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GBT Global Blood Therapeutics

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Document Type10-Q
Document Period End DateMar. 31,
2021
Entity Registrant NameGlobal Blood Therapeutics, Inc.
Entity Filer CategoryLarge Accelerated Filer
Trading SymbolGBT
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Document Transition Reportfalse
Entity Common Stock, Shares Outstanding62,266,753
Document Quarterly Reporttrue
Entity Interactive Data CurrentYes
Entity Current Reporting StatusYes
Entity File Number001-37539
Entity Tax Identification Number27-4825712
Entity Shell Companyfalse
Entity Address, Address Line One181 Oyster Point Boulevard
Entity Address, City or TownSouth San Francisco
Entity Address, State or ProvinceCA
City Area Code650
Local Phone Number741-7700
Entity Address, Postal Zip Code94080
Title of 12(b) SecurityCommon Stock
Security Exchange NameNASDAQ
Entity Incorporation, State or Country CodeDE
Amendment Flagfalse
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Entity Central Index Key0001629137
Current Fiscal Year End Date--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 445,310 $ 494,766
Short-term marketable securities36,736 66,126
Accounts receivable, net18,265 17,500
Inventories42,267 40,223
Prepaid expenses and other current assets15,554 13,548
Total current assets558,132 632,163
Property and equipment, net38,050 37,882
Operating lease right-of-use assets50,085 50,722
Restricted cash2,420 2,436
Other assets, noncurrent1,211 799
Total assets649,898 724,002
Current liabilities:
Accounts payable10,376 19,078
Accrued liabilities28,845 31,133
Accrued compensation14,709 23,985
Operating lease liabilities, current5,037 4,836
Total current liabilities58,967 79,032
Long-term debt149,052 148,815
Operating lease liabilities, noncurrent77,862 79,176
Other liabilities, noncurrent822 822
Total liabilities286,703 307,845
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized as of March 31, 2021 (unaudited) and December 31, 2020; no shares issued and outstanding
Common stock, $0.001 par value, 150,000,000 shares authorized as of March 31, 2021 (unaudited) and December 31, 2020, respectively; 62,240,050 and 61,898,090 shares issued and outstanding as of March 31, 2021 (unaudited) and December 31, 2020, respectively62 62
Additional paid-in capital1,424,411 1,402,262
Accumulated other comprehensive income121 302
Accumulated deficit(1,061,399)(986,469)
Total stockholders' equity363,195 416,157
Total liabilities and stockholders' equity $ 649,898 $ 724,002

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized5,000,000 5,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized150,000,000 150,000,000
Common stock, shares issued62,240,050 61,898,090
Common stock, shares outstanding62,240,050 61,898,090

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues [Abstract]
Product sales, net $ 39,043 $ 14,118
Costs and operating expenses:
Cost of sales584 135
Research and development50,857 39,773
Selling, general and administrative58,966 47,662
Total costs and operating expenses110,407 87,570
Loss from operations(71,364)(73,452)
Other income (expense):
Interest income329 2,856
Interest expenses(3,689)(2,314)
Other expenses, net(206)(116)
Total other income (expense), net(3,566)426
Net loss(74,930)(73,026)
Other comprehensive income:
Net unrealized gain (loss) on marketable securities, net of tax(181)461
Comprehensive loss $ (75,111) $ (72,565)
Basic and diluted net loss per common share $ (1.21) $ (1.20)
Weighted-average number of shares used in computing basic and diluted net loss per common share62,101,070 60,787,710

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in ThousandsTotalCommon Stock [Member]Additional Paid-In Capital [Member]Accumulated Other Comprehensive Income [Member]Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2019 $ 578,694 $ 61 $ 1,316,795 $ 754 $ (738,916)
Beginning Balance, Shares at Dec. 31, 201960,644,380
Issuance of common stock upon exercise of stock options967 967
Issuance of common stock upon exercise of stock options, Shares33,937
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes(2,099)(2,099)
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares160,594
Issuance of common stock pursuant to ESPP purchases1,870 1,870
Issuance of common stock pursuant to ESPP purchases, Shares47,460
Stock-based compensation16,705 16,705
Net unrealized gain on marketable securities461 461
Net loss(73,026)(73,026)
Ending Balance at Mar. 31, 2020523,572 $ 61 1,334,238 1,215 (811,942)
Ending Balance, Shares at Mar. 31, 202060,886,371
Beginning Balance at Dec. 31, 2020416,157 $ 62 1,402,262 302 (986,469)
Beginning Balance, Shares at Dec. 31, 202061,898,090
Issuance of common stock upon exercise of stock options $ 1,110 1,110
Issuance of common stock upon exercise of stock options, Shares47,763 47,763
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes $ (1,897)(1,897)
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares229,087
Issuance of common stock pursuant to ESPP purchases2,558 2,558
Issuance of common stock pursuant to ESPP purchases, Shares65,110
Stock-based compensation20,378 20,378
Net unrealized gain on marketable securities(181)(181)
Net loss(74,930)(74,930)
Ending Balance at Mar. 31, 2021 $ 363,195 $ 62 $ 1,424,411 $ 121 $ (1,061,399)
Ending Balance, Shares at Mar. 31, 202162,240,050

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (74,930) $ (73,026)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization1,404 2,238
Amortization (accretion) of premium (discount) on marketable securities75 (101)
Non-cash interest expense237 412
Amortization of operating lease right-of-use assets637 693
Stock-based compensation19,948 16,367
Changes in operating assets and liabilities:
Accounts receivables(765)(1,941)
Inventories(1,569)(13,218)
Prepaid expenses and other assets, current(2,041)(147)
Other assets, non-current(415)
Accounts payable(8,544)2,567
Accrued liabilities(2,904)(6,766)
Accrued compensation(9,276)(6,309)
Operating lease liabilities(1,113)1,762
Other liabilities(1,153)
Net cash used in operating activities(79,256)(78,622)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment(1,130)(2,524)
Purchase of marketable securities(57,936)
Maturities of marketable securities29,134 151,586
Net cash provided by investing activities28,004 91,126
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock in settlement of employee stock purchase plan and exercise of stock options3,703 2,968
Payments of debt issuance costs(26)(85)
Tax paid related to net share settlement of equity awards(1,897)(2,099)
Net cash provided by financing activities1,780 784
Net increase (decrease) in cash, cash equivalents and restricted cash(49,472)13,288
Cash, cash equivalents and restricted cash at beginning of period497,202 304,632
Cash, cash equivalents and restricted cash at end of period447,730 317,920
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest3,375 1,706
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Leasehold improvements paid for by landlord9,461
Accrued purchase of property and equipment484 563
Accrued issuance costs(26)(85)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash, cash equivalents445,310 315,525
Restricted cash2,420 2,395
Total cash and cash equivalents and restricted cash $ 447,730 $ 317,920

Organization

Organization3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization1. Organization Global Blood Therapeutics, Inc., or the Company, we, us, or our, was incorporated in Delaware in February 2011 and commenced operations in May 2012. We are a biopharmaceutical company dedicated to the discovery, development and delivery of life-changing treatments that provide hope to underserved patient communities. In late November 2019, we received U.S. Food and Drug Administration, or FDA, accelerated approval for our first medicine, Oxbryta ® Need for Additional Capital In the course of our development activities, we have sustained operating losses and we expect such losses to continue over the next several years. Our ultimate success depends on the outcome of our commercialization of Oxbryta and research and development activities. Since inception through March 31, 2021, we have incurred cumulative net losses of $1.06 billion. We expect to incur additional losses for the foreseeable future to commercialize Oxbryta and conduct product research and development, and expect to potentially raise additional capital to fully implement our business plan. If needed, we intend to raise such capital through borrowings, the issuance of additional equity, and potentially through strategic alliances with partner companies or other transactions. However, if such financing is not available at adequate levels, we will need to re-evaluate

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies Basis of Preparation and Presentation of Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and, accordingly, the balance sheet as of December 31, 2020, has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other interim period or for any other future year. The accompanying unaudited interim condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, included in our Annual Report on Form 10-K, Use of Estimates The preparation of the accompanying unaudited interim condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of variable consideration and costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. Concentration of Risk Credit Risk We invest in a variety of financial instruments and, by our Board approved investment policy, limit the amount of credit exposure with any one issuer, industry or geographic area for investments other than instruments backed by the U.S. federal government. Major Customers We have entered into distribution agreements with certain limited specialty pharmacies and specialty distributors. For the three months ended March 31, 2021, our two largest customers represented approximately 85% of our product revenue and approximately 78% of our accounts receivable balance at March 31, 2021. Major Suppliers We do not currently have any of our own manufacturing facilities, and therefore depend on an outsourced manufacturing strategy for the production of Oxbryta for commercial use and for the production of our product candidates for clinical trials. We have contracts in place with one third-party manufacturer that is approved for the commercial production of Oxbryta and one third-party supplier that is approved for Oxbryta’s active pharmaceutical ingredient. Although there are potential sources of supply other than our existing manufacturers and suppliers, any new supplier would be required to qualify under applicable regulatory requirements. Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Significant Accounting Policies Except as noted below, there have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K Accounting Pronouncements Adopted In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes 2019-12 No. 2019-12 2019-12 2019-12, In August 2020, FASB issued A S No. 2020-08, Codification Improvement to Subtopic 310-20, 310-20. 2020-08 No. 2020-08 Accounting Pronouncement Issued But Not Yet Adopted In March 2020, FASB issued ASU No. 2020-04, 2020-04 .

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements3. Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). Our financial instruments consist of cash and cash equivalents, marketable securities, accounts receivables, accounts payable and accrued liabilities. Cash and cash equivalents, marketable securities and restricted cash are reported at their respective fair values on our condensed consolidated balance sheets. The remaining financial instruments are reported on our condensed consolidated balance sheets at cost that approximate current fair values due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 Level 2 Level 3 The following table summarizes our financial assets measured at fair value on a recurring basis (in thousands):
March 31, 2021
Total Level 1 Level 2 Level 3
Financial Assets:
Money market funds $ 389,448 $ 389,448 $ — $ —
Corporate debt securities 19,639 — 19,639 —
U.S. government agency securities 6,802 — 6,802 —
Certificates of deposits 241 — 241 —
U.S. government securities 10,054 — 10,054 —
Total financial assets $ 426,184 $ 389,448 $ 36,736 $ —
December 31, 2020
Total Level 1 Level 2 Level 3
Financial Assets:
Money market funds $ 486,174 $ 486,174 $ — $ —
Corporate debt securities 29,804 — 29,804 —
U.S. government agency securities 15,943 — 15,943 —
Certificates of deposits 243 — 243 —
U.S. government securities 20,136 — 20,136 —
Total financial assets $ 552,300 $ 486,174 $ 66,126 $ —
We estimate the fair values of our investments in corporate debt securities, government and government related securities and certificates of deposits by taking into consideration valuations obtained from third-party pricing services. The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided A-1/P-1

Available-for-Sale Securities

Available-for-Sale Securities3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Securities4. Available-for-Sale Estimated fair values of available-for-sale available-for-sale
March 31, 2021 December 31, 2020
Amortized Unrealized Unrealized Estimated Fair Amortized Unrealized Unrealized Estimated Fair
Financial Assets:
Money market funds $ 389,448 $ — $ — $ 389,448 $ 486,174 $ — $ — $ 486,174
Corporate debt securities 19,563 76 — 19,639 29,641 163 — 29,804
U.S. government agency securities 6,800 2 — 6,802 15,906 37 — 15,943
Certificates of deposits 240 1 — 241 241 2 — 243
U.S. government securities 10,012 42 — 10,054 20,036 100 — 20,136
Total $ 426,063 $ 121 $ — $ 426,184 $ 551,998 $ 302 $ — $ 552,300
The following table summarizes the classification of the available-for-sale
March 31, 2021 December 31, 2020
Cash and cash equivalents $ 389,448 $ 486,174
Short-term marketable securities 36,736 66,126
Total $ 426,184 $ 552,300
We do not intend to sell the investments that are in an unrealized loss position, and it is unlikely that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

Balance Sheet Components

Balance Sheet Components3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components5. Balance Sheet Components Inventories Inventories consist of the following (in thousands):
March 31, 2021 December 31, 2020
Raw materials $ 10,632 $ 11,273
Work-in-process 28,656 26,994
Finished goods 2,979 1,956
Total inventories $ 42,267 $ 40,223
For the quarter ended March 31, 2021, we have capitalized $430,000 of share-based compensation expense and of depreciation expenses to our inventories. For the quarter ended March 31, 2020, we have capitalized $337,000 of share-based compensation expense and $96,000 of depreciation expenses to our inventories. See Note 8—Share-based Compensation for details on share-based compensation expenses recognized during the quarter ended March 31, 2021. Property and Equipment Property and equipment consists of the following (in thousands):
March 31, 2021 December 31, 2020
Laboratory equipment $ 12,264 $ 11,922
Computer equipment 3,024 3,023
Leasehold improvements 32,281 32,281
Construction-in-progress 1,788 517
Total property and equipment 49,357 47,743
Less: accumulated depreciation and amortization (11,307 ) (9,861 )
Property and equipment, net $ 38,050 $ 37,882
Accrued liabilities Accrued liabilities consist of the following (in thousands):
March 31, 2021 December 31, 2020
Accrued research and development costs $ 8,121 $ 10,677
Accrued manufacturing costs 7,631 9,125
Accrued professional and consulting services 5,199 4,107
Accrued sales deductions 7,010 6,405
Other 884 819
Total accrued liabilities $ 28,845 $ 31,133

Long-term Debt

Long-term Debt3 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]
Long-term Debt6. Long-term Debt Term Loan On December 17, 2019, we entered into the Loan Agreement, or Term Loan, with funds managed by Pharmakon Advisors LP, which are BioPharma Credit PLC, as collateral agent, Biopharma Credit Investments V (Master) LP, as a lender, and BPCR Limited Partnership, as a lender, and collectively, the Lenders, for a senior secured credit facility consisting of an initial tranche of $75.0 million and the option to draw an additional $75.0 million until December 31, 2020. The first tranche, in the amount of $75.0 million, was funded in connection with the closing date of the Term Loan in December 2019, and the second tranche in the amount of $75.0 million was funded in November 2020. The Term Loan carries a 72-month 3-month We have the option to prepay all or a portion of the borrowed amounts under the Term Loan. If we exercise this option, we must pay a prepayment fee between 1% and 3% of the principal amount being prepaid depending on the timing of the prepayment, or Prepayment Fee. If the prepayment occurs before December 2022, we must also pay an amount equal to the sum of all interest that would have accrued and been payable from date of prepayment through December 2022, or Make Whole Amount. We are obligated to pay an additional fee to the Lenders determined by multiplying the principal amount being paid or prepaid multiplied by 2%, or Paydown Fee, when such payments are made. In the event of default or change in control, all unpaid principal and all accrued and unpaid interest amounts (if any) become immediately due and payable, at which point, we will be subject to the Prepayment Fee, the Make Whole Amount (if any) and the Paydown Fee. Events of default include, but are not limited to, a payment default, a material adverse change, and insolvency. The obligations under the Term Loan are secured by a first priority security interest in and a lien on substantially all of our assets, subject to certain exceptions. Debt issuance costs paid directly to the Lenders of $1.1 million and the other debt issuance costs of $0.5 million were treated as discounts on the Term Loan. These debt discounts along with the Paydown Fee are being amortized or accreted to interest expenses throughout the life of the Term Loan using the effective interest rate method. In addition, we paid the Lenders $1.1 million for the option to draw the additional $75.0 million, which was capitalized as a deferred asset and amortized on a straight-line basis through December 31, 2020. Any remaining unamortized amount was reclassed to debt discount at the time of closing of the second tranche of the Term Loan. We closed the second tranche of the Term Loan in November 2020, and $0.2 million of the unamortized deferred asset related to the option to draw the second tranche was reclassed as the discount on the notes payable. As of March 31, 2021, there were unamortized issuance costs and debt discounts of $1.5 million, which were recorded as a direct deduction from the Term Loan on the condensed consolidated balance sheet. Future payments of principal and interest on the Term Loan as of March 31, 2021 (in thousands):
2021 (nine months) 10,125
2022 13,500
2023 62,813
2024 58,313
2025 53,812
Total minimum payments 198,563
Less amount representing interest (45,563 )
Less amount representing Paydown Fee (3,000 )
Long-term debt, gross 150,000
Discount on notes payable (1,539 )
Accretion of Paydown Fee 591
Long-term debt $ 149,052

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies7. Commitments and Contingencies Leases We have operating leases for our headquarters in South San Francisco, where we have office and research and development laboratory facilities, and equipment. Our leases have remaining lease terms of 1 to 10 years. Most of these leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases include renewal options at our election, with renewal terms that can extend the lease term from 1 to 10 years. These optional periods have not been considered in the determination of the right-of-use Lease costs included in operating expense in the condensed consolidated statement non-lease Supplemental information related to leases for the period reported is as follows (in thousands, except weighted-average remaining lease term and weighted-average discount rate):
Three Months Ended March 31,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities 2,904 1,153
Weighted-average remaining lease term of operating leases (in years) 9.0 10
Weighted-average discount rate of operating leases 8.66 % 8.66 % The majority of our l e In March 2017, we entered into a noncancelable operating lease, or Original Lease, for approximately 67,185 square feet of space in South San Francisco, California, or Prior Premises. The Original Lease term commenced in November 2017 as we gained control over physical access to the Prior Premises for a 10-year period. In August 2018, we entered into an amendment to the Original Lease, or Lease Amendment, to relocate the leased premises from the Prior Premises to a to-be-constructed 10-year 10-year After relocating to the Substitute Premises re-evaluated acceleration of depreciation As of March 31, 2021, the maturities of our operating lease liabilities were as follows (in thousands):
Year ending December 31, Amount
2021 (nine months) 8,937
2022 12,222
2023 12,584
2024 12,948
2025 13,368
Thereafter 60,507
Total lease payments 120,566
Less: Imputed interest (37,667 )
Present value of operating lease liabilities $ 82,899
The operating leases require us to share in prorated operating expenses and property taxes based upon actual amounts incurred; those amounts are not fixed for future periods and, therefore, are not included in the future commitments listed above. Contingencies In the ordinary course of business, we may be subject to legal claims and regulatory actions that could have a material adverse effect on our business or financial position. We assess our potential liability in such situations by analyzing potential outcomes, assuming various litigation, regulatory and settlement strategies. If we determine a loss is probable and its amount can be reasonably estimated, we accrue an amount equal to the estimated loss. No losses and no provision for a loss contingency have been recorded to date.

Stock-Based Compensation

Stock-Based Compensation3 Months Ended
Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation8. Stock-Based Compensation We have three stock-based compensation plans – the Amended and Restated 2017 Inducement Equity Plan, or 2017 Inducement Plan, the Amended and Restated 2015 Stock Option and Incentive Plan, or 2015 Plan, and the 2012 Stock Option and Grant Plan, or 2012 Plan. As of March 31, 2021, there were 2,114,286 shares reserved under the 2017 Inducement Plan and 4,809,892 shares reserved under the 2015 Plan for the future issuance of equity awards. Upon adoption of the 2015 Plan in July 2015, no new awards or grants are permitted under the 2012 Plan. See Note 10 to the Consolidated Financial Statements included in our Annual Report on Form 10-K Stock Options The following summarizes option activity under the 2017 Inducement Plan, 2015 Plan and 2012 Plan:
Number of Weighted-
Outstanding — December 31, 2020 3,327,330 $ 42.07
Options granted 576,768 44.48
Options exercised (47,763 ) 23.24
Options canceled (41,493 ) 57.37
Outstanding — March 31, 2021 3,814,842 $ 42.51
The fair values of stock options granted to employees were calculated using the following assumptions:
Three Months Ended March 31,
2021 2020
Expected term (in years) 5.8-6.1 6.1
Volatility 72.6%-72.7% 69.6%-69.9%
Risk-free interest rate 0.9%-1.0% 1.4%-1.8%
Dividend yield — — Restricted Stock Units The following table summarizes activity of restricted stock units, or RSUs, granted to employees with service-based vesting under the 2017 Inducement Plan and 2015 Plan and related information:
Number Weighted-
Non-vested 2,210,356 $ 57.80
RSUs granted 1,255,399 44.87
RSUs vested (267,629 ) 54.41
RSUs forfeited (94,999 ) 56.87
Non-vested 3,103,127 $ 52.89
Market-Condition Awards Granted to Employees 2020 Market-Condition RSU Awards The Compensation Committee of our Board of Directors granted, effective June 1, 2020, awards of up to an aggregate of 414,700 RSUs to certain of our senior management, including our executive officers, under the 2015 Plan, the vesting of which is contingent upon the achievement of three escalating stock price targets, which we refer to as the 2020 Market-Condition RSU Awards. Upon the achievement of the respective stock price targets, 50% of the RSUs allotted to that tranche will vest, while the remaining 50% will vest on the first anniversary of the date the stock price target was achieved, subject to the employee’s continued employment or other service relationship with us through such vesting date. Under the terms of the awards, if the stock price targets are not achieved for all or some of the tranches on or before June 30, 2024, the unvested awards will be automatically terminated and forfeited. The compensation cost for the RSUs with a market condition is not reversed when the market condition is not satisfied. The target prices and vesting tranches are set forth in the table below:
Stock Price Targets Number of Units Allotted
$109.20 82,940
$145.60 145,145
$182.00 186,615 The grant date fair value of the 2020 Market-Condition RSU Awards was estimated using a Monte Carlo simulation model, which includes variables such as the expected volatility of the Company’s share price and interest rates to generate potential future outcomes. We recognize the related compensation expense on a straight-line basis over the applicable derived service periods, which are the estimated periods of time that would be required to satisfy the market conditions. For the three months ended March 31, 2021, no 2020 Market-Condition RSU Awards were granted, vested, or forfeited. The number of units outstanding was 414,700 and 414,700 as of March 31, 2021 and December 31, 2020, respectively. The weighted average grant date fair value was $49.95 and $49.95 was of March 31, 2021 and December 31, 2020, respectively. The aggregate intrinsic value for the outstanding 2020 Market-Condition RSU Awards was $16.9 million as of March 31, 2021. At March 31, 2021, total unrecognized compensation expense related to non-vested 2020 Market-Condition RSU Awards was $ million, which is expected to be recognized over their respective remaining derived service periods. The weighted average derived service period is years. For the three months ended March 31, 2021, we recognized $ million in stock-based compensation expense related to the 2020 Market-Condition RSU Awards. Stock-Based Compensation Expense Total stock-based compensation recognized by function included in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months Ended
2021 2020
Research and development $ 4,879 $ 5,350
Selling, general and administrative 15,069 11,017
Total stock-based compensation expense $ 19,948 $ 16,367

Net Loss per Share

Net Loss per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss per Share9. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Since we were in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following securities were not included in the diluted net loss per share calculations because their effect was anti-dilutive:
Three Months Ended
2021 2020
Options to purchase common stock 3,814,842 4,133,721
Restricted stock units 3,517,827 2,691,159
Total 7,332,669 6,824,880

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Preparation and Presentation of Financial InformationBasis of Preparation and Presentation of Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and, accordingly, the balance sheet as of December 31, 2020, has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other interim period or for any other future year. The accompanying unaudited interim condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, included in our Annual Report on Form 10-K,
Use of EstimatesUse of Estimates The preparation of the accompanying unaudited interim condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of variable consideration and costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.
Concentration of RiskConcentration of Risk Credit Risk We invest in a variety of financial instruments and, by our Board approved investment policy, limit the amount of credit exposure with any one issuer, industry or geographic area for investments other than instruments backed by the U.S. federal government. Major Customers We have entered into distribution agreements with certain limited specialty pharmacies and specialty distributors. For the three months ended March 31, 2021, our two largest customers represented approximately 85% of our product revenue and approximately 78% of our accounts receivable balance at March 31, 2021. Major Suppliers We do not currently have any of our own manufacturing facilities, and therefore depend on an outsourced manufacturing strategy for the production of Oxbryta for commercial use and for the production of our product candidates for clinical trials. We have contracts in place with one third-party manufacturer that is approved for the commercial production of Oxbryta and one third-party supplier that is approved for Oxbryta’s active pharmaceutical ingredient. Although there are potential sources of supply other than our existing manufacturers and suppliers, any new supplier would be required to qualify under applicable regulatory requirements.
Principles of ConsolidationPrinciples of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.
Significant Accounting PoliciesSignificant Accounting Policies Except as noted below, there have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K
Accounting Pronouncements AdoptedAccounting Pronouncements Adopted In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes 2019-12 No. 2019-12 2019-12 2019-12, In August 2020, FASB issued A S No. 2020-08, Codification Improvement to Subtopic 310-20, 310-20. 2020-08 No. 2020-08
Accounting Pronouncement Issued But Not Yet AdoptedAccounting Pronouncement Issued But Not Yet Adopted In March 2020, FASB issued ASU No. 2020-04, 2020-04 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring BasisThe following table summarizes our financial assets measured at fair value on a recurring basis (in thousands):
March 31, 2021
Total Level 1 Level 2 Level 3
Financial Assets:
Money market funds $ 389,448 $ 389,448 $ — $ —
Corporate debt securities 19,639 — 19,639 —
U.S. government agency securities 6,802 — 6,802 —
Certificates of deposits 241 — 241 —
U.S. government securities 10,054 — 10,054 —
Total financial assets $ 426,184 $ 389,448 $ 36,736 $ —
December 31, 2020
Total Level 1 Level 2 Level 3
Financial Assets:
Money market funds $ 486,174 $ 486,174 $ — $ —
Corporate debt securities 29,804 — 29,804 —
U.S. government agency securities 15,943 — 15,943 —
Certificates of deposits 243 — 243 —
U.S. government securities 20,136 — 20,136 —
Total financial assets $ 552,300 $ 486,174 $ 66,126 $ —

Available-for-Sale Securities (

Available-for-Sale Securities (Tables)3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale SecuritiesThe following table is a summary of available-for-sale
March 31, 2021 December 31, 2020
Amortized Unrealized Unrealized Estimated Fair Amortized Unrealized Unrealized Estimated Fair
Financial Assets:
Money market funds $ 389,448 $ — $ — $ 389,448 $ 486,174 $ — $ — $ 486,174
Corporate debt securities 19,563 76 — 19,639 29,641 163 — 29,804
U.S. government agency securities 6,800 2 — 6,802 15,906 37 — 15,943
Certificates of deposits 240 1 — 241 241 2 — 243
U.S. government securities 10,012 42 — 10,054 20,036 100 — 20,136
Total $ 426,063 $ 121 $ — $ 426,184 $ 551,998 $ 302 $ — $ 552,300
Summary of Classification of Available-for-Sale Securities on Consolidated Balance SheetsThe following table summarizes the classification of the available-for-sale
March 31, 2021 December 31, 2020
Cash and cash equivalents $ 389,448 $ 486,174
Short-term marketable securities 36,736 66,126
Total $ 426,184 $ 552,300

Balance Sheet Components (Table

Balance Sheet Components (Tables)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
InventoriesInventories consist of the following (in thousands):
March 31, 2021 December 31, 2020
Raw materials $ 10,632 $ 11,273
Work-in-process 28,656 26,994
Finished goods 2,979 1,956
Total inventories $ 42,267 $ 40,223
Property and Equipment, NetProperty and equipment consists of the following (in thousands):
March 31, 2021 December 31, 2020
Laboratory equipment $ 12,264 $ 11,922
Computer equipment 3,024 3,023
Leasehold improvements 32,281 32,281
Construction-in-progress 1,788 517
Total property and equipment 49,357 47,743
Less: accumulated depreciation and amortization (11,307 ) (9,861 )
Property and equipment, net $ 38,050 $ 37,882
Accrued LiabilitiesAccrued liabilities consist of the following (in thousands):
March 31, 2021 December 31, 2020
Accrued research and development costs $ 8,121 $ 10,677
Accrued manufacturing costs 7,631 9,125
Accrued professional and consulting services 5,199 4,107
Accrued sales deductions 7,010 6,405
Other 884 819
Total accrued liabilities $ 28,845 $ 31,133

Long-term Debt (Tables)

Long-term Debt (Tables)3 Months Ended
Mar. 31, 2021
Text Block [Abstract]
Schedule of Future payments of principal and interest on the Term LoanFuture payments of principal and interest on the Term Loan as of March 31, 2021 (in thousands):
2021 (nine months) 10,125
2022 13,500
2023 62,813
2024 58,313
2025 53,812
Total minimum payments 198,563
Less amount representing interest (45,563 )
Less amount representing Paydown Fee (3,000 )
Long-term debt, gross 150,000
Discount on notes payable (1,539 )
Accretion of Paydown Fee 591
Long-term debt $ 149,052

Commitments and Contingencies (

Commitments and Contingencies (Tables)3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of supplemental information related to leasesSupplemental information related to leases for the period reported is as follows (in thousands, except weighted-average remaining lease term and weighted-average discount rate):
Three Months Ended March 31,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities 2,904 1,153
Weighted-average remaining lease term of operating leases (in years) 9.0 10
Weighted-average discount rate of operating leases 8.66 % 8.66 %
Schedule of Lessee, Operating Lease, Liability, MaturityAs of March 31, 2021, the maturities of our operating lease liabilities were as follows (in thousands):
Year ending December 31, Amount
2021 (nine months) 8,937
2022 12,222
2023 12,584
2024 12,948
2025 13,368
Thereafter 60,507
Total lease payments 120,566
Less: Imputed interest (37,667 )
Present value of operating lease liabilities $ 82,899

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Stock Option ActivityThe following summarizes option activity under the 2017 Inducement Plan, 2015 Plan and 2012 Plan:
Number of Weighted-
Outstanding — December 31, 2020 3,327,330 $ 42.07
Options granted 576,768 44.48
Options exercised (47,763 ) 23.24
Options canceled (41,493 ) 57.37
Outstanding — March 31, 2021 3,814,842 $ 42.51
Valuation Assumptions for Stock AwardsThe fair values of stock options granted to employees were calculated using the following assumptions:
Three Months Ended March 31,
2021 2020
Expected term (in years) 5.8-6.1 6.1
Volatility 72.6%-72.7% 69.6%-69.9%
Risk-free interest rate 0.9%-1.0% 1.4%-1.8%
Dividend yield — —
Stock-based Compensation Expense RecognizedTotal stock-based compensation recognized by function included in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months Ended
2021 2020
Research and development $ 4,879 $ 5,350
Selling, general and administrative 15,069 11,017
Total stock-based compensation expense $ 19,948 $ 16,367
Summary of Share-based Compensation Arrangements by Share-based Payment AwardThe target prices and vesting tranches are set forth in the table below:
Stock Price Targets Number of Units Allotted
$109.20 82,940
$145.60 145,145
$182.00 186,615
Restricted Stock Units [Member]
Non-Vested Restricted Stock ActivityThe following table summarizes activity of restricted stock units, or RSUs, granted to employees with service-based vesting under the 2017 Inducement Plan and 2015 Plan and related information:
Number Weighted-
Non-vested 2,210,356 $ 57.80
RSUs granted 1,255,399 44.87
RSUs vested (267,629 ) 54.41
RSUs forfeited (94,999 ) 56.87
Non-vested 3,103,127 $ 52.89

Net Loss per Share (Tables)

Net Loss per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Potentially Dilutive Securities that were Not Included in Diluted Net Loss per Share CalculationsThe following securities were not included in the diluted net loss per share calculations because their effect was anti-dilutive:
Three Months Ended
2021 2020
Options to purchase common stock 3,814,842 4,133,721
Restricted stock units 3,517,827 2,691,159
Total 7,332,669 6,824,880

Organization and Basis of Prese

Organization and Basis of Presentation - Additional Information (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Class of Stock [Line Items]
Cumulative net losses $ (1,061,399) $ (986,469)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - Customer Concentration Risk [Member] - Two Major Customers [Member]3 Months Ended
Mar. 31, 2021
Revenue, Product and Service Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage85.00%
Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage78.00%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assets Measured on Recurring Basis (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value $ 426,184 $ 552,300
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value10,054 20,136
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value389,448 486,174
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value36,736 66,126
Level 2 [Member] | U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value10,054 20,136
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value389,448 486,174
Money Market Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value389,448 486,174
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value19,639 29,804
Corporate Debt Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value19,639 29,804
U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value6,802 15,943
U.S. Government Agency Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value6,802 15,943
Certificates of Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value241 243
Certificates of Deposits [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets, fair value $ 241 $ 243

Available-for-Sale Securities -

Available-for-Sale Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, Amortized Cost $ 426,063 $ 551,998
Available for sale securities, Unrealized Gains121 302
Available for sale securities, Estimated Fair Value426,184 552,300
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, Amortized Cost19,563 29,641
Available for sale securities, Unrealized Gains76 163
Available for sale securities, Estimated Fair Value19,639 29,804
U.S. Government Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, Amortized Cost6,800 15,906
Available for sale securities, Unrealized Gains2 37
Available for sale securities, Estimated Fair Value6,802 15,943
Money Market Funds [Member]
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, Amortized Cost389,448 486,174
Available for sale securities, Estimated Fair Value389,448 486,174
Certificates of Deposits [Member]
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, Amortized Cost240 241
Available for sale securities, Unrealized Gains1 2
Available for sale securities, Estimated Fair Value241 243
U.S. Government Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, Amortized Cost10,012 20,036
Available for sale securities, Unrealized Gains42 100
Available for sale securities, Estimated Fair Value $ 10,054 $ 20,136

Available-for-Sale Securities_2

Available-for-Sale Securities - Summary of Classification of Available-for-Sale Securities on Consolidated Balance Sheets (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Cash and cash equivalents $ 389,448 $ 486,174
Short-term marketable securities36,736 66,126
Total $ 426,184 $ 552,300

Balance Sheet Components - Inve

Balance Sheet Components - Inventories (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Balance Sheet Components [Abstract]
Raw materials $ 10,632 $ 11,273
Work-in-process28,656 26,994
Finished goods2,979 1,956
Total inventories $ 42,267 $ 40,223

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment $ 49,357 $ 47,743
Less: accumulated depreciation and amortization(11,307)(9,861)
Property and equipment, net38,050 37,882
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment12,264 11,922
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment3,024 3,023
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment32,281 32,281
Construction-in-Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment $ 1,788 $ 517

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Balance Sheet Components [Abstract]
Share based compensation expense capitalized $ 430,000 $ 337,000
Capitalized depreciation expenses $ 45,000 $ 96,000

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Balance Sheet Components [Abstract]
Accrued research and development costs $ 8,121 $ 10,677
Accrued manufacturing costs7,631 9,125
Accrued professional and consulting services5,199 4,107
Accrued sales deductions7,010 6,405
Other884 819
Total accrued liabilities $ 28,845 $ 31,133

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Nov. 30, 2020Dec. 31, 2019Dec. 17, 2019
Long term debt $ 149,052 $ 148,815
Debt issuance costs paid $ 26 $ 85
Unamortized dedt discount $ 200
Term Loan
Debt additional borrowing capacity75,000
Debt Instrument, Term72 months
Debt Instrument, Basis Spread on Variable Rate7.00%
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate2.00%
Debt Instrument Additional Interest Rate On Debt Default3.00%
Debt Instrument Periodic Payment Of InterestInterest on amounts outstanding are payable quarterly in arrears
Debt Instrument Periodic Payment Of Interest Term39 months
Debt additional paydown fee2.00%
Debt issuance costs paid $ 1,100
Other debt issuance cost paid500
Unamortized issuance costs and debt discounts1,500
Debt additional paydown fee $ 1,100
Term Loan | Maximum
Debt prepayment fee3.00%
Term Loan | Minimum
Debt prepayment fee1.00%
Secured Debt
Debt maximum borrowing capacity $ 75,000
Debt additional borrowing capacity $ 75,000
Long term debt $ 75,000 $ 75,000

Long-term Debt-Schedule of Futu

Long-term Debt-Schedule of Future payments of principal and interest on the Term Loan (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2021 (nine months) $ 10,125
202213,500
202362,813
202458,313
202553,812
Total minimum payments198,563
Less amount representing interest(45,563)
Less amount representing Paydown Fee(3,000)
Long-term debt, gross150,000
Discount on notes payable(1,539)
Accretion of Paydown Fee591
Long-term debt $ 149,052 $ 148,815

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)1 Months Ended3 Months Ended
Aug. 31, 2018USD ($)ft²Mar. 31, 2017ft²Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)
Commitment And Contingencies [Line Items]
Facility size | ft²164,150 67,185
Initial term10 years
Future minimum rental payments under the Lease term $ 121,500,000
Operating lease term10 years
Operating lease term, optional extension10 years
Repayment of tenant inducement allowance $ 4,100,000
Contingency losses $ 0
Provisions for loss contingency0
Operating Lease Cost3,200,000 $ 3,100,000
variable lease cost700,000 700,000
Acceleration of depreciation expenses $ 0
Maximum [Member]
Commitment And Contingencies [Line Items]
Operating lease remaining lease term10 years
Minimum [Member]
Commitment And Contingencies [Line Items]
Operating lease remaining lease term1 year
Leasehold Improvements [Member]
Commitment And Contingencies [Line Items]
Property palnt and equipment additions $ 32,300,000
Depreciation expense $ 1,900,000
Lease Agreements [Member] | Maximum [Member]
Commitment And Contingencies [Line Items]
Tenant inducement $ 27,900,000

Commitments and Contingencies_2

Commitments and Contingencies - Supplemental cash flow information (Detail) - Accounting Standards Update 2016-02 [Member] - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Commitment And Contingencies [Line Items]
Cash paid for amounts included in the measurement of lease liabilities $ 2,904 $ 1,153
Weighted-average remaining lease term of operating leases (in years)9 years10 years
Weighted-average discount rate of operating leases8.66%8.66%

Commitments and Contingencies_3

Commitments and Contingencies - Lessee Operating Lease Liability Maturity (Detail) $ in ThousandsMar. 31, 2021USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2021 (nine months) $ 8,937
202212,222
202312,584
202412,948
202513,368
Thereafter60,507
Total lease payments120,566
Less: Imputed interest(37,667)
Present value of operating lease liabilities $ 82,899

Stock-Based Compensation - Plan

Stock-Based Compensation - Plan Summary - Additional Information (Detail) - USD ($) $ / shares in Units, $ in ThousandsJun. 01, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average derived service period11 months 15 days
Stock-based compensation $ 19,948 $ 16,367
Market Condition Awards Granted to Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense9,900
Stock-based compensation $ 3,100
2017 Inducement Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance2,114,286
2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance4,809,892
2015 Plan [Member] | Market Condition Awards Granted to Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted in period0
Number of shares Non-vested period414,700 414,700
Weighted-Average Grant Date Fair Value $ 49.95 $ 49.95
Non-vested units, Aggregate Intrinsic Value $ 16,900
Number of Units granted0
Number of Units vested0
Number of shares forfeited0
2015 Plan [Member] | 2020 Market-Condition RSU Awards [Member] | Senior Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted in period414,700
Number of Units granted414,700

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Detail)3 Months Ended
Mar. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, outstanding, Number of Options | shares3,327,330
Options granted, Number of Options | shares576,768
Options exercised, Number of Options | shares(47,763)
Options canceled, Number of Options | shares(41,493)
Ending balance, outstanding, Number of Options | shares3,814,842
Weighted- Average Exercise Price
Beginning balance, Outstanding, Weighted-Average Exercise Price | $ / shares $ 42.07
Options granted, Weighted-Average Exercise Price | $ / shares44.48
Options exercised, Weighted-Average Exercise Price | $ / shares23.24
Options canceled, Weighted-Average Exercise Price | $ / shares57.37
Ending balance, Outstanding, Weighted-Average Exercise Price | $ / shares $ 42.51

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation Assumptions for Stock Options Granted (Detail) - Stock Options [Member]3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)6 years 1 month 6 days
Volatility, minimum72.60%69.60%
Volatility, maximum72.70%69.90%
Risk-free interest rate, minimum0.90%1.40%
Risk-free interest rate, maximum1.00%1.80%
Dividend yield0.00%0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)5 years 9 months 18 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)6 years 1 month 6 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSU Activity Granted to Employees with Service-Based Vesting (Detail) - 2017 Inducement Plan and 2015 Plan [Member] - RSU [Member]3 Months Ended
Mar. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance - Non-vested market-condition awards | shares2,210,356
RSUs granted, Number of RSUs | shares1,255,399
RSUs vested, Number of RSUs | shares(267,629)
RSUs forfeited, Number of RSUs | shares(94,999)
Ending Balance - Non-vested market-condition awards | shares3,103,127
Beginning Balance - Non-vested units, Weighted-Average Grant Date Fair Value | $ / shares $ 57.80
RSUs granted, Weighted-Average Grant Date Fair Value | $ / shares44.87
RSUs vested, Weighted-Average Grant Date Fair Value | $ / shares54.41
RSUs forfeited, Weighted-Average Grant Date Fair Value | $ / shares56.87
Ending Balance - Non-vested units, Weighted-Average Grant Date Fair Value | $ / shares $ 52.89

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Detail) - 2020 Market-Condition RSU Awards [Member]Mar. 31, 2021$ / sharesshares
Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Targets | $ / shares $ 109.20
Number of Units Allotted | shares82,940
Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Targets | $ / shares $ 145.60
Number of Units Allotted | shares145,145
Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Targets | $ / shares $ 182
Number of Units Allotted | shares186,615

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense $ 19,948 $ 16,367
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense4,879 5,350
Selling, general and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense $ 15,069 $ 11,017

Net Loss per Share - Potentiall

Net Loss per Share - Potentially Dilutive Securities that were Not Included in Diluted Net Loss per Share Calculations (Detail) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share7,332,669 6,824,880
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share3,814,842 4,133,721
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share3,517,827 2,691,159