Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38672 | ||
Entity Registrant Name | ARVINAS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-2566120 | ||
Entity Address, Address Line One | 5 Science Park | ||
Entity Address, Address Line Two | 395 Winchester Ave | ||
Entity Address, City or Town | New Haven | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06511 | ||
City Area Code | 203 | ||
Local Phone Number | 535-1456 | ||
Title of 12(b) Security | Common stock, par value $0.001 per share | ||
Trading Symbol | ARVN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,457.3 | ||
Entity Common Stock Shares Outstanding | 53,046,576 | ||
Documents Incorporated by Reference | Part III of this Annual Report incorporates by reference information from the definitive Proxy Statement for the registrant’s 2022 Annual Meeting of Stockholders, which is expected to be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2021. | ||
Entity Central Index Key | 0001655759 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Hartford, Connecticut |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 108.3 | $ 588.4 |
Restricted cash | 4.5 | 0 |
Marketable securities | 1,394.3 | 100.2 |
Accounts receivable | 15 | 1 |
Other receivables | 10.7 | 7.4 |
Prepaid expenses and other current assets | 19.7 | 6.1 |
Total current assets | 1,552.5 | 703.1 |
Property, equipment and leasehold improvements, net | 12.7 | 12.3 |
Operating lease right of use assets | 3.9 | 2 |
Collaboration contract asset and other assets | 12.5 | 0 |
Total assets | 1,581.6 | 717.4 |
Current liabilities: | ||
Accounts payable | 31.3 | 7.1 |
Accrued expenses | 23.1 | 18.9 |
Deferred revenue | 206.2 | 22.2 |
Current portion of operating lease liability | 1.1 | 1 |
Total current liabilities | 261.7 | 49.2 |
Deferred revenue | 534.3 | 22.9 |
Long term debt | 1 | 2 |
Operating lease liability | 2.9 | 1.1 |
Total liabilities | 799.9 | 75.2 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value, 53.0 and 48.5 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 0 | 0 |
Accumulated deficit | (682.9) | (491.9) |
Additional paid-in capital | 1,469.2 | 1,133.5 |
Accumulated other comprehensive (loss) income | (4.6) | 0.6 |
Total stockholders' equity | 781.7 | 642.2 |
Total liabilities and stockholders' equity | $ 1,581.6 | $ 717.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, issued (in shares) | 53 | 48.5 |
Beginning balance (in shares) | 53 | 48.5 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Operations | |||
Revenue | $ 46.7 | $ 21.8 | $ 43 |
Operating expenses: | |||
Research and development | 180.4 | 108.4 | 67.2 |
General and administrative | 61.6 | 38.3 | 27.3 |
Total operating expenses | 242 | 146.7 | 94.5 |
Loss from operations | (195.3) | (124.9) | (51.5) |
Other income (expense) | |||
Other income, net | 2.5 | 2.1 | 1.4 |
Interest income | 1.9 | 3.6 | 4.6 |
Interest expense | (0.1) | (0.1) | (0.1) |
Total other income | 4.3 | 5.6 | 5.9 |
Loss from equity method investment | 0 | 0 | (24.7) |
Net loss | $ (191) | $ (119.3) | $ (70.3) |
Net loss per common share - basic (in usd per share) | $ (3.82) | $ (3.02) | $ (2.13) |
Net loss per common share - diluted (in usd per share) | $ (3.82) | $ (3.02) | $ (2.13) |
Weighted average common shares outstanding - basic (in shares) | 50 | 39.5 | 32.9 |
Weighted average common shares outstanding - diluted (in shares) | 50 | 39.5 | 32.9 |
Consolidated Statements of Comprehensive Loss | |||
Net loss | $ (191) | $ (119.3) | $ (70.3) |
Other comprehensive loss: | |||
Unrealized (loss) gain on available-for-sale securities | (5.2) | 0.5 | 0.3 |
Comprehensive loss | $ (196.2) | $ (118.8) | $ (70) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | At-the-Market Offering | Common Shares | Common SharesAt-the-Market Offering | Accumulated Deficit | Additional Paid-in Capital | Additional Paid-in CapitalAt-the-Market Offering | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2018 | 31.2 | |||||||
Beginning balance at Dec. 31, 2018 | $ 136.6 | $ 0 | $ (302.3) | $ 439.1 | $ (0.2) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation | 20.1 | 20.1 | ||||||
Issuance of common stock, net (in shares) | 6.6 | |||||||
Issuances of common stock, net | 137.1 | $ 0 | 137.1 | |||||
Net loss | (70.3) | (70.3) | ||||||
Restricted stock vesting (in shares) | 0.5 | |||||||
Restricted stock vesting | 0 | $ 0 | 0 | |||||
Proceeds from exercise of stock options (in shares) | 0.2 | |||||||
Proceeds from exercise of stock options | 2.8 | $ 0 | 2.8 | |||||
Unrealized gain (loss) on available-for-sale securities | 0.3 | 0.3 | ||||||
Ending balance (in shares) at Dec. 31, 2019 | 38.5 | |||||||
Ending balance at Dec. 31, 2019 | 226.6 | $ 0 | (372.6) | 599.1 | 0.1 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation | 30.2 | 30.2 | ||||||
Issuance of common stock, net (in shares) | 6.6 | 2.5 | ||||||
Issuances of common stock, net | 431.9 | $ 64.1 | $ 0 | $ 0 | 431.9 | $ 64.1 | ||
Net loss | (119.3) | (119.3) | ||||||
Restricted stock vesting (in shares) | 0.4 | |||||||
Restricted stock vesting | 0 | $ 0 | 0 | |||||
Proceeds from exercise of stock options (in shares) | 0.5 | |||||||
Proceeds from exercise of stock options | 8.2 | $ 0 | 8.2 | |||||
Unrealized gain (loss) on available-for-sale securities | $ 0.5 | 0.5 | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 48.5 | 48.5 | ||||||
Ending balance at Dec. 31, 2020 | $ 642.2 | $ 0 | (491.9) | 1,133.5 | 0.6 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation | 57.1 | 57.1 | ||||||
Issuance of common stock, net (in shares) | 3.5 | |||||||
Issuances of common stock, net | 259.9 | $ 0 | 259.9 | |||||
Net loss | (191) | (191) | ||||||
Restricted stock vesting (in shares) | 0.2 | |||||||
Restricted stock vesting | 0 | $ 0 | 0 | |||||
Proceeds from exercise of stock options (in shares) | 0.8 | |||||||
Proceeds from exercise of stock options | 18.7 | $ 0 | 18.7 | |||||
Unrealized gain (loss) on available-for-sale securities | $ (5.2) | (5.2) | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 53 | 53 | ||||||
Ending balance at Dec. 31, 2021 | $ 781.7 | $ 0 | $ (682.9) | $ 1,469.2 | $ (4.6) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Issuance of common stock, net of underwriters' discounts and issuance costs | $ 28.1 | $ 7.5 | |
Common Shares | |||
Issuance of common stock, offering costs | $ 4.6 | ||
Common Shares | At-the-Market Offering | |||
Issuance of common stock, offering costs | $ 1.6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (191) | $ (119.3) | $ (70.3) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 4.8 | 3.2 | 1.6 |
Net accretion of bond discounts/premiums | 9.4 | 1.7 | 0.2 |
Forgiveness of debt income | (1) | 0 | 0 |
Loss (gain) on sale of marketable securities | 0.2 | (0.4) | 0 |
Amortization of right to use assets | 1.2 | 0.9 | 0.7 |
Amortization of collaboration contract asset | 0.4 | 0 | 0 |
Stock-based compensation | 57.1 | 30.2 | 20.1 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (14) | (1) | 2.8 |
Other receivables | (3.3) | (1.2) | (4) |
Prepaid expenses and other current assets | (13.6) | (2.4) | (1.1) |
Collaboration contract asset | (12.9) | 0 | 0 |
Accounts payable | 23.7 | 2 | 1.5 |
Accrued expenses | 4.2 | 10.8 | 3.6 |
Operating lease liabilities | (1.3) | (0.9) | (0.6) |
Deferred revenue | 695.5 | (13.3) | 4.9 |
Net cash provided by (used in) operating activities | 559.4 | (89.7) | (40.6) |
Cash flows from investing activities: | |||
Purchase of marketable securities | (1,744.6) | (41.2) | (256.5) |
Maturities of marketable securities | 428.5 | 174.1 | 169.7 |
Sale of marketable securities | 7.2 | 37.8 | 0 |
Purchase of property, equipment and leasehold improvements | (4.7) | (6.4) | (6.3) |
Net cash (used in) provided by investing activities | (1,313.6) | 164.3 | (93.1) |
Cash flows from financing activities: | |||
Repayments of long-term debt | 0 | 0 | (0.2) |
Proceeds from issuance of common stock | 264.6 | 460 | 137.7 |
Payment of common stock offering costs | (4.6) | (27.7) | (0.6) |
Proceeds from exercise of stock options | 18.6 | 8.3 | 2.8 |
Net cash provided by financing activities | 278.6 | 504.6 | 139.7 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (475.6) | 579.2 | 6 |
Cash, cash equivalents and restricted cash, beginning of the period | 588.4 | 9.2 | 3.2 |
Cash, cash equivalents and restricted cash, end of the period | 112.8 | 588.4 | 9.2 |
Supplemental disclosure of cash flow information: | |||
Purchases of property, equipment and leasehold improvements unpaid at period end | 0.5 | 0.5 | 0.2 |
Cash paid for interest | 0.1 | 0.1 | 0.1 |
At-the-Market Offering | |||
Payment of common stock offering costs | 0 | (1.6) | 0 |
Proceeds from sale of common stock in at-the-market offering | $ 0 | $ 65.6 | $ 0 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Nature of Business and Basis of Presentation Nature of Business Arvinas, Inc. is a clinical-stage biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases throughout the discovery, development and commercialization of therapies to degrade disease-causing proteins. Arvinas, Inc. has four wholly owned subsidiaries; Arvinas Operations, Inc. formed in 2013, Arvinas Androgen Receptor, Inc. formed in 2015, Arvinas Estrogen Receptor, Inc. formed in 2016, and Arvinas Winchester, Inc. formed in 2018 (collectively, the "Company"). Basis of Presentation The Company's consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of Arvinas, Inc. and its wholly owned subsidiaries. All intercompany transactions have been eliminated upon consolidation. The accounting policies used to prepare the Company's consolidated financial statements are the same as those used to prepare the consolidated financial statements in prior years, except for the adoption of new standards as outlined below. The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements and notes. While management believes that estimates and assumptions used in the preparation of the consolidated financial statements and notes are appropriate, actual results could differ from those estimates. The most significant estimates are those used in the determination of the Company’s revenue recognition, research and development expenses, and fair value of its investment in a joint venture, Oerth Bio LLC ("Oerth"). Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products, and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability. To date, the Company has not generated any revenue from product sales and has financed its operations primarily through sales of equity interests, proceeds from collaborations, grant funding and debt financing. Through December 31, 2021, the Company raised approximately $1.3 billion in gross proceeds from the sale of equity instruments and the exercise of stock options, and had received an aggregate of $774.0 million in payments primarily from collaboration partners. The Company had cash, cash equivalents, restricted cash and marketable securities of approximately $1.5 billion as of December 31, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents The Company classifies as cash and cash equivalents amounts on deposit in banks and cash invested temporarily in various instruments, primarily money market accounts, with original maturities of three months or less at time of purchase. The carrying amounts reported in the consolidated balance sheets represent the fair values of cash and cash equivalents. Restricted Cash Restricted cash represents a letter of credit collateralized by a certificate of deposit in the same amount as required under the terms of the Company's laboratory and office space lease entered into in May 2021. Concentration of Credit Risk The Company maintains its cash in financial institution accounts that may at times exceed federally insured limits. The cash balances in the financial institutions are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. Cash may also be maintained at commercial institutions that are not insured by the FDIC. For the years ended December 31, 2021 and 2020, 100% of the Company’s revenue was attributable to three collaborators representing 68%, 17% and 15% in 2021, and 37%, 32% and 31% in 2020. For each of the years ended December 31, 2021 and 2020 , one collaborator accounted for the entire accounts receivable balance. For the year ended December 31, 2019, 57% of the Company’s revenue was attributable to a license contributed to Oerth, and two collaborators represented 19% and 16% of total revenue. Marketable Securities The Company's marketable securities are classified as available-for-sale securities and are carried at their fair value based on the quoted market prices of the securities, with unrealized gains and losses reported as accumulated other comprehensive income (loss), a separate component of stockholders' equity. Realized gains and losses on available-for-sale securities are included in other income in the period earned or incurred. Property, Equipment, and Leasehold Improvements Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from three years for office equipment to five years for laboratory equipment. Maintenance and repairs which do not extend the lives of the assets are charged directly to expense as incurred. Upon retirement or disposal, cost and related accumulated depreciation are removed from the related accounts, and any resulting gain or loss is recognized as a component of income or loss for the period. Leasehold improvements are recorded at cost and amortized using the straight-line method over the shorter of the lease term or the useful life of the asset. Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets when indications of potential impairments are present. The Company adjusts the carrying value of the long-lived assets if the sum of undiscounted expected future cash flows is less than the carrying value. No such impairments were recorded during 2021, 2020 or 2019. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker in assessing performance and allocating resources. The Company, through its Chief Executive Officer in his role as chief operating decision maker, views Company operations and manages the business as one operating segment. All of the Company’s tangible assets are held in the United States and all of the Company’s revenue has been generated in the United States. Revenue Recognition and Deferred Revenue Revenues from Contracts The Company recognizes revenue under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. The Company’s revenue is generated through research collaboration and license agreements with pharmaceutical partners. The terms of these agreements contain multiple goods and services which may include (i) licenses, (ii) research and development activities, and (iii) participation in joint research and development steering committees. The terms of these agreements may include non-refundable, upfront license or option fees, payments for research and development activities, payments upon the achievement of certain milestones, and royalty payments based on product sales derived from the collaboration. Under ASC 606, the Company evaluates whether the license agreement, research and development services, and participation in research and development steering committees, represent separate or combined performance obligations. The Company has determined that these services within its existing contracts represent a combined single performance obligation. The research collaboration and license agreements typically include contingent milestone payments related to specified preclinical and clinical development milestones and regulatory milestones. These milestone payments represent variable consideration to be included within the transaction price using the most likely amount method. The Company determined that the most likely amount to be recognized was zero, against which no constraint was applied. The Company will continue to assess the probability of significant reversals for any amounts that become likely to be realized prior to recognizing the variable consideration associated with these payments within the transaction price. Revenue is recognized ratably over the Company’s expected performance period under each respective arrangement. The Company makes its best estimate of the period over which the Company expects to fulfill the Company’s performance obligations, which includes access to technology through the license agreement and research activities. Given the uncertainties of these collaboration arrangements, significant judgment is required to determine the duration of the performance period. For the years ended December 31, 2021, 2020 and 2019, the transaction price allocated to the combined performance obligation identified under the individual research collaboration and license agreements was recognized as revenue on either a straight-line basis over the estimated performance period under the arrangement or over the estimated performance period based on the Company’s best estimate of costs to be incurred. Straight-line basis was considered the best measure of progress for certain agreements in which control of the combined obligation transfers to the customers, due to the contract containing license rights to technology, research and development services, and joint committee participation, which in totality are expected to occur ratably over the performance period. The Company’s contracts may also call for certain sales-based milestone and royalty payments upon successful commercialization of a target. The Company recognizes revenues from sales-based milestone and royalty payments at the later of a) the occurrence of the subsequent sale, or b) the performance obligation to which some or all of the sales-based milestone or royalty payments has been allocated has been satisfied (or partially satisfied). The Company anticipates recognizing these milestones and royalty payments if and when subsequent sales are generated by the customer from the use of the technology. To date, no revenue from these sales-based milestone and royalty payments has been recognized for any periods. Amounts received prior to satisfying the above revenue recognition criteria are recorded as contract liabilities in the Company’s accompanying consolidated balance sheets. The Company expenses direct and incremental costs to obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as collaboration contract assets and amortized as general and administrative expenses over the total estimated period of performance of each underlying contract. The Company also recognized revenue under ASC 606 from its contribution of a license to Oerth in 2019. See Note 10. Equity Method Investments The Company accounts for investments for which it does not have a controlling interest in accordance with ASC 323, Investments – Equity Method and Joint Ventures . The Company recognizes its pro-rata share of income and losses in the investment in “Loss from equity method investment” on the consolidated statement of operations and comprehensive loss, with a corresponding change to the investment in equity method investment on the consolidated balance sheet until such investment is reduced to zero. Income Taxes Arvinas, Inc. and its wholly owned subsidiaries use the asset and liability method of accounting for income taxes, as set forth in ASC 740, Accounting for Income Taxes . Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequence of temporary differences between the carrying amounts and the tax basis of assets and liabilities and net operating loss carry forwards, all calculated using presently enacted tax rates. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. The Company provides a valuation allowance to the extent that it is more likely than not that all or a portion of the deferred tax assets will not be realized. Management has evaluated the effect of ASC 740 guidance related to uncertain income tax positions and concluded that the Company has no sign ificant uncertain income tax positions at December 31, 2021 and 2020. Equity-based Compensation The Company measures employee, board of director and consultant equity-based compensation for stock option and restricted stock grants based on the grant date fair value of the equity awards. Equity-based compensation expense is recognized over the requisite service period of the awards, net of estimated forfeitures. Estimated forfeitures are updated on a periodic basis based on actual experience. For equity awards that have a performance condition, the Company recognizes compensation expense based on its assessment of the probability that the performance condition will be achieved. The Company classifies equity-based compensation expense in its consolidated statement of operations in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. Research and Development Expenses Research and development expenses include (i) employee-related expenses, including salaries, benefits, travel, and stock-based compensation expense; (ii) external research and development expenses incurred under arrangements with third parties, such as contract research organization agreements, investigational sites, and consultants; (iii) the cost of acquiring, developing, and manufacturing clinical study materials; (iv) costs associated with preclinical and clinical activities and regulatory operations; and (v) costs incurred in development of intellectual property. Costs incurred in connection with research and development activities are expensed as incurred. The Company enters into consulting, research, and other agreements with commercial entities, researchers, universities, and others for the provision of goods and services. Such arrangements are generally cancellable upon reasonable notice and payment of costs incurred. Costs are considered incurred based on an evaluation of the progress to completion of specific tasks under each contract using information and data provided by the respective vendors, including the Company’s clinical sites. These costs consist of direct and indirect costs associated with specific projects, as well as fees paid to various entities that perform certain research on behalf of the Company. Depending upon the timing of payments to the service providers, the Company recognizes prepaid expenses or accrued expenses related to these costs. These accrued or prepaid expenses are based on management’s estimates of the work performed under service agreements, milestones achieved, and experience with similar contracts. The Company monitors each of these factors and adjusts estimates accordingly. Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures , requires disclosure of the fair value of financial instruments held by the Company. ASC 825, Financial Instruments , defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1— Inputs are based upon observable or quoted prices (unadjusted) for identical instruments traded in active markets. Level 2— Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 investments consist primarily of corporate notes and bonds and U.S. government and agency securities. Level 3— Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The Company’s marketable securities consist of corporate bonds and government securities which are adjusted to fair value at each balance sheet date, based on quoted prices, which are considered Level 2 inputs. During the year ended December 31, 2021, a non-recurring fair value measurement was applied to determine the fair value of the 3,457,815 shares of the Company’s common stock (the "Shares") issued and sold to Pfizer, Inc. ("Pfizer") under the Stock Purchase Agreement entered into between the Company and Pfizer in July 2021 (the “Pfizer Stock Purchase Agreement”) at a price of $101.22 per share, for an aggregate purchase price of up to $350.0 million (the “Pfizer Equity Transaction”), which was consummated in September 2021. The fair value was determined by applying the discount due to lack of marketability during the contractual lock-u p period to the public trading price of the common stock, which is a Level 1 input, on the date of sale. The Company accounted for the lack of marketability during the contractual lock-up period, by utilizing put option models, which are considered Level 3 inputs. See Note 4. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common shares. New Accounting Pronouncements Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 requires, among other requirements, the Company to recognize as an income tax the effect of state hybrid taxes that are based on the greater of an income-based tax and a capital-based tax. Adoption of ASU 2019-12 did not have a material impact on the Company’s financial statements since the Company has no state income tax liabilities due to its net operating losses. Additionally, the Company has not recorded any income tax benefits from these losses due to uncertainty of realizing the related tax benefit. |
Research Collaboration and Lice
Research Collaboration and License Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Research Collaboration And License Agreements [Abstract] | |
Research Collaboration and License Agreements | Research Collaboration and License Agreements ARV-471 Collaboration Agreement In July 2021, the Company entered into a collaboration agreement with Pfizer (the “ARV-471 Collaboration Agreement”) pursuant to which the Company granted Pfizer worldwide co-exclusive rights to develop and commercialize products containing the Company’s proprietary compound ARV-471 (the “Licensed Products”). Under the ARV-471 Collaboration Agreement, the Company received an upfront, non-refundable payment of $650.0 million. In addition, the Company will be eligible to receive up to an additional $1.4 billion in contingent payments based on specific regulatory and sales-based milestones for the Licensed Products. Of the total contingent payments, $400.0 million in regulatory milestones are related to marketing approvals and $1.0 billion are related to sales-based milestones. The Company and Pfizer will share equally all development costs, including costs of conducting clinical trials, for the Licensed Products, subject to certain exceptions. Except for certain regions described below, the parties will also share equally all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions. The Company will be the marketing authorization holder in the United States and, subject to marketing approval, book sales in the United States, while Pfizer will hold marketing authorizations outside the United States. The parties will determine which, if any, regions within the world will be solely commercialized by one party, and in such region the parties will adjust their share of profits and losses for the Licensed Products based on the role each party will be performing. In addition, in connection with the execution of the ARV-471 Collaboration Agreement, the Company and Pfizer entered into a Stock Purchase Agreement (the" Pfizer Stock Purchase Agreement") for the sale and issuance of 3,457,815 shares of the Company’s common stock (the “Shares”) to Pfizer at a price of $101.22 per share, for an aggregate purchase price of $350.0 million (the “Pfizer Equity Transaction”), less financial advisor fees of $4.6 million, which was consummated in September 2021. Pursuant to terms of the Pfizer Stock Purchase Agreement, Pfizer has agreed not to sell or transfer the Shares without prior written approval of the Company for a specified time period, subject to specified exceptions. The Company determined that the ARV-471 Collaboration Agreement and the Pfizer Equity Transaction entered into with Pfizer concurrently should be evaluated as a combined contract in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers . The Company determined the fair value of the shares sold under the Pfizer Equity Transaction to be $85.4 million less than the contractual purchase price stipulated in the agreement. In accordance with the applicable accounting guidance in ASC 815-40, Contracts in Entity’s Own Equity , the Company determined that the sale of stock should be recorded at fair value and therefore allocated the excess consideration received under the Pfizer Equity Transaction to the ARV-471 Collaboration Agreement, which along with the non-refundable payment of $650.0 million will be recognized as revenue over the total estimated period of performance based on the Company’s best estimate of costs to be incurred. As a direct result of the Company’s entry into the ARV-471 Collaboration Agreement, the Company incurred direct and incremental costs to obtain the contract, paid to a financial advisor, totaling $12.9 million. In accordance with ASC 340, Other Assets and Deferred Costs , the Company recognized an asset of $12.9 million in collaboration contract asset and other assets on the consolidated balance sheet, which will be amortized as general and administrative expense over the total estimated period of performance under the ARV-471 Collaboration Agreement. During the year ended December 31, 2021, the Company recognized $0.4 million of amortization expense. Bayer Collaboration Agreement In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (the "Bayer Collaboration Agreement") setting forth the Company’s collaboration with Bayer AG to identify or optimize proteolysis targeting chimeras, or PROTAC® targeted protein degraders, that mediate for degradation of target proteins ("Targets"), using the Company’s proprietary platform technology, which Targets will be selected by Bayer AG, subject to certain exclusions and limitations. Under the terms of the Bayer Collaboration Agreement, the Company received an upfront, non-refundable payment of $17.5 million in exchange for the use of the Company’s technology license and a $1.5 million payment to fund research activities. Bayer AG is committed to fund an additional $10.5 million through 2022, of which $3.0 million was received in each of the years ended December 31, 2021 and 2020. These payments are being recognized over the total estimated period of performance. The Company is also eligible to receive up to $197.5 million in development milestone payments and up to $490.0 million in sales-based milestone payments for all designated Targets. In addition, the Company is eligible to receive, on net sales of PROTAC targeted protein degrader-related products, mid-single digit to low-double digit tiered royalties, which may be subject to reductions. There were no development or sales-based milestone payments or royalties received as of December 31, 2021. The Company determined that the Bayer Collaboration Agreement and a Stock Purchase Agreement entered into with Bayer AG at the same time should be evaluated as a combined contract in accordance with ASC 606, Revenue from Contracts with Customers . The Company determined the fair value of the shares sold under the Stock Purchase Agreement to be $2.9 million less than the contractual purchase price stipulated in the agreement. In accordance with the applicable accounting guidance in ASC 815-40, Contracts in Entity’s Own Equity , the Company determined that the sale of stock should be recorded at fair value. Therefore, the Company allocated the additional $2.9 million of consideration received under the Stock Purchase Agreement to the Bayer Collaboration Agreement and added such amount to the total transaction price. Pfizer Research Collaboration Agreement In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer (the "Pfizer Research Collaboration Agreement"). Under the terms of the Pfizer Research Collaboration Agreement, the Company received an upfront, non-refundable payment and certain additional payments totaling $28.0 million in 2018 in exchange for use of the Company’s technology license and to fund Pfizer-related research as defined within the Pfizer Research Collaboration Agreement. These payments are being recognized over the total estimated period of performance. The Company is eligible to receive up to an additional $37.5 million in non-refundable option payments if Pfizer exercises its options for all targets under the Pfizer Research Collaboration Agreement. The Company is also entitled to receive up to $225.0 million in development milestone payments and up to $550.0 million in sales-based milestone payments for all designated targets under the Pfizer Research Collaboration Agreement, as well as tiered royalties based on sales. In 2021 and 2020, the Company received payments totaling $1.2 million and $4.4 million , respectively, which are being recognized as revenue over the total period of performance. Pfizer selected an additional target and initiated additional services totaling $3.5 million in December 2021, which is included in accounts receivable at December 31, 2021.There were no sales-based milestone payments or royalties received as of December 31, 2021. Genentech Modification In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement (the "Genentech Modification") with Genentech, Inc. and F. Hoffman-La Roche Ltd (together "Genentech"), amending a previous Genentech agreement entered into in September 2015. Under the Genentech Modification, the Company received additional upfront, non-refundable payments of $34.5 million (in addition to $11.0 million received under the previous agreement in 2015) to fund Genentech-related research and Genentech has the right to designate up to ten targets. The Company is eligible to receive up to $27.5 million in additional expansion target payments if Genentech exercises its options on all remaining targets. Upfront non-refundable payments are recognized as revenue over the total estimated period of performance. The Company is eligible to receive up to $44.0 million per target in development milestone payments, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received as of December 31, 2021. Information about contract liabilities included as deferred revenue in the accompanying consolidated balance sheets is as follows: December 31, (dollars in millions) 2021 2020 Contract liabilities $ 740.5 $ 45.1 Revenues recognized in the period from: Amounts included in deferred revenue in previous periods $ 18.6 $ 18.7 Changes in deferred revenue as of December 31, 2021 from 2020 were due to additions to deferred revenue totaling $742.1 million, related primarily to the ARV-471 Collaboration Agreement with Pfizer, and recognition of revenue on various research collaboration and license agreements totaling $46.7 million. The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of December 31, 2021 was $740.5 million, which is expected to be recognized in the following periods: (dollars in millions) 2022 $ 206.2 2023 232.3 2024 116.7 2025 84.0 2026 53.0 Thereafter 48.3 Total $ 740.5 |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities and Fair Value Measurements | Marketable Securities and Fair Value Measurements The following is a summary of the Company’s assets measured at fair value on a recurring basis. December 31, 2021 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Corporate bonds Level 2 2022 $ 784.0 $ 0.0 $ (0.7) $ 783.3 Corporate bonds Level 2 2023 - 2024 582.6 — (3.9) 578.7 Government securities Level 2 2022 32.4 — (0.1) 32.3 Total $ 1,399.0 $ 0.0 $ (4.7) $ 1,394.3 December 31, 2020 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Corporate bonds Level 2 2021 $ 99.6 $ 0.6 $ — $ 100.2 Total $ 99.6 $ 0.6 $ — $ 100.2 The Company’s marketable securities consist of corporate bonds and government securities which are adjusted to fair value at each balance sheet date, based on quoted prices, which are considered Level 2 inputs. The carrying value of accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. Non-recurring fair value measures In September 2021, in connection with the Pfizer Stock Purchase Agreement, t he Company valued the common stock issued to Pfizer at fair value. The Pfizer Stock Purchase Agreement contains provisions restricting the sale or transfer for a period of time (the “lock-up period”). The resulting fair value of $264.6 million was determined by applying the discount due to lack of marketability during the contractual lock-up period to the public trading price of the common stock, which is a Level 1 input, on the date of sale. The Company accounted for the lack of marketability during the contractual lock-up period, by utilizing put option models, which are considered Level 3 inputs. Such option models included the Company’s historical volatility and the risk-free rate based on U.S. Treasury bond rates, as key inputs. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements consist of the following: December 31, (dollars in millions) 2021 2020 Laboratory equipment $ 13.6 $ 11.1 Office equipment 1.4 1.2 Leasehold improvements 8.4 6.1 Total property, equipment and leasehold improvements 23.4 18.4 Less: accumulated depreciation (10.8) (6.1) Property, equipment and leasehold improvements, net $ 12.7 $ 12.3 Depreciation expense totaled $4.8 million |
Right of Use Assets and Liabili
Right of Use Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Right of Use Assets and Liabilities | Right of Use Assets and Liabilities The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate ranges from 3.0% – 5.1%. Lease expense is recognized on a straight-line basis over the lease term. Some of the Company’s leases include options to extend or terminate the lease. The Company includes these options in the recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. In May 2021, the Company entered into a lease for approximately 160,000 square feet of laboratory and office space to be occupied in 2024. In connection with the signing of the lease, and at the Company’s election to increase the landlord’s contribution to the tenant improvement allowance, the Company issued a letter of credit for $4.5 million, collateralized by a certificate of deposit in the same amount, which is presented as restricted cash at December 31, 2021. Once occupied, the base rent will range from $7.7 million to $8.8 million annually over a ten-year lease term. The Company has operating leases for its corpor ate office and certain equipment, which expire no later than December 2024. The leases have a weighted average remaining term of three years. The components of lease expense were as follows: Year Ended December 31, (dollars in millions) 2021 2020 Operating lease cost $ 1.4 $ 1.0 Supplemental cash flow information related to leases was as follows: December 31, (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1.2 $ 0.9 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 3.2 $ 0.6 Maturities of operating lease liabilities as of December 31, 2021 were as follows: (dollars in millions) 2022 $ 1.2 2023 1.5 2024 1.5 Total lease payments 4.2 Less: imputed interest (0.2) Total $ 4.0 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following: December 31, (dollars in millions) 2021 2020 Employee expenses $ 12.4 $ 9.0 Research and development expenses 9.5 8.1 Professional fees and other 1.2 1.8 $ 23.1 $ 18.9 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt In June 2018, the Company entered into an Assistance Agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space (the "Project"). Under the terms of the 2018 Assistance Agreement, the Company was entitled to borrow from the State of Connecticut a maximum of $2.0 million, provided that the funding did not exceed more than 50% of the total Project costs. In September 2018, the Company borrowed $2.0 million under the 2018 Assistance Agreement, bearing interest at 3.25% per annum with interest payments required for the first 60 months from the funding date. Thereafter, the loan will begin to fully amortize through month 120, maturing in September 2028 . According to the terms of the 2018 Assistance Agreement, up to $1.0 million of the funding can be forgiven if the Company meets certain employment conditions, as defined in the agreement, which the Company met in April 2021 and was therefore granted loan forgiveness of $1.0 million from the State of Connecticut. The Company may also be required to prepay a portion of the loan if the employment conditions are not met. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through June 2028 with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received. In connection with an Assistance Agreement with the State of Connecticut (the "Assistance Agreement") entered into in 2014, under which all the borrowings by the Company were forgiven in accordance with the Assistance Agreement, the Company is required to be located in the State of Connecticut through January 2024, with a default penalty of repayment of the full original funding amount of $2.5 million plus liquidated damages of 7.5%. Minimum future principal payments on long-term debt as of December 31, 2021 are as follows: (dollars in millions) 2023 $ — 2024 0.2 2025 0.2 2026 0.2 Thereafter 0.4 Total $ 1.0 During the years ended December 31, 2021, 2020 and 2019, interest expense totaled $0.0 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity | Equity Common Stock In September 2021, in connection with the Pfizer Stock Purchase Agreement, the Company issued 3,457,815 shares of common stock to Pfizer at a price of $101.22 per share, which resulted in aggregate gross proceeds of $350 million , less financial advisor fees of $4.6 million . The shares were issued in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The Company determined that the ARV-471 Collaboration Agreement and the Pfizer Stock Purchase Agreement entered into with Pfizer concurrently should be evaluated as a combined contract in accordance with ASC 606, Revenue from Contracts with Customers, and, as a result, determined the fair value of the shares sold under the Pfizer Stock Purchase Agreement to be $85.4 million less than the contractual purchase price stipulated in the agreement. In accordance with the applicable accounting guidance in ASC 815-40, Contracts in Entity’s Own Equity , the Company determined that the sale of stock should be recorded at fair value and, therefore, allocated the excess consideration received to the ARV-471 Collaboration Agreement. Pursuant to terms of the Pfizer Stock Purchase Agreement, Pfizer has agreed not to sell or transfer the Shares without prior written approval of the Company for a specified period, subject to specified exceptions. In December 2020, the Company completed a public offering in which the Company issued and sold 6,571,428 shares of common stock at a public offering price of $70.00 per share, which resulted in aggregate gross proceeds of $460.0 million before underwriter discounts, commissions, and offering costs of $28.1 million. In November 2019, the Company completed a public offering in which the Company issued and sold 5,227,273 shares of common stock at a public offering price of $22.00 per share. The Company’s aggregate gross proceeds from the sale of shares in the public offering was $115.0 million before fees and expenses of $7.4 million. In June 2019, the Company entered into a Stock Purchase Agreement with Bayer AG pursuant to which the Company issued and sold to Bayer AG 1,346,313 shares of the Company’s common stock (the Shares) for a contractually stated purchase price of $32.5 million. The value of the shares of the Company’s common stock was based on the average of the Company’s common stock for the preceding 60 days prior to the signing of the Stock Purchase Agreement plus a fifteen percent premium. Equity Distribution Agreements In August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Company (“Piper Sandler”) and Cantor Fitzgerald & Co. (“Cantor”), as agents, pursuant to which the Company may offer and sell from time to time, through the agents, up to $300.0 million of the common stock registered under the universal shelf registration statement pursuant to one or more “at-the-market" offerings. During the year ended December 31, 2021 , no shares were issued under this agreement. In October 2019, the Company entered into an Equity Distribution Agreement (the "Distribution Agreement") with Piper Sandler, pursuant to which the Company could offer and sell from time-to-time in an “at- the-market offering,” at its option, up to an aggregate of $100.0 million of shares of the Company’s common stock through Piper Sandler, as sales agent. During year ended December 31, 2020, the Company sold 2,593,637 shares of its common stock resulting in proceeds to the Company of $64.1 million, net of offering costs of $1.6 million. The Company terminated the Distribution Agreement in August 2021. Share-based Compensation 2018 Employee Stock Purchase Plan In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the "2018 ESPP"), with the first offering period under the 2018 ESPP commencing on January 1, 2020, by initially providing participating employees with the opportunity to purchase an aggregate of 311,850 shares of the Company's common stock. The number of shares of the Company's common stock reserved for issuance under the 2018 ESPP increased, pursuant to the terms of the 2018 ESPP, by additional shares equal to 1% of the Company’s then-outstanding common stock, effective as of January 1 of each year. As of December 31, 2021, 1.5 million shares remained available for purchase. During the years ended December 31, 2021 and 2020, the Company issued 19,357 and 11,046 shares, respectively, of common stock under the 2018 ESPP. Incentive Share Plan In the Fourth Amendment to the Company’s Incentive Share Plan (the "Incentive Plan") adopted in March 2018, the Company was authorized to issue up to an aggregate of 6,199,477 incentive units pursuant to the Incentive Plan. Generally, incentive units were granted at no less than fair value as determined by the board of managers and had vesting periods ranging from one 2018 Stock Incentive Plan In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Stock Incentive Plan (the "2018 Plan"), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s IPO. The number of common shares initially available for issuance under the 2018 Plan equaled the sum of (1) 4,067,007 shares of common stock; plus (2) the number of shares of common stock (up to 1,277,181 shares) issued in respect of incentive units granted under the Incentive Plan that were subject to vesting immediately prior to the effectiveness of the registration statement that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each year beginning with the year ended December 31, 2019 and continuing to, and including, the year ending December 31, 2028, equal to the lesser of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or an amount determined by the Company’s board of directors. As of December 31, 2021, 2.0 million shares are available for issuance under the 2018 Plan. Common shares subject to outstanding equity awards that expire or are terminated, surrendered, or cancelled without having been fully exercised or are forfeited in whole or in part are available for future grants of awards. Compensation Expense For the years ended December 31, 2021, 2020 and 2019, the Company recognized $57.1 million , $30.2 million and $20.1 million, respectively, of total compensation expense for awards classified as equity awards related to its stock options, restricted stock awards, and restricted stock units. At December 31, 2021, there was $55.9 million of compensation expense that is expected to be recognized over a weighted average period o f approximately two years. Stock Options The fair value of the stock options granted during each of the years ended December 31, 2021, 2020 and 2019 was determined using the Black-Scholes option pricing model at the grant date with the following range of assumptions: Year ended December 31, 2021 2020 2019 Expected volatility 74% - 78% 70% - 75% 69% - 71% Expected term (years) 5.3 - 7.0 5.3 - 7.0 5.5 - 7.0 Risk free interest rate 0.5% - 1.3% 0.3% - 1.6% 1.4% - 2.7% Expected dividend yield 0 % 0 % 0 % Exercise price $66.82 - $100.40 $22.70 - $50.00 $17.29 - $37.66 Given the Company’s common stock has not been trading for a sufficient period of time, the Company calculates volatility of its common stock by utilizing a weighted average of a collection of peer company volatilities and its own common stock volatility. The expected term is calculated utilizing the simplified method. A summary of the stock option activity under the 2018 Plan as of December 31, 2021 is presented below. These amounts include stock options granted to employees, directors and consultants. (dollars in millions, Options Weighted Weighted Aggregate Outstanding at December 31, 2020 4,321,882 $ 26.35 Granted 1,866,659 $ 79.24 Exercised (773,476) $ 22.99 Forfeited (71,811) $ 50.72 Outstanding at December 31, 2021 5,343,254 $ 44.98 8.1 $ 200.4 Exercisable at December 31, 2021 2,289,309 $ 23.62 7.2 $ 134.0 The weighted-average grant date fair value of options granted during the years ended December 31, 2021, 2020 and 2019 was $52.85 , $27.45 and $13.28, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $46.9 million , $19.4 million and $1.9 million, respectively. No excess tax benefit has been recorded as a financing cash flow activity since no benefit has yet been realized due to taxable losses incurred to date. At December 31, 2021, $55.6 million of total unrecognized compensation cost related to non-vested stock options granted under the 2018 Plan is expected to be recognized over the next two years . At December 31, 2021, there w ere 5,066,720 stock o ptions under the 2018 Plan that have vested or are expected to vest. Restricted Stock Awards A summary of the restricted stock award activity under the Incentive Plan as of December 31, 2021 is presented below. These amounts include restricted stock granted to employees, directors and consultants. Shares Weighted Unvested restricted stock at December 31, 2020 238,712 $ 16.00 Vested (208,087) $ 16.00 Unvested restricted stock at December 31, 2021 30,625 $ 16.00 At December 31, 2021, there were 29,739 restricted stock awards under the Incentive Plan that are expected to vest. Restricted Stock Units A summary of restricted stock unit activity under the 2018 Plan for the year ended December 31, 2021 is presented below. These amounts include restricted stock units granted to employees. Shares Weighted Unvested restricted stock units at December 31, 2020 133,049 $ 20.01 Exercised (44,355) $ 20.01 Forfeited (387) $ 19.36 Unvested restricted stock units at December 31, 2021 88,307 $ 20.02 At December 31, 2021, there were 80,834 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments In July 2019, the Company and Bayer CropScience LP ("Bayer LP") formed Oerth, a joint venture to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. Pursuant to the terms of the joint venture agreement, the Company made an in-kind intellectual property contribution to Oerth in the form of a license to certain of the Company’s proprietary technology. Bayer LP has made a $56.0 million total cash commitment to Oerth, of which $16.0 million was contributed to Oerth in 2019, and an in-kind intellectual property contribution. The Company and Bayer LP each hold an ownership interest in Oerth initially representing 50% of the ownership interests. A 15% ownership interest of Oerth is reserved for the future grants of incentive units to employees and service providers. Under the joint venture agreement, the Company has no obligation to provide any additional funding and the Company’s ownership interest will not be diluted from future contributions from Bayer LP. The Company has no exposure to future losses of Oerth. The activities of Oerth are controlled by a management board under the joint control of the Company and Bayer LP. As Oerth is jointly controlled by the Company and Bayer LP, the Company accounts for its 50% interest using the equity method of accounting. The Company determined that Oerth is a variable interest entity and, accordingly, the Company has evaluated the significant activities of Oerth under the variable interest entity model and concluded that the significant activities consist primarily of research and development activities and, as the Company does not have the sole power to direct such activities, the Company is not the primary beneficiary. The Company also provides to Oerth compensated research and development services and administrative services through a separate agreement. The services rendered by the Company during the years ended December 31, 2021, 2020 and 2019 were immaterial. The Company determined that the fair value of the equity interest it received in Oerth in exchange for the license contributed totaled $49.4 million. The fair value of Oerth was determined utilizing discounted cash flows based on reasonable estimates and assumptions of cash flows expected from Oerth. The Company recognized revenue of $24.7 million attributable to the license contributed to Oerth and eliminated the remaining $24.7 million which corresponds to the Company’s 50% ownership in Oerth. The Company determined that the amount that was eliminated represents intra-entity profit which should be deferred until realized by Oerth. The deferral will be recognized if and when Oerth recognizes revenue associated with the license. Until such time, the remaining $24.7 million of revenue is indefinitely deferred and excluded from the results of operations of the Company. The amount recognized as revenue was treated as such because the licensing of its technology in connection with the formation of a joint venture is part of the Company’s major ongoing or central operations, as evidenced by previous licensing agreements. Operating expenses and net loss of Oerth for the years ended December 31 2021, 2020 and 2019 totaled $14.3 million, $8.3 million and $49.8 million, respectively. The net loss incurred in 2019 included research and development expenses equal to $49.4 million representing the fair value of the license acquired from Arvinas. The Company’s initial investment in Oerth was $49.4 million which represented the fair value of shares received in exchange for the contribution of the license. The elimination of the intra-entity profit component of the revenue resulted in a reduction in the balance of the investment in Oerth, bringing its initial carrying value of the investment to $24.7 million. For the year ended December 31, 2019, the Company recorded equity method losses of $24.7 million based on its proportionate share of ownership, reducing its carrying value of the investment to zero, and, as a result, no additional losses were recorded against the carrying value of the investment during the years ended December 31, 2021 and 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company had no income tax expense due to operating losses incurred for the years ended December 31, 2021, 2020, and 2019. The Company had also not recorded any income tax benefits for the net operating losses incurred in each period due to its uncertainty of realizing a benefit from those items. All of the Company’s losses before income taxes were generated in the United States. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2021, 2020, and 2019 were as follows: Year ended December 31, 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes 16.3 % (0.1) % (0.3) % Federal research tax credit 2.7 % 4.1 % 3.5 % Stock compensation (1.6) % (1.7) % (2.2) % Change in valuation allowance (38.4) % (23.3) % (22.0) % 0.0 % 0.0 % 0.0 % Deferred income taxes represent the tax effect of transactions that are reported in different periods for financial and tax reporting purposes. Temporary differences and carryforwards that give rise to a significant portion of the deferred income tax benefits and liabilities were as follows at December 31, 2021 and 2020: December 31, (dollars in millions) 2021 2020 Deferred income tax assets: Loss carryforwards $ 97.0 $ 43.1 Tax credits 18.8 10.1 Stock compensation 15.4 5.0 Deferred revenue 10.0 9.0 Other 3.3 0.1 Total deferred income tax assets 144.5 67.3 Deferred income tax liabilities: Property, equipment and leasehold improvements (3.6) (2.4) Other (1.4) — Total deferred income tax liabilities (5.0) (2.4) Less valuation allowance (139.5) (64.9) Net deferred income tax liability $ — $ — The Company has provided a valuation allowance against the full amount of the deferred tax assets since, in the opinion of management, based primarily upon the history of losses of the Company, it is more likely than not that the benefits will not be realized. All, or a portion of, the remaining valuation allowance may be reduced in fu ture years based on an assessment of earnings sufficient to utilize these potential tax benefits. The valuation allowance increased by $74.6 million and $27.8 million in 2021 and 2020, respectively, due increases in net operating loss carryforwards, tax credit carryforwards, stock compensation expense, and research and development tax credits. The Company had $373.6 million and $205.1 million of federal net operating loss carryforwards as of December 31, 2021 and 2020, respectively. Federal net operating loss carryforwards as of December 31, 2017 expire at various dates through 2037 and federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such carryforwards is limited to 80% of the Company’s taxable income in the year in which carryforwards are used. The Company had $346.9 million and $63.8 million of state and local net operating loss carryforwards as of December 31, 2021 and 2020, respectively, that expire at various dates through 2041. The Company had $15.2 million and $10.1 million of federal tax credit carryforwards as of December 31, 2021 and 2020, respectively, which expire at various dates through 2041. The Company had $4.5 million and $2.7 million of state tax credit carryforwards as of December 31, 2021 and 2020, respectively, which expire at various dates through 2036. During 2021, the Company performed a Section 382 analysis to determine whether an ownership change occurred for tax purposes. Based on this analysis, the Company determined that ownership changes occurred on July 31, 2018 and December 31, 2020 due to various equity offerings, vesting of restricted stock awards, and stock option exercises. These ownership changes resulted in Section 382 limitations on the Company’s net operating loss and tax credit carryforwards generated before these dates. However, because the amount of the Section 382 limitations (including carryover of the unused Section 382 limitations and realized built-in gains) exceeds the amount of the Company’s carryforwards generated before these dates, the limitations will not affect the Company's ability to fully utilize these carryforwards. The Company complies with the provisions of ASC 740 in accounting for its uncertain tax positions. ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. As of December 31, 2021 and 2020, the Company had no unrecognized tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in tax expense. The Company had no income tax related accruals for interest and penalties at December 31, 2021 and 2020. The Company is required to file income tax returns in the U.S. Federal and various state jurisdictions. The Company is a state franchise taxpayer due to the Company’s loss positio n. As a result of the Company’s net operating loss carryforwards, the Company’s federal and state statutes of limitations generally remain open for all tax years until its net operating loss and tax credit carryforwards are utilized or expire prior to utilization. The Company does not currently have any federal or state income tax examinations in progress. For the years ended December 31, 2021, 2020, and 2019, the Company recorded a benefit from expected cash refunds to be provided by the State of Connecticut, equal to 65% of research and development credits, of $1.6 million , $1.8 million, and $1.4 million, respectively, which is included in Other income, net in the accompanying consolidated statements of operations and comprehensive loss, due to the Company being a state franchise taxpayer. The benefit results from the exchange of the state research and development tax credit carryforwards for cash refunds. At December 31, 2021 and 2020, the Company had recorded receivables of $3.4 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In July 2013, the Company entered into an exclusive license agreement, including the right to grant sublicenses, with Yale University to develop protein degradation technologies. Under the license agreement, the Company is required to pay a minimum license maintenance royalty totaling $0.1 million per year until the first sale to a third party of any licensed product, followed by success-based milestones for the first two licensed products for the development of the protein degradation technologies totaling approximately $3.0 million for the first licensed product and approximately $1.5 million for the second licensed product, and low single-digit royalties on aggregate worldwide net sales of certain licensed products, which may be subject to reductions, and subject to minimum royalty payments that range from $0.2 million to $0.5 million. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic and diluted loss per share was calculated as follows: Year ended December 31, (dollars and shares in millions, except per common share amounts) 2021 2020 2019 Net loss $ (191.0) $ (119.3) $ (70.3) Weighted average common shares outstanding - basic and diluted 50.0 39.5 32.9 Net loss per common share $ (3.82) $ (3.02) $ (2.13) For the years ended December 31 2021, 2020, and 2019, the following securities have been excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive: Year ended December 31, (shares in millions) 2021 2020 2019 Stock options 2.4 1.5 0.3 Restricted stock awards 0.1 0.4 0.9 Restricted stock units 0.1 0.1 0.0 2.6 2.0 1.2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company classifies as cash and cash equivalents amounts on deposit in banks and cash invested temporarily in various instruments, primarily money market accounts, with original maturities of three months or less at time of purchase. The carrying amounts reported in the consolidated balance sheets represent the fair values of cash and cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash represents a letter of credit collateralized by a certificate of deposit in the same amount as required under the terms of the Company's laboratory and office space lease entered into in May 2021. |
Concentration of credit risk | Concentration of Credit Risk The Company maintains its cash in financial institution accounts that may at times exceed federally insured limits. The cash balances in the financial institutions are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. Cash may also be maintained at commercial institutions that are not insured by the FDIC. |
Marketable securities | Marketable Securities The Company's marketable securities are classified as available-for-sale securities and are carried at their fair value based on the quoted market prices of the securities, with unrealized gains and losses reported as accumulated other comprehensive income (loss), a separate component of stockholders' equity. Realized gains and losses on available-for-sale securities are included in other income in the period earned or incurred. |
Property, equipment, and leasehold improvements | Property, Equipment, and Leasehold Improvements Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from three years for office equipment to five years for laboratory equipment. Maintenance and repairs which do not extend the lives of the assets are charged directly to expense as incurred. Upon retirement or disposal, cost and related accumulated depreciation are removed from the related accounts, and any resulting gain or loss is recognized as a component of income or loss for the period. Leasehold improvements are recorded at cost and amortized using the straight-line method over the shorter of the lease term or the useful life of the asset. |
Impairment of long-lived assets | Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets when indications of potential impairments are present. The Company adjusts the carrying value of the long-lived assets if the sum of undiscounted expected future cash flows is less than the carrying value. |
Segment information | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker in assessing performance and allocating resources. The Company, through its Chief Executive Officer in his role as chief operating decision maker, views Company operations and manages the business as one operating segment. All of the Company’s tangible assets are held in the United States and all of the Company’s revenue has been generated in the United States. |
Revenue recognition and deferred revenue | Revenue Recognition and Deferred Revenue Revenues from Contracts The Company recognizes revenue under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. The Company’s revenue is generated through research collaboration and license agreements with pharmaceutical partners. The terms of these agreements contain multiple goods and services which may include (i) licenses, (ii) research and development activities, and (iii) participation in joint research and development steering committees. The terms of these agreements may include non-refundable, upfront license or option fees, payments for research and development activities, payments upon the achievement of certain milestones, and royalty payments based on product sales derived from the collaboration. Under ASC 606, the Company evaluates whether the license agreement, research and development services, and participation in research and development steering committees, represent separate or combined performance obligations. The Company has determined that these services within its existing contracts represent a combined single performance obligation. The research collaboration and license agreements typically include contingent milestone payments related to specified preclinical and clinical development milestones and regulatory milestones. These milestone payments represent variable consideration to be included within the transaction price using the most likely amount method. The Company determined that the most likely amount to be recognized was zero, against which no constraint was applied. The Company will continue to assess the probability of significant reversals for any amounts that become likely to be realized prior to recognizing the variable consideration associated with these payments within the transaction price. Revenue is recognized ratably over the Company’s expected performance period under each respective arrangement. The Company makes its best estimate of the period over which the Company expects to fulfill the Company’s performance obligations, which includes access to technology through the license agreement and research activities. Given the uncertainties of these collaboration arrangements, significant judgment is required to determine the duration of the performance period. For the years ended December 31, 2021, 2020 and 2019, the transaction price allocated to the combined performance obligation identified under the individual research collaboration and license agreements was recognized as revenue on either a straight-line basis over the estimated performance period under the arrangement or over the estimated performance period based on the Company’s best estimate of costs to be incurred. Straight-line basis was considered the best measure of progress for certain agreements in which control of the combined obligation transfers to the customers, due to the contract containing license rights to technology, research and development services, and joint committee participation, which in totality are expected to occur ratably over the performance period. The Company’s contracts may also call for certain sales-based milestone and royalty payments upon successful commercialization of a target. The Company recognizes revenues from sales-based milestone and royalty payments at the later of a) the occurrence of the subsequent sale, or b) the performance obligation to which some or all of the sales-based milestone or royalty payments has been allocated has been satisfied (or partially satisfied). The Company anticipates recognizing these milestones and royalty payments if and when subsequent sales are generated by the customer from the use of the technology. To date, no revenue from these sales-based milestone and royalty payments has been recognized for any periods. Amounts received prior to satisfying the above revenue recognition criteria are recorded as contract liabilities in the Company’s accompanying consolidated balance sheets. The Company expenses direct and incremental costs to obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as collaboration contract assets and amortized as general and administrative expenses over the total estimated period of performance of each underlying contract. The Company also recognized revenue under ASC 606 from its contribution of a license to Oerth in 2019. See Note 10. |
Equity method investments | Equity Method Investments The Company accounts for investments for which it does not have a controlling interest in accordance with ASC 323, Investments – Equity Method and Joint Ventures |
Income taxes | Income Taxes Arvinas, Inc. and its wholly owned subsidiaries use the asset and liability method of accounting for income taxes, as set forth in ASC 740, Accounting for Income Taxes . Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequence of temporary differences between the carrying amounts and the tax basis of assets and liabilities and net operating loss carry forwards, all calculated using presently enacted tax rates. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. The Company provides a valuation allowance to the extent that it is more likely than not that all or a portion of the deferred tax assets will not be realized. |
Equity-based compensation | Equity-based Compensation The Company measures employee, board of director and consultant equity-based compensation for stock option and restricted stock grants based on the grant date fair value of the equity awards. Equity-based compensation expense is recognized over the requisite service period of the awards, net of estimated forfeitures. Estimated forfeitures are updated on a periodic basis based on actual experience. For equity awards that have a performance condition, the Company recognizes compensation expense based on its assessment of the probability that the performance condition will be achieved. The Company classifies equity-based compensation expense in its consolidated statement of operations in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. |
Research and development expenses | Research and Development Expenses Research and development expenses include (i) employee-related expenses, including salaries, benefits, travel, and stock-based compensation expense; (ii) external research and development expenses incurred under arrangements with third parties, such as contract research organization agreements, investigational sites, and consultants; (iii) the cost of acquiring, developing, and manufacturing clinical study materials; (iv) costs associated with preclinical and clinical activities and regulatory operations; and (v) costs incurred in development of intellectual property. Costs incurred in connection with research and development activities are expensed as incurred. The Company enters into consulting, research, and other agreements with commercial entities, researchers, universities, and others for the provision of goods and services. Such arrangements are generally cancellable upon reasonable notice and payment of costs incurred. Costs are considered incurred based on an evaluation of the progress to completion of specific tasks under each contract using information and data provided by the respective vendors, including the Company’s clinical sites. These costs consist of direct and indirect costs associated with specific projects, as well as fees paid to various entities that perform certain research on behalf of the Company. Depending upon the timing of payments to the service providers, the Company recognizes prepaid expenses or accrued expenses related to these costs. These accrued or prepaid expenses are based on management’s estimates of the work performed under service agreements, milestones achieved, and experience with similar contracts. The Company monitors each of these factors and adjusts estimates accordingly. |
Fair value measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures , requires disclosure of the fair value of financial instruments held by the Company. ASC 825, Financial Instruments , defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1— Inputs are based upon observable or quoted prices (unadjusted) for identical instruments traded in active markets. Level 2— Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 investments consist primarily of corporate notes and bonds and U.S. government and agency securities. Level 3— Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. |
Net loss per common share | Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common shares. |
New accounting pronouncements | New Accounting Pronouncements Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 requires, among other requirements, the Company to recognize as an income tax the effect of state hybrid taxes that are based on the greater of an income-based tax and a capital-based tax. Adoption of ASU 2019-12 did not have a material impact on the Company’s financial statements since the Company has no state income tax liabilities due to its net operating losses. Additionally, the Company has not recorded any income tax benefits from these losses due to uncertainty of realizing the related tax benefit. |
Research Collaboration and Li_2
Research Collaboration and License Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Research Collaboration And License Agreements [Abstract] | |
Summary of contract liabilities | Information about contract liabilities included as deferred revenue in the accompanying consolidated balance sheets is as follows: December 31, (dollars in millions) 2021 2020 Contract liabilities $ 740.5 $ 45.1 Revenues recognized in the period from: Amounts included in deferred revenue in previous periods $ 18.6 $ 18.7 |
Transaction price allocated to performance obligations | The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of December 31, 2021 was $740.5 million, which is expected to be recognized in the following periods: (dollars in millions) 2022 $ 206.2 2023 232.3 2024 116.7 2025 84.0 2026 53.0 Thereafter 48.3 Total $ 740.5 |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of assets measured at fair value on a recurring basis | The following is a summary of the Company’s assets measured at fair value on a recurring basis. December 31, 2021 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Corporate bonds Level 2 2022 $ 784.0 $ 0.0 $ (0.7) $ 783.3 Corporate bonds Level 2 2023 - 2024 582.6 — (3.9) 578.7 Government securities Level 2 2022 32.4 — (0.1) 32.3 Total $ 1,399.0 $ 0.0 $ (4.7) $ 1,394.3 December 31, 2020 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Corporate bonds Level 2 2021 $ 99.6 $ 0.6 $ — $ 100.2 Total $ 99.6 $ 0.6 $ — $ 100.2 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, equipment and leasehold improvements | Property, equipment and leasehold improvements consist of the following: December 31, (dollars in millions) 2021 2020 Laboratory equipment $ 13.6 $ 11.1 Office equipment 1.4 1.2 Leasehold improvements 8.4 6.1 Total property, equipment and leasehold improvements 23.4 18.4 Less: accumulated depreciation (10.8) (6.1) Property, equipment and leasehold improvements, net $ 12.7 $ 12.3 |
Right of Use Assets and Liabi_2
Right of Use Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of lease expense | The components of lease expense were as follows: Year Ended December 31, (dollars in millions) 2021 2020 Operating lease cost $ 1.4 $ 1.0 |
Schedule of supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows: December 31, (dollars in millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1.2 $ 0.9 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 3.2 $ 0.6 |
Schedule of maturities of operating lease liabilities | Maturities of operating lease liabilities as of December 31, 2021 were as follows: (dollars in millions) 2022 $ 1.2 2023 1.5 2024 1.5 Total lease payments 4.2 Less: imputed interest (0.2) Total $ 4.0 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Components of accrued expenses | Accrued expenses consisted of the following: December 31, (dollars in millions) 2021 2020 Employee expenses $ 12.4 $ 9.0 Research and development expenses 9.5 8.1 Professional fees and other 1.2 1.8 $ 23.1 $ 18.9 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of minimum future principal payments on long-term debt | Minimum future principal payments on long-term debt as of December 31, 2021 are as follows: (dollars in millions) 2023 $ — 2024 0.2 2025 0.2 2026 0.2 Thereafter 0.4 Total $ 1.0 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of assumptions used to determine fair value of stock options granted | The fair value of the stock options granted during each of the years ended December 31, 2021, 2020 and 2019 was determined using the Black-Scholes option pricing model at the grant date with the following range of assumptions: Year ended December 31, 2021 2020 2019 Expected volatility 74% - 78% 70% - 75% 69% - 71% Expected term (years) 5.3 - 7.0 5.3 - 7.0 5.5 - 7.0 Risk free interest rate 0.5% - 1.3% 0.3% - 1.6% 1.4% - 2.7% Expected dividend yield 0 % 0 % 0 % Exercise price $66.82 - $100.40 $22.70 - $50.00 $17.29 - $37.66 |
Summary of stock option activity | A summary of the stock option activity under the 2018 Plan as of December 31, 2021 is presented below. These amounts include stock options granted to employees, directors and consultants. (dollars in millions, Options Weighted Weighted Aggregate Outstanding at December 31, 2020 4,321,882 $ 26.35 Granted 1,866,659 $ 79.24 Exercised (773,476) $ 22.99 Forfeited (71,811) $ 50.72 Outstanding at December 31, 2021 5,343,254 $ 44.98 8.1 $ 200.4 Exercisable at December 31, 2021 2,289,309 $ 23.62 7.2 $ 134.0 |
Restricted stock awards | |
Summary of restricted stock award activity | A summary of the restricted stock award activity under the Incentive Plan as of December 31, 2021 is presented below. These amounts include restricted stock granted to employees, directors and consultants. Shares Weighted Unvested restricted stock at December 31, 2020 238,712 $ 16.00 Vested (208,087) $ 16.00 Unvested restricted stock at December 31, 2021 30,625 $ 16.00 |
Restricted stock units | |
Summary of restricted stock award activity | A summary of restricted stock unit activity under the 2018 Plan for the year ended December 31, 2021 is presented below. These amounts include restricted stock units granted to employees. Shares Weighted Unvested restricted stock units at December 31, 2020 133,049 $ 20.01 Exercised (44,355) $ 20.01 Forfeited (387) $ 19.36 Unvested restricted stock units at December 31, 2021 88,307 $ 20.02 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2021, 2020, and 2019 were as follows: Year ended December 31, 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes 16.3 % (0.1) % (0.3) % Federal research tax credit 2.7 % 4.1 % 3.5 % Stock compensation (1.6) % (1.7) % (2.2) % Change in valuation allowance (38.4) % (23.3) % (22.0) % 0.0 % 0.0 % 0.0 % |
Summary of deferred income tax benefits and liabilities | Temporary differences and carryforwards that give rise to a significant portion of the deferred income tax benefits and liabilities were as follows at December 31, 2021 and 2020: December 31, (dollars in millions) 2021 2020 Deferred income tax assets: Loss carryforwards $ 97.0 $ 43.1 Tax credits 18.8 10.1 Stock compensation 15.4 5.0 Deferred revenue 10.0 9.0 Other 3.3 0.1 Total deferred income tax assets 144.5 67.3 Deferred income tax liabilities: Property, equipment and leasehold improvements (3.6) (2.4) Other (1.4) — Total deferred income tax liabilities (5.0) (2.4) Less valuation allowance (139.5) (64.9) Net deferred income tax liability $ — $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and diluted loss per share | Basic and diluted loss per share was calculated as follows: Year ended December 31, (dollars and shares in millions, except per common share amounts) 2021 2020 2019 Net loss $ (191.0) $ (119.3) $ (70.3) Weighted average common shares outstanding - basic and diluted 50.0 39.5 32.9 Net loss per common share $ (3.82) $ (3.02) $ (2.13) |
Securities excluded from the computation of diluted net loss per share | For the years ended December 31 2021, 2020, and 2019, the following securities have been excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive: Year ended December 31, (shares in millions) 2021 2020 2019 Stock options 2.4 1.5 0.3 Restricted stock awards 0.1 0.4 0.9 Restricted stock units 0.1 0.1 0.0 2.6 2.0 1.2 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)Subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly owned subsidiaries | Subsidiary | 4 |
Gross proceeds from sale of equity instruments and exercise of options | $ 1,300 |
Payments received from collaboration partners | 774 |
Cash, cash equivalents, restricted cash and marketable securities | $ 1,500 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | Nov. 30, 2019$ / sharesshares | Dec. 31, 2021USD ($)operating_segmentshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Jul. 31, 2021$ / shares | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Impairment of long lived assets | $ 0 | $ 0 | $ 0 | ||||
Number of operating segments | operating_segment | 1 | ||||||
Equity method investments | $ 0 | ||||||
Common Shares | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock, net (in shares) | shares | 6,571,428 | 5,227,273 | 3,500,000 | 6,600,000 | 6,600,000 | ||
Share price, issued and sold (in dollars per share) | $ / shares | $ 70 | $ 22 | $ 70 | ||||
Stock Purchase Agreement | Pfizer, Inc. | Common Shares | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock, net (in shares) | shares | 3,457,815 | ||||||
Share price, issued and sold (in dollars per share) | $ / shares | $ 101.22 | $ 101.22 | |||||
Aggregate purchase price | $ 350,000,000 | ||||||
Stock Purchase Agreement | Pfizer, Inc. | Fair Value, Nonrecurring | Common Shares | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock, net (in shares) | shares | 3,457,815 | ||||||
Oerth | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Equity method investments | $ 0 | ||||||
Office equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful life | 3 years | ||||||
Laboratory equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful life | 5 years | ||||||
Accounts Receivable | Customer Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 100.00% | 100.00% | |||||
Revenue Benchmark | Customer Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 100.00% | 100.00% | |||||
Revenue Benchmark | Customer Concentration Risk | Collaborator One | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 68.00% | 37.00% | 19.00% | ||||
Revenue Benchmark | Customer Concentration Risk | Collaborator Two | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 17.00% | 32.00% | 16.00% | ||||
Revenue Benchmark | Customer Concentration Risk | Collaborator Three | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 15.00% | 31.00% | |||||
Revenue Benchmark | Customer Concentration Risk | Oerth | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 57.00% | ||||||
Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Federal deposit insurance corporation premium expense | $ 250,000 |
Research Collaboration and Li_3
Research Collaboration and License Agreements - Additional Information (Details) | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2021USD ($)$ / sharesshares | Jul. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Nov. 30, 2019$ / sharesshares | Jun. 30, 2019USD ($)shares | Nov. 30, 2017USD ($)Target | Dec. 31, 2015USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2022USD ($) | |
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Collaboration contract asset and other assets | $ 0 | $ 12,500,000 | $ 0 | |||||||||
General and administrative | 61,600,000 | 38,300,000 | $ 27,300,000 | |||||||||
Payments received | 774,000,000 | |||||||||||
Accounts receivable | $ 1,000,000 | 15,000,000 | 1,000,000 | |||||||||
Changes in deferred revenue due to additions to deferred revenue | 695,500,000 | $ (13,300,000) | $ 4,900,000 | |||||||||
Revenue recognized on research collaboration and license agreements | $ 46,700,000 | |||||||||||
Common Shares | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Issuance of common stock, net (in shares) | shares | 6,571,428 | 5,227,273 | 3,500,000 | 6,600,000 | 6,600,000 | |||||||
Share price, issued and sold (in dollars per share) | $ / shares | $ 70 | $ 22 | $ 70 | |||||||||
Pfizer, Inc. | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Payments received | $ 1,200,000 | $ 4,400,000 | $ 28,000,000 | |||||||||
Changes in deferred revenue due to additions to deferred revenue | 742,100,000 | |||||||||||
Pfizer, Inc. | Collaboration Agreement | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | $ 650,000,000 | |||||||||||
Collaboration agreement direct and incremental costs incurred | 12,900,000 | |||||||||||
Collaboration contract asset and other assets | 12,900,000 | |||||||||||
General and administrative | 400,000 | |||||||||||
Pfizer, Inc. | Development Milestone Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 225,000,000 | |||||||||||
Pfizer, Inc. | Sales-based Milestone Payments | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 1,000,000,000 | |||||||||||
Payments received | 0 | |||||||||||
Pfizer, Inc. | Sales-based Milestone Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 550,000,000 | |||||||||||
Pfizer, Inc. | Stock Purchase Agreement | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 650,000,000 | |||||||||||
Fair value of the shares sold | $ 85,400,000 | |||||||||||
Pfizer, Inc. | Stock Purchase Agreement | Common Shares | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Issuance of common stock, net (in shares) | shares | 3,457,815 | |||||||||||
Share price, issued and sold (in dollars per share) | $ / shares | $ 101.22 | $ 101.22 | ||||||||||
Gross proceeds | $ 350,000,000 | |||||||||||
Financial advisor fees | 4,600,000 | |||||||||||
Fair value of the shares sold | $ 85,400,000 | |||||||||||
Pfizer, Inc. | Option Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 37,500,000 | |||||||||||
Pfizer, Inc. | Additional Target and Services | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Accounts receivable | 3,500,000 | |||||||||||
Pfizer, Inc. | Regulatory Milestone Payments | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 400,000,000 | |||||||||||
Pfizer, Inc. | Regulatory Milestone Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 1,400,000,000 | |||||||||||
Bayer A G | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | $ 17,500,000 | |||||||||||
Bayer A G | Research Funding Payments | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | $ 3,000,000 | 1,500,000 | 3,000,000 | $ 3,000,000 | ||||||||
Bayer A G | Research Funding Payments | Scenario Forecast | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | $ 10,500,000 | |||||||||||
Bayer A G | Development Milestone Payments | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Payments received | 0 | |||||||||||
Bayer A G | Development Milestone Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 197,500,000 | |||||||||||
Bayer A G | Sales-based Milestone Payments | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Payments received | 0 | |||||||||||
Bayer A G | Sales-based Milestone Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | $ 490,000,000 | |||||||||||
Bayer A G | Stock Purchase Agreement | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Fair value of the shares sold | 2,900,000 | |||||||||||
Additional consideration received | 2,900,000 | |||||||||||
Bayer A G | Stock Purchase Agreement | Common Shares | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Issuance of common stock, net (in shares) | shares | 1,346,313 | |||||||||||
Gross proceeds | $ 32,500,000 | |||||||||||
Genentech, Inc. and F. Hoffman-La Roche Ltd. | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Payments received | $ 34,500,000 | $ 11,000,000 | ||||||||||
Number of designated targets | Target | 10 | |||||||||||
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Development Milestone Payments | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Payments received | 0 | |||||||||||
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Development Milestone Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 44,000,000 | |||||||||||
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Option Payments | Maximum | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 27,500,000 | |||||||||||
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Regulatory Milestone Payments | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 52,500,000 | |||||||||||
Payments received | 0 | |||||||||||
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Commercial Milestones | ||||||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||||||
Contract revenue receivable if milestones achieved | 60,000,000 | |||||||||||
Payments received | $ 0 |
Research Collaboration and Li_4
Research Collaboration and License Agreements - Summary of Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Research Collaboration And License Agreements [Abstract] | ||
Contract liabilities | $ 740.5 | $ 45.1 |
Amounts included in deferred revenue in previous periods | $ 18.6 | $ 18.7 |
Research Collaboration and Li_5
Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 740.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 206.2 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 232.3 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 116.7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 84 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 53 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 48.3 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Nonrecurring | Pfizer, Inc. | Stock Purchase Agreement | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Non-recurring fair value measurements | $ 264.6 | ||
Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Amortized Cost | $ 1,399 | $ 99.6 | |
Gross Unrealized Gains | 0 | 0.6 | |
Gross Unrealized Losses | (4.7) | 0 | |
Fair Value | 1,394.3 | 100.2 | |
Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds Maturing 2022 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Amortized Cost | 784 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (0.7) | ||
Fair Value | 783.3 | ||
Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds Maturing 2023 -2024 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Amortized Cost | 582.6 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (3.9) | ||
Fair Value | 578.7 | ||
Level 2 | Fair Value, Measurements, Recurring | Government Securities Maturing 2022 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Amortized Cost | 32.4 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (0.1) | ||
Fair Value | $ 32.3 | ||
Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds Maturing 2021 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Amortized Cost | 99.6 | ||
Gross Unrealized Gains | 0.6 | ||
Gross Unrealized Losses | 0 | ||
Fair Value | $ 100.2 |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 23.4 | $ 18.4 |
Less: accumulated depreciation | (10.8) | (6.1) |
Property, equipment and leasehold improvements, net | 12.7 | 12.3 |
Laboratory equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | 13.6 | 11.1 |
Office equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | 1.4 | 1.2 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 8.4 | $ 6.1 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 4.8 | $ 3.2 | $ 1.6 |
Right of Use Assets and Liabi_3
Right of Use Assets and Liabilities - Additional Information (Details) ft² in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended |
May 31, 2021USD ($)ft² | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | ||
Operating lease, existence of option to extend | true | |
Operating lease, existence of option to terminate | true | |
Lease for laboratory and office space (in square feet) | ft² | 160 | |
Letter of credit for collateralized by certificate of deposit | $ 4.5 | |
Base rent period | 10 years | |
Operating lease expiration month and year | 2024-12 | |
Operating lease, weighted average remaining lease term | 3 years | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Percentage of incremental borrowing for lease payments | 3.00% | |
Base rent | $ 7.7 | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Percentage of incremental borrowing for lease payments | 5.10% | |
Base rent | $ 8.8 |
Right of Use Assets and Liabi_4
Right of Use Assets and Liabilities - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 1.4 | $ 1 |
Right of Use Assets and Liabi_5
Right of Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1.2 | $ 0.9 |
Supplemental non-cash information: | ||
Right-of-use assets obtained in exchange for new lease obligations | $ 3.2 | $ 0.6 |
Right of Use Assets and Liabi_6
Right of Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 1.2 |
2023 | 1.5 |
2024 | 1.5 |
Total lease payments | 4.2 |
Less: imputed interest | (0.2) |
Total | $ 4 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Employee expenses | $ 12.4 | $ 9 |
Research and development expenses | 9.5 | 8.1 |
Professional fees and other | 1.2 | 1.8 |
Accrued expenses | $ 23.1 | $ 18.9 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2021 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||
Loan forgiveness | $ 1 | $ 0 | $ 0 | ||||
Interest expense | $ 0 | $ 0.1 | $ 0.1 | ||||
2018 Assistance Agreement | State of Connecticut | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 2 | ||||||
Percentage of maximum funding on total project costs | 50.00% | ||||||
Debt instrument, interest rate per annum | 3.25% | ||||||
Debt instrument interest payments term | 60 months | ||||||
Debt instrument amortization period (month) | 120 months | ||||||
Debt instrument maturity month and year | 2028-09 | ||||||
Loan forgiveness | $ 1 | ||||||
Percentage of liquidated damages | 7.50% | ||||||
2018 Assistance Agreement | State of Connecticut | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 2 | ||||||
Forgiveness of funding on achieving certain employment conditions | $ 1 | ||||||
2014 Assistance Agreement | State of Connecticut | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 2.5 | ||||||
Percentage of liquidated damages | 7.50% |
Long-Term Debt - Schedule of An
Long-Term Debt - Schedule of Anticipated Future Minimum Payments on Long-Term Debt Excluding Discount on Debt (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 0 |
2024 | 0.2 |
2025 | 0.2 |
2026 | 0.2 |
Thereafter | 0.4 |
Total | $ 1 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2020 | Sep. 30, 2021 | Jul. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2021 | Oct. 31, 2019 | Sep. 30, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Fees and expenses | $ 4.6 | $ 27.7 | $ 0.6 | ||||||||||
Compensation expense, total | 57.1 | $ 30.2 | $ 20.1 | ||||||||||
Compensation expense not yet recognized | $ 55.9 | ||||||||||||
Weighted average grant date fair value of options granted (in usd per share) | $ 52.85 | $ 27.45 | $ 13.28 | ||||||||||
Intrinsic value of options exercised | $ 46.9 | $ 19.4 | $ 1.9 | ||||||||||
Incentive Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Incentive units authorized for issuance (in shares) | 6,199,477 | ||||||||||||
Share-based award, expiration date | Sep. 30, 2018 | ||||||||||||
Incentive Plan | Employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Compensation expense not yet recognized, period of recognition (in years) | 2 years | ||||||||||||
Incentive Plan | Restricted stock awards | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Restricted shares vested and expected to vest | 29,739 | ||||||||||||
2018 Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Common stock reserved for issuance (in shares) | 4,067,007 | ||||||||||||
Common stock, shares remained available for purchase and issuance | 2,000,000 | ||||||||||||
Share-based award, stock options granted (in shares) | 1,866,659 | ||||||||||||
Annual increase in reserved shares of outstanding common stock (percentage) | 4.00% | ||||||||||||
Compensation expense not yet recognized, period of recognition (in years) | 2 years | ||||||||||||
Compensation expense for options not yet recognized | $ 55.6 | ||||||||||||
Stock options vested and expected to vest (in shares) | 5,066,720 | ||||||||||||
Restricted stock units expected to vest (in shares) | 80,834 | ||||||||||||
Minimum | Incentive Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Share-based award, vesting period (years) | 1 year | ||||||||||||
Minimum | 2018 Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Annual increase in reserved shares of common stock | 4,989,593 | ||||||||||||
Maximum | Incentive Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Share-based award, vesting period (years) | 4 years | ||||||||||||
Maximum | 2018 Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Common stock reserved for issuance (in shares) | 1,277,181 | ||||||||||||
At The Market Offering | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Fees and expenses | $ 0 | $ 1.6 | $ 0 | ||||||||||
2018 ESPP | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Common stock reserved for issuance (in shares) | 311,850 | ||||||||||||
Common stock reserved for issuance on outstanding common stock (percentage) | 1.00% | ||||||||||||
Common stock, shares remained available for purchase and issuance | 1,500,000 | ||||||||||||
Common stock, shares issued | 19,357 | 11,046 | |||||||||||
Stock Purchase Agreement | Pfizer, Inc. | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Fair value of the shares sold | $ 85.4 | ||||||||||||
Stock Purchase Agreement | Bayer A G | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Fair value of the shares sold | $ 2.9 | ||||||||||||
Equity Distribution Agreement | At The Market Offering | Piper Sandler | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares, issued and sold | 2,593,637 | ||||||||||||
Common stock aggregate offering price | $ 100 | ||||||||||||
Proceeds from sale of common stock | $ 64.1 | ||||||||||||
Fees and expenses | $ 1.6 | ||||||||||||
Common Shares | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares, issued and sold | 6,571,428 | 5,227,273 | 3,500,000 | 6,600,000 | 6,600,000 | ||||||||
Share price, issued and sold (in dollars per share) | $ 70 | $ 22 | $ 70 | ||||||||||
Gross proceeds from sale of shares in Initial public offering before fees and expenses | $ 460 | $ 115 | |||||||||||
Fees and expenses | $ 28.1 | $ 7.4 | |||||||||||
Common Shares | At The Market Offering | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares, issued and sold | 2,500,000 | ||||||||||||
Common Shares | Stock Purchase Agreement | Pfizer, Inc. | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares, issued and sold | 3,457,815 | ||||||||||||
Share price, issued and sold (in dollars per share) | $ 101.22 | $ 101.22 | |||||||||||
Gross proceeds | $ 350 | ||||||||||||
Financial advisor fees | 4.6 | ||||||||||||
Fair value of the shares sold | $ 85.4 | ||||||||||||
Common Shares | Stock Purchase Agreement | Bayer A G | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares, issued and sold | 1,346,313 | ||||||||||||
Gross proceeds | $ 32.5 | ||||||||||||
Average common stock preceding days | 60 days | ||||||||||||
Prior to stock purchase agreement premium (percentage) | 15.00% | ||||||||||||
Common Shares | Equity Distribution Agreement | At The Market Offering | Piper Sandler | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares, issued and sold | 0 | ||||||||||||
Common stock aggregate offering price | $ 300 |
Equity - Schedule of Assumption
Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility (percentage) | 74.00% | 70.00% | 69.00% |
Expected volatility (percentage) | 78.00% | 75.00% | 71.00% |
Risk free interest rate (percentage) | 0.50% | 0.30% | 1.40% |
Risk free interest rate (percentage) | 1.30% | 1.60% | 2.70% |
Expected dividend yield (percentage) | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years 3 months 18 days | 5 years 3 months 18 days | 5 years 6 months |
Exercise price (in usd per share) | $ 66.82 | $ 22.70 | $ 17.29 |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 7 years | 7 years | 7 years |
Exercise price (in usd per share) | $ 100.40 | $ 50 | $ 37.66 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Option Activity (Details) - 2018 Plan $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Options | |
Options, outstanding, beginning balance (in shares) | shares | 4,321,882 |
Options, granted (in shares) | shares | 1,866,659 |
Options, exercised (in shares) | shares | (773,476) |
Options, forfeited (in shares) | shares | (71,811) |
Options, outstanding, ending balance (in shares) | shares | 5,343,254 |
Options, exercisable, ending balance (in shares) | shares | 2,289,309 |
Weighted Average Exercise Price | |
Weighted average exercise price, outstanding, beginning balance (in usd per share) | $ / shares | $ 26.35 |
Weighted average exercise price, granted (in usd per share) | $ / shares | 79.24 |
Weighted average exercise price, exercised (in usd per share) | $ / shares | 22.99 |
Weighted average exercise price, forfeited (in usd per share) | $ / shares | 50.72 |
Weighted average exercise price, outstanding, ending balance (in usd per share) | $ / shares | 44.98 |
Weighted average exercise price, exercisable (in usd per share) | $ / shares | $ 23.62 |
Weighted average remaining contractual term (years), outstanding | 8 years 1 month 6 days |
Weighted average remaining contractual term (years), exercisable | 7 years 2 months 12 days |
Aggregate intrinsic value, outstanding | $ | $ 200.4 |
Aggregate intrinsic value, exercisable | $ | $ 134 |
Equity - Summary of Restricted
Equity - Summary of Restricted Stock Grant Activity (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Incentive Plan | Restricted stock awards | Employees, Directors and Consultants | |
Shares | |
Unvested restricted stock, shares, beginning balance | shares | 238,712 |
Restricted stock, shares, vested | shares | (208,087) |
Unvested restricted stock, shares, ending balance | shares | 30,625 |
Weighted Average Grant Date Fair Value Per Share | |
Weighted average grant date fair value per share, beginning balance | $ / shares | $ 16 |
Weighted average grant date fair value per share, vested | $ / shares | 16 |
Weighted average grant date fair value per share, ending balance | $ / shares | $ 16 |
2018 Plan | Restricted stock units | Employees | |
Shares | |
Unvested restricted stock, shares, beginning balance | shares | 133,049 |
Restricted stock, shares, exercised | shares | (44,355) |
Restricted stock, shares, forfeited | shares | (387) |
Unvested restricted stock, shares, ending balance | shares | 88,307 |
Weighted Average Grant Date Fair Value Per Share | |
Weighted average grant date fair value per share, beginning balance | $ / shares | $ 20.01 |
Weighted average grant date fair value per share, exercised | $ / shares | 20.01 |
Weighted average grant date fair value per share, forfeited | $ / shares | 19.36 |
Weighted average grant date fair value per share, ending balance | $ / shares | $ 20.02 |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Revenue recognized | $ 18,600,000 | $ 18,700,000 | |||
Contract liabilities | 740,500,000 | 45,100,000 | |||
Net loss | (191,000,000) | (119,300,000) | $ (70,300,000) | ||
Loss from equity method investment | 0 | 0 | (24,700,000) | ||
Equity method investments | 0 | ||||
Oerth | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Cash commitment | $ 49,400,000 | $ 49,400,000 | |||
Ownership interest in joint venture, percentage | 50.00% | 50.00% | |||
Future grant of incentive units to service providers, percentage | 15.00% | ||||
Revenue recognized | $ 24,700,000 | ||||
Contract liabilities | 24,700,000 | $ 24,700,000 | |||
Research and development expenses | 49,400,000 | ||||
Loss from equity method investment | 0 | 0 | 24,700,000 | ||
Equity method investments | $ 0 | 0 | |||
Oerth | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Operating expenses | 14,300,000 | 8,300,000 | 49,800,000 | ||
Net loss | $ 14,300,000 | $ 8,300,000 | $ 49,800,000 | ||
Bayer LP | Oerth | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Cash commitment | $ 56,000,000 | ||||
Contributed to joint venture entity | $ 16,000,000 | ||||
Ownership interest in joint venture, percentage | 50.00% | 50.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
State taxes | 16.30% | (0.10%) | (0.30%) |
Federal research tax credit | 2.70% | 4.10% | 3.50% |
Stock compensation | (1.60%) | (1.70%) | (2.20%) |
Change in valuation allowance | (38.40%) | (23.30%) | (22.00%) |
Reconciliation of effective income tax rate | (0.00%) | (0.00%) | 0.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Tax Benefits and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets: | ||
Loss carryforwards | $ 97 | $ 43.1 |
Tax credits | 18.8 | 10.1 |
Stock compensation | 15.4 | 5 |
Deferred revenue | 10 | 9 |
Other | 3.3 | 0.1 |
Total deferred income tax assets | 144.5 | 67.3 |
Deferred income tax liabilities: | ||
Property, equipment and leasehold improvements | (3.6) | (2.4) |
Other | (1.4) | 0 |
Total deferred income tax liabilities | (5) | (2.4) |
Less valuation allowance | (139.5) | (64.9) |
Net deferred income tax liability | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Income tax expense | $ 0 | $ 0 | $ 0 |
Unrecognized tax benefits | 0 | 0 | |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 | |
Effective income tax rate reconciliation, tax credit, research and development, percentage | 2.70% | 4.10% | 3.50% |
Effective income tax rate reconciliation, tax credit, research and development (in usd) | $ 1,600,000 | $ 1,800,000 | $ 1,400,000 |
Federal | |||
Income Tax Disclosure [Line Items] | |||
Federal net operating loss carryforwards | $ 373,600,000 | $ 205,100,000 | |
Net operating loss carryforwards, expiration year | 2037 | 2037 | |
Operating losses carry forward, maximum deductibility percentage | 80.00% | ||
Federal tax credit carryforwards | $ 15,200,000 | $ 10,100,000 | |
Tax credit carryforwards, expiration year | 2041 | 2041 | |
State | |||
Income Tax Disclosure [Line Items] | |||
Federal net operating loss carryforwards | $ 346,900,000 | $ 63,800,000 | |
Federal tax credit carryforwards | $ 4,500,000 | $ 2,700,000 | |
Tax credit carryforwards, expiration year | 2036 | 2036 | |
Research and Development Tax Credits | |||
Income Tax Disclosure [Line Items] | |||
Increase in valuation allowance | $ 74,600,000 | $ 27,800,000 | |
Effective income tax rate reconciliation, tax credit, research and development, percentage | 65.00% | 65.00% | 65.00% |
Receivables relating to research and development credits | $ 3,400,000 | $ 3,200,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Yale University $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
License, First Licensed Product | Success-Based Milestone Payments | |
Commitments And Contingencies [Line Items] | |
Required milestone payments | $ 3 |
License, Second Licensed Product | Success-Based Milestone Payments | |
Commitments And Contingencies [Line Items] | |
Required milestone payments | 1.5 |
Minimum | |
Commitments And Contingencies [Line Items] | |
Annual payment for license | 0.1 |
Royalty payment | 0.2 |
Maximum | |
Commitments And Contingencies [Line Items] | |
Royalty payment | $ 0.5 |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Loss per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (191) | $ (119.3) | $ (70.3) |
Weighted average common shares outstanding - basic (in shares) | 50 | 39.5 | 32.9 |
Weighted average common shares outstanding - diluted (in shares) | 50 | 39.5 | 32.9 |
Net loss per common share - basic (in usd per share) | $ (3.82) | $ (3.02) | $ (2.13) |
Net loss per common share - diluted (in usd per share) | $ (3.82) | $ (3.02) | $ (2.13) |
Net Loss Per Share - Securities
Net Loss Per Share - Securities Excluded from the Computations of Diluted Net Loss Per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from the computations of diluted net loss per share (in shares) | 2.6 | 2 | 1.2 |
Stock options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from the computations of diluted net loss per share (in shares) | 2.4 | 1.5 | 0.3 |
Restricted stock awards | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from the computations of diluted net loss per share (in shares) | 0.1 | 0.4 | 0.9 |
Restricted stock units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from the computations of diluted net loss per share (in shares) | 0.1 | 0.1 | 0 |