Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CALA | |
Entity Registrant Name | CALITHERA BIOSCIENCES, INC. | |
Entity Central Index Key | 0001496671 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 74,047,864 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36644 | |
Entity Tax Identification Number | 27-2366329 | |
Entity Address, Address Line One | 343 Oyster Point Blvd. | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 870-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, 0.0001 par value | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 101,351 | $ 107,146 |
Short-term investments | 1,500 | 8,005 |
Receivables from collaborations | 1,028 | 1,541 |
Prepaid expenses and other current assets | 2,630 | 2,011 |
Total current assets | 106,509 | 118,703 |
Restricted cash | 270 | 440 |
Property and equipment, net | 617 | 690 |
Operating lease right-of-use asset | 3,261 | 5,754 |
Total assets | 110,657 | 125,587 |
Current liabilities: | ||
Accounts payable | 1,636 | 1,994 |
Accrued and other liabilities | 12,156 | 16,407 |
Total current liabilities | 13,792 | 18,401 |
Noncurrent operating lease liability | 2,707 | 4,815 |
Total liabilities | 16,499 | 23,216 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value, 200,000 shares authorized as of March 31, 2021, and December 31, 2020; 73,884 and 70,686 shares issued and outstanding as of March 31, 2021, and December 31, 2020, respectively | 7 | 7 |
Additional paid-in capital | 490,784 | 478,599 |
Accumulated deficit | (396,633) | (376,238) |
Accumulated other comprehensive income | 3 | |
Total stockholders’ equity | 94,158 | 102,371 |
Total liabilities and stockholders’ equity | $ 110,657 | $ 125,587 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 73,884,000 | 70,686,000 |
Common stock, shares outstanding | 73,884,000 | 70,686,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses: | ||
Research and development | $ 15,339 | $ 20,125 |
General and administrative | 5,428 | 4,946 |
Total operating expenses | 20,767 | 25,071 |
Loss from operations | (20,767) | (25,071) |
Interest and other income, net | 372 | 625 |
Net loss | $ (20,395) | $ (24,446) |
Net loss per share, basic and diluted | $ (0.28) | $ (0.38) |
Weighted average common shares used to compute net loss per share, basic and diluted | 72,247 | 64,556 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Consolidated Statements of Comprehensive Loss [Abstract] | ||
Net loss | $ (20,395) | $ (24,446) |
Other comprehensive (loss) income: | ||
Net unrealized (loss) gain on available-for-sale securities | (3) | 33 |
Total comprehensive loss | $ (20,398) | $ (24,413) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | At-the-Market Offering | Common Stock | Additional Paid-In Capital | Additional Paid-In CapitalAt-the-Market Offering | Accumulated Deficit | Accumulated Other Comprehensive Income |
Balance at Dec. 31, 2019 | $ 142,426 | $ 6 | $ 428,479 | $ (286,101) | $ 42 | ||
Balance, shares at Dec. 31, 2019 | 63,514,000 | ||||||
Issuance of common stock in connection with at-the-market offering, net of underwriting commissions and issuance costs | $ 7,397 | $ 7,397 | |||||
Issuance of common stock in connection with at-the-market offering, net of underwriting commissions and issuance costs, shares | 1,160,000 | ||||||
Exercise of stock options | $ 262 | 262 | |||||
Exercise of stock options, shares | 13,000 | ||||||
Stock-based compensation expense | $ 1,993 | 1,993 | |||||
Net loss | (24,446) | (24,446) | |||||
Unrealized gain (loss) on available-for-sale securities | 33 | 33 | |||||
Balance at Mar. 31, 2020 | $ 127,665 | 6 | 438,131 | (310,547) | 75 | ||
Balance, shares at Mar. 31, 2020 | 64,687,000 | ||||||
Balance at Dec. 31, 2020 | $ 102,371 | 7 | 478,599 | (376,238) | 3 | ||
Balance, shares at Dec. 31, 2020 | 70,686,000 | ||||||
Issuance of common stock in connection with at-the-market offering, net of underwriting commissions and issuance costs | $ 9,488 | $ 9,488 | |||||
Issuance of common stock in connection with at-the-market offering, net of underwriting commissions and issuance costs, shares | 3,197,000 | ||||||
Exercise of stock options | $ 2 | 2 | |||||
Exercise of stock options, shares | 1,000 | ||||||
Stock-based compensation expense | $ 2,695 | 2,695 | |||||
Net loss | (20,395) | (20,395) | |||||
Unrealized gain (loss) on available-for-sale securities | (3) | $ (3) | |||||
Balance at Mar. 31, 2021 | $ 94,158 | $ 7 | $ 490,784 | $ (396,633) | |||
Balance, shares at Mar. 31, 2021 | 73,884,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows Used in Operating Activities | ||
Net loss | $ (20,395) | $ (24,446) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 73 | 105 |
Accretion (amortization) of premiums on investments | 3 | (85) |
Stock-based compensation | 2,695 | 1,993 |
Gain on remeasurement of the lease liability | (362) | |
Non-cash lease expense | 351 | 362 |
Changes in operating assets and liabilities: | ||
Receivables from collaborations | 513 | (494) |
Prepaid expenses and other current assets | (619) | 231 |
Other assets | (278) | |
Accounts payable | (390) | (1,318) |
Accrued liabilities | (3,402) | (2,682) |
Lease liability | (469) | (403) |
Net cash used in operating activities | (22,002) | (27,015) |
Cash Flows Provided by (Used in) Investing Activities | ||
Purchases of investments | (57,059) | |
Proceeds from sale and maturity of investments | 6,500 | 56,458 |
Purchases of property and equipment | (13) | |
Net cash provided by (used in) investing activities | 6,500 | (614) |
Cash Flows Provided by Financing Activities | ||
Proceeds from issuance of common stock through an at-the-market offering, net | 9,535 | 7,397 |
Proceeds from stock option exercises | 2 | 262 |
Net cash provided by financing activities | 9,537 | 7,659 |
Net decrease in cash, cash equivalents, and restricted cash | (5,965) | (19,970) |
Cash, cash equivalents, and restricted cash at beginning of period | 107,586 | 60,877 |
Cash, cash equivalents, and restricted cash at end of period | 101,621 | 40,907 |
Supplemental Disclosure of Non-Cash Activities: | ||
Unpaid amounts related to stock issuance and deferred financing costs | $ 47 | $ 74 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Organization Calithera Biosciences, Inc., or the Company, was incorporated in the State of Delaware on March 9, 2010. The Company is a clinical-stage biopharmaceutical company pioneering the discovery and development of targeted therapies that disrupt cellular metabolic pathways to preferentially block tumor cells and enhance immune-cell activity. Driven by a commitment to rigorous science and a passion for improving the lives of people impacted by cancer and other life-threatening diseases, Calithera is advancing a pipeline of first-in-clinic, oral therapeutics to meaningfully expand treatment options available to patients. The Company’s principal operations are based in South San Francisco, California, and it operates in one segment. Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Calithera Biosciences UK Limited and Calithera Biosciences Ireland Limited. All significant intercompany accounts and transactions have been eliminated from the condensed consolidated financial statements. Liquidity In the course of its development activities, the Company has sustained operating losses and expects such losses to continue over the next several years. The Company’s ultimate success depends on the outcome of its research and development activities. The Company has incurred net losses from operations since inception and has an accumulated deficit of $396.6 million as of March 31, 2021. The Company intends to raise additional capital through the issuance of additional equity, and potentially through strategic alliances with partner companies. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plans. Management believes that the currently available resources will provide sufficient funds to enable the Company to meet its operating plan for at least the twelve-month period following the filing of the Company’s unaudited consolidated financial statements for the three months ended March 31, 2021, included in the Quarterly Report on Form 10-Q. However, if the Company’s anticipated operating results are not achieved in future periods, management believes that planned expenditures may need to be reduced in order to extend the time period over which the then-available resources would be able to fund the Company’s operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The interim condensed consolidated balance sheet as of March 31, 2021, the statements of operations, comprehensive loss, stockholders’ equity, and cash flows for the three months ended March 31, 2021 and 2020, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial statements included in this report. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements related to the three-month periods are also unaudited. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. The balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Form 10-K as filed with the Securities and Exchange Commission, or SEC. Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contract assets and contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accrued liabilities, revenue recognition, fair value of marketable securities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents, which consist primarily of amounts invested in money market accounts, are stated at fair value. Investments All investments have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. As of each balance sheet date, the Company classifies available-for-sale securities with remaining contractual maturities of more than one year as long-term investments, and those with remaining contractual maturities of one year or less as short-term investments. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive (loss) income. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest and other income, net. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest and other income, net. Restricted Cash Restricted cash consists of money market funds held by the Company’s financial institution as collateral for the Company’s obligations under its facility lease for the Company’s corporate headquarters in South San Francisco, California. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments and restricted cash. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, investments and restricted cash are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit may at times exceed federally insured limits. The majority of the Company’s receivables from collaborations are derived from its collaboration and license agreement with Incyte Corporation, or Incyte, as described in Note 10, Collaboration and Licensing Agreements - Incyte Collaboration and License Agreement . Revenue Recognition The Company records revenue in accordance with Accounting Standards Codification, or ASC No. 2014-09, Revenue from Contracts with Customers (Topic 606), The Company has a collaboration and license agreement with Incyte, or the Incyte Collaboration Agreement, that is within the scope of ASC 606, under which it licenses certain rights to one of its product candidates to Incyte Corporation. The terms of this arrangement include payment to the Company of a non-refundable, upfront license fee, and potential development, regulatory and sales milestones, and sales royalties. Each of these payments results in collaboration revenues, except for revenues from royalties on net sales of licensed products, which would be classified as royalty revenues. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. Licenses of Intellectual Property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promised goods or services, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments: At the inception of each arrangement that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received or the underlying activity has been completed . The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenue in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. Contract Balances Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company had no contract assets or liabilities as of March 31, 2021 and December 31, 2020, and had no changes in contract assets and liabilities during the three months ended March 31, 2021 and 2020. Accrued Research and Development Costs The Company records accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical and clinical studies, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and includes these costs in accrued and other liabilities in the consolidated balance sheets and within research and development expense in the consolidated statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. Awards The Company assesses at the inception of award agreements whether the agreement is a liability. If the Company is obligated to repay funds received regardless of the outcome of the related research and development activities, then the Company is required to estimate and recognize a liability for this obligation. Alternatively, if the Company is not required to repay the funds, then payments received are recorded as contra research and development expense in the consolidated statement of operations as expenses are incurred. Receivables from collaborations represent amounts receivable for which the payment criteria has been met and allowable expenses have been incurred, but not received as of the balance sheet date. Collaboration reimbursement advances represent amounts received for which the allowable expenses have not been incurred as of the balance sheet date. Leases The Company accounts for its leases under ASU No. 2016-02, Leases (Topic 842), ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company estimates an incremental borrowing rate based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to not separate lease components and non-lease components for its long-term facility lease. Variable lease payments include lease operating expenses. Stock-Based Compensation The Company maintains various stock incentive plans under which stock options and restricted stock awards are granted to employees, non-employee directors of the board, and non-employees. The Company also has an employee stock purchase plan for all eligible employees. Stock options and stock purchased under the employee stock purchase plan, are recorded at fair value as of the grant date using the Black-Scholes option-pricing model. Restricted stock awards are measured at grant date fair value, at the market price of the Company’s common stock on the grant date. The Company records stock-based compensation expense related to the service-based instruments ratably over the employee, director, or non-employees’ respective requisite service period (generally the vesting period). For performance-based stock awards with vesting conditioned on the achievement of certain strategic milestones, stock-based compensation expense is recognized over the period from the date the performance condition is determined to be probable of occurring through the date the applicable condition is expected to be met. If the performance condition is not considered probable of being achieved, no stock-based compensation expense is recognized until such time as the performance condition is considered probable of being met, if at all. If the assessment of the probability of the performance condition being met changes, the impact of the change in estimate would be recognized in the period of the change. The Company has elected to account for forfeitures as they occur. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period without consideration of common stock equivalents. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Accounting Pronouncement Recently Adopted In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, Accounting Pronouncement Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, . In May 2019, the FASB issued ASU No. 2019-05, Targeted Transition Relief , which provides transition guidance to entities that elect the fair value option for eligible instruments. In November 2019, the FASB issued ASU 2019-10 which extends the effective date of the standards for smaller reporting companies to interim and annual periods beginning after |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, investments, receivables from collaborations, accounts payable, and accrued liabilities that approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; 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 significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Where quoted prices are available in an active market, securities are classified as Level 1. The Company classifies money market funds as Level 1. When quoted market prices are not available for the specific security, then the Company estimates fair value by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third party data providers, including but not limited to, benchmark yields, interest rate curves, reported trades, broker/dealer quotes and market reference data. The Company classifies its corporate notes and U.S. government agency securities as Level 2. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. The following table sets forth the fair value of our financial assets and liabilities, allocated into Level 1, Level 2 and Level 3, that were measured on a recurring basis (in thousands): March 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 100,579 $ — $ — $ 100,579 U.S. government agency securities — 1,500 — 1,500 Total financial assets $ 100,579 $ 1,500 $ — $ 102,079 December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 106,782 $ — $ — $ 106,782 Corporate notes and commercial paper — 6,502 — 6,502 U.S. government agency securities — 1,503 — 1,503 Total financial assets $ 106,782 $ 8,005 $ — $ 114,787 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Financial Instruments | 4. Financial Instruments Cash equivalents and investments, all of which are classified as available-for-sale securities and restricted cash, consisted of the following (in thousands): March 31, 2021 December 31, 2020 Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds $ 100,579 $ — $ — $ 100,579 $ 106,782 $ — $ — $ 106,782 Corporate notes and commercial paper — — — — 6,501 1 — 6,502 U.S. government agency securities 1,500 — — 1,500 1,501 2 — 1,503 $ 102,079 $ — $ — $ 102,079 $ 114,784 $ 3 $ — $ 114,787 Classified as: Cash equivalents $ 100,309 $ 106,342 Short-term investments 1,500 8,005 Restricted cash 270 440 Total cash equivalents, restricted cash and investments $ 102,079 $ 114,787 At March 31, 2021, the remaining contractual maturities of available-for-sale securities were less than one year. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. As of March 31, 2021 and December 31, 2020, there were no unrealized losses on cash equivalents and investments. As of March 31, 2021, the Company had a total of $103.1 million in cash, cash equivalents, restricted cash and investments, which includes $1.0 million in cash and $102.1 million in cash equivalents, restricted cash and investments. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued and Other Liabilities | 5. Accrued and Other Liabilities Accrued and other liabilities consist of the following (in thousands): March 31, 2021 December 31, 2020 Accrued clinical and manufacturing expenses $ 7,704 $ 7,910 Accrued payroll and related expenses 2,535 5,142 Current portion of lease liability 1,039 1,903 Other 878 1,452 Total accrued and other liabilities $ 12,156 $ 16,407 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases The Company has a non-cancelable facility lease agreement, or the Lease, for office and laboratory facilities in South San Francisco, California, with a remaining lease term of 2.8 years, through January 2024, and a two-year On March 8, 2021, the Company amended its lease to reduce its rentable area from approximately 54,000 square feet to approximately 34,000 square feet. The related reduction in rent was effective January 1, 2021. In connection with the amendment, the Company also reduced its existing letter of credit from $440,000 to $270,000 as a security deposit to the lease. Subsequent to the amendment, which was determined to be a modification of the lease, the Company remeasured the present value of its lease liability using an estimated incremental borrowing rate of 7.5%. The Company recognized a gain of $0.4 million, included in interest and other income, net in its unaudited condensed consolidated statement of operations for the three months ended March 31, 2021, which represents the difference between the reduced lease liability and the reduction in the operating lease right of use asset. The components of net operating lease costs included in the condensed consolidated statement of operations were as follows (in thousands): Three Months Ended March 31, Operating Lease Costs: 2021 2020 Straight-line rent expense related to facility operating lease $ 484 $ 544 Variable rent expense related to operating lease 244 378 Sublease income — (187 ) Variable sublease income — (93 ) Net operating lease costs $ 728 $ 642 Cash paid for amounts included in the measurement of the lease liabilities for the three months ended March 31, 2021 and 2020, was $0.6 million and $0.6 million, respectively, and was included in net cash used in operating activities in the Company’s unaudited condensed consolidated statements of cash flows. The balance sheet classification of the Company’s operating lease liability was as follows (in thousands): March 31, 2021 December 31, 2020 Operating Lease Liability: Current portion included in accrued and other liabilities $ 1,039 $ 1,903 Noncurrent operating lease liability 2,707 4,815 Total operating lease liability $ 3,746 $ 6,718 The maturities of the Company’s lease liability as of March 31, 2021, was as follows (in thousands): Year ending December 31: 2021 (excluding the three months ended March 31, 2021) $ 901 2022 1,546 2023 1,592 2024 136 Total lease payments 4,175 Less: interest (429 ) Present value of lease liability $ 3,746 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity At-the-Market Offering In August 2020, the Company entered into a sales agreement with Jefferies as sales agent and underwriter, pursuant to which the Company could issue and sell shares of its common stock with an aggregate maximum offering price of $75.0 million under an at-the-market offering program, or the ATM program. The Company will pay Jefferies up to 3% of gross proceeds for any common stock sold through the sales agreement. During the three months ended March 31, 2021, the Company sold 3,197,166 shares under the ATM program at an average price per share of $3.04, for net proceeds of $9.5 million. As of March 31, 2021, a total of 3,197,166 shares had been sold under the ATM program. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Options A summary of stock option activity was as follows (in thousands, except weighted-average exercise price and contractual term amounts): Options Outstanding Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Value Intrinsic Outstanding — December 31, 2020 8,637 $ 6.91 Options granted 1,781 $ 2.98 Options exercised (1 ) $ 2.31 Options cancelled (981 ) $ 6.21 Outstanding — March 31, 2021 9,436 $ 6.24 7.08 $ 39 Exercisable — March 31, 2021 5,339 $ 7.24 5.64 $ 39 Stock Awards During the three months ended March 31, 2021, the Company issued 515,523 restricted stock units, or RSUs, to its employees. The RSUs vest 25% annually over 4 years commencing on the date of grant. The RSUs are measured at grant date fair value, at the market price of the Company’s common stock on the grant date. The Company records stock-based compensation expense related to the RSUs ratably over the employee respective requisite service period. On January 20, 2021, the Company granted 1,607,812 performance-based restricted stock units, or PSUs, to employees. The PSUs vest 20% on January 3, 2022 and 80% upon the achievement of two goals that are expected to be achieved by January 3, 2022. The PSUs were measured at grant date fair value, using the market price of the Company’s common stock on the grant date of $2.98. The Company estimates that all vesting conditions are probable of being achieved and has elected to recognize compensation expense for the PSUs as one aggregate award using the straight-line method over the estimated implicit service period from the grant date to January 3, 2022. The Company will monitor the probability of achievement of the goals each reporting period and adjust its estimates accordingly. During the three months ended March 31, 2021, the Company recorded $0.9 million of expense related to the PSUs. A summary of restricted stock unit activity was as follows (in thousands, except weighted-average grant-date fair value and contractual term amounts): Stock Awards (PSUs and RSUs) Shares Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Value Intrinsic Outstanding — December 31, 2020 — $ — PSUs and RSUs — Awarded 2,123 2.98 PSUs and RSUs — Cancelled (75 ) — Outstanding — March 31, 2021 2,048 $ 2.98 1.02 $ 4,957 Total stock-based compensation expense related to the Company’s 2010 Equity Incentive Plan, 2014 Equity Incentive Plan, 2018 Inducement Plan, and the 2014 Employee Stock Purchase Plan was as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 1,280 $ 1,075 General and administrative 1,415 918 Total stock-based compensation $ 2,695 $ 1,993 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss per Share Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted net loss per share calculations because they would be anti-dilutive were as follows (in thousands): March 31, 2021 2020 Options to purchase common stock 9,436 8,523 Employee stock plan purchases 42 80 Restricted stock units subject to future vesting 2,048 — Total 11,526 8,603 |
Collaboration and Licensing Agr
Collaboration and Licensing Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Licensing Agreements [Abstract] | |
Collaboration and Licensing Agreements | 10. Collaboration and Licensing Agreements Incyte Collaboration and License Agreement On January 27, 2017, the Company entered into a collaboration and license agreement with Incyte, or the Incyte Collaboration Agreement. Under the terms of the Incyte Collaboration Agreement, the Company granted Incyte an exclusive, worldwide license to develop and commercialize its small molecule arginase inhibitors for hematology and oncology indications. Through September 30, 2020, the parties collaborated on and co-funded the development of the licensed products, with Incyte bearing 70% and the Company bearing 30% of global development costs. The parties would share profits and losses in the United States, with 60% to Incyte and 40% to the Company. The Company would have the right to co-detail the licensed products in the United States, and Incyte would pay the Company tiered royalties ranging from the low to mid-double digits on net sales of licensed products outside the United States. The Incyte Collaboration Agreement also provides that the Company may choose to opt out of its co-funding obligations at any time. On August 28, 2020, the Company delivered written notice to Incyte of its decision to opt out of its co-development rights effective September 30, 2020. As a result of the Company’s decision to opt out, Incyte will pay all costs to develop INCB001158 or any other licensed products. In addition, the Company’s rights to U.S. profit sharing will no longer be in effect, and instead Incyte will pay Calithera tiered royalties ranging from the low double digits to mid-teens on net sales of licensed products in the U.S., Under the Incyte Collaboration Agreement, the Company received an upfront payment of $45.0 million in February 2017. In March 2017, the Company achieved a development milestone of $12.0 million, for which the Company received payment in May of 2017. The Company is also eligible to receive up to an additional $418.0 million in potential development, regulatory and sales milestones. In April 2020, the Company filed a complaint against Incyte in the Superior Court of California, San Francisco County, asserting claims for breach of contract arising out of Incyte’s failure to pay two milestone payments the Company believes are due under the Collaboration Agreement. As of March 31, 2021, no revenue has been recognized for these two milestones as the collectability remains uncertain. Total remaining potential development, regulatory and commercialization milestones as of March 31, 2021 were The Incyte Collaboration Agreement is considered to be under the scope of ASC Topic 808, Collaborative Arrangements The performance obligations under the Incyte Collaboration Agreement consist of intellectual property licenses and the performance of certain manufacturing and manufacturing technology transfer services. associated manufacturing and technology transfer services assistance until completion of the manufacturing technology transfer process, and no other third parties could perform such assistance due to the early stage nature of the licensed intellectual property as well as Calithera’s propriety knowledge with respect to the licensed intellectual property. In accordance with ASC 606, the Company determined the transaction price to be $57.0 million, representing the $45.0 million upfront payment and the $12.0 million developmental milestone payment from Incyte that was earned in March 2017. The $57.0 million transaction price was recognized over the estimated performance period, based on the measure of progress toward completion for the combined performance obligation, which was satisfied as of June 2018. The measure of progress towards completion was based on the effort of certain employees within the Company who dedicated time to complete the manufacturing services and technology transfer to Incyte. No subsequent revenue has been recognized related to the Incyte Collaboration Agreement through March 31, 2021. Net costs associated with co-development activities performed under the agreement are included in research and development expenses in the accompanying unaudited condensed consolidated statements of operations, with any reimbursement of costs by Incyte reflected as a reduction of such expenses. For the three months ended March 31, 2021 and 2020, net costs reimbursable from (to) Incyte were $0.7 million and ($0.1) million, respectively. As of March 31, 2021, the receivable due from Incyte was $1.0 million. Pfizer Collaboration Agreement In October 2018, the Company entered into a clinical trial collaboration and supply agreement with Pfizer to evaluate Pfizer’s PARP inhibitor talazoparib (Talzenna) and CDK4/6 inhibitor palbociclib (Ibrance), each in combination with telaglenastat. Under the terms of the clinical collaboration, Pfizer provides reimbursement of certain development costs. Costs associated with development activities performed under the clinical collaboration are included in research and development expenses in the accompanying consolidated statements of operations, with any reimbursements of costs reflected as a reduction of such expenses. Symbioscience License Agreement In December 2014, the Company entered into an exclusive license agreement with Mars, Inc., by and through its Mars Symbioscience division, or Symbioscience, under which the Company has been granted the exclusive, worldwide license to develop and commercialize Symbioscience’s portfolio of arginase inhibitors for use in human healthcare, or the Symbioscience License Agreement. There were no expenses related to its licensing arrangement with Mars Symbioscience recorded in the three months ended March 31, 2021 and 2020. The Company may make future payments of up to $23.6 million contingent upon attainment of various development and regulatory milestones and $95.0 million contingent upon attainment of various sales milestones. Additionally, the Company will pay royalties on sales of the licensed product, if such product sales are ever achieved. If the Company develops additional licensed products, after achieving regulatory approval of the first licensed product, the Company would owe additional regulatory milestone payments and additional royalty payments based on sales of such additional licensed products. |
Cystic Fibrosis Foundation Deve
Cystic Fibrosis Foundation Development Award | 3 Months Ended |
Mar. 31, 2021 | |
Research And Development [Abstract] | |
Cystic Fibrosis Foundation Development Award | 11. Cystic Fibrosis Foundation Development Award In October 2020, the Company was awarded $2.4 million from the Cystic Fibrosis Foundation, or CFF, to support the clinical development of CB-280 in cystic fibrosis. The award will be paid in installments upon the achievement of certain milestones. The Company recognizes the CFF milestones awards as a reduction to research and development expenses in the accompanying unaudited consolidated statements of operations in the period the milestone is achieved and expenses have been incurred. For the three months ended March 31, 2021, no amounts from the CFF were recognized as a reduction of research and development expenses . The award contains provisions where the Company must repay up to two times the award if it ceases to use commercially reasonable efforts to develop CB-280. Upon commercialization, the Company will owe certain royalty payments to the CFF up to a royalty cap. The Company may also be obligated to make a payment to CFF if the Company transfers, sells or licenses a product in the cystic fibrosis field, or if the Company enters into a change of control transaction. |
Reduction in Workforce
Reduction in Workforce | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Reduction in Workforce | 12. Reduction in Workforce On January 4, 2021, the Company announced a plan to reduce its workforce by approximately 35% to extend its cash runway and ensure long-term sustainability. The Company anticipates the one-time severance-related charge associated with the workforce reduction to be approximately $1.2 million, which will be substantially completed by the third quarter of 2021. During the three-month period ended March 31, 2021, the Company recognized $0.9 million and $0.2 million of severance-related charges to research and development and general and administrative expenses, respectively, which is included in operating expenses in the unaudited condensed consolidated statements of operations. A summary of activity in the accrued liability associated with the Company’s reduction in workforce for the three months ended March 31, 2021 was as follows (in thousands): Severance Costs Related to Reduction in Workforce Accrued balance as of January 1, 2021 $ — Charges 1,142 Cash payments (936 ) Accrued balance as of March 31, 2021 $ 206 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The interim condensed consolidated balance sheet as of March 31, 2021, the statements of operations, comprehensive loss, stockholders’ equity, and cash flows for the three months ended March 31, 2021 and 2020, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial statements included in this report. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements related to the three-month periods are also unaudited. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. The balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Form 10-K as filed with the Securities and Exchange Commission, or SEC. |
Use of Estimates | Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contract assets and contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accrued liabilities, revenue recognition, fair value of marketable securities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents, which consist primarily of amounts invested in money market accounts, are stated at fair value. |
Investments | Investments All investments have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. As of each balance sheet date, the Company classifies available-for-sale securities with remaining contractual maturities of more than one year as long-term investments, and those with remaining contractual maturities of one year or less as short-term investments. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive (loss) income. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest and other income, net. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest and other income, net. |
Restricted Cash | Restricted Cash Restricted cash consists of money market funds held by the Company’s financial institution as collateral for the Company’s obligations under its facility lease for the Company’s corporate headquarters in South San Francisco, California. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments and restricted cash. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, investments and restricted cash are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit may at times exceed federally insured limits. The majority of the Company’s receivables from collaborations are derived from its collaboration and license agreement with Incyte Corporation, or Incyte, as described in Note 10, Collaboration and Licensing Agreements - Incyte Collaboration and License Agreement . |
Revenue Recognition | Revenue Recognition The Company records revenue in accordance with Accounting Standards Codification, or ASC No. 2014-09, Revenue from Contracts with Customers (Topic 606), The Company has a collaboration and license agreement with Incyte, or the Incyte Collaboration Agreement, that is within the scope of ASC 606, under which it licenses certain rights to one of its product candidates to Incyte Corporation. The terms of this arrangement include payment to the Company of a non-refundable, upfront license fee, and potential development, regulatory and sales milestones, and sales royalties. Each of these payments results in collaboration revenues, except for revenues from royalties on net sales of licensed products, which would be classified as royalty revenues. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. Licenses of Intellectual Property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promised goods or services, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments: At the inception of each arrangement that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received or the underlying activity has been completed . The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenue in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. Contract Balances Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company had no contract assets or liabilities as of March 31, 2021 and December 31, 2020, and had no changes in contract assets and liabilities during the three months ended March 31, 2021 and 2020. |
Accrued Research and Development Costs | Accrued Research and Development Costs The Company records accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical and clinical studies, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and includes these costs in accrued and other liabilities in the consolidated balance sheets and within research and development expense in the consolidated statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. |
Awards | Awards The Company assesses at the inception of award agreements whether the agreement is a liability. If the Company is obligated to repay funds received regardless of the outcome of the related research and development activities, then the Company is required to estimate and recognize a liability for this obligation. Alternatively, if the Company is not required to repay the funds, then payments received are recorded as contra research and development expense in the consolidated statement of operations as expenses are incurred. Receivables from collaborations represent amounts receivable for which the payment criteria has been met and allowable expenses have been incurred, but not received as of the balance sheet date. Collaboration reimbursement advances represent amounts received for which the allowable expenses have not been incurred as of the balance sheet date. |
Leases | Leases The Company accounts for its leases under ASU No. 2016-02, Leases (Topic 842), ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company estimates an incremental borrowing rate based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to not separate lease components and non-lease components for its long-term facility lease. Variable lease payments include lease operating expenses. |
Stock-Based Compensation | Stock-Based Compensation The Company maintains various stock incentive plans under which stock options and restricted stock awards are granted to employees, non-employee directors of the board, and non-employees. The Company also has an employee stock purchase plan for all eligible employees. Stock options and stock purchased under the employee stock purchase plan, are recorded at fair value as of the grant date using the Black-Scholes option-pricing model. Restricted stock awards are measured at grant date fair value, at the market price of the Company’s common stock on the grant date. The Company records stock-based compensation expense related to the service-based instruments ratably over the employee, director, or non-employees’ respective requisite service period (generally the vesting period). For performance-based stock awards with vesting conditioned on the achievement of certain strategic milestones, stock-based compensation expense is recognized over the period from the date the performance condition is determined to be probable of occurring through the date the applicable condition is expected to be met. If the performance condition is not considered probable of being achieved, no stock-based compensation expense is recognized until such time as the performance condition is considered probable of being met, if at all. If the assessment of the probability of the performance condition being met changes, the impact of the change in estimate would be recognized in the period of the change. The Company has elected to account for forfeitures as they occur. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period without consideration of common stock equivalents. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. |
Accounting Pronouncements | Accounting Pronouncement Recently Adopted In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, Accounting Pronouncement Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, . In May 2019, the FASB issued ASU No. 2019-05, Targeted Transition Relief , which provides transition guidance to entities that elect the fair value option for eligible instruments. In November 2019, the FASB issued ASU 2019-10 which extends the effective date of the standards for smaller reporting companies to interim and annual periods beginning after |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The following table sets forth the fair value of our financial assets and liabilities, allocated into Level 1, Level 2 and Level 3, that were measured on a recurring basis (in thousands): March 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 100,579 $ — $ — $ 100,579 U.S. government agency securities — 1,500 — 1,500 Total financial assets $ 100,579 $ 1,500 $ — $ 102,079 December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 106,782 $ — $ — $ 106,782 Corporate notes and commercial paper — 6,502 — 6,502 U.S. government agency securities — 1,503 — 1,503 Total financial assets $ 106,782 $ 8,005 $ — $ 114,787 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities | Cash equivalents and investments, all of which are classified as available-for-sale securities and restricted cash, consisted of the following (in thousands): March 31, 2021 December 31, 2020 Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds $ 100,579 $ — $ — $ 100,579 $ 106,782 $ — $ — $ 106,782 Corporate notes and commercial paper — — — — 6,501 1 — 6,502 U.S. government agency securities 1,500 — — 1,500 1,501 2 — 1,503 $ 102,079 $ — $ — $ 102,079 $ 114,784 $ 3 $ — $ 114,787 Classified as: Cash equivalents $ 100,309 $ 106,342 Short-term investments 1,500 8,005 Restricted cash 270 440 Total cash equivalents, restricted cash and investments $ 102,079 $ 114,787 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accrued and Other Liabilities | Accrued and other liabilities consist of the following (in thousands): March 31, 2021 December 31, 2020 Accrued clinical and manufacturing expenses $ 7,704 $ 7,910 Accrued payroll and related expenses 2,535 5,142 Current portion of lease liability 1,039 1,903 Other 878 1,452 Total accrued and other liabilities $ 12,156 $ 16,407 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Components of Net Operating Lease Costs Included in Condensed Consolidated Statement of Operations | The components of net operating lease costs included in the condensed consolidated statement of operations were as follows (in thousands): Three Months Ended March 31, Operating Lease Costs: 2021 2020 Straight-line rent expense related to facility operating lease $ 484 $ 544 Variable rent expense related to operating lease 244 378 Sublease income — (187 ) Variable sublease income — (93 ) Net operating lease costs $ 728 $ 642 |
Balance Sheet Classification of Company's Operating Lease Liability | The balance sheet classification of the Company’s operating lease liability was as follows (in thousands): March 31, 2021 December 31, 2020 Operating Lease Liability: Current portion included in accrued and other liabilities $ 1,039 $ 1,903 Noncurrent operating lease liability 2,707 4,815 Total operating lease liability $ 3,746 $ 6,718 |
Summary of Maturities of the Company's Lease Liability | The maturities of the Company’s lease liability as of March 31, 2021, was as follows (in thousands) Year ending December 31: 2021 (excluding the three months ended March 31, 2021) $ 901 2022 1,546 2023 1,592 2024 136 Total lease payments 4,175 Less: interest (429 ) Present value of lease liability $ 3,746 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity | A summary of stock option activity was as follows (in thousands, except weighted-average exercise price and contractual term amounts): Options Outstanding Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Value Intrinsic Outstanding — December 31, 2020 8,637 $ 6.91 Options granted 1,781 $ 2.98 Options exercised (1 ) $ 2.31 Options cancelled (981 ) $ 6.21 Outstanding — March 31, 2021 9,436 $ 6.24 7.08 $ 39 Exercisable — March 31, 2021 5,339 $ 7.24 5.64 $ 39 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity was as follows (in thousands, except weighted-average grant-date fair value and contractual term amounts): Stock Awards (PSUs and RSUs) Shares Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Value Intrinsic Outstanding — December 31, 2020 — $ — PSUs and RSUs — Awarded 2,123 2.98 PSUs and RSUs — Cancelled (75 ) — Outstanding — March 31, 2021 2,048 $ 2.98 1.02 $ 4,957 |
2010 Equity Incentive Plan, 2014 Equity Incentive Plan, 2018 Inducement Plan and 2014 Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Based Compensation Expense | Total stock-based compensation expense related to the Company’s 2010 Equity Incentive Plan, 2014 Equity Incentive Plan, 2018 Inducement Plan, and the 2014 Employee Stock Purchase Plan was as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 1,280 $ 1,075 General and administrative 1,415 918 Total stock-based compensation $ 2,695 $ 1,993 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Common Stock Excluded from Calculation of Diluted Net Loss Per Share | Potentially dilutive securities that were not included in the diluted net loss per share calculations because they would be anti-dilutive were as follows (in thousands): March 31, 2021 2020 Options to purchase common stock 9,436 8,523 Employee stock plan purchases 42 80 Restricted stock units subject to future vesting 2,048 — Total 11,526 8,603 |
Reduction in Workforce (Tables)
Reduction in Workforce (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Summary of Activity in Accrued Liability Associated with Reduction in Workforce | A summary of activity in the accrued liability associated with the Company’s reduction in workforce for the three months ended March 31, 2021 was as follows (in thousands): Severance Costs Related to Reduction in Workforce Accrued balance as of January 1, 2021 $ — Charges 1,142 Cash payments (936 ) Accrued balance as of March 31, 2021 $ 206 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
State of incorporation | DE | |
Date of incorporation | Mar. 9, 2010 | |
Number of operating segments | Segment | 1 | |
Accumulated deficit | $ | $ 396,633 | $ 376,238 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)Product | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Remaining contractual maturities of available-for-sale-securities | less than one year | ||
Contract assets | $ 0 | $ 0 | |
Contract liabilities | 0 | $ 0 | |
Change in contract assets | 0 | $ 0 | |
Change in contract liabilities | $ 0 | $ 0 | |
Incyte Corporation | ASC 606 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of products covered under collaboration and licensing agreement | Product | 1 | ||
Long-term Investments | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Remaining contractual maturities of available-for-sale-securities | more than one year | ||
Short-term Investments | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Remaining contractual maturities of available-for-sale-securities | one year or less |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 102,079 | $ 114,787 |
Corporate notes and commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 6,502 | |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 100,579 | 106,782 |
U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,500 | 1,503 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 100,579 | 106,782 |
Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 100,579 | 106,782 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,500 | 8,005 |
Level 2 | Corporate notes and commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 6,502 | |
Level 2 | U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 1,500 | $ 1,503 |
Financial Instruments - Summary
Financial Instruments - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost | $ 102,079 | $ 114,784 |
Unrealized Gain | 3 | |
Estimated Fair Value | 102,079 | 114,787 |
Money market funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost | 100,579 | 106,782 |
Estimated Fair Value | 100,579 | 106,782 |
U.S. government agency securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost | 1,500 | 1,501 |
Unrealized Gain | 2 | |
Estimated Fair Value | 1,500 | 1,503 |
Corporate notes and commercial paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost | 6,501 | |
Unrealized Gain | 1 | |
Estimated Fair Value | 6,502 | |
Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | 100,309 | 106,342 |
Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | 1,500 | 8,005 |
Restricted Cash | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | $ 270 | $ 440 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||
Remaining contractual maturities of available-for-sale-securities | less than one year | |
Realized gains (losses) on available-for-sale securities | $ 0 | |
Unrealized losses on cash equivalents and investments | 0 | $ 0 |
Cash, cash equivalents, restricted cash and investments | 103,100,000 | |
Cash portion included in cash, cash equivalents, restricted cash and investments | 1,000,000 | |
Cash equivalents, restricted cash and investments | $ 102,100,000 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued clinical and manufacturing expenses | $ 7,704 | $ 7,910 |
Accrued payroll and related expenses | 2,535 | 5,142 |
Current portion of lease liability | 1,039 | 1,903 |
Other | 878 | 1,452 |
Total accrued and other liabilities | $ 12,156 | $ 16,407 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 09, 2021 | Mar. 31, 2021 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 08, 2021USD ($)ft² | Mar. 07, 2021USD ($)ft² |
Operating Leased Assets [Line Items] | ||||||
Operating lease, description | The Company has a non-cancelable facility lease agreement, or the Lease, for office and laboratory facilities in South San Francisco, California, with a remaining lease term of 2.8 years, through January 2024, and a two-year renewal option prior to expiration. | |||||
Remaining lease term | 2 years 9 months 18 days | 2 years 9 months 18 days | ||||
Operating lease, renewal term | 2 years | 2 years | ||||
Sublease, description | Company had a non-cancelable sublease agreement for a portion of its facilities through February 2020. | |||||
Incremental borrowing rate | 7.50% | 9.00% | ||||
Rentable area | ft² | 34,000 | 54,000 | ||||
Lease security deposit available in existing letter of credit | $ 270,000 | $ 440,000 | ||||
Cash paid for amounts included in the measurement of the lease liabilities | $ 600,000 | $ 600,000 | ||||
Interest and Other Income, Net | ||||||
Operating Leased Assets [Line Items] | ||||||
Gain recognized due to difference between reduced lease liability and reduction in operating lease right of use asset | $ 400,000 |
Leases - Schedule of Components
Leases - Schedule of Components of Net Operating Lease Costs Included in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Lease Costs: | ||
Straight-line rent expense related to facility operating lease | $ 484 | $ 544 |
Variable rent expense related to operating lease | 244 | 378 |
Sublease income | (187) | |
Variable sublease income | (93) | |
Net operating lease costs | $ 728 | $ 642 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification of Company's Operating Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Lease Liability: | ||
Current portion included in accrued and other liabilities | $ 1,039 | $ 1,903 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued and other liabilities | Accrued and other liabilities |
Noncurrent operating lease liability | $ 2,707 | $ 4,815 |
Total operating lease liability | $ 3,746 | $ 6,718 |
Leases - Summary of Maturities
Leases - Summary of Maturities of the Company's Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2021 (excluding the three months ended March 31, 2021) | $ 901 | |
2022 | 1,546 | |
2023 | 1,592 | |
2024 | 136 | |
Total lease payments | 4,175 | |
Less: interest | (429) | |
Present value of lease liability | $ 3,746 | $ 6,718 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Mar. 31, 2021 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Class Of Stock [Line Items] | ||||
Proceeds from issuance of common stock through an at-the-market offering, net | $ 9,535,000 | $ 7,397,000 | ||
At-the-Market Offering | ||||
Class Of Stock [Line Items] | ||||
Number of shares issued and sold | 3,197,000 | 1,160,000 | ||
At-the-Market Offering | Common Stock | Jefferies LLC | ||||
Class Of Stock [Line Items] | ||||
Aggregate maximum offering price | $ 75,000,000 | |||
Number of shares issued and sold | 3,197,166 | 3,197,166 | ||
Shares sold, average price per share | $ 3.04 | $ 3.04 | ||
Proceeds from issuance of common stock through an at-the-market offering, net | $ 9,500,000 | |||
At-the-Market Offering | Common Stock | Jefferies LLC | Maximum | ||||
Class Of Stock [Line Items] | ||||
Percentage of sales commission on gross proceeds for common stock sold through sales agreement | 3.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Number of Shares Underlying Outstanding Options | ||
Outstanding at Beginning balance | 8,637,000 | |
Options granted | 1,781,000 | |
Options exercised | (1,000) | (13,000) |
Options cancelled | (981,000) | |
Outstanding at Ending balance | 9,436,000 | |
Exercisable at End of Period | 5,339,000 | |
Weighted-Average Exercise Price | ||
Outstanding at Beginning balance | $ 6.91 | |
Options granted | 2.98 | |
Options exercised | 2.31 | |
Options cancelled | 6.21 | |
Outstanding at Ending balance | 6.24 | |
Exercisable at End of Period | $ 7.24 | |
Weighted Average Remaining Contractual Term (Years) | ||
Outstanding at Ending balance | 7 years 29 days | |
Exercisable at End of Period | 5 years 7 months 20 days | |
Aggregate Value Intrinsic | ||
Outstanding | $ 39 | |
Exercisable at End of Period | $ 39 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 03, 2022 | Jan. 20, 2021 | Mar. 31, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of stock awards issued | 2,123,000 | ||
Grant date fair value of stock awards | $ 2.98 | ||
RSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of stock awards issued | 515,523 | ||
Stock awards vesting period (total) | 4 years | ||
Stock awards vesting percentage | 25.00% | ||
PSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of stock awards issued | 1,607,812 | ||
Grant date fair value of stock awards | $ 2.98 | ||
Expense related to PSUs | $ 0.9 | ||
PSUs | Scenario Forecast | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock awards vesting percentage | 20.00% | ||
Stock awards vesting percentage upon achievement of two goals | 80.00% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Shares | |
PSUs and RSUs — Awarded | 2,123 |
PSUs and RSUs — Cancelled | (75) |
Outstanding at Ending balance | 2,048 |
Weighted-Average Grant-Date Fair Value | |
PSUs and RSUs — Awarded | $ / shares | $ 2.98 |
Outstanding at Ending balance | $ / shares | $ 2.98 |
Weighted-Average Remaining Contractual Term (Years) | |
Outstanding | 1 year 7 days |
Aggregate Value Intrinsic | |
Outstanding | $ | $ 4,957 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 2,695 | $ 1,993 |
2010 Equity Incentive Plan, 2014 Equity Incentive Plan, 2018 Inducement Plan and 2014 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | 2,695 | 1,993 |
2010 Equity Incentive Plan, 2014 Equity Incentive Plan, 2018 Inducement Plan and 2014 Employee Stock Purchase Plan | Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | 1,280 | 1,075 |
2010 Equity Incentive Plan, 2014 Equity Incentive Plan, 2018 Inducement Plan and 2014 Employee Stock Purchase Plan | General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 1,415 | $ 918 |
Net Loss Per Share - Common Sto
Net Loss Per Share - Common Stock Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 11,526 | 8,603 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 9,436 | 8,523 |
Employee Stock Plan Purchases | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 42 | 80 |
Restricted Stock Units Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,048 |
Collaboration and Licensing A_2
Collaboration and Licensing Agreements - Additional Information (Details) - USD ($) | Jan. 27, 2017 | May 31, 2017 | Feb. 28, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2017 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Receivables from collaborations | $ 1,028,000 | $ 1,028,000 | $ 1,541,000 | ||||||
Mars, Inc. | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Potential license agreement fee | 23,600,000 | ||||||||
Additional potential payments based on sale of first licensed product | 95,000,000 | ||||||||
Mars, Inc. | Research and Development | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
License fee | 0 | $ 0 | |||||||
Incyte Collaboration Agreement | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Percentage of sharing in global development cost | 30.00% | ||||||||
Future profits and losses share percentage | 40.00% | ||||||||
Upfront payment received | $ 45,000,000 | ||||||||
Development milestone achieved | $ 12,000,000 | ||||||||
Development milestone received | $ 12,000,000 | ||||||||
Additional potential development, regulatory and sales milestones receivable | 418,000,000 | 418,000,000 | |||||||
Collaboration revenue recognized related to completion of combined performance obligation | 57,000,000 | 0 | |||||||
Upfront consideration allocated to combined unit of accounting | 45,000,000 | ||||||||
Development milestone recognized | 12,000,000 | ||||||||
Net costs reimbursable from (to) collaboration agreement | 700,000 | (100,000) | |||||||
Receivables from collaborations | $ 1,000,000 | ||||||||
Incyte Collaboration Agreement | ASC 606 | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Collaboration agreement transaction price | 57,000,000 | 57,000,000 | |||||||
Incyte Collaboration Agreement | Opt Out of Co-Funding Obligations | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Incremental royalty percentage on annual net sales | 3.00% | ||||||||
Maximum incremental royalty, percentage of previous development expenditure | 120.00% | ||||||||
Additional potential development, regulatory and commercialization milestones receivable | $ 738,000,000 | $ 738,000,000 | |||||||
Incyte Collaboration Agreement | Incyte | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Percentage of sharing in global development cost | 70.00% | ||||||||
Future profits and losses share percentage | 60.00% |
Cystic Fibrosis Foundation De_2
Cystic Fibrosis Foundation Development Award - Additional Information (Details) - Cystic Fibrosis Foundation - USD ($) | 1 Months Ended | 3 Months Ended |
Oct. 31, 2020 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Award received for clinical development | $ 2,400,000 | |
Reduction of research and development expenses | $ 0 |
Reduction in Workforce - Additi
Reduction in Workforce - Additional Information (Details) - One-time Termination Benefits - USD ($) $ in Millions | Jan. 04, 2021 | Mar. 31, 2021 |
Restructuring Cost And Reserve [Line Items] | ||
Percentage of workforce reduction | 35.00% | |
One-time severance-related charge associated with the workforce reduction | $ 1.2 | |
Research and Development | ||
Restructuring Cost And Reserve [Line Items] | ||
One-time severance-related charge associated with the workforce reduction | $ 0.9 | |
General and Administrative | ||
Restructuring Cost And Reserve [Line Items] | ||
One-time severance-related charge associated with the workforce reduction | $ 0.2 |
Reduction in Workforce - Summar
Reduction in Workforce - Summary of Activity in Accrued Liability Associated with Reduction in Workforce (Details) - Severance Costs Related to Reduction in Workforce $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Charges | $ 1,142 |
Cash payments | (936) |
Accrued liability on workforce reduction, Ending balance | $ 206 |