Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | NTLA | |
Entity Registrant Name | INTELLIA THERAPEUTICS, INC. | |
Entity Central Index Key | 0001652130 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 58,740,613 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-37766 | |
Entity Tax Identification Number | 36-4785571 | |
Entity Address, Address Line One | 40 Erie Street | |
Entity Address, Address Line Two | Suite 130 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02139 | |
City Area Code | 857 | |
Local Phone Number | 285-6200 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 361,687 | $ 57,226 |
Marketable securities | 75,117 | 222,500 |
Accounts receivable | 3,864 | 4,620 |
Prepaid expenses and other current assets | 5,699 | 5,135 |
Total current assets | 446,367 | 289,481 |
Marketable securities - noncurrent | 4,746 | |
Property and equipment, net | 16,402 | 17,996 |
Operating lease right-of-use assets | 23,469 | 19,137 |
Other assets | 4,592 | 2,920 |
Total Assets | 490,830 | 334,280 |
Current Liabilities: | ||
Accounts payable | 7 | 3,941 |
Accrued expenses | 15,374 | 13,273 |
Current portion of operating lease liability | 5,834 | 5,745 |
Current portion of deferred revenue | 37,927 | 12,674 |
Total current liabilities | 59,142 | 35,633 |
Deferred revenue, net of current portion | 62,752 | 16,136 |
Long-term operating lease liability | 17,349 | 12,630 |
Commitments and contingencies (Note 6) | ||
Stockholders’ Equity: | ||
Common stock, $0.0001 par value; 120,000,000 shares authorized; 58,724,238 and 50,198,044 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 6 | 5 |
Additional paid-in capital | 716,503 | 570,493 |
Accumulated other comprehensive income | 155 | 261 |
Accumulated deficit | (365,077) | (300,878) |
Total stockholders’ equity | 351,587 | 269,881 |
Total Liabilities and Stockholders’ Equity | $ 490,830 | $ 334,280 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 58,724,238 | 50,198,044 |
Common stock, shares outstanding | 58,724,238 | 50,198,044 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 16,263 | $ 11,118 | $ 29,179 | $ 21,551 |
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember |
Operating expenses: | ||||
Research and development | $ 37,771 | $ 25,460 | $ 72,421 | $ 49,169 |
General and administrative | 11,526 | 13,118 | 22,840 | 23,651 |
Total operating expenses | 49,297 | 38,578 | 95,261 | 72,820 |
Operating loss | (33,034) | (27,460) | (66,082) | (51,269) |
Interest income | 641 | 1,777 | 1,883 | 3,646 |
Net loss | $ (32,393) | $ (25,683) | $ (64,199) | $ (47,623) |
Net loss per share, basic and diluted | $ (0.61) | $ (0.56) | $ (1.24) | $ (1.05) |
Weighted average shares outstanding, basic and diluted | 53,369 | 45,814 | 51,938 | 45,526 |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on marketable securities | $ (218) | $ 196 | $ (106) | $ 283 |
Comprehensive loss | $ (32,611) | $ (25,487) | $ (64,305) | $ (47,340) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | 74 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (64,199) | $ (47,623) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 3,107 | 2,638 | ||
Equity-based compensation | 8,921 | 8,996 | ||
Accretion of investment discounts | (268) | (2,630) | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 756 | 3,359 | ||
Prepaid expenses and other current assets | (564) | (1,339) | ||
Operating right-of-use assets | 3,195 | 1,388 | ||
Other assets | 239 | 125 | ||
Accounts payable | (3,899) | (293) | ||
Accrued expenses | 2,434 | 947 | ||
Deferred revenue | 71,869 | (13,772) | ||
Operating lease liabilities | (2,719) | (926) | ||
Net cash provided by (used in) operating activities | 18,872 | (49,130) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | (1,881) | (2,474) | ||
Purchases of marketable securities | (31,208) | (182,582) | ||
Maturities of marketable securities | 183,500 | 214,000 | ||
Net cash provided by investing activities | 150,411 | 28,944 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of common stock | $ 889,800 | |||
Proceeds from options exercised | 1,370 | 2,024 | ||
Issuance of shares through employee stock purchase plan | 685 | 534 | ||
Net cash provided by financing activities | 137,089 | 10,470 | ||
Net increase (decrease) in cash and cash equivalents and restricted cash equivalents | 306,372 | (9,716) | ||
Cash and cash equivalents and restricted cash equivalents, beginning of period | 57,226 | 58,856 | $ 58,856 | |
Cash and cash equivalents and restricted cash equivalents, end of period | 363,598 | 49,140 | 57,226 | 363,598 |
Reconciliation of cash, cash equivalents and restricted cash equivalents to condensed consolidated balance sheet: | ||||
Cash and cash equivalents | 361,687 | 49,140 | 57,226 | 361,687 |
Restricted cash equivalents, included in other assets | 1,911 | 1,911 | ||
Cash and cash equivalents and restricted cash equivalents, end of period | 363,598 | 49,140 | $ 57,226 | 363,598 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||
Purchases of property and equipment unpaid at period end | 432 | 867 | ||
Right-of-use assets acquired under operating leases | 7,527 | 1,343 | ||
Proceeds from at-the-market offerings unpaid at period end | 27,140 | |||
Regeneron [Member] | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of common stock | 12,580 | |||
Follow-on Offering [Member] | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of common stock | 107,732 | 249,100 | ||
At-the-Market Offerings [Member] | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of common stock | $ 14,722 | $ 7,912 | $ 116,400 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Follow-on Offering [Member] | ||
Net of issuance costs | $ 0.4 | |
At-the-Market Offerings [Member] | ||
Net of issuance costs | $ 0.1 | $ 0.1 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Overview and Basis of Presentation | 1. Overview and Basis of Presentation 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 condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2019. The unaudited condensed 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. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates in these condensed 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 under the circumstances at the time such estimates are made. Actual results could differ from those estimates. The Company periodically reviews its estimates in light of changes in circumstances, facts and experience. The extent of the impact of the coronavirus disease 19 (“COVID-19”) pandemic on the Company’s operational and financial performance will depend on certain developments, including the length and severity of this pandemic, as well as its effect on our employees, collaborators and vendors, all of which are uncertain and cannot be predicted. The Company cannot reasonably estimate the extent to which the disruption may materially impact its consolidated results of operations or financial position. The effects of material revisions in estimates are reflected in the condensed consolidated financial statements prospectively from the date of the change in estimate. Certain prior year amounts have been reclassified in order to conform to the current year presentation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Liquidity Since its inception through June 30, 2020, the Company has raised an aggregate of $889.8 million to fund its operations, of which $268.8 million was through its collaboration agreements, $170.5 million was from its initial public offering (“IPO”) and concurrent private placements, $249.1 million was from follow-on public offerings, $116.4 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements included in the Annual Report for the year ended December 31, 2019. There have been no material changes during the six months ended June 30, 2020, other than as noted below Restricted Cash Equivalents Restricted cash equivalents are money market funds held in collateral accounts that are restricted to secure a letter of credit in accordance with the lease for 281 Albany Street that the Company entered into in March of 2020 (see Note 8). The letter of credit is required to be maintained throughout the term of the lease, which is ten years. These restricted cash equivalents amount to $1.9 million and are reported in “Other Assets” in the Company’s condensed consolidated balance sheet Recent Accounting Pronouncements – Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 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 . 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 . |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The following table summarizes the Company’s available-for-sale marketable securities as of June 30, 2020 and December 31, 2019 at net book value: June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Marketable securities: U.S. Treasury securities $ 41,487 $ 75 $ - $ 41,562 Financial institution debt securities 28,512 80 - 28,592 Corporate debt securities 4,963 - - 4,963 Total $ 74,962 $ 155 $ - $ 75,117 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 The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At June 30, 2020 and December 31, 2019, the balance in the Company’s accumulated other comprehensive income was composed of activity related to the Company’s available-for-sale marketable securities. There were no material realized gains or losses in the six months ended June 30, 2020 or for the year ended December 31, 2019 and, as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income during the period. The Company did not have any securities in a material unrealized loss position at June 30, 2020. The Company's available-for-sale securities that are classified as short-term marketable securities in the condensed 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 condensed consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At June 30, 2020 and December 31, 2019, the Company did not hold any investments that matured beyond five years of the balance sheet date. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4 . 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 June 30, 2020 and December 31, 2019, the Company’s financial assets recognized at fair value on a recurring basis consisted of the following: Fair Value as of June 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 354,282 $ 354,282 $ - $ - Marketable securities: U.S. Treasury securities 41,562 41,562 - - Financial institution debt securities 28,592 - 28,592 - Corporate debt securities 4,963 - 4,963 - Total marketable securities 75,117 41,562 33,555 - Total $ 429,399 $ 395,844 $ 33,555 $ - 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 $ - 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 our validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2020 or December Other financial instruments, including accounts receivable, accounts payable and accrued expense, are carried at cost, which approximate fair value due to the short duration and term to maturity. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5 . Accrued Expenses Accrued expenses consisted of the following: June 30, 2020 December 31, 2019 (In thousands) Accrued research and development $ 7,160 $ 4,208 Employee compensation and benefits 5,677 6,311 Accrued legal and professional expenses 1,892 1,563 Accrued other 645 1,191 Total accrued expenses $ 15,374 $ 13,273 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Litigation There have been no material changes to any of the outstanding litigation, nor is the Company a party to any new litigation, since December 31, 2019. For further information please see the notes to the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2019. 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 June 30, 2020, the satisfaction and timing of the contingent payments is uncertain and not reasonably estimable . |
Collaborations
Collaborations | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborations | 7 . 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 June 30, 2020, the Company’s accounts receivable and contract liabilities were primarily related to the Company’s collaboration with Regeneron Pharmaceuticals, Inc. (“Regeneron”). As of June 30, 2019, the Company’s accounts receivable and contract liabilities were primarily related to the Company’s collaborations with Regeneron and Novartis Institutes for BioMedical Research (“Novartis”). The following table presents changes in the Company’s accounts receivable and contract liabilities during the six months ended June 30, 2020 and 2019 (in thousands): Balance at Beginning of Period Additions Deductions Balance at End of Period Six Months Ended June 30, 2020 Accounts receivable $ 4,620 $ 101,049 $ (101,805 ) $ 3,864 Contract liabilities: Deferred revenue $ 28,810 $ 87,477 $ (15,608 ) $ 100,679 Balance at Beginning of Period Additions Deductions Balance at End of Period Six Months Ended June 30, 2019 Accounts receivable $ 7,547 $ 7,779 $ (11,138 ) $ 4,188 Contract liabilities: Deferred revenue $ 55,932 $ 2,000 $ (15,772 ) $ 42,160 During the six months ended June 30, 2020 and 2019, the Company recognized the following revenues as a result of changes in the contract liability balance (in thousands): Six Months Ended June 30, Revenue recognized in the period from: 2020 2019 Amounts included in the contract liability at the beginning of the period $ 5,674 $ 15,772 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. Regeneron Pharmaceuticals, Inc. In April 2016, the Company entered into a license and collaboration agreement with Regeneron (the “2016 Regeneron Agreement”). The 2016 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-related 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. On May 30, 2020, the Company entered into (i) amendment no. 1 (the “2020 Regeneron Amendment”) to the 2016 Regeneron Agreement, (ii) co-development and co-funding agreements for the treatment of hemophilia A and hemophilia B (the “Hemophilia Co/Co”) agreements and (iii) a stock purchase agreement (the “2020 Stock Purchase Agreement”). 2016 Regeneron Agreement: Scope. Under the initial six-year term of the 2016 Regeneron Agreement , Regeneron obtained exclusive rights for up to ten targets (the “Regeneron Target Cap”) to be chosen by Regeneron during the Technology Collaboration Term, as defined in the 2016 Regeneron Agreement, subject to a target selection process and various adjustments and limitations set forth in the 2016 Regeneron 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. The Company retains the exclusive right to solely develop certain in vivo products directed against specified genetic targets as well as certain non-liver targets from the Company’s ongoing and planned research activities. 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 collaboration term may be subject to co-development and co-promotion (“Co/Co”) agreements at the Company or Regeneron’s option. Regeneron has the option to enter into Co/Co agreements for up to five liver targets (other than the Company’s reserved liver targets) and the Company has the option to enter into one Intellia Independent Co/Co Option (as defined in the 2016 Regeneron Agreement). At the inception of the 2016 Regeneron 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 “ATTR Co/Co”). The general terms and conditions for the ATTR Co/Co were outlined within the 2016 Regeneron Agreement. In addition, the Company granted Regeneron a non-exclusive, worldwide license, pursuant to which the Company and Regeneron will engage in research related activities aimed at discovering and developing novel technologies and improvements to CRISPR/Cas technology to enhance the Company’s genome editing platform. 2016 Regeneron Agreement: Financial Terms. In connection with the 2016 Regeneron Agreement 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 Biosciences, Inc. (“Caribou”). In connection with the 2016 Regeneron Agreement, 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 IPO . 2020 Regeneron Amendment: Scope The 2020 Regeneron Amendment, among other things, (i) extends the Technology Collaboration Term until April 11, 2024, with a further option to extend an additional twenty-four months upon notice and a $30.0 million nonrefundable payment to the Company, (ii) increases the Regeneron Target Cap from ten to fifteen (with the additional five targets focused only in the liver) and (iii) allows for a second Intellia Independent Co/Co Option. The Company also granted a non-exclusive license to Regeneron under certain CRISPR/Cas platform IP for the commercialization of up to ten ex vivo edited CRISPR Products (as defined in the 2020 Regeneron Amendment) made using certain cell types, subject to certain limitations on Regeneron’s activities in T cells. The ex vivo license does not include access to the Company’s IP directed to its ex vivo targets, programs, or cell engineering processes. This non-exclusive license is subject to royalty obligations such that the Company is eligible to earn royalties on ex vivo edited CRISPR Products ranging from the high-single digits to low teens, in each case, on a per-product basis, subject to various reductions and offsets and the Company’s existing royalty obligations to Caribou . The Company transferred the license to develop the Factor VIII target for the treatment of hemophilia A to Regeneron . In addition, a target that was previously a Regeneron evaluation target was transferred back to the Company as an Intellia reserved liver target. In connection with the 2020 Regeneron Amendment, the Company and Regeneron also entered into the Hemophilia Co/Co agreements, which are directed to Factor VIII and Factor IX for the treatment of hemophilia A and hemophilia B. Factor VIII and Factor IX do not count toward the Regeneron Target Cap. Under the Hemophilia Co/Co agreements, which are substantially based upon the terms and conditions as outlined under the 2016 Regeneron Agreement, the Company and Regeneron will collaborate to research, develop, manufacture, and commercialize CRISPR Products for the treatment of hemophilia A and hemophilia B, for which Regeneron will be the Lead Party (as discussed below). Further, worldwide development costs and profits of any future products will be split between the Company and Regeneron, 35% and 65%, respectively, subject to certain deductions. 2020 Regeneron Amendment: Financial Terms. As part of the consideration for the 2020 Regeneron Amendment, Regeneron paid the Company an upfront payment of $70.0 million, which included the $25.0 million fee to extend the Technology Collaboration Term to April 2024. The potential future milestones and royalties remain unchanged from the 2016 Regeneron Agreement. In addition, on May 30, 2020, the Company and Regeneron entered into the 2020 Stock Purchase Agreement. Under the 2020 Stock Purchase Agreement, the Company sold to Regeneron 925,218 shares of its common stock, par value $0.0001 per share, for aggregate cash consideration of $30.0 million, or $32.42 per share (the “Equity Transaction”), representing a 100% premium over the volume-weighted average trading price of the Company’s common stock during the 30-day period prior to the closing of the Equity Transaction. Under the 2020 Stock Purchase Agreement, Regeneron will not dispose of any shares of common stock it beneficially owns in the Company until the termination of the Technology Collaboration Term. Research Collaboration. Research activities under the 2016 Regeneron Agreement and the 2020 Regeneron Amendment (collectively the “Amended Agreements”) 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 targets, and Regeneron will be responsible for preclinical research, conducting clinical development and manufacturing and commercialization of CRISPR Products directed to each of its exclusive selected 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 investigational new drug (“IND”), or other regulatory acceptance for at least one product directed to each applicable target and, following IND acceptance, to develop and commercialize at least one such product. Governance. Pursuant to the 2016 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. Term and Termination . Under the Amended Agreements, the Technology Collaboration Term ends in April 2024, except that Regeneron may make a one-time payment of $30.0 million to extend the Technology Collaboration Term for an additional two-year period. The Amended Agreements will continue until the date when no royalty or other payment obligations are due, unless earlier terminated in accordance with the terms of the Amended Agreements. Regeneron’s 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, (ii) twelve years from the first commercial sale of such product in such country, or (iii) the expiration of regulatory exclusivity for such product. The Company may terminate the Amended Agreements on a target-by-target basis if Regeneron or any of its affiliates institutes a patent challenge against the Company’s CRISPR/Cas or certain other background patent rights or does not proceed with the development of a product directed to a selected target within specified periods of time. Regeneron may terminate the Amended Agreements, without cause, upon 180 days written notice to the Company, either in its entirety or on a target-by-target basis, in which event, certain rights in the terminated targets and associated IP revert to the Company, as described in the Amended Agreements. Following such termination, the Company may owe Regeneron royalties, in certain circumstances, up to mid-single digits on any terminated targets that the Company subsequently commercializes on a product-by-product basis for a period of twelve years after the first commercial sale of any such products. Either party may terminate the Amended Agreements, either in their entirety or with respect to the research collaboration or one or more of the targets selected by Regeneron, in the event of the other party’s uncured material breach . Co-Development and Co-Promotion Agreements. 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 ATTR Co/Co agreement, for which the Company is the clinical and commercial Lead Party and Regeneron is the Participating Party (each, as defined in the Co/Co agreements, as applicable, and described below). In May 2020, the Company and Regeneron executed the Hemophilia Co/Co agreements, for which Regeneron is the clinical and commercial Lead Party and the Company is the Participating Party. Co-Development and Co-Promotion: Agreement Structure. Under the 2016 Regeneron Agreement, Regeneron had the right to exercise at least four options, after TTR , to enter into a Co/Co agreement for the Company’s liver targets (other than the Company’s reserved liver targets), while the Company had the opportunity to 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. In connection with the 2020 Regeneron Amendment, the Company received one additional option to enter into a Co/Co agreement, while Regeneron’s number of Co/Co options remained the same. Each option to enter into a Co/Co agreement must be exercised (or forfeited) once a target reaches a defined preclinical stage. One party will be the “Lead Party” and the other party the “Participating Party.” The Lead Party will have control and primary responsibility for the development, manufacturing, regulatory, and commercial activities. The Participating Party will have the right to consult on these activities through its participation on the joint development and commercialization committees 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%. Pursuant to the ATTR Co/Co, on December 13, 2019, Regeneron informed the Company that it would exercise its rights under the ATTR Co/Co agreement to modify its share of worldwide development costs and profits from 50% to 25%, effective in mid-June 2020. As noted above, in connection with the 2020 Regeneron Amendment, the Company and Regeneron entered into two Hemophilia Co/Co agreements. Under the Hemophilia Co/Co agreements, which are substantially based upon the Company and Regeneron’s previously agreed-upon form of Co/Co agreement, but do not count toward Regeneron’s total number of Co/Co options, the Company and Regeneron will collaborate to research, develop, manufacture, and commercialize CRISPR Products for the treatment of hemophilia A and hemophilia B. Regeneron will be the clinical and commercial lead for such activities. Co-Development and Co-Promotion: Governance. The parties formed j oint development and commercialization committees to oversee all profit share products under the Co/Co agreements as discussed below. The committees are responsible for overseeing the development, manufacture, regulatory matters, and commercialization (including pricing and reimbursement) efforts under the ATTR Co/Co and the Hemophilia Co/Co agreements. Co-Development and Co-Promotion: Termination. Either party may terminate a particular Co/Co agreement by providing 180 days written notice. If the Company terminates, the product subject to the Co/Co agreement becomes a Regeneron product, and is subject to all future milestone and royalty payment obligations under the 2016 Regeneron Agreement. If Regeneron terminates and has contributed at least $5.0 million in development costs under the particular 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 relevant product. 2016 Regeneron Agreement: Accounting Analysis. The Company determined that the 2016 Regeneron Agreement is within the scope of ASU 2014-09, and its related amendments (collectively known as “ASC 606”). The Company evaluated the promised goods and services under the 2016 Regeneron Agreement and determined that it included three performance obligations: (i) a combined performance obligation including the licenses to targets and the associated research activities and evaluation plans; (ii) a combined performance obligation including the technology collaboration and associated research activities; and (iii) the common stock. Under the 2016 Regeneron Agreement, the Company determined that the transaction price was $125.0 million, consisting of the following consideration: (i) the nonrefundable upfront payment of $75.0 million; and (ii) the payment of 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 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 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 first allocated $50.0 million of the transaction price to the common stock. The common stock was sold at its standalone selling price and the Company concluded that the total discount inherent in the arrangement is entirely attributable to the combined performance obligation including the licenses to targets and associated research activities and evaluation plans and the combined performance obligation including the technology collaboration and associated research activities. As such, the remaining $75.0 million of the transaction price was allocated to the combined performance obligation including the licenses to targets and associated research activities and evaluation plans and the combined performance obligation including the technology collaboration and associated research activities on a relative standalone selling price basis. The Company estimated the standalone selling price of each combined performance obligation by taking into consideration internal estimates of research and development personnel needed to perform the research and development services, estimates of expected cash outflows to third parties for services and supplies, selling prices of comparable transactions and typical gross profit margins. As a result of this evaluation, the Company allocated $63.8 million to the combined performance obligation including the licenses to targets and associated research activities and evaluation plans and $11.2 million to the combined performance obligation including the technology collaboration and associated research activities. The $63.8 million allocated to the combined performance obligation including the licenses to targets and associated research activities and evaluation plans is being recognized using a time elapsed inputs method over a period of six years, 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 Regeneron and represents the Company’s best estimate of the period of the obligation. The $11.2 million allocated to the combined performance obligation including the technology collaboration and associated research activities is being recognized using a time elapsed inputs method over a period beginning with the inception of the technology collaboration in September 2016 through the end of the arrangement, 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 Regeneron and represents the Company’s best estimate of the period of the obligation. 2020 Regeneron Amendment: Accounting Analysis. The Company concluded that the accounting for the 2020 Regeneron Amendment is within the scope of ASC 606. The Company evaluated the promised goods and services under the 2020 Regeneron Amendment and determined that it included three performance obligations: (i) a combined performance obligation including the licenses to targets and the associated research activities and evaluation plans; (ii) a combined performance obligation including the technology collaboration and associated research activities; and (iii) the transfer of the license to develop the Factor VIII target for hemophilia A. The 2020 Regeneron Amendment represents a contract modification. The modification of the license to targets and the associated research activities and evaluation plans and the license to the technology collaboration and associated research activities are accounted for as if they were part of the original agreement and therefore form part of a performance obligation that was partially satisfied at the date of modification. The Company therefore recorded a cumulative catch-up adjustment of $8.4 million on the modification date. The Company accounted for the distinct performance obligation – specifically the obligation to transfer the license to develop the Factor VIII target for hemophilia A - as if it were a separate component of the modified contract. The transaction price of the 2020 Regeneron Amendment was determined to be $110.9 million, which is comprised of the $23.5 million remaining consideration from the 2016 Regeneron Agreement transferred at the inception of the arrangement, the $70.0 million upfront payment received upon the execution of the 2020 Regeneron Amendment and $17.4 million on the sale of shares under the 2020 Stock Purchase Agreement. The Company applied equity accounting guidance to measure the $12.6 million fair value recorded in the condensed consolidated statement of stockholders’ equity upon issuance of the shares. All variable consideration will be fully constrained, until such point where the constraints can be lifted, at which point the Company will allocate the consideration to the performance obligations in the arrangement accordingly. The $110.9 million transaction price was allocated to the performance obligations including the licenses to targets and associated research activities and evaluation plans, the combined performance obligation including the technology collaboration and associated research activities and the transfer of the license to develop the Factor VIII target for h emophilia A , on a relative standalone selling price basis. The Company estimated the standalone selling price of the transfer of the license to develop the Factor VIII target for h emophilia A using the adjusted market assessment approach, whereby the Company estimated the market in which it sells goods or services and estimated the price that a customer in that market would be willing to pay for those goods or services. The Company estimated the standalone selling price of the combined performance obligation of the technology collaboration and associated research activities by taking into consideration internal estimates of research and development personnel needed to perform the research and development services. The estimated standalone selling price of the combined performance obligation , including the licenses to targets and the associated research activities and evaluation plans , was determined using selling prices of comparable transactions. As a result of this evaluation, the Company allocated $91.9 million to the combined performance obligation including the licenses to targets and associated research activities and evaluation plans, $3.7 million to the combined performance obligation including the technology collaboration and associated research activities, and $15.3 million to the transfer of the license to develop the Factor VIII target for hemophilia A. The $91.9 million allocated to the combined performance obligation, including the licenses to targets and associated research activities and evaluation plans, as well as the $3.7 million allocated to the combined performance obligation, including the technology collaboration and associated research activities, are being recognized using a time elapsed inputs method over the remaining period of the collaboration 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 Regeneron and represents the Company’s best estimate of the period of the obligation. 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 $15.3 million allocated to the transfer of the license to develop the Factor VIII target for hemophilia A will be recognized at a point in time when the Company transfers control of the hemophilia A target, which is expected to be in 2020. Co/Co Agreements: Accounting Analysis. The Company concluded that the ATTR Co/Co and Hemophilia Co/Co agreements meet the definition of a collaborative arrangement per Accounting Standards Codification 808, (“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 cumulative amounts paid or received under the cost sharing provisions of the ATTR Co/Co and the Hemophilia Co/Co agreements as a component of revenues in the condensed consolidated statements of operations and comprehensive loss, to the extent that this does not result in a cumulative “negative revenue” amount, in which case the cumulative shortfall would be reclassified as an expense. Revenue Recognition – Collaboration Revenue. Through June 30, 2020, excluding amounts allocated to Regeneron’s purchase of the Company’s common stock, the Company recorded $145.0 million in upfront payments under the Amended Agreements and $32.6 million primarily for research and development services under the ATTR Co/Co agreement. Through June 30, 2020, the Company has recognized $94.4 million of collaboration revenue under all arrangements, including $16.3 million and $24.2 million during the three and six months ended June 30, 2020, respectively, and $6.3 million and $12.0 million during the three and six months ended June 30, 2019, respectively, in the condensed consolidated statements of operations and comprehensive loss. This includes $3.8 million and $8.6 million during the three and six months ended June 30, 2020, respectively, and $3.2 million and $5.8 million during the three and six months ended June 30, 2019, respectively, primarily representing payments due from Regeneron pursuant to the ATTR Co/Co agreement. As of June 30, 2020, there was approximately $85.3 million of the aggregate transaction price of the Amended Agreements remaining to be recognized, which the Company expects to be recognized ratably through April 2024. In addition, $15.3 million of the aggregate transaction price, related to the transfer of the license to develop the Factor VIII target for hemophilia A, remains to be recognized, which the Company expects to be recognized when control is transferred. As of June 30, 2020 and December 31, 2019, the Company had accounts receivable of $3.9 million and $3.6 million, respectively, and deferred revenue of $100.7 million and $28.8 million, respectively, related to the Amended Agreements. 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 Revenue Recognition – Collaboration Revenue. Through June 30, 2020, excluding amounts allocated to Novartis’ purchase of the Company’s Class A-1 and Class A-2 Preferred Units, the Company had recorded a total of $62.4 million in cash under the 2014 Novartis Agreement and the Novartis Amendment. Through June 30, 2020, the Company recognized $62.4 million of collaboration revenue. No revenue was recognized during the three months ended June 30, 2020 related to the 2014 Novartis Agreement and the Novartis Amendment. The Company recognized $4.8 million and $9.5 million during the three and six months ended June 30, 2019, in the condensed 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. Revenue Recognition – Milestone . During the six months ended June 30, 2020, the U.S. Food and Drug Administration (“FDA”) accepted the IND application submitted by Novartis for a CRISPR/Cas9-based engineered cell therapy for the treatment of sickle cell disease. As a result of meeting this milestone, the Company recognized $5.0 million as collaboration revenue within the condensed consolidated statement of operations and comprehensive loss. No other milestones under the 2014 Novartis Agreement and the Novartis Amendment were achieved during the three or six months ended June 30, 2020 or 2019. The Company is eligible to receive additional downstream success-based milestones and royalties. As of June 30, 2020, the Company had no accounts receivable related to the 2014 Novartis Agreement and the Novartis Amendment. As of December 31, 2019, the Company had accounts receivable of $1.0 million related to the 2014 Novartis Agreement and the Novartis Amendment. As of June 30, 2020 and December 31, 2019, the Company had no deferred revenue related to the 2014 Novartis Agreement and the Novartis Amendment. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 8 . Leases In October 2014, the Company entered into an agreement to lease office and laboratory space at 130 Brookline Street (the “130 Brookline Lease”) 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 five-year January 2025 In March 2020, the Company entered into an agreement to lease approximately 39,000 square feet of office and laboratory space at 281 Albany Street in Cambridge, Massachusetts under an operating lease agreement (the “281 Albany Lease”). The 281 Albany Lease is expected to commence on October 1, 2020, and the Company’s obligation to pay rent will start on the date that is six months after the commencement date or the date on which the Company occupies the premises, whichever occurs earlier (the “Rent Commencement Date”). The initial term of the 281 Albany Lease is ten years following the Rent Commencement Date. The base rent under the 281 Albany Lease is $99.00 per square foot per year during the first year of the term, which is subject to scheduled annual increases up to $128.87 per square foot per year during the last year of the initial term, plus certain operating expenses and taxes. In addition, the landlord will contribute an aggregate of $4.4 million toward the cost of construction and tenant improvements for the premises. In accordance with the 281 Albany Lease, the Company is required to maintain a letter of credit in the amount of $1.9 million that is restricted for the term of the lease. These restricted cash equivalents are reported in “Other Assets” in the Company’s condensed consolidated balance sheet. The Company has the option to extend the 281 Albany Lease for two successive five-year terms. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 9. 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 (“RSUs”) 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 June 30, 2020, there were 2,104,706 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 condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Research and development $ 2,390 $ 2,096 $ 4,550 $ 3,879 General and administrative 2,374 2,308 4,371 5,117 Total $ 4,764 $ 4,404 $ 8,921 $ 8,996 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 six months ended June 30, 2020: Number of Shares Weighted Average Grant Date Fair Value per Share Unvested restricted stock as of December 31, 2019 71,875 $ 22.88 Granted 181,020 15.05 Vested - - Cancelled (4,410 ) 15.05 Unvested restricted stock as of June 30, 2020 248,485 $ 17.31 As of June 3 0 , 20 20 , there was $ 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 2. 3 years . As of June 3 0 , 2020, 71,875 of the unvested restricted stock outstanding are performance-based RSUs that vest upon obtaining certain scientific, financial and regulatory milestones through 2020. These performance-based RSU s are not included in computing the diluted loss per share because the performance criteria had not been met as of the end of the reporting period . In January 2020, the Company granted 181,020 RSUs to certain employees that include a performance condition in addition to a service condition. The RSUs vest over a period of three years and are subject to accelerated vesting based on the Company’s programs achieving certain development milestones before December 1, 2022. To date, the Company has not accelerated the vesting of the RSUs. The grant date fair value of the RSUs is $15.05. 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 $9.04 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Risk-free interest rate 0.4% 2.1% 0.9% 2.4% Expected life of options 5.5-6.0 years 5.5-6.0 years 5.5-6.0 years 5.5-6.0 years Expected volatility of underlying stock 70.2% 67.9% 67.3% 68.6% Expected dividend yield 0.0% 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 peer 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 option 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 six months ended June 3 0 , 20 20 : 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, 2019 5,365,971 $ 15.67 Granted 2,586,815 13.59 Exercised (137,210 ) 9.99 Forfeited (234,536 ) 16.82 Outstanding at June 30, 2020 7,581,040 $ 15.03 8.18 $ 49,006 Exercisable at June 30, 2020 3,114,690 $ 14.63 6.85 $ 22,023 As of June 30, 2020, there was $39.1 Of the unvested stock options outstanding as of June 30, 2020, 183,750 are performance-based stock options that vest upon obtaining certain scientific, financial and regulatory milestones through 2020. At June 30, 2020, 143,750 performance-based options are not included in computing the diluted loss per share because the performance criteria had not been met as of the end of the reporting period. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 10 . Loss Per Share The Company calculates basic loss per share by dividing net loss for each respective period by the weighted average number of common shares outstanding for each respective period. The Company computes diluted loss 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 securities would be anti-dilutive. Basic and diluted loss per share was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Net loss $ (32,393 ) $ (25,683 ) $ (64,199 ) $ (47,623 ) Weighted average shares outstanding, basic and diluted 53,369 45,814 51,938 45,526 Net loss per share, basic and diluted $ (0.61 ) $ (0.56 ) $ (1.24 ) $ (1.05 ) The following common stock equivalents were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive: Three and Six Months Ended June 30, 2020 2019 (In thousands) Unvested restricted stock 248 73 Stock options 7,581 5,315 7,829 5,388 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity | 11 . Stockholders’ Equity The following tables present changes in stockholders’ equity for the six-month periods ended June 30, 2020 and 2019 (in thousands, except share data): Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2019 50,198,044 $ 5 $ 570,493 $ 261 $ (300,878 ) $ 269,881 Issuance of common stock through at-the-market offerings, net of issuance costs of $48 351,252 - 5,079 - - 5,079 Exercise of stock options 53,579 - 336 - - 336 Equity-based compensation - - 4,157 - - 4,157 Other comprehensive income - - - 112 - 112 Net loss - - - - (31,806 ) (31,806 ) Balance at March 31, 2020 50,602,875 5 580,065 373 (332,684 ) 247,759 Issuance of common stock through follow-on offering, net of issuance costs of $369 6,301,370 1 107,731 - - 107,732 Issuance of common stock in private placement with Regeneron 925,218 - 12,580 - - 12,580 Issuance of common stock through at-the-market offerings, net of issuance costs of $23 755,848 - 9,643 - - 9,643 Exercise of stock options 83,631 - 1,035 - - 1,035 Issuance of shares under employee stock purchase plan 55,296 - 685 - - 685 Equity-based compensation - - 4,764 - - 4,764 Other comprehensive loss - - - (218 ) - (218 ) Net loss - - - - (32,393 ) (32,393 ) Balance at June 30, 2020 58,724,238 $ 6 $ 716,503 $ 155 $ (365,077 ) $ 351,587 Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital (Loss) Income Deficit Equity Balance at December 31, 2018 45,224,480 $ 5 $ 478,968 $ (28 ) $ (201,025 ) $ 277,920 Retroactive adjustment to beginning accumulated deficit for adoption of ASC 842 - - - - (320 ) (320 ) Issuance of common stock through at-the-market offerings, net of issuance costs of $120 223,818 - 3,639 - - 3,639 Exercise of stock options 30,800 - 360 - - 360 Equity-based compensation - - 4,592 - - 4,592 Other comprehensive income - - - 87 - 87 Net loss - - - - (21,940 ) (21,940 ) Balance at March 31, 2019 45,479,098 5 487,559 59 (223,285 ) 264,338 Issuance of common stock through at-the-market offerings, net of issuance costs of $3 1,986,579 - 31,413 - - 31,413 Exercise of stock options 203,072 - 1,664 - - 1,664 Issuance of shares under employee stock purchase plan 45,826 - 534 - - 534 Equity-based compensation - - 4,404 - - 4,404 Other comprehensive income - - - 196 - 196 Net loss - - - - (25,683 ) (25,683 ) Balance at June 30, 2019 47,714,575 $ 5 $ 525,574 $ 255 $ (248,968 ) $ 276,866 Follow-on Offering On June 1, 2020, the Company entered into an underwriting agreement related to a public offering of 6,301,370 shares of its common stock, par value $0.0001 per share, including the exercise in full by the underwriters of their option to purchase an additional 821,917 shares, at the public offering price of $18.25 per share. The offering closed on June 5, 2020 and the Company received net proceeds of $107.7 million, after deducting the underwriting discount, commissions and approximately $0.4 million in offering expenses. Shares Issued In Private Placement to Regeneron As described in Note 7 above, in May 2020 the Company entered into an amendment to its collaboration agreement with Regeneron that was entered into in April 2016. Simultaneously, the Company and Regeneron entered into the 2020 Stock Purchase Agreement , under which the Company sold to Regeneron 925,218 shares of its common stock, par value $0.0001 per share, for aggregate cash consideration of $30.0 million, or $32.42 per share, representing a 100% premium over the volume-weighted average trading price of the Company’s common stock during the 30-day period prior to the closing. Under the 2020 Stock Purchase Agreement, Regeneron will not dispose of any shares of common stock it beneficially owns in the Company until the termination of the Technology Collaboration Term (see Note 7). After applying equity accounting guidance to measure the issuance of the shares, $12.6 million was recorded as fair value in the condensed consolidated statement of stockholders’ equity for the shares. At-the-Market Offering Programs I n October 2018, the Company entered into an Open Market Sale Agreement (the “2018 Sales Agreement”) with Jefferies LLC (“Jefferies”), under which Jefferies was able to offer and sell, from time to time in “at-the-market” offerings, shares of its common stock having aggregate gross proceeds of up to $100.0 million. The Company paid to Jefferies cash commissions of 3.0% of the gross proceeds of sales of common stock under the 2018 Sales Agreement. he Company issued 5,890,648 shares of its common stock at an average price of $16.98 per share in accordance with the 2018 Sales Agreement for aggregate net proceeds of $96.4 million, after payment of cash commissions to Jefferies and approximately $0.6 million related to legal, accounting and other fees in connection with All shares related to the 2018 Sales Agreement had been sold as of December 31, 2019 I n August 2019, the Company entered into an Open Market Sale Agreement (the “2019 Sales Agreement”) with Jefferies, under which Jefferies was able to offer and sell, from time to time in “at-the-market” offerings, common stock having aggregate gross proceeds of up to $150.0 million. The Company agreed to pay Jefferies 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 shares of its common stock, in a series of sales, at an average price of $ per share, in accordance with the 2019 Sales Agreement for aggregate net proceeds of $ million, after payment of cash commissions to Jefferies and related to legal, accounting and other fees in connection with the During the six months ended June 30, 2020, the Company issued 1,107,100 shares of its common stock in a series of sales at an average price of share in accordance with the 2019 Sales Agreement, for aggregate net proceeds of $ million after payment of cash commissions to Jefferies and As of June 30, 2020, $130.0 million in shares of common stock remain eligible for sale under the 2019 Sales |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 1 2 . Related Party Transactions 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 condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Restricted Cash Equivalents | Restricted Cash Equivalents Restricted cash equivalents are money market funds held in collateral accounts that are restricted to secure a letter of credit in accordance with the lease for 281 Albany Street that the Company entered into in March of 2020 (see Note 8). The letter of credit is required to be maintained throughout the term of the lease, which is ten years. These restricted cash equivalents amount to $1.9 million and are reported in “Other Assets” in the Company’s condensed consolidated balance sheet |
Recent Accounting Pronouncements - Adopted | Recent Accounting Pronouncements – Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 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 . |
Recent Accounting Pronouncements – Issued but not yet adopted | 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 . |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-sale Marketable Securities | The following table summarizes the Company’s available-for-sale marketable securities as of June 30, 2020 and December 31, 2019 at net book value: June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Marketable securities: U.S. Treasury securities $ 41,487 $ 75 $ - $ 41,562 Financial institution debt securities 28,512 80 - 28,592 Corporate debt securities 4,963 - - 4,963 Total $ 74,962 $ 155 $ - $ 75,117 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Recognized at Fair Value on Recurring Basis | As of June 30, 2020 and December 31, 2019, the Company’s financial assets recognized at fair value on a recurring basis consisted of the following: Fair Value as of June 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 354,282 $ 354,282 $ - $ - Marketable securities: U.S. Treasury securities 41,562 41,562 - - Financial institution debt securities 28,592 - 28,592 - Corporate debt securities 4,963 - 4,963 - Total marketable securities 75,117 41,562 33,555 - Total $ 429,399 $ 395,844 $ 33,555 $ - 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 $ - |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: June 30, 2020 December 31, 2019 (In thousands) Accrued research and development $ 7,160 $ 4,208 Employee compensation and benefits 5,677 6,311 Accrued legal and professional expenses 1,892 1,563 Accrued other 645 1,191 Total accrued expenses $ 15,374 $ 13,273 |
Collaborations (Tables)
Collaborations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Changes in Accounts Receivable and Contract Liabilities | The following table presents changes in the Company’s accounts receivable and contract liabilities during the six months ended June 30, 2020 and 2019 (in thousands): Balance at Beginning of Period Additions Deductions Balance at End of Period Six Months Ended June 30, 2020 Accounts receivable $ 4,620 $ 101,049 $ (101,805 ) $ 3,864 Contract liabilities: Deferred revenue $ 28,810 $ 87,477 $ (15,608 ) $ 100,679 Balance at Beginning of Period Additions Deductions Balance at End of Period Six Months Ended June 30, 2019 Accounts receivable $ 7,547 $ 7,779 $ (11,138 ) $ 4,188 Contract liabilities: Deferred revenue $ 55,932 $ 2,000 $ (15,772 ) $ 42,160 |
Summary of Revenues Recognized Resulting From Changes in Contract Liability Balance | During the six months ended June 30, 2020 and 2019, the Company recognized the following revenues as a result of changes in the contract liability balance (in thousands): Six Months Ended June 30, Revenue recognized in the period from: 2020 2019 Amounts included in the contract liability at the beginning of the period $ 5,674 $ 15,772 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Equity-Based Compensation Expense | Equity-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Research and development $ 2,390 $ 2,096 $ 4,550 $ 3,879 General and administrative 2,374 2,308 4,371 5,117 Total $ 4,764 $ 4,404 $ 8,921 $ 8,996 |
Summary of Restricted Stock Activity | The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2020: Number of Shares Weighted Average Grant Date Fair Value per Share Unvested restricted stock as of December 31, 2019 71,875 $ 22.88 Granted 181,020 15.05 Vested - - Cancelled (4,410 ) 15.05 Unvested restricted stock as of June 30, 2020 248,485 $ 17.31 |
Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted | Key assumptions used to apply this pricing model were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Risk-free interest rate 0.4% 2.1% 0.9% 2.4% Expected life of options 5.5-6.0 years 5.5-6.0 years 5.5-6.0 years 5.5-6.0 years Expected volatility of underlying stock 70.2% 67.9% 67.3% 68.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% |
Summary of Stock Option Activity | The following is a summary of stock option activity for the six months ended June 3 0 , 20 20 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, 2019 5,365,971 $ 15.67 Granted 2,586,815 13.59 Exercised (137,210 ) 9.99 Forfeited (234,536 ) 16.82 Outstanding at June 30, 2020 7,581,040 $ 15.03 8.18 $ 49,006 Exercisable at June 30, 2020 3,114,690 $ 14.63 6.85 $ 22,023 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | Basic and diluted loss per share was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Net loss $ (32,393 ) $ (25,683 ) $ (64,199 ) $ (47,623 ) Weighted average shares outstanding, basic and diluted 53,369 45,814 51,938 45,526 Net loss per share, basic and diluted $ (0.61 ) $ (0.56 ) $ (1.24 ) $ (1.05 ) |
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share | The following common stock equivalents were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive: Three and Six Months Ended June 30, 2020 2019 (In thousands) Unvested restricted stock 248 73 Stock options 7,581 5,315 7,829 5,388 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders’ Equity | The following tables present changes in stockholders’ equity for the six-month periods ended June 30, 2020 and 2019 (in thousands, except share data): Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2019 50,198,044 $ 5 $ 570,493 $ 261 $ (300,878 ) $ 269,881 Issuance of common stock through at-the-market offerings, net of issuance costs of $48 351,252 - 5,079 - - 5,079 Exercise of stock options 53,579 - 336 - - 336 Equity-based compensation - - 4,157 - - 4,157 Other comprehensive income - - - 112 - 112 Net loss - - - - (31,806 ) (31,806 ) Balance at March 31, 2020 50,602,875 5 580,065 373 (332,684 ) 247,759 Issuance of common stock through follow-on offering, net of issuance costs of $369 6,301,370 1 107,731 - - 107,732 Issuance of common stock in private placement with Regeneron 925,218 - 12,580 - - 12,580 Issuance of common stock through at-the-market offerings, net of issuance costs of $23 755,848 - 9,643 - - 9,643 Exercise of stock options 83,631 - 1,035 - - 1,035 Issuance of shares under employee stock purchase plan 55,296 - 685 - - 685 Equity-based compensation - - 4,764 - - 4,764 Other comprehensive loss - - - (218 ) - (218 ) Net loss - - - - (32,393 ) (32,393 ) Balance at June 30, 2020 58,724,238 $ 6 $ 716,503 $ 155 $ (365,077 ) $ 351,587 Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital (Loss) Income Deficit Equity Balance at December 31, 2018 45,224,480 $ 5 $ 478,968 $ (28 ) $ (201,025 ) $ 277,920 Retroactive adjustment to beginning accumulated deficit for adoption of ASC 842 - - - - (320 ) (320 ) Issuance of common stock through at-the-market offerings, net of issuance costs of $120 223,818 - 3,639 - - 3,639 Exercise of stock options 30,800 - 360 - - 360 Equity-based compensation - - 4,592 - - 4,592 Other comprehensive income - - - 87 - 87 Net loss - - - - (21,940 ) (21,940 ) Balance at March 31, 2019 45,479,098 5 487,559 59 (223,285 ) 264,338 Issuance of common stock through at-the-market offerings, net of issuance costs of $3 1,986,579 - 31,413 - - 31,413 Exercise of stock options 203,072 - 1,664 - - 1,664 Issuance of shares under employee stock purchase plan 45,826 - 534 - - 534 Equity-based compensation - - 4,404 - - 4,404 Other comprehensive income - - - 196 - 196 Net loss - - - - (25,683 ) (25,683 ) Balance at June 30, 2019 47,714,575 $ 5 $ 525,574 $ 255 $ (248,968 ) $ 276,866 |
Overview and Basis of Present_2
Overview and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 74 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Proceeds from common stock offering | $ 889,800 | ||
Proceeds from issuance of convertible preferred stock | 85,000 | ||
Collaborative Arrangement [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Proceeds from common stock offering | 268,800 | ||
Initial Public Offering and Concurrent Private Placements [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Proceeds from common stock offering | 170,500 | ||
Follow-on public Offerings [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Proceeds from common stock offering | $ 107,732 | 249,100 | |
At-the-Market Offerings [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Proceeds from common stock offering | $ 14,722 | $ 7,912 | $ 116,400 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Accounting Policies [Abstract] | |
Restricted cash equivalents | $ 1,911 |
Restricted Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember |
Marketable Securities - Summary
Marketable Securities - Summary of Available -for-sale Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 74,962 | $ 226,985 |
Gross Unrealized Gains | 155 | 262 |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 75,117 | 227,246 |
U.S. Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 41,487 | 159,361 |
Gross Unrealized Gains | 75 | 142 |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 41,562 | 159,502 |
Financial Institution Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 28,512 | 40,173 |
Gross Unrealized Gains | 80 | 105 |
Estimated Fair Value | 28,592 | 40,278 |
Corporate Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 4,963 | 18,966 |
Gross Unrealized Gains | 1 | |
Estimated Fair Value | $ 4,963 | 18,967 |
Other Asset Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 8,485 | |
Gross Unrealized Gains | 14 | |
Estimated Fair Value | $ 8,499 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Marketable Securities [Line Items] | ||
Realized gains or losses on marketable securities | $ 0 | $ 0 |
Investments that matured beyond five years | $ 0 | $ 0 |
Minimum [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sales Securities, non-current, maturity period | 1 year | |
Maximum [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sales Securities, non-current, maturity period | 5 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 Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 354,282 | $ 46,917 |
Marketable securities: | ||
Marketable securities | 75,117 | 227,246 |
Total | 429,399 | 274,163 |
U.S. Treasury Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 41,562 | 159,502 |
Financial Institution Debt Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 28,592 | 40,278 |
Corporate Debt Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 4,963 | 18,967 |
Other Asset Backed Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 8,499 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 354,282 | 46,917 |
Marketable securities: | ||
Marketable securities | 41,562 | 159,502 |
Total | 395,844 | 206,419 |
Level 1 [Member] | U.S. Treasury Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 41,562 | 159,502 |
Level 2 [Member] | ||
Marketable securities: | ||
Marketable securities | 33,555 | 67,744 |
Total | 33,555 | 67,744 |
Level 2 [Member] | Financial Institution Debt Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 28,592 | 40,278 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Marketable securities: | ||
Marketable securities | $ 4,963 | 18,967 |
Level 2 [Member] | Other Asset Backed Securities [Member] | ||
Marketable securities: | ||
Marketable securities | $ 8,499 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued research and development | $ 7,160 | $ 4,208 |
Employee compensation and benefits | 5,677 | 6,311 |
Accrued legal and professional expenses | 1,892 | 1,563 |
Accrued other | 645 | 1,191 |
Total accrued expenses | $ 15,374 | $ 13,273 |
Collaborations - Summary of Cha
Collaborations - Summary of Changes in Accounts Receivable and Contract Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Accounts receivable: | ||
Accounts receivable, Balance at Beginning of Period | $ 4,620 | $ 7,547 |
Accounts receivable, Additions | 101,049 | 7,779 |
Accounts receivable, Deductions | (101,805) | (11,138) |
Accounts receivable, Balance at End of Period | 3,864 | 4,188 |
Contract liabilities: | ||
Deferred revenue, Balance at Beginning of Period | 28,810 | 55,932 |
Deferred revenue, Additions | 87,477 | 2,000 |
Deferred revenue, Deductions | (15,608) | (15,772) |
Deferred revenue, Balance at End of Period | $ 100,679 | $ 42,160 |
Collaborations - Summary of Rev
Collaborations - Summary of Revenues Recognized Resulting From Changes in Contract Liability Balance (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Amounts included in the contract liability at the beginning of the period | $ 5,674 | $ 15,772 |
Collaborations - Additional Inf
Collaborations - Additional Information (Detail) | May 30, 2020USD ($)TargetcapProductAgreement$ / sharesshares | Dec. 13, 2019 | Dec. 12, 2019 | Jul. 31, 2018USD ($)shares | Apr. 30, 2016USD ($) | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)PerformanceObligation$ / shares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Collaboration revenue | $ 16,263,000 | $ 11,118,000 | $ 29,179,000 | $ 21,551,000 | |||||||||
Deferred revenue | 100,679,000 | 42,160,000 | 100,679,000 | 42,160,000 | $ 100,679,000 | $ 100,679,000 | $ 28,810,000 | $ 55,932,000 | |||||
2020 Regeneron Amendment [Member] | Hemophilia Co Co Agreements | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Payment of royalty percentage on net product sales | 35.00% | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Stock purchase agreement date | May 30, 2020 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | License Agreement Terms [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Aggregate transaction price remaining to be recognized | 15,300,000 | 15,300,000 | 15,300,000 | 15,300,000 | |||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2016 Regeneron Agreement [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue additions | $ 75,000,000 | 75,000,000 | |||||||||||
Purchase of common stock through private placement | $ 50,000,000 | ||||||||||||
Number of performance obligations | PerformanceObligation | 3 | ||||||||||||
Transaction price | $ 125,000,000 | ||||||||||||
Transaction price allocated to common stock | 50,000,000 | ||||||||||||
Remaining transaction price allocated to combined performance obligation | 75,000,000 | ||||||||||||
Amount allocated to licenses to targets and associated research activities and evaluation plans | 63,800,000 | ||||||||||||
Amount allocated to technology collaboration and associated research activities | $ 11,200,000 | ||||||||||||
Licenses to targets and associated research activities and evaluation plans performance period | 6 years | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2016 Regeneron Agreement [Member] | Maximum [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Development based milestone payments under agreement | 25,000,000 | ||||||||||||
Regulatory based milestone payments under agreement | 110,000,000 | ||||||||||||
Sales based milestone payments under agreement | 185,000,000 | ||||||||||||
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 | ||||||||||||
Premium on sale of shares | $ 17,400,000 | ||||||||||||
Fair value recorded in statement of stockholders’ equity upon issuance of shares | 12,600,000 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2020 Regeneron Amendment [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue additions | $ 70,000,000 | $ 70,000,000 | |||||||||||
Collaboration agreement further option extension period | twenty-four months | ||||||||||||
Additional regeneron target cap | Targetcap | 5 | ||||||||||||
Fee to extend collaboration arrangement | $ 25,000,000 | ||||||||||||
Collaboration term extension period | 2024-04 | ||||||||||||
One time collaboration payment | $ 30,000,000 | ||||||||||||
Collaboration term extension period | 2 years | ||||||||||||
Royalty payment obligation expiration period | 12 years | ||||||||||||
Termination period of agreement | 180 days | ||||||||||||
Number of performance obligations | PerformanceObligation | 3 | ||||||||||||
Transaction price | $ 110,900,000 | ||||||||||||
Amount allocated to licenses to targets and associated research activities and evaluation plans | 91,900,000 | ||||||||||||
Amount allocated to technology collaboration and associated research activities | 3,700,000 | ||||||||||||
Cumulative catch up adjustment | 8,400,000 | ||||||||||||
Remaining transaction price transferred at inception of arrangement | 23,500,000 | ||||||||||||
Transaction price allocated to combined performance obligation | 110,900,000 | ||||||||||||
Amount allocated to transfer license to develop factor VIII target for hemophilia A | 15,300,000 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2020 Regeneron Amendment [Member] | Option Exercised to Increase Regeneron Target Cap [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue additions | $ 30,000,000 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2020 Regeneron Amendment [Member] | Hemophilia Co Co Agreements | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Payment of royalty percentage on net product sales | 65.00% | ||||||||||||
Number of agreements entered | Agreement | 2 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2020 Regeneron Amendment [Member] | Maximum [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Increase in regeneron target cap | Targetcap | 15 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2020 Regeneron Amendment [Member] | Maximum [Member] | Non-exclusive License to Regeneron under Certain CRISPR/Cas Platform IP [Member] | CRISPR Product [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Number of unique ex vivo products commercialized | Product | 10 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2020 Regeneron Amendment [Member] | Minimum [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Increase in regeneron target cap | Targetcap | 10 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | 2020 Stock Purchase Agreement [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Common stock shares sold | shares | 925,218 | ||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||||||||
Cash consideration received on sale of common stock | $ 30,000,000 | ||||||||||||
Sale of stock, price per share | $ / shares | $ 32.42 | ||||||||||||
Percentage of premium over volume-weighted average trading price of common stock during 30-day period prior to closing of equity transaction | 100.00% | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | Co-Development and Co-Promotion Agreements [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Payment of royalty percentage on net product sales | 25.00% | 50.00% | 50.00% | ||||||||||
Termination period of agreement | 180 days | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | Co-Development and Co-Promotion Agreements [Member] | Minimum [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Options exercisable, number of shares exercisable | shares | 4 | ||||||||||||
Collaborative arrangement obligation to be fund in development costs | $ 5,000,000 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Agreement [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue additions | 145,000,000 | ||||||||||||
Collaboration revenue | 16,300,000 | 6,300,000 | $ 24,200,000 | 12,000,000 | 94,400,000 | ||||||||
Aggregate transaction price remaining to be recognized, period | Through June 30, 2020 | ||||||||||||
Payments due | 3,800,000 | 3,200,000 | $ 8,600,000 | 5,800,000 | |||||||||
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Agreement [Member] | Research and Development Services [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Collaboration revenue | 32,600,000 | ||||||||||||
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Amendment [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Aggregate transaction price remaining to be recognized | 85,300,000 | 85,300,000 | 85,300,000 | 85,300,000 | |||||||||
Accounts receivable | 3,900,000 | 3,900,000 | 3,900,000 | 3,900,000 | 3,600,000 | ||||||||
Deferred revenue | 100,700,000 | $ 100,700,000 | 100,700,000 | 100,700,000 | 28,800,000 | ||||||||
Novartis [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Strategic collaboration agreement amended date | 2018-12 | ||||||||||||
Novartis [Member] | Regeneron Agreement [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Collaboration revenue | $ 5,000,000 | ||||||||||||
Deferred revenue | 0 | 0 | 0 | 0 | 0 | ||||||||
Accounts receivable | 0 | $ 0 | $ 0 | 0 | $ 1,000,000 | ||||||||
Novartis [Member] | Novartis Arrangement [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue additions | 62,400,000 | ||||||||||||
Collaboration revenue | $ 0 | $ 4,800,000 | $ 9,500,000 | $ 62,400,000 | |||||||||
Aggregate transaction price remaining to be recognized, period | Through June 30, 2020 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Oct. 31, 2014USD ($) | Jun. 30, 2020USD ($)ft²USD_per_sqft | Dec. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | ||||
Operating lease right-of-use assets | $ 23,469 | $ 19,137 | ||
130 Brookline Street [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, description | In October 2014, the Company entered into an agreement to lease office and laboratory space at 130 Brookline Street (the “130 Brookline Lease”) 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 expiration | 2020-01 | |||
Lessee operating lease extended expiration date | Jan. 31, 2025 | |||
Operating lease, existence of option to extend | true | |||
Operating lease, options to extend | 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, renewal term | 5 years | 5 years | ||
130 Brookline Street [Member] | Second Amendment [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, description | In March 2020, the Company entered into a second amendment to the 130 Brookline Lease (the “Second Amendment”). The Second Amendment amends certain terms of the Company’s existing lease, dated October 21, 2014, as amended on April 5, 2019. The Second Amendment extends the term of the 130 Brookline Lease by approximately six years through January 31, 2031. | |||
Lessee operating lease extended expiration date | Jan. 31, 2031 | |||
Operating lease, existence of option to extend | true | |||
Operating lease, options to extend | an option to extend the lease for two consecutive five-year terms | |||
Operating lease, renewal term | 6 years | |||
Operating lease right-of-use assets | $ 7,300 | |||
Operating lease, liability | $ 7,300 | |||
130 Brookline Street [Member] | Other Assets [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lease security deposit | $ 300 | |||
Albany Lease [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Area of space leased | ft² | 39,000 | |||
Operating lease, description | In March 2020, the Company entered into an agreement to lease approximately 39,000 square feet of office and laboratory space at 281 Albany Street in Cambridge, Massachusetts under an operating lease agreement (the “281 Albany Lease”). The 281 Albany Lease is expected to commence on October 1, 2020, and the Company’s obligation to pay rent will start on the date that is six months after the commencement date or the date on which the Company occupies the premises, whichever occurs earlier (the “Rent Commencement Date”). | |||
Expected commencement date | Oct. 1, 2020 | |||
Term of lease | 10 years | |||
Base rent per square foot for first year | USD_per_sqft | 99 | |||
Base rent per square foot for last year | USD_per_sqft | 128.87 | |||
Amount receivable on cost of construction and tenant improvement | $ 4,400 | |||
Operating lease, existence of option to extend | true | |||
Operating lease, options to extend | The Company has the option to extend the 281 Albany Lease for two successive five-year terms. | |||
Albany Lease [Member] | Other Assets [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Letter of credit | $ 1,900 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized equity-based compensation expense related to restricted stock | $ 2.3 | $ 2.3 | ||||
Potential dilutive securities excluded from computation of diluted net loss per common share | 7,829,000 | 5,388,000 | 7,829,000 | 5,388,000 | ||
Number of Shares, Granted | 181,020 | |||||
Weighted Average Grant Date Fair Value per Share, Granted | $ 15.05 | |||||
Weighted average grant date fair value per share | $ 9.04 | $ 9.22 | $ 8.16 | $ 9.07 | ||
Total intrinsic value of stock options exercised | $ 0.5 | $ 1.3 | $ 0.8 | $ 1.5 | ||
Unrecognized compensation cost related to stock options | $ 39.1 | $ 39.1 | ||||
Stock options outstanding | 7,581,040 | 7,581,040 | 5,365,971 | |||
Vesting description | 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 period of unrecognized compensation costs | 2 years 3 months 18 days | |||||
Performance Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Potential dilutive securities excluded from computation of diluted net loss per common share | 71,875 | |||||
RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining vesting period | 3 years | |||||
Number of Shares, Granted | 181,020 | |||||
Weighted Average Grant Date Fair Value per Share, Granted | $ 15.05 | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average period of unrecognized compensation costs | 2 years 8 months 12 days | |||||
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 share | 143,750 | |||||
Stock options outstanding | 183,750 | 183,750 | ||||
2015 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining vesting period | 3 years | |||||
Description of stock options granted under the Plan | 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. | |||||
Shares available for future issuance | 2,104,706 | 2,104,706 | ||||
Percentage of cumulative increase in number of shares for future issuance | 4.00% | |||||
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 anniversary | 25.00% | |||||
Maximum [Member] | 2015 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum term of stock options granted | 10 years |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Equity-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 4,764 | $ 4,404 | $ 8,921 | $ 8,996 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | 2,390 | 2,096 | 4,550 | 3,879 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 2,374 | $ 2,308 | $ 4,371 | $ 5,117 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Activity (Detail) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Unvested, Beginning balance | shares | 71,875 |
Number of Shares, Granted | shares | 181,020 |
Number of Shares, Cancelled | shares | (4,410) |
Number of Shares, Unvested, Ending balance | shares | 248,485 |
Weighted Average Grant Date Fair Value per Share, Unvested, Beginning balance | $ / shares | $ 22.88 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | 15.05 |
Weighted Average Grant Date Fair Value per Share, Cancelled | $ / shares | 15.05 |
Weighted Average Grant Date Fair Value per Share, Unvested, Ending balance | $ / shares | $ 17.31 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 0.40% | 2.10% | 0.90% | 2.40% |
Expected volatility of underlying stock | 70.20% | 67.90% | 67.30% | 68.60% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life of options | 5 years 6 months | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life of options | 6 years | 6 years | 6 years | 6 years |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Options, Outstanding, Beginning Balance | 5,365,971 |
Number of options, Granted | 2,586,815 |
Number of options, Exercised | (137,210) |
Number of options, Forfeited | (234,536) |
Number of Options, Outstanding, Ending Balance | 7,581,040 |
Number of Options, Exercisable | 3,114,690 |
Weighted Average Exercise Price per Share, Outstanding, Beginning Balance | $ 15.67 |
Weighted Average Exercise Price per Share, Granted | 13.59 |
Weighted Average Exercise Price per Share, Exercised | 9.99 |
Weighted Average Exercise Price per Share, Forfeited | 16.82 |
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | 15.03 |
Weighted Average Exercise Price per Share, Exercisable | $ 14.63 |
Weighted Average Remaining Contractual Term, Outstanding | 8 years 2 months 4 days |
Weighted Average Remaining Contractual Term, Exercisable | 6 years 10 months 6 days |
Aggregate Intrinsic Value, Outstanding | $ 49,006 |
Aggregate Intrinsic Value, Exercisable | $ 22,023 |
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 Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||
Net loss | $ (32,393) | $ (31,806) | $ (25,683) | $ (21,940) | $ (64,199) | $ (47,623) |
Weighted average shares outstanding, basic and diluted | 53,369 | 45,814 | 51,938 | 45,526 | ||
Net loss per share, basic and diluted | $ (0.61) | $ (0.56) | $ (1.24) | $ (1.05) |
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 Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from computation of diluted net loss per common share | 7,829 | 5,388 | 7,829 | 5,388 |
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 share | 248 | 73 | 248 | 73 |
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 share | 7,581 | 5,315 | 7,581 | 5,315 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Class Of Stock [Line Items] | |||||||
Beginning balance | $ 247,759 | $ 269,881 | $ 264,338 | $ 277,920 | $ 269,881 | $ 277,920 | $ 277,920 |
Beginning balance, shares | 50,198,044 | 50,198,044 | |||||
Exercise of stock options | 1,035 | $ 336 | 1,664 | 360 | |||
Exercise of stock options, shares | 137,210 | ||||||
Issuance of shares under employee stock purchase plan | 685 | 534 | |||||
Equity-based compensation | 4,764 | 4,157 | 4,404 | 4,592 | |||
Other comprehensive income (loss) | (218) | 112 | 196 | 87 | |||
Net loss | (32,393) | (31,806) | (25,683) | (21,940) | $ (64,199) | (47,623) | |
Ending balance | $ 351,587 | 247,759 | 276,866 | 264,338 | $ 351,587 | 276,866 | $ 269,881 |
Ending balance, shares | 58,724,238 | 58,724,238 | 50,198,044 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Beginning balance | $ (320) | (320) | $ (320) | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||
Follow-on Offering [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock | $ 107,732 | ||||||
At-the-Market Offerings [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock | 9,643 | 5,079 | 31,413 | $ 3,639 | |||
Regeneron Pharmaceuticals Inc. [Member] | Private Placement [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock | 12,580 | ||||||
Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Beginning balance | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 |
Beginning balance, shares | 50,602,875 | 50,198,044 | 45,479,098 | 45,224,480 | 50,198,044 | 45,224,480 | 45,224,480 |
Exercise of stock options, shares | 83,631 | 53,579 | 203,072 | 30,800 | |||
Issuance of shares under employee stock purchase plan, shares | 55,296 | 45,826 | |||||
Ending balance | $ 6 | $ 5 | $ 5 | $ 5 | $ 6 | $ 5 | $ 5 |
Ending balance, shares | 58,724,238 | 50,602,875 | 47,714,575 | 45,479,098 | 58,724,238 | 47,714,575 | 50,198,044 |
Common Stock [Member] | Follow-on Offering [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock | $ 1 | ||||||
Issuance of common stock, shares | 6,301,370 | ||||||
Common Stock [Member] | At-the-Market Offerings [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock, shares | 755,848 | 351,252 | 1,986,579 | 223,818 | |||
Common Stock [Member] | Regeneron Pharmaceuticals Inc. [Member] | Private Placement [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock, shares | 925,218 | ||||||
Additional Paid-In Capital [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Beginning balance | $ 580,065 | $ 570,493 | $ 487,559 | $ 478,968 | $ 570,493 | $ 478,968 | $ 478,968 |
Exercise of stock options | 1,035 | 336 | 1,664 | 360 | |||
Issuance of shares under employee stock purchase plan | 685 | 534 | |||||
Equity-based compensation | 4,764 | 4,157 | 4,404 | 4,592 | |||
Ending balance | 716,503 | 580,065 | 525,574 | 487,559 | 716,503 | 525,574 | 570,493 |
Additional Paid-In Capital [Member] | Follow-on Offering [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock | 107,731 | ||||||
Additional Paid-In Capital [Member] | At-the-Market Offerings [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock | 9,643 | 5,079 | 31,413 | 3,639 | |||
Additional Paid-In Capital [Member] | Regeneron Pharmaceuticals Inc. [Member] | Private Placement [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock | 12,580 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Beginning balance | 373 | 261 | 59 | (28) | 261 | (28) | (28) |
Other comprehensive income (loss) | (218) | 112 | 196 | 87 | |||
Ending balance | 155 | 373 | 255 | 59 | 155 | 255 | 261 |
Accumulated Deficit [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Beginning balance | (332,684) | (300,878) | (223,285) | (201,025) | (300,878) | (201,025) | (201,025) |
Net loss | (32,393) | (31,806) | (25,683) | (21,940) | |||
Ending balance | $ (365,077) | $ (332,684) | $ (248,968) | (223,285) | $ (365,077) | (248,968) | (300,878) |
Accumulated Deficit [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Beginning balance | $ (320) | $ (320) | $ (320) | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Changes in Stockholders Equity (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
At-the-Market Offerings [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock issuance cost,net | $ 23 | $ 48 | $ 3 | $ 120 |
Follow-on Offering [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock issuance cost,net | $ 369 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2020 | Jun. 01, 2020 | May 30, 2020 | May 31, 2020 | Aug. 31, 2019 | Oct. 31, 2018 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 |
Class Of Stock [Line Items] | ||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Proceeds from common stock offering | $ 889,800 | |||||||||
Regeneron Pharmaceuticals Inc. [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Proceeds from common stock offering | $ 12,580 | |||||||||
2020 Stock Purchase Agreement [Member] | Regeneron Pharmaceuticals Inc. [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Common stock, par value | $ 0.0001 | |||||||||
Cash consideration received on sale of common stock | $ 30,000 | |||||||||
Sale of stock, price per share | $ 32.42 | |||||||||
Percentage of premium over volume-weighted average trading price of common stock during 30-day period prior to closing of equity transaction | 100.00% | |||||||||
2018 Sales Agreement [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Number of common stock issued upon conversion of shares | 5,890,648 | |||||||||
Common stock price per share | $ 16.98 | |||||||||
Proceeds from common stock offering | $ 96,400 | |||||||||
Percentage of gross proceeds from common stock as sales agent cash commission | 3.00% | |||||||||
2018 Sales Agreement [Member] | General and Administrative Expenses [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Legal accounting and other fees | $ 600 | |||||||||
2018 Sales Agreement [Member] | Maximum [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Proceeds from common stock offering | $ 100,000 | |||||||||
2019 Sales Agreement [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Number of common stock issued upon conversion of shares | 1,107,100 | 287,231 | ||||||||
Common stock price per share | $ 13.78 | $ 13.78 | $ 16.48 | $ 13.78 | ||||||
Proceeds from common stock offering | $ 14,700 | $ 4,400 | ||||||||
Percentage of gross proceeds from common stock as sales agent cash commission | 3.00% | |||||||||
Proceeds from common stock offering | $ 130,000 | $ 130,000 | $ 130,000 | |||||||
2019 Sales Agreement [Member] | General and Administrative Expenses [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Legal accounting and other fees | 100 | $ 200 | ||||||||
2019 Sales Agreement [Member] | Maximum [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Proceeds from common stock offering | $ 150,000 | |||||||||
Follow-on Offering [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Proceeds from common stock offering | $ 107,732 | $ 249,100 | ||||||||
Issuance of common stock | 107,732 | |||||||||
Follow-on Offering [Member] | Underwriting Agreement [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Number of common stock issued upon conversion of shares | 6,301,370 | |||||||||
Common stock, par value | $ 0.0001 | |||||||||
Shares available for future issuance | 821,917 | |||||||||
Common stock price per share | $ 18.25 | |||||||||
Proceeds from common stock offering | $ 107,700 | |||||||||
Common stock offering expenses | $ 400 | |||||||||
Private Placement [Member] | Regeneron Pharmaceuticals Inc. [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Issuance of common stock | $ 12,580 | |||||||||
Private Placement [Member] | 2020 Stock Purchase Agreement [Member] | Regeneron Pharmaceuticals Inc. [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Number of common stock issued upon conversion of shares | 925,218 | |||||||||
Common stock, par value | $ 0.0001 | |||||||||
Cash consideration received on sale of common stock | $ 30,000 | |||||||||
Sale of stock, price per share | $ 32.42 | |||||||||
Percentage of premium over volume-weighted average trading price of common stock during 30-day period prior to closing of equity transaction | 100.00% | |||||||||
Issuance of common stock | $ 12,600 |