Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34705 | |
Entity Registrant Name | Codexis, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 71-0872999 | |
Entity Address, Address Line One | 200 Penobscot Drive, | |
Entity Address, City or Town | Redwood City, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 421-8100 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CDXS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 64,489,793 | |
Entity Central Index Key | 0001200375 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 139,748 | $ 149,117 |
Restricted cash, current | 594 | 638 |
Investment in non-marketable debt security | 1,067 | 1,000 |
Financial assets: | ||
Accounts receivable | 11,368 | 13,894 |
Contract assets | 5,143 | 4,526 |
Unbilled receivables | 11,298 | 10,942 |
Total financial assets | 27,809 | 29,362 |
Less: allowances | (74) | (74) |
Total financial assets, net | 27,735 | 29,288 |
Inventories | 1,029 | 964 |
Prepaid expenses and other current assets | 3,390 | 3,416 |
Total current assets | 173,563 | 184,423 |
Restricted cash | 1,519 | 1,062 |
Investment in non-marketable equity securities | 2,350 | 1,450 |
Right-of-use assets - Operating leases, net | 20,758 | 21,382 |
Right-of-use assets - Finance leases, net | 94 | 119 |
Property and equipment, net | 10,396 | 9,675 |
Goodwill | 3,241 | 3,241 |
Other non-current assets | 249 | 294 |
Total assets | 212,170 | 221,646 |
Current liabilities: | ||
Accounts payable | 3,569 | 2,970 |
Accrued compensation | 4,953 | 7,288 |
Other accrued liabilities | 9,516 | 10,272 |
Current portion of lease obligations - Operating leases | 2,618 | 2,627 |
Deferred revenue | 1,897 | 1,824 |
Total current liabilities | 22,553 | 24,981 |
Deferred revenue, net of current portion | 2,900 | 2,967 |
Long-term lease obligations - Operating leases | 21,701 | 22,324 |
Other long-term liabilities | 1,277 | 1,271 |
Total liabilities | 48,431 | 51,543 |
Commitments and Contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value per share; 5,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value per share; 100,000 shares authorized; 64,488 shares and 64,283 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 6 | 6 |
Additional paid-in capital | 539,220 | 536,516 |
Accumulated deficit | (375,487) | (366,419) |
Total stockholders' equity | 163,739 | 170,103 |
Total liabilities and stockholders' equity | $ 212,170 | $ 221,646 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares, issued (shares) | 64,488,000 | 64,283,000 |
Common stock, shares outstanding (shares) | 64,488,000 | 64,283,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Total revenues | $ 18,032 | $ 14,670 |
Costs and operating expenses: | ||
Cost of product revenue | 4,218 | 2,541 |
Research and development | 11,571 | 10,967 |
Selling, general and administrative | 11,398 | 8,989 |
Total costs and operating expenses | 27,187 | 22,497 |
Loss from operations | (9,155) | (7,827) |
Interest income | 177 | 266 |
Other expenses, net | (88) | (86) |
Loss before income taxes | (9,066) | (7,647) |
Provision for income taxes | 2 | 5 |
Net loss | $ (9,068) | $ (7,652) |
Net income (loss) per share, basic (usd per share) | $ (0.14) | $ (0.13) |
Net income (loss) per share, diluted (usd per share) | $ (0.14) | $ (0.13) |
Weighted average common stock shares used in computing net income (loss) per share, basic (shares) | 64,290,000 | 58,888,000 |
Weighted average common stock shares used in computing net income (loss) per share, diluted (shares) | 64,290,000 | 58,888,000 |
Product Revenue [Member] | ||
Revenues: | ||
Total revenues | $ 10,226 | $ 5,100 |
Research and Development Revenue [Member] | ||
Revenues: | ||
Total revenues | $ 7,806 | $ 9,570 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance (shares) at Dec. 31, 2019 | 58,877,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options (shares) | 5,333 | 5,000 | ||
Release of stock awards (shares) | 219,000 | |||
Taxes paid related to net share settlement of equity awards (shares) | (84,000) | |||
Ending balance (shares) at Mar. 31, 2020 | 59,017,000 | |||
Beginning balance at Dec. 31, 2019 | $ 105,517 | $ 6 | $ 447,920 | $ (342,409) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options | 39 | 39 | ||
Employee stock-based compensation | 2,169 | 2,169 | ||
Taxes paid related to net share settlement of equity awards | (1,007) | (1,007) | ||
Net income (loss) | (7,652) | (7,652) | ||
Ending balance at Mar. 31, 2020 | $ 99,066 | $ 6 | 449,121 | (350,061) |
Beginning balance (shares) at Dec. 31, 2020 | 64,283,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options (shares) | 118,437 | 118,000 | ||
Release of stock awards (shares) | 139,000 | |||
Taxes paid related to net share settlement of equity awards (shares) | (52,000) | |||
Ending balance (shares) at Mar. 31, 2021 | 64,488,000 | |||
Beginning balance at Dec. 31, 2020 | $ 170,103 | $ 6 | 536,516 | (366,419) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options | 1,223 | 1,223 | ||
Employee stock-based compensation | 2,626 | 2,626 | ||
Employee stock-based compensation | 61 | 61 | ||
Taxes paid related to net share settlement of equity awards | (1,206) | (1,206) | ||
Net income (loss) | (9,068) | |||
Ending balance at Mar. 31, 2021 | $ 163,739 | $ 6 | $ 539,220 | $ (375,487) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net loss | $ (9,068) | $ (7,652) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 659 | 438 |
Amortization expense - right-of-use assets - operating and finance leases | 649 | 692 |
Stock-based compensation | 2,687 | 2,169 |
Equity securities earned from research and development activities | (132) | 0 |
Other non-cash items | (84) | 0 |
Changes in operating assets and liabilities: | ||
Financial assets, net | 1,103 | (2,763) |
Inventories | (65) | (330) |
Prepaid expenses and other assets | 70 | (838) |
Accounts payable | 400 | (246) |
Accrued compensation and other accrued liabilities | (1,731) | 1,237 |
Other long-term liabilities | (617) | (624) |
Deferred revenue | (311) | 6,492 |
Net cash used in operating activities | (6,440) | (1,425) |
Investing activities: | ||
Purchase of property and equipment | (2,550) | (761) |
Proceeds from sale of property and equipment | 17 | 0 |
Net cash used in investing activities | (2,533) | (761) |
Financing activities: | ||
Proceeds from exercises of stock options | 1,223 | 39 |
Payments of lease obligations - Finance leases | 0 | (51) |
Taxes paid related to net share settlement of equity awards | (1,206) | (1,007) |
Net cash provided by (used in) financing activities | 17 | (1,019) |
Net decrease in cash, cash equivalents and restricted cash | (8,956) | (3,205) |
Cash, cash equivalents and restricted cash at the beginning of the period | 150,817 | 92,221 |
Cash, cash equivalents and restricted cash at the end of the period | 141,861 | 89,016 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 3 | 4 |
Capital expenditures incurred but not yet paid | 579 | 182 |
Assets received for research and development revenue earned | 900 | 0 |
Cash reconciliation: | ||
Total cash, cash equivalents and restricted cash | $ 141,861 | $ 89,016 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business In these notes to the unaudited condensed consolidated financial statements, the “Company,” “we,” “us,” and “our” refers to Codexis, Inc. and its subsidiaries on a consolidated basis. We discover, develop and sell enzymes and other proteins that deliver value to our clients in a growing set of industries. We view proteins as a vast, largely untapped source of value-creating products, and we are using our proven technologies, which we have been continuously improving since our inception in 2002, to commercialize an increasing number of novel enzymes, both as proprietary Codexis products and in partnership with our customers. We are a pioneer in harnessing computational technologies to drive biology advancements. Since 2002, we have made substantial investments in the development of our CodeEvolver ® protein engineering technology platform, the primary source of our competitive advantage. Our technology platform is powered by proprietary, artificial intelligence-based, computational algorithms that rapidly mine the structural and performance attributes of our large and continuously growing library of protein variants. These computational outputs enable increasingly reliable predictions for next generation protein variants to be engineered, enabling time- and cost-efficient delivery of the targeted performance enhancements. In addition to its computational prowess, our CodeEvolver ® protein engineering technology platform integrates additional modular competencies, including robotic high-throughput screening and genomic sequencing, organic chemistry and bioprocess development which are all coordinated to rapidly innovate novel, fit-for-purpose products. The core historical application of the technology has been in developing commercially viable biocatalytic manufacturing processes for more sustainable production of complex chemicals. This begins by conceptually designing the most cost-effective and practical process for a targeted product. We then develop optimized biocatalysts to enable the designed process, using our CodeEvolver ® platform. Engineered biocatalyst candidates, numbering many thousands for each project, are then rapidly screened and validated using high throughput methods under process-relevant operating conditions. This approach results in an optimized biocatalyst that enables cost-efficient processes that are relatively simple to run in conventional manufacturing equipment. This also allows for efficient technical transfer of our processes to our manufacturing partners. The successful embodiment of our CodeEvolver ® protein engineering technology platform in commercial manufacturing processes requires well-integrated expertise in a number of technical disciplines. In addition to those competencies directly integrated in our CodeEvolver ® protein engineering platform, such as molecular biology, enzymology, microbiology, cellular engineering, metabolic engineering, bioinformatics, biochemistry and high throughput analytical chemistry, our process development projects also involve integrated expertise in organic chemistry, chemical process development, chemical engineering, bioprocess development and fermentation engineering. Our integrated, multi-disciplinary approach to product and process development is a critical success factor for the Company. We initially commercialized our CodeEvolver ® protein engineering technology platform and products in the manufacture of small molecule pharmaceuticals, which remains a primary business focus. Our customers, which include many large, global pharmaceutical companies, use our technology, products and services in their process development and in manufacturing. Additionally, we have licensed our proprietary CodeEvolver ® protein engineering technology platform to global pharmaceutical companies enabling them to use this technology, in house, to engineer enzymes for their own businesses. Most recently, in May 2019, we entered into a Platform Technology Transfer and License Agreement (the “Novartis CodeEvolver ® Agreement”) with Novartis. The Novartis CodeEvolver ® Agreement (our third such agreement with large pharma companies) allows Novartis to use our proprietary CodeEvolver ® protein engineering platform technology in the field of human healthcare. As evidence of our strategy to extend our technology beyond pharmaceutical manufacturing, we have also used the technology to develop biocatalysts and enzyme products for use in a broader set of industrial markets, including several large verticals, such as food, feed, consumer care and fine chemicals. In addition, we are using our technology to develop enzymes for various life science related applications, such as next generation sequencing (“NGS”) and polymerase chain reaction (“PCR/qPCR”) for in vitro molecular diagnostic and genomic research applications. In December 2019, we entered into a license agreement to provide Roche Sequencing Solutions, Inc. with our first enzyme for this target market: the Company’s EvoT4™ DNA ligase. In June 2020, we entered into a co-marketing and enzyme supply collaboration agreement with Alphazyme LLC for the production and co-marketing of enzymes for life science applications including, initially, high-fidelity DNA polymerase, T7 RNA polymerase and reverse transcriptase enzymes. We have been using the CodeEvolver ® protein engineering technology platform to develop early stage, novel biotherapeutic product candidates, both in partnership with customers and for our own proprietary Codexis drug candidates. Our first program was for the potential treatment of phenylketonuria ("PKU") in humans. PKU is an inherited metabolic disorder in which the enzyme that converts the essential amino acid phenylalanine into tyrosine is deficient. In October 2017, we entered into a Global Development, Option and License Agreement (the “Nestlé License Agreement”) with Societé des Produits Nestlé S.A., formerly known as Nestec Ltd. (“Nestlé Health Science”) to advance CDX-6114, our enzyme biotherapeutic product candidate for the potential treatment of PKU. In February 2019, Nestlé Health Science exercised its option to obtain an exclusive license to develop and commercialize CDX-6114. Also in October 2017, we entered into a strategic collaboration agreement with Nestlé Health Science (“Nestlé SCA”) pursuant to which we and Nestlé Health Science are collaborating to leverage the CodeEvolver ® platform technology to develop other novel enzymes for Nestlé Health Science’s established Consumer Care and Medical Nutrition business areas. In January 2020, we entered into a development agreement with Nestlé Health Science to advance a new lead candidate discovered under the Nestlé SCA, CDX-7108, into preclinical development and early clinical studies as a potential treatment for a gastro-intestinal disorder. In parallel, the Nestlé SCA was extended through December 2021 to support the discovery of therapeutic candidates for additional disorders. In March 2020, we entered into a Strategic Collaboration and License Agreement (“Takeda Agreement”) with Shire Human Genetic Therapies, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), for the research and development of novel gene therapies for certain disease indications, including the treatment of lysosomal storage disorders and a blood factor deficiency. In June 2020, we also entered into a Master Collaboration and Research Agreement (the “MAI Agreement”) with Molecular Assemblies, Inc ("MAI") pursuant to which we are leveraging our CodeEvolver ® platform technology to improve the DNA polymerase enzymes that are critical for enzymatic DNA synthesis. Concurrently with the MAI Agreement, we entered into a Stock Purchase Agreement with MAI pursuant to which we purchased 1,587,050 shares of MAI's Series A preferred stock for $1.0 million and, in connection with the transaction, John Nicols, our President and Chief Executive Officer, also joined MAI’s board of directors. See Note 14, "Subsequent Event" for additional information. Below are brief descriptions of our business segments: Performance Enzymes We initially commercialized our CodeEvolver ® protein engineering technology platform and products in the manufacture of small molecule pharmaceuticals and, to date, this continues to be our largest market served. Our customers, which include many large global pharmaceutical companies, use our technology, products and services in their manufacturing processes and process development. We have also used the technology to develop customized enzymes for use in other industrial markets. These markets consist of several large industrial verticals, including food, feed, consumer care, and fine chemicals. We also use our technology in the life sciences markets to develop enzymes for customers using NGS and PCR/qPCR for in vitro molecular diagnostic and molecular biology research applications, as well DNA/RNA synthesis and health monitoring applications. Novel Biotherapeutics We are also targeting new opportunities in the pharmaceutical industry to discover, improve, and/or develop biotherapeutic drug candidates. We believe that our CodeEvolver ® protein engineering platform technology can be used to discover novel biotherapeutic drug candidates that will target human diseases that are in need of improved therapeutic interventions. Similarly, we believe that we can deploy our platform technology to improve specific characteristics of a customer’s pre-existing biotherapeutic drug candidate, such as its activity, stability or immunogenicity. Our first lead program was for the potential treatment of hyperphenylalaninemia (“HPA”) (also referred to as PKU) in humans. PKU is an inherited metabolic disorder in which the enzyme that converts the essential amino acid phenylalanine into tyrosine is deficient. In October 2017, we announced a global development, option and license agreement with Nestlé Health Science to advance CDX-6114, our own novel orally administrable enzyme therapeutic candidate for the potential treatment of PKU. In February 2019, Nestlé Health Science exercised its option to obtain an exclusive, worldwide, royalty-bearing, sub-licensable license for the global development and commercialization of CDX-6114 for the management of PKU. As a result of the option exercise, we earned a milestone and recognized $3.0 million in revenues in the first quarter of 2019. Upon exercising its option, Nestlé Health Science assumed all responsibilities for future clinical development and commercialization of CDX-6114. In October 2017, we entered into the Nestlé SCA pursuant to which we and Nestlé Health Science are collaborating to leverage the CodeEvolver ® platform technology to develop other novel enzymes for Nestlé Health Science’s established Consumer Care and Medical Nutrition business areas. In January 2020, we and Nestlé Health Science entered into a development agreement pursuant to which we and Nestlé Health Science are collaborating to advance into pre-clinical and early clinical studies a lead candidate targeting a gastro-intestinal disorder, CDX-7108, discovered through the Nestlé SCA. The Nestlé SCA was extended through December 2021. During 2020, we, together with Nestlé Health Science, continued to advance CDX-7108 towards initiation of a Phase 1 clinical trial which we anticipate will begin in 2021. Additionally, the parties initiated two new programs under the Nestlé SCA targeting a gastro-intestinal disorder. In March 2020, we entered into the Takeda Agreement pursuant to which we are collaborating to research and develop protein sequences for use in gene therapy products for certain disease indications in accordance with the respective program plans for Fabry Disease, Pompe Disease, and an undisclosed blood factor deficiency. In March 2020, we received a one-time, non-refundable cash payment of $8.5 million. Of these programs, the Fabry disease program is the most advanced, with multiple sequences, including CDX-6311, having been provided to Takeda. Business Update Regarding COVID-19 We are subject to risks and uncertainties as a result of the current COVID-19 pandemic. The COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting our employees, communities and business operations, as well as the U.S. economy and other economies worldwide. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition will depend on future developments that are highly uncertain and may not be accurately predicted, including the duration and severity of the pandemic and the extent and severity of the impact on our customers, new information that may emerge concerning COVID-19, the actions taken to contain it or treat its impact and the economic impact on local, regional, national and international markets. To date, we and our collaboration partners have been able to continue to supply our enzymes to our customers worldwide. However, we are dependent on our manufacturing and logistics partners and consequently, disruptions in operations of our partners and customers may affect our ability to supply enzymes to our customers. Furthermore, our ability to provide future research and development ("R&D") services will continue to be impacted as a result of governmental orders and any disruptions in operations of our customers with whom we collaborate. We believe that these disruptions have had a minimal impact on revenue for the three months ended March 31, 2021. The extent to which the pandemic may impact our business operations and operating results will continue to remain highly dependent on future developments, which are uncertain and cannot be predicted with confidence. In the U.S., the impact of COVID-19, including governmental orders ("Orders") governing the operation of businesses during the pandemic, caused the temporary closure of our Redwood City, California facilities and has disrupted our R&D operations. R&D operations for several projects were temporarily suspended from mid-March 2020 through the end of April 2020 in accordance with these Orders. In May 2020, we initiated limited R&D operations and have ramped up operations such that we are currently utilizing the majority of our normal R&D capacity while following county, state and federal COVID-19 guidance for the protection of our employees. Additionally, we resumed small scale manufacturing at our Redwood City pilot plant in May 2020. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and include all the information and notes required by GAAP for complete financial statements. These interim Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The significant accounting policies used in preparation of the Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2021 and 2020, are consistent with those discussed in Note 2 to the audited consolidated financial statements in the Company’s 2020 Annual Report on Form 10-K and are updated below as necessary. There have been no significant changes in our significant accounting policies or critical accounting estimates since December 31, 2020. The Unaudited Condensed Consolidated Financial Statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly our financial position as of March 31, 2021, results of our operations for the three months ended March 31, 2021 and 2020, changes in stockholders' equity for the three months ended March 31, 2021 and 2020, and cash flows for the three months ended March 31, 2021 and 2020. The interim results are not necessarily indicative of the results for any future interim period or for the entire year. The Unaudited Condensed Consolidated Financial Statements include the accounts of Codexis, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. We regularly assess these estimates which primarily affect revenue recognition, inventories, goodwill arising out of business acquisitions, accrued liabilities, stock awards, and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, and may not be accurately predicted, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers, markets and economies. Financial Statement Exclusion The total net loss in the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, is not different from the Unaudited Condensed Consolidated Statements of Comprehensive Loss for the same periods. Accordingly, the Unaudited Condensed Consolidated Financial Statements exclude the Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2021 and 2020. Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes which is intended to simplify various aspects related to accounting for income taxes. We adopted the standard on January 1, 2021 on a modified retrospective basis. The adoption of this standard had no impact on our Unaudited Condensed Consolidated Financial Statements. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvement s. ASU 2020-10 provides amendments to a wide variety of topics in the FASB’s Accounting Standards Codification, which applies to all reporting entities within the scope of the affected accounting guidance. We adopted the standard on January 1, 2021 on a retrospective basis. The adoption of this standard had no impact on our Unaudited Condensed Consolidated Financial Statements Recently issued accounting pronouncements not yet adopted From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our Unaudited Condensed Consolidated Financial Statements upon adoption. In August 2020, 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) No. 2020-06 August 2020 Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , to reduce the complexity and to simplify the accounting for convertible debt instruments and convertible preferred stock, and the derivatives scope exception for contracts in an entity's own equity. In addition, the guidance on calculating diluted earnings per share has been simplified and made more internally consistent. The standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years with early adoption permitted for fiscal years beginning December 15, 2020. The standard may be adopted on a modified retrospective or fully retrospective method of transition and on adoption, entities may irrevocably elect the fair value option in accordance with Subtopic 825-10, Financial Instruments—Overall, for any financial instrument that is a convertible security. We believe that the effect of the adoption of ASU 2020-06 will have no impact on our Unaudited Condensed Consolidated Financial Statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following table provides information about disaggregated revenue from contracts with customers into the nature of the products and services, and geographic regions, and includes a reconciliation of the disaggregated revenue with reportable segments. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China). Segment information is as follows (in thousands): Three months ended March 31, 2021 Three months ended March 31, 2020 Performance Enzymes Novel Biotherapeutics Total Performance Enzymes Novel Biotherapeutics Total Major products and service: Product Revenue $ 10,226 $ — $ 10,226 $ 5,100 $ — $ 5,100 Research and development revenue 4,003 3,803 7,806 5,774 3,796 9,570 Total revenues $ 14,229 $ 3,803 $ 18,032 $ 10,874 $ 3,796 $ 14,670 Primary geographical markets: Americas $ 2,871 $ 2,058 $ 4,929 $ 2,999 $ 2,226 $ 5,225 EMEA 4,537 1,745 6,282 4,401 1,570 5,971 APAC 6,821 — 6,821 3,474 — 3,474 Total revenues $ 14,229 $ 3,803 $ 18,032 $ 10,874 $ 3,796 $ 14,670 Contract Balances The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands): March 31, 2021 December 31, 2020 Contract assets $ 5,143 $ 4,526 Unbilled receivables $ 11,298 $ 10,942 Contract costs $ 58 $ 90 Contract liabilities: deferred revenue $ 4,797 $ 4,791 We had no asset impairment charges related to contract assets in the three months ended March 31, 2021 and 2020. During the three months ended March 31, 2021, the increase in contract assets was primarily due to increases in product revenue from contracts subject to over time revenue recognition. The increase in unbilled receivables were primarily due to the timing of billings. The increase in deferred revenue was nominal compared to prior period. During the three months ended March 31, 2020, decreases in contract assets were primarily due to contract assets that were subsequently invoiced as our right to consideration for goods and services became unconditional. Increases in unbilled receivables were primarily due to the timing of billings. The increase in deferred revenue were primarily due to cash advances received in excess of revenue recognized. We recognized the following revenues (in thousands): Three months ended March 31, Revenue recognized in the period for: 2021 2020 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 862 $ 57 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods $ 24 $ (643) Performance obligations satisfied from new activities in the period - contract revenue 17,146 15,256 Total revenues $ 18,032 $ 14,670 Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of March 31, 2021. The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of March 31, 2021 (in thousands): Remainder of 2021 2022 2023 2024 and Thereafter Total Product Revenue $ 400 $ 67 $ 431 $ 1,923 $ 2,821 Research and development revenue 1,430 — 546 — 1,976 Total revenues $ 1,830 $ 67 $ 977 $ 1,923 $ 4,797 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | N et Loss per S hare Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding, less restricted stock awards (“RSAs”) subject to forfeiture. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock shares outstanding, less RSAs subject to forfeiture, plus all additional common shares that would have been outstanding, assuming dilutive potential common stock shares had been issued for other dilutive securities. Anti-Dilutive Securities In periods of net loss, the weighted average number of shares outstanding, prior to the application of the treasury stock method, excludes potentially dilutive securities from the computation of diluted net loss per common share because including such shares would have an anti-dilutive effect. The following shares were not considered in the computation of diluted net loss per share because their effect was anti-dilutive (in thousands): Three months ended March 31, 2021 2020 Shares issuable under the Equity Incentive Plan 5,497 5,071 |
Investments in Non-Marketable S
Investments in Non-Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Non-Marketable Securities | Investments in Non-Marketable Securities Non-Marketable Debt Securities We classify non-marketable debt securities, which are accounted for as available-for-sale, within Level 3 in the fair value hierarchy because we estimate the fair value based on a qualitative analysis using the most recent observable transaction price and other significant unobservable inputs including volatility, rights, and obligations of the securities we hold. We determine gains or losses on the sale or extinguishment of non-marketable debt securities using a specific identification method. Unrealized gains and losses from bifurcated embedded derivatives, which represent share-settled redemption features, are recorded as other expense, net, in the unaudited condensed consolidated statements of operations. Unrealized gains and losses on non-marketable debt securities are recorded as a component of other comprehensive loss until realized. Realized gains or losses are recorded as a component of other expenses, net. In the three months ended March 31, 2021, we recognized $0.1 million in interest income from amortization of debt discount and interest earned on our investment in non-marketable debt security, and $68 thousand in other expenses, net, on the change in the fair value of an embedded bifurcated derivative. We recognized no unrealized or realized gains or losses during the three months ended March 31, 2021. We recognized no interest income, other expenses, and unrealized or realized gains or losses during the three months ended March 31, 2020. The following table presents balances of the adjusted cost and carrying value and fair value of non-marketable debt security by contractual maturity (in thousands): March 31, 2021 Adjusted Cost and Carrying Value Fair Value Non-marketable debt security due in 1 year or less $ 1,067 $ 1,067 December 31, 2020 Adjusted Cost and Carrying Value Fair value Non-marketable debt security due in 1 year or less $ 1,000 $ 1,000 Non-Marketable Equity Securities Non-marketable equity securities are investments in privately held companies without readily determinable market values. We measure investments in non-marketable equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. The fair value of non-marketable equity securities that have been remeasured due to impairment are classified within Level 3. We adjust the carrying value of non-marketable equity securities which have been remeasured during the period and recognize resulting gains or losses as a component of other expenses, net. We recognized no unrealized or realized gain or losses during the three months ended March 31, 2021 and 2020. The following table presents balances of the carrying value of non-marketable equity securities (in thousands): March 31, 2021 December 31, 2020 Non-marketable equity securities $ 2,350 $ 1,450 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present the financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands): March 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 122,075 $ — $ — $ 122,075 Non-marketable debt security — 1,067 1,067 Total $ 122,075 $ — $ 1,067 $ 123,142 December 31, 2020 Level 1 Level 2 Level 3 Total Money market funds $ 127,567 $ — $ — $ 127,567 Non-marketable debt security — — 1,000 1,000 Total $ 127,567 $ — $ 1,000 $ 128,567 The fair value of non-marketable securities remeasured due to impairment would be classified within level 3. During the three months ended March 31, 2021 and 2020, we did not recognize any significant credit losses nor other-than-temporary impairment losses on non-marketable securities. The carrying value of our non-marketable securities approximated fair value. |
Balance Sheets Details
Balance Sheets Details | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheets Details [Abstract] | |
Balance Sheets Details | Balance Sheets Details Cash Equivalents Cash equivalents as of March 31, 2021 and December 31, 2020, consisted of the following (in thousands): March 31, 2021 December 31, 2020 Adjusted Cost Estimated Fair Value Adjusted Cost Estimated Fair Value Money market funds (1) $ 122,075 $ 122,075 $ 127,567 $ 127,567 (1) Money market funds are classified in cash and cash equivalents on our consolidated balance sheets. Average Contractual Maturities (in days) is not applicable. As of March 31, 2021, the total cash and cash equivalents balance of $139.7 million was comprised of money market funds of $122.1 million and cash of $17.6 million held with major financial institutions. As of December 31, 2020, the total cash and cash equivalents balance of $149.1 million was comprised of money market funds of $127.6 million and cash of $21.5 million held with major financial institutions. Inventories Inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Raw materials $ 77 $ 77 Work-in-process 107 82 Finished goods 845 805 Inventories $ 1,029 $ 964 Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2021 December 31, 2020 Laboratory equipment $ 27,491 $ 25,468 Leasehold improvements 10,785 10,785 Computer equipment and software 3,236 3,192 Office equipment and furniture 1,246 1,246 Construction in progress 1,375 2,357 Property and equipment 44,133 43,048 Less: accumulated depreciation and amortization (33,737) (33,373) Property and equipment, net $ 10,396 $ 9,675 Depreciation expense included in the Unaudited Condensed Consolidated Statements of Operations was follows (in thousands): Three months ended March 31, 2021 2020 Depreciation Expense $ 659 $ 438 Goodwill Goodwill had a carrying value of $3.2 million as of March 31, 2021 and December 31, 2020. Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued purchases $ 5,749 $ 7,170 Accrued professional and outside service fees 3,527 2,589 Other 240 513 Total $ 9,516 $ 10,272 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Equity Incentive Plans In 2019, our board of directors (the "Board") and stockholders approved the 2019 Incentive Award Plan (the "2019 Plan"). The 2019 Plan superseded and replaced in its entirety our 2010 Equity Incentive Plan (the “2010 Plan”) which was effective in March 2010, and no further awards will be granted under the 2010 Plan; however, the terms and conditions of the 2010 Plan will continue to govern any outstanding awards thereunder. The 2019 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance-contingent restricted stock units ("PSUs"), performance based options ("PBOs"), other stock or cash based awards and dividend equivalents to eligible employees and consultants of the Company or any parent or subsidiary, as well as members of the Board. The number of shares of our common stock available for issuance under the 2019 Plan is equal to the sum of (i) 7,897,144 shares, and (ii) any shares subject to awards granted under the 2010 Plan that were outstanding as of April 22, 2019 and thereafter terminate, expire, lapse or are forfeited; provided that no more than 14,000,000 shares may be issued upon the exercise of incentive stock options (“ISOs”). In June 2019, 8.1 million shares authorized for issuance under the 2019 Plan were registered under the Securities Act of 1933, as amended (the “Securities Act”). The 2010 Plan provided for the grant of incentive stock options, non-statutory stock options, RSUs, RSAs, PSUs, PBOs, stock appreciation rights, and stock purchase rights to our employees, non-employee directors and consultants. Stock Options The option exercise price for incentive stock options must be at least 100% of the fair value of our common stock on the date of grant and the option exercise price for non-statutory stock options is 85% of the fair value of our common stock on the date of grant, as determined by the Board. If, at the time of a grant, the optionee directly or by attribution owns stock possessing more than 10% of the total combined voting power of all of our outstanding capital stock, the exercise price for these options must be at least 110% of the fair value of the underlying common stock. Stock options granted to employees generally have a maximum term of ten years and vest over four years from the date of grant, of which 25% vest at the end of one year, and 75% vest monthly over the remaining three years. We may grant options with different vesting terms from time to time. Unless an employee's termination of service is due to disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of three months or the expiration of the option, whichever is earlier. Restricted Stock Units (RSUs) We also grant employees RSUs, which generally vest over either a three year period with one-third of the shares subject to the RSUs vesting on each yearly anniversary of the vesting commencement date or over a four year period with 25% of the shares subject to the RSU vesting on each yearly anniversary of the vesting commencement date, in each case contingent upon such employee’s continued service on such vesting date. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. We may grant RSUs with different vesting terms from time to time. Performance-contingent Restricted Stock Units (PSUs) and Performance Based Options (PBOs) The compensation committee of the Board approved, solely in respect of non-executive employees, delegated to our Chief Executive Officer the authority to approve grants of PSUs. The compensation committee of the Board also approved grants of PBOs and PSUs to our executives. The PSUs and PBOs vest based upon both the successful achievement of certain corporate operating milestones in specified timelines and continued employment through the applicable vesting date. When the performance goals are deemed to be probable of achievement for these types of awards, recognition of stock-based compensation expense commences. Once the number of shares eligible to vest is determined, those shares vest in two equal installments with 50% vesting upon achievement and the remaining 50% vesting on the first anniversary of achievement, in each case, subject to the recipient’s continued service through the applicable vesting date. If the performance goals are achieved at the threshold level, the number of shares eligible to vest in respect of the PSUs and PBOs would be equal to half the number of PSUs granted and one-quarter the number of shares underlying the PBOs granted. If the performance goals are achieved at the target level, the number of shares eligible to vest in respect of the PSUs and PBOs would be equal to the number of PSUs granted and half of the shares underlying the PBOs granted. If the performance goals are achieved at the superior level, the number of shares eligible to vest in respect of the PSUs would be equal to two times the number of PSUs granted and equal to the number of PBOs granted. The number of shares issuable upon achievement of the performance goals at the levels between the threshold and target levels for the PSUs and PBOs or between the target level and superior levels for the PSUs would be determined using linear interpolation. Achievement below the threshold level would result in no shares being eligible to vest in respect of the PSUs and PBOs. In the first quarter of 2021, we awarded PSUs ("2021 PSUs") and PBOs ("2021 PBOs"), each of which commence vesting based upon the achievement of various weighted performance goals, including corporate revenue, performance enzyme segment gross margin, major new biotherapeutics publicity events, strategic performance enzyme and biotherapeutics deliverables, safety, and technology and strategic plan development. As of March 31, 2021, we estimated that the 2021 PSUs and 2021 PBOs performance goals would be achieved at 100% of the target level, and recognized expenses accordingly. In 2020, we awarded PSUs ("2020 PSUs") and PBOs ("2020 PBOs"), each of which commenced vesting based upon the achievement of various weighted performance goals, including corporate revenue, performance enzyme segment gross margin, major new biotherapeutics publicity events, strategic performance enzyme and biotherapeutics deliverables, and strategic plan development. In the first quarter of 2021, we determined that the 2020 PSUs and 2020 PBOs performance goals had been achieved at 88% of the target level, and recognized expenses accordingly. Accordingly, 50% of the shares underlying the 2020 PSUs and PBOs vested in the first quarter of 2021 and 50% of the shares underlying the 2020 PSUs and PBOs will vest in the first quarter of 2022, in each case subject to the recipient’s continued service on each vesting date. In 2019, we awarded PSUs ("2019 PSUs") and PBOs ("2019 PBOs"), each of which commenced vesting based upon the achievement of various weighted performance goals, including sustained revenue and performance enzyme growth, strategic advancement of biotherapeutics, cash balance and strategic plan development. In the first quarter of 2020, we determined that the 2019 PSUs and 2019 PBOs performance goals had been achieved at 84% of the target level, and recognized expenses accordingly. Accordingly, 50% of the shares underlying the 2019 PSUs and PBOs vested in the first quarter of 2020 and 50% of the shares underlying the 2019 PSUs and PBOs vested in the first quarter of 2021, in each case subject to the recipient’s continued service on each vesting date. Stock-Based Compensation Expense Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 477 $ 424 Selling, general and administrative 2,210 1,745 Total $ 2,687 $ 2,169 The following table presents total stock-based compensation expense by security type included in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2021 2020 Stock options $ 665 $ 541 RSUs and RSAs 542 599 PSUs 470 331 PBOs 1,010 698 Total $ 2,687 $ 2,169 As of March 31, 2021, unrecognized stock-based compensation expense, net of expected forfeitures, was $5.3 million related to unvested stock options, $4.7 million related to unvested RSUs and RSAs, $2.0 million related to unvested PSUs, and $3.3 million related to unvested PBOs based on current estimates of the level of achievement. Stock-based compensation expense for these awards will be recognized through the year of 2025. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | Capital StockExercise of OptionsFor the three months ended March 31, 2021 and March 31, 2020, we issued 118,437 and 5,333 shares, respectively, upon option exercises at a weighted-average exercise price of $10.33 and $7.31 per share, respectively, with net cash proceeds of $1.2 million and $39 thousand, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases Our headquarters are located in Redwood City, California, where we occupy approximately 77,300 square feet of office and laboratory space in multiple buildings within the same business park of Metropolitan Life Insurance Company ("MetLife"). Our lease agreement with MetLife ("RWC Lease") includes approximately 28,200 square feet of space located at 200 and 220 Penobscot Drive, Redwood City, California (the “200/220 Penobscot Space”) and approximately 37,900 square feet of space located at 400 Penobscot Drive, Redwood City, California (the “400 Penobscot Space”) (the 200/220 Penobscot Space and the 400 Penobscot Space are collectively referred to as the “Penobscot Space”), and approximately 11,200 square feet of space located at 501 Chesapeake Drive, Redwood City, California (the “501 Chesapeake Space”). Until the end of January 2020, we also leased approximately 29,900 square feet of space located at 101 Saginaw Drive, Redwood City, California (the “Saginaw Space”). During January 2020, we subleased approximately 26,500 square feet of the Saginaw Space to Minerva Surgical, Inc. The lease and sublease for the Saginaw Space both expired at the end of January 2020. During the period from February 1, 2020 through April 30, 2020, we subleased approximately 3,400 square feet at 101 Saginaw Drive from Minerva Surgical, Inc. The sublease expired at the end of April 2020. We entered into the initial lease with MetLife for our facilities in Redwood City in 2004 and the RWC Lease has been amended multiple times since then to adjust the leased space and terms of the Lease. In February 2019, we entered into an Eighth Amendment to the Lease (the “Eighth Amendment”) with MetLife with respect to the Penobscot Space and the 501 Chesapeake Space to extend the term of the Lease for additional periods. Pursuant to the Eighth Amendment, the term of the lease of the Penobscot Space has been extended through May 2027. The lease term for the 501 Chesapeake Space has been extended to May 2029. We have one (1) option to extend the term of the lease for the Penobscot Space for five (5) years, and one (1) separate option to extend the term of the lease for the 501 Chesapeake Space for five (5) years. We are required to restore certain areas of the Redwood City facilities that we are renting to their original form. We are expensing the asset retirement obligation over the terms of the respective leases. We review the estimated obligation each reporting period and make adjustments if our estimates change. We recorded asset retirement obligations of $0.2 million as of March 31, 2021 and December 31, 2020, which are included in other liabilities on the unaudited condensed consolidated balance sheets. Accretion expense related to our asset retirement obligations was nominal in the three months ended March 31, 2021 and 2020. Pursuant to the terms of the RWC Lease, we exercised our right to deliver a letter of credit in lieu of a security deposit. The letter of credit is collateralized by deposit balances held by the bank in the amount of $1.1 million as of March 31, 2021 and December 31, 2020, and are recorded as non-current restricted cash on the unaudited condensed consolidated balance sheets. Finance Leases In December 2016, we entered into a three-year financing lease agreement with a third party supplier for the purchase of laboratory equipment that was partially financed through a finance lease of approximately $0.4 million. The lease became effective upon delivery of the equipment in February 2017, and term of the three-year lease was from February 2017 and expired in February 2020. This financing agreement was accounted for as a finance lease due to bargain purchase options at the end of the lease. In April 2017, we entered into a three-year financing lease agreement with a third-party supplier for the purchase of information technology equipment for approximately $0.3 million. The effective term of the three-year lease was from May 2017 and expired in April 2020. Lease and other information Lease costs, amounts included in measurement of lease obligations and other information related to non-cancellable operating leases and finance leases were as follows (in thousands): Three months ended March 31, 2021 2020 Finance lease amortization of right-of-use assets $ 26 $ 54 Operating lease cost 1,032 1,068 Short-term lease costs (1) — 31 Sublease income — (55) Total lease cost (2) $ 1,058 $ 1,098 (1) Short-term lease costs on leases with terms of over one month and less than one year. (2) The Company had no variable lease costs. Other information: Operating Leases Weighted-average remaining lease term (in years) 5.2 years Weighted-average discount rate 6.6 % Three months ended March 31, Cash paid: 2021 2020 Operating cash flows from operating leases $ 1,042 $ 354 Financing cash flows from finance leases $ — $ 51 As of March 31, 2021, our maturity analysis of annual undiscounted cash flows of the non-cancellable operating leases are as follows (in thousands): Years ending December 31, Operating Leases 2021 (remaining 9 months) $ 3,156 2022 4,285 2023 4,589 2024 4,726 2025 4,868 Thereafter 8,627 Total minimum lease payments 30,251 Less: imputed interest (5,932) Lease obligations $ 24,319 Future Lease Commitment In the first quarter of 2021, we entered into a lease agreement with ARE-San Francisco No. 63, LLC (“ARE”) to lease a portion of a facility comprising approximately 36,593 rentable square feet in San Carlos, California to serve as additional office and research and development laboratory space (the “San Carlos Space”). We expect to commence occupancy of the San Carlos Space in November 2021 once tenant improvements are substantially completed by ARE in accordance with the construction plan. The budget provides a net tenant improvement allowance of $6.3 million and an additional allowance of up to $2.7 million, which we expect to use. ARE will have an enforceable right to payment by us in the form of equal monthly additional rent payments at a certain interest rate through the lease term for the additional allowance. The terms include an initial annualized base rent of approximately $2.5 million, subject to scheduled 3% annual rent increases, an annualized additional allowance payment of approximately $0.4 million, plus certain operating expenses. The lease has a 10-year term with one option to extend the term for an additional period of 5 years. We have provided ARE with an approximately $0.5 million security deposit in the form of a letter of credit. We have the right to sublease the facility, subject to landlord consent. We determined that the lease commencement date is in November 2021 at which point we will record a right of use asset and a corresponding lease liability. An estimated maturity analysis of the annual undiscounted cash flows of the lease is as follows (in thousands): Years ending December 31, Operating Lease 2021 (remaining 9 months) $ 34 2022 2,925 2023 3,001 2024 3,079 2025 3,159 2026 and thereafter 19,525 Total minimum lease payments $ 31,723 Other Commitments We enter into supply and service arrangements in the normal course of business. Supply arrangements are primarily for fixed-price manufacture and supply. Service agreements are primarily for the development of manufacturing processes and certain studies. Commitments under service agreements are subject to cancellation at our discretion which may require payment of certain cancellation fees. The timing of completion of service arrangements is subject to variability in estimates of the time required to complete the work. The following table provides quantitative data regarding our other commitments. Future minimum payments reflect amounts that we expect to pay including potential obligations under services agreements subject to risk of cancellation by us (in thousands): Other Commitment Agreement Type Agreement Date Future Minimum Payment Manufacture and supply agreement with expected future payment date of December 2022 April 2016 $ 55 Development and manufacturing services agreements September 2019 2,374 Total other commitments $ 2,429 Credit Facility In June 30, 2017, we entered into a credit facility (the “Credit Facility”) with Western Alliance Bank consisting of term loans (“Term Debt”) up to $10.0 million, and advances (“Advances”) under a revolving line of credit ("Revolving Line of Credit") up to $5.0 million with an accounts receivable borrowing base of 80% of eligible accounts receivable. As of March 31, 2021 and December 31, 2020, we have not drawn from the Credit Facility. We may draw on the Term Debt and the Revolving Line of Credit at any time prior to October 1, 2021 and October 1, 2024, respectively. On October 1, 2024 loans drawn under the Term Debt mature and the Revolving Line of Credit terminate. Loans made under the Term Debt bear interest through maturity equal to the greater of (i) 3.75% or (ii) the sum of (A) Index Rate (prime rate published in the Money Rates section of the Western Edition of The Wall Street Journal plus (B) 0.50%. Advances made under the Revolving Line of Credit bear interest at a variable annual rate equal to the equal to the greater of (i) 4.25% or (ii) the sum of (A) the prime rate plus (B) 1.00%. Our obligations under the Credit Facility are secured by a lien on substantially all of our personal property other than our intellectual property. The Credit Facility includes a number of customary covenants and restrictive financial covenants including meeting minimum product revenue levels and maintaining certain minimum cash levels with the lender. The Credit Facility's financial covenants restrict the ability of the Company to transfer collateral, incur additional indebtedness, engage in mergers or acquisitions, pay dividends or make other distributions, make investments, create liens, sell assets, or sell certain assets held at foreign subsidiaries. A failure to comply with these covenants could permit the lender to exercise remedies against us and the collateral securing the Credit Facility, including foreclosure of our properties securing the Credit Facilities and our cash. As of March 31, 2021, we were in compliance with the covenants for the Credit Facility. The Credit Facility allows for interest-only payments on the Term Debt through November 1, 2022. Monthly payments of principal and interest on the Term Debt are required following the applicable amortization date. We may elect to prepay in full the Term Debt and Advances under the Revolving Line of Credit at any time. Legal Proceedings We are not currently a party to any material pending litigation or other material legal proceedings. Indemnifications We are required to recognize a liability for the fair value of any obligations we assume upon the issuance of a guarantee. We have certain agreements with licensors, licensees and collaborators that contain indemnification provisions. In such provisions, we typically agree to indemnify the licensor, licensee and collaborator against certain types of third party claims. The maximum amount of the indemnifications is not limited. We accrue for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for expenses related to indemnification issues for any periods presented. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Molecular Assemblies, Inc. In June 2020, we entered into a Stock Purchase Agreement with MAI pursuant to which we purchased 1,587,050 shares of MAI's Series A preferred stock for $1.0 million. In connection with the transaction, John Nicols, our President and Chief Executive Officer, also joined MAI’s board of directors. Concurrently with our initial equity investment, we entered into the MAI Agreement with MAI, pursuant to which we are performing services utilizing our CodeEvolver ® protein engineering platform technology to improve DNA polymerase enzymes in exchange for compensation in the form of additional shares of MAI's Series A preferred stock. We recognized $0.1 million and nil in research and development revenue from transactions with MAI in the three months ended March 31, 2021 and 2020, respectively. We received 1,428,342 shares and nil of MAI's Series A preferred stock from research and development services we provided to MAI in the three months ended March 31, 2021 and 2020, respectively. We have 3,729,563 shares of MAI's Series A preferred stock from the inception to date. The carrying value of our investment in MAI Series A preferred stock was $2.4 million and $1.5 million at March 31, 2021 and December 31, 2020, respectively. We had nil and $0.5 million in contract asset due from MAI for services rendered as of March 31, 2021 and December 31, 2020, respectively. Payment for the services rendered was subsequently received in the form of additional MAI Series A preferred stock in the subsequent quarter. AstraZeneca PLC Pam P. Cheng, who served as a member of our board of directors until June 2020, joined AstraZeneca PLC as Executive Vice President, Operations and Information Technology in June 2015. We sold biocatalyst products to AstraZeneca PLC and its controlled purchasing agents and contract manufacturers. We recognized $0.1 million of revenue from transactions with AstraZeneca and its controlled purchasing agents and contract manufacturers for the three months ended March 31, 2020 and through the date of Ms. Cheng’s departure from our board of director. As of March 31, 2021 and December 31, 2020, we had nominal and no receivables from AstraZeneca PLC and its controlled purchasing agents and contract manufacturers from related party transactions, respectively. |
Segment, Geographical and Other
Segment, Geographical and Other Revenue Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment, Geographical and Other Revenue Information | Segment, Geographical and Other Revenue Information Segment Information We manage our business as two business segments: Performance Enzymes and Novel Biotherapeutics. Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our business segments are primarily based on our organizational structure and our operating results as used by our CODM in assessing performance and allocating resources for the Company. We report corporate-related expenses such as legal, accounting, information technology, and other costs that are not otherwise included in our reportable business segments as "Corporate costs." All items not included in income (loss) from operations are excluded from the business segments. We manage our assets on a total company basis, not by business segment, as the majority of our operating assets are shared or commingled. Our CODM does not review asset information by business segment in assessing performance or allocating resources, and accordingly, we do not report asset information by business segment. Performance Enzymes We initially commercialized our CodeEvolver ® protein engineering technology platform and products in the pharmaceuticals market, and to date this continues to be our largest market served. Our customers, which include many large global pharmaceutical companies, use our technology, products and services in their manufacturing processes and process development. We have also used the technology to develop customized enzymes for use in other industrial markets. These markets consist of several large industrial verticals, including food and food ingredients, animal feed, flavors, fragrances, and agricultural chemicals. We also use our technology to develop enzymes for customers using NGS and PCR/qPCR for in vitro molecular diagnostic and molecular biology research applications. Novel Biotherapeutics We are also targeting new opportunities in the pharmaceutical industry to discover, improve, and/or develop biotherapeutic drug candidates. We believe that our CodeEvolver ® protein engineering platform technology can be used to discover novel biotherapeutic drug candidates that will target human diseases that are in need of improved therapeutic interventions. Similarly, we believe that we can deploy our platform technology to improve specific characteristics of a customer’s pre-existing biotherapeutic drug candidate, such as its activity, stability or immunogenicity. Most notable is our lead program for the potential treatment of PKU in humans. PKU is an inherited metabolic disorder in which the enzyme that converts the essential amino acid phenylalanine into tyrosine is deficient. We have also developed a pipeline of other biotherapeutic drug candidates, which are in preclinical development, and in which we expect to continue to make additional investments with the aim of advancing additional product candidates targeting other therapeutic areas. In March 2020 we entered into the Takeda Agreement with Takeda under which we will research and develop protein sequences for use in gene therapy products for certain diseases. Factors considered in determining the two reportable segments of the Company include the nature of business activities, the management structure directly accountable to our CODM for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors. Our CODM regularly reviews our segments and the approach provided by management for performance evaluation and resource allocation. Operating expenses that directly support the segment activity are allocated based on segment headcount, revenue contribution or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments. This provides the CODM with more meaningful segment profitability reporting to support operating decisions and allocate resources. The following table provides financial information by our reportable business segments along with a reconciliation to consolidated income (loss) before income taxes (in thousands): Three months ended March 31, 2021 Three months ended March 31, 2020 Performance Enzymes Novel Biotherapeutics Total Performance Enzymes Novel Biotherapeutics Total Revenues: Product revenue $ 10,226 $ — $ 10,226 $ 5,100 $ — $ 5,100 Research and development revenue 4,003 3,803 7,806 5,774 3,796 9,570 Total revenues 14,229 3,803 18,032 10,874 3,796 14,670 Costs and operating expenses: Cost of product revenue 4,218 — 4,218 2,541 — 2,541 Research and development (1) 6,444 4,605 11,049 5,696 4,925 10,621 Selling, general and administrative (1) 2,818 600 3,418 2,345 591 2,936 Total segment costs and operating expenses 13,480 5,205 18,685 10,582 5,516 16,098 Income (loss) from operations $ 749 $ (1,402) (653) $ 292 $ (1,720) (1,428) Corporate costs (2) (7,728) (5,727) Unallocated depreciation and amortization (685) (492) Loss before income taxes $ (9,066) $ (7,647) (1) Research and development expenses and selling, general and administrative expenses exclude depreciation and amortization of finance leases. (2) Corporate costs include unallocated selling, general and administrative expense, interest income, and other income and expenses. The following table provides stock-based compensation expense included in income (loss) from operations (in thousands): Three months ended March 31, 2021 2020 Performance Enzymes Novel Biotherapeutics Corporate cost Total Performance Enzymes Novel Biotherapeutics Corporate cost Total Stock-based compensation $ 994 $ 238 $ 1,455 $ 2,687 $ 756 $ 241 $ 1,172 $ 2,169 Significant Customers Customers that each accounted for 10% or more of our total revenues were as follows: Percentage of Total Revenues for the Three Months Ended March 31, 2021 2020 Customer A 28 % 24 % Customer B * 19 % Customer C 11 % 15 % Customer D 10 % 11 % Customer E 14 % * * Percentage was less than 10% Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented as follows: Percentage of Accounts Receivables as of March 31, 2021 December 31, 2020 Customer A 41 % 32 % Customer B * 25 % Customer D 11 % 13 % Customer F 12 % * Customer G 11 % * * Percentage was less than 10% Geographical Information Geographic revenues are identified by the location of the customer and consist of the following (in thousands): Three Months Ended March 31, 2021 2020 Revenues Americas $ 4,929 $ 5,225 EMEA 6,282 5,971 APAC 6,821 3,474 Total revenues $ 18,032 $ 14,670 Identifiable long-lived assets by location was as follows (in thousands): March 31, 2021 December 31, 2020 United States $ 31,248 $ 31,176 Identifiable goodwill by reporting unit was as follows (in thousands): As of March 31, 2021 and December 31, 2020 Performance Enzymes Novel Biotherapeutics Total Goodwill $ 2,463 $ 778 $ 3,241 |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The following table summarizes the financial assets allowance for credit losses (in thousands): Three months ended March 31, 2021 2020 Allowance for credit losses $ 74 34 The following tables summarize accounts receivable by aging category (in thousands): March 31, 2021 Current 31-60 Days 61-90 Days 91 Days and over Total balance Accounts receivable $ 11,329 $ 35 $ — $ 4 $ 11,368 December 31, 2020 Current 31-60 Days 61-90 Days 91 Days and over Total balance Accounts receivable $ 13,172 $ 688 $ 7 $ 27 $ 13,894 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event In April 2021, we purchased an additional 1.0 million shares of MAI's Series A preferred stock for $0.6 million. For additional information, Note 5, " Investments in Non-Marketable Securities" and Note 11, " Related Party Transactions." |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and include all the information and notes required by GAAP for complete financial statements. These interim Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The significant accounting policies used in preparation of the Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2021 and 2020, are consistent with those discussed in Note 2 to the audited consolidated financial statements in the Company’s 2020 Annual Report on Form 10-K and are updated below as necessary. There have been no significant changes in our significant accounting policies or critical accounting estimates since December 31, 2020. The Unaudited Condensed Consolidated Financial Statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly our financial position as of March 31, 2021, results of our operations for the three months ended March 31, 2021 and 2020, changes in stockholders' equity for the three months ended March 31, 2021 and 2020, and cash flows for the three months ended March 31, 2021 and 2020. The interim results are not necessarily indicative of the results for any future interim period or for the entire year. |
Use of Estimates | Use of Estimates The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. We regularly assess these estimates which primarily affect revenue recognition, inventories, goodwill arising out of business acquisitions, accrued liabilities, stock awards, and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, and may not be accurately predicted, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers, markets and economies. |
Accounting Pronouncements | Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes which is intended to simplify various aspects related to accounting for income taxes. We adopted the standard on January 1, 2021 on a modified retrospective basis. The adoption of this standard had no impact on our Unaudited Condensed Consolidated Financial Statements. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvement s. ASU 2020-10 provides amendments to a wide variety of topics in the FASB’s Accounting Standards Codification, which applies to all reporting entities within the scope of the affected accounting guidance. We adopted the standard on January 1, 2021 on a retrospective basis. The adoption of this standard had no impact on our Unaudited Condensed Consolidated Financial Statements Recently issued accounting pronouncements not yet adopted From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our Unaudited Condensed Consolidated Financial Statements upon adoption. In August 2020, 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) No. 2020-06 August 2020 Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , to reduce the complexity and to simplify the accounting for convertible debt instruments and convertible preferred stock, and the derivatives scope exception for contracts in an entity's own equity. In addition, the guidance on calculating diluted earnings per share has been simplified and made more internally consistent. The standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years with early adoption permitted for fiscal years beginning December 15, 2020. The standard may be adopted on a modified retrospective or fully retrospective method of transition and on adoption, entities may irrevocably elect the fair value option in accordance with Subtopic 825-10, Financial Instruments—Overall, for any financial instrument that is a convertible security. We believe that the effect of the adoption of ASU 2020-06 will have no impact on our Unaudited Condensed Consolidated Financial Statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions in which the reference LIBOR or another reference rate are expected to be discontinued as a result of the Reference Rate Reform. The standard is effective for all entities and can be adopted no later than December 1, 2022, with early adoption permitted. The standard may be adopted on a prospective basis. We will evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to elect optional expedients for contract modification; however, we believe that effects of the adoption of ASU 2020-04 will have no impact on our Unaudited Condensed Consolidated Financial Statements and related disclosures. There have been no other recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2021, as compared to the recent accounting pronouncements described in herein, that are of significance or potential significance to us. |
Segment Information | Segment Information We manage our business as two business segments: Performance Enzymes and Novel Biotherapeutics. Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our business segments are primarily based on our organizational structure and our operating results as used by our CODM in assessing performance and allocating resources for the Company. We report corporate-related expenses such as legal, accounting, information technology, and other costs that are not otherwise included in our reportable business segments as "Corporate costs." All items not included in income (loss) from operations are excluded from the business segments. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | Segment information is as follows (in thousands): Three months ended March 31, 2021 Three months ended March 31, 2020 Performance Enzymes Novel Biotherapeutics Total Performance Enzymes Novel Biotherapeutics Total Major products and service: Product Revenue $ 10,226 $ — $ 10,226 $ 5,100 $ — $ 5,100 Research and development revenue 4,003 3,803 7,806 5,774 3,796 9,570 Total revenues $ 14,229 $ 3,803 $ 18,032 $ 10,874 $ 3,796 $ 14,670 Primary geographical markets: Americas $ 2,871 $ 2,058 $ 4,929 $ 2,999 $ 2,226 $ 5,225 EMEA 4,537 1,745 6,282 4,401 1,570 5,971 APAC 6,821 — 6,821 3,474 — 3,474 Total revenues $ 14,229 $ 3,803 $ 18,032 $ 10,874 $ 3,796 $ 14,670 |
Contract with customer | The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands): March 31, 2021 December 31, 2020 Contract assets $ 5,143 $ 4,526 Unbilled receivables $ 11,298 $ 10,942 Contract costs $ 58 $ 90 Contract liabilities: deferred revenue $ 4,797 $ 4,791 We recognized the following revenues (in thousands): Three months ended March 31, Revenue recognized in the period for: 2021 2020 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 862 $ 57 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods $ 24 $ (643) Performance obligations satisfied from new activities in the period - contract revenue 17,146 15,256 Total revenues $ 18,032 $ 14,670 |
Performance obligation, expected timing of satisfaction | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of March 31, 2021. The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of March 31, 2021 (in thousands): Remainder of 2021 2022 2023 2024 and Thereafter Total Product Revenue $ 400 $ 67 $ 431 $ 1,923 $ 2,821 Research and development revenue 1,430 — 546 — 1,976 Total revenues $ 1,830 $ 67 $ 977 $ 1,923 $ 4,797 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Shares Not Included in Computation of Diluted Net Loss Per Share | The following shares were not considered in the computation of diluted net loss per share because their effect was anti-dilutive (in thousands): Three months ended March 31, 2021 2020 Shares issuable under the Equity Incentive Plan 5,497 5,071 |
Investments in Non-Marketable_2
Investments in Non-Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Details of Non-marketable Debt Securities | The following table presents balances of the adjusted cost and carrying value and fair value of non-marketable debt security by contractual maturity (in thousands): March 31, 2021 Adjusted Cost and Carrying Value Fair Value Non-marketable debt security due in 1 year or less $ 1,067 $ 1,067 December 31, 2020 Adjusted Cost and Carrying Value Fair value Non-marketable debt security due in 1 year or less $ 1,000 $ 1,000 |
Carrying Value of Non-marketable Equity Securities | The following table presents balances of the carrying value of non-marketable equity securities (in thousands): March 31, 2021 December 31, 2020 Non-marketable equity securities $ 2,350 $ 1,450 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of financial instruments measured at fair value on a recurring basis | The following tables present the financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands): March 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 122,075 $ — $ — $ 122,075 Non-marketable debt security — 1,067 1,067 Total $ 122,075 $ — $ 1,067 $ 123,142 December 31, 2020 Level 1 Level 2 Level 3 Total Money market funds $ 127,567 $ — $ — $ 127,567 Non-marketable debt security — — 1,000 1,000 Total $ 127,567 $ — $ 1,000 $ 128,567 |
Balance Sheets Details (Tables)
Balance Sheets Details (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheets Details [Abstract] | |
Schedule of cash and cash equivalents | Cash equivalents as of March 31, 2021 and December 31, 2020, consisted of the following (in thousands): March 31, 2021 December 31, 2020 Adjusted Cost Estimated Fair Value Adjusted Cost Estimated Fair Value Money market funds (1) $ 122,075 $ 122,075 $ 127,567 $ 127,567 (1) Money market funds are classified in cash and cash equivalents on our consolidated balance sheets. Average Contractual Maturities (in days) is not applicable. |
Schedule of inventory components | Inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Raw materials $ 77 $ 77 Work-in-process 107 82 Finished goods 845 805 Inventories $ 1,029 $ 964 |
Schedule of property and equipment, net | Property and equipment, net consisted of the following (in thousands): March 31, 2021 December 31, 2020 Laboratory equipment $ 27,491 $ 25,468 Leasehold improvements 10,785 10,785 Computer equipment and software 3,236 3,192 Office equipment and furniture 1,246 1,246 Construction in progress 1,375 2,357 Property and equipment 44,133 43,048 Less: accumulated depreciation and amortization (33,737) (33,373) Property and equipment, net $ 10,396 $ 9,675 Depreciation expense included in the Unaudited Condensed Consolidated Statements of Operations was follows (in thousands): Three months ended March 31, 2021 2020 Depreciation Expense $ 659 $ 438 |
Schedule of other accrued liabilities | Other accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued purchases $ 5,749 $ 7,170 Accrued professional and outside service fees 3,527 2,589 Other 240 513 Total $ 9,516 $ 10,272 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense | Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 477 $ 424 Selling, general and administrative 2,210 1,745 Total $ 2,687 $ 2,169 |
Schedule of stock-based compensation expense by security types | The following table presents total stock-based compensation expense by security type included in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2021 2020 Stock options $ 665 $ 541 RSUs and RSAs 542 599 PSUs 470 331 PBOs 1,010 698 Total $ 2,687 $ 2,169 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease cost | Lease costs, amounts included in measurement of lease obligations and other information related to non-cancellable operating leases and finance leases were as follows (in thousands): Three months ended March 31, 2021 2020 Finance lease amortization of right-of-use assets $ 26 $ 54 Operating lease cost 1,032 1,068 Short-term lease costs (1) — 31 Sublease income — (55) Total lease cost (2) $ 1,058 $ 1,098 (1) Short-term lease costs on leases with terms of over one month and less than one year. (2) The Company had no variable lease costs. Other information: Operating Leases Weighted-average remaining lease term (in years) 5.2 years Weighted-average discount rate 6.6 % Three months ended March 31, Cash paid: 2021 2020 Operating cash flows from operating leases $ 1,042 $ 354 Financing cash flows from finance leases $ — $ 51 |
Operating lease maturity | As of March 31, 2021, our maturity analysis of annual undiscounted cash flows of the non-cancellable operating leases are as follows (in thousands): Years ending December 31, Operating Leases 2021 (remaining 9 months) $ 3,156 2022 4,285 2023 4,589 2024 4,726 2025 4,868 Thereafter 8,627 Total minimum lease payments 30,251 Less: imputed interest (5,932) Lease obligations $ 24,319 An estimated maturity analysis of the annual undiscounted cash flows of the lease is as follows (in thousands): Years ending December 31, Operating Lease 2021 (remaining 9 months) $ 34 2022 2,925 2023 3,001 2024 3,079 2025 3,159 2026 and thereafter 19,525 Total minimum lease payments $ 31,723 |
Finance lease liability | An estimated maturity analysis of the annual undiscounted cash flows of the lease is as follows (in thousands): Years ending December 31, Operating Lease 2021 (remaining 9 months) $ 34 2022 2,925 2023 3,001 2024 3,079 2025 3,159 2026 and thereafter 19,525 Total minimum lease payments $ 31,723 |
Schedule of supply and service commitments | The following table provides quantitative data regarding our other commitments. Future minimum payments reflect amounts that we expect to pay including potential obligations under services agreements subject to risk of cancellation by us (in thousands): Other Commitment Agreement Type Agreement Date Future Minimum Payment Manufacture and supply agreement with expected future payment date of December 2022 April 2016 $ 55 Development and manufacturing services agreements September 2019 2,374 Total other commitments $ 2,429 |
Segment, Geographical and Oth_2
Segment, Geographical and Other Revenue Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting | The following table provides financial information by our reportable business segments along with a reconciliation to consolidated income (loss) before income taxes (in thousands): Three months ended March 31, 2021 Three months ended March 31, 2020 Performance Enzymes Novel Biotherapeutics Total Performance Enzymes Novel Biotherapeutics Total Revenues: Product revenue $ 10,226 $ — $ 10,226 $ 5,100 $ — $ 5,100 Research and development revenue 4,003 3,803 7,806 5,774 3,796 9,570 Total revenues 14,229 3,803 18,032 10,874 3,796 14,670 Costs and operating expenses: Cost of product revenue 4,218 — 4,218 2,541 — 2,541 Research and development (1) 6,444 4,605 11,049 5,696 4,925 10,621 Selling, general and administrative (1) 2,818 600 3,418 2,345 591 2,936 Total segment costs and operating expenses 13,480 5,205 18,685 10,582 5,516 16,098 Income (loss) from operations $ 749 $ (1,402) (653) $ 292 $ (1,720) (1,428) Corporate costs (2) (7,728) (5,727) Unallocated depreciation and amortization (685) (492) Loss before income taxes $ (9,066) $ (7,647) (1) Research and development expenses and selling, general and administrative expenses exclude depreciation and amortization of finance leases. (2) Corporate costs include unallocated selling, general and administrative expense, interest income, and other income and expenses. The following table provides stock-based compensation expense included in income (loss) from operations (in thousands): Three months ended March 31, 2021 2020 Performance Enzymes Novel Biotherapeutics Corporate cost Total Performance Enzymes Novel Biotherapeutics Corporate cost Total Stock-based compensation $ 994 $ 238 $ 1,455 $ 2,687 $ 756 $ 241 $ 1,172 $ 2,169 |
Schedule of customers that contributed 10% or more of total accounts receivable | Significant Customers Customers that each accounted for 10% or more of our total revenues were as follows: Percentage of Total Revenues for the Three Months Ended March 31, 2021 2020 Customer A 28 % 24 % Customer B * 19 % Customer C 11 % 15 % Customer D 10 % 11 % Customer E 14 % * * Percentage was less than 10% Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented as follows: Percentage of Accounts Receivables as of March 31, 2021 December 31, 2020 Customer A 41 % 32 % Customer B * 25 % Customer D 11 % 13 % Customer F 12 % * Customer G 11 % * * Percentage was less than 10% |
Schedule of revenues by geographical area | Geographic revenues are identified by the location of the customer and consist of the following (in thousands): Three Months Ended March 31, 2021 2020 Revenues Americas $ 4,929 $ 5,225 EMEA 6,282 5,971 APAC 6,821 3,474 Total revenues $ 18,032 $ 14,670 |
Schedule of long-lived assets by geographical area | Identifiable long-lived assets by location was as follows (in thousands): March 31, 2021 December 31, 2020 United States $ 31,248 $ 31,176 |
Schedule of intangible assets and goodwill | Identifiable goodwill by reporting unit was as follows (in thousands): As of March 31, 2021 and December 31, 2020 Performance Enzymes Novel Biotherapeutics Total Goodwill $ 2,463 $ 778 $ 3,241 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Analysis of allowance for credit losses | The following table summarizes the financial assets allowance for credit losses (in thousands): Three months ended March 31, 2021 2020 Allowance for credit losses $ 74 34 |
Summary of accounts receivable by aging | The following tables summarize accounts receivable by aging category (in thousands): March 31, 2021 Current 31-60 Days 61-90 Days 91 Days and over Total balance Accounts receivable $ 11,329 $ 35 $ — $ 4 $ 11,368 December 31, 2020 Current 31-60 Days 61-90 Days 91 Days and over Total balance Accounts receivable $ 13,172 $ 688 $ 7 $ 27 $ 13,894 |
Description of Business (Detail
Description of Business (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Nestec Ltd. (Nestle Health Sciences) [Member] | CDX-6114 [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Cumulative catch-up adjustment to revenue, change in measure of progress | $ 3 | ||
Takeda [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Non-refundable cash payment | $ 8.5 | ||
Molecular Assemblies, Inc. [Member] | Series A Preferred Stock [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares purchased | 1,587,050 | ||
Payments to acquire other investments | $ 1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 18,032 | $ 14,670 |
Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 4,929 | 5,225 |
EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,282 | 5,971 |
APAC [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,821 | 3,474 |
Product Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 10,226 | 5,100 |
Research and Development Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,806 | 9,570 |
Performance Enzymes [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 14,229 | 10,874 |
Performance Enzymes [Member] | Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,871 | 2,999 |
Performance Enzymes [Member] | EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 4,537 | 4,401 |
Performance Enzymes [Member] | APAC [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,821 | 3,474 |
Performance Enzymes [Member] | Product Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 10,226 | 5,100 |
Performance Enzymes [Member] | Research and Development Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 4,003 | 5,774 |
Novel Biotherapeutics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,803 | 3,796 |
Novel Biotherapeutics [Member] | Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,058 | 2,226 |
Novel Biotherapeutics [Member] | EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,745 | 1,570 |
Novel Biotherapeutics [Member] | APAC [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Novel Biotherapeutics [Member] | Product Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Novel Biotherapeutics [Member] | Research and Development Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 3,803 | $ 3,796 |
Revenue Recognition - Contracts
Revenue Recognition - Contracts with Customer (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 5,143 | $ 4,526 |
Unbilled receivables | 11,298 | 10,942 |
Contract costs | 58 | 90 |
Contract liabilities: deferred revenue | $ 4,797 | $ 4,791 |
Revenue Recognition - Textual (
Revenue Recognition - Textual (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Impairment charges related to contract assets | $ 0 | $ 0 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Recognized During Period (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 862 | $ 57 |
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods | 24 | (643) |
Performance obligations satisfied from new activities in the period - contract revenue | 17,146 | 15,256 |
Total revenues | $ 18,032 | $ 14,670 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligation (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 4,797 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 1,830 |
Expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 67 |
Expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 977 |
Expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 1,923 |
Expected timing of satisfaction, period | |
Product Revenue [Member] | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 2,821 |
Product Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 400 |
Expected timing of satisfaction, period | 9 months |
Product Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 67 |
Expected timing of satisfaction, period | 1 year |
Product Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 431 |
Expected timing of satisfaction, period | 1 year |
Product Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 1,923 |
Expected timing of satisfaction, period | |
Research and Development Revenue [Member] | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 1,976 |
Research and Development Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 1,430 |
Expected timing of satisfaction, period | 9 months |
Research and Development Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 0 |
Expected timing of satisfaction, period | 1 year |
Research and Development Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 546 |
Expected timing of satisfaction, period | 1 year |
Research and Development Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligation | $ 0 |
Expected timing of satisfaction, period |
Net Loss per Share (Details)
Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Shares Issuable Under the Equity Incentive Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded as anti-dilutive (shares) | 5,497 | 5,071 |
Investments in Non-Marketable_3
Investments in Non-Marketable Securities - Textual (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Marketable Securities [Line Items] | ||
Interest income from amortization of discount | $ 100,000 | $ 0 |
Other expenses | 68,000 | 0 |
Unrealized or realized gains or losses | 0 | 0 |
Security Owned Not Readily Marketable MAI [Member] | ||
Marketable Securities [Line Items] | ||
Unrealized or realized gains or losses | $ 0 | $ 0 |
Investments in Non-Marketable_4
Investments in Non-Marketable Securities - Carrying Value and Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Adjusted Cost and Carrying Value | $ 1,067 | $ 1,000 |
Fair Value | 1,067 | 1,000 |
Security Owned Not Readily Marketable MAI [Member] | ||
Marketable Securities [Line Items] | ||
Investment in non-marketable equity securities | $ 2,350 | $ 1,450 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Summary of financial instruments measured at fair value on a recurring basis | |||
Investment in non-marketable debt security | $ 1,067,000 | $ 1,000,000 | |
Total | 123,142,000 | 128,567,000 | |
Convertible Debt [Member] | |||
Summary of financial instruments measured at fair value on a recurring basis | |||
Credit losses | 0 | $ 0 | |
Other-than-temporary impairment losses | 0 | $ 0 | |
Money Market Funds [Member] | |||
Summary of financial instruments measured at fair value on a recurring basis | |||
Money market funds | 122,075,000 | 127,567,000 | |
Level 1 [Member] | |||
Summary of financial instruments measured at fair value on a recurring basis | |||
Total | 122,075,000 | 127,567,000 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Summary of financial instruments measured at fair value on a recurring basis | |||
Money market funds | 122,075,000 | 127,567,000 | |
Level 3 [Member] | |||
Summary of financial instruments measured at fair value on a recurring basis | |||
Investment in non-marketable debt security | 1,067,000 | 1,000,000 | |
Total | $ 1,067,000 | $ 1,000,000 |
Balance Sheets Details - Cash a
Balance Sheets Details - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Cash and Cash Equivalents [Line Items] | |||
Adjusted Cost | $ 139,748 | $ 149,117 | $ 87,327 |
Money Market Funds [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Adjusted Cost | 122,075 | 127,567 | |
Estimated Fair Value | 122,075 | 127,567 | |
Cash [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Adjusted Cost | $ 17,600 | $ 21,500 |
Balance Sheets Details - Invent
Balance Sheets Details - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Inventory Components | ||
Raw materials | $ 77 | $ 77 |
Work-in-process | 107 | 82 |
Finished goods | 845 | 805 |
Inventories | $ 1,029 | $ 964 |
Balance Sheets Details - Proper
Balance Sheets Details - Property and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 44,133 | $ 43,048 | |
Less: accumulated depreciation and amortization | (33,737) | (33,373) | |
Property and equipment, net | 10,396 | 9,675 | |
Depreciation | 659 | $ 438 | |
Laboratory equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 27,491 | 25,468 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 10,785 | 10,785 | |
Computer equipment and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 3,236 | 3,192 | |
Office equipment and furniture [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 1,246 | 1,246 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 1,375 | $ 2,357 |
Balance Sheets Details - Goodwi
Balance Sheets Details - Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Details [Abstract] | ||
Goodwill | $ 3,241 | $ 3,241 |
Balance Sheets Details - Other
Balance Sheets Details - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheets Details [Abstract] | ||
Accrued purchases | $ 5,749 | $ 7,170 |
Accrued professional and outside service fees | 3,527 | 2,589 |
Other | 240 | 513 |
Total | $ 9,516 | $ 10,272 |
Stock-based Compensation - Equi
Stock-based Compensation - Equity Incentive Plans (Details) - 2019 Plan [Member] - shares | Jun. 30, 2019 | Apr. 22, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant | 7,897,144 | |
Maximum number of shares to be issued upon exercise of stock options | 14,000,000 | |
Number of shares authorized | 8,100,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Options (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Incentive Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock | 100.00% |
Non-Statutory Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock | 85.00% |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percent of voting interests | 10.00% |
Purchase price of common stock above minimum threshold | 110.00% |
Expiration period | 10 years |
Award vesting period | 4 years |
Stock Options [Member] | Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights (percent) | 25.00% |
Stock Options [Member] | Tranche Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights (percent) | 75.00% |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) - RSUs [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Award vesting rights (percent) | 33.00% |
Tranche Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
Award vesting rights (percent) | 25.00% |
Stock-based Compensation - PSUs
Stock-based Compensation - PSUs and PBOs (Details) - Performance Shares [Member] - installment | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of installments | 2 | ||
Performance awards, threshold level, number of shares, multiplier | 0 | ||
Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (percent) | 50.00% | ||
Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (percent) | 50.00% | ||
2021 PSU And 2021 PBO [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated performance goal achievement rate | 100.00% | ||
2020 PSU and PBO [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated performance goal achievement rate | 88.00% | ||
2020 PSU and PBO [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (percent) | 50.00% | ||
2020 PSU and PBO [Member] | Tranche Two [Member] | Forecast [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (percent) | 50.00% | ||
2019 PSU and PBO [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated performance goal achievement rate | 84.00% | ||
2019 PSU and PBO [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (percent) | 50.00% | ||
2019 PSU and PBO [Member] | Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (percent) | 50.00% |
Stock-based Compensation - St_2
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 2,687 | $ 2,169 |
Stock Options [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 665 | 541 |
Compensation not yet recognized, stock options | 5,300 | |
RSUs and RSAs [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 542 | 599 |
Compensation not yet recognized, share-based awards other than options | 4,700 | |
PSUs [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 470 | 331 |
Compensation not yet recognized, share-based awards other than options | 2,000 | |
PBOs [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 1,010 | 698 |
Compensation not yet recognized, share-based awards other than options | 3,300 | |
Research and Development [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 477 | 424 |
Selling, General and Administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 2,210 | $ 1,745 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Stock options exercised (shares) | 118,437 | 5,333 |
Weighted average exercise price of stock options exercised (usd per share) | $ 10.33 | $ 7.31 |
Proceeds from exercises of stock options | $ 1,223 | $ 39 |
Commitments and Contingencies -
Commitments and Contingencies - Textual (Details) | Jun. 30, 2017USD ($) | Apr. 30, 2017USD ($) | Feb. 28, 2017USD ($) | Mar. 31, 2021USD ($)ft²numberOfRenewalOptionreportingUnit | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2020ft² | Jan. 31, 2020ft² |
Commitments and Contingencies [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 77,300 | |||||||
Number of options to extend | numberOfRenewalOption | 1 | |||||||
Asset retirement obligations | $ 200,000 | $ 200,000 | ||||||
Accretion expense related to asset retirement obligation | 0 | $ 0 | ||||||
Capital lease obligations incurred | $ 300,000 | $ 400,000 | ||||||
Term of contract | 3 years | 3 years | ||||||
Indemnification Agreement [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Loss contingency accrual | 0 | |||||||
Credit Availability Concentration Risk [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Concentration risk, percentage | 80.00% | |||||||
Term Loan [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Borrowing capacity | $ 10,000,000 | |||||||
Stated interest rate | 3.75% | |||||||
Basis spread on variable rate (percent) | 0.50% | |||||||
Revolving Credit Facility [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Borrowing capacity | $ 5,000,000 | |||||||
Stated interest rate | 4.25% | |||||||
Basis spread on variable rate (percent) | 1.00% | |||||||
Demand Deposits [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Non-current restricted cash | $ 1,100,000 | $ 1,100,000 | ||||||
200-220 Penobscot [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 28,200 | |||||||
400 Penobscot [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 37,900 | |||||||
Renewal term | 5 years | |||||||
501 Chesapeake [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 11,200 | |||||||
Number of options to extend | numberOfRenewalOption | 1 | |||||||
Renewal term | 5 years | |||||||
101 Saginaw [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 29,900 | |||||||
Sublease [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 3,400 | 26,500 | ||||||
San Carlos [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 36,593 | |||||||
Number of options to extend | reportingUnit | 1 | |||||||
Annualized rent | $ 2,500,000 | |||||||
Annual rent increases (as a percent) | 3.00% | |||||||
Lease term | 10 years | |||||||
Renewal term | 5 years | |||||||
San Carlos [Member] | Leaseholds and Leasehold Improvements [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Tenant improvement allowance | $ 6,300,000 | |||||||
San Carlos [Member] | Asset under Construction [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Tenant improvement allowance | 2,700,000 | |||||||
Annualized rent | $ 400,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease, Cost [Abstract] | ||
Finance lease amortization of right-of-use assets | $ 26 | $ 54 |
Operating lease cost | 1,032 | 1,068 |
Short-term lease cost | 0 | 31 |
Sublease income | 0 | (55) |
Total lease cost | $ 1,058 | $ 1,098 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Lease Information (Details) | Mar. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted-average remaining lease term (in years) | 5 years 2 months 12 days |
Weighted-average discount rate | 6.60% |
Commitments and Contingencies_4
Commitments and Contingencies - Cash Paid for Lease Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ 1,042 | $ 354 |
Finance Lease, Principal Payments | $ 0 | $ 51 |
Commitments and Contingencies_5
Commitments and Contingencies - Maturity Analysis of Operating Lease (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
2021 (remaining 9 months) | $ 3,156 |
2022 | 4,285 |
2023 | 4,589 |
2024 | 4,726 |
2025 | 4,868 |
Thereafter | 8,627 |
Total minimum lease payments | 30,251 |
Less: imputed interest | (5,932) |
Operating Lease, Liability | $ 24,319 |
Commitments and Contingencies_6
Commitments and Contingencies - Estimated Maturity Analysis (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
2021 (remaining 9 months) | $ 3,156 |
2022 | 4,285 |
2023 | 4,589 |
2024 | 4,726 |
2025 | 4,868 |
2026 and thereafter | 8,627 |
Total minimum lease payments | 30,251 |
San Carlos [Member] | |
Operating Leases | |
2021 (remaining 9 months) | 34 |
2022 | 2,925 |
2023 | 3,001 |
2024 | 3,079 |
2025 | 3,159 |
2026 and thereafter | 19,525 |
Total minimum lease payments | $ 31,723 |
Commitments and Contingencies_7
Commitments and Contingencies - Other Commitments (Details) - Supply Commitment [Member] $ in Thousands | Mar. 31, 2021USD ($) |
Other Commitments [Line Items] | |
Future Minimum Payment | $ 2,429 |
April 2016 [Member] | |
Other Commitments [Line Items] | |
Future Minimum Payment | 55 |
September 2019 [Member] | |
Other Commitments [Line Items] | |
Future Minimum Payment | $ 2,374 |
Related Party Transactions - Mo
Related Party Transactions - Molecular Assemblies, Inc. (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 10 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Investment at cost basis | $ 2,350,000 | $ 2,350,000 | $ 1,450,000 | ||
Contract assets | 5,143,000 | 5,143,000 | 4,526,000 | ||
Molecular Assemblies, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Contract assets | 0 | $ 0 | $ 500,000 | ||
Molecular Assemblies, Inc. [Member] | MCRA [Member] | |||||
Related Party Transaction [Line Items] | |||||
Research and development revenue from transactions with MAI | $ 100,000 | $ 0 | |||
Series A Preferred Stock [Member] | Molecular Assemblies, Inc. [Member] | MCRA [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares received in exchange for services | 0 | 3,729,563 | |||
Number of shares received in exchange for services | 1,428,342 | ||||
Number of shares received in exchange for services | 1,428,342 | ||||
Molecular Assemblies, Inc. [Member] | Series A Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares purchased | 1,587,050 | ||||
Payments to acquire other investments | $ 1,000,000 |
Related Party Transactions - As
Related Party Transactions - AstraZeneca PLC (Details) - Director [Member] - Transactions With AstraZeneca PLC [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 100,000 | $ 100,000 | |
Accounts receivable from related parties | $ 0 |
Segment, Geographical and Oth_3
Segment, Geographical and Other Revenue Information - Textual (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Segment, Geographical and Oth_4
Segment, Geographical and Other Revenue Information - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 18,032 | $ 14,670 |
Cost of product revenue | 4,218 | 2,541 |
Research and development | 11,571 | 10,967 |
Selling, general and administrative | 11,398 | 8,989 |
Total costs and operating expenses | 27,187 | 22,497 |
Income (loss) from operations | (9,155) | (7,827) |
Unallocated depreciation and amortization | (659) | (438) |
Income (loss) before income taxes | (9,066) | (7,647) |
Stock-based compensation | 2,687 | 2,169 |
Performance Enzymes [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 14,229 | 10,874 |
Novel Biotherapeutics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 3,803 | 3,796 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 18,032 | 14,670 |
Cost of product revenue | 4,218 | 2,541 |
Research and development | 11,049 | 10,621 |
Selling, general and administrative | 3,418 | 2,936 |
Total costs and operating expenses | 18,685 | 16,098 |
Income (loss) from operations | (653) | (1,428) |
Stock-based compensation | 2,687 | 2,169 |
Operating Segments [Member] | Performance Enzymes [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 14,229 | 10,874 |
Cost of product revenue | 4,218 | 2,541 |
Research and development | 6,444 | 5,696 |
Selling, general and administrative | 2,818 | 2,345 |
Total costs and operating expenses | 13,480 | 10,582 |
Income (loss) from operations | 749 | 292 |
Stock-based compensation | 994 | 756 |
Operating Segments [Member] | Novel Biotherapeutics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 3,803 | 3,796 |
Cost of product revenue | 0 | 0 |
Research and development | 4,605 | 4,925 |
Selling, general and administrative | 600 | 591 |
Total costs and operating expenses | 5,205 | 5,516 |
Income (loss) from operations | (1,402) | (1,720) |
Stock-based compensation | 238 | 241 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total costs and operating expenses | (7,728) | (5,727) |
Unallocated depreciation and amortization | (685) | (492) |
Income (loss) before income taxes | (9,066) | (7,647) |
Stock-based compensation | 1,455 | 1,172 |
Product Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 10,226 | 5,100 |
Product Revenue [Member] | Performance Enzymes [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 10,226 | 5,100 |
Product Revenue [Member] | Novel Biotherapeutics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0 | 0 |
Product Revenue [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 10,226 | 5,100 |
Product Revenue [Member] | Operating Segments [Member] | Performance Enzymes [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 10,226 | 5,100 |
Product Revenue [Member] | Operating Segments [Member] | Novel Biotherapeutics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0 | 0 |
Research and Development Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 7,806 | 9,570 |
Research and Development Revenue [Member] | Performance Enzymes [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 4,003 | 5,774 |
Research and Development Revenue [Member] | Novel Biotherapeutics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 3,803 | 3,796 |
Research and Development Revenue [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 7,806 | 9,570 |
Research and Development Revenue [Member] | Operating Segments [Member] | Performance Enzymes [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 4,003 | 5,774 |
Research and Development Revenue [Member] | Operating Segments [Member] | Novel Biotherapeutics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 3,803 | $ 3,796 |
Segment, Geographical and Oth_5
Segment, Geographical and Other Revenue Information - Concentration Risk (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue, Product and Service Benchmark [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 28.00% | 24.00% | |
Revenue, Product and Service Benchmark [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.00% | ||
Revenue, Product and Service Benchmark [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.00% | 15.00% | |
Revenue, Product and Service Benchmark [Member] | Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | 11.00% | |
Revenue, Product and Service Benchmark [Member] | Customer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.00% | ||
Accounts Receivable [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 41.00% | 32.00% | |
Accounts Receivable [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 25.00% | ||
Accounts Receivable [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.00% | 13.00% | |
Accounts Receivable [Member] | Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.00% | ||
Accounts Receivable [Member] | Customer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.00% |
Segment, Geographical and Oth_6
Segment, Geographical and Other Revenue Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 18,032 | $ 14,670 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 4,929 | 5,225 |
EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 6,282 | 5,971 |
APAC [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 6,821 | $ 3,474 |
Segment, Geographical and Oth_7
Segment, Geographical and Other Revenue Information - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
United States [Member] | ||
Geographic Areas, Long-Lived Assets [Abstract] | ||
Long-lived assets | $ 31,248 | $ 31,176 |
Segment, Geographical and Oth_8
Segment, Geographical and Other Revenue Information - Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 3,241 | $ 3,241 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 3,241 | 3,241 |
Operating Segments [Member] | Performance Enzymes [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 2,463 | 2,463 |
Operating Segments [Member] | Novel Biotherapeutics [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 778 | $ 778 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Analysis of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Receivables [Abstract] | |||
Allowance for credit losses | $ 74 | $ 74 | $ 34 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Finance Receivables by Aging Category (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Current | $ 11,329 | $ 13,172 |
Total balance | 11,368 | 13,894 |
31-60 Days [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Past due | 35 | 688 |
61-90 Days [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Past due | 0 | 7 |
91 Days and Over [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Past due | $ 4 | $ 27 |
Subsequent Event (Details)
Subsequent Event (Details) - Molecular Assemblies, Inc. [Member] - Series A Preferred Stock [Member] - USD ($) $ in Thousands | 1 Months Ended | |
Apr. 30, 2021 | Jun. 30, 2020 | |
Subsequent Event [Line Items] | ||
Number of shares purchased | 1,587,050 | |
Payments to acquire other investments | $ 1,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of shares purchased | 1,000,000 | |
Payments to acquire other investments | $ 600 |
Uncategorized Items - cdxs-2021
Label | Element | Value |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 1,689,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 2,113,000 |