Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ATRA | |
Entity Registrant Name | Atara Biotherapeutics, Inc. | |
Entity Central Index Key | 0001604464 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 54,150,553 | |
Entity File Number | 001-36548 | |
Entity Tax Identification Number | 46-0920988 | |
Entity Address, Address Line One | 611 Gateway Blvd. | |
Entity Address, Address Line Two | Suite 900 | |
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 | 278-8930 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 94,431 | $ 60,698 |
Short-term investments | 188,491 | 248,933 |
Restricted cash - short-term | 194 | 194 |
Prepaid expenses and other current assets | 10,302 | 11,664 |
Total current assets | 293,418 | 321,489 |
Property and equipment, net | 55,697 | 68,576 |
Operating lease assets | 14,204 | 0 |
Restricted cash - long-term | 1,200 | 1,200 |
Other assets | 266 | 574 |
Total assets | 364,785 | 391,839 |
Current liabilities: | ||
Accounts payable | 5,155 | 3,719 |
Accrued compensation | 12,897 | 10,636 |
Accrued research and development expenses | 6,172 | 19,210 |
Other current liabilities | 6,482 | 6,414 |
Total current liabilities | 30,706 | 39,979 |
Operating lease liabilities - long-term | 14,532 | 0 |
Other long-term liabilities | 1,105 | 13,003 |
Total liabilities | 46,343 | 52,982 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock—$0.0001 par value, 500,000 shares authorized as of September 30, 2019 and December 31, 2018, respectively; 54,125 and 45,951 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 5 | 5 |
Additional paid-in capital | 1,057,669 | 866,541 |
Accumulated other comprehensive income (loss) | 233 | (340) |
Accumulated deficit | (739,465) | (527,349) |
Total stockholders’ equity | 318,442 | 338,857 |
Total liabilities and stockholders’ equity | $ 364,785 | $ 391,839 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 54,125,000 | 45,951,000 |
Common stock, shares outstanding | 54,125,000 | 45,951,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 53,538 | $ 43,355 | $ 154,457 | $ 105,202 |
General and administrative | 19,018 | 16,865 | 61,525 | 50,093 |
Total operating expenses | 72,556 | 60,220 | 215,982 | 155,295 |
Loss from operations | (72,556) | (60,220) | (215,982) | (155,295) |
Interest and other income, net | 661 | 1,859 | 3,502 | 4,611 |
Loss before provision for income taxes | (71,895) | (58,361) | (212,480) | (150,684) |
Provision for income taxes | 0 | 0 | 0 | 3 |
Net loss | (71,895) | (58,361) | (212,480) | (150,687) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on available-for-sale securities | 60 | 56 | 573 | (298) |
Comprehensive loss | $ (71,835) | $ (58,305) | $ (211,907) | $ (150,985) |
Net loss per common share: | ||||
Basic and diluted net loss per common share | $ (1.31) | $ (1.29) | $ (4.32) | $ (3.49) |
Weighted-average shares outstanding used to calculate basic and diluted net loss per common share | 54,920 | 45,406 | 49,176 | 43,148 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Underwritten Public Offering | At The Market Offering | Common Stock | Common StockUnderwritten Public Offering | Common StockAt The Market Offering | Additional Paid-in Capital | Additional Paid-in CapitalUnderwritten Public Offering | Additional Paid-in CapitalAt The Market Offering | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2017 | $ 177,864 | $ 3 | $ 474,662 | $ (151) | $ (296,650) | ||||||
Beginning balance (in shares) at Dec. 31, 2017 | 30,730 | ||||||||||
Issuance of common stock, net Of offering costs, values | $ 293,289 | $ 1 | $ 293,288 | ||||||||
Issuance of common stock, net Of offering costs, shares | 12,604 | ||||||||||
RSU settlements, net of shares withheld | (3,363) | (3,363) | |||||||||
RSU settlements, net of shares withheld, shares | 250 | ||||||||||
Issuance of common stock pursuant to employee stock awards | 6,196 | 6,196 | |||||||||
Issuance of common stock pursuant to employee stock awards, shares | 309 | ||||||||||
Stock-based compensation expense | 7,014 | 7,014 | |||||||||
Net loss | (41,443) | (41,443) | |||||||||
Unrealized gain [loss] on available-for-sale securities | (373) | (373) | |||||||||
Ending balance at Mar. 31, 2018 | 439,184 | $ 4 | 777,797 | (524) | (338,093) | ||||||
Ending balance (in shares) at Mar. 31, 2018 | 43,893 | ||||||||||
Beginning balance at Dec. 31, 2017 | 177,864 | $ 3 | 474,662 | (151) | (296,650) | ||||||
Beginning balance (in shares) at Dec. 31, 2017 | 30,730 | ||||||||||
Net loss | (150,687) | ||||||||||
Unrealized gain [loss] on available-for-sale securities | (298) | ||||||||||
Ending balance at Sep. 30, 2018 | 403,054 | $ 5 | 850,835 | (449) | (447,337) | ||||||
Ending balance (in shares) at Sep. 30, 2018 | 45,645 | ||||||||||
Beginning balance at Mar. 31, 2018 | 439,184 | $ 4 | 777,797 | (524) | (338,093) | ||||||
Beginning balance (in shares) at Mar. 31, 2018 | 43,893 | ||||||||||
Issuance of common stock, net of commissions and offering costs, value | $ 47,587 | $ 1 | $ 47,586 | ||||||||
Issuance of common stock, net of commissions and offering costs, shares | 1,008 | ||||||||||
RSU settlements, net of shares withheld | (67) | (67) | |||||||||
RSU settlements, net of shares withheld, shares | 42 | ||||||||||
Issuance of common stock pursuant to employee stock awards | 8,661 | 8,661 | |||||||||
Issuance of common stock pursuant to employee stock awards, shares | 391 | ||||||||||
Stock-based compensation expense | 7,998 | 7,998 | |||||||||
Net loss | (50,883) | (50,883) | |||||||||
Unrealized gain [loss] on available-for-sale securities | 19 | 19 | |||||||||
Ending balance at Jun. 30, 2018 | 452,499 | $ 5 | 841,975 | (505) | (388,976) | ||||||
Ending balance (in shares) at Jun. 30, 2018 | 45,334 | ||||||||||
RSU settlements, net of shares withheld | (4,063) | (4,063) | |||||||||
RSU settlements, net of shares withheld, shares | 153 | ||||||||||
Issuance of common stock pursuant to employee stock awards | 3,671 | 3,671 | |||||||||
Issuance of common stock pursuant to employee stock awards, shares | 158 | ||||||||||
Stock-based compensation expense | 9,252 | 9,252 | |||||||||
Net loss | (58,361) | (58,361) | |||||||||
Unrealized gain [loss] on available-for-sale securities | 56 | 56 | |||||||||
Ending balance at Sep. 30, 2018 | 403,054 | $ 5 | 850,835 | (449) | (447,337) | ||||||
Ending balance (in shares) at Sep. 30, 2018 | 45,645 | ||||||||||
Effect of the adoption of ASC topic 842 (Leases) at Jan. 1, 2019 | 364 | 364 | |||||||||
Balance at Jan. 1, 2019 | 339,221 | $ 5 | 866,541 | (340) | (526,985) | ||||||
Beginning balance at Dec. 31, 2018 | 338,857 | $ 5 | 866,541 | (340) | (527,349) | ||||||
Beginning balance (in shares) at Dec. 31, 2018 | 45,951 | ||||||||||
RSU settlements, net of shares withheld | (4,575) | (4,575) | |||||||||
RSU settlements, net of shares withheld, shares | 197 | ||||||||||
Issuance of common stock pursuant to employee stock awards | 2,898 | 2,898 | |||||||||
Issuance of common stock pursuant to employee stock awards, shares | 159 | ||||||||||
Stock-based compensation expense | 12,269 | 12,269 | |||||||||
Net loss | (66,257) | (66,257) | |||||||||
Unrealized gain [loss] on available-for-sale securities | 378 | 378 | |||||||||
Ending balance at Mar. 31, 2019 | 283,934 | $ 5 | 877,133 | 38 | (593,242) | ||||||
Ending balance (in shares) at Mar. 31, 2019 | 46,307 | ||||||||||
Beginning balance at Dec. 31, 2018 | 338,857 | $ 5 | 866,541 | (340) | (527,349) | ||||||
Beginning balance (in shares) at Dec. 31, 2018 | 45,951 | ||||||||||
Net loss | (212,480) | ||||||||||
Unrealized gain [loss] on available-for-sale securities | 573 | ||||||||||
Ending balance at Sep. 30, 2019 | 318,442 | $ 5 | 1,057,669 | 233 | (739,465) | ||||||
Ending balance (in shares) at Sep. 30, 2019 | 54,125 | ||||||||||
Beginning balance at Mar. 31, 2019 | 283,934 | $ 5 | 877,133 | 38 | (593,242) | ||||||
Beginning balance (in shares) at Mar. 31, 2019 | 46,307 | ||||||||||
Issuance of common stock, net of commissions and offering costs, value | 7,630 | 7,630 | |||||||||
Issuance of common stock, net of commissions and offering costs, shares | 359 | ||||||||||
RSU settlements, net of shares withheld | (2,095) | (2,095) | |||||||||
RSU settlements, net of shares withheld, shares | 120 | ||||||||||
Issuance of common stock pursuant to employee stock awards | 1,802 | 1,802 | |||||||||
Issuance of common stock pursuant to employee stock awards, shares | 97 | ||||||||||
Stock-based compensation expense | 15,201 | 15,201 | |||||||||
Net loss | (74,328) | (74,328) | |||||||||
Unrealized gain [loss] on available-for-sale securities | 135 | 135 | |||||||||
Ending balance at Jun. 30, 2019 | 232,279 | $ 5 | 899,671 | 173 | (667,570) | ||||||
Ending balance (in shares) at Jun. 30, 2019 | 46,883 | ||||||||||
Issuance of common stock and pre-funded warrants, net of offering costs, value | $ 140,711 | $ 140,711 | |||||||||
Issuance of common stock and pre-funded warrants, net of offering costs, shares | 6,872 | ||||||||||
Issuance of common stock, net of commissions and offering costs, value | $ 5,000 | $ 5,000 | |||||||||
Issuance of common stock, net of commissions and offering costs, shares | 327 | ||||||||||
RSU settlements, net of shares withheld | (25) | (25) | |||||||||
RSU settlements, net of shares withheld, shares | 32 | ||||||||||
Issuance of common stock pursuant to employee stock awards | 160 | 160 | |||||||||
Issuance of common stock pursuant to employee stock awards, shares | 11 | ||||||||||
Stock-based compensation expense | 12,152 | 12,152 | |||||||||
Net loss | (71,895) | (71,895) | |||||||||
Unrealized gain [loss] on available-for-sale securities | 60 | 60 | |||||||||
Ending balance at Sep. 30, 2019 | $ 318,442 | $ 5 | $ 1,057,669 | $ 233 | $ (739,465) | ||||||
Ending balance (in shares) at Sep. 30, 2019 | 54,125 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - Common Stock - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
At The Market Offering | ||||
Stock issuance, discounts, commissions and offering costs | $ 155 | $ 338 | $ 1,310 | |
Underwritten Public Offering | ||||
Stock issuance, discounts, commissions and offering costs | $ 288 | $ 526 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net loss | $ (212,480) | $ (150,687) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 39,622 | 24,264 |
Depreciation and amortization expense | 5,174 | 2,254 |
Accretion of investment discounts | (1,177) | (1,339) |
Loss on disposals of property and equipment | 927 | 0 |
Non-cash operating lease expense | 768 | 0 |
Non-cash interest expense | 0 | 211 |
Asset retirement obligation accretion expense | 53 | 32 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 1,204 | (2,339) |
Operating lease assets | 238 | 0 |
Other assets | 308 | (225) |
Accounts payable | 1,527 | 116 |
Accrued compensation | 2,261 | 3,408 |
Accrued research and development expenses | (13,038) | (203) |
Other current liabilities | (1,836) | 2,063 |
Operating lease liabilities | (487) | 0 |
Other long-term liabilities | 0 | 92 |
Net cash used in operating activities | (176,936) | (122,353) |
Investing activities | ||
Purchases of short-term investments | (147,187) | (402,621) |
Proceeds from maturities and sales of short-term investments | 209,379 | 192,020 |
Purchases of property and equipment | (3,021) | (31,756) |
Proceeds from sale of property and equipment | 161 | 0 |
Net cash provided by (used in) investing activities | 59,332 | (242,357) |
Financing activities | ||
Proceeds from sale of common stock and pre-funded warrants in underwritten offerings, net | 140,888 | 293,290 |
Proceeds from issuance of common stock through ATM facility, net | 12,630 | 47,586 |
Proceeds from employee stock awards | 4,859 | 18,528 |
Taxes paid related to net share settlement of restricted stock units | (6,695) | (7,493) |
Principal payments on finance and capital lease obligations | (345) | (396) |
Net cash provided by financing activities | 151,337 | 351,515 |
Increase (decrease) in cash, cash equivalents and restricted cash | 33,733 | (13,195) |
Cash, cash equivalents and restricted cash at beginning of period | 62,092 | 80,617 |
Cash, cash equivalents and restricted cash at end of period | 95,825 | 67,422 |
Non-cash investing and financing activities | ||
Property and equipment purchases included in accounts payable and other accrued liabilities | 699 | 3,973 |
Capitalized lease obligations | 0 | 441 |
Property & equipment acquired under capital leases | 0 | 191 |
Asset retirement cost | 0 | 88 |
Interest capitalized during construction period for build-to-suit lease transaction | 0 | 77 |
Supplemental cash flow disclosure | ||
Cash paid for interest | $ 43 | $ 110 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Atara Biotherapeutics, Inc. (“Atara”, “we”, “our” or “the Company”) was incorporated in August 2012 in Delaware. Atara is a leading off-the-shelf, allogeneic T-cell immunotherapy company that is cancer, autoimmune and viral diseases. We have several T-cell immunotherapies in clinical development and are progressing a next-generation allogeneic chimeric antigen receptor T-cell (“CAR T”) program. We licensed rights to T-cell product candidates from Memorial Sloan Kettering Cancer Center (“MSK”) in June 2015 and licensed rights related to our next-generation CAR T programs from MSK in May 2018 and December 2018 and from Moffitt Cancer Center in August 2018. Additionally, we licensed rights to know-how and technology from the Council of the Queensland Institute of Medical Research We have incurred significant operating losses since inception and have relied on public and private equity financings to fund our operations. As of September 30, 2019, we had an accumulated deficit of $739.5 million. As we continue to incur losses, our transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support our cost structure. We may never achieve profitability, and unless and until we do, we will need to continue to raise additional capital. Management expects that our cash, cash equivalents and short-term investments will be sufficient to fund our planned operations into 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Atara and its wholly-owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and 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 condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, except for the recognition of operating lease assets and operating lease liabilities effective January 1, 2019, in accordance with newly-adopted accounting pronouncements relating to leases as discussed below. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. Significant estimates relied upon in preparing these financial statements include estimates related to clinical trial and other accruals, stock-based compensation expense and income taxes. Actual results could differ materially from those estimates. Leases We lease office space in multiple locations. We determine if an arrangement is a lease at inception. Operating leases are included in operating lease assets, other current liabilities, and operating lease liabilities on our condensed consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities on our condensed consolidated balance sheets. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The incremental borrowing rate for our leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The operating lease asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Our facilities and equipment operating leases have lease and non-lease components and we have made a policy election to account for the lease and non-lease components as a single lease component. Through December 31, 2018, the leases were reviewed for classification as operating, capital or build-to-suit leases. For operating leases, rent was recognized on a straight-line basis over the lease period. For capital leases, we recorded the leased asset with a corresponding liability for principal and interest. Payments were recorded as reductions to these liabilities with interest being charged to interest expense in our condensed consolidated statements of operations and comprehensive loss. We analyzed the nature of the renovations and our involvement during the construction period of our manufacturing facility and determined that we were the deemed “owner” of the construction project during the construction period. As a result, we were required to capitalize the fair value of the building as well as the construction costs incurred on our condensed consolidated balance sheet along with a corresponding financing liability for landlord-paid construction costs (i.e. “build-to-suit” accounting). Once construction was complete, the Company considered the requirements for sale-leaseback accounting treatment, including evaluating whether all risks of ownership have been transferred back to the landlord, as evidenced by a lack of continuing involvement in the leased property. Since the arrangement did not qualify for sale-leaseback accounting treatment, the building asset remained on the Company’s condensed consolidated balance sheets at its historical cost, and such asset was depreciated over its estimated useful life. The Company bifurcated its lease payments into a portion allocated to the building and a portion allocated to the parcel of land on which the building has been built. The portion of the lease payments allocated to the land was treated for accounting purposes as operating lease payments, and therefore was recorded as rent expense in the condensed consolidated statements of operations and comprehensive loss. The portion of the lease payments allocated to the building was further bifurcated into a portion allocated to interest expense and a portion allocated to reduce the build-to-suit lease obligation. The initial recording of these assets and liabilities were classified as non-cash investing and financing items, respectively, for purposes of the condensed consolidated statements of cash flows. The build-to-suit asset and corresponding lease obligation was derecognized upon adoption of the new lease standard as we did not control the building during the construction period. Recent Accounting Pronouncements The Company considers the applicability and impact of any Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Adoption of New Accounting Pronouncements We adopted ASU No. 2016-02, Leases (Topic 842), as of January 1, 2019, using the optional transition method, which allows for the initial application of the new accounting standard at the adoption date and the recognition of a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Adoption of the new standard resulted in the recording of additional operating lease assets and operating lease liabilities of $14.3 million and $15.3 million, respectively, as of January 1, 2019. This was partially offset by de-recognition of the build-to-suit asset and corresponding lease obligation of $10.3 million for our Thousand Oaks manufacturing facility lease, as we did not control the building during the construction period (see Note 7). The cumulative effect adjustment to the opening balance of accumulated deficit was a decrease of $0.4 million. The standard did not have a significant impact on our condensed consolidated statements of operations and comprehensive loss, changes in stockholders’ equity, and cash flow for the three and nine months ended September 30, 2019 and 2018. |
Net Loss per Common Share
Net Loss per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 3. Basic net loss per common share is calculated by dividing net loss by the weighted-average number of shares of common stock and pre-funded warrants outstanding during the period, without consideration of common share equivalents. Diluted net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock, pre-funded warrants and common share equivalents outstanding for the period. The pre-funded warrants are included in the computation of basic and diluted net loss per common share as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Common share equivalents are only included in the calculation of diluted net loss per common share when their effect is dilutive. Potential dilutive securities, which include, unvested restricted stock units (“RSUs”), vested and unvested options to purchase common stock and shares to be issued under our employee stock purchase plan (“ESPP”) have been excluded from the computation of diluted net loss per share as the effect is antidilutive. Therefore, the denominator used to calculate both basic and diluted net loss per common share is the same in all periods presented. The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted net loss per common share as their inclusion would have an antidilutive effect: As of September 30, 2019 2018 Unvested RSUs 2,001,218 1,431,891 Vested and unvested options 7,364,588 6,332,199 ESPP share purchase rights 75,893 23,509 Total 9,441,699 7,787,599 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 4. Our financial assets are measured at fair value on a recurring basis using the following hierarchy to prioritize valuation inputs, Level 1: Quoted prices in active markets for identical assets or liabilities that we have the ability to access Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves Level 3: Inputs that are unobservable data points that are not corroborated by market data We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. We recognize transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs. There have been no transfers between Level 1, Level 2 and Level 3 in any periods presented. 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. Treasury, government agency and corporate debt obligations, commercial paper and asset-backed securities are valued primarily using market prices of comparable securities, bid/ask quotes, interest rate yields and prepayment spreads and are included in Level 2. Financial assets and liabilities are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. We have no Level 3 financial assets or liabilities. The following tables summarize the estimated fair value and related valuation input hierarchy of our available-for-sale securities as of each period end: Total Total Total Total Amortized Unrealized Unrealized Estimated As of September 30, 2019: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 43,210 $ — $ — $ 43,210 U.S. Treasury obligations Level 2 117,946 38 — 117,984 Government agency obligations Level 2 4,524 2 (1 ) 4,525 Corporate debt obligations Level 2 70,385 190 (1 ) 70,574 Commercial paper Level 2 36,522 — — 36,522 Asset-backed securities Level 2 7,341 5 — 7,346 Certificate of deposit Level 2 500 — — 500 Total available-for-sale securities 280,428 235 (2 ) 280,661 Less: amounts classified as cash equivalents (92,167 ) (3 ) — (92,170 ) Amounts classified as short-term investments $ 188,261 $ 232 $ (2 ) $ 188,491 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2018: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 38,708 $ — $ — $ 38,708 U.S. Treasury obligations Level 2 111,164 4 (80 ) 111,088 Government agency obligations Level 2 15,206 1 (32 ) 15,175 Corporate debt obligations Level 2 121,017 15 (217 ) 120,815 Commercial paper Level 2 12,935 — — 12,935 Asset-backed securities Level 2 11,894 — (31 ) 11,863 Total available-for-sale securities 310,924 20 (360 ) 310,584 Less: amounts classified as cash equivalents (61,651 ) — — (61,651 ) Amounts classified as short-term investments $ 249,273 $ 20 $ (360 ) $ 248,933 The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows: As of September 30, 2019 As of December 31, 2018 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 246,860 $ 246,976 $ 287,755 $ 287,469 Maturing in one to five years 33,568 33,685 23,169 23,115 Total available-for-sale securities $ 280,428 $ 280,661 $ 310,924 $ 310,584 As of September 30 , 2019 , certain available-for-sale securities had been in a continuous unrealized loss position, each for less than twelve months. As of this date, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the respective issuers, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. During the three and nine months ended September 30 , 2019 and 2018 , we did not recognize any other-than-temporary impairment losses . In addition, restricted cash collateralized by money market funds is a financial asset measured at fair value and is a Level 1 financial instrument under the fair value hierarchy. As of September 30, 2019 and December 31, 2018, restricted cash was $1.4 million. The following table provides a reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets that sum to the total of the same such amounts in the condensed consolidated statement of cash flows: September 30, December 31, 2019 2018 (in thousands) Cash and cash equivalents $ 94,431 $ 60,698 Restricted cash - short term 194 194 Restricted cash - long term 1,200 1,200 Total cash, cash equivalents and restricted cash $ 95,825 $ 62,092 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consisted of the following as of each period end: September 30, December 31, 2019 2018 (in thousands) Leasehold improvements $ 49,028 $ 47,609 Build-to-suit asset (see Note 7) — 10,686 Construction in progress 1,868 4,682 Computer equipment and software 3,323 3,049 Lab equipment 5,801 3,019 Machinery and equipment 3,890 2,980 Furniture and fixtures 1,674 1,628 Property and equipment, gross 65,584 73,653 Accumulated depreciation and amortization (9,887 ) (5,077 ) Property and equipment, net $ 55,697 $ 68,576 Construction in progress represents capitalized costs for our manufacturing facility in Thousand Oaks, California and capitalizable costs incurred for equipment held at our facilities. Depreciation and amortization expense was $1.8 million and $1.2 million for the three months ended September 30, 2019 and 2018, respectively and $5.2 million and $2.3 million for the nine months ended September 30, 2019 and 2018, respectively. |
License and Collaboration Agree
License and Collaboration Agreements | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Collaboration Agreements | 6. License and Collaboration Agreements MSK Agreements – In June 2015, we entered into an exclusive license agreement with MSK for three clinical stage T-cell therapies. In connection with the execution of the agreement, the Company paid $4.5 million in cash to MSK . We are required to make additional payments of up to $33.0 million to MSK based on achievement of specified regulatory and sales-related milestones, mid-single-digit percentage tiered royalty payments based on In addition, under certain circumstances, we are required to make certain minimum annual royalty payments to MSK, which are creditable against earned royalties owed for the same annual period. We are also required to pay a low double-digit percentage of any consideration we receive for sublicensing the licensed rights. In December 2018, we licensed additional technology from MSK. In connection with the effectiveness of this license agreement, we made upfront cash payments of $12.5 million in the first quarter of 2019, which were recorded as research and development expense in our consolidated statement of operations and comprehensive loss in the fourth quarter of 2018. We are obligated to make additional milestone payments based on achievement of specified development, regulatory and sales-related milestones as well as future sales of products resulting from the development of the licensed product candidates, if any QIMR Berghofer Agreements – In October 2015, we entered into an exclusive license agreement and a research and development collaboration agreement with QIMR Berghofer. In consideration for the exclusive license, the Company paid $3.0 million in cash to QIMR Berghofer. Under the terms of the license agreement, we obtained an exclusive, worldwide license to develop and commercialize allogeneic T-cell therapy programs utilizing technology and know-how developed by QIMR Berghofer. In September 2016, the exclusive license agreement and research and development collaboration agreement were amended and restated and they were further amended and restated in August 2019. Under the amended and restated agreements, we obtained an exclusive, worldwide license to develop and commercialize additional T-cell programs as well as the option to license additional technology in exchange for $3.3 million in cash, which was recorded as research and development expense in our condensed consolidated statement of operations and comprehensive loss in the third quarter of 2016. We exercised this option in June 2018. The amended and restated license agreement also provides for various milestone and royalty payments to QIMR Berghofer based on future product sales, if any. Under the terms of the amended and restated research and development collaboration agreement, we are also required to reimburse the cost of agreed-upon development activities related to programs developed under the collaboration. These payments are expensed on a straight-line basis over the related development periods. The agreement also provides for various milestone payments to QIMR Berghofer based on achievement of certain developmental and regulatory milestones. From time to time, we have entered into other license and collaboration agreements with other parties. For example, we licensed additional rights related to our next-generation CAR T programs from MSK in May 2018 and from Moffitt Cancer Center in August 2018 and agreed to collaborate in connection with each of these licenses. Milestones and royalties under each of the above agreements are contingent upon future events and will be recorded as expense when it is probable that the milestones will be achieved or royalties are due. As of September 30, 2019 and December 31, 2018, there were no outstanding obligations for milestones and royalties under our license and collaboration agreements. Cognate Agreement - In August 2015, Atara entered into a Development and Manufacturing Services Agreement (the “Manufacturing Agreement”) with Cognate Bioservices, Inc. (“Cognate”). The Manufacturing Agreement was amended in December 2017 to provide for additional rights for Atara in relation to the conduct of the services and amended again in May 2018, November 2018 and June 2019 to modify certain financial and other provisions with respect to manufacturing services. Pursuant to the Manufacturing Agreement, Cognate provides process development and manufacturing services for certain Atara product candidates. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 7. Leases We lease our corporate headquarters in South San Francisco, California under a non-cancellable lease agreement that expires in April 2021. In connection with the lease, we are required to maintain a letter of credit in the amount of $0.2 million to the landlord, which expires and is renewed every 12 months, and is classified as restricted cash in our condensed consolidated balance sheet. In November 2018, we entered into a lease agreement for additional office space in Thousand Oaks, California that expires in February 2026. Additionally, we entered into a new lease for our office and lab space in Aurora, Colorado, effective May 2019, that expires in April 2024. In February 2017, we entered into a lease agreement for approximately 90,580 square feet of office, lab and cellular therapy manufacturing space in Thousand Oaks, California. The initial 15-year term of the lease commenced on February 15, 2018, upon the substantial completion of landlord’s work as defined under the agreement. The contractual obligations during the initial term are $16.4 million in aggregate. Based on the terms of the lease agreement and on our involvement in certain aspects of the construction, we were deemed the owner of the building during the construction period in accordance with U.S. GAAP in effect prior to January 1, 2019. Under this build-to-suit lease arrangement, we recognized construction in progress based on all construction costs incurred by both us and the landlord. We also recognized a financing obligation equal to all costs funded by the landlord. Due to completion of the construction by the landlord and not having met the criteria for sale-lease back accounting, we transferred the $10.3 million of landlord’s construction costs previously capitalized as construction in progress to a build-to-suit asset, and have recognized a corresponding long-term financing obligation for the same amount in long-term liabilities in our condensed consolidated balance sheets. In addition, we recorded $0.3 million of capitalized interest during the construction period through December 31, 2018. A portion of the monthly lease payment was allocated to land rent and recorded as an operating lease expense and the non-interest portion of the amortized lease payments to the landlord related to rent of the building was applied to the lease financing liability. Future minimum payments under our operating, finance and capital leases as of December 31, 2018 were as follows: Operating Leases Finance Leases Capital Leases Years Ending December 31, (in thousands) 2019 $ 1,107 $ 934 $ 540 2020 1,666 962 234 2021 1,555 991 29 2022 1,337 1,020 — 2023 1,375 1,051 — Thereafter 3,122 11,458 — Total minimum payments $ 10,162 $ 16,416 $ 803 Less: amount representing interest (65 ) Present value of capital lease obligations 738 Less: current portion (490 ) Capital lease obligation, net of current portion $ 248 The maturities of lease liabilities under our operating and finance leases as of September 30, 2019 were as follows: Operating Leases Finance Leases Periods Ending December 31, (in thousands) Remaining 2019 $ 650 $ 151 2020 2,867 236 2021 2,740 30 2022 2,611 — 2023 2,685 — Thereafter 14,477 — Total lease payments $ 26,030 $ 417 Less: amount representing interest (10,338 ) (24 ) Present value of lease liabilities $ 15,692 $ 393 Balance as of September 30, 2019 Other current liabilities $ 1,160 $ 308 Operating lease liabilities 14,532 — Other long-term liabilities — 85 Total $ 15,692 $ 393 The components of lease cost were as follows: September 30, 2019 Three Months Ended Nine Months Ended (in thousands) Operating lease cost: Operating lease cost $ 602 $ 1,976 Short-term lease cost 188 583 Total operating lease cost $ 790 $ 2,559 Finance lease cost: Amortization expense 83 $ 250 Interest on lease liabilities 12 43 Total finance lease cost $ 95 $ 293 Rent expense under operating leases for the three and nine months ended September 30, 2018 was $0.6 million and $1.6 million respectively. Other information related to leases was as follows: Nine Months Ended September 30, 2019 (in thousands, except lease term and discount rate) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,696 Operating cash flows for finance leases 43 Financing cash flows for finance leases 345 Operating lease assets obtained in exchange for lease obligations: $ 838 Weighted Average Remaining Lease Term Operating leases 10.5 years Finance leases 1.1 years Weighted Average Discount Rate Operating leases 10.4 % Finance leases 9.9 % Asset Retirement Obligation The Company’s Asset Retirement Obligation (“ARO”) consists of a contractual requirement to remove the tenant improvements at our manufacturing facility in Thousand Oaks, California and restore the facility to a condition specified in the lease agreement. The Company records an estimate of the fair value of its ARO in long-term liabilities in the period incurred. The fair value of the ARO is also capitalized as construction in progress. The fair value of our ARO was estimated by discounting projected cash flows over the estimated life of the related assets using our credit adjusted risk-free rate. The following table presents the activity for our ARO liabilities: ARO Liability (in thousands) Balance as of December 31, 2018 $ 717 Accretion expense 53 Balance as of September 30, 2019 $ 770 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies License and Collaboration Agreements Potential payments related to our license and collaboration agreements, including milestone and royalty payments, are detailed in Note 6. Other Research and Development Agreements We may enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing clinical supplies, and with other vendors for pre-clinical studies, supplies and other services for our operating purposes. These contracts generally provide for termination on Indemnification Agreements In the normal course of business, we enter into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against us in the future but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. We also have indemnification obligations to our directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at our request in such capacities. There have been no claims to date and we believe the fair value of these indemnification agreements is minimal. Accordingly, we did not record liabilities for these agreements as of September 30, 2019 and December 31, 2018. Contingencies From time to time, we may be involved in legal proceedings, as well as demands, claims and threatened litigation, which arise in the normal course of our business or otherwise. The ultimate outcome of any litigation is uncertain and unfavorable outcomes could have a negative impact on our results of operations and financial condition. Regardless of outcome, litigation can have an adverse impact on us because of the defense costs, diversion of management resources and other factors. We are not currently involved in any material legal proceedings. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | 9 . Stockholders’ Equity Our authorized capital stock consists of 520,000,000 shares, all with a par value of $0.0001 per share, of which 500,000,000 shares are designated as common stock and 20,000,000 shares are designated as preferred stock. There were no shares of preferred stock outstanding as of September 30 Equity Offering On July 18, 2019, we issued and sold 6,871,727 shares of common stock at a public offering price of $15.28 per share and pre-funded warrants to purchase 2,945,026 shares of common stock at an offering price of $15.2799 per warrant in an underwritten public offering pursuant to a shelf registration on Form S-3. We granted the underwriters an option to purchase additional shares of our common stock at a public offering price of $15.28, less underwriting discounts and commissions. This option was not exercised by the underwriters and expired in August 2019 Each pre-funded warrant entitles the holder to purchase one share of common stock at an exercise price of $0.0001 per share and expires seven years from the date of issuance. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital. Per the terms of the warrant agreement, a holder of the outstanding warrants is not entitled to exercise any portion of any pre-funded warrant if, upon exercise of the warrant, the holder’s ownership (together with its affiliates) of our common stock or combined voting power of our securities beneficially owned by such holder (together with its affiliates) would exceed 9.99% after giving effect to the exercise (“Maximum Ownership Percentage”). Upon at least 61 days’ prior notice to us by the holder, any holder may increase or decrease the Maximum Ownership Percentage to any other percentage not to exceed 19.99%. As of September 30, 2019, none of the pre-funded warrants have been exercised. ATM Facility In February 2019, we entered into a sales agreement (the “ATM Facility”) with Cowen and Company, LLC (“Cowen”), which provides for the sale, in our sole discretion, of shares of our common stock, in the aggregate offering price of up to $100.0 million through Cowen, as our sales agent. The issuance and sale of these shares by us pursuant to the ATM Facility are deemed “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), and are registered under the Securities Act. During the three months ended September 30, 2019, we sold an aggregate of 326,897 shares of common stock under the ATM Facility, at an average price of $15.77 per share, for gross proceeds of $5.1 million and net proceeds of $5.0 million, after deducting commissions payable by us. For the nine months ended September 30, 2019, we sold an aggregate of 686,131 shares of common stock under the ATM Facility, at an average price of $19.13 per share, for gross proceeds of $13.1 million and net proceeds of $12.6 million, after deducting commissions and other offering expenses payable by us. As of September 30, 2019, $86.9 million of common stock remained available to be sold under this facility, subject to certain conditions as specified in the agreement. Equity Incentive Plans Under the terms of the 2014 Equity Incentive Plan, as amended (“2014 EIP”), we may grant stock options, restricted stock awards (“RSAs”) and RSUs to employees, directors, consultants and other service providers. RSUs generally vest over four years. Stock options are granted at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided, however, that the exercise price of an option granted to a 10% shareholder cannot be less than 110% of the estimated fair value of the shares on the date of grant. Options granted generally vest over four years and expire in seven to ten years. As of September 30, 2019, a total of 12,101,764 shares of common stock were reserved for issuance under the 2014 EIP, of which 3,631,948 shares were available for future grant and 8,469,816 shares were subject to outstanding options and RSUs. In February 2018, we adopted the 2018 Inducement Plan (“Inducement Plan”), under which we may grant options, stock appreciation rights, RSAs and RSUs to new employees. As of September 30, 2019, 1,213,760 shares of common stock were reserved for issuance under the Inducement Plan, of which 427,436 shares were available for future grant and 786,324 shares were subject to outstanding options and RSUs. Restricted Stock Units The fair value of RSUs is determined as the closing stock price on the date of grant. The weighted average grant date fair value of RSUs granted during the nine months ended September 30, 2019 and 2018 was $27.04 and $34.61, respectively. As of September 30, 2019, there was $45.4 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted average period of 2.3 years. The aggregate intrinsic value of the RSUs outstanding as of September 30, 2019 was $28.3 million. The following is a summary of RSU activity under our 2014 EIP and Inducement Plan: RSUs Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2018 1,405,460 $ 26.94 Granted 1,591,888 $ 27.04 Forfeited (435,266 ) $ 30.16 Vested (560,864 ) $ 23.89 Outstanding as of September 30, 2019 2,001,218 $ 27.17 Under our RSU net settlement procedures, for most of our employees, we withhold shares at settlement to cover the minimum payroll withholding tax obligations. During the nine months ended September 30, 2019, we settled 562,964 shares underlying RSUs, of which 488,964 shares underlying RSUs were net settled by withholding 212,879 shares. The value of the RSUs withheld was $6.7 million, based on the closing price of our common stock on the settlement date. During the nine months ended September 30, 2018, we settled 634,851 shares underlying RSUs, of which 439,986 shares underlying RSUs were net settled by withholding 189,951 shares. The value of the RSUs withheld was $7.5 million, based on the closing price of our common stock on the settlement date. The value of RSUs withheld in each period was remitted to the appropriate taxing authorities and has been reflected as a financing activity in our condensed consolidated statements of cash flows. Stock Options The following is a summary of stock option activity under our 2014 EIP and Inducement Plan. The table below also includes the activity relating to options for 275,000 shares of our common stock which were issued in 2017 outside of these plans: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2018 6,276,999 $ 28.15 Granted 2,100,225 29.86 Exercised (192,716 ) 17.92 Forfeited or expired (819,920 ) 31.74 Outstanding as of September 30, 2019 7,364,588 $ 28.51 5.5 $ 968 Vested and expected to vest as of September 30, 2019 7,364,588 $ 28.51 5.5 $ 968 Exercisable as of September 30, 2019 3,284,621 $ 25.52 3.5 $ 820 Aggregate intrinsic value represents the difference between the closing stock price of our common stock on September 30, 2019 and the exercise price of outstanding, in-the-money options. As of September 30, 2019, there was $75.9 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.8 years. Options for 192,716 and 781,191 shares of our common stock were exercised during the nine months ended September 30, 2019 and 2018, with an intrinsic value of $3.4 million and $13.9 million, respectively. As we believe it is more likely than not that no stock option related tax benefits will be realized, we do not record any net tax benefits related to exercised options. The fair value of each option issued was estimated at the date of grant using the Black-Scholes valuation model. The following table summarizes the weighted-average assumptions used as inputs to the Black-Scholes model, and resulting weighted-average grant date fair values of stock options granted to employees during the periods indicated: Nine Months Ended September 30, 2019 2018 Assumptions: Expected term (years) 5.9 4.6 Expected volatility 76.6 % 73.4 % Risk-free interest rate 2.2 % 2.7 % Expected dividend yield 0.0 % 0.0 % Fair Value: Weighted-average estimated grant date fair value per share $ 20.03 $ 22.86 Options granted 2,100,225 2,633,950 Total estimated grant date fair value $ 42,068,000 $ 60,212,000 Employee Stock Purchase Plan Our 2014 Employee Stock Purchase Plan (“2014 ESPP”) a llows As of September 30, 2019, there was $0.8 million of unrecognized stock-based compensation expense related to the ESPP that is expected to be recognized by the end of the second quarter of 2020. The 2014 ESPP provides for annual increases in the number of shares available for issuance thereunder on the first business day of each fiscal year, beginning with 2015 and ending in 2024, equal to the lower of (i) one percent of the number of shares of our common stock outstanding as of such date, (ii) 230,769 shares of our common stock, or (iii) a lesser number of shares as determined by our board of directors. As of September 30, 2019, there were 1,355,973 shares authorized under the 2014 ESPP. Reserved Shares The following shares of common stock were reserved for future issuance under our equity incentive plans as of September 30, 2019: Total Shares Reserved 2014 Equity Incentive Plan 12,101,764 2018 Inducement Plan 1,213,760 2014 Employee Stock Purchase Plan 1,067,575 Options granted outside the equity plans 109,666 Total reserved shares of common stock 14,492,765 Stock-based Compensation Expense Total stock-based compensation expense related to all employee and non-employee stock awards was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Research and development $ 7,003 $ 4,682 $ 19,740 $ 10,997 General and administrative 5,149 4,570 19,882 13,267 Total stock-based compensation expense $ 12,152 $ 9,252 $ 39,622 $ 24,264 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Atara and its wholly-owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and 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 condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, except for the recognition of operating lease assets and operating lease liabilities effective January 1, 2019, in accordance with newly-adopted accounting pronouncements relating to leases as discussed below. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. Significant estimates relied upon in preparing these financial statements include estimates related to clinical trial and other accruals, stock-based compensation expense and income taxes. Actual results could differ materially from those estimates. |
Leases | Leases We lease office space in multiple locations. We determine if an arrangement is a lease at inception. Operating leases are included in operating lease assets, other current liabilities, and operating lease liabilities on our condensed consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities on our condensed consolidated balance sheets. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The incremental borrowing rate for our leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The operating lease asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Our facilities and equipment operating leases have lease and non-lease components and we have made a policy election to account for the lease and non-lease components as a single lease component. Through December 31, 2018, the leases were reviewed for classification as operating, capital or build-to-suit leases. For operating leases, rent was recognized on a straight-line basis over the lease period. For capital leases, we recorded the leased asset with a corresponding liability for principal and interest. Payments were recorded as reductions to these liabilities with interest being charged to interest expense in our condensed consolidated statements of operations and comprehensive loss. We analyzed the nature of the renovations and our involvement during the construction period of our manufacturing facility and determined that we were the deemed “owner” of the construction project during the construction period. As a result, we were required to capitalize the fair value of the building as well as the construction costs incurred on our condensed consolidated balance sheet along with a corresponding financing liability for landlord-paid construction costs (i.e. “build-to-suit” accounting). Once construction was complete, the Company considered the requirements for sale-leaseback accounting treatment, including evaluating whether all risks of ownership have been transferred back to the landlord, as evidenced by a lack of continuing involvement in the leased property. Since the arrangement did not qualify for sale-leaseback accounting treatment, the building asset remained on the Company’s condensed consolidated balance sheets at its historical cost, and such asset was depreciated over its estimated useful life. The Company bifurcated its lease payments into a portion allocated to the building and a portion allocated to the parcel of land on which the building has been built. The portion of the lease payments allocated to the land was treated for accounting purposes as operating lease payments, and therefore was recorded as rent expense in the condensed consolidated statements of operations and comprehensive loss. The portion of the lease payments allocated to the building was further bifurcated into a portion allocated to interest expense and a portion allocated to reduce the build-to-suit lease obligation. The initial recording of these assets and liabilities were classified as non-cash investing and financing items, respectively, for purposes of the condensed consolidated statements of cash flows. The build-to-suit asset and corresponding lease obligation was derecognized upon adoption of the new lease standard as we did not control the building during the construction period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of any Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Adoption of New Accounting Pronouncements We adopted ASU No. 2016-02, Leases (Topic 842), as of January 1, 2019, using the optional transition method, which allows for the initial application of the new accounting standard at the adoption date and the recognition of a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Adoption of the new standard resulted in the recording of additional operating lease assets and operating lease liabilities of $14.3 million and $15.3 million, respectively, as of January 1, 2019. This was partially offset by de-recognition of the build-to-suit asset and corresponding lease obligation of $10.3 million for our Thousand Oaks manufacturing facility lease, as we did not control the building during the construction period (see Note 7). The cumulative effect adjustment to the opening balance of accumulated deficit was a decrease of $0.4 million. The standard did not have a significant impact on our condensed consolidated statements of operations and comprehensive loss, changes in stockholders’ equity, and cash flow for the three and nine months ended September 30, 2019 and 2018. |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Antidilutive Securities Excluded From Computation of Diluted Net Loss per Common Share | The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted net loss per common share as their inclusion would have an antidilutive effect: As of September 30, 2019 2018 Unvested RSUs 2,001,218 1,431,891 Vested and unvested options 7,364,588 6,332,199 ESPP share purchase rights 75,893 23,509 Total 9,441,699 7,787,599 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Financial Instruments Disclosure [Abstract] | |
Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities | The following tables summarize the estimated fair value and related valuation input hierarchy of our available-for-sale securities as of each period end: Total Total Total Total Amortized Unrealized Unrealized Estimated As of September 30, 2019: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 43,210 $ — $ — $ 43,210 U.S. Treasury obligations Level 2 117,946 38 — 117,984 Government agency obligations Level 2 4,524 2 (1 ) 4,525 Corporate debt obligations Level 2 70,385 190 (1 ) 70,574 Commercial paper Level 2 36,522 — — 36,522 Asset-backed securities Level 2 7,341 5 — 7,346 Certificate of deposit Level 2 500 — — 500 Total available-for-sale securities 280,428 235 (2 ) 280,661 Less: amounts classified as cash equivalents (92,167 ) (3 ) — (92,170 ) Amounts classified as short-term investments $ 188,261 $ 232 $ (2 ) $ 188,491 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2018: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 38,708 $ — $ — $ 38,708 U.S. Treasury obligations Level 2 111,164 4 (80 ) 111,088 Government agency obligations Level 2 15,206 1 (32 ) 15,175 Corporate debt obligations Level 2 121,017 15 (217 ) 120,815 Commercial paper Level 2 12,935 — — 12,935 Asset-backed securities Level 2 11,894 — (31 ) 11,863 Total available-for-sale securities 310,924 20 (360 ) 310,584 Less: amounts classified as cash equivalents (61,651 ) — — (61,651 ) Amounts classified as short-term investments $ 249,273 $ 20 $ (360 ) $ 248,933 |
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows: As of September 30, 2019 As of December 31, 2018 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 246,860 $ 246,976 $ 287,755 $ 287,469 Maturing in one to five years 33,568 33,685 23,169 23,115 Total available-for-sale securities $ 280,428 $ 280,661 $ 310,924 $ 310,584 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets that sum to the total of the same such amounts in the condensed consolidated statement of cash flows: September 30, December 31, 2019 2018 (in thousands) Cash and cash equivalents $ 94,431 $ 60,698 Restricted cash - short term 194 194 Restricted cash - long term 1,200 1,200 Total cash, cash equivalents and restricted cash $ 95,825 $ 62,092 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following as of each period end: September 30, December 31, 2019 2018 (in thousands) Leasehold improvements $ 49,028 $ 47,609 Build-to-suit asset (see Note 7) — 10,686 Construction in progress 1,868 4,682 Computer equipment and software 3,323 3,049 Lab equipment 5,801 3,019 Machinery and equipment 3,890 2,980 Furniture and fixtures 1,674 1,628 Property and equipment, gross 65,584 73,653 Accumulated depreciation and amortization (9,887 ) (5,077 ) Property and equipment, net $ 55,697 $ 68,576 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Under Operating, Finance and Capital Leases | Future minimum payments under our operating, finance and capital leases as of December 31, 2018 were as follows: Operating Leases Finance Leases Capital Leases Years Ending December 31, (in thousands) 2019 $ 1,107 $ 934 $ 540 2020 1,666 962 234 2021 1,555 991 29 2022 1,337 1,020 — 2023 1,375 1,051 — Thereafter 3,122 11,458 — Total minimum payments $ 10,162 $ 16,416 $ 803 Less: amount representing interest (65 ) Present value of capital lease obligations 738 Less: current portion (490 ) Capital lease obligation, net of current portion $ 248 |
Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases | The maturities of lease liabilities under our operating and finance leases as of September 30, 2019 were as follows: Operating Leases Finance Leases Periods Ending December 31, (in thousands) Remaining 2019 $ 650 $ 151 2020 2,867 236 2021 2,740 30 2022 2,611 — 2023 2,685 — Thereafter 14,477 — Total lease payments $ 26,030 $ 417 Less: amount representing interest (10,338 ) (24 ) Present value of lease liabilities $ 15,692 $ 393 Balance as of September 30, 2019 Other current liabilities $ 1,160 $ 308 Operating lease liabilities 14,532 — Other long-term liabilities — 85 Total $ 15,692 $ 393 |
Components of Lease Cost | The components of lease cost were as follows: September 30, 2019 Three Months Ended Nine Months Ended (in thousands) Operating lease cost: Operating lease cost $ 602 $ 1,976 Short-term lease cost 188 583 Total operating lease cost $ 790 $ 2,559 Finance lease cost: Amortization expense 83 $ 250 Interest on lease liabilities 12 43 Total finance lease cost $ 95 $ 293 |
Summary of Other Information Related to Leases | Other information related to leases was as follows: Nine Months Ended September 30, 2019 (in thousands, except lease term and discount rate) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,696 Operating cash flows for finance leases 43 Financing cash flows for finance leases 345 Operating lease assets obtained in exchange for lease obligations: $ 838 Weighted Average Remaining Lease Term Operating leases 10.5 years Finance leases 1.1 years Weighted Average Discount Rate Operating leases 10.4 % Finance leases 9.9 % |
Summary of Activity for ARO Liabilities | The following table presents the activity for our ARO liabilities: ARO Liability (in thousands) Balance as of December 31, 2018 $ 717 Accretion expense 53 Balance as of September 30, 2019 $ 770 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of RSU Activity | The following is a summary of RSU activity under our 2014 EIP and Inducement Plan: RSUs Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2018 1,405,460 $ 26.94 Granted 1,591,888 $ 27.04 Forfeited (435,266 ) $ 30.16 Vested (560,864 ) $ 23.89 Outstanding as of September 30, 2019 2,001,218 $ 27.17 |
Summary of Stock Option Activity | The following is a summary of stock option activity under our 2014 EIP and Inducement Plan. The table below also includes the activity relating to options for 275,000 shares of our common stock which were issued in 2017 outside of these plans: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2018 6,276,999 $ 28.15 Granted 2,100,225 29.86 Exercised (192,716 ) 17.92 Forfeited or expired (819,920 ) 31.74 Outstanding as of September 30, 2019 7,364,588 $ 28.51 5.5 $ 968 Vested and expected to vest as of September 30, 2019 7,364,588 $ 28.51 5.5 $ 968 Exercisable as of September 30, 2019 3,284,621 $ 25.52 3.5 $ 820 |
Summary of Options Estimated with Weighted Average | The fair value of each option issued was estimated at the date of grant using the Black-Scholes valuation model. The following table summarizes the weighted-average assumptions used as inputs to the Black-Scholes model, and resulting weighted-average grant date fair values of stock options granted to employees during the periods indicated: Nine Months Ended September 30, 2019 2018 Assumptions: Expected term (years) 5.9 4.6 Expected volatility 76.6 % 73.4 % Risk-free interest rate 2.2 % 2.7 % Expected dividend yield 0.0 % 0.0 % Fair Value: Weighted-average estimated grant date fair value per share $ 20.03 $ 22.86 Options granted 2,100,225 2,633,950 Total estimated grant date fair value $ 42,068,000 $ 60,212,000 |
Schedule of Common Stock Reserved for Future Issuance Under Equity Incentive Plans | The following shares of common stock were reserved for future issuance under our equity incentive plans as of September 30, 2019: Total Shares Reserved 2014 Equity Incentive Plan 12,101,764 2018 Inducement Plan 1,213,760 2014 Employee Stock Purchase Plan 1,067,575 Options granted outside the equity plans 109,666 Total reserved shares of common stock 14,492,765 |
Schedule of Stock-based Compensation, Related to Employee and Nonemployee Stock Awards | Total stock-based compensation expense related to all employee and non-employee stock awards was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Research and development $ 7,003 $ 4,682 $ 19,740 $ 10,997 General and administrative 5,149 4,570 19,882 13,267 Total stock-based compensation expense $ 12,152 $ 9,252 $ 39,622 $ 24,264 |
Description of Business (Detail
Description of Business (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Entity incorporation state | DE | |
Entity incorporation date | Aug. 1, 2012 | |
Accumulated Deficit | $ 739,465 | $ 527,349 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Significant Accounting Policies [Line Items] | |||
Additional operating lease assets | $ (238) | $ 0 | |
Additional operating lease liabilities | $ (487) | $ 0 | |
Accounting Standards Update 2016-02 | |||
Significant Accounting Policies [Line Items] | |||
Additional operating lease assets | $ 14,300 | ||
Additional operating lease liabilities | 15,300 | ||
De-recognition of build-to-suit asset and corresponding lease obligation | 10,300 | ||
Cumulative effect adjustment to opening balance of accumulated deficit, expected decrease | $ 400 |
Net Loss per Common Share - Ant
Net Loss per Common Share - Antidilutive Securities Excluded From Computation of Diluted Net Loss per Common Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 9,441,699 | 7,787,599 |
Unvested RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,001,218 | 1,431,891 |
Vested and Unvested Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 7,364,588 | 6,332,199 |
ESPP Share Purchase Rights | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 75,893 | 23,509 |
Financial Instruments - Summary
Financial Instruments - Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Fair Value | $ 280,661 | $ 310,584 |
Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 280,428 | 310,924 |
Total Unrealized Gain | 235 | 20 |
Total Unrealized Loss | (2) | (360) |
Total Fair Value | 280,661 | 310,584 |
Fair Value, Measurements, Recurring | Money Market Funds | Level 1 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 43,210 | 38,708 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 43,210 | 38,708 |
Fair Value, Measurements, Recurring | U.S. Treasury Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 117,946 | 111,164 |
Total Unrealized Gain | 38 | 4 |
Total Unrealized Loss | 0 | (80) |
Total Fair Value | 117,984 | 111,088 |
Fair Value, Measurements, Recurring | Government Agency Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 4,524 | 15,206 |
Total Unrealized Gain | 2 | 1 |
Total Unrealized Loss | (1) | (32) |
Total Fair Value | 4,525 | 15,175 |
Fair Value, Measurements, Recurring | Corporate Debt Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 70,385 | 121,017 |
Total Unrealized Gain | 190 | 15 |
Total Unrealized Loss | (1) | (217) |
Total Fair Value | 70,574 | 120,815 |
Fair Value, Measurements, Recurring | Commercial Paper | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 36,522 | 12,935 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 36,522 | 12,935 |
Fair Value, Measurements, Recurring | Asset-Backed Securities | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 7,341 | 11,894 |
Total Unrealized Gain | 5 | 0 |
Total Unrealized Loss | 0 | (31) |
Total Fair Value | 7,346 | 11,863 |
Fair Value, Measurements, Recurring | Certificate of Deposit | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 500 | |
Total Unrealized Gain | 0 | |
Total Unrealized Loss | 0 | |
Total Fair Value | 500 | |
Fair Value, Measurements, Recurring | Amounts Classified As Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | (92,167) | (61,651) |
Total Unrealized Gain | (3) | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | (92,170) | (61,651) |
Fair Value, Measurements, Recurring | Amounts Classified As Short-Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 188,261 | 249,273 |
Total Unrealized Gain | 232 | 20 |
Total Unrealized Loss | (2) | (360) |
Total Fair Value | $ 188,491 | $ 248,933 |
Financial Instruments - Amortiz
Financial Instruments - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Maturing within one year, Amortized cost | $ 246,860 | $ 287,755 |
Maturing in one to five years, Amortized cost | 33,568 | 23,169 |
Total available-for-sale securities, Amortized cost | 280,428 | 310,924 |
Estimated Fair value | ||
Maturing within one year, Estimated fair value | 246,976 | 287,469 |
Maturing in one to five years, Estimated fair value | 33,685 | 23,115 |
Total available-for-sale securities, Estimated fair value | $ 280,661 | $ 310,584 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Instruments Disclosure [Abstract] | ||
Restricted Cash | $ 1.4 | $ 1.4 |
Financial Instruments - Reconci
Financial Instruments - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Financial Instruments Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 94,431 | $ 60,698 | ||
Restricted cash - short-term | 194 | 194 | ||
Restricted cash - long-term | 1,200 | 1,200 | ||
Total cash, cash equivalents and restricted cash | $ 95,825 | $ 62,092 | $ 67,422 | $ 80,617 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 65,584 | $ 73,653 |
Accumulated depreciation and amortization | (9,887) | (5,077) |
Property and equipment, net | 55,697 | 68,576 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 49,028 | 47,609 |
Build-to-Suit Asset | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 0 | 10,686 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,868 | 4,682 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,323 | 3,049 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 5,801 | 3,019 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,890 | 2,980 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,674 | $ 1,628 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property Plant And Equipment Net By Type [Abstract] | ||||
Depreciation and amortization expense | $ 1,800 | $ 1,200 | $ 5,174 | $ 2,254 |
License and Collaboration Agr_2
License and Collaboration Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||||||
Research and development expense | $ 53,538,000 | $ 43,355,000 | $ 154,457,000 | $ 105,202,000 | ||||
Contractual obligations due to MSK and QIMR | 0 | $ 0 | 0 | |||||
MSK Agreements | ||||||||
Related Party Transaction [Line Items] | ||||||||
Research and development expense | $ 4,500,000 | $ 12,500,000 | ||||||
Potential milestone payments payable | $ 33,000,000 | $ 33,000,000 | ||||||
License Agreement | QIMR Berghofer | ||||||||
Related Party Transaction [Line Items] | ||||||||
Research and development expense | $ 3,000,000 | $ 3,300,000 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Feb. 15, 2017USD ($)ft² | May 31, 2019 | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Lessee Lease Description [Line Items] | ||||||
Rent expenses under operating leases | $ 0.6 | $ 1.6 | ||||
Building | Build To Suit Lease Arrangement | ||||||
Lessee Lease Description [Line Items] | ||||||
Build-to-suit asset | $ 10.3 | |||||
Capitalized interest costs during the construction period | $ 0.3 | |||||
South San Francisco California | ||||||
Lessee Lease Description [Line Items] | ||||||
Lease expiration date | Apr. 30, 2021 | |||||
Letter of credit renewal term | 12 months | |||||
South San Francisco California | Letter of Credit | ||||||
Lessee Lease Description [Line Items] | ||||||
Letter of credit maintained | $ 0.2 | |||||
Thousand Oaks California | ||||||
Lessee Lease Description [Line Items] | ||||||
Lease expiration date | Feb. 28, 2026 | |||||
Lease agreement area of office, lab and cellular therapy manufacturing space | ft² | 90,580 | |||||
Lease commencement date | Feb. 15, 2018 | |||||
Lease initial term | 15 years | |||||
Contractual obligations | $ 16.4 | |||||
Lease extension term, option one | 10 years | |||||
Lease extension term, option two | 9 years | |||||
Thousand Oaks California | Letter of Credit | ||||||
Lessee Lease Description [Line Items] | ||||||
Letter of credit issued, classified as long-term restricted cash | $ 1.2 | |||||
Aurora Colorado | ||||||
Lessee Lease Description [Line Items] | ||||||
Lease expiration date | Apr. 30, 2024 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Operating, Finance and Capital Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating leases, 2019 | $ 1,107 | |
Operating leases 2020 | 1,666 | |
Operating leases, 2021 | 1,555 | |
Operating leases, 2022 | 1,337 | |
Operating leases, 2023 | 1,375 | |
Operating leases, Thereafter | 3,122 | |
Operating leases, Total minimum payments | 10,162 | |
Finance leases, 2019 | 934 | |
Finance leases, Remaining 2019 | $ 151 | |
Finance leases, 2020 | 236 | 962 |
Finance leases, 2021 | 30 | 991 |
Finance leases, 2022 | 0 | 1,020 |
Finance leases, 2023 | 0 | 1,051 |
Finance leases, Thereafter | 0 | 11,458 |
Finance leases, Total minimum payments | $ 417 | 16,416 |
Capital leases, 2019 | 540 | |
Capital leases, 2020 | 234 | |
Capital leases, 2021 | 29 | |
Capital leases, 2022 | 0 | |
Capital leases, 2023 | 0 | |
Capital leases, Thereafter | 0 | |
Capital leases, Total minimum payments | 803 | |
Less: amount representing interest | (65) | |
Present value of capital lease obligations | 738 | |
Less: current portion | (490) | |
Capital lease obligation, net of current portion | $ 248 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lessee Lease [Line Items] | ||
Operating leases, Remaining 2019 | $ 650 | |
Operating leases, 2020 | 2,867 | |
Operating leases, 2021 | 2,740 | |
Operating leases, 2022 | 2,611 | |
Operating leases, 2023 | 2,685 | |
Operating leases, Thereafter | 14,477 | |
Operating leases, Total minimum payments | 26,030 | |
Less: amount representing interest | (10,338) | |
Present value of lease liabilities | 15,692 | |
Other current liabilities | $ 1,160 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | |
Operating lease liabilities | $ 14,532 | $ 0 |
Total | 15,692 | |
Finance leases, Remaining 2019 | 151 | |
Finance leases, 2020 | 236 | 962 |
Finance leases, 2021 | 30 | 991 |
Finance leases, 2022 | 0 | 1,020 |
Finance leases, 2023 | 0 | 1,051 |
Finance leases, Thereafter | 0 | 11,458 |
Finance leases, Total minimum payments | 417 | $ 16,416 |
Less: amount representing interest | (24) | |
Present value of lease liabilities | 393 | |
Other current liabilities | $ 308 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | |
Other long-term liabilities | $ 85 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |
Total | $ 393 | |
Other Long-term Liabilities | ||
Lessee Lease [Line Items] | ||
Operating lease liabilities | $ 0 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Operating lease cost: | ||
Operating lease cost | $ 602 | $ 1,976 |
Short-term lease cost | 188 | 583 |
Total operating lease cost | 790 | 2,559 |
Finance lease cost: | ||
Amortization expense | 83 | 250 |
Interest on lease liabilities | 12 | 43 |
Total finance lease cost | $ 95 | $ 293 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows for operating leases | $ 1,696 |
Operating cash flows for finance leases | 43 |
Financing cash flows for finance leases | 345 |
Operating lease assets obtained in exchange for lease obligations: | $ 838 |
Weighted Average Remaining Lease Term | |
Operating leases | 10 years 6 months |
Finance leases | 1 year 1 month 6 days |
Weighted Average Discount Rate | |
Operating leases | 10.40% |
Finance leases | 9.90% |
Leases - Summary of Activity fo
Leases - Summary of Activity for ARO Liabilities (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Balance as of December 31, 2018 | $ 717 |
Accretion expense | 53 |
Balance as of September 30, 2019 | $ 770 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Accrued termination charges | $ 0 | $ 0 |
Liabilities related to indemnification agreements | $ 0 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Jul. 18, 2019 | Feb. 25, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Authorized capital stock | 520,000,000 | 520,000,000 | ||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||||||
Proceeds from sale of common stock, net | $ 12,630,000 | $ 47,586,000 | ||||||||||
Stock option granted description terms | the exercise price of an option granted to a 10% shareholder cannot be less than 110% of the estimated fair value of the shares on the date of grant. Options granted generally vest over four years and expire in seven to ten years. | |||||||||||
Ownership percent | 10.00% | |||||||||||
Shares of common stock, reserved for issuance | 14,492,765 | 14,492,765 | ||||||||||
Common stock, shares exercised | 192,716 | 781,191 | ||||||||||
Option intrinsic value, exercised | $ 3,400,000 | $ 13,900,000 | ||||||||||
Net tax benefits related to exercised options | 0 | |||||||||||
Stock purchase, value | $ 160,000 | $ 1,802,000 | $ 2,898,000 | $ 3,671,000 | $ 8,661,000 | $ 6,196,000 | ||||||
Stock-based compensation expense | $ 12,152,000 | $ 9,252,000 | $ 39,622,000 | 24,264,000 | ||||||||
2014 Equity Incentive Plan | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Shares of common stock, reserved for issuance | 12,101,764 | 12,101,764 | ||||||||||
Aggregate number of awards available for grant to be issued | 3,631,948 | 3,631,948 | ||||||||||
Outstanding options and RSUs | 8,469,816 | 8,469,816 | ||||||||||
Inducement Plan | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Shares of common stock, reserved for issuance | 1,213,760 | 1,213,760 | ||||||||||
Aggregate number of awards available for grant to be issued | 427,436 | 427,436 | ||||||||||
Outstanding options and RSUs | 786,324 | 786,324 | ||||||||||
2014 Employee Stock Purchase Plan | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Percentage of employees purchase price of common stock | 85.00% | |||||||||||
Shares of common stock, reserved for issuance | 1,067,575 | 1,067,575 | ||||||||||
Unrecognized stock-based compensation expense | $ 800,000 | $ 800,000 | ||||||||||
Employee stock purchase plan description | (i) the beginning of a 12-month offering period, or (ii) at the end of one of the two related 6-month purchase periods | |||||||||||
Stock-based compensation expense | $ 900,000 | $ 500,000 | ||||||||||
Shares purchased | 74,439 | 77,100 | ||||||||||
Aggregate number of shares authorized | 1,355,973 | 1,355,973 | ||||||||||
Restricted Stock Units (RSUs) | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Weighted average grant date fair value per share | $ 27.04 | $ 34.61 | ||||||||||
Unrecognized stock-based compensation expense | $ 45,400,000 | $ 45,400,000 | ||||||||||
Unrecognized stock-based compensation weighted average recognition period | 2 years 3 months 18 days | |||||||||||
Aggregate intrinsic value | 28,300,000 | $ 28,300,000 | ||||||||||
Restricted stock units, settled | 562,964 | 634,851 | ||||||||||
RSU settlements, net of shares withheld, shares | 488,964 | 439,986 | ||||||||||
Restricted stock units withheld for tax obligations | 212,879 | 189,951 | ||||||||||
Restricted stock units withheld for tax obligations, value | $ 6,700,000 | $ 7,500,000 | ||||||||||
Restricted Stock Units (RSUs) | From Date Of Grant | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Share based compensation, vesting period | 4 years | |||||||||||
Employees And Non Employees | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Share based compensation, vesting period | 4 years | |||||||||||
Vested and Unvested Options | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Unrecognized stock-based compensation weighted average recognition period | 2 years 9 months 18 days | |||||||||||
Stock options, issued | 275,000 | |||||||||||
Unrecognized stock-based compensation | $ 75,900,000 | $ 75,900,000 | ||||||||||
Maximum | 2014 Employee Stock Purchase Plan | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Stock purchase, value | $ 25,000 | |||||||||||
Annual increase in EIP/ESPP, subject to other limitations | 1.00% | |||||||||||
Maximum increase in number of shares available for issuance | 230,769 | |||||||||||
Maximum | Employees And Non Employees | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Share based compensation award expiration period | 10 years | |||||||||||
Minimum | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Percentage of employees purchase price of common stock | 100.00% | |||||||||||
Minimum | 10% Shareholder | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Percentage of employees purchase price of common stock | 110.00% | |||||||||||
Minimum | Employees And Non Employees | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Share based compensation award expiration period | 7 years | |||||||||||
Underwritten Public Offering | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Common stock, shares issued | 6,871,727 | |||||||||||
Shares issued, price per share | $ 15.28 | |||||||||||
Option price to purchase shares | $ 15.28 | |||||||||||
Proceeds from sale of common stock, gross | $ 150,000,000 | |||||||||||
Proceeds from sale of common stock, net | $ 140,700,000 | |||||||||||
Exercise of warrants | $ 0 | |||||||||||
Underwritten Public Offering | Warrant | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of warrants issued | 2,945,026 | |||||||||||
Warrant, price per share | $ 15.2799 | |||||||||||
Number of securities called by each warrant | 1 | |||||||||||
Warrants, exercise price | $ 0.0001 | |||||||||||
Warrants, term | 7 years | |||||||||||
Maximum ownership Percentage | 9.99% | |||||||||||
Underwritten Public Offering | Warrant | Maximum | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Maximum ownership Percentage | 19.99% | |||||||||||
Underwritten Public Offering | Warrant | Minimum | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Prior notice period | 61 days | |||||||||||
At The Market Offering | Cowen | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Common stock, shares issued | 326,897 | 686,131 | ||||||||||
Proceeds from sale of common stock, gross | $ 5,100,000 | $ 13,100,000 | ||||||||||
Proceeds from sale of common stock, net | $ 5,000,000 | $ 12,600,000 | ||||||||||
Common stock average price | $ 15.77 | $ 19.13 | ||||||||||
Common stock value remaining to be sold | $ 86,900,000 | $ 86,900,000 | ||||||||||
At The Market Offering | Maximum | Cowen | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Common stock aggregate offering price | $ 100,000,000 | |||||||||||
Percentage of commission to be paid on gross sales proceeds of common stock sold | 3.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of RSU Activity (Detail) - Unvested RSUs - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Unvested as of December 31, 2018 | 1,405,460 | |
Shares, Granted | 1,591,888 | |
Shares, Forfeited | (435,266) | |
Shares, Vested | (560,864) | |
Shares, Outstanding as of September 30, 2019 | 2,001,218 | |
Weighted Average Grant Date Fair Value, Unvested as of December 31, 2018 | $ 26.94 | |
Weighted Average Grant Date Fair Value, Granted | 27.04 | $ 34.61 |
Weighted Average Grant Date Fair Value, Forfeited | 30.16 | |
Weighted Average Grant Date Fair Value, Vested | 23.89 | |
Weighted Average Grant Date Fair Value, Outstanding as of September 30, 2019 | $ 27.17 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercised, Shares | (192,716) | (781,191) |
2014 EIP and Inducement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Shares, beginning balance | 6,276,999 | |
Granted, Shares | 2,100,225 | |
Exercised, Shares | (192,716) | |
Forfeited or expired, Shares | (819,920) | |
Outstanding, Shares, ending balance | 7,364,588 | |
Vested and expected to vest, Shares | 7,364,588 | |
Exercisable, Shares | 3,284,621 | |
Outstanding, Weighted Average Exercise Price, beginning balance | $ 28.15 | |
Granted, Weighted Average Exercise Price | 29.86 | |
Exercised, Weighted Average Exercise Price | 17.92 | |
Forfeited or expired, Weighted Average Exercise price | 31.74 | |
Outstanding, Weighted Average Exercise Price, ending balance | 28.51 | |
Stock options vested and expected to vest, Weighted Average Exercise Price | 28.51 | |
Exercisable, Weighted Average Exercise Price | $ 25.52 | |
Outstanding, Weighted Average Remaining Contractual Term | 5 years 6 months | |
Stock options vested and expected to vest, Weighted Average Remaining Contractual Term | 5 years 6 months | |
Exercisable, Weighted Average Remaining Contractual Term | 3 years 6 months | |
Aggregate intrinsic value | $ 968 | |
Vested and expected to vest, Aggregate Intrinsic Value | 968 | |
Exercisable, Aggregate Intrinsic Value | $ 820 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Estimated Weighted-Average Assumptions (Detail) - Employees - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years 10 months 24 days | 4 years 7 months 6 days |
Expected volatility | 76.60% | 73.40% |
Risk-free interest rate | 2.20% | 2.70% |
Expected dividend yield | 0.00% | 0.00% |
Weighted-average estimated grant date fair value per share | $ 20.03 | $ 22.86 |
Options granted | 2,100,225 | 2,633,950 |
Total estimated grant date fair value | $ 42,068,000 | $ 60,212,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance Under Equity Incentive Plans (Detail) | Sep. 30, 2019shares |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 14,492,765 |
2014 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 12,101,764 |
2018 Inducement Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 1,213,760 |
2014 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 1,067,575 |
Options Granted Outside the Equity Plans | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 109,666 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock-based Compensation Related to All Employee And Non-employee Stock Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 12,152 | $ 9,252 | $ 39,622 | $ 24,264 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 7,003 | 4,682 | 19,740 | 10,997 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 5,149 | $ 4,570 | $ 19,882 | $ 13,267 |