Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36579 | |
Entity Registrant Name | Adverum Biotechnologies, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-5258327 | |
Entity Address, Address Line One | 800 Saginaw Drive, | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 656-9323 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | ADVM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 98,152,090 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001501756 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 32,971 | $ 62,424 |
Short-term investments | 299,734 | 367,305 |
Lease incentive receivables | 7,358 | 0 |
Prepaid expenses and other current assets | 7,764 | 4,709 |
Total current assets | 347,827 | 434,438 |
Operating lease right-of-use assets | 100,174 | 19,376 |
Property and equipment, net | 37,158 | 27,725 |
Restricted cash | 5,284 | 999 |
Deposit and other long-term assets | 138 | 29 |
Total assets | 490,581 | 482,567 |
Current liabilities: | ||
Accounts payable | 2,517 | 2,810 |
Accrued expenses and other current liabilities | 18,585 | 13,588 |
Lease liability, current portion | 4,224 | 4,473 |
Total current liabilities | 25,326 | 20,871 |
Lease liability, net of current portion | 118,141 | 26,235 |
Other non-current liabilities | 1,114 | 1,114 |
Total liabilities | 144,581 | 48,220 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 10 | 10 |
Additional paid-in capital | 960,180 | 937,134 |
Accumulated other comprehensive loss | (523) | (261) |
Accumulated deficit | (613,667) | (502,536) |
Total stockholders’ equity | 346,000 | 434,347 |
Total liabilities and stockholders' equity | $ 490,581 | $ 482,567 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
License revenue | $ 0 | $ 0 | $ 7,500,000 | $ 0 |
Operating expenses: | ||||
Research and development | 24,069,000 | 16,653,000 | 66,657,000 | 50,581,000 |
General and administrative | 14,453,000 | 11,351,000 | 52,546,000 | 30,989,000 |
Total operating expenses | 38,522,000 | 28,004,000 | 119,203,000 | 81,570,000 |
Operating loss | (38,522,000) | (28,004,000) | (111,703,000) | (81,570,000) |
Other income, net | 160,000 | 235,000 | 572,000 | 1,695,000 |
Net loss | (38,362,000) | (27,769,000) | (111,131,000) | (79,875,000) |
Other comprehensive income (loss): | ||||
Net unrealized (loss)/gain on marketable securities | (55,000) | (20,000) | (139,000) | 120,000 |
Foreign currency translation adjustment | (51,000) | 13,000 | (123,000) | 0 |
Comprehensive loss | $ (38,468,000) | $ (27,776,000) | $ (111,393,000) | $ (79,755,000) |
Net loss per share — basic (in USD per share) | $ (0.39) | $ (0.31) | $ (1.13) | $ (0.99) |
Net loss per share — diluted (in USD per share) | $ (0.39) | $ (0.31) | $ (1.13) | $ (0.99) |
Weighted-average common shares used to compute net loss per share - basic (in shares) | 98,126 | 88,867 | 97,966 | 80,995 |
Weighted-average common shares used to compute net loss per share - diluted (in shares) | 98,126 | 88,867 | 97,966 | 80,995 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss)/Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 67,329,000 | ||||
Beginning balance at Dec. 31, 2019 | $ 174,957 | $ 7 | $ 560,704 | $ (725) | $ (385,029) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 3,409 | 3,409 | |||
Issuance of common stock, net of issuance costs (in shares) | 10,925,000 | ||||
Issuance of common stock, net of issuance costs | 140,873 | $ 1 | 140,872 | ||
Common stock issued upon exercise of stock options (in shares) | 1,310,000 | ||||
Common stock issued upon exercise of stock options | 9,650 | 9,650 | |||
Common stock issued upon net exercise of warrants (in shares) | 7,000 | ||||
Common stock issued upon release of restricted stock units (in shares) | 462,000 | ||||
Restricted stock surrendered for taxes (in shares) | (155,000) | ||||
Restricted stock surrendered for taxes | (1,922) | (1,922) | |||
Foreign currency translation adjustments | (54) | (54) | |||
Unrealized gain (loss) on marketable securities, net | (54) | (54) | |||
Net loss | (22,906) | (22,906) | |||
Ending balance (in shares) at Mar. 31, 2020 | 79,878,000 | ||||
Ending balance at Mar. 31, 2020 | 303,953 | $ 8 | 712,713 | (833) | (407,935) |
Beginning balance (in shares) at Dec. 31, 2019 | 67,329,000 | ||||
Beginning balance at Dec. 31, 2019 | 174,957 | $ 7 | 560,704 | (725) | (385,029) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Foreign currency translation adjustments | 0 | ||||
Unrealized gain (loss) on marketable securities, net | 120 | ||||
Net loss | (79,875) | ||||
Ending balance (in shares) at Sep. 30, 2020 | 97,467,000 | ||||
Ending balance at Sep. 30, 2020 | 464,712 | $ 10 | 930,211 | (605) | (464,904) |
Beginning balance (in shares) at Mar. 31, 2020 | 79,878,000 | ||||
Beginning balance at Mar. 31, 2020 | 303,953 | $ 8 | 712,713 | (833) | (407,935) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 4,785 | 4,785 | |||
Common stock issued upon exercise of stock options (in shares) | 643,000 | ||||
Common stock issued upon exercise of stock options | 2,487 | 2,487 | |||
Common stock issued upon release of restricted stock units (in shares) | 66,000 | ||||
Issuance of common stock, additional issuance costs | (51) | (51) | |||
Common stock issued under employee stock purchase plan (in shares) | 57,000 | ||||
Common stock issued under employee stock purchase plan | 475 | 475 | |||
Restricted stock surrendered for taxes (in shares) | (5,000) | ||||
Restricted stock surrendered for taxes | (121) | (121) | |||
Taxes paid for RSUs | 0 | 0 | |||
Foreign currency translation adjustments | 41 | 41 | |||
Unrealized gain (loss) on marketable securities, net | 194 | 194 | |||
Net loss | (29,200) | (29,200) | |||
Ending balance (in shares) at Jun. 30, 2020 | 80,639,000 | ||||
Ending balance at Jun. 30, 2020 | 282,563 | $ 8 | 720,288 | (598) | (437,135) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 6,020 | 6,020 | |||
Issuance of common stock, net of issuance costs (in shares) | 16,675,000 | ||||
Issuance of common stock, net of issuance costs | 203,383 | $ 2 | 203,381 | ||
Common stock issued upon exercise of stock options (in shares) | 83,000 | ||||
Common stock issued upon exercise of stock options | 516 | 516 | |||
Common stock issued upon net exercise of warrants (in shares) | 29,000 | ||||
Common stock issued upon release of restricted stock units (in shares) | 43,000 | ||||
Common stock issued under employee stock purchase plan (in shares) | 1,000 | ||||
Common stock issued under employee stock purchase plan | 6 | 6 | |||
Restricted stock surrendered for taxes (in shares) | (3,000) | ||||
Foreign currency translation adjustments | 13 | 13 | |||
Unrealized gain (loss) on marketable securities, net | (20) | (20) | |||
Net loss | (27,769) | (27,769) | |||
Ending balance (in shares) at Sep. 30, 2020 | 97,467,000 | ||||
Ending balance at Sep. 30, 2020 | 464,712 | $ 10 | 930,211 | (605) | (464,904) |
Beginning balance (in shares) at Dec. 31, 2020 | 97,549,000 | ||||
Beginning balance at Dec. 31, 2020 | 434,347 | $ 10 | 937,134 | (261) | (502,536) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 7,224 | 7,224 | |||
Issuance of common stock, net of issuance costs (in shares) | 121,000 | ||||
Issuance of common stock, net of issuance costs | 1,689 | 1,689 | |||
Common stock issued upon exercise of stock options (in shares) | 9,000 | ||||
Common stock issued upon exercise of stock options | 51 | 51 | |||
Common stock issued upon release of restricted stock units (in shares) | 248,000 | ||||
Restricted stock surrendered for taxes (in shares) | 0 | ||||
Restricted stock surrendered for taxes | 0 | ||||
Foreign currency translation adjustments | (33) | (33) | |||
Unrealized gain (loss) on marketable securities, net | (22) | (22) | |||
Net loss | (28,436) | (28,436) | |||
Ending balance (in shares) at Mar. 31, 2021 | 97,927,000 | ||||
Ending balance at Mar. 31, 2021 | 414,820 | $ 10 | 946,098 | (316) | (530,972) |
Beginning balance (in shares) at Dec. 31, 2020 | 97,549,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 434,347 | $ 10 | 937,134 | (261) | (502,536) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued upon exercise of stock options (in shares) | 9,000 | ||||
Foreign currency translation adjustments | $ (123) | ||||
Unrealized gain (loss) on marketable securities, net | (139) | ||||
Net loss | (111,131) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 98,143,000 | ||||
Ending balance at Sep. 30, 2021 | 346,000 | $ 10 | 960,180 | (523) | (613,667) |
Beginning balance (in shares) at Mar. 31, 2021 | 97,927,000 | ||||
Beginning balance at Mar. 31, 2021 | 414,820 | $ 10 | 946,098 | (316) | (530,972) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 8,234 | 8,234 | |||
Common stock issued upon release of restricted stock units (in shares) | 17,000 | ||||
Issuance of common stock, additional issuance costs | (4) | (4) | |||
Common stock issued under employee stock purchase plan (in shares) | 176,000 | ||||
Common stock issued under employee stock purchase plan | 526 | 526 | |||
Foreign currency translation adjustments | (39) | (39) | |||
Unrealized gain (loss) on marketable securities, net | (62) | (62) | |||
Net loss | (44,333) | (44,333) | |||
Ending balance (in shares) at Jun. 30, 2021 | 98,120,000 | ||||
Ending balance at Jun. 30, 2021 | 379,142 | $ 10 | 954,854 | (417) | (575,305) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 5,326 | 5,326 | |||
Common stock issued upon release of restricted stock units (in shares) | 23,000 | ||||
Foreign currency translation adjustments | (51) | (51) | |||
Unrealized gain (loss) on marketable securities, net | (55) | (55) | |||
Net loss | (38,362) | (38,362) | |||
Ending balance (in shares) at Sep. 30, 2021 | 98,143,000 | ||||
Ending balance at Sep. 30, 2021 | $ 346,000 | $ 10 | $ 960,180 | $ (523) | $ (613,667) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock issuance costs | $ 5 | $ 385 | $ 332 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (111,131) | $ (79,875) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,323 | 3,081 |
Stock-based compensation expense | 20,784 | 14,214 |
Amortization of premium/(discount) and accrued interest on marketable securities | 2,273 | (773) |
Impairment of long-lived assets | 1,072 | 0 |
Other | (132) | 25 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (3,493) | 5,194 |
Other assets | (109) | (8) |
Operating lease right-of-use asset | 2,825 | 1,265 |
Accounts payable | (587) | 1,444 |
Accrued expenses and other current liabilities | 3,253 | (573) |
Lease liability and lease incentive receivable | (94) | (1,061) |
Net cash used in operating activities | (82,016) | (57,067) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (328,275) | (511,845) |
Maturities of marketable securities | 384,882 | 223,765 |
Sales of marketable securities | 8,990 | 6,748 |
Purchases of property and equipment | (10,771) | (10,411) |
Net cash provided by (used in) investing activities | 54,826 | (291,743) |
Cash flows from financing activities: | ||
Proceeds from offerings of common stock, net of issuance costs | 1,685 | 344,547 |
Proceeds from issuance of common stock pursuant to option exercises | 51 | 12,653 |
Taxes paid related to net share settlement of restricted stock units | 0 | (2,043) |
Proceeds from employee stock purchase plan | 526 | 481 |
Repayment of loan | (240) | (29) |
Net cash provided by financing activities | 2,022 | 355,609 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (25,168) | 6,799 |
Cash and cash equivalents and restricted cash at beginning of period | 63,423 | 66,896 |
Cash and cash equivalents and restricted cash at end of period | 38,255 | 73,695 |
Cash and cash equivalents | 32,971 | 72,696 |
Restricted cash | 5,284 | 999 |
Cash and cash equivalents and restricted cash at end of period | 38,255 | 73,695 |
Supplemental schedule of noncash investing and financing information | ||
Right-of-use assets obtained in exchange for lease liability | 84,005 | 0 |
Fixed assets in accounts payable, accrued expenses and other current liabilities | $ 2,675 | $ 325 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Adverum Biotechnologies, Inc. (the “Company” or “Adverum”) was incorporated in Delaware on July 17, 2006 and is headquartered in Redwood City, California. The Company is a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases. The Company develops gene therapy product candidates intended to provide durable efficacy by inducing sustained expression of a therapeutic protein. The Company’s core capabilities include novel vector discovery, preclinical and clinical development, and pre-commercial planning. In addition, the Company has in-house manufacturing expertise, specifically in scalable process development, assay development, and current Good Manufacturing Practices (“GMP”) quality control. The Company has not generated any revenue from the sale of products since its inception. The Company has experienced net losses since its inception and had an accumulated deficit of $613.7 million as of September 30, 2021. The Company expects to incur losses and have negative net cash flows from operating activities as it engages in further research and development activities. As of September 30, 2021, the Company had cash, cash equivalents and short-term investments of $332.7 million, which the Company believes will be sufficient to fund its operations for at least twelve months from the date of issuance of these financial statements. Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s consolidated financial information. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future period. The balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements. The Company's results of operations and financial condition for the nine months ended September 30, 2021 were not significantly impacted by the novel coronavirus disease ("COVID-19") pandemic. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, impairment of long-lived assets, 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. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ Topic 326 ”) and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. The standard requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. Topic 326 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. Topic 326 will become effective for the Company on January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact of adopting Topic 326, but does not expect the effect of adoption to be material. In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (" Topic 740" ): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This standard is effective for fiscal years beginning after December 15, 2020. The Company adopted this standard as of January 1, 2021 on a prospective basis in accordance with ASC 250, Accounting Changes and Error Corrections. Adoption of the new guidance had no significant impact on the Company's consolidated financial statements. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | Fair Value Measurements and Fair Value of Financial Instruments The authoritative guidance on the fair value hierarchy for disclosure of fair value measurements is as follows: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of Level 1 securities is determined using quoted prices in active markets for identical assets. Level 1 securities consist of highly liquid money market funds. Financial assets and liabilities are considered Level 2 when their fair values are determined using inputs that are observable in the market or can be derived principally from or corroborated by observable market data such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, Level 2 financial instruments are valued using comparisons to like-kind financial instruments and models that use readily observable market data as their basis. U.S. government and agency securities, commercial paper, and corporate bond are valued primarily using market prices of comparable securities, bid/ask quotes, interest rate yields and prepayment spreads and are included in Level 2. The following is a summary of the Company’s cash equivalents and short-term investments: September 30, 2021 Amortized Cost Basis Unrealized Gains Unrealized Estimated Fair Value (In thousands) Level 1: Money market funds $ 27,019 $ — $ — $ 27,019 Level 2: U.S. government and agency securities 90,665 8 (25) 90,648 Commercial paper 157,111 10 (5) 157,116 Corporate bonds 51,986 — (16) 51,970 Total cash equivalents and short-term investments 326,781 18 (46) 326,753 Less: cash equivalents (27,019) — — (27,019) Total short-term investments $ 299,762 $ 18 $ (46) $ 299,734 December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Estimated Fair Value (In thousands) Level 1: Money market funds $ 178 $ — $ — $ 178 Level 2: U.S. government and agency securities 328,583 121 (5) 328,699 Commercial paper 97,324 — (5) 97,319 Total cash equivalents and short-term investments 426,085 121 (10) 426,196 Less: cash equivalents (58,894) — 3 (58,891) Total short-term investments $ 367,191 $ 121 $ (7) $ 367,305 As of September 30, 2021, $57.4 million of marketable securities had remaining maturities between one |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue On January 25, 2021, the Company and Lexeo Therapeutics, Inc (“Lexeo”) entered into a License Agreement pursuant to which the Company granted Lexeo an exclusive, worldwide, royalty-bearing license to certain of the Company's intellectual property to develop, manufacture, and commercialize a gene therapy product to treat cardiomyopathy due to Friedreich's ataxia. Upon execution of the agreement, Lexeo paid the Company a one-time, non-creditable and non-refundable upfront payment of $7.5 million. Under the terms of the agreement, the Company is eligible to receive development and commercial milestone payments and royalties on sales of Lexeo's licensed products once commercialized. Under Topic 606, the initial transaction price is the $7.5 million the Company received for the license granted. The arrangement provides for additional payments to the Company when certain development and commercial milestones are achieved. Because these milestone payments are not within the control of the Company and are not considered probable of being achieved until the events occur, the Company did not include them in the transaction price. The transaction price of $7.5 million was allocated to a combined performance obligation that was fulfilled during the three months ended March 31, 2021. The Company recognized no revenue in the three months ended September 30, 2021 and $7.5 million of license revenue during nine months ended September 30, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Redwood City, CA Existing Lease The Company leases its office and laboratory space pursuant to an operating lease ("Existing Lease"), which commenced on September 1, 2018 and had an original lease term expiring in February 2029. Upon the execution of the Existing Lease, the Company provided the landlord with a letter of credit in the amount of $1.0 million, which was returned after receipt of the replacement letter of credit in conjunction with the execution of the expansion lease below. On November 1, 2021, the Company entered into an amendment to terminate the lease of one of its premises under the Existing Lease and paid a termination fee of $0.4 million. As of September 30, 2021 , the Company has an operating right-of-use asset of $15.9 million and an operating lease obligation of $21.5 million relating to this lease, which represents $30.8 million of undiscounted lease payments less $9.3 million of present value adjustment. Concurrently, the Company entered into an agreement to sublease a portion of such premises at $0.1 million monthly base rent. The sublease will expire on March 31, 2022 and may be extended on a month to month basis until June 30, 2022. As of September 30, 2021, the Company evaluated its plans for the leased facilities including the decision to terminate and vacate certain leased office space under the Existing Lease. This change in the circumstances resulted in the requirement to test the recoverability of the carrying amount of the asset group. As of September 30, 2021, the carrying amount of the asset group, consisting of right-of-use assets and leasehold improvements, relating to one of the premises under Existing Lease to be terminated exceeds the Company's anticipated undiscounted cash flows. Accordingly, the Company reviewed the related right-of-use assets and leasehold improvements for impairment. As a result of the evaluation, the Company recorded an impairment charge of $1.1 million, which includes $0.8 million associated with the right-of-use assets and $0.3 million associated with leasehold improvements, for the three and nine months ended September 30, 2021. The assets indicated as impaired were written down to the estimated fair value, which was determined using the terms of the termination and sublease agreements. Redwood City, CA Expansion Lease On April 22, 2021, the Company entered into the first amendment to the Existing Lease pursuant to which the Company leased an additional building (the “Expansion Premises”) with a term of ten years ("Expansion Lease"). The Expansion Lease commenced on June 9, 2021 and has a lease term expiring in December 2031. The Expansion Lease provides a total of tenant improvement allowances of up to $10.2 million. On the execution of the Expansion Lease, the Company provided the landlord with a letter of credit in the amount of $2.5 million, which is classified as restricted cash under long term assets on the Company's condensed consolidated balance sheets, and replaced the letter of credit delivered in connection with the Existing Lease. The first amendment to the Existing Lease also extends the term of the Existing Lease to expire in December 2031, with an option to extend the Existing Lease and the Expansion Lease for a period of eight years. North Carolina Lease On January 8, 2021, the Company entered into an operating lease agreement for a building in North Carolina ("NC Premises"). The lease commenced in April 2021 when the Company obtained control of the NC Premises, and the lease term expires in October 2037 with two options to extend the lease term for a period of five years each. The Company had the right to make tenant improvements with a lease incentive allowance of up to $25.5 million. The Company made the rent payment for the first month upon commencement of the lease. Thereafter, the rent payments begin in November 2022. The North Carolina Lease provides for an escalation of rent payment each year. In connection with the lease, the Company provided the landlord with a letter of credit in the amount of $2.8 million, which is classified as restricted cash under long term assets on the condensed consolidated balance sheet as of September 30, 2021. The $2.8 million was replaced by a security deposit pledged by the subtenant to the Company as part of the sublease agreement entered on October 26, 2021 below. As of September 30, 2021, the Company evaluated its plans for the leased facilities including the decision to sublease the North Carolina facility. This change in the circumstances resulted in the requirement to test the recoverability of the carrying amount of the asset group. The impairment test was performed at the right-of-use asset and the leasehold improvements level, representing the lowest identifiable levels of cash flows. On October 26, 2021, the Company entered into a sublease agreement with a subtenant for the NC Premises. The sublease commences on October 26, 2021 and expires on October 31, 2037. The base annual rental rates, payment schedules and amounts under the sublease agreement are substantially the same as the original payment terms by Adverum to the landlord. Sublease income is approximately $108.2 million over the term of the lease excluding share of facilities operating expenses. As of September 30, 2021, the undiscounted value of the sublease income over the sublease term exceeds the carrying amount of the asset group relating to the NC Premises. The Company determined that there was no impairment related to the NC Premises. As of September 30, 2021, the weighted-average remaining lease term was 12.1 years for the Company's leases and the weighted-average Incremental Borrowing Rate (“IBR”) was 6.79%. IBR is an estimated rate of interest used to determine present value of future lease payments in order to measure lease liability, which rate is what the Company would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. In order to determine the IBR, the Company estimates its credit rating, adjusts the credit rating for the nature of the collateral, and benchmarks the borrowing rate against observable yields on comparable securities with a similar term. As of September 30, 2021, the undiscounted future non-cancellable lease payments under the lease agreements, after giving effect to the amendment to terminate one of its premises under the Existing lease and the sublease of the NC Premises, are as follows (in thousands): Year ending December 31, Operating Leases Sublease Payments Receivable 2021 (remaining 3 months) $ 818 $ 463 2022 6,049 491 2023 13,947 5,844 2024 14,405 6,019 2025 14,880 6,200 Thereafter 149,252 89,136 Total undiscounted lease payments 199,351 $ 108,153 Less: Present value adjustment (75,629) Less: Tenant improvement allowance (30,015) Add: Lease incentive receivable 7,358 Total lease liability as of September 30, 2021 $ 101,065 Rent expense for the three months ended September 30, 2021 and 2020 was $4.3 million, and $1.3 million, respectively, including variable lease cost of $0.6 million and $0.4 million, respectively. Variable lease costs includes utilities, parking, maintenance, and real estate taxes. Rent expense for the nine months ended September 30, 2021 and 2020 was $8.5 million, and $4.4 million, respectively, including variable lease cost of $1.3 million and $1.1 million, respectively. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following: September 30, 2021 December 31, 2020 (In thousands) Computer equipment and software $ 1,212 $ 599 Laboratory equipment 11,065 9,354 Furniture and fixtures 1,484 1,259 Leasehold improvements 28,393 24,631 Construction in progress 8,329 1,954 Total property and equipment 50,483 37,797 Less accumulated depreciation and amortization (13,325) (10,072) Property and equipment, net $ 37,158 $ 27,725 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: September 30, 2021 December 31, 2020 (In thousands) Employee compensation $ 8,557 $ 8,344 Accrued preclinical, clinical and process development costs 5,904 2,844 State income tax payable 1,249 40 Accrued professional services 549 1,075 Other 2,326 1,285 Total accrued expenses and other current liabilities $ 18,585 $ 13,588 |
Equity Incentive Awards
Equity Incentive Awards | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Awards | Equity Incentive Awards Stock Options The following table summarizes the Company’s option activity and related information: Number of Weighted- Balance at December 31, 2020 10,432 $ 11.65 Options granted 6,863 8.02 Options exercised (9) 5.86 Options forfeited (3,427) 11.43 Balance at September 30, 2021 13,859 $ 9.91 Exercisable as of September 30, 2021 5,724 $ 10.11 Restricted Stock Units (“RSUs”) The following table summarizes the Company’s RSUs activity and related information: Number of Units Weighted- Outstanding at December 31, 2020 540 $ 6.41 Granted 2,570 3.91 Vested and released (289) 5.35 Forfeited (228) 8.95 Outstanding at September 30, 2021 2,593 $ 3.83 RSUs granted during the three months ended September 30, 2021 include 1.3 million shares of performance units with both performance and service vesting conditions. Stock-Based Compensation Expense The following table presents, by operating expense, the Company’s stock-based compensation expense: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In thousands) Research and development $ 2,207 $ 2,051 $ 7,125 $ 4,967 General and administrative 3,119 3,969 13,659 9,247 Total stock-based compensation expense $ 5,326 $ 6,020 $ 20,784 $ 14,214 During the nine months ended September 30, 2021, the Company recorded stock-based compensation expenses of approximately $1.6 million, as a result of modifications to certain directors' and officers' stock awards during the periods. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per ShareBasic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. Outstanding stock options, RSUs, rights under the employee stock purchase plan (“ESPP”) and warrants are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following common stock equivalents outstanding at the end of the periods presented were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2021 September 30, 2020 (In thousands) Stock options 13,859 10,262 Restricted stock units 2,593 558 ESPP 400 66 Warrants to purchase common stock — 40 16,852 10,926 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s consolidated financial information. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future period. The balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements. The Company's results of operations and financial condition for the nine months ended September 30, 2021 were not significantly impacted by the novel coronavirus disease ("COVID-19") pandemic. |
Use of Estimates | Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, impairment of long-lived assets, 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ Topic 326 ”) and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. The standard requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. Topic 326 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. Topic 326 will become effective for the Company on January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact of adopting Topic 326, but does not expect the effect of adoption to be material. In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (" Topic 740" ): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This standard is effective for fiscal years beginning after December 15, 2020. The Company adopted this standard as of January 1, 2021 on a prospective basis in accordance with ASC 250, Accounting Changes and Error Corrections. Adoption of the new guidance had no significant impact on the Company's consolidated financial statements. |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash Equivalents and Short-term Investments | The following is a summary of the Company’s cash equivalents and short-term investments: September 30, 2021 Amortized Cost Basis Unrealized Gains Unrealized Estimated Fair Value (In thousands) Level 1: Money market funds $ 27,019 $ — $ — $ 27,019 Level 2: U.S. government and agency securities 90,665 8 (25) 90,648 Commercial paper 157,111 10 (5) 157,116 Corporate bonds 51,986 — (16) 51,970 Total cash equivalents and short-term investments 326,781 18 (46) 326,753 Less: cash equivalents (27,019) — — (27,019) Total short-term investments $ 299,762 $ 18 $ (46) $ 299,734 December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Estimated Fair Value (In thousands) Level 1: Money market funds $ 178 $ — $ — $ 178 Level 2: U.S. government and agency securities 328,583 121 (5) 328,699 Commercial paper 97,324 — (5) 97,319 Total cash equivalents and short-term investments 426,085 121 (10) 426,196 Less: cash equivalents (58,894) — 3 (58,891) Total short-term investments $ 367,191 $ 121 $ (7) $ 367,305 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Undiscounted Future Lease Payments under Operating Lease | As of September 30, 2021, the undiscounted future non-cancellable lease payments under the lease agreements, after giving effect to the amendment to terminate one of its premises under the Existing lease and the sublease of the NC Premises, are as follows (in thousands): Year ending December 31, Operating Leases Sublease Payments Receivable 2021 (remaining 3 months) $ 818 $ 463 2022 6,049 491 2023 13,947 5,844 2024 14,405 6,019 2025 14,880 6,200 Thereafter 149,252 89,136 Total undiscounted lease payments 199,351 $ 108,153 Less: Present value adjustment (75,629) Less: Tenant improvement allowance (30,015) Add: Lease incentive receivable 7,358 Total lease liability as of September 30, 2021 $ 101,065 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: September 30, 2021 December 31, 2020 (In thousands) Computer equipment and software $ 1,212 $ 599 Laboratory equipment 11,065 9,354 Furniture and fixtures 1,484 1,259 Leasehold improvements 28,393 24,631 Construction in progress 8,329 1,954 Total property and equipment 50,483 37,797 Less accumulated depreciation and amortization (13,325) (10,072) Property and equipment, net $ 37,158 $ 27,725 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: September 30, 2021 December 31, 2020 (In thousands) Employee compensation $ 8,557 $ 8,344 Accrued preclinical, clinical and process development costs 5,904 2,844 State income tax payable 1,249 40 Accrued professional services 549 1,075 Other 2,326 1,285 Total accrued expenses and other current liabilities $ 18,585 $ 13,588 |
Equity Incentive Awards (Tables
Equity Incentive Awards (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Options Activity | The following table summarizes the Company’s option activity and related information: Number of Weighted- Balance at December 31, 2020 10,432 $ 11.65 Options granted 6,863 8.02 Options exercised (9) 5.86 Options forfeited (3,427) 11.43 Balance at September 30, 2021 13,859 $ 9.91 Exercisable as of September 30, 2021 5,724 $ 10.11 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSUs activity and related information: Number of Units Weighted- Outstanding at December 31, 2020 540 $ 6.41 Granted 2,570 3.91 Vested and released (289) 5.35 Forfeited (228) 8.95 Outstanding at September 30, 2021 2,593 $ 3.83 |
Stock-Based Compensation Expense | The following table presents, by operating expense, the Company’s stock-based compensation expense: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In thousands) Research and development $ 2,207 $ 2,051 $ 7,125 $ 4,967 General and administrative 3,119 3,969 13,659 9,247 Total stock-based compensation expense $ 5,326 $ 6,020 $ 20,784 $ 14,214 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following common stock equivalents outstanding at the end of the periods presented were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2021 September 30, 2020 (In thousands) Stock options 13,859 10,262 Restricted stock units 2,593 558 ESPP 400 66 Warrants to purchase common stock — 40 16,852 10,926 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accumulated deficit | $ 613,667 | $ 613,667 | $ 502,536 | |
Cash, cash equivalents, and short-term investments | 332,700 | 332,700 | ||
Impairment of long-lived assets | $ 1,100 | $ 1,072 | $ 0 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments - Summary of Cash Equivalents and Short-term Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | $ 299,762 | $ 367,191 |
Unrealized Gains | 18 | 121 |
Unrealized Losses | (46) | (7) |
Estimated Fair Value | 299,734 | 367,305 |
Less: Cash Equivalents, Amortized Cost Basis | (27,019) | (58,894) |
Less: cash equivalents | 0 | 0 |
Less: Cash equivalents, unrealized losses | 0 | 3 |
Less: Cash equivalents, estimated fair value | (27,019) | (58,891) |
Corporate bonds | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 51,986 | |
Unrealized Gains | 0 | |
Unrealized Losses | (16) | |
Estimated Fair Value | 51,970 | |
Total cash equivalents and short-term investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 326,781 | 426,085 |
Unrealized Gains | 18 | 121 |
Unrealized Losses | (46) | (10) |
Estimated Fair Value | 326,753 | 426,196 |
Money market funds | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 27,019 | 178 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 27,019 | 178 |
U.S. government and agency securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 90,665 | 328,583 |
Unrealized Gains | 8 | 121 |
Unrealized Losses | (25) | (5) |
Estimated Fair Value | 90,648 | 328,699 |
Commercial paper | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 157,111 | 97,324 |
Unrealized Gains | 10 | 0 |
Unrealized Losses | (5) | (5) |
Estimated Fair Value | $ 157,116 | $ 97,319 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | Sep. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities | $ 57.4 |
Minimum | |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities term | 1 year |
Maximum | |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities term | 2 years |
Revenue (Detail)
Revenue (Detail) - USD ($) | Jan. 25, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Revenue from Contract with Customer [Abstract] | |||||
License revenue | $ 7,500,000 | $ 0 | $ 0 | $ 7,500,000 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Nov. 01, 2021USD ($) | Oct. 26, 2021USD ($) | Jan. 08, 2021USD ($)leaseExtensionOption | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Oct. 29, 2021USD ($) | Apr. 22, 2021USD ($) | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | ||||||||||
Restricted cash | $ 5,284 | $ 999 | $ 5,284 | $ 999 | $ 999 | |||||
Lease liability | 101,065 | 101,065 | ||||||||
Total undiscounted lease payments | 199,351 | 199,351 | ||||||||
Present value adjustment | 75,629 | 75,629 | ||||||||
Operating lease right-of-use assets | 100,174 | 100,174 | $ 19,376 | |||||||
Impairment of long-lived assets | 1,100 | 1,072 | 0 | |||||||
Right-of-use asset, impairment loss | 800 | 800 | ||||||||
Leasehold improvements, impairment loss | 300 | 300 | ||||||||
Rent expense | 4,300 | 1,300 | 8,500 | 4,400 | ||||||
Variable lease costs | 600 | $ 400 | 1,300 | $ 1,100 | ||||||
Subsequent Event | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Sublease income, full term of lease | $ 108,200 | |||||||||
Terminated Lease | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Lease liability | 21,500 | 21,500 | ||||||||
Total undiscounted lease payments | 30,800 | 30,800 | ||||||||
Present value adjustment | 9,300 | 9,300 | ||||||||
Operating lease right-of-use assets | 15,900 | 15,900 | ||||||||
Terminated Lease | Subsequent Event | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Lease termination fees | $ 400 | |||||||||
Sublease agreement, monthly cost | $ 100 | |||||||||
Office Building And Laboratory | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Restricted cash | 1,000 | 1,000 | ||||||||
Building | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Restricted cash | $ 2,500 | |||||||||
Lease term | 10 years | |||||||||
Leasehold improvement allowance | $ 10,200 | |||||||||
Lease renewal term | 8 years | |||||||||
Manufacturing Facility | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Restricted cash | $ 2,800 | $ 2,800 | ||||||||
Lease renewal term | 5 years | |||||||||
Number of renewal contracts | leaseExtensionOption | 2 | |||||||||
Tenant improvement allowance | $ 25,500 | |||||||||
Weighted-average remaining lease term | 12 years 1 month 6 days | 12 years 1 month 6 days | ||||||||
Weighted-average IBR | 6.79% | 6.79% | ||||||||
Manufacturing Facility | Subsequent Event | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Cash released from restriction | $ 2,800 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Future Lease Payments under Operating Lease (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021 (remaining 3 months) | $ 818 | |
2022 | 6,049 | |
2023 | 13,947 | |
2024 | 14,405 | |
2025 | 14,880 | |
Thereafter | 149,252 | |
Total undiscounted lease payments | 199,351 | |
Less: Present value adjustment | (75,629) | |
Less: Tenant improvement allowance | (30,015) | |
Add: Lease incentive receivable | 7,358 | $ 0 |
Lease, liability | 101,065 | |
Sublease Payments Receivable | ||
2021 (remaining 3 months) | 463 | |
2022 | 491 | |
2023 | 5,844 | |
2024 | 6,019 | |
2025 | 6,200 | |
Thereafter | 89,136 | |
Total undiscounted lease payments | $ 108,153 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 50,483 | $ 37,797 |
Less accumulated depreciation and amortization | (13,325) | (10,072) |
Property and equipment, net | 37,158 | 27,725 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,212 | 599 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 11,065 | 9,354 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,484 | 1,259 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 28,393 | 24,631 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 8,329 | $ 1,954 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Employee compensation | $ 8,557 | $ 8,344 |
Accrued preclinical, clinical and process development costs | 5,904 | 2,844 |
State income tax payable | 1,249 | 40 |
Accrued professional services | 549 | 1,075 |
Other | 2,326 | 1,285 |
Total accrued expenses and other current liabilities | $ 18,585 | $ 13,588 |
Equity Incentive Awards - Summa
Equity Incentive Awards - Summary of Stock Options Activity (Detail) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Options Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 10,432 |
Options granted (in shares) | shares | 6,863 |
Options exercised (in shares) | shares | (9) |
Options forfeited (in shares) | shares | (3,427) |
Ending balance (in shares) | shares | 13,859 |
Exercisable (in shares) | shares | 5,724 |
Weighted- Average Grant- Date Fair Value | |
Beginning balance (in USD per share) | $ / shares | $ 11.65 |
Options granted (in USD per share) | $ / shares | 8.02 |
Options exercised (in USD per share) | $ / shares | 5.86 |
Options forfeited (in USD per share) | $ / shares | 11.43 |
Ending balance (in USD per share) | $ / shares | 9.91 |
Exercisable (in USD per share) | $ / shares | $ 10.11 |
Equity Incentive Awards - Sum_2
Equity Incentive Awards - Summary of Restricted Stock Units Activity (Detail) - Restricted stock units shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Number of Units (in thousands) | |
Beginning balance (in shares) | shares | 540 |
Granted (in shares) | shares | 2,570 |
Vested and released (in shares) | shares | (289) |
Forfeited (in shares) | shares | (228) |
Ending balance (in shares) | shares | 2,593 |
Weighted- Average Grant- Date Fair Value | |
Beginning balance (in USD per share) | $ / shares | $ 6.41 |
Granted (in USD per share) | $ / shares | 3.91 |
Vested and released (in USD per share) | $ / shares | 5.35 |
Forfeited (in USD per share) | $ / shares | 8.95 |
Ending balance (in USD per share) | $ / shares | $ 3.83 |
Equity Incentive Awards - Addit
Equity Incentive Awards - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense as a result of modification | $ 1.6 | |
Performance Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted (in shares) | 1.3 |
Equity Incentive Awards - Stock
Equity Incentive Awards - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 5,326 | $ 6,020 | $ 20,784 | $ 14,214 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 2,207 | 2,051 | 7,125 | 4,967 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 3,119 | $ 3,969 | $ 13,659 | $ 9,247 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Common Stock Equivalents Outstanding (Detail) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from net loss per share (in shares) | 16,852 | 10,926 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from net loss per share (in shares) | 13,859 | 10,262 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from net loss per share (in shares) | 2,593 | 558 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from net loss per share (in shares) | 400 | 66 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from net loss per share (in shares) | 0 | 40 |