0001193125-21-242039 | 10-Q | XBRL Viewer | DAY ONE Biopharmaceuticals INC

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	DAY ONE BIOPHARMACEUTICALS, INC.
Entity Central Index Key	0001845337
Entity File Number	001-40431
Entity Tax Identification Number	83-2415215
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	395 Oyster Point Blvd.
Entity Address, Address Line Two	Suite 217
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	484-0899
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DAWN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		61,928,939

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 309,996	$ 43,728
Prepaid expenses and other current assets	6,029	1,343
Total current assets	316,025	45,071
Property and equipment, net	67	77
Operating lease right-of-use asset	319	406
Deposits and other long-term assets	126	107
Total assets	316,537	45,661
Current liabilities:
Accounts payable	348	202
Accrued expenses and other current liabilities	4,113	1,596
Current portion of operating lease liabilities	201	198
Total current liabilities	4,662	1,996
Operating lease liabilities, long-term	112	204
Total liabilities	4,774	2,200
Commitments and contingencies (Note 8)
Redeemable convertible preferred shares, no par value; no shares authorized, issued and outstanding at June 30, 2021; 22,851,257 shares authorized, issued and outstanding at December 31, 2020		91,964
Redeemable convertible noncontrolling interest		5,702
Stockholders' equity/members' (deficit)
Preferred stock, 10,000,000 shares authorized, $0.0001 par value, no shares issued and outstanding at June 30, 2021; No shares authorized, issued, and outstanding at December 31, 2020
Additional paid-in-capital	398,065
Incentive shares, no par value; no shares authorized, issued and outstanding at June 30, 2021; 4,312,540 shares authorized and 4,112,012 shares issued and outstanding at December 31, 2020		637
Accumulated deficit	(86,308)	(56,842)
Total stockholders' equity/members' (deficit)	311,763	(54,205)
Total liabilities, redeemable convertible preferred shares, redeemable convertible noncontrolling interest and members' deficit	316,537	45,661
Common Class A [Member]
Stockholders' equity/members' (deficit)
Common Stock, Value, Issued		$ 2,000
Common Class B [Member]
Stockholders' equity/members' (deficit)
Common Stock, Value, Issued	$ 6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	500,000,000
Common Stock, Shares Issued	61,928,939	6,035,869
Common Stock, Shares Outstanding	61,928,939	6,035,869
Deferred Shares Par Value Per Shares	$ 0	$ 0
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance	0	4,312,540
Deferred Compensation Arrangement with Individual, Shares Issued	0	4,112,012
Deferred Shares Outstanding	0	4,112,012
Redeemable Convertible Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0	$ 0
Temporary Equity, Shares Authorized	0	22,851,257
Temporary Equity, Shares Issued	0	22,851,257
Temporary Equity, Shares Outstanding	0	22,851,257
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
Common Stock, Shares Authorized	0	28,887,127
Common Stock, Shares Issued	0	6,035,869
Common Stock, Shares Outstanding	0	6,035,869
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	0
Common Stock, Shares Issued	61,928,939	0
Common Stock, Shares Outstanding	61,928,939	0

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 9,914	$ 1,437	$ 22,547	$ 2,398
General and administrative	5,525	872	8,990	1,682
Total operating expenses	15,439	2,309	31,537	4,080
Loss from operations	(15,439)	(2,309)	(31,537)	(4,080)
Interest expense	(7)	(10)	(14)	(13)
Other expense	(27)		(24)
Changes in fair value of derivative tranche liability		(90)		(308)
Net loss and comprehensive loss	(15,473)	(2,409)	(31,575)	(4,401)
Net loss attributable to redeemable convertible noncontrolling interests	(1,191)	(649)	(2,109)	(1,106)
Exchange of redeemable noncontrolling interest shares – deemed dividend	(99,994)		(99,994)
Net loss attributable to common share members/common stockholders	$ (114,276)	$ (1,760)	$ (129,460)	$ (3,295)
Net loss per share, basic and diluted	$ (5.04)	$ (0.32)	$ (10.81)	$ (0.61)
Weighted-average number of common shares used in computing net loss per share, basic and diluted	22,661,889	5,456,203	11,976,577	5,383,549

Condensed Consolidated Statements of Redeemable Convertible Preferred Shares, Redeemable Noncontrolling Interest and Stockholders' Equity/ Members' (Deficit) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock [Member]	Redeemable Noncontrolling Interest [Member]	Common Stock [Member]	Common Shares [Member]	Incentive Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2019	$ (10,673)	$ 30,504	$ 5,487	$ 2,000		$ 111	$ 0	$ (12,784)
Beginning Balance (In shares) at Dec. 31, 2019		12,502,752		6,035,869		1,488,421
Issuance of incentive shares						528,211
Cancellations of incentive shares						(477,582)
Share-based compensation expenses	59					$ 59
Net loss attributable to redeemable convertible noncontrolling interests			(457)
Net loss attributable to Day One Biopharmaceuticals Holding Company, LLC members	(1,535)							(1,535)
Ending Balance at Mar. 31, 2020	(12,149)	$ 30,504	5,030	$ 2,000		$ 170	0	(14,319)
Ending Balance (In shares) at Mar. 31, 2020		12,502,752		6,035,869		1,539,050
Beginning Balance at Dec. 31, 2019	(10,673)	$ 30,504	5,487	$ 2,000		$ 111	0	(12,784)
Beginning Balance (In shares) at Dec. 31, 2019		12,502,752		6,035,869		1,488,421
Net loss attributable to redeemable convertible noncontrolling interests	1,106
Ending Balance at Jun. 30, 2020	(13,852)	$ 30,504	4,381	$ 2,000		$ 227	0	(16,079)
Ending Balance (In shares) at Jun. 30, 2020		12,502,752		6,035,869		1,560,469
Beginning Balance at Mar. 31, 2020	(12,149)	$ 30,504	5,030	$ 2,000		$ 170	0	(14,319)
Beginning Balance (In shares) at Mar. 31, 2020		12,502,752		6,035,869		1,539,050
Issuance of incentive shares						21,419
Share-based compensation expenses	57					$ 57
Net loss attributable to redeemable convertible noncontrolling interests	649		(649)
Net loss attributable to common members/ stockholders	(1,760)							(1,760)
Ending Balance at Jun. 30, 2020	(13,852)	$ 30,504	4,381	$ 2,000		$ 227	0	(16,079)
Ending Balance (In shares) at Jun. 30, 2020		12,502,752		6,035,869		1,560,469
Beginning Balance at Dec. 31, 2020	(54,205)	$ 91,964	5,702	$ 0	$ 2,000	$ 637	0	(56,842)
Beginning Balance (In shares) at Dec. 31, 2020		22,851,257		0	6,035,869	4,112,012
Issuance of incentive shares						874,335
Share-based compensation expenses	538					$ 538
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs		$ 129,757
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs (In shares)		9,638,141
Net loss attributable to redeemable convertible noncontrolling interests			(919)
Net loss attributable to Day One Biopharmaceuticals Holding Company, LLC members	(15,182)							(15,182)
Ending Balance at Mar. 31, 2021	(68,849)	$ 221,721	4,783	$ 0	$ 2,000	$ 1,175	0	(72,024)
Ending Balance (In shares) at Mar. 31, 2021		32,489,398		0	6,035,869	4,986,352
Beginning Balance at Dec. 31, 2020	(54,205)	$ 91,964	5,702	$ 0	$ 2,000	$ 637	0	(56,842)
Beginning Balance (In shares) at Dec. 31, 2020		22,851,257		0	6,035,869	4,112,012
Net loss attributable to redeemable convertible noncontrolling interests	2,109
Ending Balance at Jun. 30, 2021	311,763	$ 0	0	$ 6	$ 0	$ 0	398,065	(86,308)
Ending Balance (In shares) at Jun. 30, 2021		0		61,928,939	0	0
Beginning Balance at Mar. 31, 2021	(68,849)	$ 221,721	4,783	$ 0	$ 2,000	$ 1,175	0	(72,024)
Beginning Balance (In shares) at Mar. 31, 2021		32,489,398		0	6,035,869	4,986,352
Issuance of incentive shares						2,085,460
Cancellations of incentive shares						(265,596)
Share-based compensation expenses	2,537						2,537
Net loss attributable to redeemable convertible noncontrolling interests	1,191
Conversion of redeemable convertible preferred, common, and incentive shares into common stock , Value	221,721	$ (221,721)		$ 4	$ (2,000)	$ (1,175)	224,892
Conversion of redeemable convertible preferred, common, and incentive shares into common stock (In shares)		(32,489,398)		43,958,557	(6,035,869)	(6,806,216)
Conversion of redeemable noncontrolling interest to common stock	3,592		(3,592)	$ 1			3,592
Conversion of redeemable noncontrolling interest to common stock (In shares)				6,470,382
Net loss attributable to Day One Biopharmaceuticals Holding Company, LLC members			(1,191)
Common stock issued in IPO, net of issuance costs of $16,995	167,045			$ 1			167,044
Common stock issued in IPO, net of issuance costs of $16,995 (In shares)				11,500,000
Net loss attributable to common members/ stockholders	(14,284)							(14,284)
Ending Balance at Jun. 30, 2021	$ 311,763	$ 0	$ 0	$ 6	$ 0	$ 0	$ 398,065	$ (86,308)
Ending Balance (In shares) at Jun. 30, 2021		0		61,928,939	0	0

Condensed Consolidated Statements of Redeemable Convertible Preferred Shares, Redeemable Noncontrolling Interest and Stockholders' Equity/ Members' (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Common Stock [Member]
Stock issuance costs	$ 16,995
Series B redeemable convertible preferred shares [Member]
Stock issuance costs		$ 243

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (31,575)	$ (4,401)
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in-process research and development assets	8,000
Share-based compensation expense	3,075	116
Depreciation and amortization expense	10	5
Amortization of operating right-of-use assets	88	55
Non-cash interest expense	14	13
Changes in derivative tranche liabilities		308
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,722)	(206)
Deposits and other long-term assets	(19)	(71)
Accounts payable	145	155
Accrued expenses and other current liabilities	1,937	126
Operating lease liabilities	(102)	(73)
Net cash used in operating activities	(23,149)	(3,973)
Cash flows from investing activities
Purchases of property and equipment		(93)
Cash paid for acquired in-process research and development assets	(8,000)
Cash used in investing activities	(8,000)	(93)
Cash flows from financing activities
Proceeds from issuance of Series B redeemable convertible preferred shares, net of issuance costs	129,757
Proceeds from issuance of common stock, net	167,660
Net cash provided by financing activities	297,417
Net increase (decrease) in cash and cash equivalents	266,268	(4,066)
Cash and cash equivalents, beginning of period	43,728	27,332
Cash and cash equivalents, end of period	309,996	23,266
Supplemental disclosures of noncash activities
Exchange of 45,331,483 preferred, common, and incentive shares in connection with the Conversion (Note 1)	224,892
Exchange of redeemable convertible noncontrolling interest to 6,470,382 shares of common stock (Note 13)	3,592
Deferred offering costs not yet paid	$ 615
Right of use asset capitalization		$ 545

Description of Business, Organization and Liquidity

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business, Organization and Liquidity

1.	DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY

Organization and Business

Day One Biopharmaceuticals, Inc. (the “Company”), a successor to Day One Biopharmaceuticals Holding Company, LLC (“Day One Holding LLC), is a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for patients of all ages with genetically defined cancers. The Company’s lead product candidate, DAY101, has the potential to be a

first-in-class,

oral, brain-penetrant, highly-selective type II

pan-RAF

kinase inhibitor.

The Company started its operations in November 2018 under the name Hero Therapeutics Holding Company, LLC, a limited liability company under the laws of the State of Delaware. Subsequently, it changed its name to Day One Therapeutics Holding Company, LLC in December 2018 and to Day One Biopharmaceuticals Holding Company, LLC in March 2020. On May 26, 2021, the Company completed the conversion by filing a certificate of conversion with the Secretary of State of the State of Delaware and changed its name to Day One Biopharmaceuticals, Inc. As of June 30, 2021, the Company has two wholly owned subsidiaries: DOT

Therapeutics-2,

Inc. (“DOT-2”) (formerly Hero Therapeutics Inc. and Day One Biopharmaceuticals, Inc.), incorporated in Delaware in November 2018, and DOT

Therapeutics-1,

Inc. (“DOT-1”) , incorporated in Delaware in December 2019.

Initial Public Offering, Corporate Conversion and Exchange of Takeda’s shares

On June 1, 2021, the Company closed its initial public offering (the “IPO”) in which it sold an aggregate of 11,500,000 shares of common stock at a price to the public of $16.00 per share, which included 1,500,000 shares issued upon the full exercise by the underwriters of their option to purchase additional shares of common stock. The Company received aggregate net proceeds from the IPO of $167.0 million, after deducting underwriting discounts and commissions and offering costs, of $17.0 million. The common stock began trading on the Nasdaq Global Select Market on May 27, 2021, under the symbol “DAWN”.

In contemplation of the IPO, on May 26, 2021, the Company completed the conversion (the “Conversion”), which included the following: Day One Holding LLC, converted from a Delaware limited liability company to a Delaware corporation by filing a certificate of conversion with the Secretary of State of the State of Delaware; and changed its name to Day One Biopharmaceuticals, Inc.

As part of the Conversion:

•

holders of Series A redeemable convertible preferred shares of Day One Holding LLC received one share of Series A redeemable convertible preferred stock of the Company for each Series A redeemable convertible preferred share held immediately prior to the Conversion;

•

holders of Series B redeemable convertible preferred shares of Day One Holding LLC received one share of Series B redeemable convertible preferred stock of the Company for each Series B redeemable convertible preferred share held immediately prior to the Conversion;

•

holders of common shares of Day One Holding LLC received one share of common stock of the Company for each common share held immediately prior to the Conversion;

•

each outstanding incentive share in Day One Holding LLC converted into a number of shares of common stock of the Company based upon a conversion price determined by the board of directors. The conversion price was determined as a difference between the IPO price of $16.00 per share and

the

participating threshold for each incentive share. The Company issued 5,433,290 common stock shares upon the conversion of incentive shares of Day One Holding LLC, of which 4,719,605 common stock shares continue to vest as per the original vesting terms of the incentive shares awards.

In connection with the IPO and the Conversion, pursuant to the terms of the Millennium Stock Exchange Agreement and the Plan of Conversion, (“The Millennium Stock Exchange Agreement”) Millennium Pharmaceuticals, Inc. (“Takeda”) exchanged the 9,857,143 shares of Series A redeemable convertible preferred stock of DOT

-1,

a subsidiary of Day One Holding LLC, for 6,470,382 shares of common stock of the

Company (the “Exchange”).

The Company continues to hold all property and assets of Day One Holding LLC and assumes all of the debts and obligations of Day One Holding LLC. Effective on the date of the Conversion, the member of the board of directors and officers of Day One Holding LLC became the member of the board of directors and officers of the Company. The Conversion was a

tax-free

reorganization, that included authorization to issue to capital stock consisting of 500,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of undesignated preferred stock, $0.0001

par value per share.

Upon the closing of the IPO, 32,489,398 shares of redeemable convertible preferred stock issued by the Company in the Conversion converted into an equal number of shares of common stock. The Company also granted options for 4,418,874 common stock shares at $16.00 per share upon the IPO date.

Shares Split

On May 23, 2021, Day One Holding LLC Board approved an amendment the Operating Agreement to effect a forward split of the Company’s shares at a

2.325-for-1

ratio (the “Stock Split”). The Stock Split became effective on May 23, 2021, upon approval by the members and execution of the amended LLC operating agreement. All issued and outstanding common shares, redeemable convertible preferred shares, incentive shares and per share amounts contained in these condensed consolidated financial statements have been retroactively adjusted to reflect this Stock Split for all periods presented.

Liquidity

The Company has incurred significant operating losses since inception and has relied primarily on public and private equity to fund its operations. On June 30, 2021, the Company had an accumulated stockholders equity/members’ (deficit) of

$86.3

million. The Company expects to continue to incur substantial losses, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of product candidates and on the achievement of sufficient revenues to support its cost structure. The Company may never achieve profitability, and until then, the Company will need to continue to raise additional capital. As of June 30, 2021, the Company had cash and cash equivalents of

310.0

million. Based on current plans, the Company believes this will be sufficient to enable funding operations into 2023. Future requirements will depend on many factors and may prove to be wrong as available capital resources could be exhausted sooner than expected.

Risks and Uncertainties Related to

COVID-19

We are subject to risks related to public health crises such as the global pandemic associated with

COVID-19.

In December 2019, a novel strain of coronavirus,

COVID-19,

was first identified. The global spread of

COVID-19

resulted in the World Health Organization declaring the outbreak a “pandemic,” or a worldwide spread of a new disease, in early 2020. This virus eventually spread worldwide, and to all 50 states within the United States. In response, most countries around the world, imposed quarantines and restrictions on travel and mass gatherings to contain the spread of the virus. Employers worldwide were also required to increase the capacity and arrangement for employees to work remotely. More recently, many of the restrictions and travel bans have been eased or lifted completely as global society as a whole works to return to

pre-pandemic

business and personal practices. Although to date, these restrictions have not materially impacted our operations, the effect on our business, from the spread of

COVID-19

and the actions implemented by the governments of the United States and across the globe, may worsen over time and we are unable to predict the potential impact on our business.

Any outbreak of contagious diseases, or other adverse public health developments, could have a material and adverse effect on our business operations. These could include disruptions or restrictions on our ability to travel, pursue partnerships and other business transactions, receive shipments of biologic materials, as well as be impacted by the temporary closure of the facilities of suppliers. The spread of an infectious disease, including

COVID-19,

may also result in the inability of our suppliers to deliver supplies and services to us on a timely basis. In addition, health professionals may reduce staffing and reduce or postpone meetings with clients in response to the spread of an infectious disease. Though we have not yet experienced such events, if they would occur, they could result in a period of business disruption, and in reduced operations, any of which could materially affect our business, financial condition and results of operations. However, as of the date of this Form

10-Q,

we have not experienced a material adverse effect on our business nor the need for reduction in our work force; and, currently, we do not expect any material impact on our long-term activity. The extent to which

COVID-19

impacts our business will depend on future developments which are highly uncertain and cannot be predicted, including, but not limited to, new information which may emerge concerning the increased severity of the

COVID-19

virus, the actions to contain

COVID-19,

or treat its impact.

Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the years ended December 31, 2020 and 2019 included in the Company’s final prospectus for its IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on May 27, 2021, except as noted below.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and follow the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain notes and other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of the Company’s financial information. The condensed consolidated balance sheet as of December 31, 2020 has been derived from audited consolidated financial statements as of that date but does not include all of the financial information required by U.S. GAAP for complete financial statements. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”)

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the fair value of the redeemable convertible preferred shares, the fair value of the common shares, the fair value of the derivative tranche liability, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. As of June 30, 2021, cash equivalents include investments in money market funds. As of December 31, 2020, the Company did not have any cash equivalents and cash was held in checking accounts.

Deferred Finance Issuance Costs

Deferred finance issuance costs, consisting of legal, accounting, audit and filing fees relating to

in-process

equity financings, including the Company’s IPO, are capitalized. The deferred issuance costs will be offset against offering proceeds upon the completion of the financing or the offering. As of June 30, 2021, the Company did not have any deferred finance issuance costs related to the IPO. As of December 31, 2020, the Company had $36,000 in deferred issuance costs related to its Series B redeemable convertible preferred share private financing.

Share/Stock-Based Compensation

Prior to the IPO, the Company recognized share-based compensation expense based on the estimated fair value of all share-based awards, incentive shares and restricted common share shares, on the date of grant using the option-pricing model. The option-pricing model requires the input of subjective assumptions, including the fair value of the underlying common shares, the expected term of the award, the expected volatility, risk-free interest rates, and the dividend yield. In determining the fair value of common shares, the methodologies used to estimate the enterprise value were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants Accounting and Valuation Guide,

Valuation of Privately-Held-Company Equity Securities Issued as Compensation

. The participation threshold amounts are determined by the board of directors (the “Board”), at the time of grant. The expected life of the awards granted during the period was determined based on an expected time to the liquidation event. The Company applied the risk-free interest rate based on the U.S. Treasury yield in effect at the time of the grant consistent with the life of the award. The expected volatility is based on a peer group in the industry in which the Company does business consistent with the expected time to liquidity. The dividend yield was set at zero as the underlying security does not and is not expected to pay a

dividend.

Subsequent to closing of the IPO, the Company uses the Black-Scholes valuation model to estimate the fair value of options granted to employees and

non-employees,

intrinsic value to estimate the fair value of restricted stock award, and fair value of the Company’s common stock at the grant date for restricted stock units.

The Black-Scholes option-pricing model, used to estimate fair value of stock options awards, requires the use of the following assumptions:

•

Fair Value of Common Stock

—The Company’s closing price on the Nasdaq market at the grant date.

•

Expected Term

—The expected term represents the period that the stock-based awards are expected to be outstanding. The expected term for stock options is calculated using simplified method, as the weighted-average vesting term of the award and the award’s contract period.

•

Expected Volatility

—Since the Company does not have sufficient trading history for its common stock, the expected volatility is estimated based on the average historical volatilities of common stock of comparable publicly traded entities over a period equal to the expected term of the stock option grants. The comparable companies are chosen based on their size, stage in the life cycle or area of specialty. The Company will continue to apply this process until sufficient historical information regarding the volatility of the common stock price becomes available.

•

Risk-Free Interest Rate

—The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of

grant for zero-coupon U.S. Treasury

notes with maturities approximately equal to the expected term of the awards.

•

Expected Dividend Yield

—The Company has never paid dividends on the common stock and has no plans to pay dividends on its common stock. Therefore, the expected dividend yield use is zero.

The Company uses the straight-line attribution method for recognizing share/stock-based compensation expense. The Company recognizes forfeitures by reducing the expense in the same period the forfeitures occur. The Company recognizes share/stock-based compensation expense for awards with performance conditions when it is probable that the condition will be met, and the award will vest. The Company classifies share/stock-based compensation expense in the Consolidated Statement of Operations and Comprehensive Loss in the same manner in which the award recipients’ payroll costs are classified or in which the award recipients’ service payments are classified.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU

No. 2016-13,

Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326).

ASU

2016-13

requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU

2016-13

within ASU

2019-04,

Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The guidance will become effective for the Company for fiscal years beginning after December 15, 2022, with early adoption permitted. Effective January 1, 2021, the Company adopted ASU

2016-13

and the adoption did not have any impact on the Company’s condensed consolidated financial statements.

In December 2019, the FASB issued ASU

No. 2019-12,

Simplifying the

Accounting

for Income Taxes

(“ASU

2019-12”),

which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU

2019-12

is effective for fiscal years beginning after December 15, 2021. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating the impact that ASU

2019-12

will have on the condensed consolidated financial statements and related disclosures.

In August 2020, the FASB

issued ASU No. 2020-06 (“ASU

2020-06”)

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.

ASU

2020-06 will

simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred shares. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as

paid-in

capital. ASU

2020-06 also

amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The guidance will become effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company adoption is not expected to have a significant impact on the Company’s condensed consolidated financial statements and related disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3.	FAIR VALUE MEASUREMENTS

The financial instruments of the Company measured at fair value on a recurring basis are included in cash and cash equivalents. U.S. government money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy

Financial Assets and Liabilities Measured on a Recurring Basis

The following table sets forth the Company’s financial instruments as of June 30, 2021 and December 31, 2020, which are measured at fair value on a recurring basis by level within the fair value hierarchy. These are classified based on the lowest level of input that is significant to the fair value measurement (in thousands):


	June 30, 2021
	Total		Level 1		Level 2		Level 3
Money market funds, included in cash and cash equivalents	$	136,876	$	136,876	$	—	$	—

As of December 31, 2020,

the Company did

t have any money market funds.

There were

no transfers between Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2021 or 2020.

- 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

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Asset

4.	PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid and other current assets consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Prepaid insurance	$	4,578	$	41
Prepaid research and development expenses		1,277		1,259
Other prepaid expenses and other assets		174		43

Total prepaid expenses and other current assets	$	6,029	$	1,343

Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net



5.	PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2021			December 31, 2020
Furniture and fixtures	$	78		$	78
Leasehold improvements		15			15
Less: accumulated depreciation and amortization		(26	)		(16	)

Property and equipment, net	$	67		$	77

Depreciation and amortization expense was immaterial for the three and six months ended June 30, 2021 and 2020.

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Accrued research and development expenses	$	1,642	$	554
Accrued professional service expenses		913		298
Accrued payroll related expenses		849		717
Accrued issuance costs		615		—
Other		94		27

Total accrued expenses and other current liabilities	$	4,113	$	1,596

Significant Agreements

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

7.	SIGNIFICANT AGREEMENTS

License agreement with Merck KGaA, Darmstadt, Germany

On February 10, 2021, DOT-2, the Company’s subsidiary, entered into a license agreement (the MRKDG License Agreement), with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Under the MRKDG License Agreement, Merck KGaA, Darmstadt, Germany granted to the Company an exclusive worldwide license, with the right to grant sublicenses through multiple tiers, under specified patent rights and

know-how

for the Company to research, develop, manufacture, and commercialize products containing and comprising the pimasertib and MSC2015103B compounds. The Company also received clinical inventories supplies to use in its research and development activities. The Company’s exclusive license grant is subject to a

non-exclusive

license granted by Merck KGaA, Darmstadt Germany’s affiliate to a cancer research organization and Merck KGaA, Darmstadt, Germany retains the right to conduct, directly or indirectly, certain ongoing clinical studies relating to pimasertib.

Under the MRKDG License Agreement, the Company has obligations to use commercially reasonable efforts to develop and commercialize at least two licensed products in at least two specified major market countries by the year 2029.

In consideration for the rights granted under the MRKDG License Agreement and clinical supplies, the Company made an upfront payment

of $8.0 million, which was recorded as research and development expenses, as the technology does not have an alternative future use and supplies are used for research activities. The Company may also be required to make additional payments of up to

367.0

million based upon the achievement of specified development, regulatory, and commercial milestones, as well a high, single-digit royalty percentage on future net sales of licensed products, if any. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due. No milestones were achieved and due as of June 30, 2021.

The term of the MRKDG License Agreement will expire on a licensed

product-by-licensed

product and

country-by-country

basis upon the expiration of the Company’s obligation to pay royalties to the licensor with respect to such licensed product in such country and will expire in its entirety upon the expiration of all of the Company’s payment obligations with respect to all licensed products and all countries under the MRKDG License Agreement.

Takeda Assets Purchase Agreement

On December 16, 2019,

DOT-1

entered into an asset purchase agreement (the “Takeda Asset Agreement”), with Millennium Pharmaceuticals, Inc., an affiliate of Takeda Pharmaceutical Company Limited (“Takeda”). Pursuant to the Takeda Asset Agreement,

DOT-1

purchased certain technology rights and

know-how

related to

TAK-580

(which is now DAY101) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors.

DOT-1

also received clinical inventories supplies to use in the Company’s research and development activities of such RAF-inhibitor and an assigned investigator clinical trial agreement. Takeda also assigned to

DOT-1

its exclusive license agreement, or the Viracta License Agreement, with Sunesis Pharmaceuticals, Inc. (now Viracta Therapeutics, Inc. or Viracta). Takeda also granted

DOT-1

a worldwide, sublicensable exclusive license under specified patents and

know-how

and

non-exclusive

license under other patents and

know-how

generated by Takeda under the Takeda Asset Agreement. The Company also granted Takeda a grant back license, as defined in the agreement, which is terminable either automatically or by

DOT-1

in the event Takeda does not achieve specified development milestones within the applicable timeframes set forth under the Takeda Asset Agreement. This grant back license to Takeda was terminated at the time of Conversion in connection with the Millennium Stock Exchange Agreement.

In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement,

DOT-1

made an upfront payment of $1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible preferred stock in

DOT-1.

The fair value of issued shares was estimated as $9.9 million, based on the price paid by other investors for issued shares in the Series A financing of

DOT-1

Therapeutics, Inc. Pursuant to the terms of the Millennium Stock Exchange Agreement, Takeda agreed to exchange the 9,857,143 shares of Series A redeemable convertible preferred stock of

DOT-1,

Inc. for 6,470,382

shares of the Company’s common stock pursuant to and contingent upon the effectiveness of the Conversion (refer to Note 1). The Company recorded a total of

$10.9

million consideration for license and clinical supplies as research and development expenses.

The term of the Takeda Asset Agreement will expire on a country-by-country basis upon expiration of all assigned patent rights and all licensed patent rights in such country. Takeda may terminate the Takeda Asset Agreement prior to our first commercial sale of a product if we cease conducting any development activities for a continuous and specified period of time and such cessation is not agreed upon by the parties and is not done in response to guidance from a regulatory authority. Additionally, Takeda can terminate the Takeda Asset Agreement for our bankruptcy. In the event of termination of the Takeda Asset Agreement by Takeda as a result of our cessation of development or bankruptcy, all assigned patents, know-how and contracts (other than the Viracta License Agreement) will be assigned back to Takeda and Takeda will obtain a reversion license under patents and know-how generated to exploit all such terminated products.

Viracta License Agreement

On December 16, 2019,

DOT-1

amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Under the Viracta License Agreement,

DOT-1

received a worldwide exclusive license under specified patent rights and

know-how

to develop, use, manufacture, and commercialize products containing compounds binding the RAF protein family.

DOT-1

paid $2.0 million upfront in cash to Viracta, which was recorded as research and development expenses.

DOT-1

made a milestone payment of $3.0 million to Viracta in February 2021, which is recorded as research and development expense when the milestone was achieved in April 2021.

DOT-1

is also required to make additional milestone payments of up to $54

million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication to achieve a specified milestone event being lower than milestones payable for the first indication. Additionally, if

DOT-1

obtains a priority review voucher with respect to a licensed product and sell such priority review voucher to a third party or use such priority review voucher,

DOT-1

is obligated to pay Viracta a specified percentage in the

mid-teen

digits of all net consideration received from any such sale or of the value of such used priority review voucher, as applicable. Commencing on the first commercial sale of a licensed product in a country,

DOT-1

is obligated to pay tiered royalties ranging in the

mid-single-digit

percentages on net sales of licensed products, if any. The obligation to pay royalties will end on a

country-by-country

and licensed

product-by-licensed

product basis commencing on the first commercial sale in a country and continuing until the later of: (i) the expiration of the last valid claim of the Viracta licensed patents, jointly owned collaboration patents or specified patents owned by the Company covering the use or sale of such product in such country, (ii) the expiration of the last statutory exclusivity pertaining to such product in such country or (iii) the tenth anniversary of the first commercial sale of such product in such country. No other milestones, except as discussed above, were achieved and due as of June 30, 2021.

The term of the Viracta License Agreement will expire on a licensed

product-by-licensed

product and

country-by-country

basis upon the expiration of the Company’s obligation to pay royalties to Viracta with respect to such product in such country.

DOT-1

has the right to terminate the Viracta License Agreement with respect to any or all of the licensed products at will upon a specified notice period.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8.	COMMITMENTS AND CONTINGENCIES

Leases

The Company entered into a lease agreement for its corporate office facility in South San Francisco, California in March 2020, which expires in three years. The Company can extend the lease term for additional three years at market rates upon the notice of extension. The Company is obligated to pay monthly rent expense and its pro rata share of utilities, common area maintenance expenses and property taxes. The landlord also provided an allowance of $10,000 for any tenant improvements. The Company concluded that it is an operating lease. Common area expenses are a

non-lease

component and a variable consideration and included in operating expenses as incurred. The extension period has not been included in the determination of the Right of Use (“ROU”) asset or the lease liability for operating leases as the Company concluded that it is not reasonably certain that it would exercise this option.

The Company determined the lease incremental borrowing rate (“IBR”) based on the information available at the applicable lease commencement date as the Company’s lease did provide an implicit rate. The IBR is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment where the asset is located. The Company determined the amounts of its lease liabilities using an IBR of 8%. As of June 30, 2021, the remaining lease term was 1.67 years.

The Company’s lease does not require any contingent rental payments, impose financial restrictions, or contain any residual value guarantees.

Amortization of

right-of-use

assets is recognized on a straight-line basis over the applicable lease term. Amortization was $88,000 and $55,000 for the six months ended June 30, 2021 and 2020, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $102,000 and $73,000 for the six months ended June 30, 2021 and 2020, respectively. Variable payments expensed during the six ended June 30, 2021 and 2020 were

immaterial.

As of June 30, 2021, the future lease obligations were as follows (in thousands):


Remaining six months in 2021	$	103
2022		212
2023		18
Total future minimum lease payments		333
Less: Imputed interest		(19	)

Present value of operating lease liabilities	$	314

Research and Development Agreements

The Company enters into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing organizations for clinical supplies manufacturing and with other vendors for preclinical studies, supplies and other services and products for operating purposes. These contracts generally provide for termination on notice, with the exception of one vendor with a potential termination fee if a purchase order is cancelled within a specified time and of another vendor where labor costs are

non-cancellable

after the approval of the project plan. As of June 30, 2021 and December 31, 2020, there were no amounts accrued related to termination and cancellation charges as these are not probable

License Agreements

The Company entered into the license agreements, as disclosed in

Note 7,

pursuant to which the Company is required to pay milestones contingent upon meeting of specific events. The first milestone related to the Viracta License Agreement was achieved and recorded to research and development expense

during the three months ended June 30, 2021. The Company may be required to pay royalties on sales of products developed under these agreements. All products are in development as of June 30, 2021 and December 31, 2020 and

such royalties were due.

Legal Proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company is not subject to any material legal proceedings, and to the best of its knowledge, no material legal proceedings are currently pending or threatened.

Indemnification Agreements

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against it in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at its request in such capacities. There have been no claims to date and the Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company had not recorded any liabilities for these agreements as of June 30, 2021 and December 31, 2020.

Redeemable Convertible Preferred Shares

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Shares

9.	REDEEMABLE CONVERTIBLE PREFERRED SHARES

In June 2021, the Company completed its IPO, selling an aggregate of 11,500,000 shares of common stock. All outstanding redeemable convertible preferred shares were converted into 32,489,398 shares of common stock upon the completion of the IPO, June 1, 2021. As of June 30, 2021, the Company did not have any outstanding shares of redeemable convertible preferred shares.

In February 2021, the Company issued 9,638,141 Series B redeemable convertible preferred shares at a price of $13.488 per share for gross cash proceeds of $130.0 million. The Company incurred issuance costs of $243,000.

In December 2019, the Company issued 10,348,507 Series A redeemable convertible preferred shares at a price of $2.899 per share for gross cash proceeds of $30.0 million and issued 2,154,245 shares upon the conversion of the outstanding convertible note and accrued interest of $2.1 million. The Company incurred issuance costs of $95,000.

In connection with the initial issuance of the Series A redeemable convertible preferred shares, the Company had an obligation to sell an additional 10,348,505 Series A shares at $2.899 per share upon achievement of certain milestones in two tranche. The Company determined that the obligation to sell additional shares is a freestanding financing instrument and a liability. The Company estimated the fair value of the liability to be $1.5 million and recorded it as a reduction to redeemable convertible preferred shares and as a derivative tranche liability in its condensed consolidated balance sheet at the issuance date in December 2019. For the three months ended March 31, 2020, the Company remeasured the derivative tranche liability by $0.2 million.

In November and December 2020, the Board approved the settlement of tranche and the Company issued 10,348,505 shares for gross cash proceeds of $30.0 million. The Company incurred issuance costs of $22,000. As of December 31, 2020, no derivative tranche liabilities were outstanding.

The authorized, issued, and outstanding Series A redeemable convertible preferred shares as of December 31, 2020 were as follows:


	December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Liquidation Value		Carrying Value
Series A redeemable convertible preferred shares		22,851,257		22,851,257	$	66,245,059	$	91,964,055

Common Shares/Common Stock

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Common Shares/Common Stock

10.	COMMON SHARES/COMMON STOCK

Upon completion

of the IPO, the Company is authorized to issue

500

.0 million shares of common stock at a par value $

0.0001

. As of June 30, 2021,

61,928,939

shares of common stock were issued and outstanding.

As of December 31, 2020, the Company was authorized to issue 28,887,127 common shares. Common shares’ holders are entitled to vote and elect one Board member. As of December 31, 2020, the Company had 6,035,869 issued and outstanding common shares. As of December 31, 2020, the Company reserved 22,851,257 shares upon conversion of redeemable convertible preferred shares into common shares, respectively.

In November 2018, the Company entered into common shares purchase agreements with two founders of the Company. The individuals purchased a total of 2,790,000 common shares for a total purchase price of $300. Shares vest monthly for two and four years, respectively. Vesting for a certain number of shares was accelerated upon the Company’s closing of its Series A redeemable convertible preferred share financing. The Company also has an option for a period of ninety days after the individual’s employment is terminated either voluntarily or involuntarily to repurchase the unvested common shares at a price that is the lower

of the original price per share paid by the founder for such stock or the fair value as of the date of such repurchase. As of December 31, 2020, there were 193,766 shares unvested. The founders’ shares were converted to common stock in the Conversion. As of June 30, 2021, all founders’ common stock were vested

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Incentive Shares and Share/Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Incentive Shares and Share/Stock-Based Compensation

11.	INCENTIVE SHARES AND SHARE/STOCK-BASED COMPENSATION

Prior to the Conversion, Day One Holding LLC granted incentive shares under the Incentive Share Plan and was authorized to issue 8,924,177 incentive shares. Incentive shares were a separate

non-voting

class of shares that participate in distributions only after incentive shares vest, unless it is approved by the Board and include at least two of the preferred members, and a participation threshold is met. The incentive shares represented profits interests in Day One Holding LLC, which is an interest in the increase in the Company’s value over the participation threshold, as defined in the Operating Agreement and as determined at the time of grant. A holder of incentive share had the right to participate in distributions of profits only in excess of the participation threshold. The participation threshold was based on the valuation of the Company’s common shares on or around the grant date.

Day

One

Holding LLC granted incentive shares to employees and

non-employees,

which generally vested over a four-year period with cliff vesting for the first year. The Board approved vesting terms and conditions of each award and could accelerate vesting of incentive shares on an

award-by-award

basis. Vesting of incentive shares would be accelerated for all unvested shares upon a termination of services without cause within 12 months after the consummation of a change of control transaction.

The fair value of the incentive shares was estimated using an option pricing model with the following assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021 (through May 26, 2021)		2020		2021 (through May 26, 2021)		2020
Common share fair value	$	8.89	$	0.89	$	6.36 - 8.89	$	0.81 -0.89
Participating threshold	$	7.51	$	0.27	$	6.36 - 7.51	$	0.27
Risk free rate		0.14 %		0.18 %		0.14 %		0.18% - 0.3 %
Volatility		72.90%		80.00 %		72.90 %		78 - 80 %
Time to liquidity (in years)		0.20 - 1.80		3.03		0.20 - 1.80		3.03 - 3.30
Grant date fair value	$	4.24	$	0.74	$	4.24 - 4.52	$	0.71 - 0.74

The Company used the option pricing model to estimate the fair value of each incentive shares award on the date of grant. The members’ equity value was based on a recent enterprise valuation analysis performed and common share fair value. The participation threshold amounts are determined by the Board at the time of grant. The expected life of the awards granted during the period was determined based on an expected time to the liquidation event. The Company applied the risk-free interest rate based on the U.S. Treasury yield in effect at the time of the grant consistent with the life of the award. The expected volatility is based on a peer group in the industry in which the Company does business consistent with the expected time to liquidity. The dividend yield was set at zero as the underlying security does not and is not expected to pay a dividend.

Fair Value of Common Share

Prior to the IPO, management’s approach to estimate the fair value of the common share is consistent with the methods outlined in the American Institute of Certified Public Accountants’ Practice Aid,

Valuation of Privately-Held-Company Equity Securities Issued as Compensation

(

the “Practice Aid”), considering a number of objective and subjective factors including: valuations of common shares performed with the assistance of independent third-party valuation specialists; the Company’s stage of development and business strategy, including the status of research and development efforts, and the material risks related to the business and industry; the Company’s results of operations and financial position, including levels of available capital resources; the valuation of publicly traded companies in the life sciences and biotechnology sectors, as well as recently completed mergers and acquisitions of peer companies; the lack of marketability of the common shares; the prices of redeemable convertible preferred shares sold to investors in arm’s length transactions and the rights, preferences, and privileges of the

Company’s redeemable convertible preferred shares relative to those of common shares; the likelihood of achieving a liquidity event for the holders of the common and redeemable convertible preferred shares, such as an initial public offering or a sale, given prevailing market conditions. The fair value of the common shares was approved by the Board until such time as the Company shares are listed on an established stock exchange or national market system.

The incentive shares have been classified as equity awards and share-based compensation expense was based on the grant date fair value of the award.

The following table provides a summary of the incentive shares activity:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		4,112,017		$	1.26
Granted		2,959,795		$	4.32
Forfeited		(265,596	)	$	1.67
Converted to unvested common stock		(6,806,216	)	$	2.58
Outstanding as of June 30, 2021		—

2021 Stock Incentive Plan

Immediately prior to consummation of the IPO, all of the outstanding incentive shares were converted into 5,433,290 shares of common stock, of which 4,719,605 were unvested common stock. The following table provides a summary of the unvested common stock grant activity during the six months ended June 30, 2021.


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock as of December 31, 2020		—		$	—
Conversion of incentive shares		4,719,605		$	16.00
Vested		(36,489	)	$	16.00
Unvested restricted stock as of June 30, 2021		4,683,116		$	16.00

In May 2021, in connection with the IPO, the Board of Directors and stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on the day before the date of the effectiveness of the IPO. The 2021 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, awards of restricted stock, restricted stock units and other stock-based awards. The number of shares of common stock reserved for issuance under the 2021 Plan is equal to the sum of: (1) 6,369,000; plus (2) 4,719,605 shares of common stock issued in respect of the Conversion of incentive shares that were subject to vesting immediately prior to the effectiveness of the registration statement for the IPO that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right. The number of shares available for grant and issuance under the 2021 Plan will be automatically increased on January 1 of each of 2022 through 2031, by the lesser of (a) 5% of the number of shares of all classes of the Company’s common stock, plus the total number of shares of Company common stock issuable upon conversion of any preferred stock or exercise of any warrants to acquire shares of Company common stock for a nominal exercise price issued and outstanding on each December 31 immediately prior to the date of increase or (b) such number of shares determined by the Board of Directors.

The Company issued 4,418,874 stock options with at weighted average fair value of $9.30 upon effectiveness of the IPO during the three months ended June 30, 2021. The intrinsic value of outstanding options is $29.9 million and remaining contractual life of 9.9 years as of June 30, 2021. The following table provides a summary of stock option activity under the 2021 Plan during the six months ended June 30, 2021.


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		—	$	—
Granted		4,418,874	$	16.00
Outstanding at June 30, 2021		4,418,874	$	16.00
Exercisable at June 30, 2021		21,622	$	16.00

2021 Employee Stock Purchase Plan

In May 2021, the Board of Directors adopted and the stockholders approved the 2021 Employee Stock Purchase Plan, (“the ESPP”), which became effective on May 26, 2021. A total of 603,000 shares of common stock were reserved for issuance under the ESPP. The number of shares of the common stock reserved for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of: a) 1% of the total number of outstanding shares of common stock of the Company (on an as converted basis outstanding on the immediately preceding December 31 (rounded down to the nearest whole share); b) an amount determined by the Board of Directors. No shares have been issued under the ESPP as of June 30, 2021

Share/Stock-based compensation

The Company recorded share/stock-based compensation expense related to the issuance of incentive shares and stock options of $3.1 million and $0.1 million during the six months ended June 30, 2021 and 2020, respectively, and $2.5 million and $0.1 million during the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $39.6 million of unrecognized compensation cost related to unvested restricted stock and stock options that is expected to be recognized over a weighted-average period of approximately 3.0 years. As of June 30, 2020, there was $0.7 million of unrecognized compensation cost related to unvested incentive shares that is expected to be recognized over a weighted-average period of approximately 2.9 years.

The Company did not recognize incremental share-based compensation expense related to the conversion of the incentive shares to unvested common stock in accordance with the Conversion, as such exchange was at fair value.

The Company uses intrinsic value to value its unvested common stock and stock options, which is the difference between the Company’s common stock market value and the exercise price of a share and recognizes expense over the vesting term of the award. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option granted with the following assumption for awards granted in May 2021:


Common stock fair value	$	16.00
Expected term (in years)		5.28 - 5.90
Expected volatility		64.91% 66.51 %
Risk-free interest rate		0.86% - 1.00%
Expected dividend yield		—

Share/stock-based compensation expense recorded in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Research and development expense	$	713	$	55	$	832	$	69
General and administrative expense		1,824		2		2,243		47

Total share-based compensation expense	$	2,537	$	57	$	3,075	$	116

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

12.	NET LOSS PER SHARE

Net Loss Per Share

Basic and diluted net loss per share attributable to common shareholders/stockholders after the Conversion is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss and comprehensive loss	$	(15,473	)	$	(2,409	)	$	(31,575	)	$	(4,401	)
Net loss attributable to redeemable convertible noncontrolling interests		(1,191	)		(649	)		(2,109	)		(1,106	)
Exchange of redeemable noncontrolling interest shares – deemed dividend (r efer to Not e 13)		(99,994	)		—			(99,994	)		—

Net loss attributable to common share members/common stockholders		(114,276	)		(1,760	)		(129,460	)		(3,295	)

Net loss per share, basic and diluted	$	(5.04	)	$	(0.32	)	$	(10.81	)	$	(0.61	)

Weighted-average number of common shares used in computing net loss per share, basic and diluted		22,661,889			5,456,203			11,976,577			5,383,549

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is

anti-dilutive:


	As of June 30,
	2021		2020
Redeemable convertible preferred shares		—		12,502,752
Incentive shares		—		683,379
Stock options		4,418,874		—
Unvested common shares		4,683,116		484,391
		9,101,990		13,670,522

Redeemable NonControlling Interest

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Redeemable NonControlling Interest

13.	REDEEMABLE NONCONTROLLING INTEREST

DOT-1,

the Company’s subsidiary, issued Series A redeemable convertible preferred shares to Takeda in accordance with the Takeda Asset Agreement (Note 7). The Company concluded that it represented a redeemable noncontrolling interest.

The Company adjusts the carrying value of redeemable noncontrolling interest to allocate net losses of the subsidiary to Takeda. Transfers to and from the redeemable noncontrolling interest represent changes in ownership and the allocation of Series A redeemable convertible preferred shares issuance costs issued by the subsidiary

On May 26, 2021, pursuant to the pursuant to the terms of the Millennium Stock Exchange Agreement, Takeda exchanged its 9,857,143 shares of Series A redeemable convertible preferred stock in DOT

-1,

for 6,470,382 shares of common stock of the Company. Prior to the

Exchange

, the Company accounted for the redeemable noncontrolling interest as discussed in the paragraph above and allocated $2.1 million and $0.9 million of net losses for the period from January 1 to

May 26, 2021 and from April 1 to May 26, 2021, respectively, to Takeda.

The

xchange resulted in DOT

-1

becoming a wholly owned subsidiary of the Company, and was recorded for accounting purposes as an extinguishment of the redeemable noncontrolling interest. As such, the Company also recognized an extinguishment loss of $100.0 million to additional paid in capital, which was calculated as a difference between the fair value of common stock issued to Takeda in the conversion and the carrying value of redeemable noncontrolling interest at the conversion date. The

all-stock

exchange was treated as a deemed dividend in the calculation of net loss attributable to common stockholders and net loss and per share.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Deferred Finance Issuance Costs

Deferred finance issuance costs, consisting of legal, accounting, audit and filing fees relating to

in-process

Share/Stock-Based Compensation

Valuation of Privately-Held-Company Equity Securities Issued as Compensation

dividend.

Subsequent to closing of the IPO, the Company uses the Black-Scholes valuation model to estimate the fair value of options granted to employees and

non-employees,

intrinsic value to estimate the fair value of restricted stock award, and fair value of the Company’s common stock at the grant date for restricted stock units.

The Black-Scholes option-pricing model, used to estimate fair value of stock options awards, requires the use of the following assumptions:

•

Fair Value of Common Stock

—The Company’s closing price on the Nasdaq market at the grant date.

•

Expected Term

•

Expected Volatility

•

Risk-Free Interest Rate

—The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of

grant for zero-coupon U.S. Treasury

notes with maturities approximately equal to the expected term of the awards.

•

Expected Dividend Yield

—The Company has never paid dividends on the common stock and has no plans to pay dividends on its common stock. Therefore, the expected dividend yield use is zero.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU

No. 2016-13,

Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326).

ASU

2016-13

requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU

2016-13

within ASU

2019-04,

2016-13

and the adoption did not have any impact on the Company’s condensed consolidated financial statements.

In December 2019, the FASB issued ASU

No. 2019-12,

Simplifying the

Accounting

for Income Taxes

(“ASU

2019-12”),

2019-12

will have on the condensed consolidated financial statements and related disclosures.

In August 2020, the FASB

issued ASU No. 2020-06 (“ASU

2020-06”)

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.

ASU

2020-06 will

paid-in

capital. ASU

2020-06 also

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	June 30, 2021
	Total		Level 1		Level 2		Level 3
Money market funds, included in cash and cash equivalents	$	136,876	$	136,876	$	—	$	—

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Prepaid insurance	$	4,578	$	41
Prepaid research and development expenses		1,277		1,259
Other prepaid expenses and other assets		174		43

Total prepaid expenses and other current assets	$	6,029	$	1,343

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2021			December 31, 2020
Furniture and fixtures	$	78		$	78
Leasehold improvements		15			15
Less: accumulated depreciation and amortization		(26	)		(16	)

Property and equipment, net	$	67		$	77

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Accrued research and development expenses	$	1,642	$	554
Accrued professional service expenses		913		298
Accrued payroll related expenses		849		717
Accrued issuance costs		615		—
Other		94		27

Total accrued expenses and other current liabilities	$	4,113	$	1,596

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Lease Obligations

As of June 30, 2021, the future lease obligations were as follows (in thousands):


Remaining six months in 2021	$	103
2022		212
2023		18
Total future minimum lease payments		333
Less: Imputed interest		(19	)

Present value of operating lease liabilities	$	314

Redeemable Convertible Preferred Shares (Tables)

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Summary of Series A Redeemable Convertible Preferred Shares

The authorized, issued, and outstanding Series A redeemable convertible preferred shares as of December 31, 2020 were as follows:


	December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Liquidation Value		Carrying Value
Series A redeemable convertible preferred shares		22,851,257		22,851,257	$	66,245,059	$	91,964,055

Incentive Shares and Share/Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Fair Value of The Incentive Shares Estimated Using An Option Pricing Model

The fair value of the incentive shares was estimated using an option pricing model with the following assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021 (through May 26, 2021)		2020		2021 (through May 26, 2021)		2020
Common share fair value	$	8.89	$	0.89	$	6.36 - 8.89	$	0.81 -0.89
Participating threshold	$	7.51	$	0.27	$	6.36 - 7.51	$	0.27
Risk free rate		0.14 %		0.18 %		0.14 %		0.18% - 0.3 %
Volatility		72.90%		80.00 %		72.90 %		78 - 80 %
Time to liquidity (in years)		0.20 - 1.80		3.03		0.20 - 1.80		3.03 - 3.30
Grant date fair value	$	4.24	$	0.74	$	4.24 - 4.52	$	0.71 - 0.74

Summary of The Incentive Shares Activity

The following table provides a summary of the incentive shares activity:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020		4,112,017		$	1.26
Granted		2,959,795		$	4.32
Forfeited		(265,596	)	$	1.67
Converted to unvested common stock		(6,806,216	)	$	2.58
Outstanding as of June 30, 2021		—

Summary of The Unvested Common Stock


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock as of December 31, 2020		—		$	—
Conversion of incentive shares		4,719,605		$	16.00
Vested		(36,489	)	$	16.00
Unvested restricted stock as of June 30, 2021		4,683,116		$	16.00

Summary of Stock Option Activity Under The 2021 Plan

The following table provides a summary of stock option activity under the 2021 Plan during the six months ended June 30, 2021.


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		—	$	—
Granted		4,418,874	$	16.00
Outstanding at June 30, 2021		4,418,874	$	16.00
Exercisable at June 30, 2021		21,622	$	16.00

Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted


Common stock fair value	$	16.00
Expected term (in years)		5.28 - 5.90
Expected volatility		64.91% 66.51 %
Risk-free interest rate		0.86% - 1.00%
Expected dividend yield		—

Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss

Share/stock-based compensation expense recorded in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Research and development expense	$	713	$	55	$	832	$	69
General and administrative expense		1,824		2		2,243		47

Total share-based compensation expense	$	2,537	$	57	$	3,075	$	116

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders

Basic and diluted net loss per share attributable to common shareholders/stockholders after the Conversion is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss and comprehensive loss	$	(15,473	)	$	(2,409	)	$	(31,575	)	$	(4,401	)
Net loss attributable to redeemable convertible noncontrolling interests		(1,191	)		(649	)		(2,109	)		(1,106	)
Exchange of redeemable noncontrolling interest shares – deemed dividend (r efer to Not e 13)		(99,994	)		—			(99,994	)		—

Net loss attributable to common share members/common stockholders		(114,276	)		(1,760	)		(129,460	)		(3,295	)

Net loss per share, basic and diluted	$	(5.04	)	$	(0.32	)	$	(10.81	)	$	(0.61	)

Weighted-average number of common shares used in computing net loss per share, basic and diluted		22,661,889			5,456,203			11,976,577			5,383,549

Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is

anti-dilutive:


	As of June 30,
	2021		2020
Redeemable convertible preferred shares		—		12,502,752
Incentive shares		—		683,379
Stock options		4,418,874		—
Unvested common shares		4,683,116		484,391
		9,101,990		13,670,522

Description Of Business, Organization And Liquidity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 01, 2021	May 23, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from issuance of initial public offering	$ 167,000
Payments of stock issuance costs	$ 17,000
Share-based compensation arrangement by share-based payment award, options, vested, number of shares			4,719,605
Common stock shares authorized			500,000,000
Preferred stock shares authorized			10,000,000	0
Preferred stock par or stated value per share			$ 0.0001	$ 0.0001
Stockholders' equity note, stock split		2.325-for-1
Retained Earnings (Accumulated Deficit)			$ (86,308)	$ (56,842)
Cash and cash equivalents			$ 309,996	$ 43,728	$ 23,266	$ 27,332
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period, shares, new issues	11,500,000		11,500,000
Shares issued, price per share	$ 16.00		$ 16.00
Number of shares issued upon conversion			5,433,290
Stock issued during period, shares, conversion of units			32,489,398
Share-based compensation arrangement by share-based payment award, options, grants in period, net of forfeitures			4,418,874
Over-Allotment Option [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period, shares, issued for services	1,500,000
Series A Redeemable Convertible Preferred Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock par or stated value per share			$ 0.0001
Series A Redeemable Convertible Preferred Stock [Member] \| Millennium Pharmaceuticals, Inc. [Member] \| The Millennium Stock Exchange Agreement [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Conversion of stock, shares converted			9,857,143
Convertible preferred stock, shares issued upon conversion			6,470,382

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Line Items]
Cash equivalents, at carrying value		$ 0
Cash		0
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend payments	$ 0
Series B redeemable convertible preferred shares [Member]
Accounting Policies [Line Items]
Deferred finance costs, own-share lending arrangement, issuance costs, net	$ 0	$ 36,000

Fair Value Measurement - Summary of Company's Financial Instruments (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents		$ 0
Fair Value, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	$ 136,876,000
Fair Value, Recurring [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	136,876,000
Fair Value, Recurring [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents
Fair Value, Recurring [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents

Fair Value Measurement - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure		$ 0
Fair value, measurement recurring basis, asset, transfers, net	$ 0

Prepaid Expenses and Other Current Assets - Summary of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 4,578	$ 41
Prepaid research and development expenses	1,277	1,259
Other prepaid expenses and other assets	174	43
Total prepaid expenses and other current assets	$ 6,029	$ 1,343

Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ 26	$ 16
Property and equipment, net	67	77
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	78	78
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15	$ 15

Accrued Expenses and Other Current Liabilities - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 1,642	$ 554
Accrued professional service expenses	913	298
Accrued payroll related expenses	849	717
Accrued issuance costs	615
Other	94	27
Total accrued expenses and other current liabilities	$ 4,113	$ 1,596

Significant Agreements - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 16, 2019	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Value, New Issues			$ 167,045
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues			11,500,000
Stock Issued During Period, Value, New Issues			$ 1
Merck License Agreement [Member] \| Research and Development Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones				$ 367,000
Takeda Asset Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront of cash payment	$ 1,000
Takeda Asset Agreement [Member] \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Value, Conversion of Convertible Securities	$ 6,470,382
Takeda Asset Agreement [Member] \| Series A Redeemable Convertible Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues	9,857,143
Stock Issued During Period, Value, New Issues	$ 9,900
Stock Issued During Period, Shares, Conversion of Convertible Securities	9,857,143
Takeda Asset Agreement [Member] \| Research and Development Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment				$ 8,000
Aggregate cash consideration paid	$ 10,900
Viracta License Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones		$ 54,000
Viracta License Agreement [Member] \| Research and Development Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones		$ 3,000
Upfront of cash payment	$ 2,000

Commitment and Contingencies - Summary of Future Lease Obligations (Detail) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining six months in 2021	$ 103
2022	212
2023	18
Total future minimum lease payments	333
Less: Imputed interest	(19)
Present value of operating lease liabilities	$ 314

Commitment and Contingencies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Amortization of right of use asset operating lease	$ 88,000	$ 55,000
Research And Development Agreements [Member]
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable	0		$ 0
Litigation amount awarded from other party	0		0
Viracta License Agreement [Member]
Lessee, Lease, Description [Line Items]
Royalty fee payable	0		0
Indemnification Agreement [Member]
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable	0		0
Litigation amount awarded from other party	$ 0		$ 0
Lease For Corporate Office Facility [Member] \| Central America [Member]
Lessee, Lease, Description [Line Items]
Operating lease term	3 years
Tenant improvement allowances receivable	$ 10,000
Lessee operating lease incremental borrowing rate		8.00%
Lessee operating lease renewal lease term	3 years	1 year 8 months 1 day
Amortization of right of use asset operating lease	$ 88,000	$ 55,000
Operating lease payments	$ 102,000	$ 73,000

Redeemable Convertible Preferred Shares - Additional Information (Detail) - USD ($)		1 Months Ended				3 Months Ended	6 Months Ended
	Jun. 01, 2021	Feb. 28, 2021	Dec. 31, 2020	Nov. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2021
Temporary Equity [Line Items]
Payment of stock issuance costs	$ 17,000,000.0
IPO [Member]
Temporary Equity [Line Items]
Issuance of incentive shares	11,500,000						11,500,000
Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Common stock shares issued as a result of conversion of temporary equity into permanent equity							32,489,398
Temporary equity, shares outstanding							0
Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares new issues					10,348,507
Temporary equity issue price per share					$ 2.899
Proceeds from redeemable convertible preferred stock					$ 30,000,000
Payment of accrued interest					2,100,000
Payment of stock issuance costs					$ 95,000
Temporary equity shares issued upon conversion of notes payable					2,154,245
Series A Redeemable Convertible Preferred Stock [Member] \| Milestone Achieved [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares new issues				10,348,505
Proceeds from redeemable convertible preferred stock				$ 30,000,000
Payment of stock issuance costs				$ 22,000
Series A Redeemable Convertible Preferred Stock [Member] \| Temporary Equity Related Tranche Liability [Member]
Temporary Equity [Line Items]
Unrealized gain loss due to change in fair value of derivatives						$ 200,000
Derivative liability at fair value						$ 1,500,000
Series A Redeemable Convertible Preferred Stock [Member] \| Milestone Achievement [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares new issues			10,348,505
Temporary equity issue price per share						$ 2.899
Proceeds from redeemable convertible preferred stock			$ 30,000,000
Payment of stock issuance costs			22,000
Temporary equity shares subscribed but not issued						10,348,505
Derivative liability at fair value			$ 0
Series B Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares new issues		9,638,141
Temporary equity issue price per share		$ 13.488
Payment of stock issuance costs		$ 243,000
Series B Redeemable Convertible Preferred Stock [Member] \| Gross Proceeds [Member]
Temporary Equity [Line Items]
Proceeds from redeemable convertible preferred stock		$ 130,000,000

Redeemable Convertible Preferred Shares - Summary of Series A Redeemable Convertible Preferred Shares (Detail)	Dec. 31, 2020 USD ($) shares
Temporary Equity [Line Items]
Carrying Value \| $	$ 91,964,000
Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Shares Authorized \| shares	22,851,257
Shares Issued \| shares	22,851,257
Shares Outstanding \| shares	22,851,257
Liquidation Value \| $	$ 66,245,059
Carrying Value \| $	$ 91,964,055

Common Shares/Common Stock - Additional Information (Detail)	1 Months Ended	6 Months Ended
	Nov. 30, 2018 USD ($) shares	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares
Class of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000
Common Stock, Shares Issued		61,928,939	6,035,869
Common Stock, Shares Outstanding		61,928,939	6,035,869
Number of directors entitled to be elected by the holders of common stock			1
Proceeds from the issuance of common stock \| $		$ 167,660,000
Common Shares Purchase Agreement [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000	28,887,127
Founder [Member]
Class of Stock [Line Items]
Common stock shares unvested			193,766
Founder [Member] \| Common Shares Purchase Agreement [Member]
Class of Stock [Line Items]
Issuance of incentive shares	2,790,000
Proceeds from the issuance of common stock \| $	$ 300
Founder One [Member] \| Common Shares Purchase Agreement [Member]
Class of Stock [Line Items]
Common stock shares issued vesting term	2 years
Founder Two [Member] \| Common Shares Purchase Agreement [Member]
Class of Stock [Line Items]
Common stock shares issued vesting term	4 years
Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance			22,851,257
Common Class B [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000	0
Common Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Common Stock, Shares Issued		61,928,939	0
Common Stock, Shares Outstanding		61,928,939	0

Incentive Shares and Share/Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense		$ 2,537	$ 57	$ 3,075	$ 116
Incentive Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment award fair value assumptions dividend yield				0.00%
Incentive Share Plan [Member] \| Day One Holding LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangment number of shares authorized		8,924,177		8,924,177
Incentive Share Plan [Member] \| Cliff Vesting [Member] \| Day One Holding LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement term of vesting				12 months
2021 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares of one class into another				5,433,290
2021 Stock Incentive Plan [Member] \| Unvested Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares of one class into another				4,719,605
2021 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance	6,369,000
Additional number of common stock shares reserved for future issuance	4,719,605
Share based compensation by share based payment arrangement non vested options granted during the period				4,418,874
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value				$ 16.00
Share based compensation by share based arrangement intrinsic value of non vested outstanding options		$ 29,900		$ 29,900
Share based compensation by share based payment arrangement weighted average remaining contractual life of non vested outstanding options		9 years 10 months 24 days
2021 Equity Incentive Plan [Member] \| IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement non vested options granted during the period		4,418,874
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value		$ 9.30
2021 Equity Incentive Plan [Member] \| Incremental Shares Reserved for Future Issuance [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of common stock shares reserved for future issuance as percentage of common stock shares outstanding	5.00%
2021 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance	603,000
Additional number of common stock shares reserved for future issuance as percentage of common stock shares outstanding	1.00%
2021 Employee Stock Purchase Plan [Member] \| Incentive Shares and Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense		$ 2,500	100	3,100	100
2021 Employee Stock Purchase Plan [Member] \| Unvested Restricted Stock and Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement unrecognized compensation		$ 39,600		$ 39,600
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition				3 years
2021 Employee Stock Purchase Plan [Member] \| Unvested Incentive Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement unrecognized compensation			$ 700		$ 700
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition					2 years 10 months 24 days

Incentive Shares and Share/Stock-Based Compensation - Summary of Fair Value of The Incentive Shares Estimated Using An Option Pricing Model (Detail) - Incentive Share Plan Member [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common share fair value	$ 8.89	$ 0.89	$ 8.89	$ 0.89
Participating threshold	$ 7.51	$ 0.27	$ 7.51	$ 0.27
Risk free rate	0.14%	0.18%	0.14%
Risk free rate, minimum				0.18%
Risk free rate, maximum				0.30%
Volatility	72.90%	80.00%	72.90%
Volatility, minimum				78.00%
Volatility, maximum				80.00%
Time to liquidity (in years)		3 years 10 days
Grant date fair value	$ 4.24	$ 0.74
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common share fair value	8.89	0.89	$ 8.89	$ 0.89
Participating threshold	$ 7.51		$ 7.51
Time to liquidity (in years)	2 months 12 days		1 year 9 months 18 days	3 years 3 months 18 days
Grant date fair value			$ 4.52	$ 0.74
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common share fair value	$ 6.36	$ 0.81	6.36	$ 0.81
Participating threshold	$ 6.36		$ 6.36
Time to liquidity (in years)	1 year 9 months 18 days		2 months 12 days	3 years 10 days
Grant date fair value			$ 4.24	$ 0.71

Incentive Shares and Share/Stock-Based Compensation - Summary of The Incentive Shares Activity (Detail) - Incentive Shares [Member]	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding at December 31, 2020	4,112,017
Number of Shares, Granted	2,959,795
Number of Shares, Forfeited	(265,596)
Number of Shares, Converted to unvested common stock	(6,806,216)
Number of Shares, Outstanding at June 30, 2021	0
Weighted Average Grant Date Fair Value, Outstanding \| $ / shares	$ 1.26
Weighted Average Grant Date Fair Value, Granted \| $ / shares	4.32
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	1.67
Weighted Average Grant Date Fair Value, Converted to unvested common stock \| $ / shares	$ 2.58

Incentive Shares and Share/Stock-Based Compensation - Summary of The Unvested Common Stock (Detail) - 2021 Stock Incentive Plan [Member] - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning balance \| shares	0
Conversion of incentive shares \| shares	4,719,605
Vested \| shares	(36,489)
Number of Shares, Ending balance \| shares	4,683,116
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 0
Conversion of incentive shares \| $ / shares	16.00
Vested \| $ / shares	16.00
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 16.00

Incentive Shares and Share/Stock-Based Compensation - Summary of Stock Option Activity Under The 2021 Plan (Detail) - Two Thousand And Twenty One Equity Incentive Plan [Member] - $ / shares	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning balance	0
Granted	4,418,874
Number of Shares, Ending balance	4,418,874
Exercisable	21,622
Weighted average grant date fair value, beginning	$ 0
Granted	16.00
Weighted average grant date fair value, Ending	16.00
Weighted average grant date fair value, Exercisable	$ 16.00

Incentive Shares and Share/Stock-Based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted (Detail) - Two Thousand And Twenty One Equity Incentive Plan [Member] - Stock options [Member]	6 Months Ended
	Jun. 30, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price	$ 16.00
Volatility, minimum	64.91%
Volatility, maximum	66.51%
Risk free rate, minimum	0.86%
Risk free rate, maximum	1.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 10 months 24 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 10 days

Incentive Shares and Share/Stock-Based Compensation - Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,537	$ 57	$ 3,075	$ 116
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	713	55	832	69
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 1,824	$ 2	$ 2,243	$ 47

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss and comprehensive loss	$ (15,473)	$ (2,409)	$ (31,575)	$ (4,401)
Net loss attributable to redeemable convertible noncontrolling interests	(1,191)	(649)	(2,109)	(1,106)
Exchange of redeemable noncontrolling interest shares – deemed dividend (refer to Note 13)	(99,994)	0	(99,994)	0
Net loss attributable to common share members/common stockholders	$ (114,276)	$ (1,760)	$ (129,460)	$ (3,295)
Net loss per share, basic and diluted	$ (5.04)	$ (0.32)	$ (10.81)	$ (0.61)
Weighted-average number of common shares used in computing net loss per share, basic and diluted	22,661,889	5,456,203	11,976,577	5,383,549

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,101,990	13,670,522
Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		12,502,752
Incentive Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		683,379
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,418,874
Unvested common shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,683,116	484,391

Redeemable NonControlling Interest - Additional Information (Detail) - USD ($) $ in Thousands		2 Months Ended	3 Months Ended		6 Months Ended
	May 26, 2021	May 26, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Redeemable Noncontrolling Interest [Line Items]
Net loss attributable to redeemable convertible noncontrolling interests			$ 1,191	$ 649	$ 2,109	$ 1,106
Adjustment to additional paid in capital loss on conversion of temporary equity into permanent equity		$ 100,000
DOT -1 [Member]
Redeemable Noncontrolling Interest [Line Items]
Temporary equity shares converted into permanent equity	9,857,143
Common stock shares issued as a result of conversion of temporary equity into permanent equity	6,470,382
DOT -1 [Member] \| Takeda [Member]
Redeemable Noncontrolling Interest [Line Items]
Net loss attributable to redeemable convertible noncontrolling interests	$ 2,100	$ 900