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Intellia Therapeutics (NTLA)

Document and Entity Information

Document and Entity Information - USD ($)12 Months Ended
Dec. 31, 2019Feb. 21, 2020Jun. 28, 2019
Cover [Abstract]
Document Type10-K
Amendment Flagfalse
Document Period End DateDec. 31,
2019
Document Fiscal Year Focus2019
Document Fiscal Period FocusFY
Trading SymbolNTLA
Entity Registrant NameINTELLIA THERAPEUTICS, INC.
Entity Central Index Key0001652130
Current Fiscal Year End Date--12-31
Entity Well-known Seasoned IssuerYes
Entity Current Reporting StatusNo
Entity Voluntary FilersNo
Entity Filer CategoryLarge Accelerated Filer
Entity Shell Companyfalse
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Interactive Data CurrentYes
Entity File Number001-37766
Entity Tax Identification Number36-4785571
Entity Address, Address Line One40 Erie Street
Entity Address, Address Line TwoSuite 130
Entity Address, City or TownCambridge
Entity Address, State or ProvinceMA
Entity Address, Postal Zip Code02139
City Area Code857
Local Phone Number285-6200
Entity Incorporation, State or Country CodeDE
Title of 12(b) SecurityCommon Stock, par value $0.0001 per share
Security Exchange NameNASDAQ
Document Annual Reporttrue
Document Transition Reportfalse
Entity Common Stock, Shares Outstanding50,507,681
Entity Public Float $ 741,046,311
Documents Incorporated by ReferenceDOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report on Form 10-K incorporates by reference certain information from the registrant’s definitive Proxy Statement for its 2020 annual meeting of shareholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year end of December 31, 2019. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsDec. 31, 2019Dec. 31, 2018
Current Assets:
Cash and cash equivalents $ 57,226 $ 58,856
Marketable securities222,500 255,203
Accounts receivable4,620 7,547
Prepaid expenses and other current assets5,135 3,371
Total current assets289,481 324,977
Marketable securities - noncurrent4,746
Property and equipment, net17,996 17,061
Operating lease right-of-use assets19,137
Other assets2,920 5,277
Total Assets334,280 347,315
Current Liabilities:
Accounts payable3,941 2,708
Accrued expenses13,273 10,742
Current portion of operating lease liability5,745
Current portion of deferred revenue12,674 27,122
Total current liabilities35,633 40,572
Deferred revenue, net of current portion16,136 28,810
Long-term operating lease liability12,630
Other long-term liabilities13
Commitments and contingencies (Note 8)
Stockholders’ Equity:
Common stock, $0.0001 par value; 120,000,000 shares authorized; 50,198,044 and 45,224,480 shares issued and outstanding at December 31, 2019 and 2018, respectively5 5
Additional paid-in capital570,493 478,968
Accumulated other comprehensive income (loss)261 (28)
Accumulated deficit(300,878)(201,025)
Total stockholders’ equity269,881 277,920
Total Liabilities and Stockholders’ Equity $ 334,280 $ 347,315

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / sharesDec. 31, 2019Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized120,000,000 120,000,000
Common stock, shares issued50,198,044 45,224,480
Common stock, shares outstanding50,198,044 45,224,480

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Income Statement [Abstract]
Collaboration revenue $ 43,103 $ 30,434 $ 26,117
Type of Revenue [Extensible List]us-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMember
Operating expenses:
Research and development $ 108,413 $ 89,115 $ 67,647
General and administrative41,058 32,189 28,025
Total operating expenses149,471 121,304 95,672
Operating loss(106,368)(90,870)(69,555)
Interest income6,835 5,527 2,012
Net loss $ (99,533) $ (85,343) $ (67,543)
Net loss per share, basic and diluted $ (2.11) $ (1.98) $ (1.88)
Weighted average shares outstanding, basic and diluted47,247 43,069 36,006
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities $ 289 $ (28)
Comprehensive loss $ (99,244) $ (85,371) $ (67,543)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in ThousandsTotalAt-the-market offerings [Member]Common Stock [Member]Common Stock [Member]At-the-market offerings [Member]Additional Paid-In Capital [Member]Additional Paid-In Capital [Member]At-the-market offerings [Member]Accumulated Other Comprehensive (Loss) Income [Member]Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2016 $ 209,837 $ 4 $ 263,403 $ (53,570)
Beginning balance, shares at Dec. 31, 201636,018,540
Issuance of common stock141,000 141,000
Issuance of common stock, shares6,250,000
Exercise of stock options1,156 1,156
Exercise of stock options, shares141,759
Issuance of shares under employee stock purchase plan825 825
Issuance of shares under employee stock purchase plan, shares64,786
Equity-based compensation15,322 15,322
Equity-based compensation, shares(90,462)
Net loss(67,543)(67,543)
Ending balance at Dec. 31, 2017300,597 $ 4 421,706 (121,113)
Ending balance, shares at Dec. 31, 201742,384,623
Retroactive adjustment to beginning accumulated deficit (ASU 2014-09 [Member]) at Dec. 31, 20185,431 5,431
Issuance of common stock $ 28,548 $ 1 $ 28,547
Issuance of common stock, shares1,659,300
Exercise of stock options10,651 10,651
Exercise of stock options, shares1,142,944
Issuance of shares under employee stock purchase plan1,018 1,018
Issuance of shares under employee stock purchase plan, shares68,865
Equity-based compensation17,046 17,046
Equity-based compensation, shares(31,252)
Other comprehensive income (loss)(28) $ (28)
Net loss(85,343)(85,343)
Ending balance at Dec. 31, 2018 $ 277,920 $ 5 478,968 (28)(201,025)
Ending balance, shares at Dec. 31, 201845,224,480 45,224,480
Retroactive adjustment to beginning accumulated deficit (ASC 842 [Member]) at Dec. 31, 2019 $ (320)(320)
Issuance of common stock $ 72,256 $ 72,256
Issuance of common stock, shares4,518,579
Exercise of stock options $ 3,086 3,086
Exercise of stock options, shares364,404 364,404
Issuance of shares under employee stock purchase plan $ 1,092 1,092
Issuance of shares under employee stock purchase plan, shares90,581
Equity-based compensation15,091 15,091
Other comprehensive income (loss)289 289
Net loss(99,533)(99,533)
Ending balance at Dec. 31, 2019 $ 269,881 $ 5 $ 570,493 $ 261 $ (300,878)
Ending balance, shares at Dec. 31, 201950,198,044 50,198,044

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018
Common Stock [Member]
Stock issuance cost $ 363 $ 424

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (99,533) $ (85,343) $ (67,543)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization5,587 4,464 2,994
Loss on disposal of property and equipment1 75 166
Equity-based compensation15,091 17,046 15,322
Accretion of investment discounts(3,725)(676)
Changes in operating assets and liabilities:
Accounts receivable2,927 2,924 (4,017)
Prepaid expenses and other current assets(1,763)310 (1,893)
Operating right-of-use assets5,728
Other assets153 1,022 902
Accounts payable1,880 232 (488)
Accrued expenses2,310 2,780 2,394
Deferred revenue(27,122)(3,936)(12,988)
Operating lease liabilities(4,774)
Other long-term liabilities(155)(125)
Net cash used in operating activities(103,240)(61,257)(65,276)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(6,794)(6,358)(10,091)
Proceeds from sale of property and equipment131
Purchases of marketable securities(297,030)(254,555)
Maturities of marketable securities329,000
Net cash provided by (used in) investing activities25,176 (260,782)(10,091)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock offerings, net of offering costs72,256 28,547 141,000
Proceeds from options exercised3,086 10,652 1,156
Issuance of shares through employee stock purchase plan1,092 1,018 825
Net cash provided by financing activities76,434 40,217 142,981
Net (decrease) increase in cash and cash equivalents(1,630)(281,822)67,614
Cash and cash equivalents, beginning of period58,856 340,678 273,064
Cash and cash equivalents, end of period57,226 58,856 340,678
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Purchases of property and equipment unpaid at period end800 $ 1,071 $ 805
Right-of-use assets acquired under operating leases $ 2,554

The Company

The Company12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
The Company1. Intellia Therapeutics, Inc. (“Intellia” or the “Company”) is a leading genome editing company focused on developing curative therapeutics utilizing a biological tool known as CRISPR/Cas9, which stands for C lustered, R egularly I nterspaced S hort P alindromic R epeats (“CRISPR”)/CRISPR associated 9 (“Cas9”) is a technology for genome editing, the process of altering selected sequences of genomic deoxyribonucleic acid (“DNA”). transform medicine by editing disease-associated genes with a single treatment course, and that it can also be used to create novel engineered cell therapies that can replace a patient’s diseased cells or effectively target various cancers and autoimmune diseases. The Company is leveraging its leading scientific expertise, clinical development experience and intellectual property (“IP”) position to unlock a broad set of therapeutic applications for CRISPR/Cas9 genome editing and to develop a potential new class of therapeutic products. The Company was founded and commenced active operations in mid-2014. The Company will require substantial additional capital to fund its research and development. The Company is subject to risks and uncertainties common to early stage companies in the biotechnology industry, including, but not limited to, development by competitors of more advanced or effective therapies, dependence on key executives, protection of and dependence on proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Programs currently moving into development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Summary of Significant Accounti

Summary of Significant Accounting Policies12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies2. Basis of Presentation The consolidated financial statements include the accounts of Intellia Therapeutics, Inc. and its wholly owned, controlled subsidiary, Intellia Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. Comprehensive loss is comprised of net loss and gain/loss on marketable securities. Use of Estimates The preparation of the Company’s consolidated financial statements in accordance with accounting principles generally accepted (“GAAP”) in the United States of America (“U.S.”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of collaboration revenue and expenses during the reporting periods. Significant estimates in these consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses and equity-based compensation expense. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known. Fair Value Measurements The Company’s financial instruments include cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The Company’s financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models and observable market inputs to determine value . Refer to Note 4 for further information regarding the Company’s fair value measurements. Other financial instruments, including accounts receivable , accounts payable and accrued expenses , are carried at cost, which approximate fair value due to the short duration and term to maturity . Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. As of December 31, 2019 and 2018, cash equivalents consisted of interest-bearing money market accounts. Marketable Securities The Company’s marketable securities are accounted for as available-for-sale and recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity. Refer to Note 3 for further information regarding the Company’s marketable securities. Concentrations of Credit Risk The Company’s cash, cash equivalents and marketable securities may potentially be subject to concentrations of credit risk. The Company generally maintains balances in various accounts in excess of federally insured limits with financial institutions that management believes to be of high credit quality. Accounts receivable represent amounts due from collaboration partners. The Company monitors economic conditions to identify facts or circumstances that may indicate that any of its accounts receivable are at risk of collection. As of December 31, 2019 and 2018, the Company’s two collaboration partners, Regeneron Pharmaceuticals, Inc. (“Regeneron”) and Novartis Institutes for BioMedical Research, Inc. (“Novartis”), accounted for all of the Company’s accounts receivable. Property and Equipment The Company records property and equipment at cost and recognizes depreciation and amortization using the straight-line method over the following estimated useful lives of the respective assets:
Asset Category
Useful Life
Laboratory equipment
5 years
Office furniture and equipment
5 years
Computer software
3 years
Computer equipment
3 years
Leasehold improvements
5 years or term of respective lease, if shorter Expenditures for repairs and maintenance of assets are expensed as incurred. Upon retirement or sale, the cost of assets disposed and the corresponding accumulated depreciation are removed from the related accounts and any resulting gain or loss is reflected in the results of operations. Impairment of Long-Lived Assets The Company tests long-lived assets to be held and used, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of assets or asset groups may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. Evaluation of recoverability of the asset or asset group is based on an estimate of undiscounted future cash flows resulting from the use of the asset or asset group and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset or asset group, the assets are written down to their estimated fair values. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any material impairment losses on long-lived assets. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes and for operating loss and tax credit carryforwards. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company’s deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that all or a portion of the deferred tax asset will not be realized. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings results, expectations of future taxable income, carryforward periods available and other relevant factors. The Company records changes in the required valuation allowance in the period that the determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available as of the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in the financial statements. The Company records interest and penalties related to uncertain tax positions, if applicable, as a component of income tax expense. Revenue Recognition The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition At inception, the Company determines whether contracts are within the scope of ASC 606 or other topics. For contracts that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, the Company applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when the Company determines that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract. To the extent a contract includes multiple promised goods and services, the Company applies judgment to determine whether promised goods and services are both capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method, depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes. Determining the transaction price requires significant judgment, which is discussed in further detail for each of the Company’s collaboration agreements in Note 9. In addition, none of the Company’s contracts as of December 31, 2019 contained a significant financing component. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct service that forms part of a single performance obligation. The consideration to be received is allocated among the separate performance obligations based on relative standalone selling prices. The Company typically determines standalone selling prices using an adjusted market assessment approach model. The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized over time if either (i) the customer simultaneously receives and consumes the benefits provided by the entity’s performance, (ii) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (iii) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. As of December 31, 2019, the Company’s only revenue recognized is related to collaboration agreements with third parties which are either within the scope of ASC 606, under which the Company licenses certain rights to its product candidates to third parties, or within the scope of ASC 808, Collaborative Arrangements Licenses of intellectual property: If the license to the Company’s IP is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from consideration allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the licenses. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Milestone payments: At the inception of each arrangement that includes development milestone payments, the Company evaluates the probability of reaching the milestones and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur in the future, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore revenue recognized is constrained as management is unable to assert that a reversal of revenue would not be possible. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint and , if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on levels of sales, if the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its collaboration agreements. The Company receives payments from its customers based on billing schedules established in each contract. The Company’s contract liabilities consist of deferred revenue. Upfront payments and fees are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company satisfies its obligations under these arrangements. The Company also considers the nature and contractual terms of an arrangement and assesses whether the arrangement involves a joint operating activity pursuant to which the Company is an active participant and is exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and is exposed to the significant risks and rewards with respect to the arrangement, the Company accounts for the arrangement under ASC 808 . Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses consist of salaries, equity-based compensation and benefits of employees, lab supplies and materials, facilities expenses, overhead expenses, fees paid to subcontractors and contract research organizations and other external expenses. The Company records payments made for research and development services prior to the services being rendered as prepaid expense on the consolidated balance sheet and expenses them as the services are provided. Contracts for multi-year research and development services are recorded on a straight-line basis over each annual contractual period based on the total contractual fee when the services rendered are expected to be substantially equivalent over the term of the arrangement. The cost of obtaining licenses for certain technology or IP is recorded to research and development expense when incurred if the licensed technology or IP has not yet reached technological feasibility and has no alternative future use. Equity-Based Compensation The Company measures employee equity-based compensation based on the grant date fair value of the equity awards using the Black-Scholes option pricing model. Equity-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards and is adjusted for pre-vesting forfeitures in the period in which the forfeitures occur. For equity awards that have a performance condition, the Company recognizes compensation expense based on its assessment of the probability that the performance condition will be achieved. The Company classifies equity-based compensation expense in its consolidated statement of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. (Loss) Earnings per Share The Company calculates basic (loss) earnings per share by dividing (loss) income by the weighted average number of common shares outstanding. The Company computes diluted (loss) earnings per share after giving consideration to the dilutive effect of stock options and unvested restricted stock that are outstanding during the period, except where such non-participating securities would be anti-dilutive. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s one business segment is the development of genome editing-based therapies. All of the Company’s assets are held in the U.S. and all of the Company’s revenue has been generated in the U.S. Recent Accounting Pronouncements – Adopted Leases Effective January 1, 2019, the Company adopted ASC 842, Leases Leases At the inception of an arrangement, the Company determines whether an arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the consolidated balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company has elected not to recognize leases with terms of 12 months or less on the consolidated balance sheets. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plans to renew its material leases on a quarterly basis. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in the Company’s leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. In its transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. In accordance with ASC 842, components of a lease should be allocated between lease components (e.g., land, building, etc.) and non-lease components (e.g., common area maintenance, consumables, etc.). The fixed and in-substance fixed contract consideration must be allocated based on the respective relative fair values to the lease components and non-lease components. Although separation of lease and non-lease components is otherwise required, an expedient is available whereby the entity may account for each lease component and related non-lease component together as a single lease component. For new and amended leases for office and laboratory space beginning in 2019 and after, the Company has elected to account for the lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. ASC 842 provides several optional practical expedients in transition. The Company elected the package of practical expedients which allows the Company to not reassess its existing conclusions on lease identification, classification, and initial direct costs. Further, the Company elected the hindsight practical expedient and utilized the short-term lease exemption for all leases with an original term of 12 months or less, for purposes of applying the recognition and measurement requirements of the new standard. The Company also elected the practical expedient which allows it to not separate lease and non-lease components for all its current office and laboratory leases. The adoption of the new standard on January 1, 2019 resulted in the recognition of operating lease liabilities of $20.6 million, and right-of-use assets of $22.3 million on the Company’s consolidated balance sheet relating to its leases. Further, an adjustment to retained earnings of $0.3 million was recognized due to the use of hindsight being applied in updating the lease term for the Company’s property leases. The adoption of the standard did not have a material effect on the Company’s consolidated statements of operations and comprehensive loss or consolidated statements of cash flows Refer to Note 10 for the Company’s current lease commitments. In June 2018, the Financial Accounting Standards Board (“FASB”) issued 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which simplified the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. have a material effect on the Company’s consolidated financial statements. Recent Accounting Pronouncements – Issued but not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . In August 2018, the FASB Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .

Marketable Securities

Marketable Securities12 Months Ended
Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Marketable Securities3.
Marketable Securities The following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2019 and 2018 at net book value:
December 31, 2019
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
(In thousands)
Marketable securities:
U.S. Treasury securities
$
159,361
$
142
$
(1
)
$
159,502
Financial institution debt securities
40,173
105
-
40,278
Corporate debt securities
18,966
1
-
18,967
Other asset-backed securities
8,485
14
-
8,499
Total
$
226,985
$
262
$
(1
)
$
227,246
December 31, 2018
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
(In thousands)
Marketable securities:
U.S. Treasury securities
$
165,959
$
2
$
(13
)
$
165,948
Financial institution debt securities
65,436
1
(17
)
65,420
Corporate debt securities
23,836
-
(1
)
23,835
Total
$
255,231
$
3
$
(31
)
$
255,203
The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At December 31, 2019 and 2018, the balance in the Company’s accumulated other comprehensive income (loss) was composed of activity related to the Company’s available-for-sale marketable securities. There were no material realized gains or losses in the years ended December 31, 2019, 2018 or 2017 and, as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income (loss) during these periods. The Company did not have any securities in a material unrealized loss position at December 31, 2019 or 2018. The Company's available-for-sale securities that are classified as short term marketable securities in the consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the consolidated balance sheet mature after one year but within five years from the balance sheet date. At December 31, 2019 and 2018, the Company did not hold any investments that matured beyond five years.

Fair Value Measurements

Fair Value Measurements12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements4.
Fair Value Measurements The Company classifies fair value-based measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. As of December 31, 2019 and 2018, the Company’s financial assets recognized at fair value on a recurring basis consisted of the following:
Fair Value as of December 31, 2019
Total
Level 1
Level 2
Level 3
(In thousands)
Cash equivalents
$
46,917
$
46,917
$
-
$
-
Marketable securities:
U.S. Treasury securities
159,502
159,502
-
-
Financial institution debt securities
40,278
-
40,278
-
Corporate debt securities
18,967
-
18,967
-
Other asset-backed securities
8,499
-
8,499
-
Total marketable securities
227,246
159,502
67,744
-
Total
$
274,163
$
206,419
$
67,744
$
-
Fair Value as of December 31, 2018
Total
Level 1
Level 2
Level 3
(In thousands)
Cash equivalents
$
45,986
$
45,986
$
-
$
-
Marketable securities:
U.S. Treasury securities
165,948
165,948
-
-
Financial institution debt securities
65,420
-
65,420
-
Corporate debt securities
23,835
-
23,835
-
Total marketable securities
255,203
165,948
89,255
-
Total
$
301,189
$
211,934
$
89,255
$
-
The Company’s financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models and observable market inputs to determine value . After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of December 31, 2019 or

Property and Equipment, Net

Property and Equipment, Net12 Months Ended
Dec. 31, 2019
Property Plant And Equipment [Abstract]
Property and Equipment, Net5 .
Property and Equipment, Net Property and equipment, net consisted of the following:
December 31,
2019
2018
(in thousands)
Laboratory equipment
$
27,199
$
22,453
Office furniture and equipment
1,121
960
Computer equipment
1,051
929
Leasehold improvements
1,474
898
Computer software
1,019
433
Total property and equipment
31,864
25,673
Less: accumulated depreciation and amortization
(13,868
)
(8,612
)
Property and equipment, net
$
17,996
$
17,061
Depreciation and amortization expense was $5.6 million, $4.5 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Accrued Expenses

Accrued Expenses12 Months Ended
Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued Expenses6 .
Accrued Expenses Accrued expenses consisted of the following:
December 31, 2019
December 31, 2018
(In thousands)
Employee compensation and benefits
$
6,311
$
6,175
Accrued research and development
4,208
2,328
Accrued legal and professional expenses
1,563
1,633
Accrued other
1,191
606
Total accrued expenses
$
13,273
$
10,742

Income Taxes

Income Taxes12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes7 .
Income Taxes The Company did not record net income tax benefits for the operating losses incurred during the periods presented due to the uncertainty of realizing a tax benefit from those losses. Accordingly, any benefit recorded related to these deferred tax assets was offset by a valuation allowance reflecting management’s conclusion that realization of those assets was not more likely than not. A reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows:
Year Ended December 31,
2019
2018
2017
Federal statutory income tax rate
(21.0
)%
(21.0
)%
(34.0
)%
State income taxes
(8.9
)
(8.6
)
(6.9
)
Research and development tax credits
(5.1
)
(4.7
)
(3.4
)
Stock-based compensation
1.2
(0.6
)
3.6
Change in U.S. tax rate
-
-
18.7
Change in valuation allowance
33.8
34.9
22.0
Effective income tax rate
-
%
-
%
-
% The Company’s net deferred tax assets (liabilities) consisted of the following:
December 31,
2019
2018
(in thousands)
Deferred tax assets:
Intangibles, including acquired in-process research and development
$
1,091
$
1,201
Capitalized start-up costs
421
463
Net operating loss carryforwards
63,245
34,234
Research and development credit carryforwards
19,417
11,766
Operating lease liability
5,008
-
Deferred revenue
7,843
12,199
Equity-based compensation
7,092
4,064
Accruals and allowances
1,245
1,359
Gross deferred tax assets
105,362
65,286
Deferred tax asset valuation allowance
(98,513
)
(64,046
)
Total deferred tax assets
6,849
1,240
Deferred tax liabilities:
Fixed assets
(1,633
)
(1,240
)
Operating lease right-of-use assets
(5,216
)
-
Total deferred tax liabilities
(6,849
)
(1,240
)
Net deferred tax asset (liability)
$
-
$
-
As of December 31, 2019, the Company had federal and state net operating loss carryforwards of $229.9 million and $236.8 million, respectively. As of December 31, 2019, approximately $193.0 million of the Company’s federal net operating loss carryforward can be carried forward indefinitely while the remaining federal net operating loss of $36.9 million begins to expire in 2034. As of December 31, 2019, the Company had federal and state research and development and other credit carryforwards of approximately $12.6 million and $8.7 million, which begin to expire in 2035 and 2031, respectively. The Company evaluated the expected realizability of its net deferred tax assets and determined that there was significant negative evidence due to its net operating loss position and insufficient positive evidence to support the realizability of these net deferred tax assets. The Company concluded it is more likely than not that its net deferred tax assets would not be realized in the future; therefore, the Company has provided a full valuation allowance against its net deferred tax asset balance as of December 31, 2019 and 2018. The valuation allowance increased by $34.5 million in 2019, $28.7 million in 2018 and $14.8 million in 2017. Utilization of the net operating loss and research and development credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax expense, respectively. The Company has not yet conducted a study to assess whether a change of control, as defined in Section 382, has occurred or whether there have been multiple changes in control since inception. As of December 31, 2019, the Company had not identified any unrecognized tax benefits. The Company files income tax returns in the U.S. federal tax jurisdiction and Massachusetts and various other state tax jurisdictions. The Company is subject to examination by the Internal Revenue Service and Massachusetts taxing authorities. The returns in these jurisdictions since inception remain open for examination; however, there are currently no pending tax examinations.

Commitments and Contingencies

Commitments and Contingencies12 Months Ended
Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies8 .
Commitments and Contingencies In July 2014, the Company licensed from Caribou Biosciences, Inc. (“Caribou”) certain IP (the “Caribou License”) and entered into an arrangement under which Caribou provided research and development services. On October 17, 2018, the Company initiated an arbitration proceeding against Caribou asserting that Caribou is violating the terms and conditions of the Caribou License, as well as other contractual and legal rights, by using and seeking to license to third parties two patent families (described in, for instance, PCT No. PCT/US2016/015145 and PCT No. PCT/US2016/064860, and related patents and applications) relating to specific structural or chemical modifications of guide RNAs (“gRNA”s), that were purportedly invented or controlled by Caribou, in the Company’s exclusive human therapeutic field. Caribou asserted that the two families of IP are outside the scope of the Company’s field of use under the license rights granted to the Company under the Caribou License. In accordance with the Caribou License, the Company submitted a demand for arbitration seeking among other relief a declaration that the disputed IP was included within the scope of its field of use under the Caribou License. On September 26, 2019, the Company announced that the arbitration panel issued an interim award concluding that both the structural and chemical gRNAs modification technologies were exclusively licensed to the Company by Caribou pursuant to the Caribou License. After concluding that the chemical modification technology was within the scope of the Company’s exclusive license from Caribou, the arbitration panel nevertheless noted that its decision could delay or otherwise adversely impact the development of these modified gRNAs as human therapeutics. It also noted that the Company currently is not using these modified gRNAs in any of its active programs. Thus, solely with respect to the particular modified gRNAs, the arbitration panel stated that it will declare that Caribou has an equitable “leaseback,” which it described as exclusive, perpetual and worldwide (the “Caribou Award”). The panel instructed the parties to negotiate the terms of the Caribou Award, including Caribou’s future payments to the Company for the same, but the parties’ negotiations reached an impasse. On February 6, 2020, after considering additional submissions from the parties , the panel clarified that the Caribou Award is limited to one particular on-going Caribou program, which seeks to develop a chimeric antigen receptor (“ CAR ”) T (“CAR-T”) product direct ed at CD19. The panel instructed the parties to seek to negotiate terms based on this scope. Accordingly, the Caribou Award will be subject to terms, including Caribou’s future payments to the Company to be negotiated by the parties or, if unsuccessful, adjudicated in additional arbitration or judicial proceedings. Pursuant to the September 2019 interim award, the Caribou Award by the panel does not include the structural guide modifications IP at issue in the arbitration, any other IP exclusively licensed or sublicensed by Caribou to the Company under the Caribou License (including but not limited to the foundational CRISPR/Cas9 IP co-owned by the Regents of the University of California, University of Vienna and Dr. Emmanuelle Charpentier), or any other of the Company’s IP. Upon, and subject to the terms of, a final award, which will follow further arbitration or legal proceedings and potential additional negotiations between the parties, Caribou could be able to use the modified gRNAs at issue for CAR-T cell human therapeutics directed at CD19. Either the Company or Caribou may challenge the arbitration panel’s decisions under limited circumstances. Other than with regards to the technologies in dispute, the interim award has no effect on the Company’s rights or Caribou’s obligations under the Caribou License . License Agreements The Company is party to license agreements, which include contingent payments. These payments will become payable if and when certain development, regulatory and commercial milestones are achieved. As of December 31, 2019, the satisfaction and timing of the contingent payments is uncertain and not reasonably estimable.

Collaborations

Collaborations12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaborations9 .
Collaborations To accelerate the development and commercialization of CRISPR/Cas9-based products in multiple therapeutic areas, the Company has formed, and intends to seek other opportunities to form, strategic alliances with collaborators who can augment its leadership in CRISPR/Cas9 therapeutic development. As of December 31, 2019 and December 31, 2018, the Company’s accounts receivable and contract liabilities were primarily related to the Company’s collaborations with Novartis and Regeneron. The following table presents changes in the Company’s accounts receivable and contract liabilities during the years ended December 31, 2019 and 2018 (in thousands):
Balance at Beginning of Period
Additions
Deductions
Balance at End of Period
Year Ended December 31, 2019
Accounts receivable
$
7,547
$
15,999
$
(18,926
)
$
4,620
Contract liabilities:
Deferred revenue
$
55,932
$
4,000
$
(31,122
)
$
28,810
Balance at Beginning of Period
Additions
Deductions
Balance at End of Period
Year Ended December 31, 2018
Accounts receivable
$
10,471
$
16,498
$
(19,422
)
$
7,547
Contract liabilities:
Deferred revenue
$
59,868
$
19,000
$
(22,936
)
$
55,932
During the years ended December 31, 2019 and 2018, the Company recognized the following revenues as a result of changes in the contract liability balance (in thousands):
Revenue recognized in the period from:
Year Ended December 31, 2019
Year Ended December 31, 2018
Amounts included in the contract liability at the beginning of the period
$
27,122
$
22,936
Costs to obtain and fulfill a contract The Company did not incur any expenses to obtain collaboration agreements and costs to fulfill those contracts do not generate or enhance resources of the Company. As such, no costs to obtain or fulfill a contract have been capitalized in any period. Novartis Institutes for BioMedical Research, Inc. In December 2014, the Company entered into a strategic collaboration agreement with Novartis (the “2014 Novartis Agreement”), primarily focused on the research of new ex vivo Agreement Structure. Under the 2014 Novartis Agreement, the parties agreed to engage in collaborative research activities using the Company’s CRISPR/CAS9 platform to identify and research therapeutic, prophylactic and palliative products and services relating to the following applications: a) HSCs and b) CAR-T cells. In addition, in the last two years of the collaboration term, Novartis was permitted to engage in research and development of a limited number of targets using the Company’s platform. Scope of Collaboration. During the five-year research term, the parties researched potential therapeutic, prophylactic and palliative applications of CRISPR/Cas9 technology in HSCs and CAR-T cells. Research expenses incurred by the Company in support of the collaboration were reimbursed by Novartis. HSC Program. The Company and Novartis agreed to collaborate exclusively with each other during the research term to conduct research on ex vivo applications of CRISPR/Cas9 technology for HSC targets under a research plan agreed upon by both parties. At the end of the research term in December 2019, this exclusive HSC research collaboration ended. Within the ex vivo HSC therapeutic space, Novartis obtained exclusive rights to research and develop human therapeutics for a limited number of HSC targets, which were selected by Novartis in a series of selection windows. During the research term, the Company had the right to choose a limited number of HSC targets for its exclusive development and commercialization per the specified selection schedule. Following these selections by Novartis and the Company, Novartis had the right to research an additional limited number of non-selected HSC targets on a non-exclusive basis, but Novartis did not exercise this right. Because the research term has ended, the parties can no longer select additional exclusive HSC targets, and Novartis has an exclusive license to research, develop and commercialize human therapeutic products directed to its selected HSC targets. Novartis assumed sole responsibility for developing and commercializing human therapeutic products for the HSC targets it selected arising from the Company’s collaboration and is solely responsible for the costs and expenses of developing, manufacturing and commercializing its HSC products. To maintain its exclusive license on a target-by-target basis, Novartis is required to use commercially reasonable efforts to research, develop and commercialize at least one HSC product directed to each of their selected HSC targets. In 2019, Novartis announced that it had completed investigational new drug (“IND”) CAR-T Program . The Company and Novartis also agreed to collaborate exclusively with each other during the research term on research directed to applying CRISPR/Cas9 technology to CAR-T cell targets under a research plan agreed upon by both parties . At the end of the research term in December 2019, this exclusive research collaboration ended. Under the 2014 Novartis A greement, Novartis assume d sole responsibility for developing human therapeutic products for the limited number of CAR targets it select ed arising from its collaboration with the Company and is solely responsible for the costs and expenses of developing, manufacturing and commercializing its selected targets. Novartis has an exclusive license to research, develop and commercialize CAR products directed to its selected CAR-T cell targets. To maintain its exclusive license on a target-by-target basis, Novartis is required to use commercially reasonable efforts to research, develop and commercialize at least one CAR-T cell product directed to each of its selected CAR targets . Governance. The parties formed HSC and CAR-T cell steering committees with responsibility for oversight of these respective research programs and approval of the associated research plans. Beginning in December 2018, the HSC steering committee also became responsible for the OSC program (see the section below entitled “ 2018 Amendment to the Agreement”) . These steering committees in turn were overseen by a joint steering committee and comprised an equal number of representatives from each party . The steering committees terminated upon completion of the research term in December 2019. Financial Terms . The Company received an upfront technology access payment from Novartis of $10.0 million in January 2015 and was entitled to additional technology access fees of $20.0 million and quarterly research payments of $1.0 million, or up to $20.0 million in the aggregate, during the five-year Equity Investments. Additionally, at the inception of the arrangement at which time the Company was a privately held company, Novartis invested $9.0 million to purchase the Company’s Class A-1 and Class A-2 Preferred Units (the “Preferred Units”). The difference between the cash proceeds received from Novartis for the units and the $11.6 million estimated fair value of those units at the date of issuance was determined to be $2.6 million. Accordingly, $2.6 million of the upfront technology access payment was allocated to record the Preferred Units purchased by Novartis at fair value . License Grant to Novartis. In the 2014 Novartis Agreement, the Company granted to Novartis a license to its CRISPR/Cas9 platform technology, including a sublicense to certain platform rights licensed from Caribou, that is exclusive in the ex vivo HSC, CAR-T cell and in vivo fields with respect to each target selected by Novartis pursuant to the agreement and the research plan as long as Novartis continues to use commercially reasonable efforts to research, develop, and commercialize CRISPR-edited products directed to such targets. License Grant to Intellia. In the 2014 Novartis Agreement, prior to the Novartis Amendment described below, Novartis granted the Company a non-exclusive license to its IP covering a small molecule for HSC expansion and to its lipid nanoparticle (“LNP”) platform technology to research, develop and commercialize HSC and genome editing products, respectively, in the 2014 Novartis Agreement . Intellectual Property. IP that the Company develops within the collaboration related to the Company’s CRISPR/Cas9 platform will be owned solely by the Company, while all other IP developed within the collaboration, including IP covering products arising from the collaboration, will be jointly owned by the Company and Novartis. 2018 Amendment to the Agreement In December 2018, the Company entered into an amendment to this agreement with Novartis (the “Novartis Amendment”) which expanded the scope of the 2014 Novartis Agreement to include the ex vivo development of CRISPR/Cas9-based cell therapies using limbal stem cells primarily against gene targets selected by Novartis in exchange for a one-time payment of $10.0 million which the Company received in December 2018. The governance, license rights and development responsibilities, as well as milestones and royalties, associated with any OSC program and product follow those for the HSC programs and products. Because the research term has ended, as with the HSC programs, the parties’ exclusive research collaboration for limbal stem cells has ended, and Novartis has an exclusive license to research, develop and commercialize OSC products directed to a limited number of OSC targets. As part of the Novartis Amendment, Intellia rights to Novartis’ LNP technology were expanded to include use in all genome editing applications in both in vivo and ex vivo settings Term and Termination . The term of the 2014 Novartis Agreement expires on the later of (i) the expiration of Novartis’ payment obligations under the agreement and (ii) the date of expiration of the last-to-expire of the patent rights licensed to the Company or Novartis under the agreement. Novartis’ royalty payment obligations expire on a country-by-country and product-by-product basis upon the later of (i) the expiration of the last valid claim of the royalty-bearing patents covering such product in such country or (ii) ten years after the first commercial sale of such product in such country. The Company may terminate the agreement if Novartis or its affiliates institute a patent challenge against its IP rights, and all improvements thereto, licensed to Novartis under the agreement. Novartis may terminate the agreement, without cause, upon 90 days’ written notice to the Company subject to certain conditions and continuing obligations. Either party may terminate the agreement in the event of the other party’s uncured material breach or bankruptcy - or insolvency-related events. Accounting Analysis. The Company concluded that the 2014 Novartis Agreement and the Novartis Amendment are subject to ASC 606 and assessed its accounting for them accordingly . The Company evaluated the promised goods and services under the 2014 Novartis Agreement and determined that it had two performance obligations: (1) a combined performance obligation representing a series of distinct goods and services including the licenses to research, develop and commercialize HSC and LSC products and their associated research activities and the licenses to research, develop and commercialize CAR-T cell products and their associated research activities; and (2) the Preferred Units. The Company determined that the transaction price of the 2014 Novartis Agreement was $59.0 million consisting of the following consideration: (1) the upfront technology access payment of $10.0 million; (2) the additional technology access fees of $20.0 million; (3) the Company’s estimate of variable consideration of $20.0 million related to the quarterly research payments; and (4) the payment for the Preferred Units of $9.0 million. None of the clinical or regulatory milestones were included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon future regulatory progress and the licensee’s efforts. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur as they were determined to relate predominantly to the licenses granted to Novartis and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. The Company first allocated $11.6 million of the transaction price to the Preferred Units to record the Preferred Units purchased by Novartis at fair value. The Company then allocated the remaining $47.4 million of the transaction price to the remaining combined performance obligation of the licenses and associated research activities for HSC and CAR-T cell products. Revenue allocated to the combined performance obligation of the licenses and associated research activities for HSC and CAR-T cell products is being recognized using a time elapsed inputs method The Company determined that there is only one combined performance obligation identified under the Novartis Amendment, representing a series of distinct goods and services including the licenses to research, develop and commercialize products using LSCs and their associated research and development services related to the research, development and commercialization of products using LSCs, and allocated the $ 10.0 million transaction price accordingly. Revenue allocated to this performance obligation is being recognized using a time elapsed inputs method over a period of one year , which, in management’s judgment, is the best measure of progress towards satisfying the performance obligation as this method provides the most faithful depiction of the entity’s performance in transferring control of the goods and services promised to Novartis and represents the Company’s best estimate of the period of the obligation. Revenue Recognition: Collaboration Revenue. Through December 31, 2019, excluding amounts allocated to Novartis’ purchase of the Company’s Preferred Units, the Company had recorded a total of $57.4 million in cash and accounts receivable under the 2014 Novartis Agreement and the Novartis Amendment. Through December 31, 2019, the Company has recognized $57.4 million of collaboration revenue, including $18.5 million in the year ended December 31, 2019, $10.3 million in the year ended December 31, 2018, and $9.3 million in the year ended December 31, 2017, in the consolidated statements of operations and comprehensive loss related to the 2014 Novartis Agreement and the Novartis Amendment. As of December 31, 2019, the aggregate transaction price had been recognized in full. As of the periods ended December 31, 2019 and 2018, the Company had accounts receivable of $1.0 million and $6.0 million, respectively, related to this agreement. As of December 31, 2019, the Company had no deferred revenue related to this agreement . Regeneron Pharmaceuticals, Inc. In April 2016, the Company entered into a license and collaboration agreement with Regeneron (the “Regeneron Agreement”). Agreement Structure. The Regeneron Agreement has two principal components: i) a product development component under which the parties will research, develop and commercialize CRISPR/Cas-based therapeutic products primarily focused on genome editing in the liver, and ii) a technology collaboration component, pursuant to which the Company and Regeneron will engage in research and development activities aimed at discovering and developing novel technologies and improvements to CRISPR/Cas technology to enhance the Company’s genome editing platform. Under this agreement, the Company also may access the Regeneron Genetics Center and proprietary mouse models to be provided by Regeneron for a limited number of the Company’s liver programs. Scope of Collaboration. Under the terms of the six-year collaboration, Regeneron may obtain exclusive rights for up to ten targets to be chosen by Regeneron during the collaboration term, subject to a target selection process and various adjustments and limitations set forth in the agreement. Of these ten total targets, Regeneron may select up to five non-liver targets, while the remaining targets must be focused in the liver. Certain non-liver targets from the Company’s ongoing and planned research at the time, as well as any targets included in another of the Company’s collaborations, are excluded from this collaboration. At the inception of the agreement, Regeneron selected the first of its ten targets, transthyretin amyloidosis (“ATTR”), which is subject to a Co/Co agreement between the Company and Regeneron, the general terms and conditions for which were outlined within the Regeneron Agreement. Research Collaboration. Research activities under the collaboration will be governed by evaluation and research and development plans that will outline the parties’ responsibilities under, anticipated timelines of and budgets for, the various programs. The Company will assist Regeneron with the preliminary evaluation of its selected liver targets, and Regeneron will be responsible for preclinical research and conducting clinical development, manufacturing and commercialization of products directed to each of its exclusive targets. The Company may assist, as requested by Regeneron, with the later discovery and research of product candidates directed to any selected target. For each selected target, Regeneron is required to use commercially reasonable efforts to submit regulatory filings necessary to achieve IND acceptance for at least one product directed to each applicable target, and following IND acceptance for at least one product, to develop and commercialize such product. Reserved Liver Targets. The Company retains the exclusive right to solely develop products via CRISPR /Cas genome editing directed against certain specified genetic targets. During the collaboration term and subject to a target selection process, the Company has the right to choose additional liver targets for its own development using commercially reasonable efforts. Certain targets that either the Company or Regeneron select during the term may be subject to further Co/Co ag re ement s at the Company or Regeneron’s option, as applicable, which either can exercise pursuant to defined conditions . Governance. Under the Regeneron Agreement, the parties formed a joint steering committee, which is responsible for setting research objectives and overseeing the general strategies and research and development activities undertaken by the parties. Additionally, under the Co/Co agreement directed to ATTR (the “ATTR Co/Co”), the parties formed a Joint Development and Commercialization Committee (“JDCC”) to oversee all profit share products under the Co/Co agreement as discussed below. The JDCC has responsibility for overseeing the development, manufacture, regulatory matters, and commercialization (including pricing and reimbursement) of ATTR, as the first profit share product under the Regeneron agreement. Financial Terms. The Company received a nonrefundable upfront payment of $75.0 million. In addition, on Regeneron programs that are not subject to Co/Co agreements the Company may be eligible to earn, on a per-licensed target basis, (i) up to $25.0 million in development milestones, including for the dosing of the first patient in each of Phase I, Phase II and Phase III clinical trials, (ii) up to $110.0 million in regulatory milestones, including for the acceptance of a regulatory filing in the U.S., and for obtaining regulatory approval in the U.S. and in certain other identified countries, and (iii) up to $185.0 million in sales-based milestone payments. The Company is also eligible to earn royalties ranging from the high single digits to low teens, in each case, on a per-product basis, which royalties are potentially subject to various reductions and offsets and incorporate the Company’s existing low- to mid-single-digit royalty obligations under a license agreement with Caribou. Equity Investments. In connection with this collaboration, Regeneron purchased $50.0 million of the Company’s common stock in a private placement under a Stock Purchase Agreement concurrent with the Company’s initial public offering (“IPO”) . Term and Termination . The research collaboration term ends in April 2022, except that Regeneron may make a one-time payment of $25.0 million to extend the term for an additional two-year Co-Development and Co-Promotion Agreement. In July 2018, the Company and Regeneron finalized the form of the Co/Co agreement that will be used as the basis for each Co/Co agreement directed to a target. Simultaneously, the Company and Regeneron executed the Co/Co agreement directed to the first collaboration target, ATTR, for which the Company is the clinical and commercial Lead Party (see below) and Regeneron is the Participating Party (see below). Co-Development and Co-Promotion: Agreement Structure Under the Regeneron Agreement, Regeneron has the right to exercise at least five options to enter into a Co/Co agreement for the Company’s liver targets (other than the Company’s reserved liver targets), while the Company may exercise at least one option to enter into a Co/Co agreement for Regeneron’s liver targets, the exact number of options being subject to certain conditions of the target selection process. Each option to enter into a Co/Co agreement must be exercised (or forfeited) once a target reaches a defined preclinical stage. Within 15 days of exercising the option, the party exercising the option must pay $1.5 million to the other party as compensation for prior work. The ATTR program was exempted from this payment. One party will be the “Lead Party” and the other party the “Participating Party”. The Lead Party shall have control and primary responsibility for the development, manufacturing, regulatory and commercial activities. The Participating Party shall have the right to consult on these activities through its participation on the JDCC and will have the right to co-fund development and commercialization activities in exchange for a share of profits. In general, under each Co/Co agreement, the parties will share equally in worldwide development costs and profits of any future products. Prior to reaching a specific development milestone, the Participating Party may elect to reduce its share of worldwide development costs and profits by 50%. Co-Development and Co-Promotion: Termination. Either party may terminate by providing 180 days written notice. If the Company terminates, the product becomes a Regeneron product, and is subject to all future milestone and royalty payment obligations under the Regeneron Agreement. If Regeneron terminates and has contributed at least $5 million in development costs under the Co/Co agreement, the Company will pay low- to mid-single digit royalties on the net sales of the product, depending on co-funding percentage, stage at termination and, if any, Regeneron IP incorporated into the product. Accounting Analysis. The Company determined that the Regeneron Agreement is within the scope of ASC 606. The Company evaluated the promised goods and services under the Regeneron Agreement and determined that the Regeneron Agreement included three performance obligations: (1) a combined performance obligation including the licenses to targets and the associated research activities and evaluation plans; (2) a combined performance obligation including the technology collaboration and associated research activities; and (3) the common stock. The Company also concluded that the ATTR Co/Co agreement meets the definition of a collaborative arrangement per ASC 808, which is outside of the scope of ASC 606. Since ASC 808 does not provide recognition and measurement guidance for collaborative arrangements, the Company has analogized to ASC 606. As such, the Company classifies payments received or made under the cost sharing provisions of the ATTR Co/Co agreement as a component of revenues in the consolidated statements of operations and comprehensive loss. Under the Regeneron Agreement, the Company determined that the transaction price was $125.0 million, consisting of the following consideration: (1) the nonrefundable upfront payment of $75.0 million; and (2) the payment for the common stock of $50.0 million. None of the clinical or regulatory milestones were included in the transaction price, as all milestone amounts were fully constrained. As part its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future regulatory progress and the licensee’s efforts. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur as they were determined to relate predominantly to the licenses granted to Regeneron and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and when events whose outcome are resolved or other changes in circumstances occur. The Company first allocated $50.0 million of the transaction price to the common stock. . using a time elapsed inputs method as this method provides the most faithful depiction of the entity’s performance in transferring control of the goods and services promised to Regeneron using a time elapsed inputs method as this method provides the most faithful depiction of the entity’s performance in transferring control of the goods and services promised to Regeneron . Revenue Recognition: Collaboration Revenue. Through December 31, 2019, excluding the amounts allocated to Regeneron’s purchase of the Company’s common stock, the Company recorded a $75.0 million upfront payment and $24.1 million for research and development services under the Regeneron Agreement. As of December 31, 2019, there was approximately $28.8 million of the aggregate transaction price remaining to be recognized, which will be recognized ratably through April 2022. As of December 31, 2019 and 2018, the Company had deferred revenue of $28.8 million and $41.4 million, respectively, and accounts receivable of $3.6 million and $1.5 million, respectively, related to this arrangement. Through December 31, 2019, the Company has recognized $70.3 million, including $24.6 million, $20.1 million and $16.8 million of collaboration revenue in the years ended December 31, 2019, 2018 and 2017, respectively, in the consolidated statements of operations and comprehensive loss related to this arrangement. This includes $12.0 million, $7.5 million, and $4.1 million representing payments from Regeneron pursuant to the ATTR Co/Co agreement, which is accounted for under ASC 808.

Leases

Leases12 Months Ended
Dec. 31, 2019
Leases [Abstract]
Leases1 0 .
Leases In October 2014, the Company entered into an agreement to lease office and laboratory space at 130 Brookline Street in Cambridge, Massachusetts under an operating lease agreement with a term through January 2020, with an option to extend the term of the lease for an additional five-year January 2025 In applying the ASC 842 transition guidance, the Company retained the classification of this lease as operating and recorded a lease liability and a right-of-use asset on the ASC 842 effective date with the five-year 2021 , with two options to extend the agreement by one year each, for a total option period of up to two years . Upon commencement of the lease in April 2019, the Company recognized a right-of-use asset and lease liability of approximately $ 1.3 million. In January 2016, the Company entered into a ten-year Throughout the term of its leases, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. The variable portion of these costs are expensed as incurred and are disclosed as variable lease cost. The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2019:
Year Ended
December 31, 2019
(in thousands)
Lease cost
Operating lease cost
$
7,431
Short-term lease cost
53
Variable lease cost
2,218
Total lease cost
$
9,702
Year Ended
December 31, 2019
(in thousands)
Other information
Operating cash flows used for operating leases
$
6,476
Operating lease liabilities arising from obtaining right-of-use assets
2,554
As of December 31, 2019
Lease term and discount rate
Weighted average remaining lease term
3.0 years
Weighted average discount rate
9.00%
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in the consolidated balance sheet as of December 31, 2019:
Future Operating Lease Payments
Year Ending December 31,
(in thousands)
2020
$
7,113
2021
7,350
2022
4,733
2023
871
2024
871
Thereafter
73
Total lease payments
$
21,011
Less: imputed interest
(2,636
)
Total operating lease liabilities at December 31, 2019
$
18,375
Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2018, are as follows:
Year Ending December 31,
(In
2019
$
5,616
2020
4,963
2021
5,507
2022
3,861
$
19,947

Equity-Based Compensation

Equity-Based Compensation12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation1 1 .
Equity-Based Compensation In April 2016, the Company adopted the Amended and Restated 2015 Stock Option and Incentive Plan (the “2015 Plan”). The 2015 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. Recipients of incentive stock options and non-qualified stock options are eligible to purchase shares of the Company’s common stock at an exercise price equal to the fair value of such stock on the grant date. Stock options granted under the 2015 Plan generally vest 25% on the first anniversary of the original vesting date, with the balance vesting monthly over the remaining three years, unless they contain specific performance-based vesting provisions. The maximum term of stock options granted under the 2015 Plan is ten years. As of December 31, 2019, there were 2,655,673 shares available for future issuance. The number of shares reserved for issuance under the 2015 Plan shall be cumulatively increased by four percent of the number of shares of stock issued and outstanding on the immediately preceding December 31 or such lesser number of shares of stock as determined by the board of directors Equity-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows:
Year Ended December 31,
2019
2018
2017
(In thousands)
Research and development
$
6,986
$
8,994
$
7,280
General and administrative
8,105
8,052
8,042
Total
$
15,091
$
17,046
$
15,322
Restricted Stock Restricted stock is measured at fair value based on the quoted price of the Company’s common stock. The following table summarizes the Company’s restricted stock activity for the year ended December 31, 2019:
Number of Shares
Weighted Average Grant Date Fair Value per Share
Unvested restricted stock as of December 31, 2018
109,073
$
15.53
Granted
-
-
Vested
(37,198
)
1.34
Cancelled
-
-
Unvested restricted stock as of December 31, 2019
71,875
$
22.88
The weighted average grant date fair value of restricted stock, was $22.98 for restricted stock granted during 2018. There was no restricted stock granted in 2017 or 2019. As of December 31, 2019, there was $0.2 million of unrecognized equity-based compensation expense related to restricted stock that is expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 1.0 year. All o f the unvested restricted stock outstanding as of December 31, 2019 are performance-based restricted stock units that vest upon obtaining certain scientific, financial and regulatory milestones through 2020. These Stock Options The weighted average grant date fair value of options, estimated as of the grant date using the Black-Scholes option pricing model, was $9.21 per option for options granted during the year ended December 31, 2019, $15.05 per option for options granted during the year ended December 31, 2018 and $12.43 per option for options granted during the year ended December 31, 2017. The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of stock options exercised during the year ended December 31, 2019, 2018 and 2017 was $2.3 million, $18.0 million, and $1.6 million, respectively. Key assumptions used to apply this pricing model were as follows:
Year Ended December 31,
2019
2018
2017
Risk-free interest rate
2.1
%
2.7
%
2.0
%
Expected life of options
6.0 years
6.0 years
6.0 years
Expected volatility of underlying stock
68.1
%
87.1
%
93.9
%
Expected dividend yield
0.0
%
0.0
%
0.0
% Risk-free Interest Rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with maturities approximately equal to the option’s expected term. Expected Dividend Yield. The expected dividend yield assumption is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. Expected Volatility. The expected volatility was derived from a blend of average historical stock volatilities of several unrelated public companies within the Company’s industry and the Company’s historical volatility, both over a period equivalent to the expected term of the stock option grants. Expected Term. The expected term represents the period that stock options awards are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate the expected term. The Company uses the market closing price of its common stock as reported on the Nasdaq Global Select Market to determine the fair value of the shares of common stock underlying stock options. The following is a summary of stock option activity for the year ended December 31, 201 9 :
Number of Options
Weighted Average Exercise Price per Share
Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value
(In years)
(In thousands)
Outstanding at December 31, 2018
5,037,663
$
15.63
Granted
1,220,613
14.90
Exercised
(364,404
)
8.47
Forfeited
(527,901
)
18.50
Outstanding at December 31, 2019
5,365,971
$
15.67
7.86
$
9,082
Exercisable at December 31, 2019
2,578,717
$
14.11
6.92
$
8,017
As of December 31, 2019, there was $28.2 million of unrecognized compensation cost related to stock options that have not yet vested. These costs are expected to be recognized over a weighted average remaining vesting period of 2.5 years. Of the unvested stock options outstanding as of December 31, 2019, 213,750 obtaining certain scientific, financial and regulatory milestones through 2020 are not included in computing the diluted (loss) earnings per share because the performance criteria had not been met as of the end of the reporting period

Loss Per Share

Loss Per Share12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]
Loss Per Share1 2 .
Loss Per Share Basic and diluted loss per share was calculated as follows:
Year Ended December 31,
2019
2018
2017
(In thousands)
Net loss
$
(99,533
)
$
(85,343
)
$
(67,543
)
Weighted average shares outstanding, basic and diluted
47,247
43,069
36,006
Net loss per share, basic and diluted
$
(2.11
)
$
(1.98
)
$
(1.88
) The following common stock equivalents were excluded from the calculation of diluted loss per share in 2019, 2018 and 2017 because their inclusion would have been anti-dilutive:
Year Ended December 31,
2019
2018
2017
(In thousands)
Unvested restricted stock
72
109
480
Stock options
5,366
5,038
4,705
5,438
5,147
5,185

Stockholders_ Equity

Stockholders’ Equity12 Months Ended
Dec. 31, 2019
Equity [Abstract]
Stockholders’ Equity1 3 .
Stockholders’ Equity On May 11, 2016, the Company completed an IPO of its common stock, which resulted in the sale of 6,900,000 shares, including all additional shares available to cover over-allotments, at a price of $18.00 per share. In connection with the closing of the IPO, all of the Company’s outstanding convertible preferred stock automatically converted to common stock at a one-for-0.6465903 ratio as of May 11, 2016, resulting in an additional 23,481,956 shares of common stock of the Company becoming outstanding. In addition, the Company issued a total of 3,055,554 shares of common stock for $55.0 million in two separate, concurrent private placements upon the closing of the IPO. On November 1, 2017, the Company entered into an underwriting agreement related to a public offering of 6,250,000 shares of the Company’s common stock, par value $0.0001 per share. The offering closed on November 6, 2017 and the Company received net proceeds of $141.0 million, after deducting underwriting discounts. At-the-Market Offering Programs On October 12, 2018, the Company filed a Registration Statement on Form S-3 (the “2018 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, warrants and units of any combination thereof for the purposes of selling, from time to time, its common stock, convertible securities or other equity securities in one or more offerings. The Company also simultaneously entered into an Open Market Sale Agreement (the “2018 Sales Agreement”) with Jefferies LLC (the “Sales Agent”), to provide for the offering, issuance and sale by the Company of up to an aggregate amount of $100.0 million of its common stock from time to time in “at-the-market” offerings under the 2018 Shelf and subject to the limitations thereof. The Company paid to the Sales Agent cash commissions of 3.0% of the gross proceeds of sales of common stock under the 2018 Sales Agreement. 4,231,348 16.57 67.8 0.2 ember On August 23, 2019, the Company filed a Registration Statement on Form S-3, as amended (the “2019 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, warrants and units of any combination thereof. The Company also simultaneously entered into an Open Market Sale Agreement (the “2019 Sales Agreement”) with the Sales Agent, to provide for the offering, issuance and sale by the Company of up to an aggregate amount of $150.0 million of its common stock from time to time in “at-the-market” offerings under the 2019 Shelf and subject to the limitations thereof. The Company agreed to pay to the Sales Agent cash commissions of 3.0% of the gross proceeds of sales of common stock under the 2019 Sales Agreement. During the year ended December 31, 2019, the Company issued 287,231 16.48 4.4 0.2 . ember 145.3

Related Party Transactions

Related Party Transactions12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions1 4 .
Related Party Transactions Novartis Institutes for Biomedical Research In connection with its entry into the collaboration and license agreement and related equity transactions with Novartis, in 2015 the Company issued Novartis capital stock, and in May 2016, Novartis acquired 277,777 shares of the Company’s common stock in a private placement transaction concurrent with the Company’s IPO. Novartis owned less than 10% of the Company’s voting interests as of December 31, 2019. Refer to Note 9 for additional information regarding this collaboration agreement. The Company recognized collaboration revenue of $18.5 million, $10.3 million and $9.3 million in the years ended December 31, 2019, 2018 and 2017, respectively, related to this agreement. As of the periods ended December 31, 2019 and 2018, the Company had recorded accounts receivable of $1.0 million and $6.0 million related to this collaboration. There was no deferred revenue related to this collaboration at December 31, 2019. As of the period ended December 31, 2018, the Company had deferred revenue of $14.5 million related to this collaboration. Research Material Supplier In the ordinary course of business, the Company may purchase materials or supplies from entities that are associated with a party that meets the criteria of a related party of the Company. These transactions are reviewed quarterly and to date have not been material to the Company’s consolidated financial statements.

401(k) Plan

401(k) Plan12 Months Ended
Dec. 31, 2019
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]
401(k) Plan1 5 .
401(k) Plan In 2015, the Company established the Intellia Therapeutics, Inc. 401(k) Plan (the “401(k) Plan”) for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. The Company makes matching contributions of 50% of the first 6% of employee contributions. The Company made matching contributions of $ 0.8 million and $0.6 million for the years ended December 31, 2019 and 2018, respectively

Unaudited Quarterly Results

Unaudited Quarterly Results12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Unaudited Quarterly Results1 6 .
Unaudited Quarterly Results The results of operations on a quarterly basis for the years ended December 31, 2019 and 2018 are set forth below:
March 31, 2019
June 30, 2019
September 30, 2019
December 31, 2019
(Amounts in thousands except per share data)
Collaboration revenue
$
10,433
$
11,118
$
10,616
$
10,936
Operating expenses:
Research and development
23,709
25,460
27,513
31,731
General and administrative
10,533
13,118
8,431
8,976
Total operating expenses
34,242
38,578
35,944
40,707
Operating loss
(23,809
)
(27,460
)
(25,328
)
(29,771
)
Interest income
1,869
1,777
1,694
1,495
Net loss
$
(21,940
)
$
(25,683
)
$
(23,634
)
$
(28,276
)
Net loss per share, basic and diluted
$
(0.49
)
$
(0.56
)
$
(0.49
)
$
(0.57
)
Weighted average shares outstanding, basic and diluted
45,234
45,814
48,554
49,350
March 31, 2018
June 30, 2018
September 30, 2018
December 31, 2018
(Amounts in thousands except per share data)
Collaboration revenue
$
7,469
$
7,677
$
7,408
$
7,880
Operating expenses:
Research and development
22,493
23,467
23,237
19,918
General and administrative
7,406
7,805
8,270
8,708
Total operating expenses
29,899
31,272
31,507
28,626
Operating loss
(22,430
)
(23,595
)
(24,099
)
(20,746
)
Interest income
1,074
1,376
1,397
1,680
Net loss
$
(21,356
)
$
(22,219
)
$
(22,702
)
$
(19,066
)
Net loss per share, basic and diluted
$
(0.51
)
$
(0.52
)
$
(0.53
)
$
(0.43
)
Weighted average shares outstanding, basic and diluted
42,043
42,836
43,161
44,215

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation The consolidated financial statements include the accounts of Intellia Therapeutics, Inc. and its wholly owned, controlled subsidiary, Intellia Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. Comprehensive loss is comprised of net loss and gain/loss on marketable securities.
Use of EstimatesUse of Estimates The preparation of the Company’s consolidated financial statements in accordance with accounting principles generally accepted (“GAAP”) in the United States of America (“U.S.”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of collaboration revenue and expenses during the reporting periods. Significant estimates in these consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses and equity-based compensation expense. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.
Fair Value MeasurementsFair Value Measurements The Company’s financial instruments include cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The Company’s financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models and observable market inputs to determine value . Refer to Note 4 for further information regarding the Company’s fair value measurements. Other financial instruments, including accounts receivable , accounts payable and accrued expenses , are carried at cost, which approximate fair value due to the short duration and term to maturity .
Cash EquivalentsCash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. As of December 31, 2019 and 2018, cash equivalents consisted of interest-bearing money market accounts.
Marketable SecuritiesMarketable Securities The Company’s marketable securities are accounted for as available-for-sale and recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity. Refer to Note 3 for further information regarding the Company’s marketable securities.
Concentrations of Credit RiskConcentrations of Credit Risk The Company’s cash, cash equivalents and marketable securities may potentially be subject to concentrations of credit risk. The Company generally maintains balances in various accounts in excess of federally insured limits with financial institutions that management believes to be of high credit quality. Accounts receivable represent amounts due from collaboration partners. The Company monitors economic conditions to identify facts or circumstances that may indicate that any of its accounts receivable are at risk of collection. As of December 31, 2019 and 2018, the Company’s two collaboration partners, Regeneron Pharmaceuticals, Inc. (“Regeneron”) and Novartis Institutes for BioMedical Research, Inc. (“Novartis”), accounted for all of the Company’s accounts receivable.
Property and EquipmentProperty and Equipment The Company records property and equipment at cost and recognizes depreciation and amortization using the straight-line method over the following estimated useful lives of the respective assets:
Asset Category
Useful Life
Laboratory equipment
5 years
Office furniture and equipment
5 years
Computer software
3 years
Computer equipment
3 years
Leasehold improvements
5 years or term of respective lease, if shorter Expenditures for repairs and maintenance of assets are expensed as incurred. Upon retirement or sale, the cost of assets disposed and the corresponding accumulated depreciation are removed from the related accounts and any resulting gain or loss is reflected in the results of operations.
Impairment of Long-Lived AssetsImpairment of Long-Lived Assets The Company tests long-lived assets to be held and used, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of assets or asset groups may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. Evaluation of recoverability of the asset or asset group is based on an estimate of undiscounted future cash flows resulting from the use of the asset or asset group and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset or asset group, the assets are written down to their estimated fair values. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any material impairment losses on long-lived assets.
Income TaxesIncome Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes and for operating loss and tax credit carryforwards. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company’s deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that all or a portion of the deferred tax asset will not be realized. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings results, expectations of future taxable income, carryforward periods available and other relevant factors. The Company records changes in the required valuation allowance in the period that the determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available as of the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in the financial statements. The Company records interest and penalties related to uncertain tax positions, if applicable, as a component of income tax expense.
Revenue RecognitionRevenue Recognition The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition At inception, the Company determines whether contracts are within the scope of ASC 606 or other topics. For contracts that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, the Company applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when the Company determines that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract. To the extent a contract includes multiple promised goods and services, the Company applies judgment to determine whether promised goods and services are both capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method, depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes. Determining the transaction price requires significant judgment, which is discussed in further detail for each of the Company’s collaboration agreements in Note 9. In addition, none of the Company’s contracts as of December 31, 2019 contained a significant financing component. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct service that forms part of a single performance obligation. The consideration to be received is allocated among the separate performance obligations based on relative standalone selling prices. The Company typically determines standalone selling prices using an adjusted market assessment approach model. The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized over time if either (i) the customer simultaneously receives and consumes the benefits provided by the entity’s performance, (ii) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (iii) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. As of December 31, 2019, the Company’s only revenue recognized is related to collaboration agreements with third parties which are either within the scope of ASC 606, under which the Company licenses certain rights to its product candidates to third parties, or within the scope of ASC 808, Collaborative Arrangements Licenses of intellectual property: If the license to the Company’s IP is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from consideration allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the licenses. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Milestone payments: At the inception of each arrangement that includes development milestone payments, the Company evaluates the probability of reaching the milestones and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur in the future, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore revenue recognized is constrained as management is unable to assert that a reversal of revenue would not be possible. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint and , if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on levels of sales, if the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its collaboration agreements. The Company receives payments from its customers based on billing schedules established in each contract. The Company’s contract liabilities consist of deferred revenue. Upfront payments and fees are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company satisfies its obligations under these arrangements. The Company also considers the nature and contractual terms of an arrangement and assesses whether the arrangement involves a joint operating activity pursuant to which the Company is an active participant and is exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and is exposed to the significant risks and rewards with respect to the arrangement, the Company accounts for the arrangement under ASC 808 .
Research and Development ExpensesResearch and Development Expenses Research and development costs are expensed as incurred. Research and development expenses consist of salaries, equity-based compensation and benefits of employees, lab supplies and materials, facilities expenses, overhead expenses, fees paid to subcontractors and contract research organizations and other external expenses. The Company records payments made for research and development services prior to the services being rendered as prepaid expense on the consolidated balance sheet and expenses them as the services are provided. Contracts for multi-year research and development services are recorded on a straight-line basis over each annual contractual period based on the total contractual fee when the services rendered are expected to be substantially equivalent over the term of the arrangement. The cost of obtaining licenses for certain technology or IP is recorded to research and development expense when incurred if the licensed technology or IP has not yet reached technological feasibility and has no alternative future use.
Equity-Based CompensationEquity-Based Compensation The Company measures employee equity-based compensation based on the grant date fair value of the equity awards using the Black-Scholes option pricing model. Equity-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards and is adjusted for pre-vesting forfeitures in the period in which the forfeitures occur. For equity awards that have a performance condition, the Company recognizes compensation expense based on its assessment of the probability that the performance condition will be achieved. The Company classifies equity-based compensation expense in its consolidated statement of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified.
(Loss) Earnings per Share(Loss) Earnings per Share The Company calculates basic (loss) earnings per share by dividing (loss) income by the weighted average number of common shares outstanding. The Company computes diluted (loss) earnings per share after giving consideration to the dilutive effect of stock options and unvested restricted stock that are outstanding during the period, except where such non-participating securities would be anti-dilutive.
Segment InformationSegment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s one business segment is the development of genome editing-based therapies. All of the Company’s assets are held in the U.S. and all of the Company’s revenue has been generated in the U.S.
Recent Accounting Pronouncements - AdoptedRecent Accounting Pronouncements – Adopted Leases Effective January 1, 2019, the Company adopted ASC 842, Leases Leases At the inception of an arrangement, the Company determines whether an arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the consolidated balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company has elected not to recognize leases with terms of 12 months or less on the consolidated balance sheets. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plans to renew its material leases on a quarterly basis. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in the Company’s leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. In its transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. In accordance with ASC 842, components of a lease should be allocated between lease components (e.g., land, building, etc.) and non-lease components (e.g., common area maintenance, consumables, etc.). The fixed and in-substance fixed contract consideration must be allocated based on the respective relative fair values to the lease components and non-lease components. Although separation of lease and non-lease components is otherwise required, an expedient is available whereby the entity may account for each lease component and related non-lease component together as a single lease component. For new and amended leases for office and laboratory space beginning in 2019 and after, the Company has elected to account for the lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. ASC 842 provides several optional practical expedients in transition. The Company elected the package of practical expedients which allows the Company to not reassess its existing conclusions on lease identification, classification, and initial direct costs. Further, the Company elected the hindsight practical expedient and utilized the short-term lease exemption for all leases with an original term of 12 months or less, for purposes of applying the recognition and measurement requirements of the new standard. The Company also elected the practical expedient which allows it to not separate lease and non-lease components for all its current office and laboratory leases. The adoption of the new standard on January 1, 2019 resulted in the recognition of operating lease liabilities of $20.6 million, and right-of-use assets of $22.3 million on the Company’s consolidated balance sheet relating to its leases. Further, an adjustment to retained earnings of $0.3 million was recognized due to the use of hindsight being applied in updating the lease term for the Company’s property leases. The adoption of the standard did not have a material effect on the Company’s consolidated statements of operations and comprehensive loss or consolidated statements of cash flows Refer to Note 10 for the Company’s current lease commitments. In June 2018, the Financial Accounting Standards Board (“FASB”) issued 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which simplified the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. have a material effect on the Company’s consolidated financial statements.
Recent Accounting Pronouncements – Issued but not yet adoptedRecent Accounting Pronouncements – Issued but not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . In August 2018, the FASB Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Property and Equipment at Cost and Recognizes Depreciation and Amortization Using the Straight-Line Method Over Estimated Useful LivesThe Company records property and equipment at cost and recognizes depreciation and amortization using the straight-line method over the following estimated useful lives of the respective assets:
Asset Category
Useful Life
Laboratory equipment
5 years
Office furniture and equipment
5 years
Computer software
3 years
Computer equipment
3 years
Leasehold improvements
5 years or term of respective lease, if shorter

Marketable Securities (Tables)

Marketable Securities (Tables)12 Months Ended
Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Summary of Available-for-sale Marketable SecuritiesThe following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2019 and 2018 at net book value:
December 31, 2019
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
(In thousands)
Marketable securities:
U.S. Treasury securities
$
159,361
$
142
$
(1
)
$
159,502
Financial institution debt securities
40,173
105
-
40,278
Corporate debt securities
18,966
1
-
18,967
Other asset-backed securities
8,485
14
-
8,499
Total
$
226,985
$
262
$
(1
)
$
227,246
December 31, 2018
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
(In thousands)
Marketable securities:
U.S. Treasury securities
$
165,959
$
2
$
(13
)
$
165,948
Financial institution debt securities
65,436
1
(17
)
65,420
Corporate debt securities
23,836
-
(1
)
23,835
Total
$
255,231
$
3
$
(31
)
$
255,203

Fair Value Measurements (Tables

Fair Value Measurements (Tables)12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]
Summary of Financial Assets Recognized at Fair Value on Recurring BasisAs of December 31, 2019 and 2018, the Company’s financial assets recognized at fair value on a recurring basis consisted of the following:
Fair Value as of December 31, 2019
Total
Level 1
Level 2
Level 3
(In thousands)
Cash equivalents
$
46,917
$
46,917
$
-
$
-
Marketable securities:
U.S. Treasury securities
159,502
159,502
-
-
Financial institution debt securities
40,278
-
40,278
-
Corporate debt securities
18,967
-
18,967
-
Other asset-backed securities
8,499
-
8,499
-
Total marketable securities
227,246
159,502
67,744
-
Total
$
274,163
$
206,419
$
67,744
$
-
Fair Value as of December 31, 2018
Total
Level 1
Level 2
Level 3
(In thousands)
Cash equivalents
$
45,986
$
45,986
$
-
$
-
Marketable securities:
U.S. Treasury securities
165,948
165,948
-
-
Financial institution debt securities
65,420
-
65,420
-
Corporate debt securities
23,835
-
23,835
-
Total marketable securities
255,203
165,948
89,255
-
Total
$
301,189
$
211,934
$
89,255
$
-

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)12 Months Ended
Dec. 31, 2019
Property Plant And Equipment [Abstract]
Schedule of Property and EquipmentProperty and equipment, net consisted of the following:
December 31,
2019
2018
(in thousands)
Laboratory equipment
$
27,199
$
22,453
Office furniture and equipment
1,121
960
Computer equipment
1,051
929
Leasehold improvements
1,474
898
Computer software
1,019
433
Total property and equipment
31,864
25,673
Less: accumulated depreciation and amortization
(13,868
)
(8,612
)
Property and equipment, net
$
17,996
$
17,061

Accrued Expenses (Tables)

Accrued Expenses (Tables)12 Months Ended
Dec. 31, 2019
Payables And Accruals [Abstract]
Schedule of Accrued ExpensesAccrued expenses consisted of the following:
December 31, 2019
December 31, 2018
(In thousands)
Employee compensation and benefits
$
6,311
$
6,175
Accrued research and development
4,208
2,328
Accrued legal and professional expenses
1,563
1,633
Accrued other
1,191
606
Total accrued expenses
$
13,273
$
10,742

Income Taxes (Tables)

Income Taxes (Tables)12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of the Federal Statutory Income Tax Rate and the Company's Effective Income Tax RateA reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows:
Year Ended December 31,
2019
2018
2017
Federal statutory income tax rate
(21.0
)%
(21.0
)%
(34.0
)%
State income taxes
(8.9
)
(8.6
)
(6.9
)
Research and development tax credits
(5.1
)
(4.7
)
(3.4
)
Stock-based compensation
1.2
(0.6
)
3.6
Change in U.S. tax rate
-
-
18.7
Change in valuation allowance
33.8
34.9
22.0
Effective income tax rate
-
%
-
%
-
%
Summary of Company's Net Deferred Tax Assets (Liabilities)The Company’s net deferred tax assets (liabilities) consisted of the following:
December 31,
2019
2018
(in thousands)
Deferred tax assets:
Intangibles, including acquired in-process research and development
$
1,091
$
1,201
Capitalized start-up costs
421
463
Net operating loss carryforwards
63,245
34,234
Research and development credit carryforwards
19,417
11,766
Operating lease liability
5,008
-
Deferred revenue
7,843
12,199
Equity-based compensation
7,092
4,064
Accruals and allowances
1,245
1,359
Gross deferred tax assets
105,362
65,286
Deferred tax asset valuation allowance
(98,513
)
(64,046
)
Total deferred tax assets
6,849
1,240
Deferred tax liabilities:
Fixed assets
(1,633
)
(1,240
)
Operating lease right-of-use assets
(5,216
)
-
Total deferred tax liabilities
(6,849
)
(1,240
)
Net deferred tax asset (liability)
$
-
$
-

Collaborations (Tables)

Collaborations (Tables)12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Changes in Accounts Receivable and Contract LiabilitiesThe following table presents changes in the Company’s accounts receivable and contract liabilities during the years ended December 31, 2019 and 2018 (in thousands):
Balance at Beginning of Period
Additions
Deductions
Balance at End of Period
Year Ended December 31, 2019
Accounts receivable
$
7,547
$
15,999
$
(18,926
)
$
4,620
Contract liabilities:
Deferred revenue
$
55,932
$
4,000
$
(31,122
)
$
28,810
Balance at Beginning of Period
Additions
Deductions
Balance at End of Period
Year Ended December 31, 2018
Accounts receivable
$
10,471
$
16,498
$
(19,422
)
$
7,547
Contract liabilities:
Deferred revenue
$
59,868
$
19,000
$
(22,936
)
$
55,932
Summary of Revenues Recognized Resulting From Changes in Contract Liability BalanceDuring the years ended December 31, 2019 and 2018, the Company recognized the following revenues as a result of changes in the contract liability balance (in thousands):
Revenue recognized in the period from:
Year Ended December 31, 2019
Year Ended December 31, 2018
Amounts included in the contract liability at the beginning of the period
$
27,122
$
22,936

Leases (Tables)

Leases (Tables)12 Months Ended
Dec. 31, 2019
Leases [Abstract]
Summary of Lease Costs and Other InformationThe following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2019:
Year Ended
December 31, 2019
(in thousands)
Lease cost
Operating lease cost
$
7,431
Short-term lease cost
53
Variable lease cost
2,218
Total lease cost
$
9,702
Year Ended
December 31, 2019
(in thousands)
Other information
Operating cash flows used for operating leases
$
6,476
Operating lease liabilities arising from obtaining right-of-use assets
2,554
As of December 31, 2019
Lease term and discount rate
Weighted average remaining lease term
3.0 years
Weighted average discount rate
9.00%
Schedule of Reconciliation of Undiscounted Cash Flows for Operating Lease Liabilities / Future Minimum Lease PaymentsThe table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in the consolidated balance sheet as of December 31, 2019:
Future Operating Lease Payments
Year Ending December 31,
(in thousands)
2020
$
7,113
2021
7,350
2022
4,733
2023
871
2024
871
Thereafter
73
Total lease payments
$
21,011
Less: imputed interest
(2,636
)
Total operating lease liabilities at December 31, 2019
$
18,375
Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2018, are as follows:
Year Ending December 31,
(In
2019
$
5,616
2020
4,963
2021
5,507
2022
3,861
$
19,947

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Equity-Based Compensation ExpenseEquity-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows:
Year Ended December 31,
2019
2018
2017
(In thousands)
Research and development
$
6,986
$
8,994
$
7,280
General and administrative
8,105
8,052
8,042
Total
$
15,091
$
17,046
$
15,322
Summary of Restricted Stock ActivityThe following table summarizes the Company’s restricted stock activity for the year ended December 31, 2019:
Number of Shares
Weighted Average Grant Date Fair Value per Share
Unvested restricted stock as of December 31, 2018
109,073
$
15.53
Granted
-
-
Vested
(37,198
)
1.34
Cancelled
-
-
Unvested restricted stock as of December 31, 2019
71,875
$
22.88
Summary of Weighted Average Assumptions Used to Compute Fair Value of Option GrantedKey assumptions used to apply this pricing model were as follows:
Year Ended December 31,
2019
2018
2017
Risk-free interest rate
2.1
%
2.7
%
2.0
%
Expected life of options
6.0 years
6.0 years
6.0 years
Expected volatility of underlying stock
68.1
%
87.1
%
93.9
%
Expected dividend yield
0.0
%
0.0
%
0.0
%
Summary of Stock Option ActivityThe following is a summary of stock option activity for the year ended December 31, 201 9 :
Number of Options
Weighted Average Exercise Price per Share
Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value
(In years)
(In thousands)
Outstanding at December 31, 2018
5,037,663
$
15.63
Granted
1,220,613
14.90
Exercised
(364,404
)
8.47
Forfeited
(527,901
)
18.50
Outstanding at December 31, 2019
5,365,971
$
15.67
7.86
$
9,082
Exercisable at December 31, 2019
2,578,717
$
14.11
6.92
$
8,017

Loss Per Share (Tables)

Loss Per Share (Tables)12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per ShareBasic and diluted loss per share was calculated as follows:
Year Ended December 31,
2019
2018
2017
(In thousands)
Net loss
$
(99,533
)
$
(85,343
)
$
(67,543
)
Weighted average shares outstanding, basic and diluted
47,247
43,069
36,006
Net loss per share, basic and diluted
$
(2.11
)
$
(1.98
)
$
(1.88
)
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common ShareThe following common stock equivalents were excluded from the calculation of diluted loss per share in 2019, 2018 and 2017 because their inclusion would have been anti-dilutive:
Year Ended December 31,
2019
2018
2017
(In thousands)
Unvested restricted stock
72
109
480
Stock options
5,366
5,038
4,705
5,438
5,147
5,185

Unaudited Quarterly Results (Ta

Unaudited Quarterly Results (Tables)12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Results of Operations on Quarterly BasisThe results of operations on a quarterly basis for the years ended December 31, 2019 and 2018 are set forth below:
March 31, 2019
June 30, 2019
September 30, 2019
December 31, 2019
(Amounts in thousands except per share data)
Collaboration revenue
$
10,433
$
11,118
$
10,616
$
10,936
Operating expenses:
Research and development
23,709
25,460
27,513
31,731
General and administrative
10,533
13,118
8,431
8,976
Total operating expenses
34,242
38,578
35,944
40,707
Operating loss
(23,809
)
(27,460
)
(25,328
)
(29,771
)
Interest income
1,869
1,777
1,694
1,495
Net loss
$
(21,940
)
$
(25,683
)
$
(23,634
)
$
(28,276
)
Net loss per share, basic and diluted
$
(0.49
)
$
(0.56
)
$
(0.49
)
$
(0.57
)
Weighted average shares outstanding, basic and diluted
45,234
45,814
48,554
49,350
March 31, 2018
June 30, 2018
September 30, 2018
December 31, 2018
(Amounts in thousands except per share data)
Collaboration revenue
$
7,469
$
7,677
$
7,408
$
7,880
Operating expenses:
Research and development
22,493
23,467
23,237
19,918
General and administrative
7,406
7,805
8,270
8,708
Total operating expenses
29,899
31,272
31,507
28,626
Operating loss
(22,430
)
(23,595
)
(24,099
)
(20,746
)
Interest income
1,074
1,376
1,397
1,680
Net loss
$
(21,356
)
$
(22,219
)
$
(22,702
)
$
(19,066
)
Net loss per share, basic and diluted
$
(0.51
)
$
(0.52
)
$
(0.53
)
$
(0.43
)
Weighted average shares outstanding, basic and diluted
42,043
42,836
43,161
44,215

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Property and Equipment at Cost and Recognizes Depreciation and Amortization Using the Straight-Line Method Over Estimated Useful Lives (Detail)12 Months Ended
Dec. 31, 2019
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life5 years
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life5 years
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life3 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life3 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life5 years or term of respective lease, if shorter

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands12 Months Ended
Dec. 31, 2019USD ($)SegmentJan. 01, 2019USD ($)Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Percentage of likelihood of realization required to record tax benefit50.00%
Number of reportable segment | Segment1
Operating lease, liability $ 18,375
Operating lease right-of-use assets19,137
Retained earnings $ (300,878) $ (201,025)
ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease, liability $ 20,600
Operating lease right-of-use assets22,300
ASU 2016-02 [Member] | Restatement Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Retained earnings $ 300
Maximum [Member] | ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Maximum lease term12 months

Marketable Securities - Summary

Marketable Securities - Summary of Available -for-sale Marketable Securities (Detail) - USD ($) $ in ThousandsDec. 31, 2019Dec. 31, 2018
Marketable Securities [Line Items]
Amortized Cost $ 226,985 $ 255,231
Gross Unrealized Gains262 3
Gross Unrealized Losses(1)(31)
Estimated Fair Value227,246 255,203
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost159,361 165,959
Gross Unrealized Gains142 2
Gross Unrealized Losses(1)(13)
Estimated Fair Value159,502 165,948
Financial Institution Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost40,173 65,436
Gross Unrealized Gains105 1
Gross Unrealized Losses(17)
Estimated Fair Value40,278 65,420
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost18,966 23,836
Gross Unrealized Gains1
Gross Unrealized Losses(1)
Estimated Fair Value18,967 $ 23,835
Other Asset Backed Securities [Member]
Marketable Securities [Line Items]
Amortized Cost8,485
Gross Unrealized Gains14
Estimated Fair Value $ 8,499

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Marketable Securities [Line Items]
Realized gains or losses on marketable securities $ 0 $ 0 $ 0
Investments that matured beyond five years $ 0 $ 0
Minimum [Member]
Marketable Securities [Line Items]
Available-for-sales Securities, non-current, maturity period1 year
Maximum [Member]
Marketable Securities [Line Items]
Available-for-sales Securities, non-current, maturity period5 years

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Recognized at Fair Value on Recurring Basis (Detail) - Fair Value on Recurring Basis [Member] - USD ($) $ in ThousandsDec. 31, 2019Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents $ 46,917 $ 45,986
Marketable securities:
Marketable securities227,246 255,203
Total274,163 301,189
U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities159,502 165,948
Financial Institution Debt Securities [Member]
Marketable securities:
Marketable securities40,278 65,420
Corporate Debt Securities [Member]
Marketable securities:
Marketable securities18,967 23,835
Other Asset Backed Securities [Member]
Marketable securities:
Marketable securities8,499
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents46,917 45,986
Marketable securities:
Marketable securities159,502 165,948
Total206,419 211,934
Level 1 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities159,502 165,948
Level 2 [Member]
Marketable securities:
Marketable securities67,744 89,255
Total67,744 89,255
Level 2 [Member] | Financial Institution Debt Securities [Member]
Marketable securities:
Marketable securities40,278 65,420
Level 2 [Member] | Corporate Debt Securities [Member]
Marketable securities:
Marketable securities18,967 $ 23,835
Level 2 [Member] | Other Asset Backed Securities [Member]
Marketable securities:
Marketable securities $ 8,499

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in ThousandsDec. 31, 2019Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total property and equipment $ 31,864 $ 25,673
Less: accumulated depreciation and amortization(13,868)(8,612)
Property and equipment, net17,996 17,061
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment27,199 22,453
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment1,121 960
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment1,051 929
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment1,474 898
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment $ 1,019 $ 433

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Property Plant And Equipment [Abstract]
Depreciation and amortization expense $ 5,587 $ 4,464 $ 2,994

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in ThousandsDec. 31, 2019Dec. 31, 2018
Payables And Accruals [Abstract]
Employee compensation and benefits $ 6,311 $ 6,175
Accrued research and development4,208 2,328
Accrued legal and professional expenses1,563 1,633
Accrued other1,191 606
Total accrued expenses $ 13,273 $ 10,742

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of the Federal Statutory Income Tax Rate and the Company's Effective Income Tax Rate (Detail)12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal statutory income tax rate(21.00%)(21.00%)(34.00%)
State income taxes(8.90%)(8.60%)(6.90%)
Research and development tax credits(5.10%)(4.70%)(3.40%)
Stock-based compensation1.20%(0.60%)3.60%
Change in U.S. tax rate18.70%
Change in valuation allowance33.80%34.90%22.00%

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Net Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in ThousandsDec. 31, 2019Dec. 31, 2018
Deferred tax assets:
Intangibles, including acquired in-process research and development $ 1,091 $ 1,201
Capitalized start-up costs421 463
Net operating loss carryforwards63,245 34,234
Research and development credit carryforwards19,417 11,766
Operating lease liability5,008
Deferred revenue7,843 12,199
Equity-based compensation7,092 4,064
Accruals and allowances1,245 1,359
Gross deferred tax assets105,362 65,286
Deferred tax asset valuation allowance(98,513)(64,046)
Total deferred tax assets6,849 1,240
Deferred tax liabilities:
Fixed assets(1,633)(1,240)
Operating lease right-of-use assets(5,216)
Total deferred tax liabilities $ (6,849) $ (1,240)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Income Tax Benefit [Line Items]
Net operating loss carryforwards, federal $ 229,900,000
Net operating loss carryforwards, state $ 236,800,000
Net operating loss carryforwards, begins to expiring year2034
Net operating loss carryforwards, expiration date descriptionbegins to expire in 2034
Research and development and other credit $ 19,417,000 $ 11,766,000
Research and development tax credits, expiration date descriptionbegin to expire in 2035 and 2031
Increase in valuation allowance $ 34,500,000 $ 28,700,000 $ 14,800,000
Unrecognized tax benefits0
Operating Loss Carryforward Indefinitely [Member]
Income Tax Benefit [Line Items]
Net operating loss carryforwards, federal193,000,000
Operating Loss Carryforward Indefinitely Begins to Expire in 2034 [Member]
Income Tax Benefit [Line Items]
Net operating loss carryforwards, federal36,900,000
Federal [Member]
Income Tax Benefit [Line Items]
Research and development and other credit $ 12,600,000
Research and development tax credits, expiration year2035
State [Member]
Income Tax Benefit [Line Items]
Research and development and other credit $ 8,700,000
Research and development tax credits, expiration year2031

Collaborations - Summary of Cha

Collaborations - Summary of Changes in Accounts Receivable and Contract Liabilities (Detail) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018
Accounts receivable:
Accounts receivable, Balance at Beginning of Period $ 7,547 $ 10,471
Accounts receivable, Additions15,999 16,498
Accounts receivable, Deductions(18,926)(19,422)
Accounts receivable, Balance at End of Period4,620 7,547
Contract liabilities:
Deferred revenue, Balance at Beginning of Period55,932 59,868
Deferred revenue, Additions4,000 19,000
Deferred revenue, Deductions(31,122)(22,936)
Deferred revenue, Balance at End of Period $ 28,810 $ 55,932

Collaborations - Summary of Rev

Collaborations - Summary of Revenues Recognized Resulting From Changes in Contract Liability Balance (Detail) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Amounts included in the contract liability at the beginning of the period $ 27,122 $ 22,936

Collaborations - Additional Inf

Collaborations - Additional Information (Detail)Dec. 13, 2019Dec. 12, 2019Jul. 31, 2018USD ($)sharesApr. 30, 2016USD ($)Jan. 31, 2015USD ($)Dec. 31, 2019USD ($)Sep. 30, 2019USD ($)Jun. 30, 2019USD ($)Mar. 31, 2019USD ($)Dec. 31, 2018USD ($)Sep. 30, 2018USD ($)Jun. 30, 2018USD ($)Mar. 31, 2018USD ($)Dec. 31, 2019USD ($)PerformanceObligationDec. 31, 2018USD ($)Dec. 31, 2017USD ($)Dec. 31, 2019USD ($)Dec. 31, 2019USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Expenses incurred to obtain collaboration agreements and costs to fulfill contracts $ 0
Costs to obtain or fulfill contract capitalized $ 0 0 $ 0 $ 0
Collaboration revenue10,936,000 $ 10,616,000 $ 11,118,000 $ 10,433,000 $ 7,880,000 $ 7,408,000 $ 7,677,000 $ 7,469,000 43,103,000 $ 30,434,000 $ 26,117,000
Deferred revenue28,810,000 55,932,000 $ 28,810,000 55,932,000 59,868,000 28,810,000 28,810,000
Novartis [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Strategic collaboration agreement amended date2018-12
Regulatory based milestone payments under agreement $ 5,000,000
Estimated fair value of units $ 11,600,000
Difference between cash proceeds received and estimated fair value of preferred units2,600,000
Novartis [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Development based milestone payments under agreement30,300,000
Regulatory based milestone payments for first indication50,000,000
Regulatory based milestone payments for second indication50,000,000
Sales based milestone payments under agreement100,000,000
Novartis [Member] | 2014 Novartis Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue additions10,000,000 10,000,000
Technology access fees20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Quarterly research payments $ 1,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Research Payments19,000,000 19,000,000 19,000,000 19,000,000
Research term5 years
Proceeds from issuance of preferred stock $ 9,000,000
One time collaboration payment10,000,000 10,000,000
Termination period of agreement90 days
Number of performance obligations | PerformanceObligation2
Transaction price $ 59,000,000
Transaction price allocated to preferred units purchased at fair value11,600,000
Novartis [Member] | 2014 Novartis Agreement [Member] | HSC and CAR-T Cell Products [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Remaining transaction price allocated to combined performance obligation of licenses and associated research activities $ 47,400,000
Combined performance obligation of licenses and associated research activities, revenue recognition period5 years
Novartis [Member] | 2014 Novartis Agreement [Member] | LSCs [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of performance obligations | PerformanceObligation1
Transaction price $ 10,000,000
Combined performance obligation of licenses and associated research activities, revenue recognition period1 year
Novartis [Member] | 2014 Novartis Agreement [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total research funding $ 20,000,000
Novartis [Member] | Unit Purchase Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from issuance of preferred stock $ 9,000,000
Novartis [Member] | Novartis Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue additions57,400,000
Collaboration revenue $ 18,500,000 10,300,000 9,300,000 57,400,000
Aggregate transaction price remaining to be recognized, periodThrough December 31, 2019
Accounts receivable1,000,000 6,000,000 $ 1,000,000 6,000,000 1,000,000 1,000,000
Deferred revenue0 14,500,000 0 14,500,000 0 0
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue additions $ 75,000,000 $ 75,000,000
One time collaboration payment $ 25,000,000
Termination period of agreement180 days
Number of performance obligations | PerformanceObligation3
Transaction price $ 125,000,000
Purchase of common stock through private placement50,000,000
Collaboration term extension period2 years
Royalty payment obligation expiration period12 years
Transaction price allocated to common stock50,000,000
Remaining transaction price allocated to combined performance obligation75,000,000
Amount allocated to licenses to targets and associated research activities and evaluation plans63,800,000
Amount allocated to technology collaboration and associated research activities $ 11,200,000
Licenses to targets and associated research activities and evaluation plans performance period6 years
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Agreement [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Regulatory based milestone payments under agreement $ 110,000,000
Development based milestone payments under agreement25,000,000
Sales based milestone payments under agreement185,000,000
Regeneron Pharmaceuticals Inc. [Member] | Stock Purchase Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Purchase of common stock through private placement $ 50,000,000
Regeneron Pharmaceuticals Inc. [Member] | Co-Development and Co-Promotion Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Termination period of agreement180 days
Compensation for prior work $ 1,500,000
Payment of royalty percentage on net product sales25.00%50.00%50.00%
Regeneron Pharmaceuticals Inc. [Member] | Co-Development and Co-Promotion Agreement [Member] | Minimum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Options exercisable, number of shares exercisable | shares5
Collaborative arrangement obligation to be fund in development costs $ 5,000,000
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue additions75,000,000
Collaboration revenue $ 24,600,000 20,100,000 16,800,000 70,300,000
Aggregate transaction price remaining to be recognized, periodthrough April 2022
Deferred revenue28,800,000 41,400,000 $ 28,800,000 41,400,000 28,800,000 28,800,000
Payments due12,000,000 7,500,000 $ 4,100,000
Aggregate transaction price remaining to be recognized28,800,000 28,800,000 28,800,000 28,800,000
Accounts receivable $ 3,600,000 $ 1,500,000 $ 3,600,000 $ 1,500,000 3,600,000 $ 3,600,000
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Arrangement [Member] | Research and Development Services [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue $ 24,100,000

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands1 Months Ended12 Months Ended
Apr. 30, 2019Mar. 31, 2019Jan. 31, 2016Oct. 31, 2014Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease right-of-use assets $ 19,137
Operating lease, liability $ 18,375
130 Brookline Street [Member]
Lessee Lease Description [Line Items]
Operating lease, descriptionIn October 2014, the Company entered into an agreement to lease office and laboratory space at 130 Brookline Street in Cambridge, Massachusetts under an operating lease agreement with a term through January 2020, with an option to extend the term of the lease for an additional five-year period. In April 2019, the Company executed an amendment to the lease to extend the term of the lease for the additional five-year period, through January 2025.
Operating lease expiration2020-01
Lessee operating lease extended expiration dateJan. 31,
2025
Operating lease, existence of option to extendtrue
Operating lease, options to extendoption to extend the term of the lease for an additional five-year period. In April 2019, the Company executed an amendment to the lease to extend the term of the lease for the additional five-year period, through January 2025.
Operating lease, renewal term5 years5 years
Lessee operating sublease option to extendtwo options to extend the agreement by one year each, for a total option period of up to two years.
Operating sublease expiration2021-04
Operating sublease, existence of option to extendtrue
Operating lease right-of-use assets $ 1,300
Operating lease, liability $ 1,300
130 Brookline Street [Member] | Maximum [Member]
Lessee Lease Description [Line Items]
Operating sublease, renewal term2 years
130 Brookline Street [Member] | Other Assets [Member]
Lessee Lease Description [Line Items]
Lease security deposit $ 300
40 Erie Street [Member]
Lessee Lease Description [Line Items]
Operating lease, descriptionIn January 2016, the Company entered into a ten-year agreement to lease office and laboratory space at 40 Erie Street in Cambridge, Massachusetts under an operating lease agreement, with an option to terminate the lease at the end of the sixth year and an option to extend the term of the lease for an additional three years.
Operating lease, existence of option to extendtrue
Operating lease, options to extendoption to extend the term of the lease for an additional three years.
Operating lease, renewal term3 years
Operating lease, term of contract10 years
Operating lease, existence of option to terminatetrue
Operating lease, option to terminateoption to terminate the lease at the end of the sixth year
Operating lease, terminate term6 years
40 Erie Street [Member] | Other Assets [Member]
Lessee Lease Description [Line Items]
Lease security deposit $ 2,200

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs and Other Information (Detail) $ in Thousands12 Months Ended
Dec. 31, 2019USD ($)
Lease cost
Operating lease cost $ 7,431
Short-term lease cost53
Variable lease cost2,218
Total lease cost9,702
Other information
Operating cash flows used for operating leases6,476
Operating lease liabilities arising from obtaining right-of-use assets $ 2,554
Weighted average remaining lease term3 years
Weighted average discount rate9.00%

Leases - Schedule of Reconcilia

Leases - Schedule of Reconciliation of Undiscounted Cash Flows for Operating Lease Liabilities / Future Minimum Lease Payments (Detail) - USD ($) $ in ThousandsDec. 31, 2019Dec. 31, 2018
Leases [Abstract]
2020 $ 7,113 $ 5,616
20217,350 4,963
20224,733 5,507
2023871 3,861
2024871
Thereafter73
Total lease payments21,011 $ 19,947
Less: imputed interest(2,636)
Operating lease, liability $ 18,375

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized equity-based compensation expense related to restricted stock $ 0.2
Potential dilutive securities excluded from computation of diluted net loss per common share5,438,000 5,147,000 5,185,000
Weighted average grant date fair value per share $ 9.21 $ 15.05 $ 12.43
Total intrinsic value of stock options exercised $ 2.3 $ 18 $ 1.6
Unrecognized compensation cost related to stock options $ 28.2
Stock options outstanding5,365,971 5,037,663
Vesting descriptionperformance-based stock options that vest upon obtaining certain scientific, financial and regulatory milestones through 2020.
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of restricted stock, granted $ 22.98
Restricted stock granted0 0
Weighted average period of unrecognized compensation costs1 year
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share71,875
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of unrecognized compensation costs2 years 6 months
Performance Based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share188,750
Stock options outstanding213,750
2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period3 years
Description of stock options granted under the PlanStock options granted under the 2015 Plan generally vest 25% on the first anniversary of the original vesting date, with the balance vesting monthly over the remaining three years, unless they contain specific performance-based vesting provisions. The maximum term of stock options granted under the 2015 Plan is ten years. 
Shares available for future issuance2,655,673
Percentage of cumulative increase in number of shares for future issuance4.00%
2015 Plan [Member] | First Anniversary of Original Vesting Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vest percentage on the first anniversary25.00%
Maximum [Member] | 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term of stock options granted10 years

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Equity-Based Compensation Expense (Detail) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense $ 15,091 $ 17,046 $ 15,322
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense6,986 8,994 7,280
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense $ 8,105 $ 8,052 $ 8,042

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock Activity (Detail)12 Months Ended
Dec. 31, 2019$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Unvested, Beginning balance | shares109,073
Number of Shares, Vested | shares(37,198)
Number of Shares, Unvested, Ending balance | shares71,875
Weighted Average Grant Date Fair Value per Share, Unvested, Beginning balance | $ / shares $ 15.53
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares1.34
Weighted Average Grant Date Fair Value per Share, Unvested, Ending balance | $ / shares $ 22.88

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted (Detail)12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate2.10%2.70%2.00%
Expected life of options6 years6 years6 years
Expected volatility of underlying stock68.10%87.10%93.90%
Expected dividend yield0.00%0.00%0.00%

Equity-Based Compensation - S_3

Equity-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands12 Months Ended
Dec. 31, 2019USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Outstanding, Beginning Balance | shares5,037,663
Number of options, Granted | shares1,220,613
Number of options, Exercised | shares(364,404)
Number of options, Forfeited | shares(527,901)
Number of Options, Outstanding, Ending Balance | shares5,365,971
Number of Options, Exercisable | shares2,578,717
Weighted Average Exercise Price per Share, Outstanding, Beginning Balance | $ / shares $ 15.63
Weighted Average Exercise Price per Share, Granted | $ / shares14.90
Weighted Average Exercise Price per Share, Exercised | $ / shares8.47
Weighted Average Exercise Price per Share, Forfeited | $ / shares18.50
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $ / shares15.67
Weighted Average Exercise Price per Share, Exercisable | $ / shares $ 14.11
Weighted Average Remaining Contractual Term, Outstanding7 years 10 months 9 days
Weighted Average Remaining Contractual Term, Exercisable6 years 11 months 1 day
Aggregate Intrinsic Value, Outstanding | $ $ 9,082
Aggregate Intrinsic Value, Exercisable | $ $ 8,017

Loss Per Share - Schedule of Ba

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Earnings Per Share [Abstract]
Net loss $ (28,276) $ (23,634) $ (25,683) $ (21,940) $ (19,066) $ (22,702) $ (22,219) $ (21,356) $ (99,533) $ (85,343) $ (67,543)
Weighted average shares outstanding, basic and diluted49,350 48,554 45,814 45,234 44,215 43,161 42,836 42,043 47,247 43,069 36,006
Net loss per share, basic and diluted $ (0.57) $ (0.49) $ (0.56) $ (0.49) $ (0.43) $ (0.53) $ (0.52) $ (0.51) $ (2.11) $ (1.98) $ (1.88)

Loss Per Share - Potential Dilu

Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Detail) - shares shares in Thousands12 Months Ended
Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share5,438 5,147 5,185
Unvested Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share72 109 480
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share5,366 5,038 4,705

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)Aug. 23, 2019Oct. 12, 2018Nov. 06, 2017Nov. 01, 2017May 11, 2016Nov. 30, 2018Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Class Of Stock [Line Items]
Number of common stock issued upon conversion of value $ 141,000,000
Common stock par value per share $ 0.0001 $ 0.0001
Proceeds from common stock offering $ 72,256,000 $ 28,547,000 $ 141,000,000
2018 Sales Agreement [Member]
Class Of Stock [Line Items]
Number of common stock issued upon conversion of shares1,659,300 4,231,348
Common stock price per share $ 18 $ 16.57
Proceeds from common stock offering $ 28,500,000 $ 67,800,000
Percentage of gross proceeds from common stock as sales agent cash commission3.00%
Proceeds from common stock offering0
2018 Sales Agreement [Member] | General and Administrative Expenses [Member]
Class Of Stock [Line Items]
Legal accounting and other fees $ 400,000 $ 200,000
2018 Sales Agreement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Proceeds from common stock offering $ 100,000,000
2019 Sales Agreement [Member]
Class Of Stock [Line Items]
Number of common stock issued upon conversion of shares287,231
Common stock price per share $ 16.48
Proceeds from common stock offering $ 4,400,000
Percentage of gross proceeds from common stock as sales agent cash commission3.00%
Proceeds from common stock offering $ 145,300,000
2019 Sales Agreement [Member] | General and Administrative Expenses [Member]
Class Of Stock [Line Items]
Legal accounting and other fees $ 200,000
2019 Sales Agreement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Proceeds from common stock offering $ 150,000,000
IPO [Member]
Class Of Stock [Line Items]
Number of common stock issued upon conversion of shares6,900,000
Common stock price per share $ 18
Convertible preferred stock conversion ratioone-for-0.6465903
Conversion of convertible preferred stock into common stock23,481,956
Private Placement [Member]
Class Of Stock [Line Items]
Number of common stock issued upon conversion of shares3,055,554
Number of common stock issued upon conversion of value $ 55,000,000
Public Offering [Member] | Underwriting Agreement [Member]
Class Of Stock [Line Items]
Number of common stock issued upon conversion of shares6,250,000
Common stock par value per share $ 0.0001
Proceeds from common stock offering $ 141,000,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)1 Months Ended3 Months Ended12 Months Ended
May 31, 2016Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Related Party Transaction [Line Items]
Collaboration revenue $ 10,936,000 $ 10,616,000 $ 11,118,000 $ 10,433,000 $ 7,880,000 $ 7,408,000 $ 7,677,000 $ 7,469,000 $ 43,103,000 $ 30,434,000 $ 26,117,000
Deferred revenue28,810,000 55,932,000 28,810,000 55,932,000 59,868,000
Novartis [Member] | Collaborative Arrangement [Member]
Related Party Transaction [Line Items]
Issuance of common stock through at-the-market offering, net of issuance costs, shares277,777
Collaboration revenue18,500,000 10,300,000 $ 9,300,000
Accounts receivable1,000,000 6,000,000 1,000,000 6,000,000
Deferred revenue $ 0 $ 14,500,000 $ 0 $ 14,500,000
Novartis [Member] | Collaborative Arrangement [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Percentage of shares owned10.00%10.00%

401(k) Plan - Additional Inform

401(k) Plan - Additional Information (Detail) - 401(k) plan [Member] - USD ($) $ in Millions12 Months Ended
Dec. 31, 2019Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution of employee contribution, percent50.00%
Employer matching contribution, percent6.00%
Employer discretionary contribution amount $ 0.8 $ 0.6

Unaudited Quarterly Results - S

Unaudited Quarterly Results - Schedule of Results of Operations on Quarterly Basis (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Quarterly Financial Data [Abstract]
Collaboration revenue $ 10,936 $ 10,616 $ 11,118 $ 10,433 $ 7,880 $ 7,408 $ 7,677 $ 7,469 $ 43,103 $ 30,434 $ 26,117
Type of Revenue [Extensible List]us-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMemberus-gaap:LicenseAndServiceMember
Operating expenses:
Research and development $ 31,731 $ 27,513 $ 25,460 $ 23,709 $ 19,918 $ 23,237 $ 23,467 $ 22,493 $ 108,413 $ 89,115 $ 67,647
General and administrative8,976 8,431 13,118 10,533 8,708 8,270 7,805 7,406 41,058 32,189 28,025
Total operating expenses40,707 35,944 38,578 34,242 28,626 31,507 31,272 29,899 149,471 121,304 95,672
Operating loss(29,771)(25,328)(27,460)(23,809)(20,746)(24,099)(23,595)(22,430)(106,368)(90,870)(69,555)
Interest income1,495 1,694 1,777 1,869 1,680 1,397 1,376 1,074 6,835 5,527 2,012
Net loss $ (28,276) $ (23,634) $ (25,683) $ (21,940) $ (19,066) $ (22,702) $ (22,219) $ (21,356) $ (99,533) $ (85,343) $ (67,543)
Net loss per share, basic and diluted $ (0.57) $ (0.49) $ (0.56) $ (0.49) $ (0.43) $ (0.53) $ (0.52) $ (0.51) $ (2.11) $ (1.98) $ (1.88)
Weighted average shares outstanding, basic and diluted49,350 48,554 45,814 45,234 44,215 43,161 42,836 42,043 47,247 43,069 36,006