0001564590-21-043699 | 10-Q | XBRL Viewer | Frequency Therapeutics INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 05, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001703647
Entity File Number	001-39062
Entity Registrant Name	FREQUENCY THERAPEUTICS, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	47-2324450
Entity Address Address Line	75 Hayden Avenue
Entity Address, Address Line Two	Suite 300
Entity Address City Or Town	Lexington
Entity Address Postal Zip Code	02421
Entity Address State Or Province	MA
City Area Code	781
Local Phone Number	315-4600
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	FREQ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,416,992
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 135,023	$ 220,341
Short-term marketable securities	33,866
Prepaid expenses and other current assets	3,475	4,723
Total current assets	172,364	225,064
Long-term marketable securities	6,635
Property and equipment, net	6,906	7,287
Right of use assets	32,483	30,551
Restricted cash	1,825	1,820
Total assets	220,213	264,722
Current liabilities:
Accounts payable	3,888	5,506
Accrued expenses	3,527	6,663
Deferred revenue		14,068
Lease liabilities	1,616	397
Total current liabilities	9,031	26,634
Lease liabilities, net of current portion	29,752	30,597
Term loan	15,000	15,000
Other long-term liabilities	390
Total liabilities	54,173	72,231
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued or outstanding at June 30, 2021 and December 31, 2020, respectively
Common stock, $0.001 par value; 200,000,000 shares authorized, 34,385,916 and 33,964,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	34	34
Additional paid-in capital	299,429	287,829
Accumulated other comprehensive income	7	27
Accumulated deficit	(133,430)	(95,399)
Total stockholders’ equity	166,040	192,491
Total liabilities and stockholders’ equity	$ 220,213	$ 264,722

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	200,000,000	200,000,000
Common stock, issued shares	34,385,916	33,964,000
Common stock, outstanding shares	34,385,916	33,964,000

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Revenue	$ 9,417,000	$ 8,523,000	$ 14,068,000	$ 15,787,000
Operating expenses:
Research and development	17,401,000	8,764,000	32,507,000	15,434,000
General and administrative	9,499,000	5,959,000	19,243,000	12,208,000
Total operating expenses	26,900,000	14,723,000	51,750,000	27,642,000
Loss from operations	(17,483,000)	(6,200,000)	(37,682,000)	(11,855,000)
Interest income	118,000	178,000	143,000	888,000
Interest (expense)	(182,000)		(400,000)
Realized (loss) gain on investments	(10,000)	(4,000)	(14,000)	65,000
Foreign exchange (loss) gain	(1,000)	8,000	20,000	9,000
Other (expense), net	(88,000)		(88,000)
Loss before income taxes	(17,646,000)	(6,018,000)	(38,021,000)	(10,893,000)
Income taxes	(10,000)	(7,000)	(10,000)	(45,000)
Net loss	$ (17,656,000)	$ (6,025,000)	$ (38,031,000)	$ (10,938,000)
Net loss per share attributable to common stockholders-basic and diluted	$ (0.52)	$ (0.19)	$ (1.11)	$ (0.35)
Weighted-average shares of common stock outstanding-basic and diluted	34,238,394	31,066,686	34,177,262	30,967,453

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (17,656)	$ (6,025)	$ (38,031)	$ (10,938)
Other comprehensive (loss) gain:
Unrealized (loss) gain on marketable securities	(3)	75	(20)	6
Total other comprehensive (loss) gain	(3)	75	(20)	6
Comprehensive loss	$ (17,659)	$ (5,950)	$ (38,051)	$ (10,932)

- Definition

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

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+ Details

Consolidated Statements Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional-paid in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ 167,358	$ 31	$ 236,161	$ 54	$ (68,888)
Beginning Balance (in shares) at Dec. 31, 2019		30,844,507
Stock-based compensation expense	4,575		4,575
Issuance of common stock upon exercise of stock options	700		700
Issuance of common stock upon exercise of options (in shares)		404,992
Other comprehensive income (loss)	6			6
Net loss	(10,938)				(10,938)
Ending Balance at Jun. 30, 2020	161,701	$ 31	241,436	60	(79,826)
Ending Balance (in shares) at Jun. 30, 2020		31,249,499
Beginning Balance at Mar. 31, 2020	164,849	$ 31	238,634	(15)	(73,801)
Beginning Balance (in shares) at Mar. 31, 2020		31,009,250
Stock-based compensation expense	2,411		2,411
Issuance of common stock upon exercise of stock options	391		391
Issuance of common stock upon exercise of options (in shares)		240,249
Other comprehensive income (loss)	75			75
Net loss	(6,025)				(6,025)
Ending Balance at Jun. 30, 2020	161,701	$ 31	241,436	60	(79,826)
Ending Balance (in shares) at Jun. 30, 2020		31,249,499
Beginning Balance at Dec. 31, 2020	$ 192,491	$ 34	287,829	27	(95,399)
Beginning Balance (in shares) at Dec. 31, 2020	33,964,000	33,964,000
Stock-based compensation expense	$ 10,700		10,700
Issuance of common stock upon exercise of stock options	900		900
Issuance of common stock upon exercise of options (in shares)		421,916
Other comprehensive income (loss)	(20)			(20)
Net loss	(38,031)				(38,031)
Ending Balance at Jun. 30, 2021	$ 166,040	$ 34	299,429	7	(133,430)
Ending Balance (in shares) at Jun. 30, 2021	34,385,916	34,385,916
Beginning Balance at Mar. 31, 2021	$ 177,407	$ 34	293,137	10	(115,774)
Beginning Balance (in shares) at Mar. 31, 2021		34,216,186
Stock-based compensation expense	6,089		6,089
Issuance of common stock upon exercise of stock options	203		203
Issuance of common stock upon exercise of options (in shares)		169,730
Other comprehensive income (loss)	(3)			(3)
Net loss	(17,656)				(17,656)
Ending Balance at Jun. 30, 2021	$ 166,040	$ 34	$ 299,429	$ 7	$ (133,430)
Ending Balance (in shares) at Jun. 30, 2021	34,385,916	34,385,916

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (38,031)	$ (10,938)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	10,700	4,575
Depreciation expense	1,303	459
Non-cash lease expense	421	165
Non-cash interest expense	16
Loss on disposal of assets	16
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,248	1,052
Accounts payable	(2,355)	971
Deferred revenue	(14,068)	(15,787)
Lease liabilities	374
Accrued expenses	(2,772)	(122)
Net cash (used in) operating activities	(43,148)	(19,625)
Cash flows from investing activities:
Purchases of property and equipment	(2,542)	(1,252)
Purchase of marketable securities	(43,023)
Redemption of marketable securities	2,500	17,106
Net cash (used in) provided by investing activities	(43,065)	15,854
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	900	700
Net cash provided by financing activities	900	700
Net (decrease) increase in cash, cash equivalents and restricted cash	(85,313)	(3,071)
Cash, cash equivalents, and restricted cash at beginning of period	222,161	200,259
Cash, cash equivalents, and restricted cash at end of period	136,848	197,188
Non-cash items:
Right-of-use assets in exchange for lease liabilities		2,163
Purchases of property and equipment in accrued expenses	12
Purchases of property and equipment and right of use asset included in accounts payable	$ 760	$ 197

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and basis of presentation

Organization

Frequency Therapeutics, Inc., together with its wholly owned subsidiaries, Frequency Therapeutics, PTY, LTD, Frequency Therapeutics Securities Corporation and Frequency Therapeutics Japan KK, (the Company), headquartered in Lexington, Massachusetts, was incorporated in November 2014 as a Delaware corporation. The Frequency Therapeutics Japan KK subsidiary was dissolved in February 2021. The Company is a clinical-stage biotechnology company focused on harnessing the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases.

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets generally accepted accounting principles (GAAP) that the Company follows to ensure its financial condition, results of operations, and cash flows are consistently reported. References to GAAP issued by the FASB in these notes to the consolidated financial statements are to the FASB Accounting Standards Codification (ASC).

Principles of consolidation

The consolidated financial statements include the accounts of Frequency Therapeutics, Inc. and its wholly owned subsidiaries Frequency Therapeutics Securities Corporation, Frequency Therapeutics PTY, LTD and Frequency Therapeutics Japan KK, which was dissolved in February 2021. All intercompany transactions and balances have been eliminated. The significant accounting policies used in preparation of these interim financial statements on Form 10-Q are consistent with those discussed in Note 2, “Summary of significant accounting policies,” in the Company’s Form 10-K.

Unaudited interim financial information

The accompanying consolidated balance sheet as of June 30, 2021 and the consolidated statements of operations, the consolidated statements of comprehensive loss and the consolidated statements of stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements 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 June 30, 2021, the results of its operations for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K.

Recently Adopted And Issued Accounting Standards

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Recently Adopted and Issued Accounting Standards

2. Recently adopted and issued accounting standards

Recently adopted accounting standards

In December 2019, the FASB issued ASU 2019-12 amending accounting guidance that simplifies the accounting for income taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendments also clarify and simplify other aspects of the accounting for income taxes. The Company adopted the standard on January 1, 2021 and it did not have a significant impact on its consolidated financial statements.

Recently issued accounting standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB has subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date. These standards require that credit losses be reported using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. These standards limit the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard will become effective for the Company on January 1, 2023. The Company is still evaluating the impact of this standard on its consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This new guidance requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to defer and recognize as an asset. ASU 2018-15 generally aligns the guidance on recognizing implementation costs incurred to develop or obtain internal use software, which includes hosting arrangements that include an internal-use software license. This standard will become effective for the Company in annual periods beginning after December 15, 2020. The Company is still evaluating the impact of this standard on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair value measurements

Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC Topic 820, Fair Value Measurement (ASC 820), establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The hierarchy defines three levels of valuation inputs, of which the first two are considered observable and the last is considered unobservable:

Level 1

Quoted prices in active markets for identical assets or liabilities.

Level 2

Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3

Unobservable inputs developed using estimates or assumptions developed by the Company, which reflect those that a market participant would use in pricing the asset or liability.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company’s financial assets are measured at fair value on a recurring basis by level within the fair value hierarchy at June 30, 2021 and December 31, 2020 are summarized as follows:

		June 30, 2021
	Fair Value	Amortization		Unrealized			Fair Market
	Hierarchy	Cost		Loss			Value
Money market funds	Level 1		81,223		—			81,223
Short-term marketable securities	Level 2		33,881		(15	)		33,866
Long-term marketable securities	Level 2		6,640		(5	)		6,635
		$	121,744	$	(20	)	$	121,724

		December 31, 2020
	Fair Value	Amortization		Unrealized		Fair Market
	Hierarchy	Cost		Gain		Value
Money market funds	Level 1		214,522		27		214,549
		$	214,522	$	27	$	214,549

The carrying amounts reflected in the consolidated balance sheet for prepaid expenses and other current assets, accounts payable, accrued expenses, other liabilities, and term loan are shown at their historical values which approximate their fair values.

- 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

Property and Equipment

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

4. Property and equipment

Property and equipment include the following:

	June 30,			December 31,
	2021			2020
Lab equipment	$	6,079		$	4,166
Furniture and office equipment		3,220			283
Software		291			291
Leasehold improvements		—			1,419
Construction in progress		28			4,340
Total		9,618			10,499
Accumulated depreciation		(2,712	)		(3,212	)
Property and equipment, net	$	6,906		$	7,287

The Company recognized $921 and $1,303, and $244 and $459 of depreciation expense for the three and six months ended June 30, 2021 and 2020, respectively.

Accrued Expenses

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accrued Expenses

5. Accrued expenses

Accrued expenses consist of the following:

	June 30,		December 31,
	2021		2020
Payroll and employee related expenses	$	2,508	$	5,062
Professional fees		308		647
Third-party research and development expenses		582		874
Taxes and other		129		80
Total	$	3,527	$	6,663

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

6. Debt

On December 11, 2020 (the “Closing Date”), the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with a commercial bank for a term loan with a principal balance of $15,000. The Company will make monthly interest only payments through November 30, 2022. The principal balance and interest will be repaid in equal monthly installments after the interest only period and continuing through May 1, 2024 (the “Loan Maturity Date”). Advances under the Loan Agreement will bear an interest rate equal to the greater of either (i) 1.50% plus the Prime Rate (as reported in The Wall Street Journal, subject to an interest rate floor of zero) or (ii) 4.75%. The interest rate at June 30, 2021 was 4.75%, resulting in interest expense of $182 and $400 for the three and six months ended June 30, 2021.

The Company may prepay the advance made under the Loan Agreement in whole, at any time subject to a prepayment premium equal to: (a) 2.0% of the then-outstanding principal amount of the advance, if such prepayment occurs on or prior to the first anniversary of the Closing Date; (b) 1.0% of the then-outstanding principal amount of the advance, if such prepayment occurs after the first anniversary of the Closing Date and on or prior to the second anniversary of the Closing Date; and (c) 0.0% of the then-outstanding principal amount of the advance, if such prepayment occurs after the second anniversary of the Closing Date. The prepayment premium is waived if the borrowings under the Loan Agreement are refinanced by the bank (in its sole and absolute discretion) on or prior to the Loan Maturity Date.

The Company will pay a final payment of $150, which will occur on the earliest of: (i) the Loan Maturity Date; (ii) the date that the Company prepays all of the outstanding principal in full; (iii) the date the loan payments are accelerated due to an event of default; or (iv) the termination of the Loan Agreement. The Company is accruing the final payment as interest expense over the term of the loan. The term loan is secured by substantially all of the Company’s assets, excluding intellectual property.

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

7. Net loss per share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period and, if dilutive, the weighted-average number of potential shares of common stock. Diluted net loss per share is the same as basic net loss per share for the three and six months ended June 30, 2021 and 2020 since all potential shares of common stock instruments are anti-dilutive as a result of the loss for such periods.

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net Loss	$	(17,656	)	$	(6,025	)	$	(38,031	)	$	(10,938	)
Denominator:
Weighted-average shares of common stock outstanding- basic and diluted		34,238,394			31,066,686			34,177,262			30,967,453
Net loss per share attributable to common stockholders- basic and diluted	$	(0.52	)	$	(0.19	)	$	(1.11	)	$	(0.35	)

The Company excluded the following potential shares of common stock from the computation of diluted net loss per share because including them would have had an anti-dilutive effect.

	Three and Six Months Ended June, 30
	2021		2020
Unvested restricted common stock		2,165		4,021
Unvested restricted stock units		779,900		-
Outstanding stock options		7,608,553		6,803,296
Total		8,390,618		6,807,317

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ equity

Capital stock

The Company has authorized 10,000,000 shares of $0.001 par value preferred stock and 200,000,000 shares of $0.001 par value common stock. There were no shares of preferred stock outstanding as of June 30, 2021. There were 34,385,916 and 33,964,000 shares of common stock issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. Common shares are voting, and dividends may be paid when, as and if declared by the Board of Directors.

The Company has reserved the following shares of common stock for future issuance as of June 30, 2021 and December 31, 2020:

	June 30,		December 31,
	2021		2020
Stock options outstanding		7,608,553		6,816,798
Shares available for future grant under stock option plan		1,620,750		1,475,923
		9,229,303		8,292,721

Private placement

On July 20, 2020, the Company issued and sold an aggregate of 2,350,108 shares of its common stock, par value $0.001 per share (the “Shares”), at a purchase price of $18.00 per share to new and existing investors in a private placement for net proceeds of $40,100 after deducting placement agent fees and offering expenses (the “Private Placement”). In connection with the Private Placement, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the investors. Pursuant to the Registration Rights Agreement, the Company agreed to prepare and file a registration statement with the Securities and Exchange Commission (the “SEC”) within 60 days after the closing of the Private Placement (the “Initial Filing Date”) for purposes of registering the resale of the Shares. The Company filed a registration statement (the “Registration Statement”) to register the Shares, which was declared effective by the SEC on September 3, 2020.

Stock-based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

9. Stock-based compensation

Stock options

The below summary includes stock option activity within the Company’s 2014 Stock Incentive Plan and 2019 Incentive Award Plan for the six months ended June 30, 2021:

	Number of shares			Weighted average exercise		Weighted average remaining contractual term		Aggregate intrinsic
	in Plans			price		(in years)		value
Outstanding as of December 31, 2020		6,816,798		$	10.11		8.45	$	171,415
Granted		1,247,126			34.98		9.38		—
Exercised		(421,978	)		2.13		6.96	$	10,411
Forfeited		(33,393	)		23.90		—		—
Outstanding as of June 30, 2021		7,608,553		$	14.57		7.84	$	23,991
Options exercisable as of June 30, 2021		3,466,555		$	8.28		7.56	$	16,862
Options unvested as of June 30, 2021		4,141,998		$	19.83		8.08	$	7,129

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

Stock option valuation

The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors were as follows, presented on a weighted average basis:

	June 30,
	2021
Risk-free interest rate		0.4	%
Expected term (in years)		6.0
Expected volatility		79.4	%
Expected dividend yield		0.0	%

The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2021 and 2020 was $7.20 and $23.89, and $13.18 and $15.85, respectively.

The total grant date fair value of options vested during the three and six months ended June 30, 2021 and 2020 was $4,614 and $8,898, and $1,839 and $3,345, respectively.

Restricted common stock

The Company issued common stock to founders, employees and advisors which was subject to vesting over four years. If any of these individuals ceased to be employed or to provide services to the Company prior to vesting, the Company had the right to repurchase any unvested Common Stock at the price paid by the holder.

A summary of the status of restricted common stock as of June 30, 2021 is presented below:

	Number of shares			Weighted average fair value
Unvested, December 31, 2020		3,093		$	1.75
Awarded		—			—
Vested		(928	)		1.75
Forfeited		—			—
Unvested as of June 30, 2021		2,165		$	1.75

The total value of restricted stock awards that vested during the three and six months ended June 30, 2021 and 2020, based on estimated fair values of the stock underlying the restricted stock awards was $1 and $2, and $1 and $18, respectively.

Restricted stock units

In April 2021, the Company issued restricted stock units to employees which will vest in equal installments in the first quarter of 2022 and the third quarter of 2022.

A summary of the status of restricted stock units as of June 30, 2021 is presented below:

	Number of shares			Weighted average fair value
Unvested, December 31, 2020		—		$	-
Awarded		800,000			9.54
Vested		—			—
Forfeited		(20,100	)		9.54
Unvested as of June 30, 2021		779,900		$	9.54

Stock-based compensation

The Company recognized stock-based compensation within the accompanying consolidated statements of operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	3,090	$	1,033	$	4,619	$	2,003
General and administrative		2,999		1,378		6,081		2,572
Total	$	6,089	$	2,411	$	10,700	$	4,575

As of June 30, 2021, total unrecognized stock-based compensation expense relating to unvested stock options, restricted stock awards, and restricted stock units was $56,623. This amount is expected to be recognized over a weighted-average period of 2.80 years.

Employee Stock Purchase Plan

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Stock Purchase Plan

10. Employee stock purchase plan

On September 20, 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Employee Stock Purchase Plan (the “ESPP”) which became effective on the date of the Company’s initial public offering of shares of its common stock. The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. The number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten years of the term of the ESPP, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 1% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. The Company’s first offering period of 2021 concluded on June 30, 2021 with the purchase of 7,064 shares in July 2021 related to this offering period. A total of 956,021 shares remain for future offering periods.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

11. Income taxes

The Company’s total provision is based on the United States statutory rate of 21%, increased by state taxes and reduced by a full valuation allowance on the Company’s deferred tax assets. The income tax expense for the three and six months ended June 30, 2021 and 2020 represents state taxes on interest income earned by the Company’s subsidiary, Frequency Therapeutics Securities Corporation, a Massachusetts Securities Corporation.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, the Company has recorded a valuation allowance against its deferred tax assets at June 30, 2021 and December 31, 2020 because the Company’s management has determined that it is more likely than not that the Company will not recognize the benefits of its federal and state deferred tax assets primarily due to its cumulative loss position.

Since inception in 2014, the Company has generated cumulative federal and state net operating loss and research and development credit carryforwards for which no net tax benefit has been recorded due to uncertainty around utilizing these tax attributes within the respective carryforward periods.

- Definition

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

+ References + Details

Collaboration Agreement

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreement

12. Collaboration agreement

In July 2019, the Company entered into a License and Collaboration Agreement with Astellas (the “Astellas Agreement”), under which the Company granted Astellas an exclusive, royalty-bearing, sub-licensable, nontransferable license to certain patent rights to research, develop, manufacture, have manufactured, use, seek and secure regulatory approval for, commercialize, offer for sale, sell, have sold and import, and otherwise exploit licensed products containing both a GSK-3 inhibitor and an HDAC inhibitor, (the “Astellas Licensed Products”), including the product candidate FX-322, outside of the United States. The Company also granted Astellas a right of first negotiation and a right of last refusal if it entered into any negotiation or agreement of any kind (other than an acquisition of all of the stock or assets of the Company) with any third party under which such third party would obtain the right to develop, manufacture, or commercialize Astellas Licensed Products in the United States.

The Company has agreed to conduct Phase 2a clinical studies in the United States. Upon the completion thereof, the Company and Astellas have agreed to jointly develop the Astellas Licensed Products, including carrying out joint studies. Each party has agreed to use commercially reasonable efforts to carry out development activities assigned to it under an agreed-upon development plan. Astellas has agreed to use commercially reasonable efforts to obtain regulatory approval for at least one Astellas Licensed Product in sensorineural hearing loss and in age-related hearing loss, in each case, in one major Asian country and one major European country. The Company has agreed to use commercially reasonable efforts to obtain regulatory approval for at least one Astellas Licensed Product in the United States. Astellas has the sole right to commercialize the Astellas Licensed Products outside of the United States, and the Company has the sole right to commercialize the Astellas Licensed Products in the United States. Astellas has agreed to use commercially reasonable efforts to commercialize Astellas Licensed Products in a major Asian country and a major European country following receipt of regulatory approval in such countries.

The collaboration is governed by a joint steering committee (“JSC”) established under the Astellas Agreement and shall be comprised of three representatives each from the Company and Astellas. The JSC shall oversee and coordinate the overall conduct of the development, manufacture and commercialization of the Astellas Licensed Products. All decisions of JSC shall be taken through a unanimous vote with each party’s representatives collectively having one vote. Both the parties shall be responsible for carrying out the development and manufacturing activities in their defined territory in accordance with the plan as reviewed and approved in the JSC.

As consideration for the licensed rights under the Astellas Agreement, Astellas paid the Company an upfront payment of $80,000 in July 2019 and has agreed to pay potential development milestone payments up to $230,000 and commercialization milestones of up to $315,000. Specifically, the Company would receive development milestone payments of $65,000 and $25,000 upon the first dosing of a patient in a Phase 2b clinical trial for SNHL in Europe and Asia, respectively and $100,000 and $40,000 upon the first dosing of a patient in a Phase 3 clinical trial for SNHL in Europe and Asia, respectively. If the Astellas Licensed Products are successfully commercialized, the Company would be eligible for up to $315,000 in potential commercial milestone payments and also tiered royalties at rates ranging from low- to mid-teen percentages. The parties shall share equally, on a 50/50 basis, all out-of-pocket costs and joint study costs for all the joint activities conducted pursuant to the development plans or the joint manufacturing plan.

The Astellas Agreement remains in effect until the expiration of all royalty obligations. Royalties are paid on a licensed product-by-licensed product and country-by-country basis until the latest of (i) the expiration of the last valid claim in the licensed patent rights with respect to such Astellas Licensed Product in such country or (ii) a set number of years from the first commercial sale of such Astellas Licensed Product in such country. Astellas may terminate the Astellas Agreement at will upon 60 days’ written notice. Each party has the right to terminate the Astellas Agreement due to the other party’s material breach if such breach remains uncured for 90 days (or 45 days in the case of nonpayment) or if the other party becomes bankrupt.

The Astellas Agreement is a collaborative agreement that is within the scope of ASC 808. The Company analyzed the joint research and development activities to assess whether they fall within the scope of ASC 808, and will reassess this throughout the life of the arrangement based on changes in the roles and responsibilities of the parties. Based on the terms of the arrangement as outlined above, both parties are deemed to be active participants in the collaboration. Both parties are performing research and development activities in their defined territory and will be performing joint clinical studies in accordance with the development plan and the study protocol approved by the JSC. Additionally, Astellas and the Company are exposed to significant risks and rewards dependent on the commercial success of any product candidates that may result from the collaboration. As such, the collaboration arrangement is deemed to be within the scope of ASC 808.

The arrangement consists of two components; the license of IP and the research and development activities, including committee participation, to support the co-development and research plan. Under the provisions of ASC 808, the Company has determined that it will apply the guidance in ASC 606 to recognize the revenue related to the license since that component of the arrangement is more reflective of a vendor-customer relationship. The Company determined that the license and the related research and development services associated with the Phase 2a clinical study were not distinct from one another, as the license has limited value to Astellas without the performance of the research and development activities

and the Phase 2a study is essential to the use of the license. As such, the Company determined that these activities should be accounted for as a single combined performance obligation.

Revenue associated with this single performance obligation is being recognized as the research and development work is performed, using an input method on the basis of research and development costs incurred to date relative to total research and development costs expected to be incurred. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The Company has determined that the period of performance of the research and development services began upon the signing of the Astellas Agreement and will continue until the completion of the Phase 2a clinical trial of FX-322 (FX-322-202). The transaction price of $80,000 has been allocated to the single combined performance obligation and will be recognized over such period. Management has analyzed the progress of the Phase 2a clinical trial (FX-322-202) and has estimated the completion date of such trial and the total research and development costs it expects to incur in performing the trial and is recognizing the $80,000 upfront fee as revenue over the period from July 2019 until June 30, 2021, the completion date of the Phase 2a clinical trial (FX-322-202), using the input method. The Company was required to pay MIT a royalty of $16,000 on the $80,000 of sublicense revenues. The $16,000 royalty was expensed in the third quarter of 2019. For a description of the MIT License Agreement, refer to Note 13.

The $80,000 upfront payment received from Astellas in July 2019 was initially recorded as deferred revenue and was recognized as revenue according to the policy described above. As of June 30, 2021, the Company has completed its performance obligation with respect to the upfront payment and, accordingly, has recognized all revenue related to the Astellas Agreement, including recording $9,417 and $14,068, respectively, in the three and six months ended June 30, 2021.

The potential development and regulatory milestone payments are fully constrained until the Company can conclude that achievement of the milestone is probable and that it is probable that recognition of revenue related to the milestone will not result in a significant reversal in the amount of cumulative revenue recognized when the uncertainty associated with the variable consideration is ultimately resolved and as such these have been excluded from the transaction price. As part of its evaluation of the constraint, the Company considers numerous factors, including the fact that achievement of the milestones is outside the control of the Company and contingent upon the future success of clinical trials, the licensee’s efforts, and the receipt of regulatory approval. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as these amounts have been determined to relate predominantly to the license granted to Astellas and therefore are recognized at the later of when the performance obligation is satisfied, or the related sales of licensed products occur. The Company re-evaluates the transaction price, including its estimated variable consideration included in the transaction price and all constrained amounts, at each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

The Astellas Agreement contains joint research and development activities that are not within the scope of ASC 606. The Company will recognize research and development expense related to the joint study costs for all the joint activities in future periods and reimbursements received from Astellas will be recognized as an offset to research and development expense on the consolidated statements of operations during the development period. In the three and six months ended June 30, 2021, the Company invoiced Astellas $188 and $512 for joint costs.

License Agreement

6 Months Ended

Jun. 30, 2021

Research And Development [Abstract]

License Agreement

13. License Agreement

Massachusetts Institute of Technology

In December 2016, the Company entered into an exclusive patent license agreement (MIT License Agreement) with the Massachusetts Institute of Technology (MIT), under which the Company received an exclusive, worldwide, royalty-bearing license to certain patent rights to develop, make, have made, use, sell, offer to sell, lease and import products (Licensed Products) and to develop and perform processes (Licensed Processes) which incorporate the licensed technology for the treatment of disease, including but not limited to the prevention and remediation of hearing loss. The Company also has the right to grant sublicenses of its rights under the MIT License Agreement.

The Company is required to use diligent efforts to develop and commercialize the Licensed Products or Processes, and to make such products or processes reasonably available to the public and to spend certain minimum amounts on research and development of Licensed Products and/or Processes each year until the first commercial sale of a Licensed Product and/or a first commercial performance of a Licensed Process. The Company is also subject to certain development obligations with regards to a first Licensed Product. The Company has satisfied certain obligations related to preclinical studies and the filing of an IND for a first Licensed Product with its development activities related to FX-322. The Company’s future development obligations are: (i) to commence a Phase III clinical trial for such Product within five years of the IND filing for such product, (ii) to file a New Drug Application or equivalent with the FDA or comparable European regulatory agency for such Product within nine years of the IND filing for such Product, and (iii) to make a first commercial sale of such Product within 11 years of the IND filing for such Product. The Company also has certain development obligations for as second Licensed Product. In the event that the Company has failed to fulfill the development timeline obligation with respect to a second Licensed Product and fail to cure such breach within ninety (90) days of written notice by MIT, MIT may restrict the licensed field to the prevention and remediation of hearing loss in humans and animals. The Company does not have the right to control prosecution of the in-licensed patent applications, and its rights to enforce the in-licensed patents are subject to certain limitations.

Upon entering into the MIT License Agreement, the Company paid a $50 license fee payment and issued to MIT shares of our common stock equal to 5% of total then-outstanding capital stock. The Company is required to pay certain annual license maintenance fees which may be credited to running royalties during the same calendar year, if any, and to make potential milestone payments up to $2,900 on each Licensed Product or Licensed Process. In addition, The Company is required to pay a low single-digit royalty on Licensed Products and Licensed Processes and a low-twenties royalty on sublicense revenues. In the year ended December 31, 2019 the Company paid MIT a royalty of $16,000 related to the upfront payment received from Astellas, see Note 12.

The MIT License Agreement will remain in effect until the expiration or abandonment of all issued patents, including filed patent applications licensed thereunder, unless terminated earlier. The Company has the right to terminate for any reason upon a 3-month prior written notice. MIT shall have the right to terminate if the Company ceases to carry on any business related to the MIT License Agreement. MIT may terminate the MIT License Agreement for the Company’s material breach uncured within ninety (90) days (or thirty (30) days in the case of nonpayment). MIT may also terminate the MIT License Agreement if the Company or our affiliates commence any action against MIT to declare or render any claim of the licensed patent rights invalid, unpatentable, unenforceable, or non-infringed (a patent challenge), or if our sublicensee commences such actions and the Company does not terminate such sublicense within thirty (30) days after MIT’s demand. MIT has the right to increase all payments due, instead of terminating the MIT License Agreement in the case of a patent challenge.

In May 2019, the Company entered into an amendment with MIT, updating the diligence milestones for a second Licensed Product.

The patents in-licensed by the Company from MIT pursuant to the MIT License claim inventions created by, among others, Dr. Langer, one of the Company’s directors. Pursuant to MIT’s policy on the ownership, distribution and commercial development of MIT technology, or the MIT Policy, inventors of intellectual property invented at MIT, including the inventors of patents licensed to the Company under the MIT License, are entitled to a portion of the net royalty income derived by MIT from such inventions, but not amounts received by MIT from the sale of common stock previously issued by the Company to MIT pursuant to the MIT License. Accordingly, pursuant to the MIT Policy, Dr. Langer is entitled to receive a portion of the amounts the Company pays to MIT under the MIT License, including the Astellas Royalty Payment and future milestone payments or royalties, if any, that the Company may receive pursuant to the Astellas Agreement. Accordingly, Dr. Langer received $1,980 from MIT under the MIT Policy during the year ended December 31, 2020. Dr. Langer did not receive any payments in the six months ended June 30, 2021.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and contingencies

Contract commitments

The Company has contracted with a research institution to provide research for a therapeutic drug to treat multiple sclerosis. In September 2020, the Company extended the term of this contract through December 2021. As consideration for this extension, the Company committed to total payments of $600 through December 2021.

The Company also enters into contracts in the normal course of business with CROs, CMOs, universities, and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancelable by us upon prior written notice although, purchase orders for clinical materials are generally non-cancelable. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including noncancelable obligations of our service providers, up to the date of cancellation or upon the completion of a manufacturing run.

Guarantees

The Company has identified the guarantees described below as disclosable, in accordance with ASC 460, Guarantees.

As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make is unlimited; however, the Company has directors’ and officers’ insurance coverage that should limit its exposure and enable it to recover a portion of any future amounts paid.

The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. Such indemnification obligations are usually in effect from the date of execution of the applicable agreement for a period equal to the applicable statute of limitations. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain.

The Company leases office space in Lexington, Massachusetts under a ten-year noncancelable operating lease. The Company exited its Woburn, Massachusetts facility in the second quarter of 2021. The Company has standard indemnification arrangements under these leases that require it to indemnify the landlord against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation, or nonperformance of any covenant or condition of the lease.

As of June 30, 2021, the Company had not experienced any losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves have been established.

Legal Contingencies

The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that the Company can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company’s accrued liabilities would be recorded in the period in which such determination is made.

In addition, in accordance with the relevant authoritative guidance, for any matters in which the likelihood of material loss is at least reasonably possible, the Company will provide disclosure of the possible loss or range of loss. If a reasonable estimate cannot be made, however, the Company will provide disclosure to that effect. The Company expenses legal costs as they are incurred.

On June 3, 2021 and June 22, 2021, purported stockholders of the Company filed putative class action lawsuits in the U.S. District Court for the District of Massachusetts against the Company entitled Evans v. Frequency Therapeutics, Inc. et al. and Hingston v. Frequency Therapeutics, Inc. et al., respectively. The lawsuits allege violations of Section 10(b), 20(a) and Rule 10b5 of the Securities Exchange Act of 1934, as amended, due to allegedly false and misleading statements and omissions about the Company’s Phase 2a clinical trial (FX-322-202) for its product candidate FX-322 in the Company’s public disclosures between November 16, 2020 and March 22, 2021. The lawsuits seek, among other things, damages in

connection with the Company’s allegedly artificially inflated stock price between November 16, 2020, and March 22, 2021 as a result of those allegedly false and misleading statements and omissions, as well as interest, attorneys’ fees and costs. These matters are at the very early stages of the legal process, and as a result, the Company is not able to estimate a range of possible loss. The Company is vigorously defending against all claims asserted in both lawsuits. The Company has not yet filed a responsive pleading. Since an estimate of the possible loss or range of loss cannot be made at this time, no accruals have been recorded as of June 30, 2021.

On June 23, 2021, two purported stockholders of the Company filed a lawsuit in the Court of Chancery of the State of Delaware against (i) the Company, (ii) the Company’s Chief Executive Officer, President, and Director, David Lucchino, (iii) Computershare Inc., and (iv) Computershare Trust Company, N.A., entitled The Gregory J. Parseghian Revocable Trust, et al. v. Frequency Therapeutics, Inc., et al. The lawsuit alleges causes of action against the Company of conversion and unjust enrichment, and against Mr. Lucchino for breach of the fiduciary duty of loyalty, due to allegations that actions were taken to prevent the purported stockholders from selling their shares in the Company. The lawsuit seeks monetary damages, as well as interest, attorneys’ fees and costs, against all defendants. This matter is at the very early stages of the legal process, and as a result, the Company is not able to estimate a range of possible loss. We are vigorously defending against all claims asserted and have filed a motion to dismiss the complaint. Since an estimate of the possible loss or range of loss cannot be made at this time, no accruals have been recorded as of June 30, 2021.

Organization and Basis of Presentation (Policies)	6 Months Ended
Organization and Basis of Presentation (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets generally accepted accounting principles (GAAP) that the Company follows to ensure its financial condition, results of operations, and cash flows are consistently reported. References to GAAP issued by the FASB in these notes to the consolidated financial statements are to the FASB Accounting Standards Codification (ASC).
Principles of Consolidation	Principles of consolidation The consolidated financial statements include the accounts of Frequency Therapeutics, Inc. and its wholly owned subsidiaries Frequency Therapeutics Securities Corporation, Frequency Therapeutics PTY, LTD and Frequency Therapeutics Japan KK, which was dissolved in February 2021. All intercompany transactions and balances have been eliminated. The significant accounting policies used in preparation of these interim financial statements on Form 10-Q are consistent with those discussed in Note 2, “Summary of significant accounting policies,” in the Company’s Form 10-K.
Unaudited Interim Financial Information	Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2021 and the consolidated statements of operations, the consolidated statements of comprehensive loss and the consolidated statements of stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements 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 June 30, 2021, the results of its operations for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K.
Recently Adopted Accounting Pronouncements	Recently adopted accounting standards In December 2019, the FASB issued ASU 2019-12 amending accounting guidance that simplifies the accounting for income taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendments also clarify and simplify other aspects of the accounting for income taxes. The Company adopted the standard on January 1, 2021 and it did not have a significant impact on its consolidated financial statements. Recently issued accounting standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB has subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date. These standards require that credit losses be reported using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. These standards limit the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard will become effective for the Company on January 1, 2023. The Company is still evaluating the impact of this standard on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This new guidance requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to defer and recognize as an asset. ASU 2018-15 generally aligns the guidance on recognizing implementation costs incurred to develop or obtain internal use software, which includes hosting arrangements that include an internal-use software license. This standard will become effective for the Company in annual periods beginning after December 15, 2020. The Company is still evaluating the impact of this standard on its consolidated financial statements.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The Company’s financial assets are measured at fair value on a recurring basis by level within the fair value hierarchy at June 30, 2021 and December 31, 2020 are summarized as follows:

		June 30, 2021
	Fair Value	Amortization		Unrealized			Fair Market
	Hierarchy	Cost		Loss			Value
Money market funds	Level 1		81,223		—			81,223
Short-term marketable securities	Level 2		33,881		(15	)		33,866
Long-term marketable securities	Level 2		6,640		(5	)		6,635
		$	121,744	$	(20	)	$	121,724

		December 31, 2020
	Fair Value	Amortization		Unrealized		Fair Market
	Hierarchy	Cost		Gain		Value
Money market funds	Level 1		214,522		27		214,549
		$	214,522	$	27	$	214,549

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment include the following:

	June 30,			December 31,
	2021			2020
Lab equipment	$	6,079		$	4,166
Furniture and office equipment		3,220			283
Software		291			291
Leasehold improvements		—			1,419
Construction in progress		28			4,340
Total		9,618			10,499
Accumulated depreciation		(2,712	)		(3,212	)
Property and equipment, net	$	6,906		$	7,287

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following:

	June 30,		December 31,
	2021		2020
Payroll and employee related expenses	$	2,508	$	5,062
Professional fees		308		647
Third-party research and development expenses		582		874
Taxes and other		129		80
Total	$	3,527	$	6,663

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net Loss	$	(17,656	)	$	(6,025	)	$	(38,031	)	$	(10,938	)
Denominator:
Weighted-average shares of common stock outstanding- basic and diluted		34,238,394			31,066,686			34,177,262			30,967,453
Net loss per share attributable to common stockholders- basic and diluted	$	(0.52	)	$	(0.19	)	$	(1.11	)	$	(0.35	)

Computation of Diluted Net Loss per Share

The Company excluded the following potential shares of common stock from the computation of diluted net loss per share because including them would have had an anti-dilutive effect.

	Three and Six Months Ended June, 30
	2021		2020
Unvested restricted common stock		2,165		4,021
Unvested restricted stock units		779,900		-
Outstanding stock options		7,608,553		6,803,296
Total		8,390,618		6,807,317

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance as of June 30, 2021 and December 31, 2020:

	June 30,		December 31,
	2021		2020
Stock options outstanding		7,608,553		6,816,798
Shares available for future grant under stock option plan		1,620,750		1,475,923
		9,229,303		8,292,721

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity with in 2014 Stock Incentive Plan and 2019 Incentive Award Plan

The below summary includes stock option activity within the Company’s 2014 Stock Incentive Plan and 2019 Incentive Award Plan for the six months ended June 30, 2021:

	Number of shares			Weighted average exercise		Weighted average remaining contractual term		Aggregate intrinsic
	in Plans			price		(in years)		value
Outstanding as of December 31, 2020		6,816,798		$	10.11		8.45	$	171,415
Granted		1,247,126			34.98		9.38		—
Exercised		(421,978	)		2.13		6.96	$	10,411
Forfeited		(33,393	)		23.90		—		—
Outstanding as of June 30, 2021		7,608,553		$	14.57		7.84	$	23,991
Options exercisable as of June 30, 2021		3,466,555		$	8.28		7.56	$	16,862
Options unvested as of June 30, 2021		4,141,998		$	19.83		8.08	$	7,129

Summary of Grant-date Fair Value of Stock Options Granted on Weighted Average Basis

The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors were as follows, presented on a weighted average basis:

	June 30,
	2021
Risk-free interest rate		0.4	%
Expected term (in years)		6.0
Expected volatility		79.4	%
Expected dividend yield		0.0	%

Summary of Recognized Stock-based Compensation

The Company recognized stock-based compensation within the accompanying consolidated statements of operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	3,090	$	1,033	$	4,619	$	2,003
General and administrative		2,999		1,378		6,081		2,572
Total	$	6,089	$	2,411	$	10,700	$	4,575

Restricted Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Status of Restricted Common Stock and Restricted Stock Units

A summary of the status of restricted common stock as of June 30, 2021 is presented below:

	Number of shares			Weighted average fair value
Unvested, December 31, 2020		3,093		$	1.75
Awarded		—			—
Vested		(928	)		1.75
Forfeited		—			—
Unvested as of June 30, 2021		2,165		$	1.75

Restricted Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Status of Restricted Common Stock and Restricted Stock Units

A summary of the status of restricted stock units as of June 30, 2021 is presented below:

	Number of shares			Weighted average fair value
Unvested, December 31, 2020		—		$	-
Awarded		800,000			9.54
Vested		—			—
Forfeited		(20,100	)		9.54
Unvested as of June 30, 2021		779,900		$	9.54

Organization and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	Nov. 30, 2014

Recently Adopted and Issued Accounting Standards - Additional Information (Details)	Jun. 30, 2021
Accounting Standards Update 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update 2018-15
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Dec. 15, 2020

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

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- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

+ References

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

Fair Value Measurements - Schedule of Financial Assets Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortization Cost	$ 121,744	$ 214,522
Unrealized Gain		27
Unrealized Loss	(20)
Fair Market Value	121,724	214,549
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortization Cost	81,223	214,522
Unrealized Gain		27
Fair Market Value	81,223	$ 214,549
Short-term Marketable Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortization Cost	33,881
Unrealized Loss	(15)
Fair Market Value	33,866
Long-term Marketable Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortization Cost	6,640
Unrealized Loss	(5)
Fair Market Value	$ 6,635

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total	$ 9,618	$ 10,499
Accumulated depreciation	(2,712)	(3,212)
Property and equipment, net	6,906	7,287
Lab Equipment
Property Plant And Equipment [Line Items]
Total	6,079	4,166
Furniture and Office Equipment
Property Plant And Equipment [Line Items]
Total	3,220	283
Software
Property Plant And Equipment [Line Items]
Total	291	291
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total		1,419
Construction in Progress
Property Plant And Equipment [Line Items]
Total	$ 28	$ 4,340

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 921	$ 244	$ 1,303	$ 459

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Payroll and employee related expenses	$ 2,508	$ 5,062
Professional fees	308	647
Third-party research and development expenses	582	874
Taxes and other	129	80
Total	$ 3,527	$ 6,663

Debt - Additional Information (Details) - Loan Agreement - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Dec. 11, 2020	Jun. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Debt instrument, Interest rate			4.75%
Debt instrument final payment	$ 150
Term Loan
Debt Instrument [Line Items]
Principal balance	$ 15,000
Payment terms, description	The Company will make monthly interest only payments through November 30, 2022. The principal balance and interest will be repaid in equal monthly installments after the interest only period and continuing through May 1, 2024 (the “Loan Maturity Date”)
Frequency of interest-only payments	monthly
Monthly interest only payments due	Nov. 30, 2022
Loan maturity date	May 01, 2024
Debt instrument, Interest rate	4.75%
Interest rate floor percentage	0.00%
Debt instrument interest payment		$ 182	$ 400
Term Loan \| Prepayment Occurs on or Prior to First Anniversary of Closing Date
Debt Instrument [Line Items]
Debt instrument prepayment premium percentage	2.00%
Term Loan \| Prepayment Occurs After First Anniversary of Closing Date and On or Prior to Second Anniversary of Closing Date
Debt Instrument [Line Items]
Debt instrument prepayment premium percentage	1.00%
Term Loan \| Prepayment Occurs After Second Anniversary of Closing Date
Debt Instrument [Line Items]
Debt instrument prepayment premium percentage	0.00%
Term Loan \| Prime Rate
Debt Instrument [Line Items]
Debt instrument, Interest rate	1.50%

Net Loss Per Share - Schedule of Basic And Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net Loss	$ (17,656)	$ (6,025)	$ (38,031)	$ (10,938)
Denominator:
Weighted-average shares of common stock outstanding-basic and diluted	34,238,394	31,066,686	34,177,262	30,967,453
Net loss per share attributable to common stockholders-basic and diluted	$ (0.52)	$ (0.19)	$ (1.11)	$ (0.35)

- Definition

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

+ References

+ Details

Net Loss Per Share - Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8,390,618	6,807,317	8,390,618	6,807,317
Unvested Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,165	4,021	2,165	4,021
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	779,900		779,900
Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,608,553	6,803,296	7,608,553	6,803,296

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 20, 2020	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, shares authorized		10,000,000		10,000,000
Preferred Stock, value per share		$ 0.001		$ 0.001
Common stock, authorized shares		200,000,000		200,000,000
Common stock, par value		$ 0.001		$ 0.001
Preferred stock, outstanding shares		0		0
Common stock, issued shares		34,385,916		33,964,000
Common stock, outstanding shares		34,385,916		33,964,000
Common Stock
Class Of Stock [Line Items]
Common stock, outstanding shares		34,385,916	34,216,186	33,964,000	31,249,499	31,009,250	30,844,507
Common Stock \| Private Placement
Class Of Stock [Line Items]
Common stock, par value	$ 0.001
Common stock shares issued and sold	2,350,108
Share price per share	$ 18.00
Proceeds from Issuance of Common Stock	$ 40,100

Stockholders' Equity - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares of common stock reserved for future issuance	9,229,303	8,292,721
Stock Options Outstanding
Class Of Stock [Line Items]
Shares of common stock reserved for future issuance	7,608,553	6,816,798
Shares Available for Future Grant Under Stock Option Plan
Class Of Stock [Line Items]
Shares of common stock reserved for future issuance	1,620,750	1,475,923

Stock-based Compensation - Summary of Stock Option Activity with in 2014 Stock Incentive Plan and 2019 Incentive Award Plan (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Beginning balance \| shares	6,816,798
Number of shares, Granted \| shares	1,247,126
Number of shares, Exercised \| shares	(421,978)
Number of shares, Forfeited \| shares	(33,393)
Number of shares, Ending balance \| shares	7,608,553	6,816,798
Number of shares, Options exercisable as of June 30, 2021 \| shares	3,466,555
Number of shares, Options unvested as of June 30, 2021 \| shares	4,141,998
Weighted average exercise price, Beginning balance \| $ / shares	$ 10.11
Weighted average exercise price, Granted \| $ / shares	34.98
Weighted average exercise price, Exercised \| $ / shares	2.13
Weighted average exercise price, Forfeited \| $ / shares	23.90
Weighted average exercise price, Ending balance \| $ / shares	14.57	$ 10.11
Weighted average exercise price, Options exercisable as of June 30, 2021 \| $ / shares	8.28
Weighted average exercise price, Options unvested as of June 30, 2021 \| $ / shares	$ 19.83
Weighted average remaining contractual term (in years), Outstanding	7 years 10 months 2 days	8 years 5 months 12 days
Weighted average remaining contractual term (in years), Granted	9 years 4 months 17 days
Weighted average remaining contractual term (in years), Exercised	6 years 11 months 15 days
Weighted average remaining contractual term (in years), Options exercisable as of June 30, 2021	7 years 6 months 21 days
Weighted average remaining contractual term (in years), Options unvested as of June 30, 2021	8 years 29 days
Two Thousand And Fourteen Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value, Outstanding as of December 31, 2020 \| $	$ 171,415
Aggregate intrinsic value, Exercised \| $	10,411
Aggregate intrinsic value, Outstanding as of June 30, 2021 \| $	23,991	$ 171,415
Aggregate intrinsic value, Options exercisable as of June 30, 2021 \| $	16,862
Aggregate intrinsic value, Options unvested as of June 30, 2021 \| $	$ 7,129

Stock-based Compensation - Summary of Grant-date Fair Value of Stock Options Granted on Weighted Average Basis (Details)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.40%
Expected term (in years)	6 years
Expected volatility	79.40%
Expected dividend yield	0.00%

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted	$ 7.20	$ 13.18	$ 23.89	$ 15.85
Total grant date fair value of stock options vested	$ 4,614	$ 1,839	$ 8,898	$ 3,345
Total unrecognized stock-based compensation expense relating to unvested stock options, restricted stock awards and restricted stock units	$ 56,623		$ 56,623
Unrecognized unvested stock options, restricted stock awards and restricted stock units, weighted-average period			2 years 9 months 18 days
Restricted Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period			4 years
Total value of restricted stock awards, vested based on estimated fair value of stock	$ 1	$ 1	$ 2	$ 18
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting description			vest in equal installments in the first quarter of 2022 and the third quarter of 2022

Stock-based Compensation - Summary of Status of Restricted Common Stock and Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Restricted Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Unvested as of December 31, 2020 \| shares	3,093
Number of shares, Vested \| shares	(928)
Number of shares, Unvested as of June 30, 2021 \| shares	2,165
Weighted average fair value, Unvested as of December 31, 2020 \| $ / shares	$ 1.75
Weighted average fair value, Vested \| $ / shares	1.75
Weighted average fair value, Unvested, June 30, 2021 \| $ / shares	$ 1.75
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Awarded \| shares	800,000
Number of shares, Forfeited \| shares	(20,100)
Number of shares, Unvested as of June 30, 2021 \| shares	779,900
Weighted average fair value, Awarded \| $ / shares	$ 9.54
Weighted average fair value, Forfeited \| $ / shares	9.54
Weighted average fair value, Unvested, June 30, 2021 \| $ / shares	$ 9.54

Stock-based Compensation - Summary of Recognized Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 6,089	$ 2,411	$ 10,700	$ 4,575
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	3,090	1,033	4,619	2,003
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 2,999	$ 1,378	$ 6,081	$ 2,572

Employee Stock Purchase Plan - Additional Information (Details) - shares		6 Months Ended
	Sep. 20, 2019	Jun. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		9,229,303	8,292,721
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of eligible employee compensation	15.00%
Period for automatic increase in common available for future issuance	10 years
Percentage of shares issued from outstanding number of shares	1.00%
Shares issued		7,064
Shares of common stock reserved for future issuance		956,021

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended	90 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Statutory rate			21.00%	21.00%
Federal and state deferred tax benefits			$ 0		$ 0
Net tax benefit	$ 10,000	$ 7,000	$ 10,000	$ 45,000		$ 0

- Definition

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

+ References + Details

Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended		24 Months Ended
	Jul. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue		$ 9,417	$ 8,523		$ 14,068	$ 15,787
Research and development		17,401	$ 8,764		32,507	$ 15,434
License and Collaboration Agreement \| Astellas Pharma LLC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payments received under collaboration agreement	$ 80,000
Agreement termination notice period	60 days
Right to terminate agreement if breach remains uncured	90 days
Right to terminate agreement incase of nonpayment	45 days
Transaction price allocated to single combined performance obligation					80,000
Accrued upfront payment related to sub License revenue		16,000			16,000		$ 16,000
Royalty				$ 16,000
Upfront fee recognized as revenue							$ 80,000
Revenue		9,417			14,068
Research and development		$ 188			$ 512
License and Collaboration Agreement \| Astellas Pharma LLC \| Phase 2b Clinical Trial \| Europe
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized potential development milestone payments to receive	$ 65,000
License and Collaboration Agreement \| Astellas Pharma LLC \| Phase 2b Clinical Trial \| Asia
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized potential development milestone payments to receive	25,000
License and Collaboration Agreement \| Astellas Pharma LLC \| Phase 3 Clinical Trial \| Europe
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized potential development milestone payments to receive	100,000
License and Collaboration Agreement \| Astellas Pharma LLC \| Phase 3 Clinical Trial \| Asia
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized potential development milestone payments to receive	40,000
License and Collaboration Agreement \| Maximum \| Astellas Pharma LLC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized potential development milestone payments to receive	230,000
Revenue recognized commercialization milestone payments to receive	315,000
Potential commercial milestone payments eligible to receive upon successful commercialization	$ 315,000

License Agreement - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue		$ 9,417	$ 8,523	$ 14,068	$ 15,787
MIT
Research And Development Arrangement Contract To Perform For Others [Line Items]
Description of future development obligations				The Company’s future development obligations are: (i) to commence a Phase III clinical trial for such Product within five years of the IND filing for such product, (ii) to file a New Drug Application or equivalent with the FDA or comparable European regulatory agency for such Product within nine years of the IND filing for such Product, and (iii) to make a first commercial sale of such Product within 11 years of the IND filing for such Product.
License fee payment	$ 50
Percentage of shares of common stock issued	5.00%
Description of conditions to terminate license agreement				The Company has the right to terminate for any reason upon a 3-month prior written notice. MIT shall have the right to terminate if the Company ceases to carry on any business related to the MIT License Agreement. MIT may terminate the MIT License Agreement for the Company’s material breach uncured within ninety (90) days (or thirty (30) days in the case of nonpayment). MIT may also terminate the MIT License Agreement if the Company or our affiliates commence any action against MIT to declare or render any claim of the licensed patent rights invalid, unpatentable, unenforceable, or non-infringed (a patent challenge), or if our sublicensee commences such actions and the Company does not terminate such sublicense within thirty (30) days after MIT’s demand. MIT has the right to increase all payments due, instead of terminating the MIT License Agreement in the case of a patent challenge.
Right to terminate agreement upon prior written notice	3 months
Right to terminate agreement if breach remains uncured	90 days
Right to terminate agreement incase of nonpayment	30 days
MIT \| Dr. Langer
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment to director				$ 0		$ 1,980
MIT \| Astellas Pharma LLC \| Royalty
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue	$ 16,000
MIT \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments	$ 2,900
Patent License Agreement \| MIT
Research And Development Arrangement Contract To Perform For Others [Line Items]
License agreement entered date	2016-12

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021 USD ($)
Lessee Lease Description [Line Items]
Commitment payments related to research	$ 600,000
Losses related to indemnification obligations	0
Legal contingencies, accruals recorded	$ 0
Lexington Massachusetts Facility
Lessee Lease Description [Line Items]
Operating lease term	10 years