0001725160-22-000093 | 10-Q | XBRL Viewer | Zentalis Pharmaceuticals INC

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 02, 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	001-39263
Entity Registrant Name	Zentalis Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3607803
Entity Address, Address Line One	1359 Broadway
Entity Address, Address Line Two	Suite 1710
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	433-3791
Title of 12(b) Security	Common Stock,$0.001 par value per share
Trading Symbol	ZNTL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		46,629,804
Entity Central Index Key	0001725160
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 30,572	$ 59,714
Marketable securities, available-for-sale	258,797	280,173
Prepaid expenses and other current assets	11,670	10,640
Restricted cash	243	243
Total current assets	301,282	350,770
Property and equipment, net	8,480	8,148
Operating lease right-of-use assets	43,644	44,691
Prepaid expenses and other assets	10,164	7,040
Goodwill	3,736	3,736
Investment in Zentera Therapeutics	35,744	37,495
Restricted cash	2,627	2,627
Total assets	405,677	454,507
Current liabilities
Accounts payable	13,163	11,590
Accrued expenses	30,322	32,354
Total current liabilities	43,485	43,944
Deferred tax liability	1,548	1,622
Other long-term liabilities	44,978	44,459
Total liabilities	90,011	90,025
Commitments and contingencies
EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 250,000,000 shares authorized; 45,583,900 and 45,490,764 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	46	45
Additional paid-in capital	734,997	723,593
Accumulated other comprehensive loss	(1,109)	(125)
Accumulated deficit	(418,636)	(359,559)
Total stockholders’ equity	315,298	363,954
Noncontrolling interests	368	528
Total equity	315,666	364,482
Total liabilities and stockholders’ equity	$ 405,677	$ 454,507

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)	10,000,000	10,000,000
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)	250,000,000	250,000,000
Common stock issued (in shares)	45,583,900	45,490,764
Common stock outstanding (in shares)	45,583,900	45,490,764

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Expenses
Research and development	$ 46,112	$ 38,394
General and administrative	11,767	11,953
Total operating expenses	57,879	50,347
Operating loss	(57,879)	(50,347)
Other Income (Expense)
Investment and other income, net	426	99
Net loss before income taxes	(57,453)	(50,248)
Income tax expense	33	196
Loss on equity method investment	1,751	0
Net loss	(59,237)	(50,444)
Net loss attributable to noncontrolling interests	(160)	(543)
Net loss attributable to Zentalis	$ (59,077)	$ (49,901)
Net loss per common share outstanding, basic (in dollars per share)	$ (1.31)	$ (1.24)
Net loss per common share outstanding, diluted (in dollars per share)	$ (1.31)	$ (1.24)
Common shares used in computing net loss per share, basic (in shares)	45,244	40,359
Common shares used in computing net loss per share, diluted (in shares)	45,244	40,359

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (59,237)	$ (50,444)
Other comprehensive income:
Unrealized gain (loss) on marketable securities	(984)	14
Total comprehensive loss	(60,221)	(50,430)
Comprehensive loss attributable to noncontrolling interests	(160)	(543)
Comprehensive loss attributable to Zentalis	$ (60,061)	$ (49,887)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

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

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Consolidated net loss	$ (59,237)	$ (50,444)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	344	79
Share-based compensation	10,147	9,691
Loss on disposal of equipment	0	15
Amortization of premiums on marketable securities, net	146	289
Loss on equity method investment	1,751	0
Changes in operating assets and liabilities:
Accounts receivable	0	169
Prepaid expenses and other assets	(4,154)	(1,357)
Accounts payable and accrued liabilities	(574)	3,307
Operating lease right-of-use assets and liabilities, net	1,381	782
Net cash used in operating activities	(50,196)	(37,469)
Investing activities:
Purchases of marketable securities	(79,254)	(54,434)
Proceeds from maturities of marketable securities	99,500	68,328
Purchases of property and equipment	(450)	(436)
Net cash used in investing activities	19,796	13,458
Financing Activities:
Proceeds from issuance of common stock under equity incentive plans	1,258	0
Net cash provided by financing activities	1,258	0
Net increase/(decrease) in cash, cash equivalents and restricted cash	(29,142)	(24,011)
Cash, cash equivalents and restricted cash at beginning of period	62,584	56,271
Cash, cash equivalents and restricted cash at end of period	33,442	32,260
Supplemental disclosure of non-cash investing and financing activities:
Accrued capital expenditures	226	67
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	30,572	28,996
Restricted cash	2,870	3,264
Total cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statement of Cash Flows	$ 33,442	$ 32,260

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020		41,040,000
Beginning balance at Dec. 31, 2020	$ 333,377	$ 41	$ 509,339	$ 36	$ (200,834)	$ 24,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	9,691		9,691
Other comprehensive income	14			14
Net loss attributable to non-controlling interest	(543)					(543)
Net loss attributable to Zentalis	(49,901)				(49,901)
Ending balance (in shares) at Mar. 31, 2021		41,040,000
Ending balance at Mar. 31, 2021	292,638	$ 41	519,030	50	(250,735)	24,252
Beginning balance (in shares) at Dec. 31, 2020		41,040,000
Beginning balance at Dec. 31, 2020	333,377	$ 41	509,339	36	(200,834)	24,795
Ending balance (in shares) at Dec. 31, 2021		45,491,000
Ending balance at Dec. 31, 2021	364,482	$ 45	723,593	(125)	(359,559)	528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	10,147		10,147
Other comprehensive income	$ (984)			(984)
Issuance of common stock in connection with restricted stock unit vesting (in shares)	100,000	45,000
Issuance of common stock in connection with restricted stock unit vesting	$ 1	$ 1
Issuance of common stock upon exercise of options, net (in shares)	33,200	33,000
Issuance of common stock upon exercise of options, net	$ 645		645
Shares issued under employee stock purchase plan (in shares)		16,000
Shares issued under employee stock purchase plan	612		612
Cancellation of restricted stock awards (in shares)		(1,000)
Net loss attributable to non-controlling interest	(160)					(160)
Net loss attributable to Zentalis	(59,077)				(59,077)
Ending balance (in shares) at Mar. 31, 2022		45,584,000
Ending balance at Mar. 31, 2022	$ 315,666	$ 46	$ 734,997	$ (1,109)	$ (418,636)	$ 368

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Organization Zentalis Pharmaceuticals, Inc. (“Zentalis”, “We” or the “Company”) is a clinical-stage pharmaceutical company focused on discovering and developing clinically differentiated, novel small molecule therapeutics targeting fundamental biological pathways of cancer. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s tangible assets are held in the United States. Liquidity Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year from the financial statement issuance date. The Company determined that there are no conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that the interim unaudited condensed consolidated financial statements for the quarter ended March 31, 2022 are issued.

Interim Unaudited Financial Statements	3 Months Ended
Interim Unaudited Financial Statements	Mar. 31, 2022
Accounting Policies [Abstract]
Interim Unaudited Financial Statements	Interim Unaudited Financial Statements Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. Certain reclassifications have been made to the prior period condensed consolidated balance sheet to conform to the current period presentation. The condensed consolidated financial statements include our wholly-owned subsidiaries and variable interest entity (“VIE”), for which we are the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We evaluate our ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether we are the primary beneficiary of the VIE. In determining whether we are the primary beneficiary of a VIE and therefore required to consolidate the VIE, we apply a qualitative approach that determines whether we have both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. We will continuously assess whether we are the primary beneficiary of a VIE, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of such VIE. During the periods presented, we have not provided any other financial or other support to our VIEs that we were not contractually required to provide. The equity method is used to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. Such investments are recorded on the balance sheet, and the share of net income or losses of equity investments is recognized on a one quarter lag in investment and other income (expense), net. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. Though the impact of the COVID-19 pandemic to our business and operating results presents additional uncertainty, we continue to use the best information available to inform our critical accounting estimates. Significant Accounting Policies During the three months ended March 31, 2022, there have been no changes to the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Significant Transactions	3 Months Ended
Significant Transactions	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Significant Transactions	Significant Transactions Zentera Therapeutics In May 2020, we became a majority common shareholder of Zentera Therapeutics, Ltd., a Shanghai-based clinical-stage biopharmaceutical company focused on developing cancer therapeutics (“Zentera”), concurrent with its Series A convertible preferred stock offering. The financial position and results of operations of Zentera were included in our consolidated financial statements from the date of the initial investment as a result of our control of the entity and our determination that we were the primary beneficiary of Zentera. In July 2021, Zentera completed a Series B convertible preferred stock offering which diluted our investment to a position of less than majority owned. Upon review of the facts and circumstances, together with the authoritative accounting literature, we determined that while Zentera is a VIE, consolidation of Zentera is no longer appropriate. After the July 2021 Series B convertible preferred offering in which we did not participate, our review concluded that we ceased to be the primary beneficiary of Zentera as our equity ownership was reduced and changes were made to the corporate governance of Zentera. As a result, we no longer individually have the ability to direct the activities that most significantly impact Zentera's economic performance. Beginning in July 2021, the financial position and results of operations of Zentera are no longer included in our consolidated financial statements. During the period of deconsolidation we measured the fair value of our retained investment in Zentera using the backsolve method with consideration for a lack of marketability. An equity method investment of $35.7 million is recorded on our balance sheet at March 31, 2022. This amount represents our maximum exposure to loss as a result of our involvement with Zentera. A deferred tax liability of $7.5 million representing the tax impact of the unrealized gain on deconsolidation is recorded on our balance sheet at March 31, 2022. A gain of $51.6 million, measured as the difference between the fair value of our retained noncontrolling interest together with the carrying amount of the Zentera noncontrolling interest, and the carrying amount of Zentera’s assets and liabilities was recognized during the year ended December 31, 2021. The difference between the carrying amount of our investment in Zentera and our portion of the Zentera net assets was $7.3 million as of March 31, 2022. This difference is accounted for in our equity method investment analogous to in-process research and development. In May 2020, each of our subsidiaries Zeno Alpha, Inc., K-Group Alpha, Inc., Zeno Management Inc., and K-Group Beta, Inc. entered into a collaboration and royalty-bearing license agreement with Zentera, which we refer to as the “Zentera Sublicenses,” pursuant to which we collaborate with Zentera on the development and commercialization of ZN-c3, ZN-d5 and ZN-c5, respectively, in the People’s Republic of China, Macau, Hong Kong and Taiwan, which is referred to as the “Zentera Collaboration Territory.” Under each Zentera Sublicense, Zentera will lead development, and upon regulatory approval, the commercialization, of the collaboration products in the Zentera Collaboration Territory. Under the terms of the Zentera Sublicenses, Zentera is responsible for the costs of developing the Collaboration Products in the Zentera Collaboration Territory, and we are responsible for the costs of developing the Collaboration Products outside the Zentera Collaboration Territory, provided that Zentera will reimburse us for a portion of the costs for global data management, pharmacovigilance, safety database management, and chemistry, manufacturing and controls activities with respect to each Collaboration Product. Prior to the deconsolidation of Zentera in July 2021, these costs were eliminated in consolidation. For the three months ended March 31, 2022, the amounts incurred under this arrangement totaled $2.1 million and are presented as contra-research and development expense in the consolidated statement of operations. A corresponding receivable is recorded within prepaid expenses and other current assets on the consolidated balance sheet. We have not provided financial or other support to Zentera during the periods ended March 31, 2022 and 2021 that was not previously contractually required.

Business Combinations

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Kalyra Pharmaceuticals, Inc.

On December 21, 2017, we acquired $4.5 million of Kalyra’s Series B Preferred Stock representing a 25% equity interest in Kalyra for purposes of entering the analgesics therapeutic research space. The acquisition price was paid entirely in cash.

In accordance with the authoritative guidance, we concluded that Kalyra is a business consisting of inputs, employees, intellectual property and processes capable of producing outputs. Additionally, we have concluded that Kalyra is a variable interest entity, we are the primary beneficiary and have the power to direct the activities that most significantly affect Kalyra’s economic performance through common management and our board representation. Prior to the change of control, the Company and Kalyra transacted for the delivery of research and development services and support. The financial position and results of operations of Kalyra have been included in our consolidated financial statements from the date of the initial investment.

Pursuant with authoritative guidance, we have recorded the identifiable assets, liabilities and noncontrolling interests in the VIE at their fair value upon initial consolidation. The identified goodwill is comprised of the workforce and expected synergies from combining the entities. Total assets and liabilities of Kalyra as of March 31, 2022 and December 31, 2021 are immaterial. The liabilities recognized as a result of consolidating Kalyra do not

represent additional claims on our general assets. Pursuant to the authoritative guidance, the equity interest in Kalyra not owned by Zentalis is reported as a noncontrolling interest on our condensed consolidated balance sheets.

The following is a reconciliation of equity (net assets) attributable to the noncontrolling interest (in thousands):


	March 31,		December 31,
	2022		2021
Noncontrolling interest at beginning of period	$	528	$	24,795
Net loss attributable to noncontrolling interest	(160)		(7,368)

Deconsolidation of Zentera	—		(16,899)

Noncontrolling interest at end of period	$	368	$	528

Fair Value Measurement

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

Available-for-sale marketable securities consisted of the following (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	165,328	$	—	$	(541)	$	164,787
Corporate Debt Securities	15,118		—		(62)		15,056
US Government Agencies	5,000		—		(13)		4,987
US Treasury	74,459		—		(492)		73,967
	$	259,905	$	—	$	(1,108)	$	258,797


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	199,321	$	11	$	(55)	$	199,277
Corporate Debt Securities	10,085		—		(7)		10,078
US Government Agencies	20,032		1		—		20,033
US Treasury	50,860		—		(75)		50,785
	$	280,298	$	12	$	(137)	$	280,173

As of March 31, 2022, forty-three of our available-for-sale debt securities with a fair market value of $258.8 million were in a gross unrealized loss position of $1.1 million. When evaluating an investment for impairment, we review factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, our intent to sell or the likelihood that we would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of March 31,

2022, because we do not intend to sell these securities, and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis.

Contractual maturities of available-for-sale debt securities are as follows (in thousands):



	March 31, 2022		December 31, 2021
	Estimated Fair Value
Due within one year	$	245,854	$	258,948
After one but within five years	12,943		21,225
	$	258,797	$	280,173

The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):


	March 31, 2022						December 31, 2021
	Level 1		Level 2		Total estimated fair value		Level 1		Level 2		Total estimated fair value
Cash equivalents:
Money market funds	$	24,668	$	—	$	24,668	$	43,653	$	—	$	43,653

Total cash equivalents:	24,668		—		24,668		43,653		—		43,653

Available-for-sale marketable securities:
Commercial paper	—		164,787		164,787		—		199,277		199,277
Corporate Debt Securities	—		15,056		15,056		—		10,078		10,078
US Government Agencies	—		4,987		4,987		—		20,033		20,033
US Treasury securities	73,967		—		73,967		50,785		—		50,785
Total available-for-sale marketable securities:	73,967		184,830		258,797		50,785		229,388		280,173

Total assets measured at fair value	$	98,635	$	184,830	$	283,465	$	94,438	$	229,388	$	323,826

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2022. We had no instruments that were classified within Level 3 as of March 31, 2022 or December 31, 2021.

- 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 Assets

3 Months Ended

Mar. 31, 2022

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

Prepaid Expenses and Other Assets

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


	March 31,		December 31,
	2022		2021
Prepaid insurance	$	540	$	990
Prepaid software licenses and maintenance	350		403
Foreign R&D credit refund	1,596		1,808
Prepaid research and development expenses	15,926		11,204
Interest receivable	266		258
Zentera receivable	2,348		2,373
Other prepaid expenses	808		644
Total prepaid expenses and other assets	21,834		17,680
Less long-term portion	10,164		7,040
Total prepaid expenses and other assets, current	$	11,670	$	10,640

Property and Equipment, net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

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


	March 31,		December 31,
	2022		2021

Lab equipment	$	2,382	$	2,057
Leasehold improvements	4,673		4,515
Office equipment and furniture	2,156		2,123
Computer equipment	223		211
Construction in progress	157		34
Subtotal	9,591		8,940
Accumulated depreciation and amortization	(1,111)		(792)
Property and equipment, net	$	8,480	$	8,148

Depreciation and amortization expense for the three months ended March 31, 2022 and 2021 was approximately $344 thousand and $79 thousand, respectively.

Accrued Expenses

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Accrued research and development expenses	$	21,363	$	18,531
Accrued employee expenses	5,873		9,250
Accrued legal expenses	643		669
Accrued general and administrative expenses	477		1,480
Lease liability	1,269		1,453
Taxes payable	697		971

Total accrued expenses	$	30,322	$	32,354

Members’ Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Members’ Equity

Share-based Compensation

In April 2020, the Company’s board of directors adopted, and the Company’s stockholders approved the 2020 Incentive Award Plan (“the 2020 Plan”), which allows for grants to selected employees, consultants and non-employee members of the Board of Directors. We currently grant stock options and restricted stock units under the 2020 Plan. The number of common shares available for issuance under the 2020 Plan is the sum of (1) 5,600,000 shares of common stock; plus (2) any shares forfeited from the unvested restricted shares of our common stock issued upon conversion of unvested Class B common units (up to 1,250,000 shares); plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ending December 31, 2021 and continuing to, and including, the fiscal year ending December 31, 2030, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by our board of directors.

At March 31, 2022, 5,804,817 shares were subject to outstanding awards and 2,881,138 shares were available for future grants of share-based awards.

Total share-based compensation expense related to share based awards was comprised of the following (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development expense	$	5,042	$	3,126
General and administrative expense	5,105		6,565
Total share-based compensation expense	$	10,147	$	9,691

Total share-based compensation expense for the three months ended March 31, 2022 and 2021 includes $0 and $69 thousand of share-based compensation expense for employees, consultants and directors of Zentera, respectively.

Share-based compensation expense by type of share-based award (in thousands):


	Three Months Ended March 31,
	2022		2021

Stock Options	$	7,778	$	3,851
Employee Stock Purchase Plan	102		—
RSAs and RSUs	2,267		5,840
	$	10,147	$	9,691

Stock Options and Restricted Stock Units

The exercise price of stock options granted is equal to the closing price of the common stock on the date of grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company estimates expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. The Company uses the “simplified method” for estimating the expected term of employee options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option (generally 10 years). The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not issued any dividends and does not expect to issue dividends over the life of the options. As a result, the Company has estimated the dividend yield to be zero. The fair value of the stock options granted during the three months ended March 31, 2022 and March 31, 2021 was determined with the following assumptions:


	March 31, 2022		March 31, 2021
Expected volatility	73.6% - 74.3%		76.0% - 76.6%
Average expected term (in years)	6.0 - 6.1		5.3 - 6.1
Risk-free interest rate	1.5% - 2.3%		0.5% - 0.9%
Expected dividend yield	—	%	—	%

Employee Stock Purchase Plan

The weighted average assumptions used to estimate the fair value of stock purchase rights under the employee stock purchase plan (“ESPP”) are as follows:


	Ended March 31,
	2022
ESPP
Volatility	48.2	%
Expected term (years)	0.5
Risk free rate	0.1	%
Expected dividend yield	—

Under the terms of the ESPP, the Company’s employees may elect to have up to 20% of their compensation, up to a maximum of $21,250 per calendar year, withheld to purchase shares of the Company’s common stock for a purchase price equal to 85% of the lower of the fair market value per share (at closing) of the Company’s common stock on (i) the first trading day of a six-month offering period, or (ii) the applicable purchase date, defined as the last trading day of the six-month offering period.

Total unrecognized estimated compensation cost by type of award and the weighted average requisite service period over which such expense is expected to be recognized (in thousands, unless otherwise noted):


	March 31, 2022
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
Stock options	$	105,024	3.18
RSAs	$	1,038	1.43
RSUs	$	14,828	3.41
ESPP	$	—	0

During the three months ended March 31, 2022, we issued 33.2 thousand shares of common stock in connection with the exercises of stock options. For the three months ended March 31, 2022, 0.1 million shares of common stock issued in conjunction with certain restricted stock awards vested. Outstanding stock options, unvested restricted stock awards, and unvested restricted stock units totaling approximately 5.4 million shares, 0.3 million shares and 0.4 million shares of our common stock, respectively, were outstanding as of March 31, 2022.

Commitment and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Contingencies

From time to time, we may be involved in various disputes, including lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and contractual matters. Any of these claims could subject us to costly legal expenses. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in our consolidated financial statements. While we do generally believe that we have adequate insurance to cover many different types of liabilities, our insurance carriers may deny coverage, or our policy limits may be inadequate to fully satisfy any damage awards or settlement. If this were to happen, the payment of any such awards could have a material adverse effect on our consolidated results of operations and financial position. Additionally, any such claims, whether or not successful, could damage our reputation and business. We are currently not a party to any legal proceedings.

Leases

Our commitments include payments related to operating leases. Approximate annual future minimum operating lease payments as of March 31, 2022 are as follows (in thousands):


Year	Operating Leases
2022 (remaining)	$	2,088
2023	6,340
2024	6,486
2025	6,799
2026	7,278
Thereafter	46,229
Total minimum lease payments:	75,220
Less: imputed interest	(28,973)
Total operating lease liabilities	46,247
Less: current portion	(1,269)
Lease liability, net of current portion	$	44,978

The weighted-average remaining lease term of our operating leases is approximately 10.5 years.

Net Loss Per Common Share/Class A Common Unit

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Common Share/Class A Common Unit

Basic and diluted net loss per common share/Class A common unit were calculated as follows (in thousands except per share and per unit amounts):


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss attributable to Zentalis	$	(59,077)	$	(49,901)
Denominator:
Weighted average number of common shares outstanding, basic and diluted	45,244		40,359
Net loss per common share	$	(1.31)	$	(1.24)

Our potential and dilutive securities, which include outstanding stock options, unvested RSAs and unvested RSUs have been excluded from the computation of diluted net loss per common share as the effect would be anti-dilutive.

The following common stock equivalents have been excluded from the calculations of diluted net loss per common share because their inclusion would be antidilutive (in thousands).


	March 31,
	2022	2021
Outstanding stock options	5,372	3,757
Unvested RSAs	287	624
Unvested RSUs	433	797
	6,092	5,178

Related Party Disclosures	3 Months Ended
Related Party Disclosures	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures Tempus Kimberly Blackwell, M.D., is a member of the Company's board of directors and is also the Chief Medical Officer of Tempus Labs, Inc. ("Tempus"). The Company entered into a Master Services Agreement with Tempus in December 2020 to provide data licensing and research services. There were an immaterial and $1.0 million fees incurred for services performed by Tempus for the three months ended March 31, 2022 and 2021, respectively. Zentera Anthony Y. Sun, M.D., our President and Chief Executive Officer, serves as Chief Executive Officer and a member of the board of directors of Zentera, and Kevin D. Bunker, Ph.D., our Chief Operating Officer, serves as a member of the board of directors of Zentera. Accordingly, the Company identifies Zentera as a related party. In May 2020, we entered into the Zentera Sublicenses, pursuant to which we collaborate with Zentera on the development and commercialization of ZN-c3, ZN-d5 and ZN-c5, respectively, in the Zentera Collaboration Territory. Under the terms of the Zentera Sublicenses, Zentera is responsible for the costs of developing the Collaboration Products in the Zentera Collaboration Territory, and we are responsible for the costs of developing the Collaboration Products outside the Zentera Collaboration Territory, provided that Zentera will reimburse us for a portion of its costs for global data management, pharmacovigilance, safety database management, and chemistry, manufacturing and controls activities with respect to each Collaboration Product. Prior to the deconsolidation of Zentera during July 2021, these costs were eliminated in consolidation. For the three months ended March 31, 2022, the amounts incurred under this arrangement totaled $2.1 million and are presented as contra-research and development expense in the consolidated statement of operations. During the three months ended March 31, 2022 we divested an early stage asset to Zentera for $0.2

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Direct Offering of Common Stock On April 29, 2022, pursuant to its registration statement on Form S-3 (Registration No. 333-255737), filed with the SEC on May 4, 2021, the Company completed a direct offering of common stock to Pfizer. The Company issued and sold 953,834 shares of its common stock at an offering price of $26.21 per share. The total gross proceeds for the offering were approximately $25.0 million, before deducting offering expenses of $0.3 million payable by the Company. The parties have entered into an agreement to collaborate to advance the clinical development of ZN-c3, a selective WEE1 inhibitor designed to induce synthetic lethality in cancer cells. Zentalis will maintain full economic ownership and control of ZN-c3 and the rest of its pipeline.

Interim Unaudited Financial Statements (Policies)	3 Months Ended
Interim Unaudited Financial Statements (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. Certain reclassifications have been made to the prior period condensed consolidated balance sheet to conform to the current period presentation.
Consolidation	The condensed consolidated financial statements include our wholly-owned subsidiaries and variable interest entity (“VIE”), for which we are the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We evaluate our ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether we are the primary beneficiary of the VIE. In determining whether we are the primary beneficiary of a VIE and therefore required to consolidate the VIE, we apply a qualitative approach that determines whether we have both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. We will continuously assess whether we are the primary beneficiary of a VIE, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of such VIE. During the periods presented, we have not provided any other financial or other support to our VIEs that we were not contractually required to provide. The equity method is used to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. Such investments are recorded on the balance sheet, and the share of net income or losses of equity investments is recognized on a one quarter lag in investment and other income (expense), net.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. Though the impact of the COVID-19 pandemic to our business and operating results presents additional uncertainty, we continue to use the best information available to inform our critical accounting estimates.

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Reconciliation of Equity Attributable to Noncontrolling Interest

The following is a reconciliation of equity (net assets) attributable to the noncontrolling interest (in thousands):


	March 31,		December 31,
	2022		2021
Noncontrolling interest at beginning of period	$	528	$	24,795
Net loss attributable to noncontrolling interest	(160)		(7,368)

Deconsolidation of Zentera	—		(16,899)

Noncontrolling interest at end of period	$	368	$	528

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Components of Available-for-sale Marketable Securities

Available-for-sale marketable securities consisted of the following (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	165,328	$	—	$	(541)	$	164,787
Corporate Debt Securities	15,118		—		(62)		15,056
US Government Agencies	5,000		—		(13)		4,987
US Treasury	74,459		—		(492)		73,967
	$	259,905	$	—	$	(1,108)	$	258,797


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	199,321	$	11	$	(55)	$	199,277
Corporate Debt Securities	10,085		—		(7)		10,078
US Government Agencies	20,032		1		—		20,033
US Treasury	50,860		—		(75)		50,785
	$	280,298	$	12	$	(137)	$	280,173

Contractual Maturities of Available-for-sale Debt Securities

Contractual maturities of available-for-sale debt securities are as follows (in thousands):



	March 31, 2022		December 31, 2021
	Estimated Fair Value
Due within one year	$	245,854	$	258,948
After one but within five years	12,943		21,225
	$	258,797	$	280,173

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


	March 31, 2022						December 31, 2021
	Level 1		Level 2		Total estimated fair value		Level 1		Level 2		Total estimated fair value
Cash equivalents:
Money market funds	$	24,668	$	—	$	24,668	$	43,653	$	—	$	43,653

Total cash equivalents:	24,668		—		24,668		43,653		—		43,653

Available-for-sale marketable securities:
Commercial paper	—		164,787		164,787		—		199,277		199,277
Corporate Debt Securities	—		15,056		15,056		—		10,078		10,078
US Government Agencies	—		4,987		4,987		—		20,033		20,033
US Treasury securities	73,967		—		73,967		50,785		—		50,785
Total available-for-sale marketable securities:	73,967		184,830		258,797		50,785		229,388		280,173

Total assets measured at fair value	$	98,635	$	184,830	$	283,465	$	94,438	$	229,388	$	323,826

Prepaid Expenses and Other Assets (Tables)

3 Months Ended

Mar. 31, 2022

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

Summary of Prepaid Expenses and Other Assets

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


	March 31,		December 31,
	2022		2021
Prepaid insurance	$	540	$	990
Prepaid software licenses and maintenance	350		403
Foreign R&D credit refund	1,596		1,808
Prepaid research and development expenses	15,926		11,204
Interest receivable	266		258
Zentera receivable	2,348		2,373
Other prepaid expenses	808		644
Total prepaid expenses and other assets	21,834		17,680
Less long-term portion	10,164		7,040
Total prepaid expenses and other assets, current	$	11,670	$	10,640

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

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


	March 31,		December 31,
	2022		2021

Lab equipment	$	2,382	$	2,057
Leasehold improvements	4,673		4,515
Office equipment and furniture	2,156		2,123
Computer equipment	223		211
Construction in progress	157		34
Subtotal	9,591		8,940
Accumulated depreciation and amortization	(1,111)		(792)
Property and equipment, net	$	8,480	$	8,148

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Accrued research and development expenses	$	21,363	$	18,531
Accrued employee expenses	5,873		9,250
Accrued legal expenses	643		669
Accrued general and administrative expenses	477		1,480
Lease liability	1,269		1,453
Taxes payable	697		971

Total accrued expenses	$	30,322	$	32,354

Members’ Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Share-based Compensation Expense

Total share-based compensation expense related to share based awards was comprised of the following (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development expense	$	5,042	$	3,126
General and administrative expense	5,105		6,565
Total share-based compensation expense	$	10,147	$	9,691

Share-based compensation expense by type of share-based award (in thousands):


	Three Months Ended March 31,
	2022		2021

Stock Options	$	7,778	$	3,851
Employee Stock Purchase Plan	102		—
RSAs and RSUs	2,267		5,840
	$	10,147	$	9,691

Schedule of Valuation Assumptions

The fair value of the stock options granted during the three months ended March 31, 2022 and March 31, 2021 was determined with the following assumptions:


	March 31, 2022		March 31, 2021
Expected volatility	73.6% - 74.3%		76.0% - 76.6%
Average expected term (in years)	6.0 - 6.1		5.3 - 6.1
Risk-free interest rate	1.5% - 2.3%		0.5% - 0.9%
Expected dividend yield	—	%	—	%

Schedule of Valuation Assumptions, ESPP

The weighted average assumptions used to estimate the fair value of stock purchase rights under the employee stock purchase plan (“ESPP”) are as follows:


	Ended March 31,
	2022
ESPP
Volatility	48.2	%
Expected term (years)	0.5
Risk free rate	0.1	%
Expected dividend yield	—

Share-based Compensation Expense by Type of Share-based Award


	March 31, 2022
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
Stock options	$	105,024	3.18
RSAs	$	1,038	1.43
RSUs	$	14,828	3.41
ESPP	$	—	0

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Operating Lease Payments

Approximate annual future minimum operating lease payments as of March 31, 2022 are as follows (in thousands):


Year	Operating Leases
2022 (remaining)	$	2,088
2023	6,340
2024	6,486
2025	6,799
2026	7,278
Thereafter	46,229
Total minimum lease payments:	75,220
Less: imputed interest	(28,973)
Total operating lease liabilities	46,247
Less: current portion	(1,269)
Lease liability, net of current portion	$	44,978

Net Loss Per Common Share/Class A Common Unit (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Unit

Basic and diluted net loss per common share/Class A common unit were calculated as follows (in thousands except per share and per unit amounts):


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss attributable to Zentalis	$	(59,077)	$	(49,901)
Denominator:
Weighted average number of common shares outstanding, basic and diluted	45,244		40,359
Net loss per common share	$	(1.31)	$	(1.24)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Unit

The following common stock equivalents have been excluded from the calculations of diluted net loss per common share because their inclusion would be antidilutive (in thousands).


	March 31,
	2022	2021
Outstanding stock options	5,372	3,757
Unvested RSAs	287	624
Unvested RSUs	433	797
	6,092	5,178

Significant Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Significant Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment in Zentera Therapeutics	$ 35,744	$ 37,495
Zentera
Schedule of Equity Method Investments [Line Items]
Deferred tax liability, deconsolidation of Zentera	7,500
Gain on deconsolidation of Zentera, net of tax		$ 51,600
In-process research and development	7,300
Contra-research and development expense	$ 2,100

Business Combinations - Narrative (Details) - Kalyra Pharmaceuticals, Inc. $ in Millions	Dec. 21, 2017 USD ($)
Variable Interest Entity [Line Items]
Cash payments to acquire interest	$ 4.5
Ownership percentage	25.00%

Business Combinations - Reconciliation of Equity (Net Assets) Attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest at beginning of period	$ 528
Net loss attributable to noncontrolling interests	(160)	$ (543)
Noncontrolling interest at end of period	368		$ 528
VIE, Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest at beginning of period	528	$ 24,795	24,795
Net loss attributable to noncontrolling interests	(160)		(7,368)
Deconsolidation of Zentera	0		(16,899)
Noncontrolling interest at end of period	$ 368		$ 528

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

Fair Value Measurement - Components of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 259,905	$ 280,298
Gross Unrealized Gains	0	12
Gross Unrealized Losses	(1,108)	(137)
Estimated Fair Value	258,797	280,173
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	165,328	199,321
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(541)	(55)
Estimated Fair Value	164,787	199,277
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,118	10,085
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(62)	(7)
Estimated Fair Value	15,056	10,078
US Government Agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,000	20,032
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(13)	0
Estimated Fair Value	4,987	20,033
US Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	74,459	50,860
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(492)	(75)
Estimated Fair Value	$ 73,967	$ 50,785

Fair Value Measurement - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($) security
Fair Value Disclosures [Abstract]
Number of available-for-sale securities in unrealized loss position \| security	43
Debt securities fair market value	$ 258.8
Fair market value of available-for-sale securities in unrealized loss position	$ 1.1

Fair Value Measurement - Contractual Maturities of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Due within one year	$ 245,854	$ 258,948
After one but within five years	12,943	21,225
Total	$ 258,797	$ 280,173

Fair Value Measurement - Fair Value of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	$ 24,668	$ 43,653
Marketable securities, available-for-sale	258,797	280,173
Total fair value of assets	283,465	323,826
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	24,668	43,653
Marketable securities, available-for-sale	73,967	50,785
Total fair value of assets	98,635	94,438
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	0	0
Marketable securities, available-for-sale	184,830	229,388
Total fair value of assets	184,830	229,388
Commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	164,787	199,277
Commercial paper \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	0	0
Commercial paper \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	164,787	199,277
Corporate Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	15,056	10,078
Corporate Debt Securities \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	0	0
Corporate Debt Securities \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	15,056	10,078
US Government Agencies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	4,987	20,033
US Government Agencies \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	0	0
US Government Agencies \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	4,987	20,033
US Treasury securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	73,967	50,785
US Treasury securities \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	73,967	50,785
US Treasury securities \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, available-for-sale	0	0
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	24,668	43,653
Money market funds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	24,668	43,653
Money market funds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	$ 0	$ 0

Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 540	$ 990
Prepaid software licenses and maintenance	350	403
Foreign R&D credit refund	1,596	1,808
Prepaid research and development expenses	15,926	11,204
Interest receivable	266	258
Zentera receivable	2,348	2,373
Other prepaid expenses	808	644
Total prepaid expenses and other assets	21,834	17,680
Less long-term portion	10,164	7,040
Total prepaid expenses and other assets, current	$ 11,670	$ 10,640

Property and Equipment, net - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Subtotal	$ 9,591	$ 8,940
Accumulated depreciation and amortization	(1,111)	(792)
Property and equipment, net	8,480	8,148
Lab equipment
Property, Plant and Equipment [Line Items]
Subtotal	2,382	2,057
Leasehold improvements
Property, Plant and Equipment [Line Items]
Subtotal	4,673	4,515
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Subtotal	2,156	2,123
Computer equipment
Property, Plant and Equipment [Line Items]
Subtotal	223	211
Construction in progress
Property, Plant and Equipment [Line Items]
Subtotal	$ 157	$ 34

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 344	$ 79

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 21,363	$ 18,531
Accrued employee expenses	5,873	9,250
Accrued legal expenses	643	669
Accrued general and administrative expenses	477	1,480
Lease liability	1,269	1,453
Taxes payable	697	971
Total accrued expenses	$ 30,322	$ 32,354

Members’ Equity - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
Members’ Equity - Narrative (Details) - USD ($)	Apr. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Issuance of common stock upon exercise of options, net (in shares)		33,200
Shares issued upon vesting of certain RSAs (in shares)		100,000
Stock Options
Class of Stock [Line Items]
Expected dividend yield		0.00%	0.00%
Generally expected vesting term of the option contract (in years)		10 years
Options outstanding (in shares)		5,400,000
Employee Stock Purchase Plan
Class of Stock [Line Items]
Expected dividend yield		0.00%
ESPP maximum percent of compensation to contribute		20.00%
Maximum contribution amount		$ 21,250
ESPP purchase price of common stock, percent of market price		85.00%
Offering period (in months)		6 months
RSAs
Class of Stock [Line Items]
Non-Option equity instruments, outstanding (in shares)		300,000
RSUs
Class of Stock [Line Items]
Non-Option equity instruments, outstanding (in shares)		400,000
The 2020 Plan
Class of Stock [Line Items]
Non-Option equity instruments, outstanding (in shares)		5,804,817
Number of shares available for future grants (in shares)		2,881,138
Zentera Stock Plan
Class of Stock [Line Items]
Employee benefits and share-based compensation		$ 0	$ 69,000
Common Class B \| The 2020 Plan \| Maximum
Class of Stock [Line Items]
Shares authorized to be issued under plan (in shares)	1,250,000
Common Stock \| The 2020 Plan
Class of Stock [Line Items]
Shares authorized to be issued under plan (in shares)	5,600,000
Percent of common stock outstanding used as threshold to calculate shares available for issuance	5.00%

Members’ Equity - Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 10,147	$ 9,691
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	5,042	3,126
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 5,105	$ 6,565

Members’ Equity - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 10,147	$ 9,691
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	7,778	3,851
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	102	0
RSAs and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2,267	$ 5,840

Members’ Equity - Fair Value Assumptions for Stock Options (Details) - Stock Options	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility, minimum	73.60%	76.00%
Expected volatility, maximum	74.30%	76.60%
Risk-free interest rate, minimum	1.50%	0.50%
Risk-free interest rate, maximum	2.30%	0.90%
Expected dividend yield	0.00%	0.00%
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average expected term (in years)	6 years	5 years 3 months 18 days
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Members’ Equity - Fair Value Assumptions for ESPP (Details) - Employee Stock Purchase Plan	3 Months Ended
	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Volatility	48.20%
Expected term (years)	6 months
Risk free rate	0.10%
Expected dividend yield	0.00%

Members’ Equity - Unrecognized Compensation Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, stock options	$ 105,024
Remaining Weighted-Average Recognition Period (years)	3 years 2 months 4 days
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, other than options	$ 1,038
Remaining Weighted-Average Recognition Period (years)	1 year 5 months 4 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, other than options	$ 14,828
Remaining Weighted-Average Recognition Period (years)	3 years 4 months 28 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, other than options	$ 0
Remaining Weighted-Average Recognition Period (years)	0 years

Commitment and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining)	$ 2,088
2023	6,340
2024	6,486
2025	6,799
2026	7,278
Thereafter	46,229
Total minimum lease payments:	75,220
Less: imputed interest	(28,973)
Total operating lease liabilities	46,247
Less: current portion	(1,269)	$ (1,453)
Lease liability, net of current portion	$ 44,978

Commitment and Contingencies - Narrative (Details)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease, weighted-average remaining lease term (in years)	10 years 6 months

Net Loss Per Common Share/Class A Common Unit - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss attributable to Zentalis	$ (59,077)	$ (49,901)
Denominator:
Weighted average number of common shares outstanding, basic (in shares)	45,244	40,359
Weighted average number of common shares outstanding, diluted (in shares)	45,244	40,359
Net loss per common share, basic (in dollars per share)	$ (1.31)	$ (1.24)
Net loss per common share, diluted (in dollars per share)	$ (1.31)	$ (1.24)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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Net Loss Per Common Share/Class A Common Unit - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	6,092	5,178
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	5,372	3,757
Unvested RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	287	624
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	433	797

Related Party Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
Related Party Disclosures (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Zentera
Related Party Transaction [Line Items]
Contra-research and development expense	$ 2.1
Divestiture of early stage asset	0.2
Director \| Master Services Agreement
Related Party Transaction [Line Items]
Due to related parties	$ 0.0	$ 1.0

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Carrying amount as of the balance sheet date of obligations due all related parties.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Subsequent Events (Details) - Subsequent Event - Direct Offering - Common Stock $ / shares in Units, $ in Millions	Apr. 29, 2022 USD ($) $ / shares shares
Subsequent Event [Line Items]
Number of shares issued and sold (in shares) \| shares	953,834
Share price (in dollars per share) \| $ / shares	$ 26.21
Gross proceeds from issuance of common stock	$ 25.0
Offering expenses payable to the Company	$ 0.3