Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ChemoCentryx, Inc. | ||
Entity Central Index Key | 0001340652 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-35420 | ||
Entity Tax Identification Number | 94-3254365 | ||
Entity Address, Address Line One | 835 Industrial Road | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, City or Town | San Carlos | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94070 | ||
City Area Code | 650 | ||
Local Phone Number | 210-2900 | ||
Trading Symbol | CCXI | ||
Entity Incorporation, State or Country Code | DE | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Entity Common Stock, Shares Outstanding | 70,840,622 | ||
Entity Public Float | $ 387.1 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2021 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Annual Report on Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended December 31, 2021. | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Redwood City, California | ||
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 49,978 | $ 32,297 |
Short-term investments | 214,514 | 404,273 |
Accounts receivable, net | 411 | 137 |
Accounts receivable from related party | 43 | 32 |
Inventory | 851 | 0 |
Prepaid expenses and other current assets | 3,380 | 4,831 |
Total current assets | 269,177 | 441,570 |
Property and equipment, net | 32,269 | 25,160 |
Long-term investments | 97,856 | 23,800 |
Operating lease right-of-use assets | 24,806 | 26,911 |
Other assets | 1,544 | 1,458 |
Total assets | 425,652 | 518,899 |
Current liabilities: | ||
Accounts payable | 6,746 | 12,875 |
Accrued and other current liabilities | 26,358 | 19,794 |
Long-term debt, current | 18,920 | 6,302 |
Deferred revenue from related party | 10,993 | 12,587 |
Total current liabilities | 63,017 | 51,558 |
Long-term debt, net | 4,715 | 18,099 |
Non-current deferred revenue from related party | 24,772 | 24,000 |
Non-current lease liabilities | 46,830 | 38,671 |
Other non-current liabilities | 198 | 958 |
Total liabilities | 139,532 | 133,286 |
Commitments (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 70,357,557 and 69,452,466 shares issued and outstanding at December 31, 2021 and 2020, respectively | 70 | 69 |
Additional paid-in capital | 903,646 | 870,788 |
Note receivable | (16) | (16) |
Accumulated other comprehensive (loss) income | (483) | 114 |
Accumulated deficit | (617,097) | (485,342) |
Total stockholders’ equity | 286,120 | 385,613 |
Total liabilities and stockholders’ equity | $ 425,652 | $ 518,899 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 70,357,557 | 69,452,466 |
Common stock, shares outstanding | 70,357,557 | 69,452,466 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Product sales, net | $ 965 | $ 0 | $ 0 |
Product supply sales to related party | 1,836 | 0 | 0 |
Collaboration and license revenue from related party | 29,099 | 64,392 | 35,952 |
Grant revenue | 324 | 499 | 176 |
Total revenue | 32,224 | 64,891 | 36,128 |
Operating expenses: | |||
Cost of sales | 302 | 0 | 0 |
Research and development | 82,990 | 77,882 | 70,276 |
Selling, general and administrative | 78,851 | 42,186 | 24,155 |
Total operating expenses | 162,143 | 120,068 | 94,431 |
Loss from operations | (129,919) | (55,177) | (58,303) |
Other income (expense): | |||
Interest income | 859 | 2,464 | 4,963 |
Interest expense | (2,695) | (2,643) | (2,149) |
Total other income (expense), net | (1,836) | (179) | 2,814 |
Net loss | $ (131,755) | $ (55,356) | $ (55,489) |
Net loss per common share | |||
Basic and diluted net loss per common share | $ (1.89) | $ (0.84) | $ (0.98) |
Shares used to compute basic and diluted net loss per common share | 69,851 | 65,688 | 56,898 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (131,755) | $ (55,356) | $ (55,489) |
Unrealized gain (loss) on available-for-sale securities | (597) | (204) | 516 |
Comprehensive loss | $ (132,352) | $ (55,560) | $ (54,973) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Note Receivable [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2018 | $ 14,738 | $ 51 | $ 389,398 | $ (16) | $ (198) | $ (374,497) |
Beginning Balance, shares at Dec. 31, 2018 | 50,652,238 | |||||
Net loss | (55,489) | $ 0 | 0 | 0 | 0 | (55,489) |
Unrealized gain/(loss) on investments | 516 | 0 | 0 | 0 | 516 | 0 |
Issuance of common stock through Equity Distribution Agreement,net of issuance costs (Note 11) | $ 73,276 | $ 6 | 73,270 | 0 | 0 | 0 |
Issuance of common stock through Equity Distribution Agreement,net of issuance costs (Note 11), shares | 6,491,196 | 6,491,196 | ||||
Issuance of common stock under equity incentive and employee stock purchase plans | $ 22,634 | $ 3 | 22,631 | 0 | 0 | 0 |
Issuance of common stock under equity incentive and employee stock purchase plans, shares | 3,216,876 | |||||
Repurchased shares upon vesting of restricted stock units for tax withholdings | (1,313) | $ 0 | (1,313) | 0 | 0 | 0 |
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares | (125,526) | |||||
Employee stock-based compensation | 11,349 | $ 0 | 11,349 | 0 | 0 | 0 |
Compensation expense related to options granted to consultants | 289 | 0 | 289 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2019 | 66,000 | $ 60 | 495,624 | (16) | 318 | (429,986) |
Ending Balance, shares at Dec. 31, 2019 | 60,234,784 | |||||
Net loss | (55,356) | $ 0 | 0 | 0 | 0 | (55,356) |
Unrealized gain/(loss) on investments | (204) | 0 | 0 | 0 | (204) | 0 |
Issuance of common stock through Equity Distribution Agreement,net of issuance costs (Note 11) | 325,654 | $ 6 | 325,648 | 0 | 0 | 0 |
Issuance of common stock through Equity Distribution Agreement,net of issuance costs (Note 11), shares | 5,980,000 | |||||
Issuance of common stock under equity incentive and employee stock purchase plans | 30,316 | $ 3 | 30,313 | 0 | 0 | 0 |
Issuance of common stock under equity incentive and employee stock purchase plans, shares | 3,330,141 | |||||
Repurchased shares upon vesting of restricted stock units for tax withholdings | (3,709) | $ 0 | (3,709) | 0 | 0 | 0 |
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares | (92,459) | |||||
Employee stock-based compensation | 20,948 | $ 0 | 20,948 | 0 | 0 | 0 |
Compensation expense related to options granted to consultants | 1,964 | 0 | 1,964 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2020 | $ 385,613 | $ 69 | 870,788 | (16) | 114 | (485,342) |
Ending Balance, shares at Dec. 31, 2020 | 69,452,466 | 69,452,466 | ||||
Net loss | $ (131,755) | $ 0 | 0 | 0 | 0 | (131,755) |
Unrealized gain/(loss) on investments | (597) | 0 | 0 | 0 | (597) | 0 |
Issuance of common stock under equity incentive and employee stock purchase plans | 7,440 | $ 1 | 7,439 | 0 | 0 | 0 |
Issuance of common stock under equity incentive and employee stock purchase plans, shares | 991,434 | |||||
Repurchased shares upon vesting of restricted stock units for tax withholdings | (5,273) | $ 0 | (5,273) | 0 | 0 | 0 |
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares | (86,343) | |||||
Employee stock-based compensation | 28,669 | $ 0 | 28,669 | 0 | 0 | 0 |
Compensation expense related to options granted to consultants | 2,023 | 0 | 2,023 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2021 | $ 286,120 | $ 70 | $ 903,646 | $ (16) | $ (483) | $ (617,097) |
Ending Balance, shares at Dec. 31, 2021 | 70,357,557 | 70,357,557 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating activities | ||||
Net loss | $ (131,755) | $ (55,356) | $ (55,489) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation | 30,692 | 22,912 | 11,638 | |
Depreciation of property and equipment | 3,139 | 797 | 550 | |
Non-cash lease expense | 1,583 | 1,970 | 1,092 | |
Non-cash interest (income) expense, net | 4,349 | 1,490 | (1,499) | |
Changes in assets and liabilities: | ||||
Accounts receivable, net | (274) | 39 | (176) | |
Accounts receivable from related party | (11) | (32) | 2,058 | |
Inventory | (851) | 0 | 0 | |
Prepaids and other current assets | 1,672 | (2,492) | 719 | |
Other assets | (86) | (49) | 61 | |
Accounts payable | 2,610 | 2,982 | 188 | |
Operating lease liabilities | 10,646 | 10,270 | (1,114) | |
Other liabilities | 3,487 | 576 | 5,573 | |
Deferred revenue from related party | (822) | (64,250) | (33,724) | |
Net cash used in operating activities | (75,621) | (81,143) | (70,123) | |
Investing activities | ||||
Purchases of property and equipment, net | (19,020) | (15,409) | (790) | |
Purchases of investments | (307,449) | (445,671) | (211,973) | |
Sales of investments | 0 | 0 | 4,967 | |
Maturities of investments | 418,688 | 178,720 | 195,270 | |
Net cash provided by (used in) investing activities | 92,219 | (282,360) | (12,526) | |
Financing activities | ||||
Proceeds from issuance of common stock | 0 | 325,654 | 73,276 | |
Proceeds from exercise of stock options and employee stock purchase plan | 7,405 | 30,318 | 22,857 | |
Employees' tax withheld and paid for restricted stock units | (5,273) | (3,709) | (1,313) | |
Borrowings under credit facility agreement, net of issuance costs | 0 | 4,358 | 0 | |
Payments of long-term debt | (1,049) | 0 | 0 | |
Net cash provided by financing activities | 1,083 | 356,621 | 94,820 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 17,681 | (6,882) | 12,171 | |
Cash, cash equivalents and restricted cash at beginning of period | 33,377 | 40,259 | 28,088 | |
Cash, cash equivalents and restricted cash at end of period | 51,058 | 33,377 | 40,259 | |
Supplemental disclosures of cash flow information | ||||
Cash paid for interest | 2,027 | 1,947 | 1,735 | |
Right-of-use assets obtained in exchange for lease obligations | [1] | 522 | 27,177 | 2,796 |
Purchases of property and equipment, net recorded in accounts payable and accrued liabilities | $ 0 | $ 8,394 | $ 378 | |
[1] | Amounts for the year ended December 31, 2019 include the transition adjustment of $ 1,301 for the adoption of Accounting Standards Codification (ASC) Topic 842 Leases (ASC 842). |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Right-of-use assets obtained in exchange for lease obligations | $ 2,796 | [1] |
Accounting Standards Update 2016-02 [Member] | ||
Right-of-use assets obtained in exchange for lease obligations | $ 1,301 | |
[1] | Amounts for the year ended December 31, 2019 include the transition adjustment of $ 1,301 for the adoption of Accounting Standards Codification (ASC) Topic 842 Leases (ASC 842). |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business ChemoCentryx, Inc. (the Company) commenced operations in 1997. The Company is an integrated United States biopharmaceutical company focused on the development and commercialization of new medications targeting inflammatory disorders, autoimmune diseases and cancer. The Company discovered, developed and is now commercializing TAVNEOS ® (avacopan) in the United States as an adjunctive treatment for adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis (ANCA-associated vasculitis) in combination with standard therapy. The Company’s principal operations are in the U.S. and it operates in one segment . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the Company’s accounts and those of its wholly owned subsidiaries, ChemoCentryx Ireland Limited and ChemoCentryx Limited. The operations of ChemoCentryx Ireland Limited and ChemoCentryx Limited have been immaterial to date. All intercompany amounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Cash Equivalents and Investments The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company limits its concentration of risk by diversifying its investments among a variety of issuers. All investments are classified as available for sale and are recorded at fair value based on quoted prices in active markets or based upon other observable inputs, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses and unrealized declines in fair value that are attributed to credit-related factors are reflected in the statement of operations. The cost of securities sold is based on the specific-identification method. Accounts Receivable, net The Company’s accounts receivable consists of amounts due from customers related to product sales and have standard payment terms. For certain customers, the accounts receivable for the customer is net of prompt pay discounts. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company does not require collateral from customers. The Company reserves against accounts receivable for estimated losses that may arise from a customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The Company began commercializing TAVNEOS in the U.S. in October 2021 and had no accounts receivable from product sales prior to October 2021. The Company has historically not experienced significant credit losses and no amounts were reserved for estimated losses as of December 31, 2021. 2. Summary of Significant Accounting Policies (continued) Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts receivable and accounts payable, approximate their fair value due to their short maturities. Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. The valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Concentration of Credit Risk The Company invests in a variety of financial instruments and, by its policy, limits the amount of credit exposure with any one issuer, industry or geographic area. For the years ended December 31, 2021, 2020 and 2019, 96 %, 99.2 % and 99.5 %, respectively, of the Company’s total revenue was derived from the Company’s collaboration with Vifor (International) Ltd., and/or its affiliates, or collectively, Vifor. Accounts receivable are typically unsecured and are concentrated in the pharmaceutical industry and government sector. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies and government funded entities. The Company has not historically experienced any significant losses due to concentration of credit risk. Inventory The Company values its inventories at the lower-of-cost or net realizable value on a first-in, first-out, or FIFO, basis. Inventories include the cost for raw materials, third party contract manufacturing and packaging services, and indirect personnel and overhead associated with production. The Company performs an assessment of the recoverability of inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of sales in the consolidated statements of operations. The Company capitalizes inventory costs associated with products when future commercialization is considered probable and the future economic benefit is expected to be realized which is typically when regulatory approval is obtained for a drug candidate. As such, the Company begins capitalizing costs as inventory when a drug candidate receives regulatory approval. Prior to regulatory approval, the Company recorded inventory costs related to drug candidates as research and development expense. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from five to seven years . Tenant improvements are depreciated over the lesser of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its respective fair value. To date, the Company has no t recorded any impairment losses. 2. Summary of Significant Accounting Policies (continued) Leases Effective January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach. Amounts presented prior to the adoption of ASC 842 have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC Topic 840, Leases (ASC 840). The Company determines if an arrangement includes a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, accrued and other current liabilities and other non-current liabilities on the Company’s Condensed Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses the incremental borrowing rate based on the information available at lease commencement date in determining the present value of future payments. The operating lease ROU asset also excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise any such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to apply the recognition requirements for short-term leases. For lease agreements with lease and non-lease components, the Company generally accounts for them separately. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC 606), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Sales, net and Product Supply Sales Product Sales: The Company sells TAVNEOS to a limited number of specialty pharmacies and a specialty distributor. These customers subsequently dispense TAVNEOS directly to a patient or resell it to hospitals and certain pharmacies. The Company recognizes product sales when the customer obtains control of the Company’s product, which occurs typically upon delivery to the customer. Product sales to these customers are recorded net of reserves established for distributor service fees and prompt payment discounts as stated in agreements, estimates for product returns, government rebates, chargebacks and the Company’s co-pay assistance program for patients. The Company estimates these reserves using the expected value approach. The Company believes its estimated reserves require significant judgment and may adjust these estimates as it accumulates historical data and assesses other quantitative and qualitative factors. Differences from actual results and changes to these estimates will be reported in the period that the differences become known. Product Supply: Under the commercial supply agreement with Vifor, the Company sells product at contractual prices and recognizes revenue upon delivery to Vifor or its sublicensees. 2. Summary of Significant Accounting Policies (continued) Collaboration and License Revenue The Company enters into corporate collaborations under which it may obtain upfront license fees, research and development funding and development and regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, distribution rights, research and development services, delivery of manufactured product, and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: At the inception of each arrangement that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. There are two alternatives to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. Whichever method is used, it should be consistently applied throughout the life of the contract; however, it is not necessary for the Company to use the same approach for all contracts. The Company expects to use the most likely amount method for development and regulatory milestone payments. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of each such milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Commercial milestones and royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue when the related sales occur. To date, the Company has not recognized any royalty revenue resulting from its collaboration arrangements. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Revenue from government and private agency grants is recognized as the related research and development expenses are incurred and to the extent that funding is approved. 2. Summary of Significant Accounting Policies (continued) Cost of Sales Cost of sales for product sales and product supply consists primarily of direct and indirect costs related to the manufacturing of TAVNEOS products sold, including third-party manufacturing costs, packaging services, freight, storage costs, allocation of overhead costs of employees involved with production and net sales-based royalties expense. The Company began capitalizing costs related to inventory in October 2021 upon the U.S. Food and Drug Administration (FDA) approval of TAVNEOS. Manufacturing costs associated with campaigns initiated prior to FDA approval are recorded as research and development expense. Research and Development Expenses All research and development expenses are recognized as incurred. Research and development expenses include, but are not limited to, salaries and related benefits, including stock-based compensation, third-party contract costs relating to research, formulation, manufacturing, preclinical study and clinical trial activities, laboratory consumables and allocated facility costs. Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed. 2. Summary of Significant Accounting Policies (continued) Stock-Based Compensation The Company measures stock-based compensation cost at the grant date based on the fair value of the award, and recognizes the expense over the award’s vesting periods on a straight-line basis. The fair value of a stock option is estimated using the Black-Scholes valuation model, which requires that, at the date of grant, assumptions are made with respect to the expected life of the option, the volatility of the fair value of the Company’s common stock, the risk-free interest rate and the expected dividend yield of the Company’s common stock. The fair value of a restricted stock unit (RSU) and restricted stock award (RSA) is valued at the closing price of the Company’s common stock on the date of the grant. Because stock compensation expense is based on awards ultimately expected to vest, it has been reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. On January 1, 2019 the Company adopted Accounting Standards Update (ASU) No. 2018-07, Compensation – Stock Compensation (Topic 718), which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The measurement of nonemployee stock-based compensation is fixed at the grant date. Prior to the adoption of ASU No. 2018-07, the measurement of nonemployee stock-based compensation was subject to periodic adjustment as the underlying equity instruments vested. Advertising Expense In connection with the FDA approval and commercial launch of TAVNEOS in October 2021, the Company began to incur advertising costs. Advertising costs, which include promotional campaigns and branding expenses, are expensed as incurred. The Company incurred approximately $ 2.5 million of advertising costs during the year ended December 31, 2021. No amounts were incurred during the years ended December 31, 2020 and 2019. Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented, other comprehensive income (loss) consists of unrealized gains (losses) on the Company’s available-for-sale securities. For the year ended December 31, 2019, amounts reclassified from accumulated other comprehensive income (loss) to net loss for unrealized gains on available-for-sale securities were not significant, and were recorded as part of other income, net in the Consolidated Statements of Operations. For the years ended December 31, 2021 and 2020, there were no sales of investments, and therefore there were no reclassifications. Income Taxes The Company uses the liability method for income taxes, whereby deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization for the deferred tax assets does not meet the more-likely-than-not criteria. The Company accounts for uncertain tax positions in the financial statements when it is not more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured at the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. 2. Summary of Significant Accounting Policies (continued) Net Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options and warrants, (ii) vesting of RSUs and RSAs, and (iii) the purchase from contributions to the 2012 Employee Stock Purchase Plan (the ESPP) (calculated based on the treasury stock method), are only included in the calculation of diluted net loss per share when their effect is dilutive. The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Year Ended December 31, 2021 2020 2019 Options to purchase common stock, including 6,776 7,118 9,304 Restricted stock units 398 406 369 Restricted stock awards 15 14 31 Warrant to purchase common stock (1) 150 150 150 7,339 7,688 9,854 (1) In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standard Board ( FASB) issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments . The new standard replaces the incurred loss impairment methodology under the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company is required to use a forward-looking expected credit loss model for accounts receivable and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The new standard was effective for the Company on January 1, 2020. The Company’s adoption on January 1, 2020 did not have a material impact on the consolidated financial statements. The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the consolidated financial statements as a result of future adoption. |
Cash Equivalents, Restricted Ca
Cash Equivalents, Restricted Cash and Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents, Restricted Cash and Investments | 3. Cash Equivalents, Restricted Cash and Investments Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows (in thousands): December 31, 2021 2020 Cash and cash equivalents $ 49,978 $ 32,297 Restricted cash included in Other assets 1,080 1,080 Total cash, cash equivalents and restricted cash $ 51,058 $ 33,377 Restricted cash as of December 31, 2021 and 2020 was held as collateral for a stand-by letter of credit issued by the Company to its landlord in connection with the lease of the Company’s facility in San Carlos, California. See “Note 8. Commitments” for additional information on this lease. Cash Equivalents and Investments The amortized cost and fair value of cash equivalents and investments at December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities 40,397 — ( 160 ) 40,237 Government-sponsored agencies 16,821 — ( 56 ) 16,765 Commercial paper 111,868 — — 111,868 Asset-backed securities 39,988 — ( 62 ) 39,926 Corporate debt securities 103,779 7 ( 212 ) 103,574 Total available-for-sale securities $ 354,813 $ 7 $ ( 490 ) $ 354,330 Classified as: Cash equivalents $ 41,960 Short-term investments 214,514 Long-term investments 97,856 Total available-for-sale securities $ 354,330 3. Cash Equivalents, Restricted Cash and Investments (continued) December 31, 2020 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities 176,625 60 — 176,685 Government-sponsored agencies 12,500 — — 12,500 Commercial paper 140,364 — — 140,364 Asset-backed securities 25,706 23 — 25,729 Corporate debt securities 72,764 38 ( 7 ) 72,795 Total available-for-sale securities $ 458,098 $ 121 $ ( 7 ) $ 458,212 Classified as: Cash equivalents $ 30,139 Short-term investments 404,273 Long-term investments 23,800 Total available-for-sale securities $ 458,212 Cash equivalents in the tables above exclude cash of $ 8.0 million and $ 2.2 million as of December 31, 2021 and 2020, respectively. All available-for-sale securities held as of December 31, 2021 had contractual maturities of less than two years . There have been no significant realized gains or losses on available-for-sale securities for the periods presented. The Company applies the specific identification method to determine the cost basis of the securities sold. No available-for-sale securities held as of December 31, 2021 have been in a continuous unrealized loss position for more than 12 months. As of December 31, 2021, unrealized losses on available-for-sale investments are not attributed to credit risk. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s marketable securities are due to market factors . To date, the Company has not recorded any impairment charges on marketable securities. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: Level 1—Inputs which include quoted prices in active markets for identical assets and liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 4. Fair Value Measurements (continued) Recurring Fair Value Measurements The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Description Level 1 Level 2 Level 3 Total Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities — 40,237 — 40,237 Government-sponsored agencies — 16,765 — 16,765 Commercial paper — 111,868 — 111,868 Asset-backed securities — 39,926 — 39,926 Corporate debt securities — 103,574 — 103,574 Total assets $ 41,960 $ 312,370 $ — $ 354,330 December 31, 2020 Description Level 1 Level 2 Level 3 Total Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities — 176,685 — 176,685 Government-sponsored agencies — 12,500 — 12,500 Commercial paper — 140,364 — 140,364 Asset-backed securities — 25,729 — 25,729 Corporate debt securities — 72,795 — 72,795 Total assets $ 30,139 $ 428,073 $ — $ 458,212 During the years ended December 31, 2021 and 2020, there were no transfers between Level 1 and Level 2 financial assets. When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings. Other Fair Value Measurements The carrying amount and estimated fair value of financial instruments not recorded at fair value at December 31, 2021 and 2020 were as follows (in thousands): December 31, December 31, 2021 2020 Carrying Estimated Carrying Estimated Long-term debt, net (1) $ 23,635 $ 25,046 $ 24,401 $ 25,332 (1) Carrying amounts of long-term debt were net of unamortized debt discounts of $ 316 and $ 599 as of December 31, 2021 and 2020, respectively. 4. Fair Value Measurements (continued) The fair value of the Company's long-term debt is estimated using the net present value of future debt payments, discounted at an interest rate that is consistent with market interest rates, which is a Level 2 input. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consist of the following (in thousands): December 31, 2021 2020 Lab equipment $ 7,419 $ 6,098 Computer equipment and software 959 738 Furniture and fixtures 1,243 381 Tenant improvements 31,368 24,826 40,989 32,043 Less: accumulated depreciation ( 8,720 ) ( 6,883 ) $ 32,269 $ 25,160 |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | 6. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): December 31, 2021 2020 Research and development related $ 11,309 $ 11,062 Compensation related 8,350 5,498 Consulting and professional services 1,348 1,690 Current portion of operating lease liability 2,810 845 Other 2,541 699 $ 26,358 $ 19,794 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt In December 2017, the Company entered into a Loan and Security Agreement with Hercules Capital, Inc. (Hercules), pursuant to which term loans in an aggregate principal amount of up to $ 50.0 million (as amended, the Credit Facility) were available to the Company. As of December 31, 2021, the Company had borrowed $ 20.0 million under the Credit Facility, with an interest rate of 8.05 % per annum, and the remaining available amount had expired. Advances under the Credit Facility bear an interest rate equal to the greater of either (i) 8.05 % plus the prime rate as reported from time to time in The Wall Street Journal (the Prime Rate) minus 4.75 %, and (ii) 8.05 %. The Company made interest-only payments through June 2021 and the first principal and interest payment on July 1, 2021 . The Credit Facility was subsequently amended in July and December 2021 to extend the interest-only payment period through August 1, 2022 , and at which point the Company will then be obligated to repay the principal balance and interest on the advances in equal monthly installments through December 1, 2022 . The Company is obligated to pay an end of term charge of $ 1.3 million in December 2022. On January 8, 2020, the Company entered into an Amended and Restated Loan and Security Agreement (the Amended Loan Agreement) with Hercules, which amended and restated the agreement between the parties, and pursuant to which an additional term loan in an aggregate principal amount of up to $ 100.0 million (the Restated Credit Facility) is available to the Company at its discretion in three tranches. The first tranche of the Restated Credit Facility of up to $ 40.0 million was available to the Company through December 15, 2020, of which $ 20.0 million became available upon submission of the TAVNEOS New Drug Application (NDA) for the treatment of patients with anti-neutrophil cytoplasmic auto-antibody associated vasculitis (ANCA-associated vasculitis). The second tranche of up to an additional $ 30.0 million was available to the Company through December 15, 2021 upon NDA approval of TAVNEOS for the treatment of ANCA-associated vasculitis. The third tranche of up to an additional $ 30.0 million would be available through December 15, 2022, subject to certain conditions. 7. Long-term Debt (continued) Under the Restated Credit Facility, the Company borrowed $5.0 million from the first tranche with an interest rate of 8.50 % per annum as of December 31, 2021. Advances under the Restated Credit Facility bear an initial interest rate equal to the greater of either (i) 8.50% plus the Prime Rate minus 5.25%, and (ii) 8.50%, which may be reduced upon the Company achieving certain cumulative net TAVNEOS revenue levels. For advances under the Restated Credit Facility, the Company would make interest only payments through September 1, 2022 and would then repay the principal balance and interest on the advances in equal monthly installments through February 1, 2024. Upon satisfaction of certain conditions, the interest-only payment period and the principal balance repayment period may be extended. With the FDA approval of TAVNEOS in October 2021, the interest-only payment period and the principal balance repayment period was extended through March 1, 2023 and February 1, 2025, respectively. In addition, the Company will pay an end of term charge of 7.15% of the aggregate amount of the advances under the Restated Credit Facility in February 2025. The Company paid a commitment fee of 1 % of the advances made by Hercules, with a minimum charge of $ 162,500 for the Credit Facility and a minimum charge of $ 520,000 for the Restated Credit Facility. Also, the Company reimbursed Hercules for costs incurred related to the Restated Credit Facility . These charges were recorded as discounts to the carrying value of the loan and are amortized over the term of the loan using the effective interest method. In addition, the Company may prepay advances under the Restated Credit Facility, in whole or in part, at any time, subject to a prepayment charge that ranges from 1.0 % to 2.0 %, depending on the timing of the prepayment. The Restated Credit Facility is secured by substantially all of the Company’s assets, excluding intellectual property. The Restated Credit Facility also includes customary loan covenants, with which the Company was in compliance for all periods presented. In connection with the Restated Credit Facility, the Company also entered into a Right to Invest Agreement with Hercules, pursuant to which Hercules shall have the right to participate, in an amount up to $ 3.0 million, in any subsequent equity financing broadly marketed to multiple investors in an amount greater than $ 30.0 million. Hercules purchased $ 1.0 million of the Company’s common stock during the June 2020 equity follow-on offering. See “Note 11. Stockholders’ Equity” for additional information. As of December 31, 2021, the Company had outstanding borrowings under the Amended Loan Agreement of $ 23.6 million, net of discounts of $ 0.3 million. Future minimum principal payments, which exclude the end of term charge, as of December 31, 2021 are as follows (in thousands): Amounts Year ending December 31: 2022 $ 18,951 2023 1,979 2024 2,566 2025 455 Total minimum payments 23,951 Less: amount representing debt discount ( 316 ) Present value of remaining debt payments 23,635 Less: current portion ( 18,920 ) Non-current portion $ 4,715 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 8. Commitments Purchase Obligations The Company has entered into noncancelable agreements with vendors to secure raw materials and contract manufacturing organizations (CMOs) to manufacture its commercial supply of TAVNEOS. Some of these agreements contain binding commitment provisions for orders placed under purchase orders and forecasted quantities within a specified time frame. As of December 31, 2021, the Company’s contractual obligations for the year ending December 31, 2022 under these terms of the agreements are approximately $ 9.9 million. The Company enters into contracts in the normal course of business with CROs for clinical trials and with vendors for preclinical research studies, research supplies and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore are cancelable contracts and not included in the purchase obligations above. Operating Leases In May 2004, the Company entered into a noncancelable operating lease for its previous office and primary research facility located in Mountain View, California. In May 2019, the Company entered into a third amendment to the lease agreement for the same facility to extend the term of the lease through April 2021 . In July 2020, the Company entered into a letter agreement to further extend the lease term through June 2021 . In July 2019, the Company entered into a ten-year operating lease for a 96,463 square foot facility in San Carlos, California to replace its previous headquarters located in Mountain View, California. Upon execution of the lease agreement, the Company provided the landlord an approximately $ 1.1 million security deposit in the form of a letter of credit. The lease commenced in June 2020 and will expire in February 2031 with an option to extend the lease for five years . The lease extension option was not considered in the ROU asset or the lease liability as the Company did not consider it reasonably certain the option would be exercised. Monthly rent payments began in March 2021. Following a six-month period of discounted rent , the Company is obligated to pay an initial annual base rent at a rate of approximately $ 6.5 million, which is subject to scheduled 3 % annual increases, plus certain operating expenses. The Company moved its headquarters to this new facility in April 2021. The Company was provided a tenant improvement allowance of $ 15.4 million plus an additional allowance of $ 4.8 million for the same. The additional allowance is repaid by the Company as additional rent in equal monthly payments at a rate of 7 % per annum through the initial term of the lease. As of December 31, 2021, the Company received a tenant improvement allowance of $ 20.2 million. The Company has the right to sublease the facility, subject to landlord consent. The balance sheet classification of the Company’s operating lease assets and liabilities was as follows (in thousands): December 31, 2021 2020 Balance Sheet Assets: Operating lease right-of-use assets $ 24,806 $ 26,911 Liabilities: Operating lease liabilities: Accrued and other current liabilities (1) $ 2,810 $ 845 Non-current lease liabilities 46,830 38,671 (1) Includes current portion of operating lease liabilities. The component of lease costs, which was included in operating expenses in the Company’s Consolidated Statements of Operations, was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Operating lease cost $ 6,233 $ 4,648 $ 1,295 8. Commitments (continued) For the years ended December 31, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities was $ 5.2 million and $ 1.7 million, respectively, excluding the $ 10.9 million and $ 9.3 million tenant improvement allowance received in 2021 and 2020, respectively. These amounts were included in net cash used in operating activities in the Company’s Consolidated Statements of Cash Flows. Future minimum lease payments under all noncancelable operating leases as of December 31, 2021, are as follows (in thousands): Operating leases Year ending December 31: 2022 $ 7,348 2023 7,535 2024 7,741 2025 7,952 2026 8,170 Thereafter 36,517 Total minimum payments 75,263 Less: interest ( 25,623 ) Present value of lease liabilities $ 49,640 As of December 31, 2021, the remaining lease term was 9.2 years and the operating discount rate used to determine the operating lease liability was 9.5 %. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 9. Related Party Transactions Vifor Vifor held 5,194,085 shares of the Company’s common stock as of December 31, 2021. The Company has collaboration agreements with Vifor: the Avacopan Agreements and the CCX140 Agreements (each as described below). See “Note 2. Summary of Significant Accounting Policies – Concentration of Credit Risk” for additional information on accounts receivable balance due from Vifor. Avacopan Agreements In May 2016, the Company entered into an exclusive collaboration and license agreement with Vifor pursuant to which the Company granted Vifor exclusive rights to commercialize avacopan in Europe and certain other markets (the Avacopan Agreement). Avacopan is the Company’s lead drug candidate for the treatment of patients with ANCA-associated vasculitis and other rare diseases. The Avacopan Agreement also provided Vifor with an exclusive option to negotiate during 2016 a worldwide license agreement for one of the Company’s other drug candidates, CCX140, an orally-administered inhibitor of the chemokine receptor known as CCR2. In connection with the Avacopan Agreement, the Company received a non-refundable upfront payment of $ 85.0 million, comprising $ 60.0 million in cash and $ 25.0 million in the form of an equity investment to purchase 3,333,333 shares of the Company’s common stock at a price of $ 7.50 per share. 9. Related Party Transactions (continued) In February 2017, Vifor and the Company expanded the Vifor territories under the Avacopan Agreement to include all markets outside the United States and China (the Avacopan Amendment). In connection with this February 2017 amendment, the Company received a $ 20.0 million upfront payment for the expanded rights. In June 2018, Vifor and the Company further expanded the Vifor territories under the Avacopan Agreement to provide Vifor with exclusive commercialization rights in China (the Avacopan Letter Agreement, and together with the Avacopan Agreement and the Avacopan Amendment, the Avacopan Agreements). The Company retains control of ongoing and future development of avacopan (other than country-specific development in the licensed territories) and all commercialization rights to avacopan in the United States. In consideration for the Avacopan Letter Agreement, the Company received a $ 5.0 million payment for the expanded rights. In December 2017, the Company achieved a $ 50.0 million regulatory milestone when the European Medicines Agency (EMA) validated the Company’s conditional marketing authorization (CMA) application for avacopan for the treatment of ANCA-associated vasculitis. In February 2021, the Company achieved a $ 10.0 million regulatory milestone when the Japanese NDA (JNDA) for TAVNEOS in the treatment of ANCA-associated vasculitis was filed with the Japanese Pharmaceuticals and Medical Device Agency (PMDA) by Vifor, through its sublicensee Kissei Pharmaceutical, Co., Ltd. (Kissei). In September 2021, the Japanese Ministry of Health, Labor and Welfare (MHLW) approved the JNDA for TAVNEOS for the treatment of patients with microscopic polyangiitis (MPA) and granulomatosis with polyangiitis (GPA), the two main forms of ANCA-associated vasculitis. As a result, the Company achieved a $ 20.0 million regulatory milestone. In November 2021, the EMA Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending marketing authorization for the Company’s TAVNEOS. In January 2022, the European Commission approved TAVNEOS in combination with a rituximab or cyclophosphamide regimen for the treatment of adult patients with severe active MPA or GPA . Accordingly, the Company achieved a $ 45.0 million regulatory milestone. See “Note 15. Subsequent Event” for additional information. Upon further achievement of certain regulatory and commercial milestones with TAVNEOS, the Company will receive additional payments of up to $ 385.0 million under the Avacopan Agreements. In addition, the Company will receive royalties, with rates ranging from the low teens to the mid-twenties, on future potential net sales of TAVNEOS by Vifor in the licensed territories . The Company identified the following material promises under the Avacopan Agreements: (1) the license related to avacopan; (2) the development and regulatory services for the submission of the marketing authorization application (MAA); and (3) an exclusive option to negotiate a worldwide license agreement for CCX140, which expired in 2016. The Company considered that the license has standalone functionality and is capable of being distinct. However, the Company determined that the license is not distinct from the development and regulatory services within the context of the agreement because Vifor is dependent on the Company to execute the development and regulatory activities in order for Vifor to benefit from the license. As such, the license is combined with the development and regulatory services into a single performance obligation. The exclusive option related to CCX140 is a separate performance obligation and the Company determined that its transaction price is not material. As such, the transaction price under this arrangement is allocated to the license and the development and regulatory services. As of December 31, 2021, the transaction price of $ 183.0 million comprises the following: • $ 78.0 million upfront payment under the May 2016 Avacopan Agreement. Of the total $ 85.0 million upfront payment received under the May 2016 Avacopan Agreement, $ 7.0 million was allocated to the issuance of 3,333,333 shares of the Company’s common stock valued at $ 2.10 per share, the closing stock price on the effective date of the agreement, May 9, 2016. The remaining $ 78.0 million was allocated to the transaction price under this arrangement; • $ 20.0 million upfront payment under the February 2017 Avacopan Amendment; • $ 50.0 million regulatory milestone payment achieved upon the validation of the Company’s CMA application by the EMA, for avacopan for the treatment of ANCA-associated vasculitis in December 2017; • $ 30.0 million regulatory milestone payments achieved upon the acceptance and the approval of the JNDA for TAVNEOS in the treatment of ANCA-associated vasculitis filed by Vifor, through its Japanese sublicensee Kissei with the PMDA in 2021; and • $ 5.0 million non-refundable upfront payment under the Avacopan Letter Agreement. 9. Related Party Transactions (continued) The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company determined that the combined performance obligation will be performed over the duration of the contract, which began on the effective date of May 9, 2016 and ends upon completion of development and regulatory services. The Company uses a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. The Company believes this is the best measure of progress because other measures do not reflect how the Company transfers its performance obligation to Vifor. In applying the cost-based input method of revenue recognition, the Company measures actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs. Revenue is recognized based on actual costs incurred as a percentage of total budgeted costs as the Company completes its performance obligations. For the years ended December 31, 2021, 2020 and 2019, the Company recognized $ 28.2 million, $ 13.0 million and $ 29.5 million of collaboration and license revenue under the Avacopan Agreements, respectively. Avacopan Commercial Supply Agreement In October 2020, the Company entered into a Manufacturing and Supply Agreement with Vifor (the Avacopan Commercial Supply Agreement). Under the Avacopan Commercial Supply Agreement, the Company will supply and sell TAVNEOS to Vifor for commercial use outside of the United States. Vifor will purchase TAVNEOS at a certain percentage mark up to the Company’s cost of goods, in accordance with the Avacopan Agreements. Vifor’s purchase of TAVNEOS is subject to certain binding forecast periods. The Avacopan Commercial Supply Agreement will expire upon the termination of the Avacopan Agreements or under certain circumstances as specified in the agreement. In connection with the Avacopan Commercial Supply Agreement, the Company also entered into a letter agreement with Vifor, pursuant to which the $ 6.2 million previously received from Vifor under the CCX140 Agreement (discussed below) is creditable to Vifor’s purchase of TAVNEOS . For the years ended December 31, 2021 and 2020, the Company recognized $ 1.8 million and $ 0 , respectively, of product supply revenue under the Avacopan Commercial Supply Agreement. As of December 31, 2021, $ 4.2 million remains creditable against Vifor’s purchases of TAVNEOS . CCX140 Agreements In December 2016, the Company entered into a second collaboration and license agreement with Vifor pursuant to which the Company granted Vifor exclusive rights to commercialize CCX140 (the CCX140 Agreement) in markets outside the United States and China. CCX140 is an orally-administered inhibitor of the chemokine receptor known as CCR2. The Company retains marketing rights in the United States and China, while Vifor has commercialization rights in the rest of the world. Pursuant to the CCX140 Agreement, the Company is responsible for the clinical development of CCX140 in rare renal diseases and is reimbursed for Vifor’s equal share of such development cost. Under the terms of the CCX140 Agreement, the Company received a non-refundable upfront payment of $ 50.0 million in 2017. 9. Related Party Transactions (continued) In June 2018, the Company and Vifor entered into a letter agreement to expand Vifor’s rights to include the right to exclusively commercialize CCX140 in China (the CCX140 Letter Agreement). In connection with the CCX140 Letter Agreement, the Company received a non-refundable payment of $ 5.0 million. The Company and Vifor also entered into an amendment to the CCX140 Agreement (the CCX140 Amendment, and together with the CCX140 Agreement and the CCX140 Letter Agreement, the CCX140 Agreements) to clarify the timing of certain payments with respect to development funding of the CCX140 program by Vifor, and the Company received a non-refundable payment of $ 11.5 million. The Company retains control of ongoing and future development of CCX140 (other than country-specific development in the licensed territories), and all commercialization rights to CCX140 in the United States. The Company identified the following material promises under the CCX140 Agreements: (1) the license related to CCX140; and (2) the development and regulatory services for the submission of the MAA. The Company considered that the license has standalone functionality and is capable of being distinct. However, the Company determined that the license is not distinct from the development and regulatory services within the context of the agreement because Vifor is dependent on the Company to execute the development and regulatory activities in order for Vifor to benefit from the license. As such, the license is combined with the development and regulatory services into a single performance obligation. As of December 31, 2021, the transaction price of $ 66.5 million comprises the following: • $ 50.0 million upfront payment under the CCX140 Agreement; • $ 11.5 million of CCX140 development funding by Vifor; and • $ 5.0 million non-refundable upfront payment under the CCX140 Letter Agreement. The Company determined that the combined performance obligation will be performed over the duration of the contract, which began on the effective date of December 22, 2016 and ends upon completion of development services. The Company uses a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. The Company believes this is the best measure of progress because other measures do not reflect how the Company transfers its performance obligation to Vifor. In applying the cost-based input method of revenue recognition, the Company measures actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs. Revenue is recognized based on actual costs incurred as a percentage of total budgeted costs as the Company completes its performance obligations. In May 2020, the Company announced topline data from a 46 patient Phase II dose-ranging trial in the orphan kidney disorder, primary Focal Segmental Glomerulosclerosis (FSGS), called the LUMINA-1 trial. In the study, CCX140 did not demonstrate a meaningful reduction in proteinuria relative to the control group after 12 weeks of blinded treatment. As such, CCX140 will not be further developed in FSGS. As a result, the Company reduced the total anticipated FSGS budgeted costs and the corresponding transaction price related to development funding under the CCX140 Agreement by $ 47.2 million and recognized $ 46.7 million of contract revenue during the three months ended June 30, 2020. In addition, $ 6.2 million of deferred revenue previously received from Vifor under the CCX140 Agreements is creditable against Vifor’s purchases of TAVNEOS under the Avacopan Commercial Supply Agreement. Vifor retains an option to solely develop and commercialize CCX140 in more prevalent forms of chronic kidney disease (CKD). Should Vifor later exercise the CKD option, the Company would receive co-promotion rights for CKD in the United States. 9. Related Party Transactions (continued) For the years ended December 31, 2021, 2020 and 2019, the Company recognized $ 0.8 million, $ 51.4 million and $ 6.4 million of collaboration and license revenue under the CCX140 Agreements, respectively. As of December 31, 2021, deferred revenue under the CCX140 Agreement, representing the Company’s remaining estimated performance obligation under these agreements had been fully recognized. The following table presents the contract assets and liabilities for all of the Company’s revenue contracts as of the following dates (in thousands): December 31, 2021 2020 Contract asset: Accounts receivable $ 43 $ 32 Contract liability: Deferred revenue ( 35,765 ) ( 36,587 ) During the years ended December 31, 2021, 2020 and 2019, the Company recognized the following revenue as a result of changes in the contract asset and the contract liability balances (in thousands): Year Ended December 31, 2021 2020 2019 Revenue recognized in the period from: Amount included in contract liability $ 30,823 $ 64,250 $ 35,781 Performance obligations satisfied (or $ 22,842 $ 40,647 $ 2,251 |
Government Grant
Government Grant | 12 Months Ended |
Dec. 31, 2021 | |
Government Grants [Abstract] | |
Government Grant | 10. Government Grant In September 2019, the Company was awarded a two-year $ 1.0 million grant from the orphan drug office of the U.S. Food and Drug Administration to support the clinical development of TAVNEOS in patients with the rare kidney disease complement 3 glomerulopathy. The grant was extended for an additional four months in August 2021. For the years ended December 31, 2021 and 2020, the Company recognized $ 0.3 million and $ 0.5 million of grant revenue, respectively. As of December 31, 2021 and 2020, the Company recorded $ 28,000 and $ 0.1 million as accounts receivable, respectively. This grant was fully recognized as of December 31, 2021. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Equity Incentive Plans In May 2002, the stockholders approved the Amended and Restated 1997 Stock Option/Stock Issuance Plan (the Prior Plan) and in September 2002, the stockholders approved the 2002 Equity Incentive Plan (the 2002 Plan). In February 2012, the stockholders approved the 2012 Equity Incentive Award Plan (the 2012 Plan). In May 2021, the stockholders approved the amended and restated 2012 Plan (the Restated Plan). Collectively, the Prior Plan, the 2002 Plan, the 2012 Plan and the Restated Plan are known as the Stock Plans. Pursuant to the Restated Plan, the annual increase of shares available for issuance under the 2012 Plan has been removed such that any increase in the total number of shares of common stock that may be issued must be approved by the stockholders, and, forfeited Prior Plan awards will no longer be added to the number of shares reserved. In addition, the number of shares available for issuance will be reduced by 1.5 shares for each share subject to any award other than an option, stock appreciation right or other award for which the holder pays the intrinsic value as of the date of grant granted after the effective date of the Restated Plan. The Restated Pan does not have a fixed term. T he stockholders approved an increase to the number of shares reserved for issuance under the Restated Plan by 950,000 shares effective May 20, 2021. As of December 31, 2021, a total of 20,390,000 shares of the Company’s common stock were reserved for issuance under the Restated Plan . 11. Stockholders’ Equity (continued) Restricted Stock Restricted Stock Awards (RSAs) and Restricted Stock Units (RSUs) are independent of stock option grants and are not transferrable, and are subject to forfeiture if recipients terminate their service to the Company prior to the release of the vesting restrictions. RSUs granted to employees generally vest over a period of three years . RSUs and RSAs granted to its nonemployee directors vest over a one-year period, or over a three-year period in the case of an initial grant pursuant to the Company’s Non-Employee Director Compensation Policy (Directors Plan). In the case of a change in control, RSUs and RSAs granted to nonemployee directors will vest in full. RSUs are also granted to nonemployee with performance conditions and the related compensation expense is recognized when the performance condition is deemed probable to be achieved. RSUs and RSAs are valued at the closing price of the Company’s common stock on the date of grant. During the years ended December 31, 2020 and 2019, the weighted-average grant date fair value for restricted stock granted was $ 49.26 and $ 11.54 , respectively. The total fair value of restricted stock vested during the years ended December 31, 2021, 2020 and 2019 was $ 11.2 million, $ 11.4 million and $ 3.1 million, respectively. The activity for restricted stock is summarized as follows: Shares Weighted- Balance at December 31, 2020 420,030 $ 34.73 Granted 229,356 54.59 Vested ( 219,842 ) 32.73 Canceled ( 16,034 ) 57.05 Unvested at December 31, 2021 413,510 $ 45.94 As of December 31, 2021, there was $ 9.3 million of unrecognized compensation expense associated with unvested employee restricted stock, which is expected to be recognized over a weighted-average period of 1.4 years. Stock Options Under the Stock Plans, incentive stock options may be granted by the Board of Directors to employees at exercise prices of not less than 100 % of the fair value at the date of grant. Nonstatutory options may be granted by the Board of Directors to employees, officers, and directors of the Company or consultants at exercise prices of not less than 85 % of the fair value of the common stock on the date of grant. The fair value at the date of grant is determined by the Board of Directors. Under the Stock Plans, options may be granted with different vesting terms from time to time, but not to exceed 10 years from the date of grant. Outstanding options generally vest over four years , with 25 % of the total grant vesting on the first anniversary of the option grant date and 1/36th of the remaining grant vesting each month thereafter. 11. Stockholders’ Equity (continued) The following table summarizes stock option activity and related information under the Company’s Stock Plans: Available Shares Weighted Weighted Aggregate Balance at December 31, 2020 3,170,577 7,114,225 $ 14.61 Shares authorized 2,950,000 — Granted (1) ( 1,381,845 ) 1,129,311 49.61 Exercised (2) 86,343 ( 674,968 ) 9.81 Forfeited and expired (3) 816,707 ( 800,673 ) 29.73 Outstanding at December 31, 2021 5,641,782 6,767,895 $ 19.14 5.61 $ 144,108,406 Vested and expected to vest, net of estimated 6,575,881 $ 18.48 5.52 $ 142,647,489 Exercisable at December 31, 2021 4,952,557 $ 11.74 4.59 $ 127,032,052 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period with a 1.5 share ratio reduction to the reserve shares for each RSU or RSA grant in accordance with the Restated Pan . (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs. (3) The difference between shares forfeited and expired in the number of shares available for grant and outstanding options represents the RSUs canceled during the period. The aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. Total intrinsic value of options exercised was $ 21.1 million, $ 123.3 million and $ 48.4 million during 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $ 37.0 million of unrecognized compensation expense, net of estimated forfeitures, associated with outstanding employee stock options, which is expected to be recognized over an estimated weighted-average period of 2.4 years . As of December 31, 2021, stock options outstanding were as follows: Options Outstanding Exercise Price Range Shares Weighted- $ 3.29 -$ 6.08 795,681 3.49 $ 6.23 -$ 6.62 721,062 4.98 $ 6.66 - $ 8.19 1,113,649 2.93 $ 8.29 -$ 10.86 905,228 6.39 $ 10.91 -$ 11.02 758,694 6.53 $ 11.56 -$ 14.28 813,280 5.16 $ 14.31 -$ 46.59 757,512 7.47 $ 48.00 - $ 65.87 860,489 8.60 $ 67.84 42,300 9.16 6,767,895 5.61 11. Stockholders’ Equity (continued) Employee Stock Purchase Plan In February 2012, the stockholders approved the ESPP (the 2012 ESPP). In May 2021, the stockholders approved the amended and restated 2012 Plan (the Restated ESPP) to eliminate the annual increase of shares available for issuance under the 2012 ESPP and remove the fixed term such that it will continue until terminated by our board of directors or the share reserve thereunder is exhausted. The Company issued 95,152 , 79,161 and 71,653 shares under the ESPP in 2021, 2020 and 2019, respectively. As of December 31, 2021, a total of 2,000,000 shares of the Company’s common stock were reserved for issuance; of which, 1,048,585 shares were available for issuance under the Restated ESPP. As of December 31, 2021, there was $ 0.4 million of unrecognized compensation expense, net of estimated forfeitures, associated with the ESPP, which is expected to be recognized over an estimated weighted-average period of 0.4 years. Stock Awards Granted to Employees Employee stock-based compensation expense recognized is calculated based on awards ultimately expected to vest and reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Total employee stock-based compensation expense recognized associated with restricted stock, stock options, and the ESPP, was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Research and development $ 9,582 $ 7,815 $ 4,530 Selling, general and administrative 19,087 13,133 6,819 Total $ 28,669 $ 20,948 $ 11,349 Valuation Assumptions Fair value of options granted under the Stock Plans and purchases under the Company’s ESPP were estimated at grant or purchase dates using a Black-Scholes option valuation model. The Black-Scholes valuation model requires that assumptions are made with respect to various factors, including the expected volatility of the fair value of the Company’s common stock. The Company has based its expected volatility on the average historical volatilities of public entities having similar characteristics including: industry, stage of life cycle, size, and financial leverage. For expected term, the Company takes into consideration its historical data of options exercised, cancelled and expired. The stock price used in the Black‐Scholes calculation is the closing stock price on the date of grant. The fair values of the employee stock options granted under the Company’s Stock Plans and the option component of the shares purchased under the ESPP during 2021, 2020 and 2019 were estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Employee Stock Options Employee Stock Purchase Plan 2021 2020 2019 2021 2020 2019 Dividend yield 0 % 0 % 0 % 0 % 0 % 0 % Volatility 93.8 % 87.4 % 71.3 % 111.0 % 118.4 % 56.4 % Weighted-average expected life (in 5.6 6.0 6.0 0.5 0.5 0.5 Risk-free interest rate 0.85 % 0.66 % 2.28 % 0.06 % 0.13 % 1.87 % Weighted-average grant date fair $ 35.96 $ 35.71 $ 7.54 $ 18.10 $ 25.93 $ 4.10 11. Stockholders’ Equity (continued) Stock Awards to Nonemployees During 2021, 2020 and 2019, the Company granted to consultants options to purchase 21,700 , 21,400 and 82,011 shares of common stock, respectively. In addition, during 2020, 66,000 shares of RSUs were granted to consultants, of which 35,000 were with performance vesting conditions. These performance conditions were achieved in 2021. No shares of RSUs were granted in 2021. Total stock-based compensation expense recognized associated with restricted stock and stock options granted to nonemployees was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Research and development $ 2,023 $ 1,892 $ 186 Selling, general and administrative — 72 103 Total $ 2,023 $ 1,964 $ 289 Valuation Assumptions Stock-based compensation expense associated with stock options granted to nonemployees is recognized as the stock options vest. The estimated fair values of the stock options granted are calculated at each reporting date using the Black-Scholes option-pricing model, with the following assumptions: Year Ended December 31, 2021 2020 2019 Dividend yield 0 % 0 % 0 % Volatility 94 % 87 % 68 - 87 % Weighted-average expected life (in years) 5.6 6.0 5.5 - 6.0 Risk-free interest rate 0.85 % 0.84 % 1.6 - 2.2 % Equity Distribution Agreement In December 2018, the Company entered into an Equity Distribution Agreement (EDA), pursuant to which the Company may offer and sell, from time to time, shares of the Company’s common stock, par value $ 0.001 per share, having an aggregate offering price of up to $ 75.0 million. For the year ended December 31, 2019, the Company sold 6,491,196 shares of its common stock pursuant to its EDA for net proceeds of $ 73.3 million. These sales fully exhausted the amount available under the EDA. Accordingly, no further sales will be made under the EDA. Equity Follow-On Offering In June 2020, the Company completed an equity follow-on offering of 5,980,000 shares of its common stock at a public offering price of $ 58.00 per share. The Company received net proceeds of approximately $ 325.7 million, after deducting underwriting discounts, commissions and offering expenses. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
401(k) Plan | 12. 401(k) Plan In October 1997, the Company established the ChemoCentryx 401(k) Plan and Trust (the 401(k) Plan). Employees may contribute, up to the percentage limit imposed by the Internal Revenue Code of 1986, as amended, an amount of their salary each calendar year until termination of their employment with the Company. The Company may elect to make matching contributions, as per the Plan; however, no matching contributions were made in the years ended December 31, 2021, 2020 and 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s loss before tax is only attributable to U.S. operations. The components of the income tax (benefit) expense are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current (benefit from) provision for income taxes: Federal $ — $ — $ — State — — — Total current (benefit from) provision for income — — — Deferred (benefit from) provision for income taxes: — — — Federal — — — State — — — Total deferred tax (benefit from) provision for — — — (Benefit from) provision for income taxes $ — $ — $ — A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2021 2020 2019 Federal statutory income tax rate ( 21.0 %) ( 21.0 %) ( 21.0 %) State, net of federal benefit ( 0.4 ) — — Permanent items 1.2 2.1 1.3 Excess tax benefit for stock-based compensation ( 3.0 ) ( 40.9 ) ( 13.3 ) Tax credits ( 3.1 ) ( 13.4 ) ( 38.3 ) Change in valuation allowance 22.9 70.4 70.3 Non-deductible executive compensation 3.3 2.7 1.0 Other 0.1 0.1 — (Benefit from) provision for income taxes — % — % — % 13. Income Taxes (continued) The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 143,914 $ 120,347 Tax credits 54,585 49,229 Stock-based compensation 5,485 4,165 Reserves and accruals 3,034 1,770 Deferred revenue 7,657 7,684 Lease liability 10,628 8,299 Gross deferred tax assets 225,303 191,494 Less: valuation allowance ( 216,025 ) ( 183,948 ) Total deferred tax assets 9,278 7,546 Deferred tax liabilities: Property, plant and equipment ( 3,967 ) ( 1,894 ) Right of use asset ( 5,311 ) ( 5,652 ) Total deferred tax liabilities ( 9,278 ) ( 7,546 ) Net deferred tax assets $ — $ — The Company concluded that it is more likely than not that its deferred tax assets would not be realized. Accordingly, the total deferred tax assets have been fully offset by a valuation allowance. The Company’s valuation allowance increased by approximately $ 32.1 million and $ 41.2 million in 2021 and 2020, respectively. The change in valuation allowance in 2021 and 2020 is primarily due to increases in net operating losses and net deferred tax assets generated during the year. At December 31, 2021, the Company had federal and state net operating loss carryforwards of approximately $ 599.7 million and $ 228.5 million, respectively. The federal net operating loss carryforwards will begin to expire in 2032 . Due to tax reform, federal net operating loss carryforwards generated in 2018 and forward no longer have an expiration date. The state net operating loss carryforwards will begin to expire in 2028 . As of December 31, 2021, the Company has federal and state research and development credit carryforwards of $ 17.0 million and $ 14.5 million, respectively. The federal research and development credits will begin to expire in 2021 if not utilized. California research and development credits can be carried forward indefinitely. The Company also has federal Orphan Drug credits of $ 56.1 millio n as of December 31, 2021. Such orphan drug credit will begin to expire in 2034 if not utilized. Utilization of the net operating loss and credit carryforwards may be subject to annual limitation due to historical or future ownership percentage change rules provided by the Internal Revenue Code of 1986, and similar state provisions. The annual limitation may result in the expiration of certain net operating loss and credit carryforwards before their utilization. Beginning in 2022, the Tax Cuts and Jobs Act eliminates the option to deduct research and development expenditures and requires taxpayers to amortize domestic expenditures over five years and foreign expenditures over fifteen years. While it is possible that Congress may modify or repeal this provision before it becomes effective, the Company has no assurance that these provisions will be modified or repealed. Therefore, based on current assumptions, this could potentially increase the effective tax rate and decrease the Company's cash from operations beginning in 2022. 13. Income Taxes (continued) A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, is as follows (in thousands): Unrecognized Balance as of December 31, 2019 $ 29,176 Additions for current tax positions 1,317 Releases ( 29 ) Balance as of December 31, 2020 30,464 Additions for current tax positions 1,269 Additions for prior tax positions 1,432 Releases ( 58 ) Balance as of December 31, 2021 $ 33,107 As of December 31, 2021 and 2020, the Company had approximately $ 33.1 million and $ 30.5 million, respectively, of unrecognized tax benefits, none of which would currently affect the Company’s effective tax rate if recognized due to the Company’s deferred tax assets being fully offset by a valuation allowance. In 2021, unrecognized tax benefits increased due to uncertainty associated with the Company’s claim or prior year research and development and orphan drug credits. The Company is not aware of any items that will significantly increase or decrease its unrecognized tax benefits in the next 12 months. If applicable, the Company would classify interest and penalties related to uncertain tax positions in income tax expense. Through December 31, 2021, there has been no interest expense or penalties related to unrecognized tax benefits. For U.S. federal and California income tax purposes, the statute of limitations remains open for the years beginning 2018 and 2017, respectively, except for the carryforward of net operating losses and research and development credits generated in prior years. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 14. Selected Quarterly Financial Data (unaudited) Selected quarterly results from operations for the years ended December 31, 2021 and 2020 are as follows (in thousands except per share amounts): 2021 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 10,353 $ 1,813 $ 17,743 $ 2,315 Net loss $ ( 29,711 ) $ ( 39,209 ) $ ( 22,307 ) $ ( 40,528 ) Basic and diluted net loss per share $ ( 0.43 ) $ ( 0.56 ) $ ( 0.32 ) $ ( 0.58 ) Diluted net income (loss) per share $ (0.43 ) $ (0.56 ) $ (0.32 ) $ (0.58 ) 2020 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 6,008 $ 49,440 $ 5,085 $ 4,358 Net income (loss) $ ( 21,687 ) $ 20,267 $ ( 24,060 ) $ ( 29,876 ) Basic net income (loss) per share $ ( 0.35 ) $ 0.32 $ ( 0.35 ) $ ( 0.43 ) Diluted net income (loss) per share $ ( 0.35 ) $ 0.29 $ ( 0.35 ) $ ( 0.43 ) The four quarters of net earnings per share may not add to the total year because of differences in the weighted-average numbers of shares outstanding during the quarters and the year. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 15. Subsequent Event In January 2022, the European Commission approved TAVNEOS in combination with a rituximab or cyclophosphamide regimen for the treatment of adult patients with severe active GPA or MPA, the two main forms of ANCA-associated vasculitis. TAVNEOS will receive marketing authorization in all member states of the EU, as well as in Iceland, Liechtenstein and Norway. The approval resulted in the Company’s achievement of a $ 45.0 million regulatory milestone from Vifor. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the Company’s accounts and those of its wholly owned subsidiaries, ChemoCentryx Ireland Limited and ChemoCentryx Limited. The operations of ChemoCentryx Ireland Limited and ChemoCentryx Limited have been immaterial to date. All intercompany amounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Cash Equivalents and Investments | Cash Equivalents and Investments The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company limits its concentration of risk by diversifying its investments among a variety of issuers. All investments are classified as available for sale and are recorded at fair value based on quoted prices in active markets or based upon other observable inputs, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses and unrealized declines in fair value that are attributed to credit-related factors are reflected in the statement of operations. The cost of securities sold is based on the specific-identification method. |
Accounts Receivable, net | Accounts Receivable, net The Company’s accounts receivable consists of amounts due from customers related to product sales and have standard payment terms. For certain customers, the accounts receivable for the customer is net of prompt pay discounts. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company does not require collateral from customers. The Company reserves against accounts receivable for estimated losses that may arise from a customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The Company began commercializing TAVNEOS in the U.S. in October 2021 and had no accounts receivable from product sales prior to October 2021. The Company has historically not experienced significant credit losses and no amounts were reserved for estimated losses as of December 31, 2021. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts receivable and accounts payable, approximate their fair value due to their short maturities. Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. The valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. |
Concentration of Credit Risk | Concentration of Credit Risk The Company invests in a variety of financial instruments and, by its policy, limits the amount of credit exposure with any one issuer, industry or geographic area. For the years ended December 31, 2021, 2020 and 2019, 96 %, 99.2 % and 99.5 %, respectively, of the Company’s total revenue was derived from the Company’s collaboration with Vifor (International) Ltd., and/or its affiliates, or collectively, Vifor. Accounts receivable are typically unsecured and are concentrated in the pharmaceutical industry and government sector. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies and government funded entities. The Company has not historically experienced any significant losses due to concentration of credit risk. |
Inventory | Inventory The Company values its inventories at the lower-of-cost or net realizable value on a first-in, first-out, or FIFO, basis. Inventories include the cost for raw materials, third party contract manufacturing and packaging services, and indirect personnel and overhead associated with production. The Company performs an assessment of the recoverability of inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of sales in the consolidated statements of operations. The Company capitalizes inventory costs associated with products when future commercialization is considered probable and the future economic benefit is expected to be realized which is typically when regulatory approval is obtained for a drug candidate. As such, the Company begins capitalizing costs as inventory when a drug candidate receives regulatory approval. Prior to regulatory approval, the Company recorded inventory costs related to drug candidates as research and development expense. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from five to seven years . Tenant improvements are depreciated over the lesser of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its respective fair value. To date, the Company has no t recorded any impairment losses. |
Leases | Leases Effective January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach. Amounts presented prior to the adoption of ASC 842 have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC Topic 840, Leases (ASC 840). The Company determines if an arrangement includes a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, accrued and other current liabilities and other non-current liabilities on the Company’s Condensed Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses the incremental borrowing rate based on the information available at lease commencement date in determining the present value of future payments. The operating lease ROU asset also excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise any such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to apply the recognition requirements for short-term leases. For lease agreements with lease and non-lease components, the Company generally accounts for them separately. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC 606), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Sales, net and Product Supply Sales Product Sales: The Company sells TAVNEOS to a limited number of specialty pharmacies and a specialty distributor. These customers subsequently dispense TAVNEOS directly to a patient or resell it to hospitals and certain pharmacies. The Company recognizes product sales when the customer obtains control of the Company’s product, which occurs typically upon delivery to the customer. Product sales to these customers are recorded net of reserves established for distributor service fees and prompt payment discounts as stated in agreements, estimates for product returns, government rebates, chargebacks and the Company’s co-pay assistance program for patients. The Company estimates these reserves using the expected value approach. The Company believes its estimated reserves require significant judgment and may adjust these estimates as it accumulates historical data and assesses other quantitative and qualitative factors. Differences from actual results and changes to these estimates will be reported in the period that the differences become known. Product Supply: Under the commercial supply agreement with Vifor, the Company sells product at contractual prices and recognizes revenue upon delivery to Vifor or its sublicensees. 2. Summary of Significant Accounting Policies (continued) Collaboration and License Revenue The Company enters into corporate collaborations under which it may obtain upfront license fees, research and development funding and development and regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, distribution rights, research and development services, delivery of manufactured product, and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: At the inception of each arrangement that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. There are two alternatives to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. Whichever method is used, it should be consistently applied throughout the life of the contract; however, it is not necessary for the Company to use the same approach for all contracts. The Company expects to use the most likely amount method for development and regulatory milestone payments. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of each such milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Commercial milestones and royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue when the related sales occur. To date, the Company has not recognized any royalty revenue resulting from its collaboration arrangements. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Revenue from government and private agency grants is recognized as the related research and development expenses are incurred and to the extent that funding is approved. |
Cost of Sales | Cost of Sales Cost of sales for product sales and product supply consists primarily of direct and indirect costs related to the manufacturing of TAVNEOS products sold, including third-party manufacturing costs, packaging services, freight, storage costs, allocation of overhead costs of employees involved with production and net sales-based royalties expense. The Company began capitalizing costs related to inventory in October 2021 upon the U.S. Food and Drug Administration (FDA) approval of TAVNEOS. Manufacturing costs associated with campaigns initiated prior to FDA approval are recorded as research and development expense. |
Research and Development Expenses | Research and Development Expenses All research and development expenses are recognized as incurred. Research and development expenses include, but are not limited to, salaries and related benefits, including stock-based compensation, third-party contract costs relating to research, formulation, manufacturing, preclinical study and clinical trial activities, laboratory consumables and allocated facility costs. |
Clinical Trial Accruals | Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed. |
Stock-Based Compensation | Stock-Based Compensation The Company measures stock-based compensation cost at the grant date based on the fair value of the award, and recognizes the expense over the award’s vesting periods on a straight-line basis. The fair value of a stock option is estimated using the Black-Scholes valuation model, which requires that, at the date of grant, assumptions are made with respect to the expected life of the option, the volatility of the fair value of the Company’s common stock, the risk-free interest rate and the expected dividend yield of the Company’s common stock. The fair value of a restricted stock unit (RSU) and restricted stock award (RSA) is valued at the closing price of the Company’s common stock on the date of the grant. Because stock compensation expense is based on awards ultimately expected to vest, it has been reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. On January 1, 2019 the Company adopted Accounting Standards Update (ASU) No. 2018-07, Compensation – Stock Compensation (Topic 718), which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The measurement of nonemployee stock-based compensation is fixed at the grant date. Prior to the adoption of ASU No. 2018-07, the measurement of nonemployee stock-based compensation was subject to periodic adjustment as the underlying equity instruments vested. |
Advertising Expense | Advertising Expense In connection with the FDA approval and commercial launch of TAVNEOS in October 2021, the Company began to incur advertising costs. Advertising costs, which include promotional campaigns and branding expenses, are expensed as incurred. The Company incurred approximately $ 2.5 million of advertising costs during the year ended December 31, 2021. No amounts were incurred during the years ended December 31, 2020 and 2019. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented, other comprehensive income (loss) consists of unrealized gains (losses) on the Company’s available-for-sale securities. For the year ended December 31, 2019, amounts reclassified from accumulated other comprehensive income (loss) to net loss for unrealized gains on available-for-sale securities were not significant, and were recorded as part of other income, net in the Consolidated Statements of Operations. For the years ended December 31, 2021 and 2020, there were no sales of investments, and therefore there were no reclassifications. |
Income Taxes | Income Taxes The Company uses the liability method for income taxes, whereby deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization for the deferred tax assets does not meet the more-likely-than-not criteria. The Company accounts for uncertain tax positions in the financial statements when it is not more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured at the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options and warrants, (ii) vesting of RSUs and RSAs, and (iii) the purchase from contributions to the 2012 Employee Stock Purchase Plan (the ESPP) (calculated based on the treasury stock method), are only included in the calculation of diluted net loss per share when their effect is dilutive. The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Year Ended December 31, 2021 2020 2019 Options to purchase common stock, including 6,776 7,118 9,304 Restricted stock units 398 406 369 Restricted stock awards 15 14 31 Warrant to purchase common stock (1) 150 150 150 7,339 7,688 9,854 (1) In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standard Board ( FASB) issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments . The new standard replaces the incurred loss impairment methodology under the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company is required to use a forward-looking expected credit loss model for accounts receivable and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The new standard was effective for the Company on January 1, 2020. The Company’s adoption on January 1, 2020 did not have a material impact on the consolidated financial statements. The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the consolidated financial statements as a result of future adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Year Ended December 31, 2021 2020 2019 Options to purchase common stock, including 6,776 7,118 9,304 Restricted stock units 398 406 369 Restricted stock awards 15 14 31 Warrant to purchase common stock (1) 150 150 150 7,339 7,688 9,854 (1) In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. |
Cash Equivalents, Restricted _2
Cash Equivalents, Restricted Cash and Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows (in thousands): December 31, 2021 2020 Cash and cash equivalents $ 49,978 $ 32,297 Restricted cash included in Other assets 1,080 1,080 Total cash, cash equivalents and restricted cash $ 51,058 $ 33,377 |
Amortized Cost and Fair Value of Cash Equivalents and Investments | The amortized cost and fair value of cash equivalents and investments at December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities 40,397 — ( 160 ) 40,237 Government-sponsored agencies 16,821 — ( 56 ) 16,765 Commercial paper 111,868 — — 111,868 Asset-backed securities 39,988 — ( 62 ) 39,926 Corporate debt securities 103,779 7 ( 212 ) 103,574 Total available-for-sale securities $ 354,813 $ 7 $ ( 490 ) $ 354,330 Classified as: Cash equivalents $ 41,960 Short-term investments 214,514 Long-term investments 97,856 Total available-for-sale securities $ 354,330 3. Cash Equivalents, Restricted Cash and Investments (continued) December 31, 2020 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities 176,625 60 — 176,685 Government-sponsored agencies 12,500 — — 12,500 Commercial paper 140,364 — — 140,364 Asset-backed securities 25,706 23 — 25,729 Corporate debt securities 72,764 38 ( 7 ) 72,795 Total available-for-sale securities $ 458,098 $ 121 $ ( 7 ) $ 458,212 Classified as: Cash equivalents $ 30,139 Short-term investments 404,273 Long-term investments 23,800 Total available-for-sale securities $ 458,212 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Company's Financial Assets | The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Description Level 1 Level 2 Level 3 Total Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities — 40,237 — 40,237 Government-sponsored agencies — 16,765 — 16,765 Commercial paper — 111,868 — 111,868 Asset-backed securities — 39,926 — 39,926 Corporate debt securities — 103,574 — 103,574 Total assets $ 41,960 $ 312,370 $ — $ 354,330 December 31, 2020 Description Level 1 Level 2 Level 3 Total Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities — 176,685 — 176,685 Government-sponsored agencies — 12,500 — 12,500 Commercial paper — 140,364 — 140,364 Asset-backed securities — 25,729 — 25,729 Corporate debt securities — 72,795 — 72,795 Total assets $ 30,139 $ 428,073 $ — $ 458,212 |
Summary of Carrying Amount And Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of financial instruments not recorded at fair value at December 31, 2021 and 2020 were as follows (in thousands): December 31, December 31, 2021 2020 Carrying Estimated Carrying Estimated Long-term debt, net (1) $ 23,635 $ 25,046 $ 24,401 $ 25,332 (1) Carrying amounts of long-term debt were net of unamortized debt discounts of $ 316 and $ 599 as of December 31, 2021 and 2020, respectively. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following (in thousands): December 31, 2021 2020 Lab equipment $ 7,419 $ 6,098 Computer equipment and software 959 738 Furniture and fixtures 1,243 381 Tenant improvements 31,368 24,826 40,989 32,043 Less: accumulated depreciation ( 8,720 ) ( 6,883 ) $ 32,269 $ 25,160 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): December 31, 2021 2020 Research and development related $ 11,309 $ 11,062 Compensation related 8,350 5,498 Consulting and professional services 1,348 1,690 Current portion of operating lease liability 2,810 845 Other 2,541 699 $ 26,358 $ 19,794 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Principal Payments Related to Credit Facility | Future minimum principal payments, which exclude the end of term charge, as of December 31, 2021 are as follows (in thousands): Amounts Year ending December 31: 2022 $ 18,951 2023 1,979 2024 2,566 2025 455 Total minimum payments 23,951 Less: amount representing debt discount ( 316 ) Present value of remaining debt payments 23,635 Less: current portion ( 18,920 ) Non-current portion $ 4,715 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Balance Sheet Classification of the Company's Operating Lease Assets and Liabilities | The balance sheet classification of the Company’s operating lease assets and liabilities was as follows (in thousands): December 31, 2021 2020 Balance Sheet Assets: Operating lease right-of-use assets $ 24,806 $ 26,911 Liabilities: Operating lease liabilities: Accrued and other current liabilities (1) $ 2,810 $ 845 Non-current lease liabilities 46,830 38,671 Includes current portion of operating lease liabilities. |
Schedule of Operating Expenses in the Company's Condensed Consolidated Statements of Operations | The component of lease costs, which was included in operating expenses in the Company’s Consolidated Statements of Operations, was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Operating lease cost $ 6,233 $ 4,648 $ 1,295 |
Schedule of Future Minimum Lease Payments Under all Noncancelable Operating Leases | Future minimum lease payments under all noncancelable operating leases as of December 31, 2021, are as follows (in thousands): Operating leases Year ending December 31: 2022 $ 7,348 2023 7,535 2024 7,741 2025 7,952 2026 8,170 Thereafter 36,517 Total minimum payments 75,263 Less: interest ( 25,623 ) Present value of lease liabilities $ 49,640 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Contract Assets and Liabilities and Changes in Contract Balances | The following table presents the contract assets and liabilities for all of the Company’s revenue contracts as of the following dates (in thousands): December 31, 2021 2020 Contract asset: Accounts receivable $ 43 $ 32 Contract liability: Deferred revenue ( 35,765 ) ( 36,587 ) During the years ended December 31, 2021, 2020 and 2019, the Company recognized the following revenue as a result of changes in the contract asset and the contract liability balances (in thousands): Year Ended December 31, 2021 2020 2019 Revenue recognized in the period from: Amount included in contract liability $ 30,823 $ 64,250 $ 35,781 Performance obligations satisfied (or $ 22,842 $ 40,647 $ 2,251 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Activity | The activity for restricted stock is summarized as follows: Shares Weighted- Balance at December 31, 2020 420,030 $ 34.73 Granted 229,356 54.59 Vested ( 219,842 ) 32.73 Canceled ( 16,034 ) 57.05 Unvested at December 31, 2021 413,510 $ 45.94 |
Summary of Stock Option Activity under its Stock Plans | The following table summarizes stock option activity and related information under the Company’s Stock Plans: Available Shares Weighted Weighted Aggregate Balance at December 31, 2020 3,170,577 7,114,225 $ 14.61 Shares authorized 2,950,000 — Granted (1) ( 1,381,845 ) 1,129,311 49.61 Exercised (2) 86,343 ( 674,968 ) 9.81 Forfeited and expired (3) 816,707 ( 800,673 ) 29.73 Outstanding at December 31, 2021 5,641,782 6,767,895 $ 19.14 5.61 $ 144,108,406 Vested and expected to vest, net of estimated 6,575,881 $ 18.48 5.52 $ 142,647,489 Exercisable at December 31, 2021 4,952,557 $ 11.74 4.59 $ 127,032,052 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period with a 1.5 share ratio reduction to the reserve shares for each RSU or RSA grant in accordance with the Restated Pan . (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs. (3) The difference between shares forfeited and expired in the number of shares available for grant and outstanding options represents the RSUs canceled during the period. |
Stock Options Outstanding | As of December 31, 2021, stock options outstanding were as follows: Options Outstanding Exercise Price Range Shares Weighted- $ 3.29 -$ 6.08 795,681 3.49 $ 6.23 -$ 6.62 721,062 4.98 $ 6.66 - $ 8.19 1,113,649 2.93 $ 8.29 -$ 10.86 905,228 6.39 $ 10.91 -$ 11.02 758,694 6.53 $ 11.56 -$ 14.28 813,280 5.16 $ 14.31 -$ 46.59 757,512 7.47 $ 48.00 - $ 65.87 860,489 8.60 $ 67.84 42,300 9.16 6,767,895 5.61 |
Employee Stock-based Compensation Expense Recognized | Total employee stock-based compensation expense recognized associated with restricted stock, stock options, and the ESPP, was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Research and development $ 9,582 $ 7,815 $ 4,530 Selling, general and administrative 19,087 13,133 6,819 Total $ 28,669 $ 20,948 $ 11,349 |
Assumptions for Fair Values of Employee Stock Options Granted under Company's Stock Plans | The fair values of the employee stock options granted under the Company’s Stock Plans and the option component of the shares purchased under the ESPP during 2021, 2020 and 2019 were estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Employee Stock Options Employee Stock Purchase Plan 2021 2020 2019 2021 2020 2019 Dividend yield 0 % 0 % 0 % 0 % 0 % 0 % Volatility 93.8 % 87.4 % 71.3 % 111.0 % 118.4 % 56.4 % Weighted-average expected life (in 5.6 6.0 6.0 0.5 0.5 0.5 Risk-free interest rate 0.85 % 0.66 % 2.28 % 0.06 % 0.13 % 1.87 % Weighted-average grant date fair $ 35.96 $ 35.71 $ 7.54 $ 18.10 $ 25.93 $ 4.10 |
Stock-based Compensation Expense in Connection with Grants of Stock Options to Nonemployees | Total stock-based compensation expense recognized associated with restricted stock and stock options granted to nonemployees was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Research and development $ 2,023 $ 1,892 $ 186 Selling, general and administrative — 72 103 Total $ 2,023 $ 1,964 $ 289 |
Assumptions for Fair Values of Stock Options Granted are Calculated Related to Stock Options Granted to Nonemployees | The estimated fair values of the stock options granted are calculated at each reporting date using the Black-Scholes option-pricing model, with the following assumptions: Year Ended December 31, 2021 2020 2019 Dividend yield 0 % 0 % 0 % Volatility 94 % 87 % 68 - 87 % Weighted-average expected life (in years) 5.6 6.0 5.5 - 6.0 Risk-free interest rate 0.85 % 0.84 % 1.6 - 2.2 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Benefit) Expense | The Company’s loss before tax is only attributable to U.S. operations. The components of the income tax (benefit) expense are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current (benefit from) provision for income taxes: Federal $ — $ — $ — State — — — Total current (benefit from) provision for income — — — Deferred (benefit from) provision for income taxes: — — — Federal — — — State — — — Total deferred tax (benefit from) provision for — — — (Benefit from) provision for income taxes $ — $ — $ — |
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2021 2020 2019 Federal statutory income tax rate ( 21.0 %) ( 21.0 %) ( 21.0 %) State, net of federal benefit ( 0.4 ) — — Permanent items 1.2 2.1 1.3 Excess tax benefit for stock-based compensation ( 3.0 ) ( 40.9 ) ( 13.3 ) Tax credits ( 3.1 ) ( 13.4 ) ( 38.3 ) Change in valuation allowance 22.9 70.4 70.3 Non-deductible executive compensation 3.3 2.7 1.0 Other 0.1 0.1 — (Benefit from) provision for income taxes — % — % — % |
Tax Effects of Temporary Differences and Carryforwards that Give Rise to Significant Portions of the Deferred Tax Assets | The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 143,914 $ 120,347 Tax credits 54,585 49,229 Stock-based compensation 5,485 4,165 Reserves and accruals 3,034 1,770 Deferred revenue 7,657 7,684 Lease liability 10,628 8,299 Gross deferred tax assets 225,303 191,494 Less: valuation allowance ( 216,025 ) ( 183,948 ) Total deferred tax assets 9,278 7,546 Deferred tax liabilities: Property, plant and equipment ( 3,967 ) ( 1,894 ) Right of use asset ( 5,311 ) ( 5,652 ) Total deferred tax liabilities ( 9,278 ) ( 7,546 ) Net deferred tax assets $ — $ — |
Reconciliation of the Company's Unrecognized Tax Benefits | A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, is as follows (in thousands): Unrecognized Balance as of December 31, 2019 $ 29,176 Additions for current tax positions 1,317 Releases ( 29 ) Balance as of December 31, 2020 30,464 Additions for current tax positions 1,269 Additions for prior tax positions 1,432 Releases ( 58 ) Balance as of December 31, 2021 $ 33,107 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Results from Operations | Selected quarterly results from operations for the years ended December 31, 2021 and 2020 are as follows (in thousands except per share amounts): 2021 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 10,353 $ 1,813 $ 17,743 $ 2,315 Net loss $ ( 29,711 ) $ ( 39,209 ) $ ( 22,307 ) $ ( 40,528 ) Basic and diluted net loss per share $ ( 0.43 ) $ ( 0.56 ) $ ( 0.32 ) $ ( 0.58 ) Diluted net income (loss) per share $ (0.43 ) $ (0.56 ) $ (0.32 ) $ (0.58 ) 2020 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 6,008 $ 49,440 $ 5,085 $ 4,358 Net income (loss) $ ( 21,687 ) $ 20,267 $ ( 24,060 ) $ ( 29,876 ) Basic net income (loss) per share $ ( 0.35 ) $ 0.32 $ ( 0.35 ) $ ( 0.43 ) Diluted net income (loss) per share $ ( 0.35 ) $ 0.29 $ ( 0.35 ) $ ( 0.43 ) |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Operating Segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||
Percentage of contract revenue as total revenue | 96.00% | 99.20% | 99.50% |
Impairment loss on long lived assets | $ 0 | ||
Advertising expense | 2,500,000 | ||
Incurred advertising costs | $ 0 | $ 0 | |
Reclassification adjustment from accumulated other comprehensive loss for unrealized gain (loss) realized upon the sale of available-for-sale securities | $ 0 | $ 0 | |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 5 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 7 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Detail) - shares | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from computation of earnings per share | 7,339,000 | 7,688,000 | 9,854,000 | ||||
Options to Purchase Common Stock, Including Purchases from Contributions to ESPP [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from computation of earnings per share | 6,776,000 | 7,118,000 | 9,304,000 | ||||
Unvested Restricted Stock Units (RSUs) [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from computation of earnings per share | 398,000 | 406,000 | 369,000 | ||||
Restricted Stock Awards [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from computation of earnings per share | 15,000 | 14,000 | 31,000 | ||||
Warrants to Purchase Common Stock [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from computation of earnings per share | 150,000 | [1] | 150,000 | [1] | 150,000 | [1] | 150,000 |
[1] | In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Issued warrant to purchase common stock, amount | 7,339,000 | 7,688,000 | 9,854,000 | ||||
Warrants to Purchase Common Stock [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Issued warrant to purchase common stock, amount | 150,000 | [1] | 150,000 | [1] | 150,000 | [1] | 150,000 |
Warrant term | 10 years | ||||||
Issued warrant to purchase common stock, exercise price | $ 20 | ||||||
[1] | In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. |
Cash Equivalents, Restricted _3
Cash Equivalents, Restricted Cash and Investments - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 49,978 | $ 32,297 | ||
Restricted cash included in Other assets | 1,080 | 1,080 | ||
Total cash, cash equivalents and restricted cash | $ 51,058 | $ 33,377 | $ 40,259 | $ 28,088 |
Cash Equivalents, Restricted _4
Cash Equivalents, Restricted Cash and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 354,813 | $ 458,098 |
Gross Unrealized Gains | 7 | 121 |
Gross Unrealized Losses | (490) | (7) |
Available-for-sale Securities | 354,330 | 458,212 |
Money Market Fund [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 41,960 | 30,139 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | 41,960 | 30,139 |
U.S. Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 40,397 | 176,625 |
Gross Unrealized Gains | 0 | 60 |
Gross Unrealized Losses | (160) | 0 |
Available-for-sale Securities | 40,237 | 176,685 |
Government-Sponsored Agencies [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,821 | 12,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (56) | 0 |
Available-for-sale Securities | 16,765 | 12,500 |
Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 111,868 | 140,364 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | 111,868 | 140,364 |
Asset-backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 39,988 | 25,706 |
Gross Unrealized Gains | 0 | 23 |
Gross Unrealized Losses | (62) | 0 |
Available-for-sale Securities | 39,926 | 25,729 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 103,779 | 72,764 |
Gross Unrealized Gains | 7 | 38 |
Gross Unrealized Losses | (212) | (7) |
Available-for-sale Securities | $ 103,574 | $ 72,795 |
Cash Equivalents, Restricted _5
Cash Equivalents, Restricted Cash and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $ 41,960 | $ 30,139 |
Short-term investments | 214,514 | 404,273 |
Long-term investments | 97,856 | 23,800 |
Total available-for-sale securities | $ 354,330 | $ 458,212 |
Cash Equivalents, Restricted _6
Cash Equivalents, Restricted Cash and Investments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)Investment | Dec. 31, 2020USD ($) | |
Cash and Cash Equivalents [Abstract] | ||
Maturity period available-for-sale securities | less than two years | |
Significant realized gains or losses on available-for-sale securities | $ 0 | |
Cash | $ 8,000,000 | $ 2,200,000 |
Number of available-for-sale securities in a continuous unrealized loss position for more than 12 months | Investment | 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements of Company's Financial Assets (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 354,330 | $ 458,212 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 41,960 | 30,139 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 312,370 | 428,073 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 41,960 | 30,139 |
Money Market Fund [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 41,960 | 30,139 |
Money Market Fund [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Money Market Fund [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40,237 | 176,685 |
U.S. Treasury Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
U.S. Treasury Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40,237 | 176,685 |
U.S. Treasury Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 16,765 | 12,500 |
Government-Sponsored Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Government-Sponsored Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 16,765 | 12,500 |
Government-Sponsored Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 111,868 | 140,364 |
Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 111,868 | 140,364 |
Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 39,926 | 25,729 |
Asset-backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Asset-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 39,926 | 25,729 |
Asset-backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 103,574 | 72,795 |
Corporate Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Corporate Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 103,574 | 72,795 |
Corporate Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Transfers from Level 1 to Level 2 financial assets | $ 0 | $ 0 |
Transfers from Level 2 to Level 1 financial assets | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Amount | $ 23,635 | ||
Term Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Amount | [1] | 23,635 | $ 24,401 |
Estimated Fair Value | [1] | $ 25,046 | $ 25,332 |
[1] | Carrying amounts of long-term debt were net of unamortized debt discounts of $ 316 and $ 599 as of December 31, 2021 and 2020, respectively. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Amount and Estimated Fair Value of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unamortized debt discounts | $ 316 | |
Term Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unamortized debt discounts | $ 316 | $ 599 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 40,989 | $ 32,043 |
Less: accumulated depreciation | (8,720) | (6,883) |
Net Property and equipment | 32,269 | 25,160 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 7,419 | 6,098 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 959 | 738 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,243 | 381 |
Tenant Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 31,368 | $ 24,826 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Research and development related | $ 11,309 | $ 11,062 | |
Compensation related | 8,350 | 5,498 | |
Consulting and professional services | 1,348 | 1,690 | |
Current portion of operating lease liability | [1] | $ 2,810 | $ 845 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities | |
Other | $ 2,541 | $ 699 | |
Accrued liabilities | $ 26,358 | $ 19,794 | |
[1] | Includes current portion of operating lease liabilities. |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | Jan. 08, 2020USD ($)Tranche | Dec. 31, 2021USD ($) | Dec. 01, 2022USD ($) | Dec. 31, 2020USD ($) | Dec. 28, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, advance amount | $ 20,000,000 | |||||
Line of credit facility, interest rate | 8.05% | |||||
Borrowings outstanding | $ 23,635,000 | |||||
Discount on borrowings | $ 316,000 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate proceeds to be received from equity offering | $ 30,000,000 | |||||
Hercules Capital Inc [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan commitment fee, percentage | 1.00% | |||||
Purchase of common stock | $ 1,000,000 | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||||
Line of credit facility, interest rate | 8.05% | |||||
Line of credit facility, maturity date | Dec. 1, 2022 | |||||
Line of credit facility, interest rate description | As of December 31, 2021, the Company had borrowed $20.0 million under the Credit Facility, with an interest rate of 8.05% per annum, and the remaining available amount had expired. | |||||
Borrowings outstanding | [1] | $ 23,635,000 | $ 24,401,000 | |||
Discount on borrowings | $ 316,000 | $ 599,000 | ||||
Debt Instrument, Date of First Required Payment | Jul. 1, 2021 | |||||
Debt instrument date of interest only payment | Aug. 1, 2022 | |||||
Term Loan [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan commitment charge | 162,500 | |||||
Term Loan [Member] | Tranche One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate | 8.50% | |||||
Line of credit facility, interest rate description | Under the Restated Credit Facility, the Company borrowed $5.0 million from the first tranche with an interest rate of 8.50% per annum as of December 31, 2021. Advances under the Restated Credit Facility bear an initial interest rate equal to the greater of either (i) 8.50% plus the Prime Rate minus 5.25%, and (ii) 8.50%, which may be reduced upon the Company achieving certain cumulative net TAVNEOS revenue levels. For advances under the Restated Credit Facility, the Company would make interest only payments through September 1, 2022 and would then repay the principal balance and interest on the advances in equal monthly installments through February 1, 2024. Upon satisfaction of certain conditions, the interest-only payment period and the principal balance repayment period may be extended. With the FDA approval of TAVNEOS in October 2021, the interest-only payment period and the principal balance repayment period was extended through March 1, 2023 and February 1, 2025, respectively. In addition, the Company will pay an end of term charge of 7.15% of the aggregate amount of the advances under the Restated Credit Facility in February 2025. | |||||
Term Loan [Member] | Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Payment of end term charge | $ 1,300,000 | |||||
Term Loan [Member] | Wall Street Journal Prime [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate | 4.75% | |||||
Term Loan Restated [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||||
Line of credit facility, interest rate description | In addition, the Company may prepay advances under the Restated Credit Facility, in whole or in part, at any time, subject to a prepayment charge that ranges from 1.0% to 2.0%, depending on the timing of the prepayment. The Restated Credit Facility is secured by substantially all of the Company’s assets, excluding intellectual property. | |||||
Number of tranches | Tranche | 3 | |||||
Percentage of Prepayment Charges, Lower Range | 1.00% | |||||
Percentage of Prepayment Charges, Upper Range | 2.00% | |||||
Term Loan Restated [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan commitment charge | $ 520,000 | |||||
Term Loan Restated [Member] | Hercules Capital Inc [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of participation in equity financing | 3,000,000 | |||||
Through December 15, 2020 [Member] | Tranche One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 40,000,000 | |||||
Through December 15, 2020 [Member] | Tranche One [Member] | Avacopan New Drug Application | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, capacity available for specific purpose other than for trade purchases | 20,000,000 | |||||
Through December 15, 2021 [Member] | Tranche Two [Member] | Avacopan New Drug Application | ||||||
Debt Instrument [Line Items] | ||||||
Restated credit facility, maximum borrowing capacity | 30,000,000 | |||||
Through December 15, 2022 [Member] | Tranche Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 | |||||
[1] | Carrying amounts of long-term debt were net of unamortized debt discounts of $ 316 and $ 599 as of December 31, 2021 and 2020, respectively. |
Long-term Debt - Schedule of Fu
Long-term Debt - Schedule of Future Minimum Principal Payments Related to the Credit Facility (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 18,951 | |
2023 | 1,979 | |
2024 | 2,566 | |
2025 | 455 | |
Total minimum payments | 23,951 | |
Less: amount representing debt discount | (316) | |
Long-term debt, net | 23,635 | |
Less: current portion | (18,920) | $ (6,302) |
Long-term debt, Non-current portion | $ 4,715 | $ 18,099 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)ft² | Dec. 31, 2020USD ($) | |
Operating Leased Assets [Line Items] | ||
Contractual obligation | $ 9.9 | |
Initial annual base rent expense | $ 6.5 | |
Incremental percentage of annual lease rent | 3.00% | |
Operating lease contract | 10 years | |
Expiration date | 2031-02 | |
Tenant improvement allowance | $ 15.4 | |
Proceeds from Additional Tenant Allowance | $ 4.8 | |
Operating lease, option to extend | an option to extend the lease for five years | |
Additional tenant improvement allowance | 7.00% | |
Tenant improvement allowance received | $ 20.2 | |
Operating lease new facility commence | June 2020 | |
Operating Lease, Payments | $ 5.2 | $ 1.7 |
Operating Lease Variable Lease Income | $ 10.9 | $ 9.3 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 2 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.50% | |
Third Amendment May 2019 [Member] | ||
Operating Leased Assets [Line Items] | ||
Expiration date | 2021-04 | |
Letter Agreement July 2020 [Member] | ||
Operating Leased Assets [Line Items] | ||
Expiration date | 2021-06 | |
Letter of Credit [Member] | ||
Operating Leased Assets [Line Items] | ||
Security deposit | $ 1.1 | |
San Carlos California [Member] | ||
Operating Leased Assets [Line Items] | ||
Area of Land | ft² | 96,463 | |
Discounted lease | Following a six-month period of discounted rent |
Commitments - Schedule of Balan
Commitments - Schedule of Balance Sheet Classification of the Company's Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease right-of-use assets | $ 24,806 | $ 26,911 | |
Operating lease liabilities: | |||
Accrued and other current liabilities | [1] | $ 2,810 | $ 845 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | |
Non-current lease liabilities | $ 46,830 | $ 38,671 | |
[1] | Includes current portion of operating lease liabilities. |
Commitments - Schedule of Opera
Commitments - Schedule of Operating Expenses in the Company's Condensed Consolidated Statements of Operations (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease cost | $ 6,233 | $ 4,648 | $ 1,295 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Lease Payments Under all Noncancelable Operating Leases (Details 2) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Present value of lease liabilities |
2022 | $ 7,348 |
2023 | 7,535 |
2024 | 7,741 |
2025 | 7,952 |
2026 | 8,170 |
Thereafter | 36,517 |
Total minimum payments | 75,263 |
Less: interest | (25,623) |
Present value of lease liabilities | $ 49,640 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | Dec. 28, 2017 | Nov. 30, 2021 | Sep. 30, 2021 | Feb. 28, 2021 | Jun. 30, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | May 31, 2016 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | May 09, 2016 |
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable upfront payments received | $ 85,000,000 | |||||||||||||
Non refundable upfront payment received in equity investment, shares | 3,333,333 | |||||||||||||
Performance obligations satisfied (or partially satisfied) in previous periods | $ 22,842,000 | $ 40,647,000 | $ 2,251,000 | |||||||||||
Transaction price | $ 78,000,000 | |||||||||||||
Upfront payments received | $ 78,000,000 | |||||||||||||
Non refundable upfront payments allocated for issuance of common stock | $ 7,000,000 | |||||||||||||
Issuance of common stock, per share value | $ 2.10 | |||||||||||||
Collaboration and license revenue from related party | 29,099,000 | 64,392,000 | 35,952,000 | |||||||||||
Collaboration and license revenue from related party | 29,099,000 | 64,392,000 | 35,952,000 | |||||||||||
Avacopan Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable upfront payments received | $ 20,000,000 | $ 85,000,000 | ||||||||||||
Non refundable upfront payment received in cash | 60,000,000 | |||||||||||||
Non refundable upfront payment received in equity investment | $ 25,000,000 | |||||||||||||
Share price of common stock in equity investment | $ 7.50 | |||||||||||||
Non refundable upfront payment received in equity investment, shares | 3,333,333 | |||||||||||||
Non refundable payment for expanded rights | $ 5,000,000 | |||||||||||||
Performance obligations satisfied (or partially satisfied) in previous periods | $ 50,000,000 | |||||||||||||
Transaction price | 183,000,000 | |||||||||||||
Collaboration and license revenue from related party | 28,200,000 | 13,000,000 | 29,500,000 | |||||||||||
Collaboration and license revenue from related party | 28,200,000 | 13,000,000 | 29,500,000 | |||||||||||
Tavneos [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Performance obligations satisfied (or partially satisfied) in previous periods | $ 45,000,000 | $ 20,000,000 | $ 10,000,000 | 30,000,000 | ||||||||||
Avacopan Amendment [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Upfront cash commitment | $ 20,000,000 | |||||||||||||
Avacopan Letter Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable payment for expanded rights | $ 5,000,000 | |||||||||||||
Other current liabilities to related party | 4,200,000 | |||||||||||||
Revenues recognized | 6,200,000 | |||||||||||||
Collaboration and license revenue from related party | 1,800,000 | 0 | ||||||||||||
Collaboration and license revenue from related party | 1,800,000 | 0 | ||||||||||||
Avacopan Letter Agreement [Member] | Maximum [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Potential milestone payments receivable | 385,000,000 | |||||||||||||
CCX140 Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable payment for expanded rights | 5,000,000 | 5,000,000 | $ 50,000,000 | |||||||||||
Transaction price | 66,500,000 | |||||||||||||
Upfront payments received | 50,000,000 | |||||||||||||
Non refundable upfront commitment | $ 11,500,000 | |||||||||||||
Other current liabilities to related party | $ 6,200,000 | |||||||||||||
Collaboration and license revenue from related party | 800,000 | 51,400,000 | 6,400,000 | |||||||||||
Deferred Revenue, Recognized | 46,700,000 | |||||||||||||
Development Funding, Reduction | $ 47,200,000 | |||||||||||||
Collaboration and license revenue from related party | $ 800,000 | $ 51,400,000 | $ 6,400,000 | |||||||||||
Vifor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Purchase of Common stock, shares | 5,194,085 | |||||||||||||
Vifor [Member] | CCX140 Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Development funding | $ 11,500,000 |
Related-Party Transactions - Sc
Related-Party Transactions - Schedule of Contract Assets and Liabilities and Changes in Contract Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable Net [Member] | ||
Contract asset: | ||
Contract asset | $ 43 | $ 32 |
Deferred Revenue [Member] | ||
Contract liability: | ||
Contract liability | $ (35,765) | $ (36,587) |
Related-Party Transactions - _2
Related-Party Transactions - Schedule of Contract Assets and Liabilities Changes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||
Amount included in contract liability at the beginning of the period | $ 30,823 | $ 64,250 | $ 35,781 |
Performance obligations satisfied (or partially satisfied) in previous periods | $ 22,842 | $ 40,647 | $ 2,251 |
Government Grant - Additional I
Government Grant - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Government Grant [Member] | |||
Grant revenue | $ 300,000 | $ 500,000 | |
Accounts Receivable, Related Parties | $ 28,000 | $ 100,000 | |
U.S. Food and Drug Administration [Member] | |||
Grant Received | $ 1,000,000 | ||
Grant Term | 2 years |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 20, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Company's incremental common stock shares reserved for issuance | 2,950,000 | |||
Total intrinsic value of options exercised | $ 21.1 | $ 123.3 | $ 48.4 | |
Restricted Stocks [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Weighted average grant-date fair value, granted | $ 54.59 | $ 49.26 | $ 11.54 | |
Total fair value of restricted stock vested | $ 11.2 | $ 11.4 | $ 3.1 | |
Unrecognized compensation expenses | $ 37 | |||
Unrecognized compensation expense, weighted-average period | 2 years 4 months 24 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Unrecognized compensation expenses | $ 9.3 | |||
Unrecognized compensation expense, weighted-average period | 1 year 4 months 24 days | |||
Stock Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Maximum vesting term | 10 years | |||
Stock Plans [Member] | First Anniversary [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total grant vesting | 25.00% | |||
Stock Plans [Member] | Monthly After First Anniversary [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total grant vesting | 2.77778% | |||
Stock Plans [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise prices date of grant fair value rate | 100.00% | |||
Nonstatutory options granted exercise price | 85.00% | |||
Restated Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 20,390,000 | |||
Company's incremental common stock shares reserved for issuance | 950,000 | |||
Shares available for issuance under plan annual decrease share | 1.5 | |||
Directors Plan [Member] | Restricted Stocks [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Activity (Detail) - Restricted Stocks [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Unvested, Beginning Balance | 420,030 | ||
Shares, Granted | 229,356 | ||
Shares, Vested | (219,842) | ||
Shares, Canceled | (16,034) | ||
Shares, Unvested, Ending Balance | 413,510 | 420,030 | |
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance | $ 34.73 | ||
Weighted Average Grant-Date Fair Value, Granted | 54.59 | $ 49.26 | $ 11.54 |
Weighted Average Grant-Date Fair Value, Vested | 32.73 | ||
Weighted Average Grant-Date Fair Value, Canceled | 57.05 | ||
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ 45.94 | $ 34.73 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity under its Stock Plans (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / sharesshares | ||
Share-based Payment Arrangement [Abstract] | ||
Shares Available for Grant, Outstanding Beginning Balance | 3,170,577 | |
Available for Grant, Shares authorized | 2,950,000 | |
Shares Available for Grant, Granted | (1,381,845) | [1] |
Shares Available for Grant, Exercised | 86,343 | [2] |
Shares Available for Grant, Forfeited and expired | 816,707 | [3] |
Shares Available for Grant, Outstanding Ending Balance | 5,641,782 | |
Shares, Options Outstanding, Beginning Balance | 7,114,225 | |
Shares, Options Outstanding, authorized | 0 | |
Shares, Options Outstanding, Granted | 1,129,311 | [1] |
Shares, Options Outstanding, Exercised | (674,968) | [2] |
Shares, Options Outstanding, Forfeited and expired | (800,673) | [3] |
Shares, Options Outstanding, Ending Balance | 6,767,895 | |
Shares, Vested and expected to vest, net of estimated forfeiture at December 31, 2021 | 6,575,881 | |
Shares, Exercisable at December 31, 2021 | 4,952,557 | |
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $ / shares | $ 14.61 | |
Weighted Average Exercise Price, Options Outstanding, Granted | $ / shares | 49.61 | [1] |
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares | 9.81 | [2] |
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares | 29.73 | [3] |
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares | 19.14 | |
Weighted Average Exercise Price, Vested and expected to vest, net of estimated forfeiture at December 31, 2021 | $ / shares | 18.48 | |
Weighted Average Exercise Price, Exercisable at December 31, 2021 | $ / shares | $ 11.74 | |
Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 9 days | |
Weighted Average Remaining Contractual Term, Vested and expected to vest, net of estimated forfeiture at December 31, 2021 | 5 years 6 months 7 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2021 | 4 years 7 months 2 days | |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 144,108,406 | |
Aggregate Intrinsic Value, Vested and expected to vest, net of estimated forfeiture at December 31, 2021 | $ | 142,647,489 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2021 | $ | $ 127,032,052 | |
[1] | The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period with a 1.5 share ratio reduction to the reserve shares for each RSU or RSA grant in accordance with the Restated Pan . | |
[2] | Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs. | |
[3] | The difference between shares forfeited and expired in the number of shares available for grant and outstanding options represents the RSUs canceled during the period. |
Stockholders' Equity - Stock _2
Stockholders' Equity - Stock Options Outstanding (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Options Outstanding , Shares | 6,767,895 | 7,114,225 |
Weighted Average Contractual Term, Outstanding | 5 years 7 months 9 days | |
Range 1 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 3.29 | |
Exercise Price Range, Upper | $ 6.08 | |
Options Outstanding , Shares | 795,681 | |
Weighted Average Contractual Term, Outstanding | 3 years 5 months 26 days | |
Range 2 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 6.23 | |
Exercise Price Range, Upper | $ 6.62 | |
Options Outstanding , Shares | 721,062 | |
Weighted Average Contractual Term, Outstanding | 4 years 11 months 23 days | |
Range 3 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 6.66 | |
Exercise Price Range, Upper | $ 8.19 | |
Options Outstanding , Shares | 1,113,649 | |
Weighted Average Contractual Term, Outstanding | 2 years 11 months 4 days | |
Range 4 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 8.29 | |
Exercise Price Range, Upper | $ 10.86 | |
Options Outstanding , Shares | 905,228 | |
Weighted Average Contractual Term, Outstanding | 6 years 4 months 20 days | |
Range 5 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 10.91 | |
Exercise Price Range, Upper | $ 11.02 | |
Options Outstanding , Shares | 758,694 | |
Weighted Average Contractual Term, Outstanding | 6 years 6 months 10 days | |
Range 6 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 11.56 | |
Exercise Price Range, Upper | $ 14.28 | |
Options Outstanding , Shares | 813,280 | |
Weighted Average Contractual Term, Outstanding | 5 years 1 month 28 days | |
Range 7 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 14.31 | |
Exercise Price Range, Upper | $ 46.59 | |
Options Outstanding , Shares | 757,512 | |
Weighted Average Contractual Term, Outstanding | 7 years 5 months 19 days | |
Range 8 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 48 | |
Exercise Price Range, Upper | $ 65.87 | |
Options Outstanding , Shares | 860,489 | |
Weighted Average Contractual Term, Outstanding | 8 years 7 months 6 days | |
Range 9 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 67.84 | |
Exercise Price Range, Upper | $ 67.84 | |
Options Outstanding , Shares | 42,300 | |
Weighted Average Contractual Term, Outstanding | 9 years 1 month 28 days |
Stockholders' Equity - Employee
Stockholders' Equity - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for issuance under Plan | 5,641,782 | 3,170,577 | ||||
Aggregate limit of common stock | 200,000,000 | 200,000,000 | ||||
Company's incremental common stock shares reserved for issuance | 2,950,000 | |||||
Stock options grant shares approved for issuance-Non Employee | [1] | 1,129,311 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Stock issued during period, shares, new issues | 6,491,196 | |||||
Proceeds from issuance of common stock | $ 0 | $ 325,654 | $ 73,276 | |||
Issuance of common stock through Equity Distribution Agreement,net of issuance costs (Note 11), shares | 6,491,196 | |||||
Share-based Payment Arrangement, Nonemployee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options grant shares approved for issuance-Non Employee | 21,700 | 21,400 | 82,011 | |||
Follow On Equity Public Offering [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock issued during period, shares, new issues | 5,980,000 | |||||
Proceeds from issuance of common stock | $ 325,700 | |||||
Issuance of common stock through Equity Distribution Agreement,net of issuance costs (Note 11), shares | 5,980,000 | |||||
Common stock issued per share | $ 58 | |||||
Equity Distribution Agreement [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity distribution agreement offering price | $ 75,000 | |||||
Performance Conditions [Member] | Share-based Payment Arrangement, Nonemployee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options grant shares approved for issuance-Non Employee | 35,000 | |||||
Restricted Stocks [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expenses | $ 37,000 | |||||
Unrecognized compensation expense, weighted-average period | 2 years 4 months 24 days | |||||
Restricted Stocks [Member] | Share-based Payment Arrangement, Nonemployee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options grant shares approved for issuance-Non Employee | 0 | 66,000 | ||||
ESPP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for issuance under Plan | 1,048,585 | |||||
Common stock initially reserved for issuance | 2,000,000 | |||||
Common stock issued to employees | 95,152 | 79,161 | 71,653 | |||
Unrecognized compensation expenses | $ 400 | |||||
Unrecognized compensation expense, weighted-average period | 4 months 24 days | |||||
[1] | The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period with a 1.5 share ratio reduction to the reserve shares for each RSU or RSA grant in accordance with the Restated Pan . |
Stockholders' Equity - Employ_2
Stockholders' Equity - Employee Stock- based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | $ 28,669 | $ 20,948 | $ 11,349 |
Research and Development [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | 9,582 | 7,815 | 4,530 |
Selling, General and Administrative [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | $ 19,087 | $ 13,133 | $ 6,819 |
Stockholders' Equity - Assumpti
Stockholders' Equity - Assumptions for Fair Values of Employee Stock Options Granted under Company's Stock Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 94.00% | 87.00% | |
Weighted-average expected life (in years) | 5 years 7 months 6 days | 6 years | |
Risk-free interest rate | 0.85% | 0.84% | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 93.80% | 87.40% | 71.30% |
Weighted-average expected life (in years) | 5 years 7 months 6 days | 6 years | 6 years |
Risk-free interest rate | 0.85% | 0.66% | 2.28% |
Weighted-average grant date fair value | $ 35.96 | $ 35.71 | $ 7.54 |
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 111.00% | 118.40% | 56.40% |
Weighted-average expected life (in years) | 6 months | 6 months | 6 months |
Risk-free interest rate | 0.06% | 0.13% | 1.87% |
Weighted-average grant date fair value | $ 18.10 | $ 25.93 | $ 4.10 |
Stockholders' Equity - Stock-ba
Stockholders' Equity - Stock-based Compensation Expense in Connection with Grants of Stock Options to Nonemployees (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense associated with stock options granted to nonemployees | $ 2,023 | $ 1,964 | $ 289 |
Research and Development [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense associated with stock options granted to nonemployees | 2,023 | 1,892 | 186 |
Selling, General and Administrative [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense associated with stock options granted to nonemployees | $ 0 | $ 72 | $ 103 |
Stockholders' Equity - Assump_2
Stockholders' Equity - Assumptions for Fair Values of Stock Options Granted are Calculated Related to Stock Options Granted to Nonemployees (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 94.00% | 87.00% | |
Weighted-average expected life (in years) | 5 years 7 months 6 days | 6 years | |
Risk-free interest rate | 0.85% | 0.84% | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 68.00% | ||
Weighted-average expected life (in years) | 5 years 6 months | ||
Risk-free interest rate | 1.60% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 87.00% | ||
Weighted-average expected life (in years) | 6 years | ||
Risk-free interest rate | 2.20% |
401 (k) Plan - Additional Infor
401 (k) Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |||
Matching contributions by employer | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current (benefit from) provision for income taxes: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 0 | 0 | 0 |
Total current (benefit from) provision for income taxes | 0 | 0 | 0 |
Deferred (benefit from) provision for income taxes: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total deferred tax (benefit from) provision for income taxes | 0 | 0 | 0 |
(Benefit from) provision for income taxes | $ 0 | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | (21.00%) | (21.00%) | (21.00%) |
State, net of federal benefit | (0.40%) | 0.00% | 0.00% |
Permanent items | 1.20% | 2.10% | 1.30% |
Excess tax benefit for stock-based compensation | (3.00%) | (40.90%) | (13.30%) |
Tax credits | 3.10% | 13.40% | 38.30% |
Change in valuation allowance | 22.90% | 70.40% | 70.30% |
Non-deductible executive compensation | 3.30% | 2.70% | 1.00% |
Other | 0.10% | 0.10% | 0.00% |
(Benefit from) provision for income taxes | 0.00% | 0.00% | 0.00% |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences and Carryforwards that Give Rise to Significant Portions of the Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 143,914 | $ 120,347 |
Tax credits | 54,585 | 49,229 |
Stock based compensation | 5,485 | 4,165 |
Reserves and accruals | 3,034 | 1,770 |
Deferred revenue | 7,657 | 7,684 |
Lease liability | 10,628 | 8,299 |
Gross deferred tax assets | 225,303 | 191,494 |
Less: valuation allowance | (216,025) | (183,948) |
Total deferred tax assets | 9,278 | 7,546 |
Deferred tax liabilities: | ||
Property, plant and equipment | (3,967) | (1,894) |
Right of use asset | 5,311 | 5,652 |
Total deferred tax liabilities | (9,278) | (7,546) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Increase (decrease) in valuation allowance | $ 32,100,000 | $ 41,200,000 | |
Federal operating loss carryforwards net | 599,700,000 | ||
State operating loss carryforwards net | $ 228,500,000 | ||
Federal operating loss carryforwards expiry | 2032 | ||
State operating loss carryforwards expiry | 2028 | ||
Federal research and development credits will begin to expire | 2021 | ||
Unrecognized tax benefits | $ 33,107,000 | 30,464,000 | $ 29,176,000 |
Unrecognized tax benefits that would affect the Company's effective tax rate | 0 | $ 0 | |
Income tax penalties and interest expense, unrecognized tax benefits | 0 | ||
Federal [Member] | |||
Income Taxes [Line Items] | |||
Research and development credit | 17,000,000 | ||
State and Local [Member] | |||
Income Taxes [Line Items] | |||
Research and development credit | 14,500,000 | ||
Orphan Drug [Member] | |||
Income Taxes [Line Items] | |||
Research and development credit | $ 56,100,000 | ||
California research and development credits expiration year | 2034 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Company's Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 30,464 | $ 29,176 |
Additions for current tax positions | 1,269 | 1,317 |
Additions for prior tax positions | 1,432 | |
Releases | (58) | (29) |
Ending Balance | $ 33,107 | $ 30,464 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data - Selected Quarterly Results from Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 2,315 | $ 17,743 | $ 1,813 | $ 10,353 | $ 4,358 | $ 5,085 | $ 49,440 | $ 6,008 | $ 32,224 | $ 64,891 | $ 36,128 |
Net income (loss) | $ (40,528) | $ (22,307) | $ (39,209) | $ (29,711) | $ (29,876) | $ (24,060) | $ 20,267 | $ (21,687) | $ (131,755) | $ (55,356) | $ (55,489) |
Basic net income (loss) per share | $ (0.43) | $ (0.35) | $ 0.32 | $ (0.35) | |||||||
Diluted net income (loss) per share | $ (0.43) | $ (0.35) | $ 0.29 | $ (0.35) | |||||||
Basic and diluted net loss per common share | $ (0.58) | $ (0.32) | $ (0.56) | $ (0.43) | $ (1.89) | $ (0.84) | $ (0.98) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jan. 31, 2022USD ($) | |
Vifor [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Regulatory milestone | $ 45 |