Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-37985 | |
Entity Registrant Name | ANAPTYSBIO, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3828755 | |
Entity Address, Address Line One | 10770 Wateridge Circle | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 362-6295 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | ANAB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,186,065 | |
Entity Central Index Key | 0001370053 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 166,412 | $ 495,729 |
Receivables from collaborative partners | 921 | 876 |
Short-term investments | 339,209 | 52,368 |
Prepaid expenses and other current assets | 5,869 | 4,903 |
Total current assets | 512,411 | 553,876 |
Property and equipment, net | 2,162 | 2,283 |
Operating lease right-of-use assets | 19,147 | 19,558 |
Long-term investments | 91,195 | 67,097 |
Other long-term assets | 256 | 256 |
Total assets | 625,171 | 643,070 |
Current liabilities: | ||
Accounts payable | 2,481 | 1,741 |
Accrued expenses | 15,763 | 12,853 |
Current portion of operating lease liability | 1,537 | 1,505 |
Total current liabilities | 19,781 | 16,099 |
Liability related to sale of future royalties | 255,584 | 251,093 |
Operating lease liability, net of current portion | 19,059 | 19,450 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at March 31, 2022 and December 31, 2021, respectively | 0 | 0 |
Common stock, $0.001 par value, 500,000 shares authorized, 28,178 shares and 27,647 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 28 | 28 |
Additional paid in capital | 691,161 | 678,575 |
Accumulated other comprehensive loss | (2,434) | (422) |
Accumulated deficit | (358,008) | (321,753) |
Total stockholders’ equity | 330,747 | 356,428 |
Total liabilities and stockholders’ equity | $ 625,171 | $ 643,070 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 28,177,590 | 27,647,000 |
Common stock, shares outstanding (in shares) | 28,177,590 | 27,647,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Collaboration revenue | $ 970 | $ 11,247 |
Operating expenses: | ||
Research and development | 22,516 | 24,185 |
General and administrative | 10,203 | 5,423 |
Total operating expenses | 32,719 | 29,608 |
Loss from operations | (31,749) | (18,361) |
Other income (expense), net: | ||
Interest income | 342 | 195 |
Non-cash interest expense for the sale of future royalties | (4,854) | 0 |
Other income, net | 6 | 3 |
Total other income (expense), net | (4,506) | 198 |
Net loss | (36,255) | (18,163) |
Unrealized loss on available for sale securities | (2,012) | (107) |
Comprehensive loss | $ (38,267) | $ (18,270) |
Net loss per common share: | ||
Basic (in usd per share) | $ (1.31) | $ (0.66) |
Diluted (in usd per share) | $ (1.31) | $ (0.66) |
Weighted-average number of shares outstanding: | ||
Basic (in shares) | 27,713 | 27,361 |
Diluted (in shares) | 27,713 | 27,361 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (parenthetical) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | Collaboration Revenue [Member] | Collaboration Revenue [Member] |
Consolidated Statement of Stock
Consolidated Statement of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Stockholders' Equity, Beginning Balance (in shares) at Dec. 31, 2020 | 27,356,000 | ||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2020 | $ 396,731 | $ 27 | $ 660,665 | $ (4) | $ (263,957) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued under employee stock plans (in shares) | 11,000 | ||||
Shares issued under employee stock plans | 167 | 167 | |||
Stock-based compensation | 3,315 | 3,315 | |||
Comprehensive loss, net | (107) | (107) | |||
Net loss | (18,163) | (18,163) | |||
Stockholders' Equity, Ending Balance (in shares) at Mar. 31, 2021 | 27,367,000 | ||||
Stockholders' Equity, Ending Balance at Mar. 31, 2021 | 381,943 | $ 27 | 664,147 | (111) | (282,120) |
Stockholders' Equity, Beginning Balance (in shares) at Dec. 31, 2021 | 27,647,000 | ||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2021 | 356,428 | $ 28 | 678,575 | (422) | (321,753) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock from exercises of options and employee stock purchase plan (in shares) | 531,000 | ||||
Issuance of common stock from exercises of options and employee stock purchase plan | $ 4,844 | 4,844 | |||
Shares issued under employee stock plans (in shares) | 530,340 | ||||
Stock-based compensation | $ 7,742 | 7,742 | |||
Comprehensive loss, net | (2,012) | (2,012) | |||
Net loss | (36,255) | (36,255) | |||
Stockholders' Equity, Ending Balance (in shares) at Mar. 31, 2022 | 28,178,000 | ||||
Stockholders' Equity, Ending Balance at Mar. 31, 2022 | $ 330,747 | $ 28 | $ 691,161 | $ (2,434) | $ (358,008) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (36,255) | $ (18,163) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 162 | 125 |
Stock-based compensation | 7,742 | 3,315 |
Accretion/amortization of investments, net | 161 | 167 |
Amortization of right-of-use assets – operating | 411 | 126 |
Non-cash interest expense | 4,854 | 0 |
Changes in operating assets and liabilities: | ||
Receivables from collaborative partners | (45) | (1,247) |
Prepaid expenses and other assets | (1,221) | (2,402) |
Accounts payable and other liabilities | 3,536 | (4,980) |
Operating lease liabilities | (359) | (145) |
Net cash used in operating activities | (21,014) | (23,204) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investments | (322,477) | (6,238) |
Sales and maturities of investments | 9,620 | 63,284 |
Purchases of property and equipment | (55) | (317) |
Net cash (used in) provided by investing activities | (312,912) | 56,729 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 4,844 | 167 |
Royalty payments to Sagard | (233) | 0 |
Payments for debt issuance costs | (2) | 0 |
Net cash provided by financing activities | 4,609 | 167 |
Net (decrease) increase in cash and cash equivalents | (329,317) | 33,692 |
Cash, cash equivalents and restricted cash, beginning of period | 495,729 | 250,516 |
Cash, cash equivalents and restricted cash, end of period | 166,412 | 284,208 |
Non-cash investing and financing activities: | ||
Amounts accrued for issuance costs related to the sale of future royalties | 128 | 0 |
Amounts accrued for property and equipment | $ 19 | $ 58 |
Description of the Business
Description of the Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. We are a clinical-stage biotechnology company developing first-in-class antibodies focused on unmet medical needs in inflammation. Our proprietary anti-inflammatory pipeline includes imsidolimab, our anti-IL-36R antibody, previously referred to as ANB019, for the treatment of dermatological inflammatory diseases, including generalized pustular psoriasis, or GPP, and moderate-to-severe hidradenitis suppurativa; rosnilimab, our anti-PD-1 agonist program, previously referred to as ANB030, for the treatment of moderate-to-severe alopecia areata; and our anti-BTLA agonist program, ANB032, which is broadly applicable to human inflammatory diseases associated with lymphoid and myeloid immune cell dysregulation. Our antibody pipeline has been developed using our proprietary somatic hypermutation, or SHM platform, which uses in vitro SHM for antibody discovery and is designed to replicate key features of the human immune system to overcome the limitations of competing antibody discovery technologies. We have also developed multiple therapeutic antibodies in an immuno-oncology collaboration with GSK, including an anti-PD-1 antagonist antibody (JEMPERLI (dostarlimab-gxly) GSK4057190), an anti-TIM-3 antagonist antibody (cobolimab, GSK4069889) and an anti-LAG-3 antagonist antibody (GSK4074386). We currently generate revenue from milestones and royalties achieved under our collaborative research and development arrangements. Since our inception, we have devoted our primary effort to research and development activities. Our financial support has been provided primarily from the sale of our common and preferred stock, royalty monetization, as well as through funds received under our collaborative research and development agreements. Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next twelve months from the issuance of our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Also, certain reclassifications have been made to 2021 financial information to conform to the current year presentation of amortization of right-of-use assets - operating and operating lease liabilities on the Consolidated Statements of Cash Flows. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Interim results are not necessarily indicative of results for a full year, particularly in light of the novel coronavirus (“COVID-19”) pandemic, and its impact on domestic and global economies. To limit the spread of COVID-19, governments have taken various actions, including the issuance of stay-at-home orders and social distancing guidelines, which have resulted in some businesses suspending operations or experiencing a reduction in demand for many products from direct or ultimate customers. Accordingly, businesses have adjusted, reduced or suspended operating activities. The effects of the stay-at-home orders and our work-from-home policies may negatively impact productivity, disrupt our business, and delay our development programs and regulatory and commercialization timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on our ability to conduct our business in the ordinary course. Our future research and development expenses and general and administrative expenses may vary significantly if we experience an increased impact from the COVID-19 pandemic on the costs and timing associated with the conduct of our clinical trials and other related business activities, to date there has not been any material delays in clinical operations. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2021 included in our Annual Report on Form 10-K. Basis of Consolidation The accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs, and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share. The following table sets forth the weighted-average o utstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Three Months Ended (in thousands) 2022 2021 Options to purchase common stock 4,003 3,445 |
Balance Sheet Accounts and Supp
Balance Sheet Accounts and Supplemental Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Accounts and Supplemental Disclosures | Balance Sheet Accounts and Supplemental Disclosures Property and Equipment, net Property and equipment, net consist of the following: (in thousands) March 31, 2022 December 31, 2021 Laboratory equipment $ 5,696 $ 5,683 Office furniture and equipment 1,347 1,319 Leasehold improvements 203 203 Property and equipment, gross 7,246 7,205 Less: accumulated depreciation and amortization (5,084) (4,922) Total property and equipment, net $ 2,162 $ 2,283 Accrued Expenses Accrued expenses consist of the following: (in thousands) March 31, 2022 December 31, 2021 Accrued compensation and related expenses $ 2,848 $ 4,177 Accrued professional fees 652 569 Accrued research, development and manufacturing expenses 12,135 7,953 Other 128 154 Total accrued expenses $ 15,763 $ 12,853 |
Collaborative Research and Deve
Collaborative Research and Development Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Collaborative Research and Development Agreements | Collaborative Research and Development Agreements GlaxoSmithKline Collaboration In March 2014, we entered into a Collaboration and Exclusive License Agreement (the “GSK Agreement”) with TESARO, Inc. (“Tesaro”), an oncology-focused biopharmaceutical company now a part of GlaxoSmithKline (Tesaro and GlaxoSmithKline are hereinafter referred to, collectively, as “GSK”). Under the terms of the GSK Agreement, we agreed to perform certain discovery and early preclinical development of therapeutic antibodies with the goal of generating immunotherapy antibodies for subsequent preclinical, clinical, regulatory, and commercial development to be performed by GSK. Under the terms of the GSK Agreement, GSK paid an upfront license fee of $17.0 million in March 2014 and agreed to provide funding to us for research and development services related to antibody discovery programs for three specific targets. In November 2014, Amendment No. 1 to the GSK Agreement was agreed by both parties to add an antibody discovery program against an undisclosed fourth target for an upfront license fee of $2.0 million. Currently, under the GSK Agreement, GSK is developing JEMPERLI (dostarlimab), an anti-PD-1 antagonist antibody, as a monotherapy and in combination with additional therapies, for various solid tumor indications. In addition, under the collaboration, GSK is developing dostarlimab in combination with two other development programs form the GSK Agreement: cobolimab, an anti-TIM-3 antibody, and GSK40974386, an anti-LAG-3 antibody, for various solid tumor indications. For each development program, we are eligible to receive milestone payments of up to $18.0 million if certain preclinical and clinical trial events are achieved by GSK, up to an additional $90.0 million if certain U.S. and European regulatory submissions and approvals in multiple indications are achieved, and up to an additional $165.0 million upon the achievement of specified levels of annual worldwide net sales. We will also be eligible to receive tiered 4-8% royalties related to worldwide net sales of products developed under the collaboration. Unless earlier terminated by either party upon specified circumstances, the GSK Agreement will terminate, with respect to each specific developed product, upon the later of the 12th anniversary of the first commercial sale of the product or the expiration of the last to expire of any patent. Prior to the adoption of ASC 606, Revenue from Contracts with Customers , we determined that the upfront license fees and research funding under the GSK Agreement, as amended, should be accounted for as a single unit of accounting and that the upfront license fees should be deferred and recognized as revenue over the same period that the research and development services are performed. In February 2016, Amendment No. 2 to the GSK Agreement was agreed by both parties to define the effective dates of the development programs of the GSK Agreement. We determined that the research and development services would be extended through December 31, 2016. As a result, the period over which the unrecognized license fees and discovery milestones were recognized was extended through December 31, 2016 and have since been recognized in full. We assessed these arrangements in accordance with ASC 606 and concluded that the contract counterparty, GSK, is a customer. We identified the following material promises under the GSK Agreement: (1) the licenses under certain patent rights relating to six discovery programs (four targets) and transfer of certain development and regulatory information, (2) research and development (“R&D”) services, and (3) joint steering committee meetings. We considered the research and discovery capabilities of GSK for these specific programs, GSK’s inability to sub-license, and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the joint steering committee participation would not have been provided without the R&D services and license agreement. Based on these assessments, we identified all services to be interrelated and therefore concluded that the promises should be combined into a single performance obligation at the inception of the arrangement. On October 23, 2020, Amendment No. 3 to the GSK Agreement (the “Amendment”) was agreed to by both parties to permit GSK to conduct development and commercialization in combination with any third-party molecules of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor, which has received U.S. approval for the maintenance treatment of adult patients with advanced epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in a complete or partial response to first-line platinum-based chemotherapy, and is under development for additional cancer indications. In addition, under the Amendment, we were granted increased royalties upon sales of JEMPERLI, equal to 8% of Net Sales (as defined in the GSK Agreement) below $1.0 billion and from 12% up to 25% of Net Sales above $1.0 billion. The Amendment also provided for a one-time, non-refundable cash payment of $60.0 million that we received and recognized as revenue in the fourth quarter of 2020. GSK also agreed, starting January 1, 2021, to pay us a 1% royalty less third-party royalty deduction on all GSK net sales of Zejula. The $1.1 billion in cash milestone payments due under the GSK Agreement remain unchanged. Additionally, under the terms of the Amendment, GSK has agreed to certain diligence commitments with respect to the future development of JEMPERLI, and the parties have agreed to review such commitments under regular joint review committee meetings going forward. We assessed this Amendment in accordance with ASC 606 and concluded the Amendment was a contract modification to the GSK Agreement. Based on our assessment, we identified the terms of the Amendment to be interrelated to the GSK Agreement’s single performance obligation, noting completion and delivery of terms under the Amendment were satisfied by both parties with the execution of the Amendment. As of March 31, 2022, the transaction price for the GSK Agreement and Amendment includes the upfront payment, research reimbursement revenue, one-time payment associated with the Amendment, and milestones earned to date, which are allocated in their entirety to the single performance obligation. We earned and recognized $1.0 million in royalty revenue during the three months ended March 31, 2022 related to GSK’s net sales of Zejula and JEMPERLI during the period based on estimates of GSK’s sales historical experience. Of the royalty revenue recognized, $0.3 million is JEMPERLI non-cash revenue related to the Royalty Monetization Agreement, see Note 5. GSK reports sales information to us on a one quarter lag and differences between actual and estimated royalty revenues will be adjusted in the following quarter. We earned and recognized $1.2 million in royalty revenue during the three months ended March 31, 2021 related to GSK’s net sales of Zejula during the period. No clinical milestones were earned or recognized during the three months ended March 31, 2022. No other future clinical or regulatory milestones have been included in the transaction price, as all milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors including the fact that the receipt of milestones is outside of our control and contingent upon success in future clinical trials, an outcome that is difficult to predict, and GSK’s efforts. Any consideration related to sales-based milestones, including royalties, will be recognized when the related sales occur as they were determined to relate predominantly to the intellectual property license granted to GSK and therefore have also been excluded from the transaction price. We will re-evaluate the variable transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Milestones recognized through March 31, 2022 under the GSK Agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 Anti-LAG-3 (GSK40974386) Milestone Event Amount Quarter Recognized Amount Quarter Recognized Amount Quarter Recognized Initiated in vivo toxicology studies using good laboratory practices (GLPs) $1.0M Q2'15 $1.0M Q4'15 $1.0M Q3'16 IND clearance from the FDA $4.0M Q1'16 $4.0M Q2'16 $4.0M Q2'17 Phase 2 clinical trial initiation $3.0M Q2'17 $3.0M Q4'17 $3.0M Q4'19 Phase 3 clinical trial initiation - first indication $5.0M Q3'18 — — — — Phase 3 clinical trial initiation - second indication $5.0M Q2'19 — — — — Filing of the first BLA (1) - first indication $10.0M Q1'20 — — — — Filing of the first MAA (2) - first indication $5.0M Q1'20 — — — — Filing of the first BLA - second indication $10.0M Q1'21 — — — — First BLA approval - first indication $20.0M Q2'21 — — — — First MAA approval - first indication $10.0M Q2'21 — — — — First BLA approval - second indication $20.0M Q3'21 — — — — (1) Biologics License Application (“BLA”) (2) Marketing Authorization Application (“MAA”) Milestones achieved during the discovery period were recognized as revenue pro-rata through December 31, 2016. Milestones achieved during fiscal 2017 were recognized as revenue in the period earned, while milestones after December 31, 2017 are recognized upon determination that a significant reversal of revenue would not be probable. Cash is generally received within 30 days of milestone achievement. We recognized $1.0 million in revenue under the GSK Agreement during the three months ended March 31, 2022, and $11.2 million during the three months ended March 31, 2021. Contractual milestones that may be recognized in the future under the GSK agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 (GSK4069889A/Cobolimab) Anti-LAG-3 (GSK40974386) Milestone Event Amount Amount Amount Pre clinical and Development — $10.0M $10.0M Regulatory $15.0M $90.0M $90.0M Commercial $165.0M $165.0M $165.0M Total Contractual Milestones Remaining $180.0M $265.0M $265.0M Antibody Generation Agreement with Bristol-Myers Squibb In December 2011, we entered into a license and collaboration agreement (the “BMS Agreement”) with Celgene, now a part of Bristol-Myers Squibb (Celgene and Bristol-Myers Squibb are hereinafter referred to, collectively, as “BMS”), to develop therapeutic antibodies against multiple targets. We granted BMS the option to obtain worldwide commercial rights to antibodies generated against each of the targets under the agreement, which option was triggered on a target-by-target basis by our delivery of antibodies meeting certain pre-specified parameters pertaining to each target under the agreement. The BMS Agreement provided for an upfront payment of $6.0 million from BMS, which we received in 2011 and recognized through 2014, milestone payments of up to $53.0 million per target, low single-digit royalties on net sales of antibodies against each target, and reimbursement of specified research and development costs. There was no revenue recognized under this agreement during the three months ended March 31, 2022 and 2021. |
Sale of Future Royalties
Sale of Future Royalties | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Sale of Future Royalties | Sale of Future Royalties In October 2021, we signed a royalty monetization agreement (“Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the Royalty Monetization Agreement, we received $250.0 million in exchange for royalties payable to us under our GSK collaboration on annual global net sales of JEMPERLI below $1.0 billion starting in October 2021. The aggregate JEMPERLI royalties and milestones to be received by Sagard under the Royalty Monetization Agreement is capped at certain fixed multiples of the upfront payment based on time. Once Sagard receives an aggregate amount of either $312.5 million (125% of the upfront) by the end of 2026, or $337.5 million (135% of the upfront) during 2027, or $412.5 million (165% of the upfront) at any time after 2027, the Royalty Monetization Agreement will expire resulting in us regaining all subsequent JEMPERLI royalties and milestones. As of March 31, 2022, Sagard has received a total of $0.2 million in royalties and milestones. The Royalty Monetization Agreement includes a call option pursuant to which at any time after December 1, 2024, we may reacquire our interest in the specified royalties by paying Sagard (in cash) a specified amount described as (a) in the case of a Reacquisition Date that falls within the period from (but excluding) December 1, 2024 to (and including) December 31, 2026, the greater of (i) $312.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date, and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an internal rate of return (“IRR”) for Sagard of 9.0% over the Relevant Period; (b) in the case of a Reacquisition Date that falls within the period from (and including) January 1, 2027 to (and including) December 31, 2027, the greater of (i) $337.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an IRR for Sagard of 10% over the Relevant Period; and (c) in the case of a Reacquisition Date that occurs on or after January 1, 2028, the greater of (i) $412.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an IRR for Sagard of 10% over the Relevant Period. The proceeds received from Sagard of $250.0 million were recorded as a liability, net of transaction costs of $0.4 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty and milestone revenue will be recognized as earned on net sales of JEMPERLI, and we will record the royalty payments to Sagard as a reduction of the liability when paid. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the Royalty Monetization Agreement. We estimate the effective interest rate used to record non-cash interest expense under the Agreement based on the estimate of future royalty payments to be received by Sagard. As of March 31, 2022, the estimated effective rate under the agreement was 9.1%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by Sagard and changes in the Company’s forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our original estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation. We recognized non-cash royalty revenue of approximately $0.3 million and non-cash interest expense of approximately $4.9 million for the three months ended March 31, 2022. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations. The following table shows the activity within the liability account for the three months ended March 31, 2022: (in thousands) March 31, 2022 Liability related to sale of future royalties - beginning balance $ 251,093 Issuance costs related to the sale of future royalties (130) Amortization of issuance costs 20 Royalty payments to Sagard (233) Non-cash interest expense recognized 4,834 Liability related to sale of future royalties - ending balance $ 255,584 |
Fair Value Measurements and Ava
Fair Value Measurements and Available for Sale Investments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Available for Sale Investments | Fair Value Measurements and Available for Sale Investments Fair Value Measurements Our financial instruments consist principally of cash, cash equivalents, short-term and long-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the consolidated balance sheet in accordance with the accounting standards for fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities 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 related assets or liabilities; and Level 3 - Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy: Fair Value Measurements at End of Period Using: (in thousands) Fair Value Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At March 31, 2022 Money market funds (1) $ 132,942 $ 132,942 $ — $ — Mutual funds (1) 34,437 34,437 — — U.S. Treasury securities (2) 376,445 376,445 — — Certificates of deposit (2) 3,279 — 3,279 — Agency securities (2) 26,110 — 26,110 — Commercial and corporate obligations (2) 24,570 — 24,570 — At December 31, 2021 Money market funds (1) $ 445,647 $ 445,647 $ — $ — Mutual funds (1) 50,326 50,326 — — U.S. Treasury securities (2) 87,831 87,831 — — Certificates of deposit (2) 3,766 — 3,766 — Agency securities (2) 5,814 — 5,814 — Commercial and corporate obligations (2) 22,054 — 22,054 — (1) Included in cash and cash equivalents in the accompanying consolidated balance sheets. (2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date. The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value: Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low. Fair Value of Other Financial Instruments The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term nature. Available for Sale Investments We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available for sale investments. These investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in cash equivalents, short-term and long-term investments as of March 31, 2022 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 26,431 $ — $ (321) $ 26,110 Certificates of deposit (2) 3,314 — (35) 3,279 Commercial and corporate obligations (3) 24,929 — (359) 24,570 U.S. Treasury securities (4) 377,956 1 (1,512) 376,445 Total available for sale investments $ 432,630 $ 1 $ (2,227) $ 430,404 (1) Of our outstanding agency securities $6.0 million have maturity dates of less than one year and $20.1 million have maturity dates between one (2) Of our outstanding certificates of deposit, $1.6 million have maturity dates of less than one year and $1.7 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations $4.1 million have maturity dates of less than one year and $20.5 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities $327.6 million have maturity dates of less than one year and $48.9 million have a maturity date of between one The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in short-term and long-term investments as of December 31, 2021 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 5,821 $ — $ (7) $ 5,814 Certificates of deposit (2) 3,770 — (4) 3,766 Commercial and corporate obligations (3) 22,094 2 (42) 22,054 US Treasury securities (4) 87,995 — (164) 87,831 Total available for sale investments $ 119,680 $ 2 $ (217) $ 119,465 (1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $4.8 million have maturity dates of less than one year and $17.3 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: March 31, 2022 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 26,110 $ (321) $ — $ — $ 26,110 $ (321) Commercial and corporate obligations 3,077 (35) — — 3,077 (35) Certificates of deposit 24,570 (359) — — 24,570 (359) US Treasury Securities 353,995 (1,512) — — 353,995 (1,512) Total $ 407,752 $ (2,227) $ — $ — $ 407,752 $ (2,227) December 31, 2021 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 4,477 $ (7) $ — $ — $ 4,477 $ (7) Certificates of Deposit 2,870 (4) — — 2,870 (4) Commercial and corporate obligations 18,524 (42) — — 18,524 (42) US Treasury Securities 82,823 (164) — — 82,823 (164) Total $ 108,694 $ (217) $ — $ — $ 108,694 $ (217) As of March 31, 2022 and December 31, 2021, unrealized losses on available for sale investments were $2.2 million and $0.2 million, respectively. There were no securities in an unrealized loss position for greater than 12 months as of March 31, 2022. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, accordingly, no allowance for credit losses were recorded. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock Of the 500,000,000 shares of common stock authorized , 28,177,590 shares were issued and outstanding as of March 31, 2022. Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at March 31, 2022 are as follows: Issued and Outstanding: Stock options 3,968,639 Restricted stock units 887,043 Shares Reserved For: 2017 Equity Incentive Plan 2,448,430 2017 Employee Stock Purchase Plan 1,528,476 Total 8,832,588 |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans 2017 Equity Incentive Plan On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017, and replaced our existing 2006 Equity Incentive Plan. Under the 2017 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then our employees, officers, directors or consultants. In addition, the number of shares of stock available for issuance under the 2017 Plan will be automatically increased each January 1, beginning on January 1, 2018, by 4% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The 2017 Plan automatically increased by 1,105,890 shares as of January 1, 2022. Employee Stock Purchase Plan On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan or the ESPP. The ESPP became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017. In addition, the number shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2018, by 1% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The ESPP automatically increased by 276,472 shares as of January 1, 2022. The initial offering period for the ESPP began in May 2021, completed in November 2021, and a new offering period began in November 2021. Future offering periods are expected to start in May and November each year. Stock Options Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors vest over a one year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock option awards during the three months ended March 31, 2022 is as follows: Shares Subject to Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 3,460,295 $ 28.84 7.17 $ 42,987 Granted 1,149,550 $ 30.39 Exercises (530,340) $ 9.13 Forfeitures and cancellations (110,866) $ 28.33 Outstanding at March 31, 2022 3,968,639 $ 31.94 6.17 $ 10,002 Exercisable at March 31, 2022 1,590,922 $ 37.28 4.96 $ 5,884 Time-based Restricted Stock Units Each Restricted Stock Unit (“RSUs”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. These RSUs vest in full upon the 24-month anniversary of the Vesting Commencement Date, subject to continued service on such date. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued. Number of Shares Weighted average grant date fair value Aggregate Outstanding at December 31, 2021 — $ — $ — Granted 887,043 $ 26.50 Vested — $ — Cancelled — $ — Outstanding at March 31, 2022 887,043 $ 26.50 $ 21,945 Restricted Stock Units expected to vest at March 31, 2022 887,043 $ 21,945 Stock-Based Compensation Expense We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Three Months Ended 2022 2021 Risk-free interest rate 2.0 % 0.7 % Expected volatility 88.5 % 93.0 % Expected dividend yield — % — % Expected term (in years) 6.18 6.18 Weighted-average grant date fair value per share $ 22.63 $ 22.47 We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the application of the simplified method, which defines the life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. Expected volatility for 2022 and 2021 incorporates the historical volatility of our stock price. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future. Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows: Three Months Ended (in thousands) 2022 2021 Research and development $ 1,656 $ 1,194 General and administrative 6,086 2,121 Total $ 7,742 $ 3,315 On March 20, 2022, our then Chief Executive Officer (“former CEO”), resigned by mutual agreement with the Board of Directors. In connection with his separation agreement, we modified certain equity awards and recognized approximately $3.2 million in non-cash stock-based compensation expense. Given the former CEO had substantially rendered the required services per his separation agreement, we recorded the full expense related to the modification in the period ending March 31, 2022. Additionally, On March 21, 2022, we awarded our newly appointed Interim President and Chief Executive Officer RSUs for 887,043 shares of the company’s common stock. The fair value of the award will be recognized as part of compensation cost, occurring ratably over the stated 24-month requisite service period. During the three months ended March 31, 2022, we recognized $0.3 million of non-cash stock-based compensation cost related to the award. At March 31, 2022, there was $35.4 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.48 years, $23.2 million of unrecognized cost related to unvested RSUs awards, which is expected to be recognized over a period of 1.97 years and $0.1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized over a remaining weighted-average vesting period of 0.12 years. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases On May 4, 2020, we entered into a lease agreement with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Lease Agreement”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years with the payment of a termination fee. The exercise of the lease option is at our sole discretion, which we currently do not anticipate exercising and as such was not recognized as part of the ROU asset and lease liability. The monthly base rent will be $4.20 per rentable square foot and will be increased by 3% annually. Under the Lease Agreement, we are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. Upon lease commencement, on April 5, 2021, we recognized an ROU asset of $20.6 million, with a corresponding lease liability of $20.7 million on the consolidated balance sheets. The ROU asset includes adjustments for prepayments, initial direct costs, and lease incentives. As of March 31, 2022, we have recorded $0.3 million as a security deposit in accordance with the terms of the Lease Agreement. Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at effective date of adoption in determining the present value of future payments. The weighted-average discount rate used was 4.0% and the weighted-average remaining lease term is approximately 9.4 years. The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands): Three Months Ended Leases Classification on the Cash Flow 2022 2021 Operating lease cost Operating $ 619 $ 133 Cash paid for amounts included in the measurement of lease liabilities Operating 568 151 At March 31, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands): Years Ending December 31, 2022 $ 1,749 2023 2,386 2024 2,457 2025 2,531 2026 2,607 Thereafter 13,239 Total minimum payments required 24,969 Less imputed interest (4,373) Total $ 20,596 Shareholder Litigation On March 25, 2020, a putative securities class action was filed in the United States District Court for the Southern District of California naming the Company and certain of its current or former officers as defendants. The complaint purports to assert claims under Section 10(b) of the Exchange Act Rule 10b-5, and Section 20(a) of the Exchange Act, on behalf of persons and entities who acquired our common stock between October 10, 2017 and November 7, 2019 (the “Class Period”). An amended complaint was filed on September 30, 2020 alleging that, during the Class Period, the defendants made material misrepresentations or omissions regarding our etokimab product candidate that artificially inflated our stock price. The plaintiff sought, among other things, damages in an unspecified amount, as well as costs and expenses. On September 20, 2021, the Court granted defendants’ motion to dismiss the amended complaint with leave to amend. Plaintiff did not file a further amended complaint and, on November 30, 2021, the Court dismissed the action with prejudice. On May 3, 2021, a shareholder derivative complaint was filed in the same Court based on allegations substantially similar to those in the class action, and purporting to assert claims on the Company’s behalf against current or former officers and directors for alleged violation of Sections 14(a) and 20(a) of the Exchange Act, breach of fiduciary duties, unjust enrichment, waste of corporate assets and insider selling. The parties to that derivative action agreed to the following: (1) the action should be dismissed without prejudice, meaning that the dismissal would not preclude the company, or another shareholder acting on behalf of the company, from asserting such claims in the future; (2) the plaintiffs and the defendants will all bear their own fees and costs incurred in connection with the action; and (3) neither the plaintiffs nor their counsel have received, or will receive, payment, compensation or consideration of any kind, directly or indirectly, in connection with the action or its dismissal. By Order dated January 14, 2022, the Court directed the Company to provide, in its filing on Form 10-K for the year ending December 31, 2021, notice to shareholders of the proposed dismissal without prejudice, which the Company did. On March 22, 2022, the Court entered an order dismissing the action without prejudice. From time to time, we may be involved in legal proceedings arising in the ordinary course of our business. We investigate these claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and estimable. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn April 27, 2022, we announced positive top-line data from our Phase 1 trial of ANB032, our investigational wholly owned anti-BTLA agonist antibody. Top-line data demonstrated favorable safety, tolerability, and a rapid and sustained pharmacokinetic and pharmacodynamic profile that supports advancement of ANB032 into subsequent patient trials. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Also, certain reclassifications have been made to 2021 financial information to conform to the current year presentation of amortization of right-of-use assets - operating and operating lease liabilities on the Consolidated Statements of Cash Flows. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Interim results are not necessarily indicative of results for a full year, particularly in light of the novel coronavirus (“COVID-19”) pandemic, and its impact on domestic and global economies. To limit the spread of COVID-19, governments have taken various actions, including the issuance of stay-at-home orders and social distancing guidelines, which have resulted in some businesses suspending operations or experiencing a reduction in demand for many products from direct or ultimate customers. Accordingly, businesses have adjusted, reduced or suspended operating activities. The effects of the stay-at-home orders and our work-from-home policies may negatively impact productivity, disrupt our business, and delay our development programs and regulatory and commercialization timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on our ability to conduct our business in the ordinary course. Our future research and development expenses and general and administrative expenses may vary significantly if we experience an increased impact from the COVID-19 pandemic on the costs and timing associated with the conduct of our clinical trials and other related business activities, to date there has not been any material delays in clinical operations. The financial statements |
Basis of Consolidation | Basis of Consolidation The accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs, and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share | The following table sets forth the weighted-average o utstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Three Months Ended (in thousands) 2022 2021 Options to purchase common stock 4,003 3,445 |
Balance Sheet Accounts and Su_2
Balance Sheet Accounts and Supplemental Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, net | Property and equipment, net consist of the following: (in thousands) March 31, 2022 December 31, 2021 Laboratory equipment $ 5,696 $ 5,683 Office furniture and equipment 1,347 1,319 Leasehold improvements 203 203 Property and equipment, gross 7,246 7,205 Less: accumulated depreciation and amortization (5,084) (4,922) Total property and equipment, net $ 2,162 $ 2,283 |
Schedule of Accrued Expenses | Accrued expenses consist of the following: (in thousands) March 31, 2022 December 31, 2021 Accrued compensation and related expenses $ 2,848 $ 4,177 Accrued professional fees 652 569 Accrued research, development and manufacturing expenses 12,135 7,953 Other 128 154 Total accrued expenses $ 15,763 $ 12,853 |
Collaborative Research and De_2
Collaborative Research and Development Agreements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Schedule of Milestones Achieved | Milestones recognized through March 31, 2022 under the GSK Agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 Anti-LAG-3 (GSK40974386) Milestone Event Amount Quarter Recognized Amount Quarter Recognized Amount Quarter Recognized Initiated in vivo toxicology studies using good laboratory practices (GLPs) $1.0M Q2'15 $1.0M Q4'15 $1.0M Q3'16 IND clearance from the FDA $4.0M Q1'16 $4.0M Q2'16 $4.0M Q2'17 Phase 2 clinical trial initiation $3.0M Q2'17 $3.0M Q4'17 $3.0M Q4'19 Phase 3 clinical trial initiation - first indication $5.0M Q3'18 — — — — Phase 3 clinical trial initiation - second indication $5.0M Q2'19 — — — — Filing of the first BLA (1) - first indication $10.0M Q1'20 — — — — Filing of the first MAA (2) - first indication $5.0M Q1'20 — — — — Filing of the first BLA - second indication $10.0M Q1'21 — — — — First BLA approval - first indication $20.0M Q2'21 — — — — First MAA approval - first indication $10.0M Q2'21 — — — — First BLA approval - second indication $20.0M Q3'21 — — — — (1) Biologics License Application (“BLA”) (2) Marketing Authorization Application (“MAA”) Contractual milestones that may be recognized in the future under the GSK agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 (GSK4069889A/Cobolimab) Anti-LAG-3 (GSK40974386) Milestone Event Amount Amount Amount Pre clinical and Development — $10.0M $10.0M Regulatory $15.0M $90.0M $90.0M Commercial $165.0M $165.0M $165.0M Total Contractual Milestones Remaining $180.0M $265.0M $265.0M |
Sale of Future Royalties (Table
Sale of Future Royalties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Royalty Transaction Activity | The following table shows the activity within the liability account for the three months ended March 31, 2022: (in thousands) March 31, 2022 Liability related to sale of future royalties - beginning balance $ 251,093 Issuance costs related to the sale of future royalties (130) Amortization of issuance costs 20 Royalty payments to Sagard (233) Non-cash interest expense recognized 4,834 Liability related to sale of future royalties - ending balance $ 255,584 |
Fair Value Measurements and A_2
Fair Value Measurements and Available for Sale Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis | The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy: Fair Value Measurements at End of Period Using: (in thousands) Fair Value Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At March 31, 2022 Money market funds (1) $ 132,942 $ 132,942 $ — $ — Mutual funds (1) 34,437 34,437 — — U.S. Treasury securities (2) 376,445 376,445 — — Certificates of deposit (2) 3,279 — 3,279 — Agency securities (2) 26,110 — 26,110 — Commercial and corporate obligations (2) 24,570 — 24,570 — At December 31, 2021 Money market funds (1) $ 445,647 $ 445,647 $ — $ — Mutual funds (1) 50,326 50,326 — — U.S. Treasury securities (2) 87,831 87,831 — — Certificates of deposit (2) 3,766 — 3,766 — Agency securities (2) 5,814 — 5,814 — Commercial and corporate obligations (2) 22,054 — 22,054 — (1) Included in cash and cash equivalents in the accompanying consolidated balance sheets. (2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date. |
Schedule of Available-for-sale Investments | The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in cash equivalents, short-term and long-term investments as of March 31, 2022 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 26,431 $ — $ (321) $ 26,110 Certificates of deposit (2) 3,314 — (35) 3,279 Commercial and corporate obligations (3) 24,929 — (359) 24,570 U.S. Treasury securities (4) 377,956 1 (1,512) 376,445 Total available for sale investments $ 432,630 $ 1 $ (2,227) $ 430,404 (1) Of our outstanding agency securities $6.0 million have maturity dates of less than one year and $20.1 million have maturity dates between one (2) Of our outstanding certificates of deposit, $1.6 million have maturity dates of less than one year and $1.7 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations $4.1 million have maturity dates of less than one year and $20.5 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities $327.6 million have maturity dates of less than one year and $48.9 million have a maturity date of between one The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in short-term and long-term investments as of December 31, 2021 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 5,821 $ — $ (7) $ 5,814 Certificates of deposit (2) 3,770 — (4) 3,766 Commercial and corporate obligations (3) 22,094 2 (42) 22,054 US Treasury securities (4) 87,995 — (164) 87,831 Total available for sale investments $ 119,680 $ 2 $ (217) $ 119,465 (1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $4.8 million have maturity dates of less than one year and $17.3 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one |
Schedule of Unrealized Loss and Fair Values in a Loss Position | The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: March 31, 2022 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 26,110 $ (321) $ — $ — $ 26,110 $ (321) Commercial and corporate obligations 3,077 (35) — — 3,077 (35) Certificates of deposit 24,570 (359) — — 24,570 (359) US Treasury Securities 353,995 (1,512) — — 353,995 (1,512) Total $ 407,752 $ (2,227) $ — $ — $ 407,752 $ (2,227) December 31, 2021 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 4,477 $ (7) $ — $ — $ 4,477 $ (7) Certificates of Deposit 2,870 (4) — — 2,870 (4) Commercial and corporate obligations 18,524 (42) — — 18,524 (42) US Treasury Securities 82,823 (164) — — 82,823 (164) Total $ 108,694 $ (217) $ — $ — $ 108,694 $ (217) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at March 31, 2022 are as follows: Issued and Outstanding: Stock options 3,968,639 Restricted stock units 887,043 Shares Reserved For: 2017 Equity Incentive Plan 2,448,430 2017 Employee Stock Purchase Plan 1,528,476 Total 8,832,588 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Activity Related to Stock Option Awards | A summary of the activity related to stock option awards during the three months ended March 31, 2022 is as follows: Shares Subject to Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 3,460,295 $ 28.84 7.17 $ 42,987 Granted 1,149,550 $ 30.39 Exercises (530,340) $ 9.13 Forfeitures and cancellations (110,866) $ 28.33 Outstanding at March 31, 2022 3,968,639 $ 31.94 6.17 $ 10,002 Exercisable at March 31, 2022 1,590,922 $ 37.28 4.96 $ 5,884 |
Schedule of Time-based Restricted Stock Units Activity | Number of Shares Weighted average grant date fair value Aggregate Outstanding at December 31, 2021 — $ — $ — Granted 887,043 $ 26.50 Vested — $ — Cancelled — $ — Outstanding at March 31, 2022 887,043 $ 26.50 $ 21,945 Restricted Stock Units expected to vest at March 31, 2022 887,043 $ 21,945 |
Schedule of Weighted Average Assumptions used to Estimate Fair Value | The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Three Months Ended 2022 2021 Risk-free interest rate 2.0 % 0.7 % Expected volatility 88.5 % 93.0 % Expected dividend yield — % — % Expected term (in years) 6.18 6.18 Weighted-average grant date fair value per share $ 22.63 $ 22.47 |
Schedule of Non-cash Stock-based Compensation Expense | Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows: Three Months Ended (in thousands) 2022 2021 Research and development $ 1,656 $ 1,194 General and administrative 6,086 2,121 Total $ 7,742 $ 3,315 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Costs in Cash Flow Statement | The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands): Three Months Ended Leases Classification on the Cash Flow 2022 2021 Operating lease cost Operating $ 619 $ 133 Cash paid for amounts included in the measurement of lease liabilities Operating 568 151 |
Schedule of Future Minimum Annual Obligations | At March 31, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands): Years Ending December 31, 2022 $ 1,749 2023 2,386 2024 2,457 2025 2,531 2026 2,607 Thereafter 13,239 Total minimum payments required 24,969 Less imputed interest (4,373) Total $ 20,596 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options to purchase common stock (in shares) | 4,003 | 3,445 |
Balance Sheet Accounts and Su_3
Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment, net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 7,246 | $ 7,205 |
Less: accumulated depreciation and amortization | (5,084) | (4,922) |
Total property and equipment, net | 2,162 | 2,283 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,696 | 5,683 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,347 | 1,319 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 203 | $ 203 |
Balance Sheet Accounts and Su_4
Balance Sheet Accounts and Supplemental Disclosures - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued compensation and related expenses | $ 2,848 | $ 4,177 |
Accrued professional fees | 652 | 569 |
Accrued research, development and manufacturing expenses | 12,135 | 7,953 |
Other | 128 | 154 |
Total accrued expenses | $ 15,763 | $ 12,853 |
Collaborative Research and De_3
Collaborative Research and Development Agreements - Narrative (Details) | Jan. 01, 2021 | Oct. 23, 2020USD ($) | Nov. 30, 2014USD ($) | Mar. 31, 2014USD ($)target | Mar. 31, 2022USD ($)milestone | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2011USD ($) |
Deferred Revenue Arrangement [Line Items] | ||||||||
Collaboration revenue | $ 970,000 | $ 11,247,000 | ||||||
GSK | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Collaboration revenue | 1,000,000 | 11,200,000 | ||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Milestone payments, contingent upon preclinical and clinical trial events (up to) | $ 180,000,000 | |||||||
GSK | Collaborative Research And Development Agreement | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Upfront license fee received | $ 2,000,000 | $ 17,000,000 | ||||||
Number of outstanding research and development targets | target | 3 | |||||||
Milestone payments, contingent upon preclinical and clinical trial events (up to) | 18,000,000 | |||||||
Milestone payments, contingent upon certain U.S. and European regulatory submissions and approvals (up to) | 90,000,000 | |||||||
Milestone payments, contingent upon achievement of specified levels of worldwide sales (up to) | $ 165,000,000 | |||||||
Agreement term following first commercial sale or expiration of the last to expire patent (in years) | 12 years | |||||||
Number of milestones achieved during period | milestone | 0 | |||||||
GSK | Collaborative Research And Development Agreement | Minimum | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Royalty percent on net sales (as a percent) | 4.00% | |||||||
GSK | Collaborative Research And Development Agreement | Maximum | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Royalty percent on net sales (as a percent) | 8.00% | |||||||
GSK | Amendment | Anti-PD-1 (JEMPERLI/Dostarlimab) | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Revenue recognition multiple deliverable arrangements upfront fee receivable | $ 60,000,000 | |||||||
GSK | Amendment | AnaptysBio-generated Anti-PD-1 Antagonist Antibody (TSR-042) | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Milestones achieved, amount | $ 1,100,000,000 | |||||||
GSK | Royalties | Zejula | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Royalty percent on net sales (as a percent) | 1.00% | |||||||
GSK | Royalties | AnaptysBio-generated Zejula and JEMPERLI | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Collaboration revenue | 1,000,000 | 1,200,000 | ||||||
GSK | Royalty Agreement, Up To $1. 0 billion | Anti-PD-1 (JEMPERLI/Dostarlimab) | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Royalty percent on net sales (as a percent) | 8.00% | |||||||
Net sales royalty | $ 1,000,000,000 | |||||||
GSK | Royalty Agreement, Above $1. 0 billion | Anti-PD-1 (JEMPERLI/Dostarlimab) | Minimum | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Royalty percent on net sales (as a percent) | 12.00% | |||||||
GSK | Royalty Agreement, Above $1. 0 billion | Anti-PD-1 (JEMPERLI/Dostarlimab) | Maximum | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Royalty percent on net sales (as a percent) | 25.00% | |||||||
Net sales royalty | $ 1,000,000,000 | |||||||
GSK | Royalty Purchase Agreement | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Noncash advance future royalties revenue | 300,000 | |||||||
BMS | Collaborative Research And Development Agreement | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Upfront license fee received | $ 6,000,000 | |||||||
Collaboration revenue | $ 0 | $ 0 | ||||||
Maximum milestone payments per target (up to) | $ 53,000,000 |
Collaborative Research and De_4
Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||||||||||
Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 970 | $ 11,247 | |||||||||||||
GSK | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 1,000 | 11,200 | |||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Initiated in vivo toxicology studies using good laboratory practices (GLPs) | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 1,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | IND clearance from the FDA | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 4,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 2 clinical trial initiation | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 3,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 3 clinical trial initiation - first indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 5,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 3 clinical trial initiation - second indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 5,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first BLA - first indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 10,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first MAA - first indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 5,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first BLA - second indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 10,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First BLA approval - first indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 20,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First MAA approval - first indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 10,000 | ||||||||||||||
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First BLA approval - second indication | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 20,000 | ||||||||||||||
GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Initiated in vivo toxicology studies using good laboratory practices (GLPs) | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 1,000 | ||||||||||||||
GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | IND clearance from the FDA | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 4,000 | ||||||||||||||
GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Phase 2 clinical trial initiation | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 3,000 | ||||||||||||||
GSK | Anti-LAG-3 (GSK40974386) | Initiated in vivo toxicology studies using good laboratory practices (GLPs) | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 1,000 | ||||||||||||||
GSK | Anti-LAG-3 (GSK40974386) | IND clearance from the FDA | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 4,000 | ||||||||||||||
GSK | Anti-LAG-3 (GSK40974386) | Phase 2 clinical trial initiation | |||||||||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||||||||
Collaboration revenue | $ 3,000 |
Collaborative Research and De_5
Collaborative Research and Development Agreements - Scheduel of Future Revenue, Not Yet Recognized (Details) - GSK | Mar. 31, 2022USD ($) |
Anti-PD-1 (JEMPERLI/Dostarlimab) | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | $ 180,000,000 |
Anti-PD-1 (JEMPERLI/Dostarlimab) | Pre clinical and Development | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 0 |
Anti-PD-1 (JEMPERLI/Dostarlimab) | Regulatory | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 15,000,000 |
Anti-PD-1 (JEMPERLI/Dostarlimab) | Commercial | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 165,000,000 |
Anti-TIM-3 (GSK4069889A/Cobolimab) | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 265,000,000 |
Anti-TIM-3 (GSK4069889A/Cobolimab) | Pre clinical and Development | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 10,000,000 |
Anti-TIM-3 (GSK4069889A/Cobolimab) | Regulatory | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 90,000,000 |
Anti-TIM-3 (GSK4069889A/Cobolimab) | Commercial | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 165,000,000 |
Anti-LAG-3 (GSK40974386) | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 265,000,000 |
Anti-LAG-3 (GSK40974386) | Pre clinical and Development | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 10,000,000 |
Anti-LAG-3 (GSK40974386) | Regulatory | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | 90,000,000 |
Anti-LAG-3 (GSK40974386) | Commercial | |
Deferred Revenue Arrangement [Line Items] | |
Total Contractual Milestones Remaining | $ 165,000,000 |
Sale of Future Royalties - Narr
Sale of Future Royalties - Narratives (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Liabilities Related To Sale Of Future Royalties [Line Items] | ||||
Royalty payments to Sagard | $ (233,000) | $ 0 | ||
Liability related to sale of future royalties | 255,584,000 | $ 251,093,000 | ||
Issuance costs related to the sale of future royalties | 130,000 | |||
Non-cash interest expense for the sale of future royalties | $ 4,854,000 | $ 0 | ||
Royalty Purchase Agreement | ||||
Liabilities Related To Sale Of Future Royalties [Line Items] | ||||
Issuance costs related to the sale of future royalties | $ 400,000 | |||
Effective interest rate (as a percent) | 9.10% | |||
Royalty Purchase Agreement | Sagard | ||||
Liabilities Related To Sale Of Future Royalties [Line Items] | ||||
Proceeds from sale of future royalties | 250,000,000 | |||
Royalties agreement, maximum annual royalty payout capacity | 1,000,000,000 | |||
Royalty payments to Sagard | $ (200,000) | |||
Liability related to sale of future royalties | 250,000,000 | |||
Royalty Purchase Agreement | Sagard | By the end of 2026 | ||||
Liabilities Related To Sale Of Future Royalties [Line Items] | ||||
Royalties and milestones, agreement amount to be received | $ 312,500,000 | |||
Proceeds, contingent on annual sales milestones upfront (as a percent) | 125.00% | |||
Internal rate of return (as a percent) | 9.00% | |||
Royalty Purchase Agreement | Sagard | During 2027 | ||||
Liabilities Related To Sale Of Future Royalties [Line Items] | ||||
Royalties and milestones, agreement amount to be received | $ 337,500,000 | |||
Proceeds, contingent on annual sales milestones upfront (as a percent) | 135.00% | |||
Internal rate of return (as a percent) | 10.00% | |||
Royalty Purchase Agreement | Sagard | At any time after 2027 | ||||
Liabilities Related To Sale Of Future Royalties [Line Items] | ||||
Royalties and milestones, agreement amount to be received | $ 412,500,000 | |||
Proceeds, contingent on annual sales milestones upfront (as a percent) | 165.00% | |||
Internal rate of return (as a percent) | 10.00% |
Sale of Future Royalties - Sche
Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Liabilities Related To Sale Of Future Royalties [Roll Forward] | ||
Liability related to sale of future royalties - beginning balance | $ 251,093 | |
Issuance costs related to the sale of future royalties | (130) | |
Amortization of issuance costs | 20 | |
Royalty payments to Sagard | (233) | $ 0 |
Non-cash interest expense recognized | 4,834 | |
Liability related to sale of future royalties - ending balance | $ 255,584 |
Fair Value Measurements and A_3
Fair Value Measurements and Available for Sale Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | $ 430,404 | $ 119,465 |
US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 376,445 | 87,831 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 3,279 | 3,766 |
Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 26,110 | 5,814 |
Commercial and corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 24,570 | 22,054 |
Recurring | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 376,445 | 87,831 |
Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 3,279 | 3,766 |
Recurring | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 26,110 | 5,814 |
Recurring | Commercial and corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 24,570 | 22,054 |
Recurring | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 132,942 | 445,647 |
Recurring | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 34,437 | 50,326 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 376,445 | 87,831 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Commercial and corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 132,942 | 445,647 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 34,437 | 50,326 |
Recurring | Significant Other Observable Inputs (Level 2) | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 3,279 | 3,766 |
Recurring | Significant Other Observable Inputs (Level 2) | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 26,110 | 5,814 |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial and corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 24,570 | 22,054 |
Recurring | Significant Other Observable Inputs (Level 2) | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Commercial and corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 0 | $ 0 |
Fair Value Measurements and A_4
Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 432,630 | $ 119,680 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (2,227) | (217) |
Total Fair Value | 430,404 | 119,465 |
Short-term investments | 339,209 | 52,368 |
Long-term investments | 91,195 | 67,097 |
Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 26,431 | 5,821 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (321) | (7) |
Total Fair Value | 26,110 | 5,814 |
Short-term investments | 6,000 | 1,000 |
Long-term investments | $ 20,100 | $ 4,800 |
Agency securities | Minimum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 1 year | 1 year |
Agency securities | Maximum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 2 years | 2 years |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,314 | $ 3,770 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (35) | (4) |
Total Fair Value | 3,279 | 3,766 |
Short-term investments | 1,600 | 1,300 |
Long-term investments | $ 1,700 | $ 2,500 |
Certificates of deposit | Minimum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 1 year | 1 year |
Certificates of deposit | Maximum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 2 years | 2 years |
Commercial and corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 24,929 | $ 22,094 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (359) | (42) |
Total Fair Value | 24,570 | 22,054 |
Short-term investments | 4,100 | 4,800 |
Long-term investments | $ 20,500 | $ 17,300 |
Commercial and corporate obligations | Minimum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 1 year | 1 year |
Commercial and corporate obligations | Maximum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 2 years | 2 years |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 377,956 | $ 87,995 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (1,512) | (164) |
Total Fair Value | 376,445 | 87,831 |
Short-term investments | 327,600 | 45,300 |
Long-term investments | $ 48,900 | $ 42,500 |
US Treasury Securities | Minimum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 1 year | 1 year |
US Treasury Securities | Maximum | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity (in years) | 2 years | 2 years |
Fair Value Measurements and A_5
Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 407,752 | $ 108,694 |
Gross Unrealized Losses | (2,227) | (217) |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 407,752 | 108,694 |
Gross Unrealized Losses | (2,227) | (217) |
Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 26,110 | 4,477 |
Gross Unrealized Losses | (321) | (7) |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 26,110 | 4,477 |
Gross Unrealized Losses | (321) | (7) |
Commercial and corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 3,077 | 18,524 |
Gross Unrealized Losses | (35) | (42) |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,077 | 18,524 |
Gross Unrealized Losses | (35) | (42) |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 24,570 | 2,870 |
Gross Unrealized Losses | (359) | (4) |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 24,570 | 2,870 |
Gross Unrealized Losses | (359) | (4) |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 353,995 | 82,823 |
Gross Unrealized Losses | (1,512) | (164) |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 353,995 | 82,823 |
Gross Unrealized Losses | $ (1,512) | $ (164) |
Fair Value Measurements and A_6
Fair Value Measurements and Available for Sale Investments - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Unrealized losses on available-for-sale | $ (2.2) | $ (0.2) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 28,177,590 | 27,647,000 |
Common stock, shares outstanding (in shares) | 28,177,590 | 27,647,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Issued and Outstanding: | ||
Stock options issued and outstanding (in shares) | 3,968,639 | 3,460,295 |
Restricted stock units (in shares) | 887,043 | |
Common stock, shares reserved for issuance (in shares) | 8,832,588 | |
2017 Equity Incentive Plan | ||
Issued and Outstanding: | ||
Shares reserved for future award grants (in shares) | 2,448,430 | |
2017 Employee Stock Purchase Plan | ||
Issued and Outstanding: | ||
Shares reserved for future award grants (in shares) | 1,528,476 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) $ in Thousands | Mar. 21, 2022shares | Mar. 20, 2022USD ($) | Jan. 01, 2022shares | Jan. 01, 2018 | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash stock-based compensation cost | $ 7,742 | $ 3,315 | ||||
CEO | Former CEO | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non cash share based compensation expense | $ 3,200 | |||||
ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 100 | |||||
Weighted average period remaining for amortization of unrecognized compensation cost (in years) | 1 month 13 days | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 4 years | |||||
Award expiration period (in years) | 10 years | |||||
Unrecognized compensation cost | $ 35,400 | |||||
Weighted average period remaining for amortization of unrecognized compensation cost (in years) | 2 years 5 months 23 days | |||||
Stock Options | Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 1 year | |||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 24 months | |||||
Award equivalent shares | 1 | |||||
Granted (in shares) | shares | 887,043 | |||||
Unrecognized compensation cost | $ 23,200 | |||||
Weighted average period remaining for amortization of unrecognized compensation cost (in years) | 1 year 11 months 19 days | |||||
RSUs | CEO | Interim President and Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 24 months | |||||
Granted (in shares) | shares | 887,043 | |||||
Non-cash stock-based compensation cost | $ 300 | |||||
2017 Equity Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual increase in number of shares available for issuance (as a percent) | 4.00% | |||||
Capital shares reserved for future issuance, increase (in shares) | shares | 1,105,890 | |||||
2017 Employee Stock Purchase Plan | ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual increase in number of shares available for issuance (as a percent) | 1.00% | |||||
Capital shares reserved for future issuance, increase (in shares) | shares | 276,472 |
Equity Incentive Plans - Option
Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Shares Subject to Options | ||
Stock options outstanding, beginning balance (in shares) | 3,460,295 | |
Granted (in shares) | 1,149,550 | |
Exercises (in shares) | (530,340) | |
Forfeitures and cancellations (in shares) | (110,866) | |
Stock options outstanding, ending balance (in shares) | 3,968,639 | 3,460,295 |
Stock options exercisable, ending balance (in shares) | 1,590,922 | |
Weighted-Average Exercise Price per Share | ||
Stock options outstanding, beginning balance (in usd per share) | $ 28.84 | |
Granted (in usd per share) | 30.39 | |
Exercises (in usd per share) | 9.13 | |
Forfeitures and cancellations (in usd per share) | 28.33 | |
Stock options outstanding, ending balance (in usd per share) | 31.94 | $ 28.84 |
Stock options exercisable, ending balance (in usd per share) | $ 37.28 | |
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value | ||
Weighted average remaining contractual term, options outstanding (in years) | 6 years 2 months 1 day | 7 years 2 months 1 day |
Weighted average remaining contractual term, options exercisable (in years) | 4 years 11 months 15 days | |
Aggregate intrinsic value, options outstanding | $ 10,002 | $ 42,987 |
Aggregate intrinsic value, options exercisable | $ 5,884 |
Equity Incentive Plans - Time-b
Equity Incentive Plans - Time-based Restricted Stock Units (Details) - RSUs $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Number of Shares | |
Number of shares, beginning balance (in shares) | 0 |
Granted (in shares) | 887,043 |
Vested (in shares) | 0 |
Cancelled (in shares) | 0 |
Number of shares, ending balance (in shares) | 887,043 |
Restricted stock units expected to vest (in shares) | 887,043 |
Weighted average grant date fair value | |
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 26.50 |
Vested (in dollars per share) | $ / shares | 0 |
Cancelled (in dollars per share) | $ / shares | 0 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 26.50 |
Aggregate Intrinsic Value | |
Aggregate intrinsic value, beginning balance | $ | $ 0 |
Aggregate intrinsic value, ending balance | $ | 21,945 |
Aggregate intrinsic value, expected to vest | $ | $ 21,945 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Weighted Average Assumptions used to Estimate Fair Value (Details) - Stock Options - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.00% | 0.70% |
Expected volatility | 88.50% | 93.00% |
Expected dividend yield | 0.00% | 0.00% |
Expected term (in years) | 6 years 2 months 4 days | 6 years 2 months 4 days |
Weighted average grant date fair value per share (in usd per share) | $ 22.63 | $ 22.47 |
Equity Incentive Plans - Alloca
Equity Incentive Plans - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 7,742 | $ 3,315 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | 1,656 | 1,194 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 6,086 | $ 2,121 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ft² in Thousands, $ in Thousands | May 04, 2020ft²$ / ft² | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Apr. 05, 2021USD ($) |
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | $ 19,147 | $ 19,558 | ||
Lease liability | $ 20,596 | |||
Weighted-average discount rate (as a percent) | 4.00% | |||
Weighted average remaining lease term (in years) | 9 years 4 months 24 days | |||
Lease Agreement | ||||
Lessee, Lease, Description [Line Items] | ||||
Area of leased property (sqft) | ft² | 45 | |||
Lease term (in months) | 124 months | |||
Lease renewal term (in years) | 5 years | |||
Lease termination term (in years) | 7 years | |||
Monthly base rate (usd per sqft) | $ / ft² | 4.20 | |||
Increase in annual rent (as a percent) | 3.00% | |||
Operating lease right-of-use assets | $ 20,600 | |||
Lease liability | $ 20,700 | |||
Security deposit | $ 300 |
Commitments and Contingencies_2
Commitments and Contingencies - Costs Included in Cash Flow Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 619 | $ 133 |
Cash paid for amounts included in the measurement of lease liabilities | $ 568 | $ 151 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Annual Obligations (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 1,749 |
2023 | 2,386 |
2024 | 2,457 |
2025 | 2,531 |
2026 | 2,607 |
Thereafter | 13,239 |
Total minimum payments required | 24,969 |
Less imputed interest | (4,373) |
Total | $ 20,596 |