Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 001-38550 | |
Document Quarterly Report | true | |
Entity Registrant Name | Translate Bio, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 61-1807780 | |
Entity Address, Address Line One | 29 Hartwell Avenue | |
Entity Address, City or Town | Lexington | |
Entity Address, Postal Zip Code | 02421 | |
Trading Symbol | TBIO | |
City Area Code | 617 | |
Local Phone Number | 945-7361 | |
Entity Central Index Key | 0001693415 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Entity Address, State or Province | MA | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 75,232,798 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 155,746 | $ 342,027 |
Investments | 499,007 | 312,001 |
Collaboration receivables | 23,240 | 26,598 |
Prepaid expenses and other current assets | 16,721 | 11,741 |
Restricted cash | 4,826 | 4,826 |
Total current assets | 699,540 | 697,193 |
Property and equipment, net | 16,563 | 15,372 |
Right-of-use assets, net | 71,154 | 72,957 |
Goodwill | 21,359 | 21,359 |
Intangible assets, net | 77,106 | 79,127 |
Other assets | 4,918 | 3,928 |
Total assets | 890,640 | 889,936 |
Current liabilities: | ||
Accounts payable | 17,068 | 8,839 |
Accrued expenses | 16,240 | 13,202 |
Current portion of deferred revenue | 72,373 | 67,563 |
Current portion of operating lease liability | 12,084 | 11,733 |
Income tax liability | 254 | |
Total current liabilities | 118,019 | 101,337 |
Contingent consideration | 108,251 | 152,230 |
Deferred revenue, net of current portion | 226,876 | 228,659 |
Operating lease liability, net of current portion | 48,604 | 50,953 |
Total liabilities | 501,750 | 533,179 |
Commitments and contingencies (Notes 3 and 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of March 31, 2021 and December 31, 2020; no shares issued and outstanding as of March 31, 2021 and December 31, 2020 | 0 | |
Common stock, $0.001 par value; 200,000,000 shares authorized as of December 31, 2020 and 2019; 75,029,625 shares and 60,022,067 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 75 | 75 |
Additional paid-in capital | 775,499 | 769,965 |
Accumulated deficit | (386,761) | (413,283) |
Accumulated other comprehensive income | 77 | |
Total stockholders' equity | 388,890 | 356,757 |
Total liabilities and stockholders' equity | $ 890,640 | $ 889,936 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 75,217,672 | 75,029,625 |
Common stock, shares outstanding | 75,217,672 | 75,029,625 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Collaboration revenue | $ 34,600 | $ 4,654 |
Operating expenses: | ||
Research and development | 41,140 | 21,439 |
General and administrative | 10,817 | 7,458 |
Change in fair value of contingent consideration | (43,979) | (9,452) |
Total operating expenses | 7,978 | 19,445 |
Income (loss) from operations | 26,622 | (14,791) |
Other income, net | 154 | 509 |
Income (loss) before income tax provision | 26,776 | (14,282) |
Income tax provision | (254) | 0 |
Net income (loss) | $ 26,522 | $ (14,282) |
Net income (loss) per share—basic | $ 0.35 | $ (0.24) |
Weighted average common shares outstanding—basic | 75,189,696 | 60,008,217 |
Net income (loss) per share—diluted | $ 0.34 | $ (0.24) |
Weighted average common shares outstanding—diluted | 79,101,624 | 60,008,217 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 26,522 | $ (14,282) |
Other comprehensive income (loss): | ||
Unrealized gains on available-for-sale securities, net of tax of $0 | 77 | 114 |
Comprehensive income (loss) | $ 26,599 | $ (14,168) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains on available-for-sale securities, net of tax | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balances at Dec. 31, 2019 | $ 153,536 | $ 60 | $ 512,231 | $ (359,496) | $ 741 |
Beginning balance, Shares at Dec. 31, 2019 | 60,022,067 | ||||
Exercise of stock options | 132 | 132 | |||
Exercise of stock options, Shares | 15,596 | ||||
Stock-based compensation expense | 3,172 | 3,172 | |||
Unrealized gains (losses) on available-for-sale securities | 114 | 114 | |||
Net income (loss) | (14,282) | (14,282) | |||
Ending balances at Mar. 31, 2020 | 142,672 | $ 60 | 515,535 | (373,778) | 855 |
Ending balance, shares at Mar. 31, 2020 | 60,037,663 | ||||
Beginning balances at Dec. 31, 2020 | 356,757 | $ 75 | 769,965 | (413,283) | 0 |
Beginning balance, Shares at Dec. 31, 2020 | 75,029,625 | ||||
Exercise of stock options | 1,550 | 1,550 | |||
Exercise of stock options, Shares | 188,047 | ||||
Stock-based compensation expense | 3,984 | 3,984 | |||
Unrealized gains (losses) on available-for-sale securities | 77 | 77 | |||
Net income (loss) | 26,522 | 26,522 | |||
Ending balances at Mar. 31, 2021 | $ 388,890 | $ 75 | $ 775,499 | $ (386,761) | $ 77 |
Ending balance, shares at Mar. 31, 2021 | 75,217,672 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 26,522 | $ (14,282) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 2,841 | 1,351 |
Stock-based compensation expense | 3,984 | 3,172 |
Change in fair value of contingent consideration | (43,979) | (9,452) |
Changes in operating assets and liabilities: | ||
Collaboration receivables | 3,358 | (1,633) |
Prepaid expenses and other assets | (4,672) | 2,647 |
Right-of-use assets | 3,049 | 132 |
Long-term prepaid rent | (1,298) | (3,044) |
Accounts payable | 8,114 | (9,545) |
Accrued expenses | 2,733 | 584 |
Income tax liability | 254 | |
Deferred revenue | 3,027 | (1,267) |
Lease liability | (3,244) | (110) |
Net cash provided by (used in) operating activities | 689 | (31,447) |
Cash flows from investing activities: | ||
Purchases of investments | (186,929) | (27,409) |
Sales and maturities of investments | 73,994 | |
Purchases of property and equipment | (1,591) | (2,325) |
Net cash provided by (used in) investing activities | (188,520) | 44,260 |
Cash flows from financing activities: | ||
Payments of public offering costs | (57) | |
Proceeds from option exercises | 1,550 | 132 |
Net cash provided by financing activities | 1,550 | 75 |
Net increase (decrease) in cash, cash equivalents and restricted cash: | (186,281) | 12,888 |
Cash, cash equivalents and restricted cash at beginning of period | 346,853 | 85,530 |
Cash, cash equivalents and restricted cash at end of period | 160,572 | 98,418 |
Cash, cash equivalents and restricted cash at end of period: | ||
Cash and cash equivalents | 155,746 | 97,468 |
Restricted cash | 4,826 | 950 |
Total cash, cash equivalents and restricted cash at end of period | 160,572 | 98,418 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 826 | 764 |
Deferred offering costs included in accounts payable and accrued expenses | $ 120 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Translate Bio, Inc. (the “Company”) is a clinical-stage messenger RNA (“mRNA”) therapeutics company developing a new class of potentially transformative medicines to treat diseases caused by protein or gene dysfunction, or to prevent infectious diseases by generating protective immunity. Using its proprietary mRNA therapeutic platform (“MRT platform”), the Company creates mRNA that encodes functional proteins. The Company’s mRNA is designed to be delivered to the target cell where the cell’s own machinery recognizes it and translates it, restoring or augmenting protein function to treat or prevent disease. The Company is primarily focused on applying its MRT platform to treat pulmonary diseases caused by insufficient protein production or where production of proteins can modify disease. In addition, the Company is pursuing discovery efforts in diseases that affect the liver. The Company is also pursuing the applicability of its MRT platform for the development of mRNA vaccines for infectious diseases under a collaboration with Sanofi Pasteur Inc. (“Sanofi”), the vaccines global business unit of Sanofi S.A. Since early 2020, the outbreak of the novel strain of coronavirus named SARS-CoV-2, COVID-19, COVID-19 COVID-19 COVID-19 COVID-19 The Company is developing MRT5005 for the treatment of cystic fibrosis (“CF”). The Company is conducting a Phase 1/2 clinical trial to evaluate the safety and tolerability of single- and multiple-ascending doses of MRT5005. The clinical trial is investigating several groups receiving five once-weekly doses, as well as a group receiving five daily doses. Percent predicted forced expiratory volume in one second (“ppFEV 1 pre-defined one-month 1 1 The Company is leveraging its lung delivery platform and focusing its preclinical research efforts on identifying lead product candidates for a next-generation CF program, as well as beyond CF in additional pulmonary diseases with unmet medical needs, including primary ciliary dyskinesia, pulmonary arterial hypertension and respiratory infectious diseases. The Company has a collaboration with Sanofi to develop infectious disease vaccines using the Company’s mRNA technology. Under the collaboration, the Company and Sanofi are jointly conducting research and development activities to advance mRNA vaccines targeting up to seven infectious disease pathogens (see Note 3). Two of the target pathogens under development are SARS-CoV-2 SARS-CoV-2. proof-of-technology mid-year The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The preparation of the accompanying condensed consolidated financial statements requires the Company to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. The full extent to which the COVID-19 COVID-19 COVID-19, COVID-19 The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its two wholly owned subsidiaries, Translate Bio MA, Inc. and Translate Bio Securities Corporation, from their date of incorporation. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated balance sheet as of March 31, 2021, the unaudited condensed consolidated statements of operations and of comprehensive income (loss) for the three months ended March 31, 2021 and 2020, the unaudited condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2021 and 2020 and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The accompanying balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements for the year ended December 31, 2020. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K The accompanying unaudited interim condensed consolidated financial presentation has been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflects all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2021, the results of its operations for the three months ended March 31, 2021 and 2020, and its cash flows for the three months ended March 31, 2021 and 2020. The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are also unaudited. The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. Sales of Common Stock The Company is a SM million. As of March 31, 2021, the Company has issued and sold shares of its common stock pursuant to the Sales Agreement, resulting in gross proceeds of million, before deducting commissions of million. There were no shares issued or sold pursuant to the Sales Agreement during the three months ended March 31, 2021. million of shares of common stock remain available to be sold pursuant to the Sales Agreement, which sales, if any, would be made under the Company’s universal shelf registration statement on Form S-3. On June 24, 2020, the Company filed a registration statement on Form S-3ASR, No. 333-239405) Sanofi Pasteur Collaboration and Licensing Agreement In 2018, the Company entered into a collaboration and license agreement with Sanofi (the “Original Sanofi Agreement”) to develop mRNA vaccines for up to five infectious disease pathogens (the “Licensed Fields”). On March 26, 2020, the Company and Sanofi amended the Original Sanofi Agreement (the “First Sanofi Amendment”) to include vaccines against SARS-CoV-2 Pursuant to the Amended Sanofi Agreement, the Company and Sanofi are jointly conducting research and development activities to advance mRNA vaccines targeting up to seven infectious disease pathogens. The term of the research collaboration (the “Collaboration Term”) expires in June 2022 with an option for Sanofi to extend the Collaboration Term for one additional year, followed by a technology transfer to Sanofi. If Sanofi elects to extend the Collaboration Term, the collaboration may be further expanded to jointly conduct research and development activities to advance mRNA vaccines for up to an additional three infectious disease pathogens, bringing the total to up to ten pathogens. Under the terms of the Amended Sanofi Agreement, the Company has granted to Sanofi exclusive, worldwide licenses under applicable patents, patent applications, know-how |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The significant accounting policies and estimates used in preparation of the consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale In December 2019, the FASB issued ASU No. 2019-12, Income Taxes-Simplifying the Accounting for Income Taxes step-up |
Collaboration Agreement
Collaboration Agreement | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Sanofi Collaboration and License Agreement | 3. Collaboration Agreement Sanofi Collaboration and License Agreement In 2018, the Company and Sanofi entered into the Original Sanofi Agreement to develop mRNA vaccines and an mRNA vaccine platform for up to five infectious disease pathogens. In March 2020, the Company and Sanofi entered into the First Sanofi Amendment to include vaccines against SARS-CoV-2 Under the terms of the Amended Sanofi Agreement, the Company has agreed to grant to Sanofi exclusive, worldwide licenses under applicable patents, patent applications, know-how Pursuant to the Amended Sanofi Agreement, the Company and Sanofi are jointly conducting research and development activities to advance mRNA vaccines targeting up to seven infectious disease pathogens. The Collaboration Term expires in June 2022 manufacturing non-clinical out-of-pocket The Company and Sanofi retain the rights to perform their respective obligations and exercise their respective rights under the Amended Sanofi Agreement. Sanofi also granted the Company non-exclusive, Pursuant to the Original Sanofi Agreement, Sanofi paid the Company an upfront payment of $45.0 million in 2018. Pursuant to the Second Sanofi Amendment, Sanofi paid the Company an additional upfront payment of $300.0 million in August 2020. If Sanofi chooses to exercise its option to extend the Collaboration Term for an additional year, Sanofi has agreed to pay the Company an additional payment of $75.0 million. The Amended Sanofi Agreement provides that the Company is eligible to receive aggregate potential payments of up to $1.9 billion upon the achievement of additional specified development, regulatory, manufacturing and commercialization milestones, inclusive of the fee to exercise the option to extend the Collaboration Term. In particular, the Company is entitled to receive development, regulatory and sales milestone payments of up to $148.0 million for each Licensed Field, other than the SARS-CoV-2 SARS-CoV-2 one-time In March 2021, Sanofi paid the Company a milestone payment of $25.0 million upon the initiation of the Phase 1/2 clinical trial of MRT5500 in accordance with agreed upon milestones in the Amended Sanofi Agreement. Under the terms of the Amended Sanofi Agreement, Sanofi has also agreed to pay the Company royalties on net sales of mRNA vaccines in the SARS-CoV-2 The Amended Sanofi Agreement provides that it will remain in effect until terminated in accordance with its terms. Either the Company or Sanofi may terminate the Amended Sanofi Agreement in its entirety if the other party is subject to certain insolvency proceedings. Either party may terminate the Amended Sanofi Agreement in its entirety or with respect to a particular Licensed Field, country or product if the other party materially breaches the Amended Sanofi Agreement and the breach remains uncured for a specified period, which may be extended in certain circumstances. Sanofi may also terminate the Amended Sanofi Agreement in its entirety or with respect to a particular Licensed Field, country or product for safety reasons or for convenience, in each case after a specified notice period. After termination of the Amended Sanofi Agreement, Sanofi may continue to manufacture and commercialize the terminated products for a specified period of time, subject to Sanofi’s payment obligations. In connection with the execution of the Second Sanofi Amendment, the Company and an affiliate of Sanofi (the “Sanofi Investor”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) for the sale and issuance “Lock-Up Lock-Up Sanofi has sole responsibility for all commercialization activities for mRNA vaccines in the Licensed Fields and is obligated to bear all costs in connection with any commercialization in the Licensed Fields. The Company and Sanofi also entered into a separate supply agreement on June 22, 2020, with an effective date of December 20, 2019, governing the terms of the supply of products by the Company (the “Supply Agreement”). Pursuant to the Supply Agreement, the Company has agreed to use commercially reasonable efforts to manufacture and supply Sanofi with non-clinical non-clinical SARS-CoV-2 Accounting for the Sanofi Collaboration For accounting purposes, the Company has combined the Amended Sanofi Agreement, Securities Purchase Agreement and Supply Agreement because the contracts were negotiated as a package with a single commercial objective, the amount of consideration to be paid in one contract depends on the price or performance of the other contracts, and the goods and services promised in the contracts are a single performance obligation in accordance with Accounting Standards Codification (“ASC”) 606. The Company accounts for the Amended Sanofi Agreement under ASC 606. In determining the appropriate amount of revenue to be recognized under ASC 606, the Company performed the following steps: (i) identified the promised goods or services in the contract; (ii) determined whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company identified the following promised goods or services contained in the Amended Sanofi Agreement: (i) the license it conveyed to Sanofi with respect to the Licensed Fields, (ii) the licensed know-how non-clinical Under ASC 606, the Company recognized revenue using the cost-to-cost cost-to-cost out-of-pocket During the three months ended March 31, 2021, the Company increased the overall transaction price by $7.9 million. The transaction price as of March 31, 2021 includes the upfront, non-refundable value of the Company’s common stock on the closing date, under the Securities Purchase Agreement, an estimated $76.0 million in reimbursable employee costs, an estimated $167.3 million in reimbursable development costs including manufacturing costs and out-of-pocket re-evaluates re-evaluates re-evaluated re-evaluate During the third quarter of 2020, the Company accounted for the Second Sanofi Amendment as a modification to the existing agreement and not as a separate agreement because the additional goods and services were not distinct and therefore form a single performance obligation that was partially satisfied at the date of the contract modification. Changes as a result of a contract modification or in the planned services under the Amended Sanofi Agreement may have an impact on the transaction price and on the Company’s measure of progress toward complete satisfaction of the performance obligation. The impact of changes during the three months ended March 31, 2021 resulted in a decrease in revenue of The following table summarizes the Company’s collaboration revenue (in thousands): Three Months Ended March 31, 2021 2020 Collaboration revenue $ 34,600 $ 4,654 The following table presents the balance of the Company’s contract liabilities (in thousands): March 31, December 31, 2021 2020 Contract liabilities Deferred revenue $ 299,249 $ 296,222 Deferred revenue is classified as short-term or long-term in the consolidated balance sheets based on the Company’s estimate of revenue that will be recognized within the next twelve months which is determined by the cost-to-cost |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 4. Intangible Assets and Goodwill Acquisition of Shire’s MRT Program In December 2016, the Company entered into an asset purchase agreement (as amended in June 2018) with Shire Human Genetic Therapies, Inc. (“Shire”), a subsidiary of Takeda Pharmaceutical Company Ltd., pursuant to which Shire sold equipment to and assigned to the Company all of its rights to certain patent rights, permits, real property leases, contracts, regulatory documentation, books and records, and materials related to Shire’s mRNA therapy platform (the “MRT Program”), including its cystic fibrosis transmembrane conductance regulator program. Intangible Assets, Net The acquisition of Shire’s MRT Program was accounted for in accordance with the acquisition method of accounting for business combinations. The total purchase consideration transferred was allocated to the tangible and identifiable intangible assets acquired based on their estimated fair values. The tables below present the Company’s definite-lived intangible assets that are subject to amortization and indefinite-lived intangible assets: March 31, 2021 Estimated Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Definite-lived intangible assets: MRT 6 years $ 45,992 $ (11,177 ) $ 34,815 Indefinite-lived intangible assets: IPR&D - CF Indefinite 42,291 — 42,291 Total intangible assets, net $ 88,283 $ (11,177 ) $ 77,106 December 31, 2020 Estimated Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In Definite-lived intangible assets: MRT 6 years $ 45,992 $ (9,156 ) $ 36,836 Indefinite-lived intangible assets: IPR&D - CF Indefinite 42,291 — 42,291 Total intangible assets, net $ 88,283 $ (9,156 ) $ 79,127 Identifiable intangible assets acquired in the acquisition of Shire’s MRT Program consisted of in-process d Upon commencement of the Original Sanofi Agreement, the IPR&D - MRT Indefinite-lived IPR&D is not subject to amortization, but is tested annually for impairment or more frequently if there are indicators of impairment. The Company tests its indefinite-lived IPR&D annually for impairment on October 1st. The Company determined the results of the second interim data analysis from the Phase 1/2 clinical trial of MRT5005 were a potential indicator of impairment and as such performed a qualitative and quantitative impairment analysis of the CF program and determined the IPR&D was not impaired as of March 31, 2021. Goodwill The excess of the fair value of the consideration transferred over the fair value of identifiable assets acquired in the acquisition of Shire’s MRT Program was allocated to goodwill in the amount of $21.4 million. There have been no changes to the carrying amount of goodwill during the three months ended March 31, 2021. Goodwill is not subject to amortization, but is tested annually for impairment or more frequently if there are indicators of impairment. The Company determined the results of the second interim data analysis from the Phase 1/2 clinical trial of MRT5005 were a potential indicator of impairment and as such performed a quantitative impairment analysis of the carrying value of g recognize any impairment charges related to g |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | 5. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of March 31, 2021 Using: Level 1 Level 2 Level 3 Total Assets: Money market funds $ — $ 86,637 $ — $ 86,637 U.S. treasuries — 441,082 — 441,082 U.S. government agency bonds — 57,925 — 57,925 $ — $ 585,644 $ — $ 585,644 Liabilities: Contingent consideration $ — $ — $ 108,251 $ 108,251 $ — $ — $ 108,251 $ 108,251 Fair Value Measurements as of December 31, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Money market funds $ — $ 273,827 $ — $ 273,827 U.S. treasuries — 292,001 — 292,001 U.S. government agency bonds — 20,000 — 20,000 $ — $ 585,828 $ — $ 585,828 Liabilities: Contingent consideration $ — $ — $ 152,230 $ 152,230 $ — $ — $ 152,230 $ 152,230 During the three months ended March 31, 2021 and the year ended December 31, 2020, there were no transfers between Level 1, Level 2 and Level 3. Cash equivalents as of March 31, 2021 and December 31, 2020 consisted of money market funds totaling $86.6 million and $273.8 million, respectively. The money market funds were valued using inputs observable in active markets for similar securities, which represent a Level 2 measurement in the fair value hierarchy. The Company’s investments as of March 31, 2021 and December 31, 2020 consisted of U.S. treasuries and U.S. government agency bonds and were classified as available-for-sale securities. The U.S. treasuries and U.S. government agency bonds were valued using inputs observable in active markets for similar securities, which represent a Level 2 measurement in the fair value hierarchy. The Company has classified its investments with maturities beyond one year as short term, based on their highly liquid nature and because such available-for-sale securities represent the investment of cash that is available for current operations. The estimated amortized costs and fair value of the Company’s available-for-sale March 31, 2021 December 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 299,369 $ 299,451 $ 201,606 $ 201,596 Due after one year through two years 199,561 199,556 110,395 110,405 Total available-for-sale $ 498,930 $ 499,007 $ 312,001 $ 312,001 Valuation of Contingent Consideration The contingent consideration liability related to the acquisition of Shire’s MRT Program in 2016 was classified as a Level 3 measurement within the fair value hierarchy. The Company may be required to pay f The fair value of the liability to make potential future milestone and earnout payments was estimated by the Company at each reporting date based, in part, on the results of a valuation using a discounted cash flow analysis based on various assumptions, including the amount and timing of cash flows, probability of achieving specified events, discount rate, and the period of time until earnout payments are payable and the conditions triggering the milestone payments are met. The actual settlement of contingent consideration could differ from current estimates based on the actual occurrence of these specified events. The following table presents the unobservable inputs and fair value of the components of the contingent consideration (dollar amounts in thousands): Unobservable Inputs Projected Year of Payment Fair Value at March 31, December 31, 2021 2020 Earnout payments 2027 - 2039 $ 99,122 $ 142,250 Milestone payments 2027 - 2032 9,129 9,980 $ 108,251 $ 152,230 The discount rate used in the valuation was 11.0% as of March 31, 2021 and December 31, 2020. The following table presents a roll-forward of the total acquisition-related contingent consideration liability (in thousands): Fair Value Balance as of December 31, 2020 $ 152,230 Decrease in fair value of contingent consideration (43,979 ) Balance as of March 31, 2021 $ 108,251 During the quarter ended March 31, 2021, the Company released results of the second interim data analysis from the Phase 1/2 clinical trial of MRT5005. Following the release, the Company reassessed the clinical development plan for MRT5005 and adjusted the expected timelines and the probability of achieving specified events for the program, which resulted in a decrease in the fair value of contingent consideration during the three months ended March 31, 2021. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December Laboratory equipment $ 17,403 $ 12,710 Computer equipment 933 922 Office equipment 941 941 Leasehold improvements 4,822 5,730 Construction in progress 2,498 5,189 26,597 25,492 Less: Accumulated depreciation and amortization (10,034 ) (10,120 ) $ 16,563 $ 15,372 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, Accrued external research and development expenses $ 5,100 $ 2,805 Accrued employee compensation and benefits 3,425 5,600 Accrued consultant and professional fees 1,969 1,489 Other 5,746 3,308 $ 16,240 $ 13,202 Included in other accrued expenses as of March 31, 2021 was $4.5 million related to a work agreement to perform a build-out |
Incentive Stock Options and Emp
Incentive Stock Options and Employee Stock Purchase Plan | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Stock Options and Employee Stock Purchase Plan | 8. Incentive Stock Options and Employee Stock Purchase Plan 2021 Inducement Stock Incentive Plan On January 20, 2021, the Board of Directors adopted a 2021 Inducement Stock Incentive Plan (the “2021 Plan”), pursuant to which the Company may grant non-statutory non-employment, 2018 Equity Incentive Plan On March 7, 2018, the Company’s Board of Directors (the “Board of Directors”), subject to stockholder approval, adopted, and on June 15, 2018, the Company’s stockholders approved, the 2018 Equity Incentive Plan (the “2018 Plan”), which became effective on June 27, 2018. The 2018 Plan provides for the grant of incentive stock options, non-qualified The number of shares initially reserved for issuance under the 2018 Plan is the sum of 2,512,187, plus the number of shares (up to 1,013,167 shares) equal to the sum of (i) the number of shares remaining available for issuance under the 2016 Stock Incentive Plan, as amended (the “2016 Plan”), upon the effectiveness of the 2018 Plan, which was 360,514 shares, and (ii) the number of shares of common stock subject to outstanding awards under the 2016 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right. The number of shares of common stock that may be issued under the 2018 Plan will automatically increase on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2019 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2028, by an amount equal to the lowest of (i) 3,349,582 shares, (ii) 4% of the outstanding shares of common stock on such date and (iii) an amount determined by the Board of Directors. As of December 31, 20 20 The 2018 Plan is administered by the Board of Directors. The exercise prices, vesting periods and other restrictions are determined at the discretion of the Board of Directors, except that the exercise price per share of options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2018 Plan expire 10 years after the grant date, unless the Board of Directors sets a shorter term. Awards granted to employees, officers, members of the Board of Directors and consultants typically vest over a period of one Typically, unvested stock options are forfeited upon the recipient ceasing to provide services to the Company . 2018 Employee Stock Purchase Plan On March 7, 2018, the Board of Directors, subject to stockholder approval, adopted, and on June 15, 2018, the Company’s stockholders approved the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), which became effective on June 27, 2018. A total of 418,697 shares of common stock were initially reserved for issuance under this plan. The number o December 2020 , As of March 31, 2021, 26,964 shares have been issued under the 2018 ESPP. 2016 Stock Incentive Plan The 2016 Plan provided for the grant of stock options, stock appreciation rights, restricted stock and restricted stock units. Shares that are expired, terminated, surrendered or canceled under the 2016 Plan without having been exercised will be available for future grants of awards under the 2018 Plan. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards under the 2018 Plan. The 2016 Plan is administered by the Board of Directors. The exercise prices, vesting periods and other restrictions were determined at the discretion of the Board of Directors, except that the exercise price per share of options could not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2016 Plan expire 10 years after the grant date, unless the Board of Directors set a shorter term. Stock options and restricted stock granted to employees, officers, members of the Board of Directors and consultants typically vest over a four-year period. Upon the effectiveness of the 2018 Plan on June 27, 2018, no further awards will be made under the 2016 Plan, but awards outstanding under the 2016 Plan will continue to be governed by their existing terms. Stock Options The following table summarizes the Company’s stock option activity since December 31, 2020 (in thousands, except share and per share amounts): Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in years) Outstanding as of December 31, 2020 9,557,391 $ 8.79 7.92 $ 93,256 Granted 2,324,110 $ 22.77 Exercised (188,047 ) $ 8.24 Forfeited (41,941 ) $ 14.88 Outstanding as of March 31, 2021 11,651,513 $ 11.57 8.18 $ 73,830 Exercisable as of March 31, 2021 5,456,919 $ 7.84 7.21 $ 47,181 Vested and expected to vest as of March 31, 2021 11,651,513 $ 11.57 8.18 $ 73,830 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2021 and 2020 was $2.7 million and less than $0.1 million, respectively. The weighted average grant-date fair value per share of stock options granted was $14.20 and $4.67 during the three months ended March 31, 2021 and 2020, respectively. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company completed its initial public offering in July 2018 and therefore lacks company-specific historical and implied volatility information before that date. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Three Months Ended March 31, 2021 2020 Risk-free interest rate 1.01 % 0.86 % Expected term (in years) 6.1 6.1 Expected volatility 69.9 % 68.0 % Expected dividend yield 0 % 0 % Stock-Based Compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development expenses $ 2,080 $ 1,454 General and administrative expenses 1,904 1,718 $ 3,984 $ 3,172 As of March 31, 2021, total unrecognized compensation cost related to the unvested stock-based awards was $54.2 million, which is expected to be recognized over a weighted average period of 2.9 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company recognized an income tax provision of million and during the three months ended March 31, 2021 and 2020, respectively. The income tax provision recognized during the three months ended March 31, 2021 relates primarily to an expected income tax liability due to the acceleration of revenue recognition for tax purposes related to the Amended Sanofi Agreement. There was income tax benefit recognized during the three months ended March 31, 2020. Net operating losses generated in 2018 and years thereafter can be carried forward indefinitely. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | 10. Net Income (Loss) per Share Basic net income (loss) per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period, including any dilutive effect from outstanding stock options. Three Months Ended March 31, 2021 2020 Basic net income (loss) per common share: Numerator: Net income (loss) $ 26,522 $ (14,282 ) Denominator: Weighted average common shares outstanding—basic 75,189,696 60,008,217 Net income (loss) per share—basic $ 0.35 $ (0.24 ) Diluted net income (loss) per common share: Numerator: Net income (loss) $ 26,522 $ (14,282 ) Denominator: Weighted average common shares outstanding—diluted 79,101,624 60,008,217 Net income (loss) per share—diluted $ 0.34 $ (0.24 ) The Company excluded 18,507 shares of restricted common stock, presented on a weighted average basis, from the calculations of basic net loss per share attributable to common stockholders for the three months ended March 31, 2020 because those shares had not vested. As of March 31, 2021, there are no unvested shares of restricted common stock. The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Options to purchase common stock 3,053,207 10,983,227 Unvested restricted common stock — 6,763 3,053,207 10,989,990 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 11. Leases Suite Retention Agreements In September 2019, the Company e build-out No. 2016-02, build-out (“Build-Out Build-Out Build-Out Build-Out right-of-use build-out Build-Out build-out In October 2020, the Company entered into a suite retention agreement (the “Biomere Suite Retention Agreement”) with Biomedical Research Models, Inc. (“Biomere”) under which the Company will lease two exclusive procedure rooms and one housing and maintenance room in Biomere’s Worcester, Massachusetts facility. The lease term is months, commencing on December 1, 2020 (the “Biomere Lease Commencement”). The Company can terminate the Biomere Suite Retention Agreement for convenience, and without penalty, with 60 days’ written notice. The Biomere Suite Retention Agreement does not contain any lease incentives or renewal options. Upon the Biomere Lease Commencement, the Company determined that it gained control of the space, in accordance with ASC 842, which resulted in the recording of an ROU asset and lease liability of $ million. As of the Biomere Lease Commencement, the Company began paying monthly fees of less than $ million. Real Estate Lease In June 2017, the Company entered into an operating lease for office and laboratory space at its headquarters in Lexington, Massachusetts. The Company occupies approximately 59,000 square feet of space under a 10-year Equipment Lease In March 2018, the Company entered into an operating lease for communications equipment for use at its office and laboratory space in Lexington, Massachusetts. The term of the lease is five years, expiring in March 2023 The Company excludes leases with an initial term of one year or less in the recognized ROU asset and lease liabilities. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of ASC 842, lease and non-lease The components of lease cost were as follows (dollar am o Three Months Ended March 31, 2021 2020 Lease cost Operating lease cost $ 4,772 $ 673 Total lease cost $ 4,772 $ 673 Other information Operating cash flows from operating leases $ 4,968 $ 650 Operating lease liabilities arising from obtaining right-of-use 1,246 — Weighted-average remaining lease term 5 years 8 years Weighted-average discount rate 11.9 % 17.5 % Maturities of operating lease liabilities are as follows (in thousands): March 31, 2021 December 31, 2020 2021 $ 14,421 $ 18,067 2022 15,178 15,178 2023 15,591 15,591 2024 16,050 16,050 2025 12,030 12,029 2026 and thereafter 7,134 7,134 Total future minimum lease payments 80,404 84,049 Less: imputed interest (19,716 ) (21,363 ) Present value of lease liabilities $ 60,688 $ 62,686 As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate which are the rates incurred to borrow on a collateralized basis over a term equal to the lease payments in a similar economic environment in determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date and for all subsequent leases the Company used an appropriate incremental borrowing rate upon commencement date. In October 2020, the Company entered into a suite retention agreement with Azzur Cleanrooms-on-Demand – Burlington, LLC (“Azzur”) under which it will lease two exclusive cleanroom suites in Azzur’s Burlington, Massachusetts facility (the “Azzur Agreement”). The lease term is under this agreement is million through June 2023. The Company can terminate the Azzur Agreement for convenience, and without penalty, with three months’ written notice. The Azzur Agreement does not contain any lease incentives or renewal options. The Company has determined this is a lease under ASC 842. As of March 31, 2021, the Company has determined that it does not have control of the space, as defined in ASC 842, during the build-out and as such, this Azzur Agreement was included in the ROU assets or lease liabilities on the Company’s consolidated balance sheet. On November 3, 2020 (the “Lease Commencement Date”), the Company e ten-year West Street in Waltham, Massachusetts (the “Waltham Lease Agreement”). The Waltham Lease Agreement includes an extension option of one period of years. The Waltham Lease Agreement includes a work agreement to perform a build-out arrangement, with a construction period from March 2021 to December 2021. Under the Waltham Lease Agreement, the Company has improvement allowances of In April 2021, the Company entered into a contract with the Richmond Group for $36.8 million for the build-out of this office and laboratory space. The Company annual increase. In December 2020, in connection with this Waltham Lease Agreement, the Company issued a letter of credit collateralized by cash deposits of million, which are classified as restricted cash on the consolidated balance sheets as of March 31, 2021 and December 31, 2020. The Company has determined this is a lease under ASC 842. As of March 31, 2021, the Company has determined that it does not have control of the space, as defined in ASC 842, during the build-out and as such, this Waltham Lease Agreement was included in the ROU assets or lease liabilities on the Company’s consolidated balance sheet. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Research, Supply and License Agreements Roche Master Supply Agreement The Company is a party to a master supply agreement with Roche Diagnostics Corporation (“Roche”) pursuant to which Roche will custom manufacture certain products for the Company. The agreement requires the Company to purchase from Roche specified manufactured products and the related raw materials in an amount equal to the greater of (i) quantities of raw materials in the Company’s annual forecast to be purchased or (ii) 80% of the Company’s demand for products as the same or similar type (the “Purchase Commitment”). In June 2017, the Company exercised its option under the agreement to extend the agreement through December 31, 2024. In September 2018, the Company and Roche amended the agreement to remove and replace the Purchase Commitment for certain manufactured products and related raw materials supplied by Roche. The agreement, as amended, specifies a minimum purchase requirement for certain custom manufactured products. As of March 31, 2021, the Company’s purchase commitments under the agreement totaled $10.5 million, with $3.5 million committed as payments each year from 202 2 this agreement totaled MIT Research Agreement In September 2019, the Company entered into a research agreement with the Massachusetts Institute of Technology (“MIT”) pursuant to which the Company is obligated to reimburse MIT up to $4.1 million for specified direct and indirect costs to be incurred from January 2020 through December 2022 for specified research activities conducted for the Company (the “2019 MIT Agreement”). As of March 31, 2021 and 2020, the Company paid MIT $2.0 million and $0.3 million, respectively, towards the total committed amount. Research and development expenses related to this agreement were $0.3 million during each of the three months ended March 31, 2021 and 2020. There were no amounts payable by the Company under the agreement as of March 31, 2021. The 2019 MIT Agreement expires in December 2022 and may be extended thereafter by mutual agreement of the parties. MIT Exclusive Patent License Agreement The Company is a party to an exclusive patent license agreement with MIT pursuant to which the Company received an exclusive license under the licensed patent rights to develop, manufacture and commercialize any product containing both (i) any RNA sequences, including mRNA, that encode a protein or peptide suitable for human therapeutic use which may include operably linked non-coding non-coding The Company has the right to grant sublicenses under this license. The patent rights licensed to the Company by MIT include claims that cover certain of the Company’s customized lipid nanoparticles used for delivery of coding RNA components in its MRT platform, including products that may be developed under the Company’s collaboration with Sanofi. Under the license agreement, the Company is obligated to make annual license maintenance payments to MIT, payable on January 1 of each calendar year, of up to $0.2 million, which may be credited against royalties subsequently due on net sales of licensed products earned in the same calendar year. The Company paid annual license maintenance fees of $0.2 million to MIT during each of the three months ended March 31, 2021 and 2020. The Company is also obligated to make milestone payments to MIT aggregating up to $1.375 million upon the achievement of specified clinical and regulatory milestones with respect to each licensed product and $1.250 million upon the Company’s first commercial sale of each licensed product, and to pay royalties of a low single-digit percentage to MIT based on the Company’s, and any of its affiliates’ and sublicensees’, net sales of licensed products. The royalties are payable on a product-by-product country-by-country last-to-expire MIT-licensed Pursuant to such provision, in the quarter ended March 31, 2021, the Company paid million to MIT as MIT’s share of sublicense income with respect to the payments the Company received in 2020 under the Second Sanofi Amendment and the Securities Purchase Agreement. The Company is required to pay MIT a portion of the million milestone payment from Sanofi received in March 2021 (see Note 3). The amount payable to MIT related to this milestone payment is currently being negotiated between the Company and MIT and the final amount payable to MIT is unknown as this time. Future amounts that the Company may owe to MIT will depend upon the relative value of the patents the Company licensed from MIT and sublicensed to Sanofi as compared to the other rights that the Company licensed to Sanofi. The determination of the relative value of such rights is subject to a process described in the Company’s license agreement with MIT. Additionally, the Company is required to pay a total of $0.7 million due to the achievement of specified milestones in accordance with the license agreement with MIT. The agreement obligates the Company to use commercially reasonable efforts and expend a minimum amount of resources each year to develop licensed products in accordance with a development plan, and a development milestone timetable specified in the agreement; to use commercially reasonable efforts to commercialize licensed products; and upon commercialization, to make the licensed products reasonably available to the public. MIT has the right to terminate the agreement if the Company fails to pay amounts when due or otherwise materially breaches the agreement and fails to cure such nonpayment or breach within specified cure periods or in the event the Company ceases to carry on its business related to the agreement. In the event of a termination due to the Company’s breach caused by a due diligence failure of a licensed product, but where the Company has fulfilled its obligations with respect to a different licensed product, MIT may not terminate the agreement with respect to the different licensed product. MIT may immediately terminate the agreement if the Company or any of its affiliates brings specified patent challenges against MIT or assists others in bringing a patent challenge against MIT. The Company has the right to terminate the agreement for its convenience at any time on three months’ prior written notice to MIT and payment of all amounts due to MIT through the date of termination. The Company’s patent rights, and the rights of its affiliates and sublicensees, in specified licensed products may also terminate, if the Company, its affiliates or MIT receives a request from a third party to develop such licensed product for which the Company is unable to, within nine months of receiving notice of any such request, either demonstrate that the Company has initiated a fully funded project for the commercial development of such licensed product, and provide a business plan with acceptable milestones; demonstrate that the licensed product proposed by such third party would be competitive with a licensed product for which the Company has initiated a fully funded project; or enter into a sublicense agreement with such third party on commercially reasonable terms, and, in each case, MIT, in its sole discretion, grants a license to such third party for the specified patent rights. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of March 31, 2021 and December 31, 2020. Legal Proceedings The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncement | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale In December 2019, the FASB issued ASU No. 2019-12, Income Taxes-Simplifying the Accounting for Income Taxes step-up |
Collaboration Agreement (Tables
Collaboration Agreement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Collaboration Revenue | The following table summarizes the Company’s collaboration revenue (in thousands): Three Months Ended March 31, 2021 2020 Collaboration revenue $ 34,600 $ 4,654 |
Balance of Contract Liabilities Related to Collaboration Agreements | The following table presents the balance of the Company’s contract liabilities (in thousands): March 31, December 31, 2021 2020 Contract liabilities Deferred revenue $ 299,249 $ 296,222 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Definite-Lived Intangible Assets Subject to Amortization and Indefinite-Lived Intangible Assets | The tables below present the Company’s definite-lived intangible assets that are subject to amortization and indefinite-lived intangible assets: March 31, 2021 Estimated Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Definite-lived intangible assets: MRT 6 years $ 45,992 $ (11,177 ) $ 34,815 Indefinite-lived intangible assets: IPR&D - CF Indefinite 42,291 — 42,291 Total intangible assets, net $ 88,283 $ (11,177 ) $ 77,106 December 31, 2020 Estimated Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In Definite-lived intangible assets: MRT 6 years $ 45,992 $ (9,156 ) $ 36,836 Indefinite-lived intangible assets: IPR&D - CF Indefinite 42,291 — 42,291 Total intangible assets, net $ 88,283 $ (9,156 ) $ 79,127 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of March 31, 2021 Using: Level 1 Level 2 Level 3 Total Assets: Money market funds $ — $ 86,637 $ — $ 86,637 U.S. treasuries — 441,082 — 441,082 U.S. government agency bonds — 57,925 — 57,925 $ — $ 585,644 $ — $ 585,644 Liabilities: Contingent consideration $ — $ — $ 108,251 $ 108,251 $ — $ — $ 108,251 $ 108,251 Fair Value Measurements as of December 31, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Money market funds $ — $ 273,827 $ — $ 273,827 U.S. treasuries — 292,001 — 292,001 U.S. government agency bonds — 20,000 — 20,000 $ — $ 585,828 $ — $ 585,828 Liabilities: Contingent consideration $ — $ — $ 152,230 $ 152,230 $ — $ — $ 152,230 $ 152,230 |
Summary Of Estimated Amortized Costs And Fair Value Of The Debt Securities Available For Sale And Held To Maturity | March 31, 2021 December 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 299,369 $ 299,451 $ 201,606 $ 201,596 Due after one year through two years 199,561 199,556 110,395 110,405 Total available-for-sale $ 498,930 $ 499,007 $ 312,001 $ 312,001 |
Schedule of Unobservable Inputs and Fair Value Components of Contingent Consideration | The following table presents the unobservable inputs and fair value of the components of the contingent consideration (dollar amounts in thousands): Unobservable Inputs Projected Year of Payment Fair Value at March 31, December 31, 2021 2020 Earnout payments 2027 - 2039 $ 99,122 $ 142,250 Milestone payments 2027 - 2032 9,129 9,980 $ 108,251 $ 152,230 |
Schedule of Total Acquisition Related Contingent Consideration Liability | The following table presents a roll-forward of the total acquisition-related contingent consideration liability (in thousands): Fair Value Balance as of December 31, 2020 $ 152,230 Decrease in fair value of contingent consideration (43,979 ) Balance as of March 31, 2021 $ 108,251 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, December Laboratory equipment $ 17,403 $ 12,710 Computer equipment 933 922 Office equipment 941 941 Leasehold improvements 4,822 5,730 Construction in progress 2,498 5,189 26,597 25,492 Less: Accumulated depreciation and amortization (10,034 ) (10,120 ) $ 16,563 $ 15,372 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): March 31, December 31, Accrued external research and development expenses $ 5,100 $ 2,805 Accrued employee compensation and benefits 3,425 5,600 Accrued consultant and professional fees 1,969 1,489 Other 5,746 3,308 $ 16,240 $ 13,202 |
Incentive Stock Options and E_2
Incentive Stock Options and Employee Stock Purchase Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity since December 31, 2020 (in thousands, except share and per share amounts): Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in years) Outstanding as of December 31, 2020 9,557,391 $ 8.79 7.92 $ 93,256 Granted 2,324,110 $ 22.77 Exercised (188,047 ) $ 8.24 Forfeited (41,941 ) $ 14.88 Outstanding as of March 31, 2021 11,651,513 $ 11.57 8.18 $ 73,830 Exercisable as of March 31, 2021 5,456,919 $ 7.84 7.21 $ 47,181 Vested and expected to vest as of March 31, 2021 11,651,513 $ 11.57 8.18 $ 73,830 |
Summary of Assumptions Used in Black-Scholes Option-Pricing Model to Determine Grant-Date Fair Value of Stock Option Granted | The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Three Months Ended March 31, 2021 2020 Risk-free interest rate 1.01 % 0.86 % Expected term (in years) 6.1 6.1 Expected volatility 69.9 % 68.0 % Expected dividend yield 0 % 0 % |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development expenses $ 2,080 $ 1,454 General and administrative expenses 1,904 1,718 $ 3,984 $ 3,172 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | Three Months Ended March 31, 2021 2020 Basic net income (loss) per common share: Numerator: Net income (loss) $ 26,522 $ (14,282 ) Denominator: Weighted average common shares outstanding—basic 75,189,696 60,008,217 Net income (loss) per share—basic $ 0.35 $ (0.24 ) Diluted net income (loss) per common share: Numerator: Net income (loss) $ 26,522 $ (14,282 ) Denominator: Weighted average common shares outstanding—diluted 79,101,624 60,008,217 Net income (loss) per share—diluted $ 0.34 $ (0.24 ) |
Schedule of Potential Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Options to purchase common stock 3,053,207 10,983,227 Unvested restricted common stock — 6,763 3,053,207 10,989,990 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost | The components of lease cost were as follows (dollar am o Three Months Ended March 31, 2021 2020 Lease cost Operating lease cost $ 4,772 $ 673 Total lease cost $ 4,772 $ 673 Other information Operating cash flows from operating leases $ 4,968 $ 650 Operating lease liabilities arising from obtaining right-of-use 1,246 — Weighted-average remaining lease term 5 years 8 years Weighted-average discount rate 11.9 % 17.5 % |
Schedule of maturities of operating lease liabilities | Maturities of operating lease liabilities are as follows (in thousands): March 31, 2021 December 31, 2020 2021 $ 14,421 $ 18,067 2022 15,178 15,178 2023 15,591 15,591 2024 16,050 16,050 2025 12,030 12,029 2026 and thereafter 7,134 7,134 Total future minimum lease payments 80,404 84,049 Less: imputed interest (19,716 ) (21,363 ) Present value of lease liabilities $ 60,688 $ 62,686 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)DiseaseSubsidiaryshares | Dec. 31, 2019Disease |
Initial Public Offering [Line Items] | |||
Number of wholly owned subsidiaries | Subsidiary | 2 | ||
Stock available to be sold under sales agreement | $ 62.1 | ||
Sanofi Pasteur Inc [Member] | |||
Initial Public Offering [Line Items] | |||
Maximum number of infectious disease pathogens for vaccine development | 10 | ||
Sanofi Pasteur Collaboration and Licensing Agreement [Member] | Maximum [Member] | |||
Initial Public Offering [Line Items] | |||
Number of infectious disease pathogens for vaccine development | Disease | 7 | ||
Sanofi Pasteur Collaboration and Licensing Agreement [Member] | Minimum [Member] | |||
Initial Public Offering [Line Items] | |||
Number of infectious disease pathogens for vaccine development | Disease | 3 | ||
Sanofi Pasteur Collaboration and Licensing Agreement [Member] | Sanofi Pasteur Inc [Member] | |||
Initial Public Offering [Line Items] | |||
Number of infectious disease pathogens | Disease | 6 | ||
Open Market Sale Agreement [Member] | |||
Initial Public Offering [Line Items] | |||
Payments of other offering expenses | $ 0.2 | ||
Payment of issuance commissions | $ 1.1 | ||
Issuance of common, shares | shares | 0 | ||
Gross proceeds from issuance of public offering | $ 37.9 | ||
Market sale aggreement of common stock | $ 100 | ||
Issuance of common, shares | shares | 2,863,163 | ||
Public Offering [Member] | |||
Initial Public Offering [Line Items] | |||
Payments of other offering expenses | $ 0.5 | ||
Gross proceeds from issuance of public offering | 125 | ||
Underwriting discounts and commissions | $ 7.5 | ||
Issuance of common, shares | shares | 5,681,819 | ||
Common stock issued and sold, per share | $ / shares | $ 22 |
Collaboration Agreement - Addit
Collaboration Agreement - Additional Information (Detail) $ / shares in Units, $ in Millions | Jul. 20, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)Disease | Mar. 31, 2020USD ($) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue recognized as a cumulative catch-up adjustment | $ 3.3 | ||
Sanofi Collaboration And License Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Maximum number of infectious disease pathogens for vaccine development | 10 | ||
Sanofi Collaboration And License Agreement [Member] | Maximum [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Number of infectious disease pathogens for vaccine development | Disease | 7 | ||
Sanofi Collaboration And License Agreement [Member] | Minimum [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Number of infectious disease pathogens for vaccine development | Disease | 3 | ||
Second Sanofi Amendment Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Additional Upfront Payment | $ 300 | ||
Securities Purchase Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Shares issued through public offering | shares | 4,884,434 | ||
Shares Issued, Price Per Share | $ / shares | $ 25.59 | ||
Shares issued during the period value | $ 125 | ||
Original Sanofi Agreement And Second Sanofi Amendment Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Increase in transaction price | $ 7.9 | ||
Non-refundable upfront payment | 345 | ||
Amended Sanofi Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Milestone Payments Received | 25 | ||
Sanofi Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Remaining performance obligation, expected to be recognized as revenue | $ 568.9 | ||
Number of infectious disease pathogens for vaccine development | Disease | 5 | ||
Upfront payment received | $ 45 | ||
Technology and process transfer milestone payment receivable | 10 | ||
Estimated reimbursable employee cost | 76 | ||
Estimated reimbursable development cost | 167.3 | ||
Estimated milestone payments | 112 | ||
Revenue recognized from contract liabilities | $ 13 | $ 1.3 | |
Sanofi Agreement [Member] | Maximum [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Number of infectious disease pathogens for vaccine development | Disease | 6 | ||
Sublicense Second Amendment Agreement With Sanofi [Member] | Massachusetts Institute Of Technology Exclusive Patent License Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Additional Upfront Payment Receivable | $ 75 | ||
Milestone payment receivable upon the achievement of additional specified regulatory development manufacturing and commercial milestones | 1,900 | ||
Lumpsum or one time manufacturing milestone amount receivable | 200 | ||
Maximum development and regulatory milestone payment receivable | 148 | ||
Sars Cov2 Licensed Filed [Member] | Sublicense Second Amendment Agreement With Sanofi [Member] | Massachusetts Institute Of Technology Exclusive Patent License Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Maximum development and regulatory milestone payment receivable | 250 | ||
Additional Paid-in Capital [Member] | Securities Purchase Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Shares issued during the period value | $ 51.2 |
Collaboration Agreement - Summa
Collaboration Agreement - Summary of Collaboration Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Collaboration revenue | $ 34,600 | $ 4,654 |
Collaboration Agreement - Balan
Collaboration Agreement - Balance of Contract Liabilities Related to Collaboration Agreements (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Contract liabilities | ||
Deferred revenue | $ 299,249 | $ 296,222 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Definite-Lived Intangible Assets Subject to Amortization and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, accumulated amortization | $ (11,177) | $ (9,156) |
Indefinite-lived intangible assets, gross carrying amount/net carrying amount | 42,291 | 42,291 |
Total intangible assets, gross carrying amount | 88,283 | 88,283 |
Total intangible assets, net carrying amount | $ 77,106 | $ 79,127 |
In-Process Research and Development [Member] | MRT Product [Member] | Shire's MRT Program [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, estimated life | 6 years | 6 years |
Definite-lived intangible assets, gross carrying amount | $ 45,992 | $ 45,992 |
Definite-lived intangible assets, accumulated amortization | (11,177) | (9,156) |
Definite-lived intangible assets, net carrying amount | $ 34,815 | $ 36,836 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | |||
Goodwill, Impairment Charges | $ 0 | ||
Goodwill | 21,359,000 | $ 21,359,000 | |
Goodwill changes | 0 | ||
Shire's MRT Program [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Goodwill | 21,400,000 | ||
Shire's MRT Program [Member] | Sanofi Agreement [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Estimated amortization expense of intangible assets for 2021 | 11,800,000 | ||
Estimated amortization expense of intangible assets for 2022 | 11,200,000 | ||
Estimated amortization expense of intangible assets for 2023 | 11,200,000 | ||
Estimated amortization expense of intangible assets for 2024 | 2,700,000 | ||
OTC Deficiency Program [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 2,000,000 | $ 700,000 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Total, assets | $ 585,644 | $ 585,828 |
Liabilities: | ||
Total, liabilities | 108,251 | 152,230 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Total, assets | 0 | |
Liabilities: | ||
Total, liabilities | 0 | |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Total, assets | 585,644 | 585,828 |
Liabilities: | ||
Total, liabilities | 0 | |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Total, assets | 0 | |
Liabilities: | ||
Total, liabilities | 108,251 | 152,230 |
Money Market Funds | ||
Assets: | ||
Total, assets | 86,637 | 273,827 |
Money Market Funds | Fair Value, Inputs, Level 1 | ||
Assets: | ||
Total, assets | 0 | |
Money Market Funds | Fair Value, Inputs, Level 2 | ||
Assets: | ||
Total, assets | 86,637 | 273,827 |
Money Market Funds | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Total, assets | 0 | |
U.S. treasuries | ||
Assets: | ||
Total, assets | 441,082 | 292,001 |
U.S. treasuries | Fair Value, Inputs, Level 1 | ||
Assets: | ||
Total, assets | 0 | 0 |
U.S. treasuries | Fair Value, Inputs, Level 2 | ||
Assets: | ||
Total, assets | 441,082 | 292,001 |
U.S. treasuries | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Total, assets | 0 | |
U.S. Government Agency Bonds | ||
Assets: | ||
Total, assets | 57,925 | 20,000 |
U.S. Government Agency Bonds | Fair Value, Inputs, Level 1 | ||
Assets: | ||
Total, assets | 0 | |
U.S. Government Agency Bonds | Fair Value, Inputs, Level 2 | ||
Assets: | ||
Total, assets | 57,925 | 20,000 |
U.S. Government Agency Bonds | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Total, assets | 0 | |
Contingent Consideration | ||
Liabilities: | ||
Total, liabilities | 108,251 | 152,230 |
Contingent Consideration | Fair Value, Inputs, Level 1 | ||
Liabilities: | ||
Total, liabilities | 0 | |
Contingent Consideration | Fair Value, Inputs, Level 2 | ||
Liabilities: | ||
Total, liabilities | 0 | |
Contingent Consideration | Fair Value, Inputs, Level 3 | ||
Liabilities: | ||
Total, liabilities | $ 108,251 | $ 152,230 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Summary Of Estimated Amortized Costs And Fair Value Of The Debt Securities Available For Sale And Held To Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 498,930 | $ 312,001 |
Fair Value | 499,007 | 312,001 |
Due Within One Year [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 299,369 | 201,606 |
Fair Value | 299,451 | 201,596 |
Due After One Year through Two Years [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 199,561 | 110,395 |
Fair Value | $ 199,556 | $ 110,405 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities - Schedule of Unobservable Inputs and Fair Value Components of Contingent Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Earnout Payments | Minimum [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Projected Year of Payment | 2027 | 2027 |
Earnout Payments | Maximum [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Projected Year of Payment | 2039 | 2039 |
Milestone Payments | Minimum [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Projected Year of Payment | 2027 | 2027 |
Milestone Payments | Maximum [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Projected Year of Payment | 2032 | 2032 |
Contingent Consideration | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair Value at | $ 108,251 | $ 152,230 |
Contingent Consideration | Earnout Payments | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair Value at | 99,122 | 142,250 |
Contingent Consideration | Milestone Payments | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair Value at | $ 9,129 | $ 9,980 |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities - Schedule of Total Acquisition Related Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Beginning Balance | $ 152,230 | |
Discontinuation of MRT5201 and Increase in fair value of contingent consideration | (43,979) | $ (9,452) |
Ending Balance | 108,251 | |
Contingent Consideration | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Discontinuation of MRT5201 and Increase in fair value of contingent consideration | $ (43,979) |
Fair Value of Financial Asset_7
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 155,746,000 | $ 342,027,000 | $ 97,468,000 |
Contingent Consideration | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Discount Rate | 11 | 11 | |
Money Market Funds | Fair Value, Inputs, Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 86,600,000 | $ 273,800,000 | |
Fair Value, Measurements, Recurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair Value, assets transfers into (out of) Level 3 | 0 | 0 | |
Fair value,assets transfers from Level 2 to Level 1 | 0 | 0 | |
Fair value,assets transfers from Level 1 to Level 2 | 0 | 0 | |
Fair value, liabilities transfers from Level 1 to Level 2 | 0 | 0 | |
Fair value, liabilities transfers from Level 2 to Level 1 | 0 | 0 | |
Fair Value, liabilities transfers into (out of) Level 3 | $ 0 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 26,597 | $ 25,492 |
Less: Accumulated depreciation and amortization | (10,034) | (10,120) |
Property and equipment, net | 16,563 | 15,372 |
Laboratory Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 17,403 | 12,710 |
Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 933 | 922 |
Office Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 941 | 941 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,822 | 5,730 |
Construction In Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,498 | $ 5,189 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 0.8 | $ 0.7 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued external research and development expenses | $ 5,100 | $ 2,805 |
Accrued employee compensation and benefits | 3,425 | 5,600 |
Accrued consultant and professional fees | 1,969 | 1,489 |
Other | 5,746 | 3,308 |
Total accrued expenses | $ 16,240 | $ 13,202 |
Accrued Expenses - Additional I
Accrued Expenses - Additional Information (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Payables and Accruals [Abstract] | |
Other accrued expenses | $ 4.5 |
Incentive Stock Options and E_3
Incentive Stock Options and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2020 | Jun. 15, 2018 | Mar. 07, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Jan. 20, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost related to unvested stock-based awards | $ 54.2 | |||||||
Unrecognized compensation cost, period for recognition | 2 years 10 months 24 days | |||||||
Stock Options [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Intrinsic value of stock options, exercised | $ 2.7 | $ 0.1 | ||||||
Weighted average grant-date fair value | $ 14.20 | $ 4.67 | ||||||
2021 Inducement Stock Incentive Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,612,550 | |||||||
2018 Stock Incentive Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common shares reserved for issuance | 10,458,507 | 7,457,171 | ||||||
Number of shares remaining available for issuance | 360,514 | |||||||
Increase in common stock issued | 3,001,185 | |||||||
Percentage threshold of outstanding shares under the plan | 4.00% | |||||||
Percentage of exercise price per share of fair market value | 100.00% | |||||||
Expiration period of stock options after grant date | 10 years | |||||||
2018 Stock Incentive Plan [Member] | Minimum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock options for purchase of common stock held, exercisable period | 1 year | |||||||
Number of stock issued during period under the plan | 3,349,582 | |||||||
2018 Stock Incentive Plan [Member] | Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock options for purchase of common stock held, exercisable period | 4 years | |||||||
2018 Stock Incentive Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common shares reserved for issuance | 2,512,187 | |||||||
2018 Stock Incentive Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common shares reserved for issuance | 1,013,167 | |||||||
2018 Employee Stock Purchase Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common shares reserved for issuance | 418,697 | 870,096 | ||||||
Number of stock issued during period under the plan | 26,964 | |||||||
Percentage threshold of outstanding shares under the plan | 1.00% | |||||||
2018 Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of stock issued during period under the plan | 837,395 | |||||||
2016 Stock Incentive Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Sharebased Compensation Arrangement by Sharebased Payment Award Shares Cancelled in Period | 151 | |||||||
Stock options for purchase of common stock held, exercisable period | 4 years | |||||||
Percentage of exercise price per share of fair market value | 100.00% | |||||||
Expiration period of stock options after grant date | 10 years |
Incentive Stock Options and E_4
Incentive Stock Options and Employee Stock Purchase Plan - Summary of Stock Option Activity (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Number of shares | ||
Number of shares, beginning balance | 9,557,391 | |
Number of shares, granted | 2,324,110 | |
Number of shares, exercised | (188,047) | |
Number of shares, forfeited | (41,941) | |
Number of shares, ending balance | 11,651,513 | 9,557,391 |
Number of shares, exercisable | 5,456,919 | |
Number of shares, vested and expected to vest, ending balance | 11,651,513 | |
Weighted average exercise price | ||
Weighted average exercise price, beginning balance | $ 8.79 | |
Weighted average exercise price, granted | 22.77 | |
Weighted average exercise price, exercised | 8.24 | |
Weighted average exercise price, forfeited | 14.88 | |
Weighted average exercise price, ending balance | 11.57 | $ 8.79 |
Weighted average exercise price, exercisable | 7.84 | |
Weighted average exercise price, vested and expected to vest, ending balance | $ 11.57 | |
Weighted average remaining contractual term | ||
Weighted average remaining contractual term, ending balance | 8 years 2 months 4 days | 7 years 11 months 1 day |
Weighted average remaining contractual term, exercisable | 7 years 2 months 15 days | |
Weighted average remaining contractual term, vested and expected to vest, ending balance | 8 years 2 months 4 days | |
Intrinsic value | ||
Intrinsic value, ending balance | $ 73,830 | $ 93,256 |
Intrinsic value, exercisable | 47,181 | |
Intrinsic value, vested and expected to vest, ending balance | $ 73,830 |
Incentive Stock Options and E_5
Incentive Stock Options and Employee Stock Purchase Plan - Summary of Assumptions Used in Black-Scholes Option-Pricing Model to Determine Grant-Date Fair Value of Stock Option Granted (Detail) - Employees And Directors [Member] - Stock Options [Member] | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 1.01% | 0.86% |
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected volatility | 69.90% | 68.00% |
Expected dividend yield | 0.00% | 0.00% |
Incentive Stock Options and E_6
Incentive Stock Options and Employee Stock Purchase Plan - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense | $ 3,984 | $ 3,172 |
Research and Development Expenses [Member] | ||
Stock-based compensation expense | 2,080 | 1,454 |
General and Administrative Expenses [Member] | ||
Stock-based compensation expense | $ 1,904 | $ 1,718 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Income tax benefits | $ 254 | $ 0 |
Net Income (Loss) per Share - S
Net Income (Loss) per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net income (loss) | $ 26,522 | $ (14,282) |
Denominator: | ||
Weighted average common shares outstanding—basic | 75,189,696 | 60,008,217 |
Net income (loss) per share—basic | $ 0.35 | $ (0.24) |
Weighted average common shares outstanding—diluted | 79,101,624 | 60,008,217 |
Net income (loss) per share—diluted | $ 0.34 | $ (0.24) |
Net Income (Loss) per Share - A
Net Income (Loss) per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of basic net loss per share | 3,053,207 | 10,989,990 |
Restricted Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of basic net loss per share | 0 | 6,763 |
Restricted Common Stock [Member] | Weighted Average [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of basic net loss per share | 18,507 |
Net Income (Loss) per Share -_2
Net Income (Loss) per Share - Summary of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of basic net loss per share | 3,053,207 | 10,989,990 |
Stock Options [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of basic net loss per share | 3,053,207 | 10,983,227 |
Restricted Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of basic net loss per share | 0 | 6,763 |
Leases - Additional Information
Leases - Additional Information (Details) | Nov. 03, 2020USD ($)ft² | Mar. 31, 2018 | Oct. 31, 2020USD ($) | Jun. 30, 2017USD ($)ft² | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2021USD ($) |
Lessee Lease Description [Line Items] | ||||||||
Lease expiration period | Mar. 31, 2023 | Mar. 31, 2023 | ||||||
Remaining term of lease | 5 years | 8 years | ||||||
Operating lease right of use assets | $ 71,154,000 | $ 72,957,000 | ||||||
Operating lease, liability | 60,688,000 | 62,686,000 | ||||||
Operating lease commitment | 80,404,000 | 84,049,000 | ||||||
Operating lease liability due in first year | 15,178,000 | 18,067,000 | ||||||
Operating lease liability due in second year | 15,591,000 | 15,178,000 | ||||||
Opearting lease payment | 4,968,000 | $ 650,000 | ||||||
Increase decrease in right of use assets and lease liabilities | 1,200,000 | |||||||
Waltham Massachusetts [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Office and laboratory space | ft² | 138,444 | |||||||
Operating lease right of use assets | 0 | |||||||
Operating lease, liability | $ 0 | |||||||
Tenant improvement for lease | $ 26,300,000 | |||||||
Additional tenant allownace per square foot | $ 15 | |||||||
Operating lease liability due in first year | 5,700,000 | |||||||
Operating lease liability due in second year | 8,000,000 | |||||||
Restricted cash | 3,900,000 | |||||||
Operating Lease Term Of Contract | 10 years | |||||||
Percentage Of Increase In The Monthly Rental Expense | 3.00% | |||||||
Lexington, Massachusetts [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Office and laboratory space | ft² | 59,000 | |||||||
Monthly lease payments | $ 200,000 | |||||||
Percentage of annual increase in operating lease | 3.00% | |||||||
Cash deposit collateral | $ 1,000,000 | |||||||
Remaining term of lease | 9 years | |||||||
Operating Lease Term Of Contract | 5 years | 10 years | ||||||
Suite Retention And Development Agreement [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Commitment to Build Out Cost | $ 6,000,000 | |||||||
Shared Overage cost commitment | 11,000,000 | |||||||
Maximum [Member] | Waltham Massachusetts [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Opearting lease payment | 12,500,000 | |||||||
Minimum [Member] | Waltham Massachusetts [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Opearting lease payment | $ 10,500,000 | |||||||
Albany Molecular Research, Inc. ("AMRI") [Member] | Suite Retention And Development Agreement [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Monthly lease payments | 1,000,000 | |||||||
Payments For Build Out Costs | 2,300,000 | |||||||
Future Build Out Costs | 5,400,000 | |||||||
Operating lease right of use assets | 66,600,000 | |||||||
Operating lease, liability | $ 53,800,000 | |||||||
Operating Lease Term Of Contract | 5 years | |||||||
Operating Lease Renewal Term | 3 years | |||||||
Operating lease option to extend description | the Company has the right to extend for an additional three years. | |||||||
Percentage Of Increase In The Monthly Rental Expense | 3.00% | |||||||
Albany Molecular Research, Inc. ("AMRI") [Member] | Suite Retention And Development Agreement [Member] | Other Noncurrent Assets [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Payments For Build Out Costs | $ 12,800,000 | |||||||
Biomedical Research Models Inc [Member] | Suite Retention And Development Agreement [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Monthly lease payments | $ 100,000 | |||||||
Operating lease right of use assets | 300,000 | |||||||
Operating lease, liability | $ 300,000 | |||||||
Operating Lease Term Of Contract | 13 months | |||||||
Azzur Cleanrooms on Demand Burlington LLC [Member] | Burlington Massachusetts [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Monthly lease payments | 400,000 | |||||||
Operating lease right of use assets | 0 | |||||||
Operating lease, liability | 0 | |||||||
Operating lease commitment | $ 8,800,000 | |||||||
Operating Lease Term Of Contract | 24 months | |||||||
Percentage Of Increase In The Monthly Rental Expense | 4.00% | |||||||
Richmond Group [Member] | Subsequent Event [Member] | Office And Laboratory Space [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease, liability | $ 36,800,000 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease Cost | ||
Operating lease cost | $ 4,772 | $ 673 |
Total lease cost | 4,772 | 673 |
Operating cash flows from operating leases | 4,968 | $ 650 |
Operating lease liabilities arising from obtaining right-of-use assets | $ 1,246 | |
Weighted-average remaining lease term | 5 years | 8 years |
Weighted-average discount rate | 11.90% | 17.50% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 14,421 | |
2021 and 2022 | 15,178 | $ 18,067 |
2022 and 2023 | 15,591 | 15,178 |
2023 and 2024 | 16,050 | 15,591 |
2024 and 2025 | 12,030 | 16,050 |
2025 | 12,029 | |
2026 and thereafter | 7,134 | |
2026 and thereafter | 7,134 | |
Total future minimum lease payments | 80,404 | 84,049 |
Less: imputed interest | (19,716) | (21,363) |
Present value of lease liabilities | $ 60,688 | $ 62,686 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||||
Research agreement, payable amount | $ 5,100 | $ 2,805 | ||
Research and development | $ 41,140 | $ 21,439 | ||
Research agreement, expiration period | 2022-12 | |||
Research agreement, payment | $ 2,000 | 300 | ||
Amended Sanofi Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Milestone Payments Received | $ 25,000 | |||
Roche Diagnostics Corporation Master Supply Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Raw material to purchase as percentage of demand | 80.00% | |||
Agreement extended date | Dec. 31, 2024 | |||
Commitment amount | $ 10,500 | |||
Purchase commitments, year 2022 | 3,500 | |||
Purchase commitments, year 2023 | 3,500 | |||
Purchase commitments, year 2024 | 3,500 | |||
Research and development | 4,500 | 700 | ||
MIT Research Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Research agreement, payable amount | 0 | |||
Research and development | 300 | 300 | ||
Research agreement, committed amount | $ 4,100 | |||
Research agreement, expiration period | 2022-12 | |||
MIT Exclusive Patent License Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Annual license maintenance payments | 200 | |||
Payments of annual license maintenance fees | 200 | $ 200 | ||
MIT Exclusive Patent License Agreement [Member] | Sanofi Pasteur Inc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Upfront payment received | 2,500 | |||
MIT Exclusive Patent License Agreement [Member] | Milestone Payment One [Member] | ||||
Loss Contingencies [Line Items] | ||||
License agreement, milestone payments | 1,375 | |||
MIT Exclusive Patent License Agreement [Member] | Milestone Payment Two [Member] | ||||
Loss Contingencies [Line Items] | ||||
License agreement, milestone payments | 1,250 | |||
Sublicense Second Amendment Agreement With Sanofi [Member] | MIT Exclusive Patent License Agreement [Member] | Sanofi Pasteur Inc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Additional upfront payment payable | $ 700 |