United States securities and exchange commission logo

                             April 27, 2020

       Tahir Mahmood, Ph.D.
       Chief Executive Officer
       Applied Molecular Transport Inc.
       1 Tower Place, Suite 850
       South San Francisco, California 94080

                                                        Re: Applied Molecular
Transport Inc.
                                                            Amendment No. 1 to
Draft Registration Statement on Form S-1
Submitted on April 10, 2020
                                                            CIK No. 0001801777

       Dear Mr. Mahmood:

              We have reviewed your amended draft registration statement and
have the following
       comment. In our comment, we may ask you to provide us with information
so we may better
       understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comment applies to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your

             After reviewing the information you provide in response to this
comment and your
       amended draft registration statement or filed registration statement, we
may have additional

       Amendment No. 1 to Draft Registration Statement on Form S-1

       Management's Discussion and Analysis of Financial Condition and Results
of Operations
       Critical Accounting Policies, Significant Judgments and Use of Estimates
       Stock-Based Compensation Expense, page 93

   1.                                                   Once you have an
estimated offering price or range, please explain to us how you
                                                        determined the fair
value of the common stock underlying your equity issuances and the
                                                        reasons for any
differences between the recent valuations of your common stock leading
                                                        up to the IPO and the
estimated offering price. This information will help facilitate our
                                                        review of your
accounting for equity issuances including stock compensation and
                                                        beneficial conversion
 Tahir Mahmood, Ph.D.
Applied Molecular Transport Inc.
April 27, 2020
Page 2

        You may contact David Burton at 202-551-3626 or Vanessa Robertson at
if you have questions regarding comments on the financial statements and
matters. Please contact Jessica Livingston at 202-551-3448 or Michael Clampitt
at 202-551-
3434 with any other questions.

FirstName LastNameTahir Mahmood, Ph.D.                  Sincerely,
Comapany NameApplied Molecular Transport Inc.
                                                        Division of Corporation
April 27, 2020 Page 2                                   Office of Life Sciences
FirstName LastName