0001113148-22-000012 | 10-Q | XBRL Viewer | Infinity Pharmaceuticals INC

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	Apr. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-31141
Entity Registrant Name	INFINITY PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0655706
Entity Address, Address Line One	1100 Massachusetts Avenue
Entity Address, Address Line Two	Floor 4
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02138
City Area Code	617
Local Phone Number	453-1000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	INFI
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,155,311
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001113148
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 53,125	$ 80,726
Available-for-sale securities	14,015	0
Prepaid expenses and other current assets	2,960	1,542
Total current assets	70,100	82,268
Property and equipment, net	1,137	1,241
Restricted cash, less current portion	158	158
Operating lease right-of-use assets	977	1,064
Other assets	206	54
Total assets	72,578	84,785
Current liabilities:
Accounts payable	2,004	2,320
Accrued expenses and other current liabilities	11,390	10,980
Total current liabilities	13,394	13,300
Liabilities related to sale of future royalties, net, less current portion (Note 9)	48,377	48,727
Operating lease liability, less current portion	777	917
Other liabilities	48	270
Total liabilities	62,596	63,214
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, $0.001 par value; 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common Stock, $0.001 par value; 200,000,000 shares authorized; 89,155,311 shares issued and outstanding at March 31, 2022 and December 31, 2021	89	89
Additional paid-in capital	833,932	833,065
Accumulated deficit	(824,019)	(811,583)
Accumulated other comprehensive loss	(20)	0
Total stockholders’ equity	9,982	21,571
Total liabilities and stockholders’ equity	$ 72,578	$ 84,785

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	89,155,311	89,155,311
Common stock, shares outstanding (in shares)	89,155,311	89,155,311

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenue, Product and Service	Royalty [Member]
Total revenues	$ 652	$ 467
Operating expenses:
Research and development	8,990	8,201
General and administrative	3,676	3,566
Royalty expense	393	282
Total operating expenses	13,059	12,049
Loss from operations	(12,407)	(11,582)
Other income (expense):
Investment and other income (expense)	16	(2)
Non-cash interest expense	(45)	(45)
Total other expense	(29)	(47)
Net loss	$ (12,436)	$ (11,629)
Basic loss per common share (in dollars per share)	$ (0.14)	$ (0.15)
Diluted loss per common share (in dollars per share)	$ (0.14)	$ (0.15)
Basic weighted average number of common shares outstanding (in shares)	89,155,311	75,728,176
Diluted weighted average number of common shares outstanding (in shares)	89,155,311	75,728,176
Other comprehensive loss:
Net unrealized holding (losses) gains on available-for-sale securities arising during the period	$ (20)	$ 1
Comprehensive loss	$ (12,456)	$ (11,628)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (12,436)	$ (11,629)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	121	119
Stock-based compensation	867	530
Non-cash royalty revenue	(345)	(247)
Non-cash interest expense	45	45
Other, net	14	23
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,570)	(634)
Operating lease right-of-use assets	87	83
Accounts payable, accrued expenses and other liabilities	(196)	(1,646)
Operating lease liability	(122)	(114)
Net cash used in operating activities	(13,535)	(13,470)
Investing activities
Purchases of property and equipment	(17)	0
Purchases of available-for-sale securities	(14,049)	0
Proceeds from maturities of available-for-sale securities	0	5,500
Net cash (used in) provided by investing activities	(14,066)	5,500
Financing activities
Proceeds from public offering, net	0	85,838
Proceeds from issuances of common stock, net	0	295
Net cash provided by financing activities	0	86,133
Net (decrease) increase in cash, cash equivalents and restricted cash	(27,601)	78,163
Cash, cash equivalents and restricted cash at beginning of period	80,884	28,908
Cash, cash equivalents and restricted cash at end of period	53,283	107,071
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	53,125	106,756
Restricted cash included in prepaid expenses and other current assets	0	150
Restricted cash, less current portion	158	165
Total cash, cash equivalents and restricted cash	53,283	107,071
Supplemental schedule of noncash activities
Deferred offering costs included in accounts payable	$ 0	$ 276

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		64,320,244
Beginning balance at Dec. 31, 2020	$ (22,989)	$ 64	$ 743,269	$ (766,321)	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		176,997
Exercise of stock options	295	$ 1	294
Stock-based compensation expense	530		530
Issuance of common stock related to sales facility, net of issuance costs (in share)		24,150,000
Issuance of common stock related to public offering, net of issuance costs	85,838	$ 24	85,814
Unrealized gain (loss) on marketable securities	1				1
Net loss	(11,629)			(11,629)
Ending balance (in shares) at Mar. 31, 2021		88,647,241
Ending balance at Mar. 31, 2021	52,046	$ 89	829,907	(777,950)	0
Beginning balance (in shares) at Dec. 31, 2021		89,155,311
Beginning balance at Dec. 31, 2021	21,571	$ 89	833,065	(811,583)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	867		867
Unrealized gain (loss) on marketable securities	(20)				(20)
Net loss	(12,436)			(12,436)
Ending balance (in shares) at Mar. 31, 2022		89,155,311
Ending balance at Mar. 31, 2022	$ 9,982	$ 89	$ 833,932	$ (824,019)	$ (20)

Organization	3 Months Ended
Organization	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Infinity Pharmaceuticals, Inc., is a clinical-stage innovative biopharmaceutical company dedicated to developing novel medicines for people with cancer. As used throughout these unaudited, condensed consolidated financial statements, the terms “Infinity,” “we,” “us,” and “our” refer to the business of Infinity Pharmaceuticals, Inc., and its wholly-owned subsidiaries.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	2. Basis of Presentation These condensed consolidated financial statements include the accounts of Infinity and its wholly-owned subsidiaries. We have eliminated all significant intercompany accounts and transactions in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed consolidated financial statements have been included. Interim results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The information presented in the condensed consolidated financial statements and related footnotes at March 31, 2022, and for the three months ended March 31, 2022 and 2021, is unaudited, and the condensed consolidated balance sheet amounts and related footnotes at December 31, 2021 have been derived from our audited financial statements. For further information, please refer to the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission, or SEC, on March 29, 2022, which we refer to as our 2021 Annual Report on Form 10-K. Liquidity As of March 31, 2022, we had cash, cash equivalents and available-for-sale securities of $67.1 million. We have primarily incurred operating losses since inception and have relied on our ability to fund our operations through collaboration and license arrangements, or other strategic arrangements, and through the sale of our common stock. We expect to continue to spend significant resources to fund the development and potential commercialization of eganelisib, also known as IPI-549, an orally administered immuno-oncology product candidate that selectively inhibits the enzyme phosphoinositide-3-kinase-gamma, or PI3K-gamma, and to incur significant operating losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale securities at March 31, 2022 will be adequate to satisfy our current operating plans for at least the next twelve months from the issuance date of these financial statements.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

3. Significant Accounting Policies

Our significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in “Notes to Consolidated Financial Statements” in our 2021 Annual Report on Form 10-K.

Segment Information

We operate in one business segment, which focuses on drug development. We make operating decisions based upon the performance of the enterprise as a whole and utilize our consolidated financial statements for decision making.

Basic and Diluted Net Loss per Common Share

Basic net loss per share is based upon the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but has not yet vested. Diluted net loss per share is based upon the weighted average number of common shares outstanding during the period plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed exercise of outstanding stock options and the exercise of outstanding warrants (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method) and the vesting of restricted shares of common stock. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options. The two-class method is used for outstanding warrants as such warrants are considered to be participating securities, and this method is more dilutive than the treasury stock method. The following outstanding shares of common stock equivalents were excluded from the computation of net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	At March 31,
	2022	2021
Stock options	14,538,334	12,404,270
Unvested restricted stock units	50,000	—

New Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements, or ASU No. 2016-13, which requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and it establishes additional disclosure requirements related to credit risks. For available-for-sale debt securities with expected credit losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. In November 2019, the FASB subsequently issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, whereby the effective date of this standard for smaller reporting companies was deferred to annual reporting periods beginning after December 15, 2022, including interim periods within those annual reporting periods, and early adoption is still permitted. We are currently evaluating the impact of ASU No. 2016-13 on our consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, or ASU No. 2020-06, which simplifies the guidance on an issuer’s accounting for convertible instruments and contracts in its own equity. The provisions of ASU No. 2020-06 are applicable for fiscal years beginning after December 15, 2023, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. We are currently evaluating the impact of ASU No. 2020-06 on our consolidated financial statements and related disclosures.

In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, or ASU No. 2021-10, which requires additional annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The additional disclosures required by this standard include 1) information about the nature of the transactions and the related accounting policy used to account for the transactions, 2) the financial statement line items that are impacted by the transactions and the amounts applicable to each financial statement line item and 3) significant terms and conditions of the transactions, including commitments and contingencies. We adopted this standard effective January 1, 2022 on a prospective basis. The adoption of the standard has not had a material impact on our consolidated financial statement.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

4. Stock-Based Compensation

Total stock-based compensation expense related to all equity awards for the three months ended March 31, 2022 and 2021 was composed of the following:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Research and development	$	275	$	151
General and administrative	592		379
Total stock-based compensation expense	$	867	$	530

As of March 31, 2022, we had approximately $7.3 million of total unrecognized compensation cost related to unvested common stock options and awards under our 2013 Employee Stock Purchase Plan, which is expected to be recognized over a weighted-average period of 2.9 years.

Stock Options

During the three months ended March 31, 2022, we granted options to purchase 2,082,324 shares of our common stock at a weighted average fair value of $1.26 per share and a weighted average exercise price of $1.54 per share. During the three months ended March 31, 2021, we granted options to purchase 60,040 shares of our common stock at a weighted average fair value of $2.90 per share and a weighted average exercise price of $3.64 per share. For the three months ended March 31, 2022 and 2021, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three Months Ended March 31,
	2022		2021
Risk-free interest rate	1.6	%	1.1	%
Expected annual dividend yield	—		—
Expected stock price volatility	106.2	%	101.9	%
Expected term of options	6.0 years		6.1 years

Cash, Cash Equivalents and Available-for-Sale Securities

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Available-for-Sale Securities

5. Cash, Cash Equivalents and Available-for-Sale Securities

The following is a summary of cash, cash equivalents and available-for-sale securities:


	March 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	53,125	$	—	$	—	$	53,125
Available-for-sale securities:
U.S. Treasury securities due in one year or less	8,785		—		(10)		8,775
Commercial paper due in one year or less	4,495		—		(8)		4,487
Asset backed securities due in one year or less	755		—		(2)		753
Total available-for-sale securities	$	14,035	$	—	$	(20)	$	14,015
Total cash and cash equivalents	$	67,160	$	—	$	(20)	$	67,140


	December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	80,726	$	—	$	—	$	80,726




Total cash, cash equivalents and available-for-sale securities	$	80,726	$	—	$	—	$	80,726

We held 12 debt securities at March 31, 2022 classified as available-for-sale securities with original maturity dates greater than three months that were in an unrealized loss position for less than twelve months. The fair value of these securities was $14.0 million. We held 6 debt securities at March 31, 2022 classified as cash and cash equivalents with original maturity dates less than three months that were in an unrealized loss position. The fair value of these securities was $5.8 million. We evaluated our securities for other-than-temporary impairments based on quantitative and qualitative factors. We considered the decline in market value for these securities to be primarily attributable to current economic and market conditions. It is not more likely than not that we will be required to sell these securities, and we do not intend to sell these securities before the recovery of their amortized cost basis. Based on our analysis, we do not consider these investments to be other-than-temporarily impaired as of March 31, 2022.

We had no material realized gains or losses on our available-for-sale securities for the three months ended March 31, 2022 and 2021. There were no other-than-temporary impairments recognized for the three months ended March 31, 2022 and 2021.

Fair Value

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

The following table presents the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2022 and December 31, 2021:


	March 31, 2022
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	47,348	$	5,777	$	—
U.S. Treasury securities	—		8,775		—
Commercial paper	—		4,487		—
Asset backed securities	$	—	$	753	$	—
Total assets	$	47,348	$	19,792	$	—

Liabilities:
Warrant liability	$	—	$	—	$	220
Total liabilities	$	—	$	—	$	220

	December 31, 2021
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	80,726	$	—	$	—


Total assets	$	80,726	$	—	$	—

Liabilities:
Warrant liability	$	—	$	—	$	220
Total liabilities	$	—	$	—	$	220

The fair value of the available-for-sale securities and cash and cash equivalents is based on the following inputs for both U.S. Treasury securities and U.S. government-sponsored enterprise obligations: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including TRACE® reported trades. For commercial paper, the fair value is based on the three month Treasury bill rate published on the last business day of the month.

There have been no changes to our valuation methods of available-for-sale securities during the three months ended March 31, 2022. We had no available-for-sale securities that were classified as Level 3 at any point during the three months ended March 31, 2022 or during the year ended December 31, 2021.

Warrant liability relates to potential future warrants that may be issued. The fair value of the warrant liability on the date of the commitment and on each re-measurement date for those warrants classified as liabilities was estimated using the Monte Carlo simulation model, which involves a series of simulated future stock price paths over the remaining life of the commitment. The fair value is estimated by taking the average of the fair values under each of many Monte Carlo simulations. The fair value estimate is affected by our stock price, as well as estimated future financing needs, including timing and sources of the financing and subjective variables including expected stock price volatility over the remaining life of the commitment and risk-free interest rate. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The fair value of the warrant liability as of March 31, 2022 has been included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The fair value of the warrant liability as of December 31, 2021 has been included in other liabilities on our condensed consolidated balance sheet. See Note 9 for further discussion of the accounting for the warrants.

The carrying amounts reflected in the condensed consolidated balance sheets for prepaid expenses and other current assets, other assets, accounts payable and accrued expenses and other current liabilities approximate their fair value due to their short-term maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

7. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	March 31, 2022		December 31, 2021
	(in thousands)

Prepaid expenses	$	2,422	$	1,143

Other current assets	538		399

Total prepaid expenses and other current assets	$	2,960	$	1,542

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

8. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2022		December 31, 2021
	(in thousands)
Accrued clinical	$	5,072	$	4,998
Accrued compensation and benefits	1,634		2,835
Accrued development	1,782		755
Liability related to sale of future royalties, net, current portion	947		897
Operating lease liability, current portion	537		519
Other	1,418		976
Total accrued expenses and other current liabilities	$	11,390	$	10,980

Liabilities Related to Sale of Future Royalties

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

9. Liabilities Related to Sale of Future Royalties

HCR Agreement

In 2016, we and Verastem Inc., or Verastem, entered into an amended and restated license agreement, or the Verastem Agreement, under which we granted to Verastem an exclusive worldwide license in oncology indications for the research, development, commercialization, and manufacture of duvelisib, or Copiktra®, an oral, dual inhibitor of PI3K delta and gamma, and products containing duvelisib, which we refer to as Licensed Products. In September 2020, Verastem completed a disposition of its rights, title, and interest in and to duvelisib to Secura Bio, Inc., or Secura Bio, whereby Secura Bio assumed all liabilities and obligations under the Verastem Agreement. We now refer to the Verastem Agreement as the Secura Bio Agreement.

Secura Bio is obligated to pay us royalties on worldwide net sales of Licensed Products ranging from the mid-single digits to the high-single digits, a portion of which we are obligated to share with Takeda Pharmaceuticals Company Limited, or Takeda, as described in Note 11.

In March 2019, we entered into a royalty purchase agreement, or the HCR Agreement, with HealthCare Royalty Partners III, L.P., or HCR, providing for the acquisition by HCR of our interest in certain royalty payments based on worldwide annual net sales of Licensed Products under the Secura Bio Agreement for gross proceeds of $30.0 million, which is non-refundable. Under the HCR Agreement, HCR obtained the right to receive the royalty payments up to agreed upon thresholds of royalties, the amount of which depends on when the aggregate royalties received by HCR reach specified thresholds. If the specified threshold has been met through royalty payments from Secura Bio or if we elect to make a payment to meet the threshold amount, the HCR Agreement will automatically terminate and all rights to the royalty stream under the HCR Agreement will revert back to us. If the specified threshold has not been achieved by June 30, 2025, the HCR Agreement will continue through the term of the Secura Bio Agreement.

We recognized the receipt of the $30.0 million payment from HCR as a liability, net of debt discount and issuance costs of approximately $2.4 million. As the basis for our determination, we considered, in accordance with the relevant accounting guidance, the potential for the royalty stream to revert back to us if specified royalty thresholds have been met and our right to terminate the HCR Agreement by making a payment to achieve the threshold. We are not obligated to repay any of the proceeds received under the HCR Agreement. In order to determine the amortization of the liability, we are required to estimate the total amount of future net royalty payments to be made to HCR over the term of the HCR Agreement. The total threshold of net royalties to be paid, less the net proceeds received, will be recorded as interest expense over the life of the liability. We impute interest on the unamortized portion of the liability using the effective interest method. Interest and debt discount amortization expense is reflected as non-cash interest expense in the condensed consolidated statements of operations and comprehensive loss. Over the course of the HCR Agreement, the actual interest rate will be affected by the amount and timing of royalty revenue recognized and changes in forecasted royalty revenue. On a quarterly basis, we reassess the effective interest rate and adjust the rate prospectively as needed.

The following table shows the activity within the liability account for the three months ended March 31, 2022:


	March 31, 2022
	(in thousands)
Liability related to sale of future royalties, net - beginning balance	$	28,038


Non-cash royalty revenue	(345)
Non-cash interest expense recognized	38
Liability related to sale of future royalties, net - ending balance	27,731
Less: current portion	(947)
Liability related to sale of future royalties, net, less current portion	$	26,784

As royalties are due to HCR by Secura Bio, the balance of the recognized liability will be effectively repaid over the life of the HCR Agreement. There are a number of factors that could materially affect the amount and timing of royalty payments from Secura Bio, none of which are within our control.

BVF Agreement

On January 8, 2020, or the BVF Closing Date, we entered into a funding agreement, or the BVF Funding Agreement, with BVF Partners, L.P., or BVF, and Royalty Security, LLC, a wholly-owned subsidiary of BVF, or the Buyer. BVF was subsequently replaced as a party to the BVF Funding Agreement with Royalty Security Holdings, LLC. The BVF Funding Agreement provides for the acquisition by the Buyer of our interest in all royalty payments based on worldwide annual net sales of a clinical-stage product candidate IPI-926, or patidegib, part of the hedgehog inhibitor program we licensed to PellePharm Inc., or PellePharm, in 2013, or the BVF Licensed Product, excluding relevant Trailing Mundipharma Royalties, as defined in Note 11, which is related to patidegib. We refer to all BVF Licensed Product royalties owed to us less Trailing Mundipharma Royalties as the Royalty or Royalties. Such Royalties are owed to us pursuant to the PellePharm Agreement, as defined in Note 11, entered into by and between us and PellePharm.

Pursuant to the BVF Funding Agreement, we received a non-refundable payment of $20.0 million, or the Upfront Purchase Price, less certain transaction expenses. We transferred to the Buyer (i) the Royalty, (ii) the PellePharm Agreement (subject to our rights to milestone payments and rights to equity in PellePharm under the PellePharm Agreement), and (iii) certain patent rights established in the BVF Funding Agreement, with (i), (ii), and (iii) together referred to as Transferred Assets. We preserved our rights under the PellePharm Agreement to receive potential regulatory, commercial, and success-based milestone payments. We have the option to terminate the BVF Funding Agreement by purchasing 100% of the outstanding equity interests of the Buyer under specified terms for a specified amount under the BVF Funding Agreement through January 8, 2023. In addition, the BVF Funding Agreement may be terminated by mutual written agreement between us and the Buyer.

We recognized the proceeds received under the BVF Funding Agreement as a related party liability that will be amortized using the effective interest method over the life of the arrangement. We recorded the receipt of the $20.0 million Upfront Purchase Price as a liability, net of debt issuance costs of approximately $0.4 million and warrant liability of $0.3 million. The related party liability has since been reclassified to liabilities related to sale of future royalties since Biotechnology Value Fund, L.P. is no longer considered our related party. We are not obligated to repay any of the proceeds received under the BVF Funding Agreement. In order to determine the amortization of the liability, we are required to estimate the total amount of potential future net royalty payments to be made by PellePharm to the Buyer over the term of the BVF Funding Agreement. The total estimated net royalties to be paid, less the net proceeds received, will be recorded as interest expense over the life of the liability. Interest and debt discount amortization expense is reflected as non-cash interest expense for the three months ended March 31, 2022 and 2021 in our condensed consolidated statements of operations and comprehensive loss. Over the course of the BVF Funding Agreement, the actual interest rate will be affected by the amount and timing of royalty revenue recognized, if any, and changes in forecasted royalty revenue. There are a number of factors that could materially affect the amount and timing of royalty payments from PellePharm, none of which are within our control. On a quarterly basis, we will reassess the effective interest rate and adjust the rate prospectively as needed.

The following table shows the activity within the liability account for the three months ended March 31, 2022:


	March 31, 2022
	(in thousands)
Liability related to sale of future royalties, net - beginning balance	$	21,586



Non-cash interest expense recognized	7
Liability related to sale of future royalties, net - ending balance	$	21,593

For so long as we have not exercised an option to repurchase the Buyer’s equity interest under the BVF Funding Agreement, (a) if, during the 36-month period following the BVF Closing Date, we issue a specified number of shares of our common stock, which we refer to as the Warrant Threshold, and (b) any shares in excess of the Warrant Threshold are issued for consideration to us of less than $3.75 per share (as adjusted for any stock splits, reverse stock splits or other similar recapitalization events), or the Threshold Price, then we are obligated to issue to BVF warrants to purchase a number of shares of our common stock. Such warrants would equal 50% of the number of qualifying shares at an exercise price equal to 1.5 times the price per share of such qualifying shares issued. The requirement to issue warrants to BVF does not apply to certain issuances of our common stock. As of March 31, 2022, the Warrant Threshold has been met, and any future qualifying shares of our common stock issued below the Price Threshold will result in warrants to purchase our common stock to be issued to BVF. No warrants have been issued to BVF as of March 31, 2022.

We determined that the commitment to issue warrants represents a freestanding financial instrument and accounted for it as a liability as of the BVF Closing Date. The fair value of the warrant liability was estimated using the Monte Carlo simulation model. The fair value of the warrant liability as of March 31, 2022 has been included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. We will re-measure the warrant liability at each reporting date. Changes in fair value of the warrant liability are included in investment and other income (expense) in our condensed consolidated statements of operations and comprehensive loss. See Note 6 for further discussions of the fair value of the warrants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Leases [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies On April 5, 2019, we entered into a lease agreement, or the Lease, with Sun Life Assurance Company of Canada, or the Landlord, effective April 3, 2019, or the Commencement Date, for the lease of approximately 10,097 square feet of office space at 1100 Massachusetts Avenue, Cambridge, Massachusetts, or the Leased Premises. The term of the Lease commenced on the Commencement Date and expires on August 1, 2024, or the Expiration Date, approximately five years after the Rent Commencement Date as defined below. Beginning August 1, 2019, or the Rent Commencement Date, the total base rent of the Lease was $47,961 per month and increases by approximately 3% on each anniversary of the Rent Commencement Date until the Expiration Date. In addition to the base rent, we are also responsible for our share of the operating expenses, insurance, real estate taxes and certain capital costs, and we are responsible for utility expenses in the Leased Premises, all in accordance with the terms of the Lease. Pursuant to the terms of the Lease, we provided a security deposit in the form of a letter of credit in the initial amount $300,000, which was reduced to $150,000 during the year ended December 31, 2021 in accordance with the terms of the Lease. The remaining portion of the security deposit plus the associated bank fee of $7,500 is included on our condensed consolidated balance sheet as restricted cash as of March 31, 2022. The Landlord provided a lease incentive allowance of $0.6 million to fund certain improvements made by us to the Leased Premises. As of March 31, 2022, future minimum lease payments of our operating lease liabilities are approximately $1.5 million.

Strategic Agreements	3 Months Ended
Strategic Agreements	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Strategic Agreements	11. Strategic Agreements We have worldwide development and commercialization rights to eganelisib, subject to certain obligations to our licensor, Takeda Pharmaceutical Company Limited, or Takeda, as described in more detail below. Additionally, we are obligated to pay Mundipharma International Corporation Limited, or Mundipharma, and Purdue Pharmaceutical Products L.P., or Purdue, a 4% royalty in the aggregate on worldwide net sales of products that were previously subject to our strategic alliance with Mundipharma and Purdue that was terminated in 2012. Such products include eganelisib; duvelisib, the PI3K delta and gamma inhibitor that we licensed to Verastem in 2016, the rights to which Verastem sold to Secura Bio in 2020; and IPI-926, or patidegib, part of the hedgehog inhibitor program we licensed to PellePharm in 2013. We refer to such royalties as Trailing Mundipharma Royalties. After Mundipharma and Purdue have recovered approximately $260.0 million in royalty payments from all products that were previously subject to the strategic alliance, which represents the funding paid to us for research and development services performed by us under this strategic alliance, the Trailing Mundipharma Royalties will be reduced to a 1% royalty on net sales in the United States of such products. PellePharm In June 2013, we entered into a license agreement with PellePharm, under which we granted PellePharm exclusive global development and commercialization rights to our hedgehog inhibitor program, including patidegib. We refer to our license agreement with PellePharm as the PellePharm Agreement and products covered by the PellePharm Agreement as Hedgehog Products. We assessed this arrangement in accordance with Accounting Standard Codification 606 and concluded that at the date of contract inception there was only one performance obligation, consisting of the license, which was satisfied at contract inception. Under the PellePharm Agreement, PellePharm is obligated to pay us up to $9.0 million in remaining regulatory and commercial-based milestone payments through the first commercial sale of a Hedgehog Product. PellePharm is also obligated to pay us up to $37.5 million in success-based milestone payments upon the achievement of certain annual net sales thresholds, as well as a share of certain revenue received by PellePharm in the event that PellePharm sublicenses its rights under the PellePharm Agreement and tiered royalties on annual net sales of Hedgehog Products subject to specified conditions. The remaining milestones have not been recognized as they represent variable consideration that is constrained. In making this assessment, we considered numerous factors, including the fact that achievement of the milestones is outside of our control and contingent upon the future success of clinical trials, PellePharm’s actions, and the receipt of regulatory approval. As the single performance obligation was previously satisfied, all regulatory and commercial-based milestones will be recognized as revenue in full in the period in which the constraint is removed. Any consideration related to sales-based milestone payments, including royalties, will be recognized when the related sales occur as these amounts have been determined to relate predominantly to the license granted to PellePharm and therefore are recognized at the later of when the performance obligation is satisfied or the related sales occur. PellePharm is also obligated to pay us tiered royalties on annual net sales of Hedgehog Products, which are subject to reduction after a certain aggregate funding threshold has been achieved. On January 8, 2020, we entered into the BVF Funding Agreement, as further described in Note 9, pursuant to which we sold our interest in all royalty payments based on worldwide annual net sales of the BVF Licensed Product excluding Trailing Mundipharma Royalties related to patidegib. Takeda In July 2010, we entered into a development and license agreement with Intellikine, Inc., or Intellikine, under which we obtained rights to discover, develop and commercialize pharmaceutical products targeting the gamma and/or delta isoforms of PI3K, including eganelisib and duvelisib. In January 2012, Intellikine was acquired by Takeda. In December 2012, we amended and restated our development and license agreement with Takeda and further amended the agreement in July 2014, September 2016, July 2017, and March 2019. We refer to the amended and restated development and license agreement, as amended, as the Takeda Agreement. Duvelisib Pursuant to the Takeda Agreement, prior to March 4, 2019, we were obligated to share equally with Takeda all revenue arising from certain qualifying transactions for duvelisib, including the Secura Bio Agreement, subject to certain exceptions including revenue we receive as reimbursement for duvelisib research and development expenses. On March 4, 2019, we entered into the fourth amendment to the Takeda Agreement, or the Takeda Amendment. Pursuant to the Takeda Amendment, Takeda agreed (i) to the sale of certain royalty payments based on worldwide annual net sales of Licensed Products under the Secura Bio Agreement to HCR, (ii) to forego its rights to an equal share of the royalties due from Secura Bio during the term of the HCR Agreement, and (iii) not to seek any payment from HCR with respect to the royalties owed to Takeda. As consideration for the Takeda Amendment, we paid Takeda $6.7 million representing 25% of the $30.0 million in gross proceeds we received from the closing of the HCR Agreement, net of 25% of the expenses incurred by us in connection with the HCR Agreement. In addition, we agreed to pay Takeda 25% of the royalties that would have been payable to us by Secura Bio but for the consummation of the HCR Agreement, which we refer to as the Interim Obligation. During each of the three months ended March 31, 2022 and 2021, we recognized $0.1 million of Interim Obligation amounts owed to Takeda as royalty expense. We have the right to extinguish the Interim Obligation by payment to Takeda of an amount equal to (i) the $6.7 million payment multiplied by a specified multiple corresponding to the time period in which such extinguishing payment is made, minus (ii) any payments made to Takeda pursuant to the Interim Obligation. The Interim Obligation shall expire upon the termination of the HCR Agreement and the reversion of related royalties to us, at which time our obligations to share the royalties payable under the Secura Bio Agreement equally with Takeda shall be reinstated. Eganelisib Pursuant to the Takeda Agreement, we are obligated to pay Takeda up to $3.0 million in remaining success-based development milestone payments and up to $165.0 million in remaining regulatory and commercial-based milestone payments for one product candidate other than duvelisib, which could be eganelisib.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	12. Stockholders’ Equity Common Stock Sales Facility On June 28, 2019, we entered into a Capital on Demand Sales Agreement with JonesTrading Institutional Services LLC, or JonesTrading, and on July 29, 2019 we amended and restated the sales agreement to add B. Riley Securities (f/k/a B. Riley FBR, Inc.), or B. Riley Securities, as a party to the agreement. On July 27, 2021, we entered into an amendment to the agreement to increase the maximum aggregate offering price of the shares of common stock that we may issue and sell from time to time under the agreement by $75.0 million to an aggregate of $95.0 million. We refer to the amended and restated sales agreement, as amended, as the ATM Sales Agreement. As of March 31, 2022, we had an aggregate of $86.8 million available for future sales. Pursuant to the ATM Sales Agreement we may offer and sell shares of our common stock from time to time through JonesTrading or B. Riley Securities, each acting as our sales agent. We have agreed to pay commissions to the sales agents for their services in acting as agents in the sale of our common stock in the amount of up to 3.0% of the gross proceeds from sales of our common stock pursuant to the ATM Sales Agreement. Sales of shares of our common stock under the ATM Sales Agreement may be made by any method that is deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. With our prior written approval, JonesTrading or B. Riley Securities may also sell the shares by any other method permitted by law, including in negotiated transactions. We and JonesTrading or B. Riley Securities may suspend or terminate the offering of shares upon notice to the other parties and subject to other conditions. During the three months ended March 31, 2022 and 2021, we did not sell any shares under the ATM Sales Agreement. Public Offering On February 11, 2021, we entered into a purchase agreement with Piper Sandler & Co., as representative of the underwriters named therein, pursuant to which we issued and sold to the underwriters in an underwritten public offering an aggregate of 24,150,000 shares of our common stock, including 3,150,000 shares of common stock sold in connection with the exercise in full of a 15% over-allotment option by the underwriters. The public offering price was $3.80 per share. The gross proceeds to us from this offering were approximately $91.8 million. After underwriting discounts and commissions and offering expenses, we received net proceeds from the offering of approximately $85.8 million.

- Definition

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

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+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	2. Basis of Presentation These condensed consolidated financial statements include the accounts of Infinity and its wholly-owned subsidiaries. We have eliminated all significant intercompany accounts and transactions in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed consolidated financial statements have been included. Interim results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The information presented in the condensed consolidated financial statements and related footnotes at March 31, 2022, and for the three months ended March 31, 2022 and 2021, is unaudited, and the condensed consolidated balance sheet amounts and related footnotes at December 31, 2021 have been derived from our audited financial statements. For further information, please refer to the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission, or SEC, on March 29, 2022, which we refer to as our 2021 Annual Report on Form 10-K.
Liquidity	Liquidity As of March 31, 2022, we had cash, cash equivalents and available-for-sale securities of $67.1 million. We have primarily incurred operating losses since inception and have relied on our ability to fund our operations through collaboration and license arrangements, or other strategic arrangements, and through the sale of our common stock. We expect to continue to spend significant resources to fund the development and potential commercialization of eganelisib, also known as IPI-549, an orally administered immuno-oncology product candidate that selectively inhibits the enzyme phosphoinositide-3-kinase-gamma, or PI3K-gamma, and to incur significant operating losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale securities at March 31, 2022 will be adequate to satisfy our current operating plans for at least the next twelve months from the issuance date of these financial statements.
Segment Information	Segment Information We operate in one business segment, which focuses on drug development. We make operating decisions based upon the performance of the enterprise as a whole and utilize our consolidated financial statements for decision making.
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common ShareBasic net loss per share is based upon the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but has not yet vested. Diluted net loss per share is based upon the weighted average number of common shares outstanding during the period plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed exercise of outstanding stock options and the exercise of outstanding warrants (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method) and the vesting of restricted shares of common stock. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options. The two-class method is used for outstanding warrants as such warrants are considered to be participating securities, and this method is more dilutive than the treasury stock method.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements, or ASU No. 2016-13, which requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and it establishes additional disclosure requirements related to credit risks. For available-for-sale debt securities with expected credit losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. In November 2019, the FASB subsequently issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, whereby the effective date of this standard for smaller reporting companies was deferred to annual reporting periods beginning after December 15, 2022, including interim periods within those annual reporting periods, and early adoption is still permitted. We are currently evaluating the impact of ASU No. 2016-13 on our consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, or ASU No. 2020-06, which simplifies the guidance on an issuer’s accounting for convertible instruments and contracts in its own equity. The provisions of ASU No. 2020-06 are applicable for fiscal years beginning after December 15, 2023, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. We are currently evaluating the impact of ASU No. 2020-06 on our consolidated financial statements and related disclosures. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, or ASU No. 2021-10, which requires additional annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The additional disclosures required by this standard include 1) information about the nature of the transactions and the related accounting policy used to account for the transactions, 2) the financial statement line items that are impacted by the transactions and the amounts applicable to each financial statement line item and 3) significant terms and conditions of the transactions, including commitments and contingencies. We adopted this standard effective January 1, 2022 on a prospective basis. The adoption of the standard has not had a material impact on our consolidated financial statement.

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

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


	At March 31,
	2022	2021
Stock options	14,538,334	12,404,270
Unvested restricted stock units	50,000	—

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense, Related to All Equity Awards

Total stock-based compensation expense related to all equity awards for the three months ended March 31, 2022 and 2021 was composed of the following:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Research and development	$	275	$	151
General and administrative	592		379
Total stock-based compensation expense	$	867	$	530

Black-Scholes Valuation Model, Weighted-Average Assumptions for Stock Options

For the three months ended March 31, 2022 and 2021, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three Months Ended March 31,
	2022		2021
Risk-free interest rate	1.6	%	1.1	%
Expected annual dividend yield	—		—
Expected stock price volatility	106.2	%	101.9	%
Expected term of options	6.0 years		6.1 years

Cash, Cash Equivalents and Available-for-Sale Securities (Tables)

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Available-for-sale Securities

The following is a summary of cash, cash equivalents and available-for-sale securities:


	March 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	53,125	$	—	$	—	$	53,125
Available-for-sale securities:
U.S. Treasury securities due in one year or less	8,785		—		(10)		8,775
Commercial paper due in one year or less	4,495		—		(8)		4,487
Asset backed securities due in one year or less	755		—		(2)		753
Total available-for-sale securities	$	14,035	$	—	$	(20)	$	14,015
Total cash and cash equivalents	$	67,160	$	—	$	(20)	$	67,140


	December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	80,726	$	—	$	—	$	80,726




Total cash, cash equivalents and available-for-sale securities	$	80,726	$	—	$	—	$	80,726

Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2022 and December 31, 2021:


	March 31, 2022
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	47,348	$	5,777	$	—
U.S. Treasury securities	—		8,775		—
Commercial paper	—		4,487		—
Asset backed securities	$	—	$	753	$	—
Total assets	$	47,348	$	19,792	$	—

Liabilities:
Warrant liability	$	—	$	—	$	220
Total liabilities	$	—	$	—	$	220

	December 31, 2021
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	80,726	$	—	$	—


Total assets	$	80,726	$	—	$	—

Liabilities:
Warrant liability	$	—	$	—	$	220
Total liabilities	$	—	$	—	$	220

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	March 31, 2022		December 31, 2021
	(in thousands)

Prepaid expenses	$	2,422	$	1,143

Other current assets	538		399

Total prepaid expenses and other current assets	$	2,960	$	1,542

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2022		December 31, 2021
	(in thousands)
Accrued clinical	$	5,072	$	4,998
Accrued compensation and benefits	1,634		2,835
Accrued development	1,782		755
Liability related to sale of future royalties, net, current portion	947		897
Operating lease liability, current portion	537		519
Other	1,418		976
Total accrued expenses and other current liabilities	$	11,390	$	10,980

Liabilities Related to Sale of Future Royalties (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Liability Related to Future Sale of Royalties

The following table shows the activity within the liability account for the three months ended March 31, 2022:


	March 31, 2022
	(in thousands)
Liability related to sale of future royalties, net - beginning balance	$	28,038


Non-cash royalty revenue	(345)
Non-cash interest expense recognized	38
Liability related to sale of future royalties, net - ending balance	27,731
Less: current portion	(947)
Liability related to sale of future royalties, net, less current portion	$	26,784

The following table shows the activity within the liability account for the three months ended March 31, 2022:


	March 31, 2022
	(in thousands)
Liability related to sale of future royalties, net - beginning balance	$	21,586



Non-cash interest expense recognized	7
Liability related to sale of future royalties, net - ending balance	$	21,593

Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, and available-for-sale securities	$ 67,140	$ 80,726

Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	1

Significant Accounting Policies - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,538,334	12,404,270
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	50,000	0

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 867	$ 530
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	275	151
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 592	$ 379

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options	$ 7.3
Unrecognized compensation cost, weighted-average recognition period, stock options	2 years 10 months 24 days
Stock options granted (in shares)	2,082,324	60,040
Stock options granted, weighted average fair value (in dollars per share)	$ 1.26	$ 2.90
Stock options granted, weighted average exercise price (in dollars per share)	$ 1.54	$ 3.64

Stock-Based Compensation - Stock Options (Details) - Stock options	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.60%	1.10%
Expected annual dividend yield	0.00%	0.00%
Expected stock price volatility	106.20%	101.90%
Expected term of options	6 years	6 years 1 month 6 days

Cash, Cash Equivalents and Available-for-Sale Securities - Summary of Cash, Cash Equivalents and Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, cost	$ 53,125	$ 80,726	$ 106,756
Cash and cash equivalents, gross unrealized gains	0	0
Cash and cash equivalents, gross unrealized losses	0	0
Cash and cash equivalents, estimated fair value	53,125	80,726
Total available-for-sale securities	14,035
Total available-for-sale securities, gross unrealized gains	0
Total available-for-sale securities, gross unrealized losses	(20)
Total available-for-sale securities, estimated fair value	14,015
Total cash and cash equivalents and available-for-sale securities, at cost	67,160	80,726
Total cash, cash equivalents and available-for-sale securities, gross unrealized gains	0	0
Total cash, cash equivalents and available-for-sale securities, gross unrealized losses	(20)	0
Total cash, cash equivalents and available-for-sale securities, estimated fair value	67,140	$ 80,726
U.S. Treasury securities due in one year or less
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	8,785
Available-for-sale securities, gross unrealized gains	0
Available-for-sale securities, gross unrealized losses	(10)
Available-for-sale securities, estimated fair value	8,775
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	4,495
Available-for-sale securities, gross unrealized gains	0
Available-for-sale securities, gross unrealized losses	(8)
Available-for-sale securities, estimated fair value	4,487
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	755
Available-for-sale securities, gross unrealized gains	0
Available-for-sale securities, gross unrealized losses	(2)
Available-for-sale securities, estimated fair value	$ 753

Cash, Cash Equivalents and Available-for-Sale Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) security	Mar. 31, 2021 USD ($)
Cash and Cash Equivalents [Abstract]
Debt securities, unrealized loss position, number \| security	12
Unrealized loss position	$ 14,000,000
Available-for-sale securities, material realized gains or losses	0	$ 0
Available-for-sale securities, other-than-temporary impairments	$ 0	$ 0
Debt securities, cash and cash equivalents, unrealized loss position, number of positions \| security	6
Debt securities, cash and cash equivalents, unrealized loss position	$ 5,800,000

Fair Value - Schedule of Assets Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 53,125	$ 80,726
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	8,775
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	4,487
Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	753
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	47,348	80,726
Total assets	47,348	80,726
Warrant liability	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	0
Fair Value, Measurements, Recurring \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	0
Fair Value, Measurements, Recurring \| Level 1 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	5,777	0
Total assets	19,792	0
Warrant liability	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	8,775
Fair Value, Measurements, Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	4,487
Fair Value, Measurements, Recurring \| Level 2 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	753
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total assets	0	0
Warrant liability	220	220
Total liabilities	220	$ 220
Fair Value, Measurements, Recurring \| Level 3 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	0
Fair Value, Measurements, Recurring \| Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	0
Fair Value, Measurements, Recurring \| Level 3 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities	$ 0

Fair Value - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 14,015,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 0	$ 0

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 2,422	$ 1,143
Other current assets	538	399
Total prepaid expenses and other current assets	$ 2,960	$ 1,542

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued clinical	$ 5,072	$ 4,998
Accrued compensation and benefits	1,634	2,835
Accrued development	1,782	755
Liability related to sale of future royalties, net, current portion	947	897
Operating lease liability, current portion	537	519
Other	1,418	976
Accrued expenses and other current liabilities	$ 11,390	$ 10,980
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Liabilities Related to Sale of Future Royalties - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 08, 2020	Mar. 11, 2019	Mar. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of warrants issued (in shares)			0
BVF Funding Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Warrant threshold, price per share (in dollars per share)	$ 3.75
Holdco \| Infinity Pharmaceuticals \| BVF Funding Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Option to purchase, percentage of outstanding equity interests	100.00%
HealthCare Royalty Partners III, L.P.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Closing day payment		$ 30.0
Deferred transaction costs amortized		$ 2.4
BVF And Royalty Security, LLC \| BVF Funding Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Deferred transaction costs amortized	$ 0.4
Upfront purchase price	20.0
Warrant liability	$ 0.3
Period after closing date	36 months
Percentage of common stock called by warrant	50.00%
Exercise price of warrant, percentage of price per share	150.00%

Liabilities Related to Sale of Future Royalties - Liability Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Liability Related To Future Sale Of Royalties [Roll Forward]
Non-cash royalty revenue	$ (345)	$ (247)
Non-cash interest expense recognized	45	$ 45
Less: current portion	(947)		$ (897)
Liability related to sale of future royalties, net, less current portion	48,377		$ 48,727
HCR Agreement
Liability Related To Future Sale Of Royalties [Roll Forward]
Liability related to sale of future royalties, net - beginning balance	28,038
Non-cash royalty revenue	(345)
Non-cash interest expense recognized	38
Liability related to sale of future royalties, net - ending balance	27,731
Less: current portion	(947)
Liability related to sale of future royalties, net, less current portion	26,784
BVF Funding Agreement
Liability Related To Future Sale Of Royalties [Roll Forward]
Liability related to sale of future royalties, net - beginning balance	21,586
Non-cash interest expense recognized	7
Liability related to sale of future royalties, net - ending balance	$ 21,593

Commitments and Contingencies (Details)	12 Months Ended	48 Months Ended
Commitments and Contingencies (Details)	Jul. 31, 2020 USD ($)	Aug. 01, 2024	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 03, 2019 USD ($) ft²
Leases Of Lessee Disclosure [Line Items]
Total future minimum lease payments			$ 1,500,000
1100 Massachusetts Avenue, Cambridge, Massachusetts
Leases Of Lessee Disclosure [Line Items]
Area of premises leased under lease agreement \| ft²					10,097
Lease term					5 years
Monthly base rent expense	$ 47,961
Restricted cash, bank fee			$ 7,500
Leasehold improvements					$ 600,000
1100 Massachusetts Avenue, Cambridge, Massachusetts \| Forecast
Leases Of Lessee Disclosure [Line Items]
Annual percentage increase of rent expense		3.00%
Letter of Credit \| 1100 Massachusetts Avenue, Cambridge, Massachusetts
Leases Of Lessee Disclosure [Line Items]
Security deposit					$ 300,000
Security deposit, reduced amount under lease term				$ 150,000

Strategic Agreements - Additional Information (Details) $ in Thousands			1 Months Ended	3 Months Ended
	Mar. 11, 2019 USD ($)	Mar. 04, 2019 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2022 USD ($) product	Mar. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense				$ 393	$ 282
Number of distinct product candidates \| product				1
Trailing Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage on sales. reimbursement of research and development, percentage				4.00%
Royalty payments, reimbursement of research and development upon completion				$ 260,000
Royalty percentage on sales, reimbursement of research and development upon completion, percentage				1.00%
PellePharm Agreement \| Hedgehog Products
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, total remaining milestone payment amount			$ 9,000
Collaborative agreement, additional milestone payments amount, if circumstances met			$ 37,500
Takeda \| Takeda Agreement, Fourth Amendment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Investment amount to be paid		$ 6,700
Percentage of investment amount		25.00%
Percentage of net expenses incurred		25.00%
Percentage of royalty payments		25.00%
Royalty expense				$ 100	$ 100
HealthCare Royalty Partners III, L.P.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Closing day payment	$ 30,000
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional success-based milestone payments to be paid				165,000
Maximum \| Current
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Success-based remaining milestone payments				$ 3,000