0001564590-21-030450 | 10-Q | XBRL Viewer

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Property and equipment, net consisted of the following:

(in thousands)	March 31, 2021			December 31, 2020
Furniture and fixtures	$	27		$	7
Construction in progress		39			58
Leasehold improvements		32			24
Lab equipment		87			—
Total property and equipment, gross		185			89
Less: accumulated depreciation		(20	)		(8	)
Total property and equipment, net	$	165		$	81

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Dec. 31, 2020
A2A Pharmaceuticals and Biomea Health, LLC
Related Party Transaction [Line Items]
Amount invested in exchange of common stock shares	$ 300,000	$ 1,400,000
Number of common stock shares exchanged	799,569	4,428,500
Biomea Health, LLC
Related Party Transaction [Line Items]
Expenses paid		$ 200,000
Outstanding receivable balance			$ 0	$ 8,000

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recorded in Condensed Statements of Operations and Allocated (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 919
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	313
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 606

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Summary of Useful Lives of Property and Equipment

The useful lives of property and equipment are as follows:


Laboratory equipment		3-5 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Leases - Schedule of Undiscounted Future Non-cancellable Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Operating Lease Liabilities Payments Due [Abstract]
2021 (remaining nine months)	$ 137
Total undiscounted lease payments	137
Present value of lease payments	$ 137	$ 223	$ 300

Related Party Transactions	3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 11. Related Party Transactions During the year ended December 31, 2019, A2A Pharmaceuticals and Biomea Health, LLC invested a combined $1.4 million in the Company in exchange for 4,428,500 shares of the Company’s common stock. Biomea Health, LLC’s initial investment of $0.2 million was in the form of expenses paid by Biomea Health, LLC on behalf of the Company. During the three months ended March 31, 2020, A2A Pharmaceuticals and Biomea Health, LLC invested a combined $0.3 million in the Company in exchange for 799,569 shares of the Company’s common stock. As of March 31, 2021 and December 31, 2020, the Company had an outstanding receivable balance from Biomea Health, LLC of approximately $0 and $8,000, respectively.

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

Note 11. Related Party Transactions

During the year ended December 31, 2019, A2A Pharmaceuticals and Biomea Health, LLC invested a combined $1.4 million in the Company in exchange for 4,428,500 shares of the Company’s common stock. Biomea Health, LLC’s initial investment of $0.2 million was in the form of expenses paid by Biomea Health, LLC on behalf of the Company. During the three months ended March 31, 2020, A2A Pharmaceuticals and Biomea Health, LLC invested a combined $0.3 million in the Company in exchange for 799,569 shares of the Company’s common stock. As of March 31, 2021 and December 31, 2020, the Company had an outstanding receivable balance from Biomea Health, LLC of approximately $0 and $8,000, respectively.

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 11,328	$ 0

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

The Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”) on December 18, 2020. The 2020 Plan reserved 4,327,799 shares of common stock to grant stock-based compensation awards, including stock options and restricted stock awards, to employees and non-employees. As March 31, 2021, a total of 2,259,688 shares are available for future grant under the 2020 Plan.

Stock options

The Company’s measures stock options and other stock-based awards granted to directors, employees and non-employees based on their fair value on the date of the grant and recognizes the corresponding compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company has only issued stock options and restricted share awards with service-based vesting conditions and records the expense for these awards using the straight-line method. Forfeitures are accounted for as they occur.

The Company granted its first restricted stock awards in the fourth quarter of 2020. The Company has determined the fair value of restricted stock awards granted based on the fair value of its common stock.

There were no stock options outstanding as of December 31, 2020. The Company issued its first stock options in the first quarter of 2021. The Company estimates the fair value of each stock option grant using the Black-Scholes option pricing model, which uses as inputs the following assumptions:

Expected term—The expected term represents the period that the stock-based awards are expected to be outstanding. The Company uses the simplified method to determine the expected term, which is based on the average of the time-to-vesting and the contractual life of the options.

Expected volatility—Because the Company has been privately held and does not have any trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on the similar size, stage in life cycle or area of specialty. The Company will continue to take this approach until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Risk-free interest rate—The risk-free interest rate is based on the yield of the U.S. Treasury notes as of the grant date with terms commensurate with the expected term of the awards.

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

Total stock-based compensation expense recorded in the condensed statements of operations and allocated as follows (in thousands):

	Three Months Ended
	March 31,
	2021		2020
Research and development	$	313	$	-
General and administrative		606		-
Total stock-based compensation expense	$	919	$	-

Accrued stock-based compensation expense for awards where the service inception date precedes grant date was $0.1 million and $0, for the three months ended March 31, 2020 and 2019, respectively.

Stock Options

The following table summarizes stock option activity:

				Outstanding Options
	Shares Available for Grant			Shares		Weighted- Average Exercise		Weighted- Average Remaining Contractual Term (Years)
Balance—December 31, 2020		4,327,799			—	$	—
Granted		(2,068,111	)		2,068,111	$	6.47
Balance—March 31, 2021		2,259,688			2,068,111	$	6.47		9.8
Exercisable – March 31, 2021					125,685	$	6.47		9.8

The fair value of employee stock options was estimated using the following weighted-average assumptions:

	Three Months Ended
	March 31, 2021
Expected term in years		6.0
Expected volatility		91	%
Risk-free interest rate		0.8	%
Dividend yield		—
Weighted average fair value of share-based awards granted	$	4.79

Restricted stock

The Company has granted 824,429 restricted stock awards to employees and non-employees during the fourth quarter of 2020 that vest quarterly over four years. Restricted stock awards are share awards that entitle the holder to receive freely tradeable shares of the Company’s common stock. The underlying shares are outstanding as of the issuance date. Any unvested shares are subject to forfeiture in the case that the grantee’s service terminates prior to vesting of the restricted stock. As of December 31, 2020, a total of 74,594 restricted shares had vested, and 749,835 restricted common stock shares remained unvested subject to repurchase. As of March 31, 2020, a total of 126,120 restricted shares had vested, and 698,309 restricted common shares remained unvested subject to repurchase. There were no restricted shares issued during the three months ended March 31, 2021.

Organization - Additional Information (Detail) $ / shares in Units, $ in Thousands			1 Months Ended
	Apr. 20, 2021 USD ($) $ / shares shares	Apr. 12, 2021	May 20, 2021 shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Class Of Stock [Line Items]
Common stock, shares authorized				25,300,080	25,300,080
Common stock, par value \| $ / shares				$ 0.0001	$ 0.0001
Accumulated deficit \| $				$ (14,027)	$ (8,175)
Cash, cash equivalents, restricted cash, and investments \| $				$ 57,500
Subsequent Event
Class Of Stock [Line Items]
Forward stock split ratio		8.84
Subsequent Event \| IPO
Class Of Stock [Line Items]
Issuance of common stock (in shares)	9,000,000
Initial public offering, price per share \| $ / shares	$ 17.00
Shares issued in connection with underwriters exercise of option to purchase additional shares			823,532
Preferred stock converted to common stock	7,064,925
Proceeds from IPO net of underwriting discounts and commissions and offering costs \| $	$ 152,800
Common stock, shares authorized	300,000,000
Common stock, par value \| $ / shares	$ 0.0001
Preferred stock, shares authorized	10,000,000
Preferred stock, par value \| $ / shares	$ 0.0001

Debt - Additional Information (Details) - Promissory Note - City National Bank - PPP Loan - CARES Act - Subsequent Event	May 05, 2021 USD ($)
Debt Instrument [Line Items]
Loan amount	$ 35,637
Loan term	2 years
Interest rate	1.00%
Monthly principal and interest payments deferral period	7 months
Prepayment penalties	$ 0

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Note 5. Leases

The Company early adopted Accounting Standards Update ASU 842 on January 1, 2020. There was no cumulative-effect adjustment recorded to accumulated deficit upon adoption.

Under ASC 842, the Company determines if an arrangement is a lease at inception. In addition, the Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date. As of December 31, 2020, the Company’s lease population consisted of real estate. As of the date of adoption of ASC 842 and December 31, 2020, the Company did not have finance leases.

Operating leases are included in operating lease right-of-use (ROU) assets, lease liabilities, current, and lease liabilities, non-current in the Company’s balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company determines the incremental borrowing rate base on an analysis of corporate bond yields with a credit rating similar to the Company. The determination of the Company’s incremental borrowing rate requires management judgment including the development of a synthetic credit rating and cost of debt as

the Company currently does not carry any debt. The Company believes that the estimates used in determining the incremental borrowing rate are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary. The operating lease ROU assets also include adjustments for prepayments and accrued lease payments and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating lease cost is recognized on a straight-line basis over the expected lease term. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Lease agreements with a noncancelable term of less than 12 months are not recorded on the Company’s balance sheet.

Operating leases

The Company leases its office and lab space in Redwood City, California and San Carlos, California respectively. Both of the 12.5 month leases were entered into in August 2020. Future lease payments under the two leases are $137,000 for the remaining nine months in 2021.

In February 2021, the Company entered into an 8-month sublease agreement with Level Home, Inc. for additional office space located in Redwood City, California. Rent is $38,766 per month with an abatement of base rent for the first month. This lease will be treated as a short-term lease in accordance with ASC 842 and therefore, is excluded from the right of use asset and liability.

In March of 2021, the Company signed a 5-year lease for new lab space located in San Carlos, California. The lease is expected to begin on May 1, 2021 with monthly lease payments of $57,638 with annual increases of 3%. This lease will be accounted for under ASC 842 due to the long-term nature of the lease. Due to the commencement of this lease in May 2021, there was no right of use asset or liability recorded as of March 31, 2021.

Lease expense for three months ended March 31, 2021 and 2020 was $141,161 and $21,661, respectively.

The undiscounted future non-cancellable lease payments under the Company’s operating leases as of March 31, 2021 is as follows:

(In thousands)
Years ending December 31,
2021 (remaining nine months)	$	137
2022
2023
2024
2025
Thereafter
Total undiscounted lease payments	137
Less: present value adjustments		-
Present value of lease payments	$	137

Summary of Significant Accounting Policies - Summary of Useful Lives of Property and Equipment (Details)	3 Months Ended
	Mar. 31, 2021
Laboratory Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	3 years
Laboratory Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	Shorter of remaining lease term or estimated useful life

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 185	$ 89
Less: accumulated depreciation	(20)	(8)
Total property and equipment, net	165	81
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	27	7
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	39	58
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	32	$ 24
Lab Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 87

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense Recorded in Condensed Statements of Operations and Allocated

Total stock-based compensation expense recorded in the condensed statements of operations and allocated as follows (in thousands):

	Three Months Ended
	March 31,
	2021		2020
Research and development	$	313	$	-
General and administrative		606		-
Total stock-based compensation expense	$	919	$	-

Summary of Stock Option Activity

The following table summarizes stock option activity:

				Outstanding Options
	Shares Available for Grant			Shares		Weighted- Average Exercise		Weighted- Average Remaining Contractual Term (Years)
Balance—December 31, 2020		4,327,799			—	$	—
Granted		(2,068,111	)		2,068,111	$	6.47
Balance—March 31, 2021		2,259,688			2,068,111	$	6.47		9.8
Exercisable – March 31, 2021					125,685	$	6.47		9.8

Summary of Fair Value of Employee Stock Options Estimated using Weighted-Average Assumptions

The fair value of employee stock options was estimated using the following weighted-average assumptions:

	Three Months Ended
	March 31, 2021
Expected term in years		6.0
Expected volatility		91	%
Risk-free interest rate		0.8	%
Dividend yield		—
Weighted average fair value of share-based awards granted	$	4.79

Property and Equipment

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Note 4. Property and Equipment

Property and equipment, net consisted of the following:

(in thousands)	March 31, 2021			December 31, 2020
Furniture and fixtures	$	27		$	7
Construction in progress		39			58
Leasehold improvements		32			24
Lab equipment		87			—
Total property and equipment, gross		185			89
Less: accumulated depreciation		(20	)		(8	)
Total property and equipment, net	$	165		$	81

Depreciation expense for the three months ended March 31, 2021 and 2020 was $11,328 and $0 respectively.

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Assets Consist of Investments Measured and Recognized at Fair Value

The following tables set forth the fair value of the Company’s financial assets, which consist of investments measured and recognized at fair value (in thousands):

		March 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Money market funds⁽¹⁾	Level 1	$	16,428	$	—	$	—		$		16,428
Investments
Corporate notes	Level 2		22,335		—		(13	)			22,322
Commercial paper	Level 2		10,486		—		—				10,486
Asset backed securities	Level 2		5,622		—		(2	)			5,620
Total		$	54,871	$	—	$	(15	)	$		54,856

⁽¹⁾

^{Included in cash and cash equivalents on the balance sheets}^.

Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]
Accounts receivable	$ 36	$ 16
Prepaid expenses	205	447
Deferred IPO costs	1,595	29
Accrued interest	134
Security deposits	75	36
Total prepaid expenses and other current assets	$ 2,045	$ 528

Condensed Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 18,891,000	$ 61,695,000
Short-term investments	26,586,000
Prepaid expenses and other current assets	2,045,000	528,000
Total current assets	47,522,000	62,223,000
Property and equipment, net	165,000	81,000
Restricted cash	216,000	0
Prepaid and other long term assets		12,000
Long-term investments	11,843,000
Right-of-use asset	129,000	210,000
Total assets	59,875,000	62,526,000
Current liabilities:
Accounts payable	969,000	727,000
Accrued liabilities	2,777,000	633,000
Loan payable	36,000	36,000
Lease liability	137,000	223,000
Total current liabilities	3,919,000	1,619,000
Total liabilities	3,919,000	1,619,000
Commitments and contingencies (Note 9)
Stockholders' equity
Common stock, $0.0001 par value; 25,300,080 shares authorized as of March 31, 2021 and December 31, 2020;12,004,633 and 11,953,107 shares issued and outstanding as of March 31, 2021 and December 31, 2020	1,000	1,000
Additional paid-in capital	14,262,000	13,343,000
Accumulated other comprehensive loss	(15,000)
Accumulated deficit	(14,027,000)	(8,175,000)
Total stockholders' equity	221,000	5,169,000
Total liabilities and stockholders' equity	59,875,000	62,526,000
Series A Convertible Preferred Stock
Current liabilities:
Series A convertible preferred stock, $0.0001 par value; 7,064,925 shares authorized as of March 31, 2021 and December 31, 2020; 7,064,925 shares issued and outstanding as of March 31, 2021 and December 31, 2020	$ 55,735,000	$ 55,738,000

Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued research and development materials and services	$ 1,286	$ 519
Accrued professional services	1,139	67
Accrued personnel expenses	321	47
Deferred rent	31
Total accrued liabilities	$ 2,777	$ 633

Fair Value Measurement - Summary of Fair Value of Financial Assets Consist of Investments Measured and Recognized at Fair Value (Details)
$ in Thousands

Mar. 31, 2021

USD ($)

Schedule Of Available For Sale Securities [Line Items]

Amortized Cost

$ 54,871

Gross Unrealized Losses

(15)

Fair Value

54,856

Money Market Funds | Level 1

Schedule Of Available For Sale Securities [Line Items]

Amortized Cost

16,428

^[1]

Fair Value

16,428

^[1]

Corporate Notes | Level 2

Schedule Of Available For Sale Securities [Line Items]

Amortized Cost

22,335

Gross Unrealized Losses

(13)

Fair Value

22,322

Commercial Paper | Level 2

Schedule Of Available For Sale Securities [Line Items]

Amortized Cost

10,486

Fair Value

10,486

Asset Backed Securities | Level 2

Schedule Of Available For Sale Securities [Line Items]

Amortized Cost

5,622

Gross Unrealized Losses

(2)

Fair Value

$ 5,620

[1]	^{Included in cash and cash equivalents on the balance sheets}

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

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 amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to accrued research and development expenses, the fair value of common stock, stock-based compensation expense, income taxes and uncertain tax positions. The Company bases its estimates on its historical experience and also on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of developing clinical product candidates for the treatment of cancer patients. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States.

Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash

The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash and cash equivalents. Cash equivalents consist of amounts invested in money market accounts and are stated at fair value.

Restricted cash as of March 31, 2021 included a $216,000 stand-by letter of credit issued in favor of the landlord in connection with a new lease of lab space located in San Carlos, California, which is classified in noncurrent assets. There was no restricted cash as of December 31, 2020.

Investments

The Company’s investments have been classified and accounted for as available-for-sale securities. Fixed income securities consist of U.S. Treasury securities, U.S. government agency securities, corporate debt, and commercial paper. The specific identification method is used to determine the cost basis of fixed income securities sold. These securities are recorded on the condensed balance sheets at fair value. Unrealized gains and losses on these securities are included as a separate component of accumulated other comprehensive loss. The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income (expense), net. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, are also included in other income (expense), net. The Company evaluates securities for other-than-temporary impairment at the balance sheet date. Declines in fair value determined to be other-than-temporary are also included in other income (expense), net. The Company classifies its investments as short or long term primarily based on the remaining contractual maturity of the securities. Long term investments consist of asset backed securities and corporate debt.

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of credit risk and other risks and uncertainties

Financial instruments that potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents.

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Property and Equipment, Net

Property and equipment, net

Property and equipment are recorded at cost net of accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. The useful lives of property and equipment are as follows:


Laboratory equipment		3-5 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Upon retirement or sale of the assets, the cost and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is recorded to the statements of operations. Repairs and maintenance are expensed as incurred.

Impairment of Long-Lived Assets

Impairment of long-lived assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There was no impairment of long-lived assets during the years ended December 31, 2020 and 2019 and the three months ended March 31, 2021 and 2020.

Convertible Preferred Stock

Convertible preferred stock

The Company records shares of convertible preferred stock at fair value on the dates of issuances, net of issuance costs. The Company classifies convertible preferred stock outside of stockholders’ equity (deficit) because the shares contain liquidation features that are not solely within the Company’s control. The Company analyzed all embedded derivatives and beneficial conversion features for its convertible preferred stock and concluded that none requires bifurcation. The Company has elected not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because it is uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur.

Research and Development Expenses

Research and development expenses

The Company’s research and development expenses consist primarily of external and internal costs incurred in connection with the research and development of its research programs and product candidates.

External costs include:

•	expenses incurred under agreements with third-party contract manufacturing organizations (“CMOs”), contract research organizations (“CROs”), research and development service providers, academic research institutions and consulting costs; and

•	laboratory expenses, including supplies and services.

Internal costs include:

•	personnel-related expenses, including salaries, benefits and stock-based compensation for personnel in research and product development roles; and

•	facilities and other allocated expenses, including expenses for rent and facilities maintenance, and amortization.

The Company expenses research and development costs in the periods in which they are incurred. Nonrefundable advance payments for goods or services to be received in future periods for use in research and development activities are deferred and capitalized. The capitalized amounts are then expensed as the related goods are delivered and as services are performed. The Company tracks direct costs by stage of program, clinical or preclinical. However, it does not track indirect costs on a stage of program basis because these costs are deployed across multiple programs and, as such, are not separately classified.

Accrued Research and Development Expenses

Accrued research and development expenses

The Company records accruals for estimated costs of research, preclinical, and manufacturing development, which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, CROs and CMOs. The Company’s contracts with the CROs and CMOs generally include fees such as initiation fees, reservation fees, costs related to animal studies and safety tests, verification run costs, materials and reagents expenses, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, or stage of completion and actual timeline (start- date and end-date) of the services and the agreed-upon fees to be paid for such services. Through March 31, 2021, there have been no material differences from the Company’s estimated accrued research and development expenses to actual expenses.

Patent Costs

Patent costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses in the accompanying statements of operations.

Stock-based compensation

The Company’s measures stock options and other stock-based awards granted to directors, employees and non-employees based on their fair value on the date of the grant and recognizes the corresponding compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award, and estimates the fair value of share-based awards to employees and directors using the Black-Scholes option-pricing valuation model. The Company has only issued stock options and restricted share awards with service-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for the forfeitures as they occur.

Leases

On January 1, 2020, the Company early adopted ASC 842, Leases (“ASC 842”) and its associated amendments (ASC 842) using the modified retrospective transition approach. The Company elected to take the practical expedient to not separate the lease and non-lease components as part of the adoption. There was no cumulative-effect adjustment recorded to accumulated deficit upon adoption. The Company recorded right-of-use assets and lease liabilities of $0.3 million upon adoption.

Under ASC 842, the Company determines if an arrangement is a lease at inception. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company’s operating leases have one single component. The lease component results in a right-of-use asset being recorded on the balance sheet and expensed as lease expense on a straight-line basis in the Company’s statements of operations.

Building improvements are paid for by the tenant and are capitalized as leasehold improvements and included in property and equipment, net in the balance sheet.

Income Taxes

Income taxes

The Company began providing for income taxes under the asset and liability method in December 2020 upon conversion from a limited liability company into a corporation. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax basis of assets and liabilities and net operating loss and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all the tax benefits will not be realized.

The Company accounts for uncertain tax positions in accordance with ASC No. 740 Income Taxes. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

The Company includes any penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

Comprehensive Loss

Comprehensive loss

Other comprehensive loss represents the changes in stockholders’ equity except those resulting from distributions to stockholders. The Company’s unrealized losses on short term available-for-sale investment securities represent components of other comprehensive loss that are excluded from the reported net loss and are presented in the consolidated statements of operations and comprehensive loss.

Net Loss Per Share

Net loss per share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the periods, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for the periods presented.

Deferred Offering Costs

Deferred offering costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the equity financing. There were $1.6 million and $0 of deferred offering costs recorded on the balance sheet as of March 31, 2021 and December 31, 2020, respectively.

Recent Accounting Pronouncements

Recent accounting pronouncements

The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”), and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards; and as a result of this election, its financial statements may not be comparable to companies that comply with public company effective dates. The JOBS Act also exempts the Company from having to provide an auditor attestation of internal controls over financial reporting under Sarbanes-Oxley Act Section 404(b). The Company will remain an EGC until the earliest of (i) the last day of the fiscal year in which it has total annual gross revenues of $1.07 billion or more, (ii) the last day of the fiscal year following the fifth anniversary of the completion of its IPO, (iii) the date on which it has issued more than $1.0 billion in nonconvertible debt during the previous three years or (iv) the date on which it is deemed to be a large accelerated filer under the rules of the Securities and Exchange Commission (“SEC”), which generally is when it has more than $700 million in market value of its stock held by non-affiliates, has been a public company for at least 12 months and has filed one annual report on Form 10-K.

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. This ASU also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. This ASU is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this standard on its financial statements and related disclosures.

The Company did not adopt any new standards during the three months ended March 31, 2021.

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2019	$ (21)		$ 1	$ 2,829		$ (2,851)
Balance (in shares) at Dec. 31, 2019			8,703,234
Issuance of common stock	50			50
Issuance of common stock (in shares)			230,650
Net loss and comprehensive loss	(398)					(398)
Balance at Mar. 31, 2020	(369)		$ 1	2,879		(3,249)
Balance (in shares) at Mar. 31, 2020			8,933,884
Balance at Dec. 31, 2020	5,169		$ 1	13,343		(8,175)
Balance (in shares) at Dec. 31, 2020		7,064,925
Balance at Dec. 31, 2020		$ 55,738
Balance (in shares) at Dec. 31, 2020			11,953,107
Series A financing costs		$ (3)
Issuance of restricted stock (in shares)			51,526
Stock-based compensation	919			919
Unrealized loss on investments	(15)				$ (15)
Net loss and comprehensive loss	(5,852)					(5,852)
Balance at Mar. 31, 2021	$ 221		$ 1	$ 14,262	$ (15)	$ (14,027)
Balance (in shares) at Mar. 31, 2021		7,064,925
Balance at Mar. 31, 2021		$ 55,735
Balance (in shares) at Mar. 31, 2021			12,004,633

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2020	Dec. 18, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for future issuance	7,064,925
Shares available for future grant	2,259,688	4,327,799			4,327,799
Stock options outstanding	2,068,111	0			0
Expected dividend yield	0.00%
Accrued stock-based compensation expense for awards where service inception date precedes grant date			$ 0.1	$ 0.0
Restricted stock awards granted	0
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grant	2,259,688
2020 Equity Incentive Plan \| Employees and Non-Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for future issuance						4,327,799
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested restricted stock awards	126,120				74,594
Unvested restricted awards	698,309	749,835			749,835
Restricted Stock \| Employees and Non-Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards granted		824,429
Vesting period		4 years

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	25,300,080	25,300,080
Common stock, shares issued	12,004,633	11,953,107
Common stock, shares outstanding	12,004,633	11,953,107
Series A Convertible Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	7,064,925	7,064,925
Preferred stock, shares issued	7,064,925	7,064,925
Preferred stock, shares outstanding	7,064,925	7,064,925

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Biomea Fusion, Inc.
Entity Central Index Key	0001840439
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	BMEA
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		28,767,867
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Shell Company	false
Entity File Number	001-40335
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2520134
Entity Address, Address Line One	726 Main Street
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	980-9099

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	Apr. 20, 2021	Apr. 15, 2021	May 20, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Shares, Granted				2,068,111
Subsequent Event \| IPO
Subsequent Event [Line Items]
Issuance of common stock (in shares)	9,000,000
Initial public offering, price per share	$ 17.00
Shares issued in connection with underwriters exercise of option to purchase additional shares			823,532
Preferred stock converted to common stock	7,064,925
Proceeds from IPO net of underwriting discounts and commissions and offering costs	$ 152.8
Employees and Consultants \| Subsequent Event
Subsequent Event [Line Items]
Shares, Granted		344,205
Board Members \| Subsequent Event
Subsequent Event [Line Items]
Shares, Granted		115,644

Capital Structure

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Capital Structure

Note 7. Capital Structure

In December 2020, all of the outstanding membership interests in Biomea Fusion LLC were exchanged for equity interests in Biomea Fusion, Inc. in a statutory conversion under Delaware law. All of the share information referenced throughout the financial statements and notes to the financial statements have been retroactively adjusted to reflect the change in capital structure.

As of March 31, 2021 and December 31, 2020, the Company was authorized to issue 32,365,005 shares of stock with a par value of $0.0001 per share, of which 25,300,080 shares were designated as common stock and 7,064,925 were designated as Series A convertible preferred stock.

Common stock

The Company is authorized to issue 25,300,080 shares of common stock, par value $0.0001 per share. As of December 31, 2020, there were 12,702,942 shares of common stock outstanding, including 749,835 unvested restricted shares of common stock subject to repurchase. There were no options to purchase common stock outstanding as of December 31, 2020. As of March 31, 2021, there were 12,702,942 shares of common stock outstanding, including 698,309 unvested restricted shares of common stock subject to repurchase. There were zero and 2,068,111 options to purchase common stock outstanding as of December 31, 2020 and March 31, 2021, respectively.

Common stockholders are entitled to dividends when and if declared by the Company’s Board of Directors and after any convertible preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote.

The Company has reserved 7,064,925 shares of common stock for future issuance related to the potential conversion of preferred stock as of March 31, 2021.

Series A convertible preferred stock

In December 2020, the Company issued 7,064,925 shares of its Series A convertible preferred stock, par value $0.0001, in exchange for $55.7 million in net proceeds. Prior to the December 2020 Series A convertible preferred stock financing, there were no shares of Series A convertible preferred stock outstanding.

Preferred stock consisted of the following as of March 31, 2021 (in thousands, except share numbers):

authorized

issued and

outstanding

Original

issue

price

Carrying

value

Liquidation

preference

Series A convertible preferred stock

7,064,925

7.93

55,735

56,000

The Series A convertible preferred stock has the following rights and privileges:

Conversion rights

Each share of Series A convertible preferred stock is convertible at an option of the holder into one share of common stock (subject to adjustment for certain events, including dilutive issuances, stock splits, and reclassifications). The Series A convertible preferred stock will also be converted automatically into shares of common stock (1) immediately prior to an initial public offering with aggregate proceeds of at least $75.0 million at a per share price equal to or greater than the original issuance price or (2) upon the date specified by written consent of holders of a majority of the outstanding preferred shares on an as-converted basis.

Dividends

Each holder is entitled to dividends per share, if and when declared by the board of directors. Dividends are to be paid in advance of any distributions to common stockholders. No dividends have been declared as of March 31, 2021.

Liquidation preference

In the event of any liquidation, dissolution, or winding-up of the Company, including a merger, acquisition, or sale of assets, as defined, each Series A convertible preferred stock holder is entitled to receive the greater of i) an amount of $7.93 per share for each share of Series A convertible preferred stock held (as adjusted for recapitalizations, stock combinations, stock dividends, stock splits, and reclassifications), plus any declared but unpaid dividends prior to and in preference to any distribution to the holders of common stock or ii) an amount of cash, securities or other property per share on an as-converted to common stock basis. If the assets of the Company are insufficient to make payment in full to all Series A convertible preferred stockholders then the assets or consideration will be distributed ratably among such holders. Any remaining assets would then be distributed among the holders of the common stock on a pro rata basis based on the number of shares of common stock held by them.

Voting

Each holder of shares of Series A convertible preferred stock is entitled to the number of votes equal to the number of shares of common stock into which such shares could be converted and has voting rights and powers equal to the voting rights and powers of the common stock, and except as provided by law or by other provisions of the Company’s Certificate of Incorporation shall vote together with the common stock as a single class on an as-converted basis on all matters as to which holders of common stock have the right to vote.

The holders of Series A convertible preferred stock, voting separately as a single class, are entitled to elect two members of the Company’s board of directors. The holders of shares of common stock, voting separately as a single class, are entitled to elect three members of the Company’s board of directors. All remaining members of the Company’s board of directors are elected by the holders of the common stock and preferred stock voting together as a single class.

Redemption

The convertible preferred stock is not redeemable.

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) Segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments \| Segment	1
Number of operating segments \| Segment	1
Restricted cash	$ 216,000		$ 0
Impairment of long-lived assets	0	$ 0	0	$ 0
Right-of-use asset	129,000		210,000		$ 300,000
Lease liabilities	137,000		223,000		$ 300,000
Deferred offering costs	1,600,000		$ 0
Total annual gross revenues	1,070,000,000.00
Minimum
Summary Of Significant Accounting Policies [Line Items]
Issued nonconvertible debt	1,000,000,000.0
Market value of its stock held by non-affiliates	700,000,000
Stand-by Letter of Credit
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 216,000

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

Note 10. Debt

On May 5, 2020, the Company entered into a promissory note with City National Bank, which provided a loan in the amount of $35,637 (“PPP Loan”) pursuant to the Paycheck Protection Program (“PPP”), administered by the Small Business Administration under the CARES Act. The PPP Loan has a two-year term and bears interest at a rate of 1% per annum. Monthly principal and interest payments are deferred for seven months after the date of disbursement. The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties. The PPP loan may be partially or wholly forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. The Company has used the entire PPP loan amount for qualifying expenses and repaid the loan in full in the second quarter of 2021.

Capital Structure (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Series A Convertible Preferred Stock

Preferred stock consisted of the following as of March 31, 2021 (in thousands, except share numbers):

authorized

issued and

outstanding

Original

issue

price

Carrying

value

Liquidation

preference

Series A convertible preferred stock

7,064,925

7.93

55,735

56,000

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 13. Subsequent Events

On April 15, 2021 the Company granted 344,205 stock options to employees and consultants. In addition,115,644 options were granted to the Company’s board members upon their initial appointment to the board.

On April 20, 2021 the Company completed it’s IPO and issued an aggregate of 9,000,000 shares of common stock at a price of $17.00 per share. Within 30 days following the close, 823,532 shares were issued in connection with the partial exercise by the underwriters of their option to purchase additional shares of common stock. In addition, immediately prior to the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 7,064,925 shares of common stock. Proceeds from the IPO, net of underwriting discounts and commissions and offering costs were approximately $152.8 million.

For the purposes of the interim financial statements as of March 31, 2021 and for the three months ended, the Company has evaluated the subsequent events through May 27, 2021, the date the unaudited interim condensed financial statements were issued.

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	March 31,		December 31,
	2021		2020
	(in thousands)
Accounts receivable	$	36	$	16
Prepaid expenses		205		447
Deferred IPO costs		1,595		29
Accrued interest		134		-
Security deposits		75		36
Total prepaid expenses and other current assets	$	2,045	$	528

Summary of Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31,		December 31,
	2021		2020
	(in thousands)
Accrued research and development materials and services	$	1,286	$	519
Accrued professional services		1,139		67
Accrued personnel expenses		321		47
Deferred rent		31		-
Total accrued liabilities	$	2,777	$	633

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 3,798	$ 334
General and administrative	2,059	64
Total operating expenses	5,857	398
Loss from operations	(5,857)	(398)
Interest and other income, net	5	0
Net loss	(5,852)	(398)
Other comprehensive loss:
Changes in unrealized loss on short term investments, net	(15)
Comprehensive loss	$ (5,867)	$ (398)
Net loss per common share, basic and diluted	$ (0.49)	$ (0.05)
Weighted-average number of common shares used to compute basic and diluted net loss per common share	11,964,205	8,758,995

Organization

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

Note 1. Organization

Organization

Biomea Fusion, Inc., (the “Company”), was established in the state of Delaware in August 2017 as Biomea Fusion, LLC. In December 2020, all outstanding membership interests in Biomea Fusion, LLC were converted into equity interests in the Company. The capitalization information included in these financial statements is consistently presented as if it is that of Biomea Fusion, Inc., even during the prior period when investors held their equity interests in Biomea Fusion, LLC.

The Company is a biopharmaceutical company focused on the discovery and development of irreversible small molecules to treat patients with genetically defined cancers. Since its inception in 2017, the Company has built its proprietary FUSION System platform to design and develop a pipeline of novel irreversible therapies.

Basis of presentation

The accompanying interim condensed financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020, and the related interim information contained within the notes to the financial statements, are unaudited. The unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and on the same basis as the audited financial statements included on the Company’s annual financial statements filed with the Securities and Exchange Commission (“SEC”) within the Company’s Prospectus dated April 15, 2021 (the “Prospectus”). In the opinion of management, the accompanying unaudited interim condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2021, and the results of its operations and cash flows for the three months ended March 31, 2021 and 2020. All such adjustments are of a normal and recurring nature. The interim financial data as of March 31, 2021 is not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any future period.

The accompanying condensed financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2020 included in the Prospectus.

Forward stock split

In April 2021, the Company’s board of directors approved an amended and restated certificate of incorporation to effect a split of shares of the Company’s outstanding capital at a ratio of 8.84-for-1 (the “Forward Stock Split”) effective as of April 12, 2021. The number of authorized shares and the par values of the common stock and convertible preferred stock were not adjusted as a result of the Forward Stock Split. All references to common stock, options to purchase common stock, convertible preferred stock, share data, per share data and related information contained in the financial statements have been retrospectively adjusted to reflect the effect of the Forward Stock Split for all periods presented.

Initial Public Offering

On April 16, 2021, the Company’s registration statement on Form S-1 (File No. 333-254793) relating to its initial public offering (“IPO”) of common stock became effective. The IPO closed on April 20, 2021 at which time the Company issued an aggregate of 9,000,000 shares of its common stock at a price of $17.00 per share. Within 30 days following the close, 823,532 shares were issued in connection with the partial exercise by the underwriters of their option to purchase additional shares of common stock. In addition, immediately prior to the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 7,064,925 shares of common stock. In connection with the completion of its IPO, on April 20, 2021, the Company’s certificate of incorporation was amended and restated to provide for 300,000,000 authorized shares of common stock with a par value of $0.0001 per share and 10,000,000 authorized shares of preferred stock with a par value of $0.0001 per share. Proceeds from the IPO, net of underwriting discounts and commissions and offering costs were approximately $152.8 million.

Liquidity and capital resources

The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $14.0 million at March 31, 2021. As of March 31, 2021, the Company had cash, cash equivalents, restricted cash, and investments of $57.5 million. The Company has historically financed its operations primarily through the sale of convertible preferred stock and common stock and the issuance of unsecured promissory notes. To date, none

of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company progresses into clinical development activities for its lead product candidate. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed below. While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Net Loss and Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss attributable to common stockholders, basic and diluted	$ (5,852)	$ (398)
Denominator:
Weighted-average common shares outstanding	11,964,205	8,758,995
Net loss per share attributable to common stockholders:
Basic and diluted	$ (0.49)	$ (0.05)

- Definition

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

+ References

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

Capital Structure - Schedule of Series A Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Nov. 30, 2020
Class Of Stock [Line Items]
Preferred stock, shares authorized	7,064,925	7,064,925
Preferred stock, shares issued	7,064,925	7,064,925
Preferred stock, shares outstanding	7,064,925	7,064,925	0
Original issue price	$ 7.93
Carrying value	$ 55,735	$ 55,738
Liquidation preference	$ 56,000

Balance Sheet Components

3 Months Ended

Mar. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 6. Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:

	March 31,		December 31,
	2021		2020
	(in thousands)
Accounts receivable	$	36	$	16
Prepaid expenses		205		447
Deferred IPO costs		1,595		29
Accrued interest		134		-
Security deposits		75		36
Total prepaid expenses and other current assets	$	2,045	$	528

Accrued liabilities

Accrued liabilities consisted of the following:

	March 31,		December 31,
	2021		2020
	(in thousands)
Accrued research and development materials and services	$	1,286	$	519
Accrued professional services		1,139		67
Accrued personnel expenses		321		47
Deferred rent		31		-
Total accrued liabilities	$	2,777	$	633

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of estimates

Segments

Cash, cash equivalents, and restricted cash

Investments

Concentration of credit risk and other risks and uncertainties

Property and equipment, net


Laboratory equipment		3-5 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Impairment of long-lived assets

Convertible preferred stock

Research and development expenses

External costs include:

•	expenses incurred under agreements with third-party contract manufacturing organizations (“CMOs”), contract research organizations (“CROs”), research and development service providers, academic research institutions and consulting costs; and

•	laboratory expenses, including supplies and services.

Internal costs include:

•	personnel-related expenses, including salaries, benefits and stock-based compensation for personnel in research and product development roles; and

•	facilities and other allocated expenses, including expenses for rent and facilities maintenance, and amortization.

Accrued research and development expenses

Patent costs

Stock-based compensation

The Company’s measures stock options and other stock-based awards granted to directors, employees and non-employees based on their fair value on the date of the grant and recognizes the corresponding compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award, and estimates the fair value of share-based awards to employees and directors using the Black-Scholes option-pricing valuation model. The Company has only issued stock options and restricted share awards with service-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for the forfeitures as they occur.

Leases

Building improvements are paid for by the tenant and are capitalized as leasehold improvements and included in property and equipment, net in the balance sheet.

Income taxes

The Company includes any penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

Comprehensive loss

Net loss per share

Deferred offering costs

Recent accounting pronouncements

The Company did not adopt any new standards during the three months ended March 31, 2021.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

Legal proceedings

From time to time, the Company may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2021, and, to the best of its knowledge, no material legal proceedings are currently pending or threatened.

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Fair Value Measurement

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 3. Fair Value Measurement

The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

The Company’s cash equivalents includes investments in money market funds that are classified as Level 1 of the fair value hierarchy. The Company values the funds at $1 stable net asset value, which is the quoted price in active markets for identical assets that the Company has the ability to access. The Company’s cash equivalents and short-term investments also include commercial paper, asset backed securities, and corporate notes, which have been classified within Level 2 of the fair value of the hierarchy because of the sufficient observable inputs for revaluation.

Financial instruments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy.

The fair value of the Company’s cash equivalents and short-term investments approximates their respective carrying amounts due to their short-term maturity. The following tables set forth the fair value of the Company’s financial assets, which consist of investments measured and recognized at fair value (in thousands):

		March 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Money market funds⁽¹⁾	Level 1	$	16,428	$	—	$	—		$		16,428
Investments
Corporate notes	Level 2		22,335		—		(13	)			22,322
Commercial paper	Level 2		10,486		—		—				10,486
Asset backed securities	Level 2		5,622		—		(2	)			5,620
Total		$	54,871	$	—	$	(15	)	$		54,856

⁽¹⁾

^{Included in cash and cash equivalents on the balance sheets}^.

The Company did not have any investments as of December 31, 2020.

Realized gains or losses from the sale of investments and other-than-temporary impairments, if any, on available-for-sale securities are reported in other income (expense), net as incurred. The cost of securities sold was determined based on the specific identification method. The amount of realized gains and realized losses on investments for the periods presented have not been material.

- 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

Capital Structure - Additional Information (Details)	1 Months Ended	3 Months Ended
Capital Structure - Additional Information (Details)	Dec. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) Director $ / shares shares	Nov. 30, 2020 shares
Class Of Stock [Line Items]
Shares authorized for issuance	32,365,005	32,365,005
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized	25,300,080	25,300,080
Common stock, shares outstanding	12,702,942	12,702,942
Options to purchase common stock outstanding	0	2,068,111
Reserved shares of common stock for future issuance		7,064,925
Restricted Stock
Class Of Stock [Line Items]
Unvested restricted shares of common stock	749,835	698,309
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized	7,064,925	7,064,925
Convertible preferred stock, shares issued	7,064,925	7,064,925
Convertible preferred stock par value \| $ / shares	$ 0.0001	$ 0.0001
Proceeds from issuance of convertible preferred stock \| $	$ 55,700,000
Convertible preferred stock, shares outstanding	7,064,925	7,064,925	0
Conversion of stock, description		Each share of Series A convertible preferred stock is convertible at an option of the holder into one share of common stock
Dividends declared \| $		$ 0
Convertible preferred stock, liquidation preference per share \| $ / shares		$ 7.93
Number of directors elected \| Director		2
Series A Convertible Preferred Stock \| Minimum
Class Of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $		$ 75,000,000.0
Common Stock
Class Of Stock [Line Items]
Number of directors elected \| Director		3

Net Loss and Net Loss Per Share - Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share (Details)	3 Months Ended
	Mar. 31, 2021 shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Additional non-dilutive shares	7,763,234
Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Additional non-dilutive shares	7,064,925
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Additional non-dilutive shares	698,309

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
Condensed Statements of Cash Flows - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net loss	$ (5,852,000)	$ (398,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	11,328	0
Non-cash lease expense	81,000
Stock-based compensation expense	919,000
Changes in operating assets and liabilities:
Prepaid expenses & other current assets	(292,000)	17,000
Other assets	12,000
Accounts payable	41,000	70,000
Accrued liabilities	1,091,000	59,000
Lease liabilities	(86,000)
Net cash used in operating activities	(4,075,000)	(252,000)
Investing Activities
Purchase of property and equipment	(67,000)
Purchase of short-term and long-term investments	(38,443,000)
Net cash used in investing activities	(38,510,000)
Financing Activities
Proceeds from issuance of common stock		50,000
Series A financing costs incurred	(3,000)
Net cash (used in) provided by financing activities	(3,000)	50,000
Net decrease in cash, cash equivalents, and restricted cash	(42,588,000)	(202,000)
Cash, cash equivalents, and restricted cash at the beginning of the period	61,695,000	239,000
Cash, cash equivalents, and restricted cash at the end of the period	19,107,000	37,000
Non-cash financing and investing activities:
Acquisition of fixed assets	29,000
Unpaid deferred offering costs	1,226,000
Change in unrealized gain/loss on investments	(15,000)
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	18,891,000	37,000
Restricted cash	216,000
Cash, cash equivalents, and restricted cash at the end of the period	$ 19,107,000	$ 37,000

Net Loss and Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share:

	Q1 20			Q1 21
Numerator:
Net loss attributable to common stockholders, basic and diluted	$	(398	)	$	(5,852	)
Denominator:
Weighted-average common shares outstanding		8,758,995			11,964,205
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.05	)	$	(0.49	)

Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	Outstanding March 31,
	2020		2021
Additional non-dilutive shares included in footnote:
Series A convertible preferred shares		-		7,064,925
Restricted common stock subject to repurchase		-		698,309
Total		-		7,763,234

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Undiscounted Future Non-cancellable Lease Payments Under Operating Leases

The undiscounted future non-cancellable lease payments under the Company’s operating leases as of March 31, 2021 is as follows:

(In thousands)
Years ending December 31,
2021 (remaining nine months)	$	137
2022
2023
2024
2025
Thereafter
Total undiscounted lease payments	137
Less: present value adjustments		-
Present value of lease payments	$	137

Stock-Based Compensation - Summary of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares Available for Grant, Beginning Balance	4,327,799
Share Available for Grant, Granted	(2,068,111)
Shares Available for Grant, Ending Balance	2,259,688
Shares, Beginning Balance	0
Shares, Granted	2,068,111
Shares, Ending Balance	2,068,111
Shares, Exercisable	125,685
Weighted Average Exercise Price, Granted \| $ / shares	$ 6.47
Weighted Average Exercise Price, Ending Balance \| $ / shares	6.47
Weighted Average Exercise, Exercisable \| $ / shares	$ 6.47
Weighted Average Remaining Contract Term	9 years 9 months 18 days
Weighted Average Remaining Contract Term, Exercisable	9 years 9 months 18 days

Stock-Based Compensation - Summary of Fair Value of Employee Stock Options Estimated using Weighted-Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected term in years	6 years
Expected volatility	91.00%
Risk-free interest rate	0.80%
Expected dividend yield	0.00%
Weighted average fair value of share-based awards granted	$ 4.79

Net Loss and Net Loss Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss and Net Loss Per Share

Note 12. Net Loss and Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share:

	Q1 20			Q1 21
Numerator:
Net loss attributable to common stockholders, basic and diluted	$	(398	)	$	(5,852	)
Denominator:
Weighted-average common shares outstanding		8,758,995			11,964,205
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.05	)	$	(0.49	)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	Outstanding March 31,
	2020		2021
Additional non-dilutive shares included in footnote:
Series A convertible preferred shares		-		7,064,925
Restricted common stock subject to repurchase		-		698,309
Total		-		7,763,234

Fair Value Measurement - Additional Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Stable net asset value	$ 1
Investments		$ 0

Leases - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
Leases - Additional Information (Details) - USD ($)	Feb. 28, 2021	Mar. 31, 2021	Mar. 31, 2020
Lessee Lease Description [Line Items]
Operating lease liability to be paid in remainder of fiscal year		$ 137,000
Operating lease expense		141,161	$ 21,661
California
Lessee Lease Description [Line Items]
Operating lease liability to be paid in remainder of fiscal year		$ 137,000
Operating lease, term of contract		12 months 15 days
Operating lease, lease not yet commenced, term of contract		5 years
Operating lease, lease not yet commenced, monthly lease payments		$ 57,638
Operating lease, lease not yet commenced, rate of annual increases to rent		3.00%
Operating lease, lease not yet commenced, right of use asset		$ 0
Operating lease, lease not yet commenced, liability		$ 0
California \| Level Home, Inc.
Lessee Lease Description [Line Items]
Operating sublease, term of contract	8 months
Monthly rental payment	$ 38,766