, 2022	$ 14.84
Weighted-Average Remaining Contractual Term
Options outstanding	7 years 4 months 24 days	7 years 1 month 6 days
Exercisable at September 30, 2022	6 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding as of September 30, 2022	$ 22,865
Exercisable at September 30, 2022	$ 17,959

Stock-based Compensation - Schedule of Fair Value Assumptions for Stock Options Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.46%	1.37%
Risk-free interest rate, maximum	4.22%	1.96%
Expected term (in years)	6 months
Expected Volatility, minimum	91.00%	86.00%
Expected Volatility, maximum	93.00%	91.00%
Expected dividend yield	0.00%	0.00%
Estimated fair value of common stock	$ 20.92	$ 0
Risk-free interest rate	1.63%	0.00%
Expected volatility	77.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years
Estimated fair value of common stock	$ 16.66	$ 36.13
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated fair value of common stock	$ 21.15	$ 46.56

Stock-based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested as of December 31, 2021, Shares \| shares	10,000
Issued, Shares \| shares	83,500
Vested, Shares \| shares	(2,500)
Cancelled, Shares \| shares	0
Unvested as of September 30, 2022, Shares \| shares	91,000
Unvested as of December 31, 2021, Weighted average grant date fair value \| $ / shares	$ 35.86
Issued, Weighted average grant date fair value \| $ / shares	20.08
Vested, Weighted average grant date fair value \| $ / shares	35.86
Cancelled, Weighted average grant date fair value \| $ / shares	0
Unvested as of September 30, 2022, Weighted average grant date fair value \| $ / shares	$ 21.38

Income Taxes - Schedule of Income (Loss) Before Income Taxes, Income Tax Benefit (Expense) and Effective Income Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (21,316)	$ (14,886)
Foreign	6,964	134,419
(Loss) Income before income taxes	(14,352)	119,533
Income tax expense	$ (1,199)	$ (49,951)
Effective tax rate	(8.40%)	41.80%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, at Federal statutory income tax rate, Percent	21.00%
Effective income tax rate reconciliation tax credits foreign		25.00%
Effective tax rate	(8.40%)	41.80%
Liability for uncertain tax position current		$ 22,300,000
Unrecognized tax benefits	$ 39,200,000		$ 39,200,000
Change in the unrecognized tax benefits	0	$ (22,300,000)
Unrecognized tax benefits income tax interest accrued	$ 2,200,000
Intellectual Property
Income Tax Contingency [Line Items]
Percentage of net revenue	85.00%

Commitments and Contingencies - Additional Information (Details)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) m² ft²	Mar. 31, 2022 USD ($)	Sep. 30, 2022	Dec. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)
Other Commitments [Line Items]
Land subject to leases \| m²	1,577
Operating leases, rent expense	$ 300,000	$ 300,000
Extension of office lease	In January 2021, the Company entered into an amendment to extend the lease, effective February 2021 with a termination date of January 2030, and increase the office and laboratory space
Wu Xi Agreement
Other Commitments [Line Items]
Minimum commitments	$ 0			$ 0
Payments for Royalties	0			0
Gosselies, Belgium
Other Commitments [Line Items]
Operating lease, Hand serving to secure lease obligation	$ 93,000			93,000
Watertown Massachusetts [Member]
Other Commitments [Line Items]
Land subject to leases \| ft²	9,068
Operating lease, Letter of credit to secure lease obligation					$ 142,000
Office and Laboratory Space \| Gosselies, Belgium
Other Commitments [Line Items]
Lease commencement date	May 31, 2016
Lease expiration date	Dec. 31, 2021
Lessee, operating lease, existence of option to extend [true false]			true
Office and Laboratory Space \| Gosselies, Belgium \| AmendmentToExtendLeaseMember
Other Commitments [Line Items]
Increase land subject to leases \| m²	201
Office and Laboratory Space \| Gosselies, Belgium \| Agreement To Extend Lease Member
Other Commitments [Line Items]
Lease commencement date	Feb. 28, 2021
Lease expiration date	Jan. 31, 2030
Increase land subject to leases \| ft²	453
Office \| Cambridge, Massachusetts
Other Commitments [Line Items]
Lease expiration date	Feb. 28, 2027
Office \| Watertown Massachusetts [Member]
Other Commitments [Line Items]
Lease commencement date	Nov. 30, 2021
Contract Termination
Other Commitments [Line Items]
Restructuring charges	$ 0			$ 0
Minimum
Other Commitments [Line Items]
Contractual Agreement Cancelation Notice period	30 days
Average car lease duration	48 months
Maximum
Other Commitments [Line Items]
Contractual Agreement Cancelation Notice period	60 days
Average car lease duration	60 months

Commitments and Contingencies - Schedule Of Lease Terms And Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (years)	4 years 9 months 18 days	5 years
Weighted-average discount rate	4.79%	4.79%

Commitments and Contingencies -Schedule Of Cash Flow And Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease liabilities arising from obtaining right-of-use assets (non-cash)	$ 79	$ 199
Operating cash flows used in operating leases	$ 271	$ 250

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 810
2024	1,064
2025	1,032
2026	1,001
2027	508
Thereafter	786
Total lease payments	5,201
Less: interest	(576)
Total lease liability	4,625
Lease liabilities	864	$ 836
Lease liabilities, net of current portion	$ 3,761	$ 3,837

Related Party Transactions - Additional Information (Details)		3 Months Ended
	Jun. 11, 2018 Investor	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Net product sales		$ 12,595,000	$ 152,522,000
Royalty Transfer Agreement
Related Party Transaction [Line Items]
Royalty owed to charitable foundation		$ 0
Royalty Transfer Agreement \| MPM Oncology Charitable Foundation, Inc. and UBS Optimus Foundation
Related Party Transaction [Line Items]
Number of investors \| Investor	2
Obligation to pay royalties		royalty equal to a total of 1% of its net product sales each year within 120 days following each year end.
Percentage of royalty required to pay	1.00%
Royalty Transfer Agreement \| Product
Related Party Transaction [Line Items]
Net product sales		$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Net Income (Loss) per Share Attributable to Common Stock - Schedule of Net Income (loss) Per Shares By Treasury Stock Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income (loss) attributable to common stockholders	$ (15,551)	$ 69,582
Denominator
Weighted-average shares used in compute net income (loss) per share, basic	35,716,037	35,493,272
Effect of dilutive securities	0	2,642,685
Weighted-average shares used to compute net income per share, diluted	35,716,037	38,135,957
Basic net (loss) income per common share	$ (0.44)	$ 1.96
Diluted net (loss) income per common share	$ (0.44)	$ 1.82

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

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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