Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | KOD | |
Entity Registrant Name | KODIAK SCIENCES INC. | |
Entity Central Index Key | 0001468748 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 51,717,286 | |
Entity File Number | 001-38682 | |
Entity Tax Identification Number | 27-0476525 | |
Entity Address, Address Line One | 1200 Page Mill Road | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94304 | |
City Area Code | 650 | |
Local Phone Number | 281-0850 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $0.0001 | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 799,247 | $ 944,396 |
Marketable securities | 24,578 | |
Prepaid expenses and other current assets | 6,259 | 3,031 |
Total current assets | 805,506 | 972,005 |
Restricted cash | 6,324 | 6,324 |
Property and equipment, net | 22,939 | 5,136 |
Operating lease right-of-use asset | 68,450 | 73,672 |
Other assets | 54,987 | 10,210 |
Total assets | 958,206 | 1,067,347 |
Current liabilities: | ||
Accounts payable | 13,761 | 8,646 |
Accrued and other current liabilities | 39,016 | 20,402 |
Operating lease liability | 1,619 | 2,374 |
Total current liabilities | 54,396 | 31,422 |
Operating lease liability, net of current portion | 77,338 | 75,028 |
Liability related to sale of future royalties | 99,929 | 99,890 |
Other liabilities | 223 | 256 |
Total liabilities | 231,886 | 206,596 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value | ||
Common stock, $0.0001 par value | 5 | 5 |
Additional paid-in capital | 1,191,367 | 1,151,920 |
Accumulated other comprehensive income | 53 | |
Accumulated deficit | (465,052) | (291,227) |
Total stockholders’ equity | 726,320 | 860,751 |
Total liabilities and stockholders’ equity | $ 958,206 | $ 1,067,347 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares issued | 51,698,775 | 51,112,302 |
Common stock, shares outstanding | 51,698,775 | 51,112,302 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating expenses | ||||
Research and development | $ 56,002 | $ 29,306 | $ 141,743 | $ 70,033 |
General and administrative | 11,533 | 7,357 | 32,259 | 19,132 |
Total operating expenses | 67,535 | 36,663 | 174,002 | 89,165 |
Loss from operations | (67,535) | (36,663) | (174,002) | (89,165) |
Interest income | 40 | 645 | 270 | 2,551 |
Interest expense | (6) | (6) | (17) | (19) |
Other income (expense), net | (25) | (98) | (76) | 120 |
Net loss | $ (67,526) | $ (36,122) | $ (173,825) | $ (86,513) |
Net loss per common share, basic and diluted | $ (1.30) | $ (0.80) | $ (3.36) | $ (1.92) |
Weighted-average common shares outstanding used in computing net loss per common share, basic and diluted | 51,875,315 | 45,119,885 | 51,722,611 | 44,972,085 |
Other comprehensive income (loss) | ||||
Change in unrealized gains related to available-for-sale debt securities, net of tax | $ 0 | $ (349) | $ (53) | $ 235 |
Total other comprehensive income (loss) | 0 | (349) | (53) | 235 |
Comprehensive loss | $ (67,526) | $ (36,471) | $ (173,878) | $ (86,278) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning Balance at Dec. 31, 2019 | $ 345,359 | $ 5 | $ 503,475 | $ 10 | $ (158,131) |
Beginning balance, shares at Dec. 31, 2019 | 44,413,404 | ||||
Issuance of common stock upon exercise of stock options | 159 | $ 0 | 159 | 0 | 0 |
Issuance of common stock upon exercise of stock options, shares | 39,297 | ||||
Stock-based compensation expense | 6,082 | 6,082 | |||
Other comprehensive income (loss) | 479 | 0 | 479 | ||
Net loss | (24,392) | (24,392) | |||
Ending Balance at Mar. 31, 2020 | 327,687 | $ 5 | 509,716 | 489 | (182,523) |
Ending balance, shares at Mar. 31, 2020 | 44,452,701 | ||||
Beginning Balance at Dec. 31, 2019 | 345,359 | $ 5 | 503,475 | 10 | (158,131) |
Beginning balance, shares at Dec. 31, 2019 | 44,413,404 | ||||
Other comprehensive income (loss) | 235 | ||||
Net loss | (86,513) | ||||
Ending Balance at Sep. 30, 2020 | 281,780 | $ 5 | 526,174 | 245 | (244,644) |
Ending balance, shares at Sep. 30, 2020 | 44,760,513 | ||||
Beginning Balance at Mar. 31, 2020 | 327,687 | $ 5 | 509,716 | 489 | (182,523) |
Beginning balance, shares at Mar. 31, 2020 | 44,452,701 | ||||
Issuance of common stock upon exercise of stock options | 720 | 720 | 0 | 0 | |
Issuance of common stock upon exercise of stock options, shares | 203,373 | ||||
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld | (206) | (206) | |||
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld, shares | 10,942 | ||||
Stock-based compensation expense | 6,890 | 6,890 | |||
Other comprehensive income (loss) | 105 | 105 | |||
Net loss | (25,999) | (25,999) | |||
Ending Balance at Jun. 30, 2020 | 309,197 | $ 5 | 517,120 | 594 | (208,522) |
Ending balance, shares at Jun. 30, 2020 | 44,667,016 | ||||
Issuance of common stock upon exercise of stock options | 813 | 813 | |||
Issuance of common stock upon exercise of stock options, shares | 93,497 | ||||
Stock-based compensation expense | 8,241 | 8,241 | |||
Other comprehensive income (loss) | (349) | (349) | |||
Net loss | (36,122) | (36,122) | |||
Ending Balance at Sep. 30, 2020 | 281,780 | $ 5 | 526,174 | 245 | (244,644) |
Ending balance, shares at Sep. 30, 2020 | 44,760,513 | ||||
Beginning Balance at Dec. 31, 2020 | 860,751 | $ 5 | 1,151,920 | 53 | (291,227) |
Beginning balance, shares at Dec. 31, 2020 | 51,112,302 | ||||
Issuance of common stock upon exercise of stock options | 1,483 | 1,483 | |||
Issuance of common stock upon exercise of stock options, shares | 113,559 | ||||
Stock-based compensation expense | 9,925 | 9,925 | |||
Other comprehensive income (loss) | (35) | (35) | |||
Net loss | (50,447) | (50,447) | |||
Ending Balance at Mar. 31, 2021 | 821,677 | $ 5 | 1,163,328 | 18 | (341,674) |
Ending balance, shares at Mar. 31, 2021 | 51,225,861 | ||||
Beginning Balance at Dec. 31, 2020 | 860,751 | $ 5 | 1,151,920 | 53 | (291,227) |
Beginning balance, shares at Dec. 31, 2020 | 51,112,302 | ||||
Other comprehensive income (loss) | (53) | ||||
Net loss | (173,825) | ||||
Ending Balance at Sep. 30, 2021 | 726,320 | $ 5 | 1,191,367 | 0 | (465,052) |
Ending balance, shares at Sep. 30, 2021 | 51,698,775 | ||||
Beginning Balance at Mar. 31, 2021 | 821,677 | $ 5 | 1,163,328 | 18 | (341,674) |
Beginning balance, shares at Mar. 31, 2021 | 51,225,861 | ||||
Issuance of common stock upon exercise of stock options | 2,228 | 2,228 | |||
Issuance of common stock upon exercise of stock options, shares | 131,276 | ||||
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld, shares | 72,976 | ||||
Issuance of common stock pursuant to employee stock purchase plans | 305 | 305 | |||
Issuance of common stock pursuant to employee stock purchase plans, shares | 4,295 | ||||
Stock-based compensation expense | 11,087 | 11,087 | |||
Other comprehensive income (loss) | (18) | (18) | |||
Net loss | (55,852) | (55,852) | |||
Ending Balance at Jun. 30, 2021 | 779,427 | $ 5 | 1,176,948 | 0 | (397,526) |
Ending balance, shares at Jun. 30, 2021 | 51,434,408 | ||||
Issuance of common stock upon exercise of stock options | 2,042 | 2,042 | |||
Issuance of common stock upon exercise of stock options, shares | 103,585 | ||||
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld, shares | 10,799 | ||||
Issuance of common stock upon exercise of common stock warrant, shares | 149,983 | ||||
Stock-based compensation expense | 12,377 | 12,377 | |||
Other comprehensive income (loss) | 0 | ||||
Net loss | (67,526) | (67,526) | |||
Ending Balance at Sep. 30, 2021 | $ 726,320 | $ 5 | $ 1,191,367 | $ 0 | $ (465,052) |
Ending balance, shares at Sep. 30, 2021 | 51,698,775 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (173,825) | $ (86,513) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 722 | 317 |
Stock-based compensation | 33,389 | 21,213 |
Amortization (accretion) of premium (discount) on marketable securities | 25 | (145) |
Amortization of operating lease right-of-use asset | 5,811 | 1,793 |
Amortization of issuance costs | 39 | 36 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (3,228) | 1,518 |
Other assets | (936) | (3,654) |
Accounts payable | 3,255 | 1,616 |
Accrued and other current liabilities | 10,547 | 7,566 |
Operating lease liability | 966 | (156) |
Net cash used in operating activities | (123,235) | (56,409) |
Cash flows from investing activities | ||
Purchase of property and equipment | (8,598) | (1,855) |
Deposits on property and equipment | (43,841) | 0 |
Purchase of marketable securities | 0 | (86,317) |
Maturities of marketable securities | 24,500 | 134,148 |
Net cash provided by (used in) investing activities | (27,939) | 45,976 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon options exercise | 5,753 | 1,692 |
Payments for restricted stock units, net of taxes withheld | 0 | (206) |
Proceeds from issuance of common stock pursuant to employee stock purchase plans | 305 | 0 |
Proceeds from sale of future royalties, net of issuance costs | 0 | 99,643 |
Principal payments of capital lease | 0 | (5) |
Principal payments of tenant improvement allowance payable | (33) | (28) |
Net cash provided by financing activities | 6,025 | 101,096 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (145,149) | 90,663 |
Cash, cash equivalents and restricted cash, at beginning of period | 950,720 | 211,937 |
Cash, cash equivalents and restricted cash, at end of period | 805,571 | 302,600 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | ||
Cash and cash equivalents | 799,247 | 291,585 |
Restricted cash | 6,324 | 11,015 |
Cash, cash equivalents and restricted cash, at end of period | 805,571 | 302,600 |
Supplemental disclosures of non-cash investing and financing information: | ||
Operating lease right-of-use asset obtained in exchange for operating lease liability | 583 | 75,545 |
Purchase of property and equipment under accounts payable and accruals | $ 10,730 | $ 1,034 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | 1. The Company Kodiak Sciences Inc. (the “Company”) is a clinical stage biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat high prevalence retinal diseases in the United States and additional international markets. The Company devotes substantially all of its resources to the research and development of its product platforms and product candidates including activities to conduct clinical studies of its product candidates, manufacture product candidates and provide general and administrative support for these operations. Liquidity As of September 30, 2021, the Company had cash and cash equivalents of $ 799.2 million. Although the Company has incurred significant operating losses since inception and expects to continue to incur operating losses and negative operating cash flows for the foreseeable future, the Company believes that the cash and cash equivalents will be sufficient to meet the anticipated operating and capital expenditure requirements for the 12 months following the date of this Form 10-Q. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the Company's financial position and results of operations for the reported periods. These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and notes thereto, the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2021. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2021, or for any future period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on subtotals in the prior year condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and expenses during the reporting period. The impact of the ongoing COVID-19 pandemic continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals for the three and nine months ended September 30, 2021 . As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates. Risks and Uncertainties In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by the ongoing COVID-19 pandemic may negatively impact the Company’s operations, liquidity, and capital resources and will depend on certain evolving developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. During this pandemic, the Company continues to work closely with its manufacturing suppliers, partners and facilities to maintain the supply of its product candidates needed for the expansion of clinical trials and to retain the number, scale and design of manufacturing runs that regulatory authorities may require to obtain marketing approval, including those required to support a BLA submission. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact the timing or likelihood of clinical resupply and of regulatory filings and approvals. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products. Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2021, respectively, are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, except as noted within the “Recent Accounting Pronouncements – Recently Adopted Accounting Pronouncements” section. Recent a ccounting p ronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), under its Accounting Standards Codification or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In October 2020, the FASB issued Accounting Standards Update 2020-10, Codification Improvements , which updates various codification topics and disclosure requirements to improve alignment with the SEC's regulations. The Company adopted this new guidance as of January 1, 2021, and this guidance did not have a material impact on its consolidated financial statements and related disclosures. New Accounting Pronouncements Not Yet Adopted The Company continues to monitor new accounting pronouncements issued by the FASB. All other newly issued accounting pronouncements issued through the date of this report have been deemed either immaterial or not applicable. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Accrued and Other Current Liabilities | 3. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): September 30, December 31, Accrued clinical trial and related costs $ 21,762 $ 11,119 Accrued leasehold improvements 7,470 19 Accrued salaries and benefits 4,790 5,094 Accrued research and development 3,392 3,082 Accrued legal fees 582 252 Accrued professional fees 223 253 Accrued other liabilities 797 583 Total accrued and other current liabilities $ 39,016 $ 20,402 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 762,550 $ — $ — $ 762,550 Total $ 762,550 $ — $ — $ 762,550 Fair Value Measurements at December 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 917,485 $ — $ — $ 917,485 Marketable securities: U.S. treasury securities — 10,006 — 10,006 Corporate notes — 14,572 — 14,572 Total $ 917,485 $ 24,578 $ — $ 942,063 As of September 30, 2021 and December 31, 2020 , the fair value of the liability related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to Baker Bros. Advisors, LP (“BBA”), which are considered Level 3 inputs. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 5. Marketable Securities The marketable securities are classified as available-for-sale and consist of U.S. treasury securities and corporate notes. The fair value measurement data for marketable securities is obtained from independent pricing services. The Company validates the prices provided by the third-party pricing services by understanding the valuation methods and data sources used and analyzing the pricing data in certain instances. The Company had no marketable securities at September 30, 2021 . The following table summarizes the marketable securities (in thousands): As of December 31, 2020 Amortized Unrealized Unrealized Fair U.S. treasury securities $ 10,003 $ 3 $ — $ 10,006 Corporate notes 14,522 50 — 14,572 Total marketable securities, current $ 24,525 $ 53 $ — $ 24,578 All marketable securities held at December 31, 2020 had effective maturities of less than one year . There were no realized gains or losses recognized on the sale or maturity of available-for-sale debt securities during the three and nine months ended September 30, 2021, respectively and, as a result, the Company did not reclassify any amounts out of accumulated comprehensive loss. As of September 30, 2021 and December 31, 2020 , the Company had no allowance for credit losses for available-for-sale debt securities. There were no impairment charges or recoveries recorded during each of the nine months ended September 30, 2021 and September 30, 2020 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Embedded Lease In August 2020, the Company and its wholly-owned subsidiary Kodiak Sciences GmbH entered into a manufacturing agreement with Lonza Ltd (“Lonza”) for the clinical and commercial supply of drug substance for KSI-301. A custom-built manufacturing facility is planned to be completed and dedicated to the manufacture of the Company’s drug substance. The manufacturing agreement has an initial term of eight years , and the Company has the right to extend the term up to a total of 16 years . The Company and Lonza each have the ability to terminate this agreement upon the occurrence of certain conditions. In April 2021, the agreement was amended to provide for higher annual manufacturing capacity. The Company expanded and finalized the design and scope of the bioconjugate manufacturing facility with a revised estimated capital contribution of approximately 75.0 million Swiss Francs of which the Company has paid 35.0 million Swiss Francs of the capital contribution, equivalent to $ 38.7 million U.S. Dollars, which is recorded in other assets on the consolidated balance sheet as of September 30, 2021 . Over the period from 2022 through 2029, manufacturing payments totaling approximately 150.0 million Swiss Francs may be incurred for potential commercial supply of KSI-301 drug substance. The Company concluded that this agreement contains an embedded lease as the custom-built manufacturing suite will be dedicated for the Company’s use. As of September 30, 2021 , the Company did not have control of this manufacturing space and therefore, did no t record a right-of-use asset and corresponding lease liability. Manufacturing Agreements The Company has entered into service and equipment purchase agreements in the normal course of business with various providers, pursuant to which such providers agreed to perform activities in connection with the manufacturing process of certain materials. These agreements, and any related amendments, state that planned activities and purchases that are included in the signed work orders are, in some cases, binding and, hence, obligate the Company to pay the full price of the work order upon satisfactory delivery of products and services or obligate the Company to the binding amount regardless of whether such planned activities are in fact performed. Per the terms of the agreements, the Company has the option to cancel signed orders at any time upon written notice, which may or may not be subject to payment of a cancellation fee. The level of cancellation fees may be dependent on the timing of the written notice in relation to the commencement date of the work, with the maximum cancellation amount dependent on the agreement or the work order. Other Funding Commitments In the normal course of business, the Company enters into agreements with third-parties for services to be provided to the Company. Generally, these agreements provide for termination upon notice, with specified amounts due upon termination based on the timing of termination and the terms of the applicable agreement. The actual amounts and timing of payments under these agreements are uncertain and contingent upon the initiation and completion of services to be provided to the Company. The Company has also entered into various cancellable license agreements for certain technology. The Company may be obligated to make payments on future sales of specified products associated with such license agreements. Such payments are dependent on future product sales and are not estimable. Indemnification To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company’s request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not specified in the agreements; however, the Company has director and officer insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation In January 2021 and 2020 , the number of shares of common stock available for issuance under the 2018 Equity Incentive Plan (the "2018 Plan") was increased by approximately 2.0 million and 1.8 million shares, respectively, as a result of the automatic increase provision in the 2018 Plan. Stock Options Stock option activity under the 2018 Plan and 2015 Equity Incentive Plan (the "2015 Plan") is summarized as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2020 6,897,276 $ 24.52 8.07 $ 841,704 Granted 1,478,994 $ 94.80 Exercised ( 348,420 ) $ 17.06 Forfeited or canceled ( 228,118 ) $ 41.86 Outstanding at September 30, 2021 7,799,732 $ 37.62 7.74 $ 431,288 Restricted Shares Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows: Number of Weighted Unvested at December 31, 2020 359,945 $ 59.54 Granted 170,150 $ 90.75 Vested ( 83,775 ) $ 57.98 Canceled ( 34,033 ) $ 61.24 Unvested at September 30, 2021 412,287 $ 72.59 Performance-Based Stock Options and Restricted Stock Units The Company granted 669,581 performance-based stock options during the nine months ended September 30, 2021 (the "2021 PSAs"). The Company did no t grant any performance-based equity awards during 2020 . The Company granted 170,150 performance-based options and 128,900 performance-based restricted stock units to employees in 2019 (the "2019 PSAs"). The performance-based equity awards granted will vest one-quarter upon the achievement of specific clinical development milestones. The remaining shares will then vest ratably over three years thereafter. Performance-based stock options and performance-based restricted stock units are recorded as expense beginning when vesting events are determined to be probable. The milestone for the 2019 PSAs was achieved during the second quarter of 2021. As of September 30, 2021 , 42,536 performance-based stock options and 28,905 performance-based restricted stock units granted during 2019 have vested. The Company believes that the achievement of the requisite performance condition for 2021 PSAs granted in the first quarter of 2021 continues to be probable. Stock-based compensation expense recognized was $ 2.1 million and $ 8.3 million during the three and nine months ended September 30, 2021, respectively, and $ 1.8 million and $ 5.5 million during the three and nine months ended September 30, 2020, respectively. 2018 Employee Share Purchase Plan In August 2018, the Company adopted the 2018 Employee Share Purchase Plan (“ESPP”), which became effective on the business day prior to the effectiveness of the registration statement relating to the Company's initial public offering. A total of 460,000 shares of common stock were initially reserved for issuance under the ESPP. The initial offering period of the ESPP was authorized by the Company’s board of directors and commenced on January 4, 2021. Each offering period is approximately twelve months long, with two purchase periods. ESPP participants will purchase shares of common stock at a price per share equal to 85 % of the lesser of (1) the fair market value per share of the common stock on the enrollment date or (2) the fair market value of the common stock on the exercise date. The Company issued no shares and 4,295 shares under the ESPP during the three and nine months ended September 30, 2021, respectively. The stock-based compensation expense related to the ESPP was less than $ 0.1 million and $ 0.2 million during the three and nine months ended September 30, 2021, respectively. Stock-Based Compensation Expense Stock-based compensation for options, restricted shares, and ESPP is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Research and development $ 6,429 $ 4,759 $ 17,598 $ 11,983 General and administrative 5,948 3,482 15,791 9,230 Total stock-based compensation $ 12,377 $ 8,241 $ 33,389 $ 21,213 As of September 30, 2021 , total unrecognized compensation cost related to the unvested share-based awards and ESPP was $ 122.4 million, which is expected to be recognized over a weighted-average period of 2.8 years. |
Net Loss per Common Share
Net Loss per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 8. Net Loss per Common Share The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive: As of September 30, 2021 2020 Outstanding stock options 7,799,732 7,238,363 Unvested restricted shares 412,287 363,195 Total 8,212,019 7,601,558 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events On October 13, 2021, stockholders of the Company approved the Kodiak Sciences Inc. 2021 Long-Term Performance Incentive Plan (the “LTPIP”) as described in the Company's Definitive Proxy Statement on Schedule 14A filed with the SEC on September 13, 2021. Stock options were granted under the LTPIP, contingent on stockholder approval of the LTPIP, to named executive officers and other eligible employees at the vice president level who made a one-time election to participate in the LTPIP and agreed to forgo a portion of their annual long-term incentive awards over the seven-year performance period ending on August 11, 2028 . A total of 5,502,334 shares of common stock were reserved for issuance under the LTPIP. The options can be earned based on the achievement of the performance-based requirement and/or certain operational milestones. The performance-based requirement consists of seven tranches of options that are earned based on meeting or exceeding stock price goals between $ 200 and $ 800 per share for 90 consecutive trading days. Up to 35% of the options may be earned through the attainment of certain operational milestones to the extent that number of options has not yet been earned from stock appreciation. A participant may earn up to 25% upon approval by the U.S. Food and Drug Administration of a Biologics License Application for KSI-301 in the three major anti-VEGF indications and up to 10% from generating sales of at least $ 2.5 billion in a fiscal year. Once earned, options are subject to a service-based requirement and will vest through the remainder of the seven-year performance period in equal monthly installments. Performance-based stock options totaling 1,920,625 with the same terms and conditions as the LTPIP were also granted to employees below the vice president level under the 2018 Plan. These stock option awards were also contingent on stockholder approval of the LTPIP. As discussed above, the LTPIP was approved by the stockholders of the Company on October 13, 2021. The Company is currently evaluating the LTPIP approved in October 2021 and its accounting impact as a modification of the portion of the annual long-term incentive awards granted in 2021 that were foregone. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the Company's financial position and results of operations for the reported periods. These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and notes thereto, the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2021. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2021, or for any future period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on subtotals in the prior year condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and expenses during the reporting period. The impact of the ongoing COVID-19 pandemic continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals for the three and nine months ended September 30, 2021 . As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates. |
Risk and Uncertainties | Risks and Uncertainties In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by the ongoing COVID-19 pandemic may negatively impact the Company’s operations, liquidity, and capital resources and will depend on certain evolving developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. During this pandemic, the Company continues to work closely with its manufacturing suppliers, partners and facilities to maintain the supply of its product candidates needed for the expansion of clinical trials and to retain the number, scale and design of manufacturing runs that regulatory authorities may require to obtain marketing approval, including those required to support a BLA submission. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact the timing or likelihood of clinical resupply and of regulatory filings and approvals. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products. |
Recent Accounting Pronouncements | Recent a ccounting p ronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), under its Accounting Standards Codification or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In October 2020, the FASB issued Accounting Standards Update 2020-10, Codification Improvements , which updates various codification topics and disclosure requirements to improve alignment with the SEC's regulations. The Company adopted this new guidance as of January 1, 2021, and this guidance did not have a material impact on its consolidated financial statements and related disclosures. New Accounting Pronouncements Not Yet Adopted The Company continues to monitor new accounting pronouncements issued by the FASB. All other newly issued accounting pronouncements issued through the date of this report have been deemed either immaterial or not applicable. |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): September 30, December 31, Accrued clinical trial and related costs $ 21,762 $ 11,119 Accrued leasehold improvements 7,470 19 Accrued salaries and benefits 4,790 5,094 Accrued research and development 3,392 3,082 Accrued legal fees 582 252 Accrued professional fees 223 253 Accrued other liabilities 797 583 Total accrued and other current liabilities $ 39,016 $ 20,402 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis | The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 762,550 $ — $ — $ 762,550 Total $ 762,550 $ — $ — $ 762,550 Fair Value Measurements at December 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 917,485 $ — $ — $ 917,485 Marketable securities: U.S. treasury securities — 10,006 — 10,006 Corporate notes — 14,572 — 14,572 Total $ 917,485 $ 24,578 $ — $ 942,063 As of September 30, 2021 and December 31, 2020 , the fair value of the liability related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to Baker Bros. Advisors, LP (“BBA”), which are considered Level 3 inputs. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities | The following table summarizes the marketable securities (in thousands): As of December 31, 2020 Amortized Unrealized Unrealized Fair U.S. treasury securities $ 10,003 $ 3 $ — $ 10,006 Corporate notes 14,522 50 — 14,572 Total marketable securities, current $ 24,525 $ 53 $ — $ 24,578 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Options Activity under 2018 Plan and 2015 Equity Incentive Plan | Stock option activity under the 2018 Plan and 2015 Equity Incentive Plan (the "2015 Plan") is summarized as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2020 6,897,276 $ 24.52 8.07 $ 841,704 Granted 1,478,994 $ 94.80 Exercised ( 348,420 ) $ 17.06 Forfeited or canceled ( 228,118 ) $ 41.86 Outstanding at September 30, 2021 7,799,732 $ 37.62 7.74 $ 431,288 |
Summary of Restricted Shares | Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows: Number of Weighted Unvested at December 31, 2020 359,945 $ 59.54 Granted 170,150 $ 90.75 Vested ( 83,775 ) $ 57.98 Canceled ( 34,033 ) $ 61.24 Unvested at September 30, 2021 412,287 $ 72.59 |
Summary of Stock-based Compensation for Options and Restricted Shares Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss | Stock-based compensation for options, restricted shares, and ESPP is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Research and development $ 6,429 $ 4,759 $ 17,598 $ 11,983 General and administrative 5,948 3,482 15,791 9,230 Total stock-based compensation $ 12,377 $ 8,241 $ 33,389 $ 21,213 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share | The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive: As of September 30, 2021 2020 Outstanding stock options 7,799,732 7,238,363 Unvested restricted shares 412,287 363,195 Total 8,212,019 7,601,558 |
The Company - Additional Inform
The Company - Additional Information (Details) $ in Millions | Sep. 30, 2021USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Cash and cash equivalents and marketable securities | $ 799.2 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accrued clinical trial and related costs | $ 21,762 | $ 11,119 |
Accrued Leasehold Improvements | 7,470 | 19 |
Accrued salaries and benefits | 4,790 | 5,094 |
Accrued research and development | 3,392 | 3,082 |
Accrued legal fees | 582 | 252 |
Accrued professional fees | 223 | 253 |
Accrued other liabilities | 797 | 583 |
Total accrued and other current liabilities | $ 39,016 | $ 20,402 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 762,550 | $ 942,063 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 762,550 | 917,485 |
Corporate Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 14,572 | |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,006 | |
Quoted Price in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 762,550 | 917,485 |
Quoted Price in Active Markets (Level 1) | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 762,550 | 917,485 |
Significant Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 24,578 | |
Significant Observable Inputs (Level 2) | Corporate Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 14,572 | |
Significant Observable Inputs (Level 2) | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 10,006 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost, current | $ 24,525 |
Unrealized Gains, current | 53 |
Fair Value, current | 24,578 |
U.S. Treasury Securities | |
Marketable Securities [Line Items] | |
Amortized Cost, current | 10,003 |
Unrealized Gains, current | 3 |
Fair Value, current | 10,006 |
Corporate Notes | |
Marketable Securities [Line Items] | |
Amortized Cost, current | 14,522 |
Unrealized Gains, current | 50 |
Fair Value, current | $ 14,572 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | ||||
Availability of Marketable Securities | $ 0 | $ 0 | ||
Realized gains or losses recognized on sale or maturity of available-for-sale debt securities | 0 | 0 | ||
Allowance for credit losses for available-for-sale debt securities | $ 0 | 0 | $ 0 | |
Impairment charges or recoveries related to marketable securities | $ 0 | $ 0 | ||
Maximum | ||||
Marketable Securities [Line Items] | ||||
Marketable securities, effective maturities | 1 year | 1 year | 1 year |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands, SFr in Millions | 1 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Sep. 30, 2021USD ($) | Sep. 30, 2021CHF (SFr) | Apr. 30, 2021CHF (SFr) | Dec. 31, 2020USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | |||||
Operating lease right-of-use asset | $ 68,450 | $ 73,672 | |||
Lease Agreement | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Operating lease right-of-use asset | 0 | ||||
Lease liabilities | 0 | ||||
Clinical and Commercial Supply of Drug Substance | Manufacturing Agreement | Lonza | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Annual suite fees payment | SFr | SFr 150 | ||||
Revised estimated capital contribution | SFr | SFr 75 | ||||
Manufacturing agreement initial term | 8 years | ||||
Clinical and Commercial Supply of Drug Substance | Maximum | Manufacturing Agreement | Lonza | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Manufacturing agreement term that can be extended | 16 years | ||||
Other Assets [Member] | Manufacturing Agreement | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Manufacturing Agreement Expense | $ 38,700 | SFr 35 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 31, 2021shares | Jan. 31, 2020shares | Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)PurchasePeriodshares | Sep. 30, 2020USD ($)shares | Dec. 31, 2019shares | Dec. 31, 2020shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock-based compensation expense recognized | $ | $ 12,377 | $ 8,241 | $ 33,389 | $ 21,213 | |||||
Common stock, shares issued | 51,698,775 | 51,698,775 | 51,112,302 | ||||||
Stock based compensation expense related to ESPP | $ | $ 305 | ||||||||
Unrecognized compensation cost related to unvested share based awards | $ | $ 122,400 | $ 122,400 | |||||||
Unrecognized compensation weighted-average period expected for recognition | 2 years 9 months 18 days | ||||||||
Performance Based Restricted Stock Units | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock options, granted | 128,900 | ||||||||
Awards vested | 28,905 | ||||||||
Performance-based Stock Options | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock options, vested | 42,536 | ||||||||
Stock options, granted | 669,581 | 0 | 170,150 | ||||||
Performance Based Equity Awards | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period for achievement of specific milestone | one-quarter | ||||||||
Stock-based compensation expense recognized | $ | $ 2,100 | $ 1,800 | $ 8,300 | $ 5,500 | |||||
2018 Equity Incentive Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common stock available for issuance increased | 2,000,000 | 1,800,000 | |||||||
2018 Employee Share Purchase Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | 4,295 | |||||||
Common stock, shares reserved for issuance | 460,000 | 460,000 | |||||||
Term of offering period | 12 months | ||||||||
Number of purchase periods | PurchasePeriod | 2 | ||||||||
Common stock purchase price percentage | 85.00% | ||||||||
Stock based compensation expense related to ESPP | $ | $ 100 | $ 200 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Activity Under 2018 Plan and 2015 Equity Incentive Plan (Details) - 2018 Plan and 2015 Equity Incentive Plan $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Number of Options | ||
Beginning balance | shares | 6,897,276 | |
Granted | shares | 1,478,994 | |
Exercised | shares | (348,420) | |
Forfeited or canceled | shares | (228,118) | |
Ending balance | shares | 7,799,732 | 6,897,276 |
Weighted Average Exercise Price | ||
Beginning balance | $ / shares | $ 24.52 | |
Granted | $ / shares | 94.80 | |
Exercised | $ / shares | 17.06 | |
Forfeited or canceled | $ / shares | 41.86 | |
Ending balance | $ / shares | $ 37.62 | $ 24.52 |
Weighted Average Remaining Contractual Term (in years) | ||
Weighted Average Remaining Contractual Term (in years) | 7 years 8 months 26 days | 8 years 25 days |
Aggregate Intrinsic Value | ||
Balance | $ | $ 431,288 | $ 841,704 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Shares (Details) - Restricted Shares | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning balance | shares | 359,945 |
Granted | shares | 170,150 |
Vested | shares | (83,775) |
Canceled | shares | (34,033) |
Unvested, ending balance | shares | 412,287 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning balance | $ / shares | $ 59.54 |
Granted | $ / shares | 90.75 |
Vested | $ / shares | 57.98 |
Canceled | $ / shares | 61.24 |
Unvested, ending balance | $ / shares | $ 72.59 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-based Compensation for Options and Restricted Shares Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 12,377 | $ 8,241 | $ 33,389 | $ 21,213 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 6,429 | 4,759 | 17,598 | 11,983 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 5,948 | $ 3,482 | $ 15,791 | $ 9,230 |
Net Loss per Common Share - Sum
Net Loss per Common Share - Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per common share | 8,212,019 | 7,601,558 |
Outstanding Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per common share | 7,799,732 | 7,238,363 |
Unvested Restricted Shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per common share | 412,287 | 363,195 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Billions | Oct. 13, 2021USD ($)Days$ / sharesshares | Sep. 30, 2021shares | Sep. 30, 2020shares | Dec. 31, 2019shares |
Subsequent Event [Line Items] | ||||
Consecutive Trading days | Days | 90 | |||
2021 LTPIP | ||||
Subsequent Event [Line Items] | ||||
Performance expiration date | Aug. 11, 2028 | |||
Performance-based Stock Options | ||||
Subsequent Event [Line Items] | ||||
Granted | 669,581 | 0 | 170,150 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Plan description | Up to 35% of the options may be earned through the attainment of certain operational milestones to the extent that number of options has not yet been earned from stock appreciation. A participant may earn up to 25% upon approval by the U.S. Food and Drug Administration of a Biologics License Application for KSI-301 in the three major anti-VEGF indications and up to 10% from generating sales of at least $2.5 billion in a fiscal year. | |||
Subsequent Event | 2021 LTPIP | ||||
Subsequent Event [Line Items] | ||||
Sales | $ | $ 2.5 | |||
Performance Periods | 7 years | |||
Common stock, shares reserved for issuance | 5,502,334 | |||
Subsequent Event | 2021 LTPIP | Maximum | ||||
Subsequent Event [Line Items] | ||||
Stock Price | $ / shares | $ 800 | |||
Subsequent Event | 2021 LTPIP | Minimum | ||||
Subsequent Event [Line Items] | ||||
Stock Price | $ / shares | $ 200 | |||
Subsequent Event | 2018 Equity Incentive Plan | Performance-based Stock Options | ||||
Subsequent Event [Line Items] | ||||
Granted | 1,920,625 |