0001746473-21-000023 | 10-Q | XBRL Viewer

Increase (Decrease) in Temporary Equity [Roll Forward]

$ 62,468

$ 75,860

$ 47,947

Issuance of Series C redeemable preferred stock, net of issuance costs (in shares)

28,527,313

Issuance of Series C redeemable preferred stock, net of issuance costs

$ 52,038

Balance at end of period (in shares) at Mar. 31, 2020

56,000,000

49,501,221

54,888,058

Balance at end of period at Mar. 31, 2020

$ 62,468

$ 75,860

$ 99,985

Balance at beginning of period (in shares) at Dec. 31, 2019

1,846,024

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ (76,295)

$ 1

$ 0

$ (1)

$ (76,295)

52,093

8,232

425

Balance at end of period (in shares) at Mar. 31, 2020

11,029

1,906,349

Balance at end of period at Mar. 31, 2020

(64,751)

$ 1

455

(65,266)

Balance at beginning of period (in shares) at Dec. 31, 2019

56,000,000

49,501,221

26,360,745

Balance at end of period (in shares) at Sep. 30, 2020

$ 62,468

$ 75,860

$ 47,947

Balance at beginning of period (in shares) at Dec. 31, 2019

$ 0

1,846,024

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(76,295)

$ 1

(1)

(76,295)

(17)

Balance at end of period (in shares) at Sep. 30, 2020

(22,506)

35,465,715

Balance at beginning of period (in shares) at Mar. 31, 2020

300,346

$ 3

399,162

(18)

(98,801)

56,000,000

49,501,221

54,888,058

Balance at beginning of period at Mar. 31, 2020

$ 62,468

$ 75,860

$ 99,985

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of Series A, B, C convertible preferred stock to common stock (in shares)

(56,000,000)

(49,501,221)

(54,888,058)

Conversion of Series A, B, C convertible preferred stock to common stock

$ (62,468)

$ (75,860)

$ (99,985)

Balance at end of period (in shares) at Jun. 30, 2020

Balance at end of period at Jun. 30, 2020

$ 0

Balance at beginning of period (in shares) at Mar. 31, 2020

1,906,349

Balance at beginning of period at Mar. 31, 2020

(64,751)

$ 1

455

(65,266)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common/preferred stock (in shares)

10,350,000

625,000

Issuance of common/preferred stock

$ 148,400

$ 10,000

$ 1

$ 148,399

$ 10,000

40,102

73,719

Conversion of Series A, B, C convertible preferred stock to common stock (in shares)

177

22,432,029

Conversion of Series A, B, C convertible preferred stock to common stock

238,293

$ 1

238,292

786

(89)

Balance at end of period (in shares) at Jun. 30, 2020

(17,001)

35,427,199

Balance at end of period at Jun. 30, 2020

315,816

$ 3

398,110

(30)

(82,267)

Balance at end of period (in shares) at Sep. 30, 2020

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 0

Additional issuance costs related to initial public offering

(123)

38,058

458

1,169

Balance at end of period (in shares) at Sep. 30, 2020

(16,534)

35,465,715

Balance at beginning of period (in shares) at Dec. 31, 2020

$ 300,346

$ 3

399,162

(18)

(98,801)

Balance at end of period (in shares) at Mar. 31, 2021

$ 0

Balance at end of period at Mar. 31, 2021

$ 0

Balance at beginning of period (in shares) at Dec. 31, 2020

35,552,795

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 283,061

^[1]

$ 3

400,918

(32)

(117,828)

30,277

165,264

1,370

2,578

Balance at end of period (in shares) at Mar. 31, 2021

(22,856)

35,748,336

Balance at end of period at Mar. 31, 2021

$ 264,169

$ 3

404,868

(18)

(140,684)

Balance at beginning of period (in shares) at Dec. 31, 2020

Balance at end of period (in shares) at Sep. 30, 2021

$ 0

Balance at beginning of period (in shares) at Dec. 31, 2020

$ 0

35,552,795

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 283,061

^[1]

$ 3

400,918

(32)

(117,828)

(8)

Balance at end of period (in shares) at Sep. 30, 2021

$ (72,732)

35,977,294

Balance at beginning of period (in shares) at Mar. 31, 2021

$ 220,440

$ 3

411,037

(40)

(190,560)

Balance at beginning of period at Mar. 31, 2021

$ 0

Balance at end of period (in shares) at Jun. 30, 2021

Balance at end of period at Jun. 30, 2021

$ 0

Balance at beginning of period (in shares) at Mar. 31, 2021

35,748,336

Balance at beginning of period at Mar. 31, 2021

264,169

$ 3

404,868

(18)

(140,684)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

30,136

75,444

372

2,280

(12)

Balance at end of period (in shares) at Jun. 30, 2021

(22,831)

35,853,916

Balance at end of period at Jun. 30, 2021

243,980

$ 3

407,522

(30)

(163,515)

Balance at end of period (in shares) at Sep. 30, 2021

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 0

26,791

96,587

702

2,811

(10)

Balance at end of period (in shares) at Sep. 30, 2021

$ (27,045)

(27,045)

35,977,294

$ 220,440

$ 3

$ 411,037

$ (40)

$ (190,560)

[1]	The condensed balance sheet as of December 31, 2020 has been derived from the audited financial statements as of that date.

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (72,732)	$ (22,506)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,117	963
Stock-based compensation expense	7,669	2,380
Other	914	0
Changes in operating assets and liabilities:
Tax credit receivable	0	250
Accounts receivable	7,669	(79)
Prepaid expenses and other current assets	(900)	(4,774)
Other non-current assets	(380)	(70)
Accounts payable	401	1,826
Accrued liabilities	719	1,228
Other long-term liabilities	(55)	(4)
Net cash used in operating activities	(55,578)	(20,786)
Cash flows from investing activities
Purchase of short-term investments	(181,967)	(267,818)
Maturity of short-term investments	231,244	45,997
Accretion of short-term investments	0	(6)
Purchase of property and equipment	(1,361)	(945)
Net cash provided by/(used in) investing activities	47,916	(222,772)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering, net of issuance costs	0	150,751
Proceeds from issuance of common stock upon completion of private placement	0	10,000
Proceeds from issuance of Series C preferred stock, net of issuance costs	0	52,019
Proceeds from issuances of common stock	2,443	205
Payment of deferred offering costs	(432)	0
Net cash provided by financing activities	2,011	212,975
Net decrease in cash and cash equivalents	(5,651)	(30,583)
Cash and cash equivalents at beginning of period	50,882	85,807
Cash and cash equivalents at end of period	45,231	55,224
Supplemental disclosures of noncash investing and financing activities:
Purchase of property and equipment in accounts payable and accrued liabilities	330	242
Reclassification of restricted stock award liabilities to common stock upon vesting	7	9
Deferred offering costs in accounts payable and accrued liabilities	17	0
Net unrealized gain/(loss) on short-term investments	$ (8)	$ (17)

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Pliant Therapeutics, Inc. (the “Company” or "Pliant" or “we” or “our” or “us”) is a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis with an initial focus on treating fibrosis by inhibiting integrin-mediated activation of TGF-ß. Fibrosis refers to the abnormal thickening and scarring of connective tissue due to the production and deposition of excess collagen in the extra-cellular matrix. Fibrosis can occur in many different tissues including lung, liver, kidney, muscle, skin and the GI tract, and often causes severe and debilitating disease leading to organ failure. The Company is located in South San Francisco, California, and was incorporated in the state of Delaware in June 2015. Reverse Stock Split On May 22, 2020, the Company implemented a 1-for-7.15 reverse stock split of the Company’s common stock. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. All share and per share data shown in the accompanying financial statements and related notes have been retroactively revised to reflect the reverse stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. Shares of common stock reserved for issuance upon the conversion of the Company’s convertible preferred stock were proportionately reduced and the respective conversion prices were proportionately increased. As of June 3, 2020, all outstanding preferred stock had been converted into common stock. Initial Public Offering In June 2020, the Company completed its initial public offering (the "IPO"), in which the Company issued and sold an aggregate of 10,350,000 shares of common stock, which consisted of 9,000,000 shares of common stock and 1,350,000 shares of common stock sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $16.00 per share. The aggregate net proceeds received by the Company from the offering were $148.3 million, net of underwriting discounts, commissions and offering expenses of $5.7 million. Upon the closing of the IPO, 160,389,279 shares of the Company’s outstanding convertible preferred stock were automatically converted to common stock on a 7.15:1 basis and the related carrying amount of $238.3 million was reclassified to common stock and additional paid-in capital within stockholders’ equity (deficit). Concurrent with the completion of the IPO, the Company also issued 625,000 shares of its common stock to Novartis Institutes for Biomedical Research, Inc. (“Novartis”), a strategic partner and existing stockholder of the Company, in a private placement at a price of $16.00 per share for proceeds of $10.0 million, which resulted in Novartis owning approximately 6.1% of the Company’s outstanding shares of common stock immediately after the IPO.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior year reported amounts have been reclassified to conform with the current period presentation. The accompanying condensed balance sheet as of September 30, 2021, condensed statements of operations and comprehensive loss, condensed statements of cash flows, and the condensed statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from audited financial statements as of and for the year ended December 31, 2020. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2021, and the results of its operations and its cash flows for the three and nine months ended September 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020, are also unaudited. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses as well as the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to stock-based compensation expense and accruals for research and development costs. The Company assesses estimates on an ongoing basis, however, actual results could materially differ from those estimates. Significant Accounting Policies There have been no significant changes to the accounting policies during the nine months ended September 30, 2021, as compared to the significant accounting policies described in Note 2 of the "Notes to the Financial Statements" in the Company's audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-2, Leases (“Topic 842”), which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. For public entities, ASU No. 2016-2 is effective for fiscal years beginning after December 15, 2018. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. As a result of the Company's ceasing to be an emerging growth company on December 31, 2021, Topic 842 will be effective for the Company for its Annual Report on Form 10-K for the year ending December 31, 2021 and interim periods thereafter. The Company is currently in the process of evaluating the impact of the adoption of ASU No. 2016-2 on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): The Measurement of Credit Losses on Financial Instruments. The new standard amends guidance on measuring and reporting credit losses for financial assets held at amortized cost basis, including accounts receivable and investments classified as available for sale, such as our debt securities. This ASU requires a new forward-looking model based on expected credit losses rather than the current one based on incurred losses. As a result of the Company's ceasing to be an emerging growth company on December 31, 2021, this standard will be effective for the Company for its Annual Report on Form 10-K for the year ending December 31, 2021 and interim periods thereafter. The Company is currently in the process of evaluating the impact of the adoption of ASU 2016-13 on the Company’s financial statements.

Financial Instruments

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial Instruments

The Company’s short-term investments consist of U.S. Treasury securities, U.S. Government agency securities and highly rated, investment-grade corporate debt securities with original maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time even prior to maturity and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the Balance Sheets. The Company’s short-term investments classified as available-for-sale are carried at fair market value with unrealized losses or income recognized in other comprehensive income (loss).

The Company’s cash equivalent Money Market Funds are classified as Level 1 because they are valued using quoted market prices. The fair value of the Company’s U.S. Treasury securities, U.S. government agency securities and corporate debt securities are classified as Level 2 because they are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency and include U.S. government agency securities, U.S. Treasury securities and corporate debt securities.

There were no Level 3 assets or liabilities as of September 30, 2021 and as of December 31, 2020.

The following tables show the Company’s cash and cash equivalents, Money Market Funds and short-term investments by significant investment category as of September 30, 2021 and December 31, 2020 (in thousands):


	As of September 30, 2021
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	19,981	$	—	$	—	$	19,981
Level 2:
U.S. Treasury securities included in short-term investments	2,503		—		—		2,503
U.S. government agency securities included in cash and cash equivalents and short-term investments	17,057		1		—		17,058
Corporate debt securities included in cash and cash equivalents and short-term investments	164,292		7		(48)		164,251
Total financial assets	$	203,833	$	8	$	(48)	$	203,793


	As of December 31, 2020
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	27,686	$	—	$	—	$	27,686
Level 2:
U.S. Treasury securities included in short-term investments	63,101		4		(1)		63,104
U.S. government agency securities included in cash and cash equivalents and short-term investments	54,183		10		—		54,193
Corporate debt securities included in cash and cash equivalents and short-term investments	118,759		1		(46)		118,714
Total financial assets	$	263,729	$	15	$	(47)	$	263,697

The Company may sell certain of its short-term securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation.

There were no liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020. There have been no transfers between fair value measurement levels during the nine months ended September 30, 2021 and 2020. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2021 and December 31, 2020.

As of September 30, 2021, the Company had not recorded any impairment related to other-than-temporary declines in the fair value of short-term investments. Short-term investments are considered impaired when a decline in fair value is judged to be other-than-temporary. The Company consults with its investment managers and considers available quantitative and qualitative evidence in evaluating potential impairment of its short-term investments on a quarterly basis. If the cost of an individual investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost and its intent and ability to hold the investment.

The Company records interest income and accretion income earned on Money Market Funds and U.S. Treasury, U.S. government agency and corporate debt securities to interest and other income (expense), net in its condensed statement of operations and comprehensive loss.

Property, Plant and Equipment [Abstract]

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

Property and Equipment, net

9 Months Ended

Sep. 30, 2021

Property and Equipment, net

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


	As of September 30, 2021		As of December 31, 2020
Computer equipment and software	$	22	$	22
Laboratory equipment	7,600		6,540
Leasehold improvements	1,092		947
Construction-in-progress	597		300
Total property and equipment	9,311		7,809
Less: Accumulated depreciation	(4,605)		(3,488)
Total property and equipment, net	$	4,706	$	4,321

Depreciation expense for the three months ended September 30, 2021 and 2020 was $0.4 million and $0.3 million, respectively. Depreciation expense for the nine months ended September 30, 2021 and 2020 was $1.1 million and $1.0 million, respectively.

Accrued Liabilities and Other Long-Term Liabilities

9 Months Ended

Sep. 30, 2021

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities and Other Long-Term Liabilities

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	As of September 30, 2021		As of December 31, 2020
Accrued compensation and benefits	$	3,787	$	4,542
Accrued research and development expenses	5,987		3,274
Other accrued liabilities	408		1,675
Deferred rent	138		85
Total accrued liabilities	$	10,320	$	9,576

Accrued compensation and benefits consist primarily of accrued bonuses and accrued vacation.

Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	As of September 30, 2021		As of December 31, 2020
Deferred rent	$	534	$	581
Leasehold incentive obligation	222		283
Other liabilities — deposits	—		2
Total other long-term liabilities	$	756	$	866

Novartis Collaboration and License Agreement ("the Novartis Agreement")	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Novartis Collaboration and License Agreement ("the Novartis Agreement")	Novartis Collaboration and License Agreement (the "Novartis Agreement")In 2019, we entered into the Novartis Agreement for the development and commercialization of our preclinical product candidate, PLN-1474 and up to three additional integrin research targets. PLN-1474 is an internally discovered small molecule selective inhibitor of integrin αvß1, currently being developed for the treatment of liver fibrosis associated with nonalcoholic steatohepatitis (“NASH”). Pursuant to the agreement, we received an upfront, non-refundable license fee of $50.0 million and were eligible to receive additional payments of $416.0 million contingent upon achievement of specified research, development, regulatory and commercial events and royalties on world-wide net sales thereafter. Additionally, Novartis is funding up to $19.6 million associated with research and development services for PLN-1474 and up to $13.4 million for research and development services on the integrin research targets. To date, we have received $25.0 million in contingent payments and $391.0 million remain eligible for achievement. No contingent payments were recognized during the three and nine months ended September 30, 2021 and one contingent payment of $25.0 million was recognized in the first quarter of 2020. Revenues for research and development services for the three and nine months ended September 30, 2021 and 2020 were $1.6 million and $5.6 million, and $4.8 million and $37.4 million, respectively.

Regent of the University of California License Agreement (the "UC Agreement")	9 Months Ended
	Sep. 30, 2021
License Agreements [Abstract]
Regent of the University of California License Agreement (the "UC Agreement")	Regents of the University of California License Agreement (the "UC Agreement") In 2015, we entered into the UC Agreement to obtain an exclusive, worldwide license relating to the use of certain patents and technology relating to αvß1 compound in fibrosis indications. Pursuant to the UC Agreement, we made a $2.4 million milestone payment upon the close of our IPO in June 2020. Subsequently, we determined the licensed technology was no longer relevant to the development of our product candidates and, therefore, we exercised our right to terminate the UC Agreement which became effective in the first quarter of 2021. No further obligations or financial commitments survive the termination.

Adimab Development and Option Agreement (the "Adimab Agreement")	9 Months Ended
	Sep. 30, 2021
Research and Development [Abstract]
Adimab Development and Option Agreement (the "Adimab Agreement")	Adimab Development and Option Agreement (the "Adimab Agreement") In 2018, we entered into a development and option agreement with Adimab, LLC (“Adimab”) for the discovery and optimization of proprietary antibodies as potential therapeutic product candidates. Under the Adimab Agreement, we will select biological targets against which Adimab will use its proprietary platform technology to research and develop antibody proteins using a mutually agreed upon research plan. We are required to pay Adimab an agreed upon rate for its full-time employees during the discovery period while Adimab performs research on each target under the applicable research plan. We have an exclusive option to obtain a worldwide, royalty-bearing, sublicensable license under Adimab platform patents and other Adimab technology to research, develop and commercialize up to 24 antibodies of our selection. As of September 30, 2021, we have not exercised our option to further develop any antibody proteins. During the nine months ended September 30, 2021, we recognized research and development expenses under the Adimab Agreement of $28,000 related to full-time employee costs. No research and development expenses under the Adimab Agreement was recognized during the three months ended September 30, 2021. The Company recognized costs of $37,000 during the nine months ended September 30, 2020 and no costs during the three months ended September 30, 2020.

Redeemable Convertible Preferred Stock	9 Months Ended
Redeemable Convertible Preferred Stock	Sep. 30, 2021
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred StockUnder the Company’s Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), the Company is authorized to issue two classes of shares: preferred and common stock. The preferred stock may be issued in series, and the Company’s board of directors is authorized to determine the rights, preferences, and terms of each series. These rights preferences and terms could include dividend rights, conversion rights, voting rights, terms of redemptions, liquidation preferences and sinking fund terms. As a result of the IPO in June 2020, in which all then outstanding convertible preferred stock was converted into shares of common stock of the Company, there are no outstanding shares of preferred stock as of September 30, 2021.

Common Stock

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Common Stock

As of September 30, 2021 and December 31, 2020, the Company was authorized to issue 300,000,000 shares of common stock at a par value of $0.0001 per share. The common stock has the following rights and privileges:

Voting

The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders and at the time of any written action in lieu of a meeting.

Dividends

The holders of shares of common stock are entitled to receive dividends, when declared by the Company’s board of directors. Cash dividends may not be declared or paid to holders of shares of common stock until all unpaid dividends on preferred stock have been paid in accordance with their terms. No dividends have been declared or paid by the Company since its inception.

Liquidation

Subject to the preferential rights of holders of preferred stock then outstanding, the holders of shares of common stock are entitled to share ratably in the Company’s remaining assets available for distribution to its stockholders in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company.

Shares reserved for future issuance


	As of September 30, 2021	As of December 31, 2020
Exercises of outstanding stock option awards	3,687,930	2,993,855
Shares of common stock available for future grants under the 2020 Equity Incentive Plan	4,290,283	3,644,459
Shares of common stock available for future issuance under the 2020 ESPP	613,098	700,000
Total shares reserved for future issuance	8,591,311	7,338,314

Equity Incentive Plans and Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

In August 2015, the Company's board of directors adopted the 2015 Equity Incentive Plan (as amended, the “2015 Plan”), which provides for the grant of incentive stock options, nonqualified stock options or other awards including stock appreciation rights and restricted stock awards to the Company’s employees, officers, directors, advisors, and consultants for the purchase of up to 1.5 million shares of the Company’s common stock. In July 2018 and January 2019, the 2015 Plan was amended to increase the number of shares reserved thereunder by 1.0 million and 0.4 million shares, respectively. In March 2020, the Company’s board of directors and stockholders voted to increase the number of shares reserved for issuance under the 2015 Plan by 1.4 million shares. In May 2020, the board of directors adopted the 2020 Stock Options and Incentive Plan (the “2020 Plan”). The 2015 Plan was suspended and no further grants may be issued under the 2015 Plan.

The 2020 Plan provides for the grant of incentive stock options, nonqualified stock options or other awards including stock appreciation rights, restricted stock awards and restricted stock units to the Company’s employees, officers, directors, advisors, and consultants for the purchase of up to 4.2 million shares of the Company’s common stock. In addition, to the extent that awards outstanding under the 2020 Plan or the 2015 Plan are cancelled, forfeited or held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) subsequent to May 2020, the shares of common stock reserved for issuance pursuant to such awards will become available for issuance as shares of common stock under the 2020 Plan. The 2020 Plan provides that an additional number of shares will automatically be added to the shares authorized for issuance under the 2020 Plan on January 1 of each year beginning January 1, 2021. The number of shares added each January 1 will be equal to the lesser of: (i) 5% of the outstanding shares on the immediately preceding December 31 or (ii) such amount as determined by the administrator of the 2020 Plan, which is the compensation committee of the board of directors of the Company. As of September 30, 2021, 4.3 million shares remained available for issuance under the 2020 Plan.

Prior to the adoption of the 2020 Plan, options under the 2015 Plan could be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by our board of directors, provided, however, that the exercise price of an incentive stock option granted to a person owning (or deemed to own) stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any affiliate of the Company (a "10% shareholder") could not be less than 110% of the estimated fair value of the shares on the date of grant and the option was not exercisable after the expiration of five years from the date of grant.

Options under the 2020 Plan may be granted for periods of up to 10 years and at prices no less than the market price of the Company’s common stock on the date of grant, provided, however, that the exercise price of an incentive stock option granted to a 10.0% shareholder shall not be less than 110.0% of the estimated fair value of the shares on the date of grant and the option is not exercisable after the expiration of five years from the date of grant.

Restricted Common Stock Awards

The Company granted restricted stock awards under the 2015 Plan. The purchase price of the restricted common stock awards was the estimated fair value as determined by the Company's board of directors at the issuance date. The shares vest from one to four years and vesting could be accelerated upon a change in control. A holder of an award may pay a total purchase price or a part of the purchase price for granted shares at any time during the vesting periods. Upon termination of employment, the Company has the right to repurchase any unvested restricted shares. The repurchase price for unvested shares

of common stock will be the lower of (i) the fair market value on the date of repurchase or (ii) their original purchase price. During the vesting term, holders of restricted stock awards are deemed to be common stock shareholders and have dividends and voting rights.

The Company accounted for restricted stock awards as early exercised options and recognized a liability in other liabilities when cash was received for the purchase of shares of restricted stock. As shares of restricted stock vested, the Company reclassified the liability to common stock and additional paid in capital. As of September 30, 2021 and December 31, 2020, the Company recorded a liability included in accrued expenses and other liabilities of $3,000 and $10,000, respectively.

There were no grants of restricted stock awards for the nine months ended months ended September 30, 2021 and 2020.

The following table summarizes restricted stock activity during the nine months ended months ended September 30, 2021:


	Number of Shares	Weighted- Average Grant Date fair value
Outstanding and unvested, as of December 31, 2020	126,522	$	1.85
Issued	—	$	—
Vested	(87,204)	$	1.72
Repurchases	(1,480)	$	2.12
Outstanding and unvested, as of September 30, 2021	37,838	$	2.13

Restricted stock awards of 4,195 shares with a weighted-average grant date fair value of $0.08 per share, were not purchased by the award holders as of September 30, 2021. As these shares of the restricted common stock awards were not issued, they are not included in the table above.

The aggregate fair value of restricted stock awards vested during the nine months ended months ended September 30, 2021 was $150,000. Total intrinsic value of outstanding unvested restricted stock awards as of September 30, 2021 was $0.6 million.

Incentive Stock Options and Nonqualified Stock Options

Stock options issued under either the 2015 Plan or the 2020 Plan generally vest over four years and expire ten years from the date of grant. Certain options provide for accelerated vesting if there is a change in control, as defined in the respective plans.

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:


	Nine Months Ended September 30,
	2021	2020
Expected volatility	74.95% - 76.31%	72.10% - 77.50%
Risk-free interest rate	0.61% - 1.07%	0.27% - 0.82%
Expected dividend	—	—
Expected term (in years)	5.44 - 6.08	5.26 - 6.75
Underlying common stock fair value	18.85 - 38.23	6.22 - 24.64

The Company granted 63,350 stock options under the 2020 Plan during the three months ended September 30, 2021.

A summary of option activity under the 2015 Plan and the 2020 Plan is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	2,993,855	$	8.18	8.84	$	43,890
Granted	1,347,091	$	27.21
Exercised	(250,488)	$	4.83
Forfeited / expired	(402,528)	$	15.75
Outstanding as of September 30, 2021	3,687,930	$	14.50	8.46	$	24,438
Exercisable as of September 30, 2021	1,165,038	$	7.94	7.71	$	12,110
Vested and expected to vest as of September 30, 2021	3,687,930	$	14.50	8.46	$	24,438

Aggregate intrinsic value represents the difference between the fair value of the underlying common stock and the exercise price as of September 30, 2021. The weighted-average grant date fair value of options granted during the nine months ended months ended September 30, 2021 was $17.69 per share.

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three and nine months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Restricted stock awards	$	47	$	51	$	149	$	160
Stock options and ESPP	2,764		1,118		7,520		2,220
Total stock-based compensation expense	$	2,811	$	1,169	$	7,669	$	2,380
Research and development expenses	$	915	$	564	$	2,953	$	1,015
General and administrative expenses	$	1,896	$	605	$	4,716	$	1,365

As of September 30, 2021, there was $0.1 million of unrecognized compensation costs that is expected to be recognized over the weighted-average periods of 0.62 years related to restricted stock awards. As of September 30, 2021, there was $27.0 million of unrecognized compensation costs that is expected to be recognized over the weighted-average periods of 2.57 years related to stock options.

2020 Employee Stock Purchase Plan

In June 2020, the Company adopted the Company's 2020 Employee Stock Purchase Plan (the "2020 ESPP"). The Company reserved 700,000 shares of common stock for future issuance under the plan. The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1 of each calendar year, beginning January 1, 2021, by the least of (1) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (2) 700,000 shares or (3) such lesser amount as determined by the administrator of the 2020 ESPP, which is the compensation committee of the board of directors of the Company.

Under the 2020 ESPP, eligible employees may purchase shares of our common stock through payroll deductions that cannot exceed 15% of each employee’s salary. The 2020 ESPP provides for a six-month offering period. At the end of the purchase period, eligible employees are permitted to purchase shares of common stock at the lower of 85% of the fair market value at the beginning of the offering period or 85% of the fair market value at the end of the purchase period, subject to tax limitations on the total value of the purchase. The 2020 ESPP is considered a compensatory plan, and the Company recorded $0.1 million and $0.5 million in stock-based compensation expense for the three and nine months ended September 30, 2021, respectively. There was $0.2 million of stock-based compensation expense attributed to the 2020 ESPP for the three and nine months ended September 30, 2020 as the 2020 ESPP was adopted in August 2020. As of September 30, 2021, 86,902 shares of common stock were issued under the 2020 ESPP. The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:


	Nine Months Ended September 30,
	2021	2020
Risk-free interest rate	0.06% - 0.07%	0.11%
Expected term of options (in years)	0.50	0.58
Expected stock price volatility	67.16% - 89.51%	83.72%
Expected dividends	—	—

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three and nine months ended September 30, 2021 and 2020, the Company did not record an income tax provision. The Company will continue to maintain a 100% valuation allowance on total deferred tax assets. The Company believes it is more likely than not that the related deferred tax assets will not be realized. As a result, the Company’s effective tax rate will remain at 0% because there are no estimated or discrete items which would impact the tax provision.

Commitments and Contingencies Disclosure [Abstract]

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

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies

Purchase Commitments

The Company has contractual arrangements with research and development organizations and suppliers; however, these contracts are generally cancellable on 30 days’ notice and the obligations under these contracts are largely based on services performed.

License and Collaboration Agreements

Potential payments related to the Company’s license and research agreements, including milestone and royalty payments, are detailed in Notes 6 and 7.

Leases

In February 2018, the Company entered into a non-cancelable lease agreement (the “Lease”) for premises consisting of approximately 32,974 square feet located in South San Francisco, California (the “Premises”). The Company moved into the Premises in July 2018. The Premises is being used for the Company’s corporate headquarters and principal operating facility. The term of the Lease is eighty-four months, which commenced on July 1, 2018. Base rent was abated for the first two months of the lease term and thereafter is $0.2 million per month during the first year of the lease term, with specified annual increases thereafter. The Company paid a refundable security deposit of approximately $0.4 million, which is included in other non-current assets in the balance sheets at September 30, 2021 and December 31, 2020. The Company has the right to extend the lease term by seven years upon written notice not more than twelve months nor less than nine months prior to the expiration of the original lease term, with monthly payments equal to the “fair rental value” as defined in the Lease.

During the three months ended September 30, 2021 and 2020, rent expense, including common area maintenance expense, was $0.6 million. For the nine months ended September 30, 2021 and 2020 rent expense was $1.8 million and $1.9 million, respectively.

Future minimum lease payments under the Lease as of September 30, 2021 were as follows (in thousands):


Year ending December 31:	Operating Lease
2021 (remainder of the year)	$	515
2022	2,098
2023	2,171
2024	2,247
2025	1,143
Total	$	8,174

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In June 2021, the Company granted 26,572 stock options with a grant date fair value of $0.5 million to partners of Third Rock Ventures who are also serving as non-employee directors on the Company's board of directors. The shares of common stock subject to these options vest 25% on the first day of each calendar quarter for three quarters with the final vest date being the earlier of (i) the one-year anniversary of the grant date or (ii) the next Annual Meeting of Stockholders. In March 2020, the Company granted 26,573 stock options with a grant date fair value of $0.1 million to a partner at Third Rock Ventures, who is also serving as a non-employee director on the Company’s board of directors. The shares of common stock subject to these options vest 1/12th on the last day of each calendar quarter over a three-year period and commenced vesting upon completion of our IPO. In order to vest, the stockholders must be providing continuous service to the Company through such vesting date. See Note 11 for additional information. In October 2019, the Company entered into the Novartis Agreement with Novartis covering the development and commercialization of the Company's preclinical product candidate, PLN-1474 and up to three additional targets. Upon execution of the agreement, Pliant also entered into a financing side letter with Novartis, whereby Novartis committed to provide up to $30.0 million in equity financing of which $20.0 million was provided for preferred stock as a part of a Series C equity offering and the remaining $10.0 million was completed in a private placement for common stock concurrently with the completion of the Company’s IPO. As of September 30, 2021 and December 31, 2020, Novartis owned approximately 6.0% and 6.1%, respectively, of our outstanding shares of common stock on a fully diluted basis. See Note 6 for additional information.

Defined Contribution Plan	9 Months Ended
Defined Contribution Plan	Sep. 30, 2021
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution PlanThe Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. The Company made contributions to the plan of $0.1 million and $0.1 million for the three months ended September 30, 2021 and 2020, respectively, and $0.5 million and $0.3 million for the nine months ended September 30, 2021 and 2020, respectively.

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been antidilutive:


	Nine Months Ended September 30,
	2021	2020
Options to purchase common stock	3,687,930	2,808,477
Restricted stock awards granted and not purchased	4,195	4,195
Unvested restricted shares	37,838	159,833
Total	3,729,963	2,972,505

A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net loss per share:
Net loss	$	(27,045)	$	(16,534)	$	(72,732)	$	(22,506)
Net loss attributable to common stockholders	$	(27,045)	$	(16,534)	$	(72,732)	$	(22,506)
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders:
Basic	35,906,303		35,445,504		35,787,022		16,592,746
Diluted	35,906,303		35,445,504		35,787,022		16,592,746
Net loss per share attributable to common stockholders:
Basic	$	(0.75)	$	(0.47)	$	(2.03)	$	(1.36)
Diluted	$	(0.75)	$	(0.47)	$	(2.03)	$	(1.36)

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior year reported amounts have been reclassified to conform with the current period presentation. The accompanying condensed balance sheet as of September 30, 2021, condensed statements of operations and comprehensive loss, condensed statements of cash flows, and the condensed statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from audited financial statements as of and for the year ended December 31, 2020. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2021, and the results of its operations and its cash flows for the three and nine months ended September 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020, are also unaudited.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses as well as the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to stock-based compensation expense and accruals for research and development costs. The Company assesses estimates on an ongoing basis, however, actual results could materially differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-2, Leases (“Topic 842”), which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. For public entities, ASU No. 2016-2 is effective for fiscal years beginning after December 15, 2018. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. As a result of the Company's ceasing to be an emerging growth company on December 31, 2021, Topic 842 will be effective for the Company for its Annual Report on Form 10-K for the year ending December 31, 2021 and interim periods thereafter. The Company is currently in the process of evaluating the impact of the adoption of ASU No. 2016-2 on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): The Measurement of Credit Losses on Financial Instruments. The new standard amends guidance on measuring and reporting credit losses for financial assets held at amortized cost basis, including accounts receivable and investments classified as available for sale, such as our debt securities. This ASU requires a new forward-looking model based on expected credit losses rather than the current one based on incurred losses. As a result of the Company's ceasing to be an emerging growth company on December 31, 2021, this standard will be effective for the Company for its Annual Report on Form 10-K for the year ending December 31, 2021 and interim periods thereafter. The Company is currently in the process of evaluating the impact of the adoption of ASU 2016-13 on the Company’s financial statements.

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Cash and Cash Equivalents, Money Market Funds and Short-term Investments by Significant Investment Category


	As of September 30, 2021
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	19,981	$	—	$	—	$	19,981
Level 2:
U.S. Treasury securities included in short-term investments	2,503		—		—		2,503
U.S. government agency securities included in cash and cash equivalents and short-term investments	17,057		1		—		17,058
Corporate debt securities included in cash and cash equivalents and short-term investments	164,292		7		(48)		164,251
Total financial assets	$	203,833	$	8	$	(48)	$	203,793


	As of December 31, 2020
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	27,686	$	—	$	—	$	27,686
Level 2:
U.S. Treasury securities included in short-term investments	63,101		4		(1)		63,104
U.S. government agency securities included in cash and cash equivalents and short-term investments	54,183		10		—		54,193
Corporate debt securities included in cash and cash equivalents and short-term investments	118,759		1		(46)		118,714
Total financial assets	$	263,729	$	15	$	(47)	$	263,697

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	As of September 30, 2021		As of December 31, 2020
Computer equipment and software	$	22	$	22
Laboratory equipment	7,600		6,540
Leasehold improvements	1,092		947
Construction-in-progress	597		300
Total property and equipment	9,311		7,809
Less: Accumulated depreciation	(4,605)		(3,488)
Total property and equipment, net	$	4,706	$	4,321

Accrued Liabilities and Other Long-Term Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Accrued Liabilities and Other Liabilities [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	As of September 30, 2021		As of December 31, 2020
Accrued compensation and benefits	$	3,787	$	4,542
Accrued research and development expenses	5,987		3,274
Other accrued liabilities	408		1,675
Deferred rent	138		85
Total accrued liabilities	$	10,320	$	9,576

Summary of Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	As of September 30, 2021		As of December 31, 2020
Deferred rent	$	534	$	581
Leasehold incentive obligation	222		283
Other liabilities — deposits	—		2
Total other long-term liabilities	$	756	$	866

Common Stock (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance

Shares reserved for future issuance


	As of September 30, 2021	As of December 31, 2020
Exercises of outstanding stock option awards	3,687,930	2,993,855
Shares of common stock available for future grants under the 2020 Equity Incentive Plan	4,290,283	3,644,459
Shares of common stock available for future issuance under the 2020 ESPP	613,098	700,000
Total shares reserved for future issuance	8,591,311	7,338,314

Equity Incentive Plans and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

The following table summarizes restricted stock activity during the nine months ended months ended September 30, 2021:


	Number of Shares	Weighted- Average Grant Date fair value
Outstanding and unvested, as of December 31, 2020	126,522	$	1.85
Issued	—	$	—
Vested	(87,204)	$	1.72
Repurchases	(1,480)	$	2.12
Outstanding and unvested, as of September 30, 2021	37,838	$	2.13

Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:


	Nine Months Ended September 30,
	2021	2020
Expected volatility	74.95% - 76.31%	72.10% - 77.50%
Risk-free interest rate	0.61% - 1.07%	0.27% - 0.82%
Expected dividend	—	—
Expected term (in years)	5.44 - 6.08	5.26 - 6.75
Underlying common stock fair value	18.85 - 38.23	6.22 - 24.64

Summary of Option Activity Under the 2015 Plan and 2020 Plan

A summary of option activity under the 2015 Plan and the 2020 Plan is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	2,993,855	$	8.18	8.84	$	43,890
Granted	1,347,091	$	27.21
Exercised	(250,488)	$	4.83
Forfeited / expired	(402,528)	$	15.75
Outstanding as of September 30, 2021	3,687,930	$	14.50	8.46	$	24,438
Exercisable as of September 30, 2021	1,165,038	$	7.94	7.71	$	12,110
Vested and expected to vest as of September 30, 2021	3,687,930	$	14.50	8.46	$	24,438

Summary of Components and Classification of Stock-based Compensation Expense for Stock-based Awards


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Restricted stock awards	$	47	$	51	$	149	$	160
Stock options and ESPP	2,764		1,118		7,520		2,220
Total stock-based compensation expense	$	2,811	$	1,169	$	7,669	$	2,380
Research and development expenses	$	915	$	564	$	2,953	$	1,015
General and administrative expenses	$	1,896	$	605	$	4,716	$	1,365

Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:


	Nine Months Ended September 30,
	2021	2020
Risk-free interest rate	0.06% - 0.07%	0.11%
Expected term of options (in years)	0.50	0.58
Expected stock price volatility	67.16% - 89.51%	83.72%
Expected dividends	—	—

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum lease payments under the Lease as of September 30, 2021 were as follows (in thousands):


Year ending December 31:	Operating Lease
2021 (remainder of the year)	$	515
2022	2,098
2023	2,171
2024	2,247
2025	1,143
Total	$	8,174

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	Nine Months Ended September 30,
	2021	2020
Options to purchase common stock	3,687,930	2,808,477
Restricted stock awards granted and not purchased	4,195	4,195
Unvested restricted shares	37,838	159,833
Total	3,729,963	2,972,505

Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net loss per share:
Net loss	$	(27,045)	$	(16,534)	$	(72,732)	$	(22,506)
Net loss attributable to common stockholders	$	(27,045)	$	(16,534)	$	(72,732)	$	(22,506)
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders:
Basic	35,906,303		35,445,504		35,787,022		16,592,746
Diluted	35,906,303		35,445,504		35,787,022		16,592,746
Net loss per share attributable to common stockholders:
Basic	$	(0.75)	$	(0.47)	$	(2.03)	$	(1.36)
Diluted	$	(0.75)	$	(0.47)	$	(2.03)	$	(1.36)

Organization and Description of Business (Details) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	May 22, 2020	Jun. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reverse stock split, conversion ratio	0.13986014
Common stock, shares issued (in shares)			35,977,294		35,552,795
Proceeds from issuance of common stock \| $			$ 2,443	$ 205
Initial Public Offering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reverse stock split, conversion ratio		7.15
Initial public offering, shares issued (in shares)		10,350,000
Share price of shares issued in initial public offering (USD per share) \| $ / shares		$ 16.00
Proceeds from the initial public offering \| $		$ 148,300
Underwriting discounts, commissions and offering expenses \| $		$ 5,700
Convertible preferred stock converted into common shares (in shares)		160,389,279
Reclassification of convertible preferred stock into additional paid in capital upon initial public offering \| $		$ 238,300
Initial Public Offering \| Underwriters
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Initial public offering, shares issued (in shares)		1,350,000
Initial Public Offering \| Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Initial public offering, shares issued (in shares)		9,000,000
Private Placement \| Novartis
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, shares issued (in shares)		625,000
Share price (USD per share) \| $ / shares		$ 16.00
Proceeds from issuance of common stock \| $		$ 10,000
Private Placement \| Pliant Therapeutics, Inc. \| Novartis
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of noncontrolling ownership		6.10%

Financial Instruments - Summary of Cash and Cash Equivalents, Money Market Funds and Short-term Investments by Significant Investment Category (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	$ 203,833	$ 263,729
Unrealized Gains	8	15
Unrealized Losses	(48)	(47)
Market Value	203,793	263,697
Level 1 \| Money Market Funds
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	19,981	27,686
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	19,981	27,686
Level 2 \| Corporate debt securities included in cash and cash equivalents and short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	164,292	118,759
Unrealized Gains	7	1
Unrealized Losses	(48)	(46)
Market Value	164,251	118,714
Level 2 \| U.S. Treasury securities included in short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	2,503	63,101
Unrealized Gains	0	4
Unrealized Losses	0	(1)
Market Value	2,503	63,104
Level 2 \| U.S. government agency securities included in cash and cash equivalents and short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	17,057	54,183
Unrealized Gains	1	10
Unrealized Losses	0	0
Market Value	$ 17,058	$ 54,193

Financial Instruments - Narrative (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities measured at fair value	$ 0	$ 0
Fair Value Measurements, Non-recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities measured at fair value	0	0
Assets measured at fair value	$ 0	$ 0

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

Less: Accumulated depreciation

$ 9,311

$ 7,809

(4,605)

(3,488)

Total property and equipment, net

4,706

4,321

^[1]

Computer equipment and software

Laboratory equipment

7,600

6,540

Leasehold improvements

1,092

947

Construction-in-progress

Accrued Liabilities and Other Liabilities [Abstract]

$ 597

$ 300

[1]	The condensed balance sheet as of December 31, 2020 has been derived from the audited financial statements as of that date.

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 400	$ 300	$ 1,117	$ 963

Accrued Liabilities and Other Long-Term Liabilities - Summary of Accrued Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

Accrued compensation and benefits

$ 3,787

$ 4,542

Accrued research and development expenses

5,987

3,274

Other accrued liabilities

408

1,675

Deferred rent

138

Total accrued liabilities

$ 10,320

$ 9,576

^[1]

[1]	The condensed balance sheet as of December 31, 2020 has been derived from the audited financial statements as of that date.

Accrued Liabilities and Other Long-Term Liabilities - Summary of Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

Accrued Liabilities and Other Liabilities [Abstract]

Deferred rent

$ 534

$ 581

Leasehold incentive obligation

222

283

Other liabilities — deposits

Total other long-term liabilities

$ 756

$ 866

^[1]

[1]	The condensed balance sheet as of December 31, 2020 has been derived from the audited financial statements as of that date.

Novartis Collaboration and License Agreement ("the Novartis Agreement") (Details)	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended	33 Months Ended
	Oct. 31, 2019 class	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($) research	Sep. 30, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue — related party		$ 1,610,000	$ 4,814,000		$ 5,573,000	$ 37,352,000
Novartis \| Novartis Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Integrin research targets (up to) \| class	3
Proceeds from upfront non-refundable license fee							$ 50,000,000.0
Novartis \| Novartis Agreement \| Achievement of First Patient Dosing Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized from related party		$ 0		$ 25,000,000.0	0			$ 25,000,000.0
Novartis \| Novartis Agreement, R&D For PLN-1474 \| Research and development expenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price of Novartis agreement (up to)							19,600,000
Novartis \| Novartis Agreement, R&D For Integrin Research Targets \| Research and development expenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price of Novartis agreement (up to)							$ 13,400,000
Maximum \| Novartis \| Novartis Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Integrin research targets (up to) \| research							3
Collaboration and license agreement, integrin research targets amount (up to)							$ 416,000,000.0
Amount remaining for achievement					$ 391,000,000.0

Regent of the University of California License Agreement (the "UC Agreement") (Details) $ in Millions	1 Months Ended
	Jun. 30, 2020 USD ($)
License Agreements \| UC Regents
License Agreements [Line Items]
Milestone and annual royalty paid	$ 2.4

Adimab Development and Option Agreement (the "Adimab Agreement") (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense	$ 21,052,000	$ 16,884,000	$ 58,797,000	$ 48,339,000
Adimab Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense	$ 0	$ 0	$ 28,000	$ 37,000

Redeemable Convertible Preferred Stock (Details)	Sep. 30, 2021 class shares
Temporary Equity [Line Items]
Number of classes of stock authorized \| class	2
Redeemable Preferred Stock
Temporary Equity [Line Items]
Preferred stock, shares outstanding (in shares) \| shares	0

Common Stock - Narrative (Details)	76 Months Ended
Common Stock - Narrative (Details)	Sep. 30, 2021 vote $ / shares shares	Dec. 31, 2020 $ / shares shares
Equity [Abstract]
Common stock, shares authorized (in shares) \| shares	300,000,000	300,000,000
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Number of votes per share of common stock \| vote	1
Dividends declared (USD per share)	$ 0
Dividends paid (USD per share)	$ 0

Common Stock - Schedule of Shares Reserved for Future Issuance (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	8,591,311	7,338,314
Shares of common stock available for future grants under the 2020 Equity Incentive Plan
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	4,290,283	3,644,459
Shares of common stock available for future issuance under the 2020 ESPP
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	613,098	700,000
Exercises of outstanding stock option awards
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	3,687,930	2,993,855

Equity Incentive Plans and Stock-Based Compensation - Equity Incentive Plan Narrative (Details) - shares	1 Months Ended
	May 31, 2020	Mar. 31, 2020	Jan. 31, 2019	Jul. 31, 2018	Aug. 31, 2015	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)						8,591,311	7,338,314
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for future grant (in shares)		1,400,000	400,000	1,000,000
Exercise price as a percentage of estimated grant date fair value of shares					10.00%
Expiration period from date of grant					5 years
2020 Stock Options And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock shares outstanding	5.00%
Total shares reserved for future issuance (in shares)						4,300,000
Exercise price as a percentage of estimated grant date fair value of shares	10.00%
Expiration period from date of grant	5 years
Maximum \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future grant (up to) (in shares)					1,500,000
Options under plan may be granted for periods (up to)					10 years
Percent of estimated fair value of shares					100.00%
Exercise price as a percentage of estimated grant date fair value of shares					110.00%
Maximum \| 2020 Stock Options And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future grant (up to) (in shares)	4,200,000
Options under plan may be granted for periods (up to)	10 years
Exercise price as a percentage of estimated grant date fair value of shares	110.00%

Equity Incentive Plans and Stock-Based Compensation - Restricted Common Stock Awards Narrative (Details) - Restricted stock awards - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during period (in shares)	0	0
Number of shares, not purchased (in shares)	4,195
Weighted-average grant date fair value, not purchased (USD per share)	$ 0.08
Aggregate fair value of restricted stock awards vested	$ 150
Total intrinsic value of outstanding unvested restricted stock awards	600
Accrued Expenses and Other Liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued expenses and other liabilities	$ 3		$ 10
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted stock awards - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Number of Shares
Outstanding and unvested, beginning balance (in shares)	126,522
Issued (in shares)	0	0
Vested (in shares)	(87,204)
Repurchases (in shares)	(1,480)
Outstanding and unvested, ending balance (in shares)	37,838
Weighted- Average Grant Date fair value
Outstanding and unvested, beginning balance (USD per share)	$ 1.85
Issued (USD per share)	0
Vested (USD per share)	1.72
Repurchases (USD per share)	2.12
Outstanding and unvested, ending balance (USD per share)	$ 2.13

Equity Incentive Plans and Stock-Based Compensation - Incentive Stock Options and Nonqualified Stock Options Narrative (Details) - $ / shares	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2020	Sep. 30, 2021	Sep. 30, 2021
Incentive Stock Options and Nonqualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of stock option (USD per share)			$ 17.69
2015 Equity and 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Expiration period from date of grant			10 years
2015 Equity and 2020 Incentive Plan \| Incentive Stock Options and Nonqualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			1,347,091
2020 Stock Options And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period from date of grant	5 years
2020 Stock Options And Incentive Plan \| Incentive Stock Options and Nonqualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		63,350

Equity Incentive Plans and Stock-Based Compensation - Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards (Details) - Incentive Stock Options and Nonqualified Stock Options - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	74.95%	72.10%
Expected volatility, maximum	76.31%	77.50%
Risk-free interest rate, minimum	0.61%	0.27%
Risk-free interest rate, maximum	1.07%	0.82%
Expected dividend	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 5 months 8 days	5 years 3 months 3 days
Underlying common stock fair value (USD per share)	$ 18.85	$ 6.22
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 29 days	6 years 9 months
Underlying common stock fair value (USD per share)	$ 38.23	$ 24.64

Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity Under the 2015 Plan and 2020 Plan (Details) - 2015 Equity and 2020 Incentive Plan - Incentive Stock Options and Nonqualified Stock Options	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Number of Options
Number of Options, Outstanding, beginning balance (in shares) \| shares	2,993,855
Number of Options, Granted (in shares) \| shares	1,347,091
Number of Options, Exercised (in shares) \| shares	(250,488)
Number of Options, Forfeited (in shares) \| shares	(402,528)
Number of Options, Outstanding, ending balance (in shares) \| shares	3,687,930	2,993,855
Number of Options, Exercisable (in shares) \| shares	1,165,038
Number of Options, Vested and expected to vest (in shares) \| shares	3,687,930
Weighted- Average Exercise Price per Share
Weighted-Average Exercise Price per Share, Outstanding, beginning balance (USD per share) \| $ / shares	$ 8.18
Weighted-Average Exercise Price per Share, Granted (USD per share) \| $ / shares	27.21
Weighted-Average Exercise Price per Share, Exercised (USD per share) \| $ / shares	4.83
Weighted-Average Exercise Price per Share, Forfeited (USD per share) \| $ / shares	15.75
Weighted-Average Exercise Price per Share, Outstanding, ending balance (USD per share) \| $ / shares	14.50	$ 8.18
Weighted-Average Exercise Price per Share, Exercisable (USD per share) \| $ / shares	7.94
Weighted Average Exercise Price per Share, Vested and expected to vest (USD per share) \| $ / shares	$ 14.50
Stock Option Activity, Additional Disclosures
Weighted-Average Remaining Contractual Term, Options outstanding	8 years 5 months 15 days	8 years 10 months 2 days
Weighted- Average Remaining Contractual Term, Exercisable	7 years 8 months 15 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 5 months 15 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 24,438	$ 43,890
Aggregate Intrinsic Value, Exercisable \| $	12,110
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 24,438

Equity Incentive Plans and Stock-Based Compensation - Summary of Components and Classification of Stock-based Compensation Expense for Stock-based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,811	$ 1,169	$ 7,669	$ 2,380
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	915	564	2,953	1,015
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,896	605	4,716	1,365
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	47	51	149	160
Stock options and ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,764	$ 1,118	$ 7,520	$ 2,220

Equity Incentive Plans and Stock-Based Compensation - Stock-Based Compensation Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.1
Unrecognized compensation expense, weighted average period	7 months 13 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average period	2 years 6 months 25 days
Unrecognized compensation cost	$ 27.0

Equity Incentive Plans and Stock-Based Compensation - 2020 Employee Stock Purchase Plan Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)		8,591,311		8,591,311		7,338,314
Total stock-based compensation expense		$ 2,811,000	$ 1,169,000	$ 7,669,000	$ 2,380,000
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)	700,000
Percentage of common stock shares outstanding	1.00%
Percentage of payroll deductions		15.00%		15.00%
Employee stock purchase plan offering period				6 months
Percentage of common stock fair market value				85.00%
Total stock-based compensation expense		$ 100,000	$ 200,000	$ 500,000	$ 200,000
Number of common stock issued (in shares)				86,902

Equity Incentive Plans and Stock-Based Compensation - 2020 Employee Stock Purchase Plan - Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan (Details) - 2020 Employee Stock Purchase Plan	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		0.11%
Expected term of options (in years)	6 months	6 months 29 days
Expected stock price volatility		83.72%
Expected dividends	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.06%
Expected stock price volatility	67.16%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.07%
Expected stock price volatility	89.51%

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Valuation allowance as a percentage on total deferred tax assets	100.00%
Effective tax rate	0.00%

Commitments and Contingencies - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2018 USD ($) ft²	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Contractual arrangements cancellation period				30 days
Base rent abated period	2 months
Rent expenses and common area maintenance charges		$ 0.6	$ 0.6	$ 1.8	$ 1.9
California
Loss Contingencies [Line Items]
Leased premises under non cancelable operating lease \| ft²	32,974
Lease term	84 months
Base rent abated amount	$ 0.2
Lease term extension period		7 years		7 years
Maximum \| California
Loss Contingencies [Line Items]
Lease term extension notice period				12 months
Minimum \| California
Loss Contingencies [Line Items]
Lease term extension notice period				9 months
Other Non-current Assets \| California
Loss Contingencies [Line Items]
Refundable security deposit		$ 0.4		$ 0.4		$ 0.4

Commitments and Contingencies - Schedule of Future Minimum Payments (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Leases [Abstract]
2021 (remainder of the year)	$ 515
2022	2,098
2023	2,171
2024	2,247
2025	1,143
Total	$ 8,174

Related Party Transactions (Details)	1 Months Ended			9 Months Ended
Related Party Transactions (Details)	Jun. 30, 2021 USD ($) shares	Mar. 31, 2020 USD ($) shares	Oct. 31, 2019 USD ($) class	Sep. 30, 2021	Dec. 31, 2020
Novartis Agreement \| Novartis
Related Party Transaction [Line Items]
Number of Integrin research targets (up to) \| class			3
Committed to provide equity financing (up to)			$ 30,000,000
Percentage of outstanding equity on fully diluted basis				6.00%	6.10%
IPO \| Novartis Agreement \| Novartis
Related Party Transaction [Line Items]
Committed to provide equity financing (up to)			10,000,000
Series C Redeemable Convertible Preferred Stock \| Novartis Agreement \| Novartis
Related Party Transaction [Line Items]
Committed to provide equity financing (up to)			$ 20,000,000
Stock Options
Related Party Transaction [Line Items]
Options granted (in shares) \| shares	26,572
Grant date fair value of stock option	$ 500,000
Vesting rights percentage	25.00%
Third Rock Ventures \| Non-employee Director \| Stock Options
Related Party Transaction [Line Items]
Options granted (in shares) \| shares		26,573
Grant date fair value of stock option		$ 100,000
Vesting rights percentage				8.3333%
Vesting period				3 years

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Payment made under defined contribution plan	$ 0.1	$ 0.1	$ 0.5	$ 0.3

Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	3,729,963	2,972,505
Exercises of outstanding stock option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	3,687,930	2,808,477
Restricted stock awards granted and not purchased
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	4,195	4,195
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	37,838	159,833

Net Loss Per Share Attributable to Common Stockholders - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Net loss per share:
Net loss	$ (27,045)	$ (22,831)	$ (22,856)	$ (16,534)	$ (17,001)	$ 11,029	$ (72,732)	$ (22,506)
Net loss attributable to common stockholders	$ (27,045)			$ (16,534)			$ (72,732)	$ (22,506)
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders:
Basic (in shares)	35,906,303			35,445,504			35,787,022	16,592,746
Diluted (in shares)	35,906,303			35,445,504			35,787,022	16,592,746
Net loss per share, attributable to common stockholders:
Basic (USD per share)	$ (0.75)			$ (0.47)			$ (2.03)	$ (1.36)
Diluted (USD per share)	$ (0.75)			$ (0.47)			$ (2.03)	$ (1.36)

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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