Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover page. | ||
Entity Registrant Name | Allogene Therapeutics, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 121,902,101 | |
Amendment Flag | false | |
Entity Central Index Key | 0001737287 | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | true | |
Entity Small Business | false | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 160,990 | $ 92,432 | |
Short-term investments | 340,254 | 366,952 | |
Prepaid expenses and other current assets | 8,513 | 8,598 | |
Total current assets | 509,757 | 467,982 | |
Long-term investments | 100,702 | 261,966 | |
Operating lease right-of-use asset | 31,437 | 33,015 | |
Property and equipment, net | 45,943 | 8,595 | |
Intangible assets, net | 301 | 754 | |
Restricted cash | 4,299 | 1,299 | |
Other long-term assets | 3,105 | 244 | |
Total assets | 695,544 | 773,855 | |
Current liabilities: | |||
Accounts payable | 8,047 | 12,338 | |
Accrued and other current liabilities | 25,307 | 17,121 | |
Total current liabilities | 33,354 | 29,459 | |
Lease liability, noncurrent | 37,689 | 34,456 | |
Other long-term liabilities | 4,785 | 6,776 | |
Total liabilities | 75,828 | 70,691 | |
Commitments and Contingencies (Notes 6 and 7) | |||
Stockholders’ equity: | |||
Preferred stock, $0.001 par value: 10,000,000 shares authorized as of September 30, 2019 and December 31, 2018; no shares were issued and outstanding as of September 30, 2019 and December 31, 2018 | 0 | 0 | |
Common stock, $0.001 par value: 200,000,000 shares authorized as of September 30, 2019 and December 31, 2018; 121,895,479 and 121,482,671 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 122 | 121 | |
Additional paid-in capital | 952,820 | 914,265 | |
Accumulated deficit | (335,092) | (211,528) | |
Accumulated other comprehensive income | 1,866 | 306 | |
Total stockholders’ equity | 619,716 | 703,164 | |
Total liabilities and stockholders’ equity | $ 695,544 | $ 773,855 | |
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 121,895,479 | 121,482,671 |
Common stock, shares outstanding (in shares) | 121,895,479 | 121,482,671 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 39,995 | $ 10,870 | $ 95,172 | $ 133,356 |
General and administrative | 15,016 | 11,317 | 42,261 | 26,440 |
Total operating expenses | 55,011 | 22,187 | 137,433 | 159,796 |
Loss from operations | (55,011) | (22,187) | (137,433) | (159,796) |
Change in fair value of convertible note payable | 0 | (19,415) | 0 | (19,415) |
Interest expense | 0 | (3,358) | 0 | (3,358) |
Interest and other income, net | 4,309 | 1,463 | 13,693 | 1,573 |
Loss before income taxes | (50,702) | (43,497) | (123,740) | (180,996) |
Benefit (expense) from income taxes | (33) | 0 | 176 | 0 |
Net loss | (50,735) | (43,497) | (123,564) | (180,996) |
Other comprehensive income: | ||||
Net unrealized gain (loss) on available-for-sale investments, net of tax | (295) | (148) | 1,560 | (148) |
Net comprehensive loss | $ (51,030) | $ (43,645) | $ (122,004) | $ (181,144) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.50) | $ (10.71) | $ (1.24) | $ (16.38) |
Weighted-average number of shares used in computing net loss per share, basic and diluted (in shares) | 102,186,644 | 4,060,419 | 99,801,001 | 11,048,451 |
Condensed Statement of Stockhol
Condensed Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Subscription Receivable from Preferred Stockholders | Common Stock | Notes Receivable from Common Stockholders | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Series A-1 Convertible Preferred StockConvertible Preferred Stock | Series A-1 Convertible Preferred Stock Convertible Preferred SharesConvertible Preferred Stock | |
Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2017 | 0 | |||||||||
Convertible preferred stock, beginning balance at Dec. 31, 2017 | $ 0 | |||||||||
Beginning balance (in shares) at Dec. 31, 2017 | 26,249,993 | |||||||||
Beginning balance at Dec. 31, 2017 | $ (2) | $ 0 | $ 26 | $ (5) | $ 0 | $ (23) | $ 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of Series A convertible preferred stock, net (in shares) | 7,557,990 | 998,225 | ||||||||
Issuance of Series A convertible preferred stock, net | $ 264,365 | $ 34,917 | ||||||||
Issuance of Series A-1 convertible preferred stock in connection with asset acquisition, net (in shares) | 3,187,772 | |||||||||
Issuance of Series A-1 convertible preferred stock in connection with asset acquisition, net | $ 111,770 | |||||||||
Proceeds received from common stockholders for issuance of founders' stock at inception | 5 | 5 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 5,020,580 | |||||||||
Issuance of common stock upon exercise of stock options | 4 | $ 4 | ||||||||
Stock-based compensation | 12,695 | 12,695 | ||||||||
Net unrealized gain (loss) on available-for-sale investments | (148) | (148) | ||||||||
Adjustment for fractional shares from forward stock split | (1) | 1 | (2) | |||||||
Convertible preferred stock, ending balance (in shares) at Sep. 30, 2018 | 11,743,987 | |||||||||
Convertible preferred stock, ending balance at Sep. 30, 2018 | $ 411,052 | |||||||||
Ending balance at Sep. 30, 2018 | (168,443) | 0 | $ 31 | 0 | 12,693 | (181,019) | (148) | |||
Ending balance (in shares) at Sep. 30, 2018 | 31,270,573 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net loss | (180,996) | (180,996) | ||||||||
Convertible preferred stock, beginning balance (in shares) at Jun. 30, 2018 | 11,743,987 | |||||||||
Convertible preferred stock, beginning balance at Jun. 30, 2018 | $ 411,052 | |||||||||
Beginning balance (in shares) at Jun. 30, 2018 | 27,714,743 | |||||||||
Beginning balance at Jun. 30, 2018 | (129,440) | (150,000) | $ 28 | 0 | 8,054 | (137,522) | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Subscriptions receivable from preferred stockholders | 0 | 150,000 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 3,555,830 | |||||||||
Issuance of common stock upon exercise of stock options | 3 | $ 3 | ||||||||
Stock-based compensation | 4,639 | 4,639 | ||||||||
Net unrealized gain (loss) on available-for-sale investments | (148) | (148) | ||||||||
Convertible preferred stock, ending balance (in shares) at Sep. 30, 2018 | 11,743,987 | |||||||||
Convertible preferred stock, ending balance at Sep. 30, 2018 | $ 411,052 | |||||||||
Ending balance at Sep. 30, 2018 | (168,443) | 0 | $ 31 | 0 | 12,693 | (181,019) | (148) | |||
Ending balance (in shares) at Sep. 30, 2018 | 31,270,573 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net loss | $ (43,497) | (43,497) | ||||||||
Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2018 | 0 | |||||||||
Convertible preferred stock, beginning balance at Dec. 31, 2018 | $ 0 | |||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 121,482,671 | 121,482,671 | ||||||||
Beginning balance at Dec. 31, 2018 | $ 703,164 | [1] | 0 | $ 121 | 0 | 914,265 | (211,528) | 306 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 304,576 | 304,826 | ||||||||
Issuance of common stock upon exercise of stock options | $ 704 | $ 1 | 703 | |||||||
Vesting of early exercised common stock | 3,880 | 3,880 | ||||||||
Stock-based compensation | 32,189 | 32,189 | ||||||||
Employee stock purchase plan (in shares) | 107,982 | |||||||||
Employee stock purchase plan | 1,783 | 1,783 | ||||||||
Net unrealized gain (loss) on available-for-sale investments | 1,560 | 1,560 | ||||||||
Convertible preferred stock, ending balance (in shares) at Sep. 30, 2019 | 0 | |||||||||
Convertible preferred stock, ending balance at Sep. 30, 2019 | $ 0 | |||||||||
Ending balance at Sep. 30, 2019 | $ 619,716 | 0 | $ 122 | 0 | 952,820 | (335,092) | 1,866 | |||
Ending balance (in shares) at Sep. 30, 2019 | 121,895,479 | 121,895,479 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net loss | $ (123,564) | (123,564) | ||||||||
Convertible preferred stock, beginning balance (in shares) at Jun. 30, 2019 | 0 | |||||||||
Convertible preferred stock, beginning balance at Jun. 30, 2019 | $ 0 | |||||||||
Beginning balance (in shares) at Jun. 30, 2019 | 121,631,278 | |||||||||
Beginning balance at Jun. 30, 2019 | 655,635 | 0 | $ 122 | 0 | 937,709 | (284,357) | 2,161 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 200,868 | |||||||||
Issuance of common stock upon exercise of stock options | 467 | $ 0 | 467 | |||||||
Vesting of early exercised common stock | 710 | 710 | ||||||||
Stock-based compensation | 12,835 | 12,835 | ||||||||
Employee stock purchase plan (in shares) | 63,333 | |||||||||
Employee stock purchase plan | 1,099 | 1,099 | ||||||||
Net unrealized gain (loss) on available-for-sale investments | (295) | (295) | ||||||||
Convertible preferred stock, ending balance (in shares) at Sep. 30, 2019 | 0 | |||||||||
Convertible preferred stock, ending balance at Sep. 30, 2019 | $ 0 | |||||||||
Ending balance at Sep. 30, 2019 | $ 619,716 | $ 0 | $ 122 | $ 0 | $ 952,820 | (335,092) | $ 1,866 | |||
Ending balance (in shares) at Sep. 30, 2019 | 121,895,479 | 121,895,479 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net loss | $ (50,735) | $ (50,735) | ||||||||
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / shares | |
Series A-1 Convertible Preferred Stock | Convertible Preferred Stock | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 35.06 |
Offering costs | $ | $ 635 |
Series A-1 Convertible Preferred Stock Convertible Preferred Shares | Convertible Preferred Stock | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 35.06 |
Offering costs | $ | $ 84 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (123,564) | $ (180,996) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Acquired in process-research and development | 0 | 109,436 |
Stock-based compensation | 32,189 | 12,695 |
Amortization of other intangible assets acquired | 452 | 302 |
Depreciation and amortization | 2,720 | 651 |
Net amortization/accretion on investment securities | (3,136) | 125 |
Non-cash rent expense | 4,827 | 664 |
Change in fair value of convertible notes payable | 0 | 19,415 |
Debt issuance costs on convertible notes payable | 0 | 3,358 |
Deferred income taxes | (176) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 86 | (3,132) |
Other long-term assets | (2,863) | (1,468) |
Accounts payable | (3,137) | 3,083 |
Accrued and other current liabilities | 7,510 | 12,695 |
Other long-term liabilities | (1,991) | 0 |
Net cash (used in) operating activities | (87,083) | (23,172) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (36,679) | (1,913) |
Cash paid for acquisition of assets | 0 | (2,098) |
Proceeds from maturities of investments | 355,765 | 0 |
Purchase of investments | (162,931) | (315,399) |
Net cash provided by (used in) investing activities | 156,155 | (319,410) |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 0 | 299,282 |
Proceeds from issuance of convertible notes, net of issuance costs | 0 | 116,842 |
Proceeds from early exercise of stock options | 0 | 11,375 |
Payments of deferred offering costs | 0 | (839) |
Proceeds from issuance of common stock and upon exercise of stock options | 703 | 0 |
Proceeds from employee stock purchase plan | 1,783 | 0 |
Net cash provided by financing activities | 2,486 | 426,660 |
Net increase in cash, cash equivalents and restricted cash | 71,558 | 84,078 |
Cash, cash equivalents and restricted cash — beginning of period | 93,731 | 0 |
Cash, cash equivalents and restricted cash — end of period | 165,289 | 84,078 |
Non-cash investing and financing activities: | ||
Property and equipment purchase in accounts payable and accrued liabilities | 6,571 | 204 |
Right-of-use asset obtained in exchange for lease liability | 0 | 25,322 |
Series A-1 convertible preferred stock issued in asset acquisition | 0 | 111,770 |
Deferred offering costs included in accounts payable and accrued and other current liabilities | 0 | 1,388 |
Supplemental disclosure: | ||
Cash paid for amounts included in the measurement of lease liabilities | 2,182 | 0 |
Cash received for amounts related to tenant improvement allowances | $ 2,934 | $ 0 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Allogene Therapeutics, Inc. (the Company or Allogene) was incorporated on November 30, 2017 , in the State of Delaware and is headquartered in South San Francisco, California. Allogene is a clinical-stage immuno-oncology company pioneering the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. The Company is developing a pipeline of off-the-shelf T cell product candidates that are designed to target and kill cancer cells. Initial Public Offering In October 2018, the Company completed an initial public offering (IPO) of its common stock. In connection with its IPO, the Company issued and sold 20,700,000 shares of its common stock, which included 2,700,000 shares of its common stock issued pursuant to the over-allotment option granted to the underwriters, at a price to the public of $18.00 per share. As a result of the IPO, the Company received approximately $343.3 million in net proceeds, after deducting underwriting discounts and commissions of $26.1 million and offering expenses of approximately $3.2 million payable by the Company. At the closing of the IPO, all 11,743,987 shares of outstanding convertible preferred stock were automatically converted into 61,655,922 shares of common stock and our outstanding convertible promissory notes in $120.2 million principal amount were automatically converted into 7,856,176 shares of common stock. Following the IPO, there were no shares of convertible preferred stock or preferred stock outstanding. Need for Additional Capital The Company has sustained operating losses and expects to continue to generate operating losses for the foreseeable future. The Company’s ultimate success depends on the outcome of its research and development activities. The Company had cash and cash equivalents and investments of $601.9 million as of September 30, 2019 . Since inception through September 30, 2019 , the Company has incurred cumulative net losses of $335.1 million . Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. The Company expects that its cash and cash equivalents and investments will be sufficient to fund its operations for a period of at least one year from the date the accompanying unaudited condensed financial statements are filed with the Securities and Exchange Commission (SEC). Forward Stock Split On October 1, 2018, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a forward split of shares of the Company’s common stock on a 1-for-5.25 basis (the Forward Stock Split). In connection with the Forward Stock Split, the conversion ratio for the Company’s then-outstanding convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was increased in proportion to the Forward Stock Split. The par value of the common stock was not adjusted as a result of the Forward Stock Split. All references to common stock, options to purchase common stock, early exercised options, share data, per share data, convertible preferred stock (to the extent presented on an as-converted to common stock basis) and related information contained in these condensed financial statements have been retrospectively adjusted to reflect the effect of the Forward Stock Split for all periods presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed balance sheet as of September 30, 2019 , the condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2019 and 2018 , the condensed statements of stockholders’ equity (deficit) as of September 30, 2019 and 2018 , the condensed statements of cash flows for the nine months ended September 30, 2019 and 2018 , and the financial data and other financial information disclosed in the notes to the condensed financial statements are unaudited. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 , or for any other future annual or interim period. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2018 , included in the Company’s Annual Report on Form 10-K filed with the SEC on March 8, 2019. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of common stock, the fair value of stock options, the fair value of convertible notes payable, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Significant Accounting Policies There have been no significant changes to the accounting policies during the three and nine months ended September 30, 2019 , as compared to the significant accounting policies described in Note 1 of the “Notes to Financial Statements” in the Company’s audited financial statements included in its Annual Report. Recently Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which provided amended guidance to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Additionally, under the new guidance, an entity will be required to provide certain disclosures regarding stranded tax effects. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this guidance on January 1, 2019. Adoption of the new guidance had no significant impact on the Company’s condensed financial statements. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles – Goodwill and other – Internal-Use Software (Subtopic 350-40) , which amended its guidance for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new standard also requires customers to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact of adopting this amendment to its financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company measures and reports its cash equivalents, restricted cash, and investments at fair value. Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs. There were no Level 3 assets or liabilities as of September 30, 2019 and as of December 31, 2018. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of September 30, 2019 and as of December 31, 2018 are presented in the following tables: September 30, 2019 Level 1 Level 2 Level 3 Fair Value (in thousands) Financial Assets: Money market funds (1) $ 112,394 $ — $ — $ 112,394 Commercial paper — — — — Corporate bonds — 191,657 — 191,657 U.S. treasury securities 203,633 — — 203,633 U.S. agency securities — 45,666 — 45,666 Total financial assets $ 316,027 $ 237,323 $ — $ 553,350 December 31, 2018 Level 1 Level 2 Level 3 Fair Value (in thousands) Financial Assets: Money market funds (1) $ 61,023 $ — $ — $ 61,023 Commercial paper — 4,917 — 4,917 Corporate bonds — 244,076 — 244,076 U.S. treasury securities 342,001 — — 342,001 U.S. agency securities — 62,115 — 62,115 Total financial assets $ 403,024 $ 311,108 $ — $ 714,132 (1) Included within cash and cash equivalents on the Company’s balance sheets There were no transfers between Levels 1, 2 or 3 for the period presented. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments The fair value and amortized cost of cash equivalents and available-for-sale securities by major security type as of September 30, 2019 and as of December 31, 2018 are presented in the following tables: September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 112,394 $ — $ — $ 112,394 Commercial paper — — — — Corporate bonds 190,467 1,195 (5 ) 191,657 U.S. treasury securities 202,893 744 (4 ) 203,633 U.S. agency securities 45,433 235 (2 ) 45,666 Total cash equivalents and investments $ 551,187 $ 2,174 $ (11 ) $ 553,350 Classified as: Cash equivalents $ 112,394 Short-term investments 340,254 Long-term investments 100,702 Total cash equivalents and investments $ 553,350 December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 61,023 $ — $ — $ 61,023 Commercial paper 4,917 — — 4,917 Corporate bonds 244,136 220 (280 ) 244,076 U.S. treasury securities 341,696 342 (37 ) 342,001 U.S. agency securities 61,937 181 (3 ) 62,115 Total cash equivalents and investments $ 713,709 $ 743 $ (320 ) $ 714,132 Classified as: Cash equivalents $ 85,214 Short-term investments 366,952 Long-term investments 261,966 Total cash equivalents and investments $ 714,132 As of September 30, 2019 , the remaining contractual maturities of available-for-sale securities were less than 3 years . There have been no significant realized losses on available-for-sale securities for the period presented. Based on the Company’s review of its available-for-sale securities, the Company believes it had no other-than-temporary impairments on these securities as of September 30, 2019 , because the Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before the recovery of their amortized cost basis. Gross realized gains and gross realized losses were immaterial for the three and nine months ended September 30, 2019 . |
Balance Sheets Components
Balance Sheets Components | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheets Components | Balance Sheets Components Prepaid expenses and Other Current Assets Prepaid expenses and Other Current Assets consist of the following: September 30, December 31, (In thousands) Prepaid research and development expenses $ 4,124 $ 2,356 Accrued interest on investments 2,337 3,108 Other prepaid and current assets 1,938 758 Prepaid insurance 114 2,376 Total prepaid expenses and other current assets $ 8,513 $ 8,598 Property and Equipment Property and Equipment consist of the following: September 30, December 31, (In thousands) Leasehold improvements $ 25,233 $ 15 Laboratory equipment 11,566 5,534 Computers equipment and purchased software 3,496 1,327 Furniture and fixtures 2,638 64 Construction in progress 6,778 2,703 Total 49,711 9,643 Less: accumulated depreciation (3,768 ) (1,048 ) Total property and equipment, net $ 45,943 $ 8,595 Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, (In thousands) Accrued research and development expenses $ 9,380 $ 7,808 Accrued compensation and related benefits 6,672 4,111 Accrued property and equipment 4,444 — Unvested shares liabilities 2,842 4,590 Other 1,969 612 Total accrued and other current liabilities $ 25,307 $ 17,121 |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2019 | |
Research and Development [Abstract] | |
License Agreements | License Agreements Asset Contribution Agreement with Pfizer In April 2018, the Company entered into an Asset Contribution Agreement (the Pfizer Agreement) with Pfizer pursuant to which the Company acquired certain assets, including certain contracts and intellectual property for the development and administration of chimeric antigen receptor (CAR) T cells for the treatment of cancer. The Company is required to make milestone payments upon successful completion of regulatory and sales milestones on a target-by-target basis for the targets including CD19 and B-cell maturation antigen (BCMA), covered by the Pfizer Agreement. The aggregate potential milestone payments upon successful completion of various regulatory milestones in the United States and the European Union are $30.0 million or $60.0 million , depending on the target, with aggregate potential regulatory and development milestones of up to $840.0 million , provided that the Company is not obligated to pay a milestone for regulatory approval in the European Union for an anti-CD19 allogeneic CAR T cell product, to the extent Servier has commercial rights to such territory. The aggregate potential milestone payments upon reaching certain annual net sales thresholds in North America, Europe, Asia, Australia and Oceania (the Territory) for a certain number of targets covered by the Pfizer Agreement are $325.0 million per target. The sales milestones in the foregoing sentence are payable on a country-by-country basis until the last to expire of any Pfizer Royalty Term, as described below, for any product in such country in the Territory. In October 2019, the Territory was expanded to all countries in the world. No milestone or royalty payments were made in the three and nine months ended September 30, 2019 and 2018 respectively. Pfizer is also eligible to receive, on a product-by-product and country-by-country basis, royalties in single-digit percentages on annual net sales for products covered by the Pfizer Agreement or that use certain Pfizer intellectual property and for which an investigational new drug application (IND) is first filed on or before April 6, 2023. The Company’s royalty obligation with respect to a given product in a given country begins upon the first sale of such product in such country and ends on the later of (i) expiration of the last claim of any applicable patent or (ii) 12 years from the first sale of such product in such country. Research Collaboration and License Agreement with Cellectis As part of the Pfizer Agreement, Pfizer assigned to the Company a Research Collaboration and License Agreement (the Original Cellectis Agreement) with Cellectis S.A. (Cellectis). On March 8, 2019, the Company entered into a License Agreement (the Cellectis Agreement) with Cellectis. In connection with the execution of the Cellectis Agreement, on March 8, 2019, the Company and Cellectis also entered into a letter agreement (the Letter Agreement), pursuant to which the Company and Cellectis agreed to terminate the Original Cellectis Agreement. The Original Cellectis Agreement included a research collaboration to conduct discovery and pre-clinical development activities to generate CAR T cells directed at targets selected by each party, which was completed in June 2018. Pursuant to the Cellectis Agreement, Cellectis granted to the Company an exclusive, worldwide, royalty-bearing license, on a target-by-target basis, with sublicensing rights under certain conditions, under certain of Cellectis’s intellectual property, including its TALEN and electroporation technology, to make, use, sell, import, and otherwise exploit and commercialize CAR T products directed at certain targets, including BCMA, FLT3, DLL3 and CD70 (the Allogene Targets), for human oncologic therapeutic, diagnostic, prophylactic and prognostic purposes. In addition, certain Cellectis intellectual property rights granted by Cellectis to the Company and to Servier pursuant to the Exclusive License and Collaboration Agreement by and between Servier and Pfizer, dated October 30, 2016, which Pfizer assigned to the Company in April 2018, will survive the termination of the Original Cellectis Agreement. Pursuant to the Cellectis Agreement, the Company granted Cellectis a non-exclusive, worldwide, royalty-free, perpetual and irrevocable license, with sublicensing rights under certain conditions, under certain of our intellectual property, to make, use, sell, import and otherwise commercialize CAR T products directed at certain targets (the Cellectis Targets). The Cellectis Agreement provides for development and sales milestone payments by the Company of up to $185.0 million per product that is directed against an Allogene Target, with aggregate potential development and sales milestone payments totaling up to $2.8 billion . The Company is obligated to pay Cellectis $5.0 million for the dosing of the first patient in its Phase 1 clinical trial of ALLO-715. Cellectis is also eligible to receive tiered royalties on annual worldwide net sales of any products that are commercialized by the Company that contain or incorporate, are made using or are claimed or covered by, Cellectis intellectual property licensed to the Company under the Cellectis Agreement (the Allogene Products), at rates in the high single-digit percentages. Such royalties may be reduced, on a licensed product-by-licensed product and country-by-country basis, for generic entry and for payments due under licenses of third party patents. Pursuant to the Cellectis Agreement, and subject to certain exceptions, the Company is required to indemnify Cellectis against all third party claims related to the development, manufacturing, commercialization or use of any Allogene Product or arising out of the Company’s material breach of the representations, warranties or covenants set forth in the Cellectis Agreement, and Cellectis is required, subject to certain exceptions, to indemnify the Company against all third party claims related to the development, manufacturing, commercialization or use of CAR T products directed at Cellectis Targets or arising out of Cellectis’s material breach of the representations, warranties or covenants set forth in the Cellectis Agreement. The royalties are payable, on a licensed product-by-licensed product and country-by-country basis, until the later of (i) the expiration of the last to expire of the licensed patents covering such product; (ii) the loss of regulatory exclusivity afforded such product in such country, and (iii) the tenth anniversary of the date of the first commercial sale of such product in such country; however, in no event shall such royalties be payable, with respect to a particular licensed product, past the twentieth anniversary of the first commercial sale for such product. Depending on the Cellectis Target, the Company has a right of first refusal or right of first negotiation to purchase or license from Cellectis rights to develop and commercialize products against such Cellectis Targets. Under the Cellectis Agreement, the Company has certain diligence obligations to progress the development of CAR T product candidates and to commercialize one CAR T product per Allogene Target in one major market country where the Company has received regulatory approval. If the Company materially breaches any of its diligence obligations and fails to cure within 90 days, then with respect to certain targets, such target will cease to be an Allogene Target and instead will become a Cellectis Target. Unless earlier terminated in accordance with its terms, the Cellectis Agreement will expire on a product-by-product and country-by-country basis, upon expiration of all royalty payment obligations with respect to such licensed product in such country. The Company has the right to terminate the Cellectis Agreement at will upon 60 days’ prior written notice, either in its entirety or on a target-by-target basis. Either party may terminate the Cellectis Agreement, in its entirety or on a target-by-target basis, upon 90 days’ prior written notice in the event of the other party’s uncured material breach. The Cellectis Agreement may also be terminated by the Company upon written notice at any time in the event that Cellectis becomes bankrupt or insolvent or upon written notice within 60 days of a consummation of a change of control of Cellectis. All costs the Company incurred in connection with this agreement were recognized as research and development expenses. For the three and nine months ended September 30, 2019 , $ 5 .0 million of costs were incurred related to the achievement of a clinical development milestone under this agreement. For the three and nine months ended September 30, 2018, $0.4 million of costs were incurred associated with research services performed by Cellectis under this agreement. As of September 30, 2019 , $5.0 million related to a clinical development milestone payable was recorded in the accrued and other current liabilities in the accompanying condensed balance sheet. License and Collaboration Agreement with Servier As part of the Pfizer Agreement, Pfizer assigned to the Company an Exclusive License and Collaboration Agreement (the Servier Agreement), with Les Laboratoires Servier SAS and Institut de Recherches Internationales Servier SAS (collectively, Servier) to develop, manufacture and commercialize certain allogeneic anti-CD19 CAR T cell product candidates, including UCART19, in the United States with the option to obtain the rights over additional anti-CD19 product candidates and for allogeneic CAR T cell product candidates directed against one additional target. In October 2019, the Company agreed to waive its rights to the one additional target. Under the Servier Agreement, the Company has an exclusive license to develop, manufacture and commercialize UCART19 in the field of anti-tumor adoptive immunotherapy in the United States, with an exclusive option to obtain the same rights for additional product candidates in the United States and, if Servier does not elect to pursue development or commercialization of those product candidates in certain markets outside of the United States pursuant to its license, outside of the United States as well. The Company is not required to make any additional payments to Servier to exercise an option. If the Company opts-in to another product candidate, Servier has the right to obtain rights to such product candidate outside the United States and to share development costs for such product candidate. Under the Servier Agreement, the Company is required to use commercially reasonable efforts to develop and obtain marketing approval in the United States in the field of anti-tumor adoptive immunotherapy for at least one product directed against CD19, and Servier is required to use commercially reasonable efforts to develop and obtain marketing approval in the European Union, and one other country in a group of specified countries outside of the European Union and the United States, in the field of anti-tumor adoptive immunotherapy for at least one allogeneic adaptive T cell product directed against a certain Company-selected target. For product candidates that the Company is co-developing with Servier, including UCART19 and ALLO-501, the Company is responsible for 60% of the specified development costs and Servier is responsible for the remaining 40% of the specified development costs under the applicable global research and development plan. Subject to certain restrictions, each party has the right to conduct activities that are specific to its territory outside the global research and development plan at such party’s sole expense. In addition, each party is solely responsible for commercialization activities in its territory at such party’s sole expense. The Company is required to make milestone payments to Servier upon successful completion of regulatory and sales milestones. The Servier Agreement provides for aggregate potential payments by the Company to Servier of up to $137.5 million upon successful completion of various regulatory milestones, and aggregate potential payments by the Company to Servier of up to $78.0 million upon successful completion of various sales milestones. Similarly, Servier is required to make milestone payments upon successful completion of regulatory and sales milestones for products directed at the Allogene-target covered by the Servier Agreement that achieves such milestones. The total potential payments that Servier is obligated to make to the Company under the Servier Agreement upon successful completion of regulatory and sales milestones are $42 million and €70.5 million ( $77.1 million ), respectively. The foregoing milestones are subject to certain adjustments if the Company obtains rights for certain products outside of the United States upon Servier’s election not to pursue such rights. Each party is also eligible to receive tiered royalties on annual net sales in countries within the paying party’s respective territory of any licensed products that are commercialized by such party that are directed at the targets licensed by such party under the Servier Agreement. The royalty rates are in a range from the low tens to the high teen percentages. Such royalties may be reduced for interchangeable drug entry, expiration of patent rights and amounts paid pursuant to licenses of third-party patents. The royalty obligation for each party with respect to a given licensed product in a given country in each party’s respective territory (the Servier Royalty Term) begins upon the first commercial sale of such product in such country and ends after a defined number of years. Unless earlier terminated in accordance with the Servier Agreement, the Servier Agreement will continue, on a licensed product-by-licensed product and country-by-country basis, until the Servier Royalty Term with respect to the sale of such licensed product in such country expires. For the three and nine months ended September 30, 2019 , the Company recorded $1.5 million and $4.5 million of costs incurred under the cost-sharing terms of the Servier Agreement as research and development expenses. For the three and nine months ended September 30, 2018, the Company recorded $4.8 million and $7.5 million of costs as research and development expenses. As of September 30, 2019 , amounts due to Servier of $1.2 million were recorded in accrued and other current liabilities in the accompanying condensed balance sheet. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases In August 2018, the Company entered into an operating lease agreement for new office and laboratory space which consists of approximately 68,000 square feet located in South San Francisco, California. The lease term is 127 months beginning August 2018 through February 2029 with an option to extend the term for another seven years which is not reasonably assured of exercise. The Company has the right to make tenant improvements, including the addition of laboratory space, with a lease incentive allowance of $5.0 million. The rent payments began on March 1, 2019 after an abatement period. In connection with the lease, the Company has maintained a letter of credit for the benefit of the landlord in the amount of $1.0 million. In connection with this lease, the Company recognized an operating lease right-of-use asset of $23.6 million as of September 30, 2019 and an aggregate lease liability of $29.8 million in the accompanying condensed balance sheet. The remaining lease term is 9 years and 5 months, and the estimated incremental borrowing rate is 8.0% . In October 2018, the Company entered into an operating lease agreement for new office and laboratory space which consists of 14,943 square feet located in South San Francisco, California. The lease term is 124 months beginning November 2018 through February 2029, with an option to extend the term for another seven years which is not reasonably assured of exercise. The Company has the right to make tenant improvements, including the upgrading of current office and laboratory space with a lease incentive allowance of $0.8 million. Rent payments began in November 2018. In connection with the lease, the Company has maintained a letter of credit for the benefit of the landlord in the amount of $0.2 million. In connection with this lease, the Company recognized an operating lease right-of-use asset of $5.9 million as of September 30, 2019 and an aggregate lease liability of $6.3 million in the accompanying balance sheet. The remaining lease term is 9 years and 5 months, and the estimated incremental borrowing rate is 8.0% . In December 2018 , the Company entered into two operating leases for office space in New York and Los Angeles for 4,358 and 1,293 square feet respectively. The Company recognized operating lease right-of-use assets of $1.8 million and $0.1 million as of September 30, 2019 and aggregate lease liabilities of $1.8 million and $0.2 million respectively for these leases. The lease term for the New York operating lease is 6 years and 7 months, with no option for renewal. The lease term for the Los Angeles operating lease is 3 years with an option to extend the lease term for another two years which is not reasonably certain of exercise. There were no lease incentive allowances for either location. In connection with the New York lease, the Company maintains a letter of credit for the benefit of the landlord in the amount of $0.1 million . The remaining lease terms were 5 years and 9 months and 2 years and 2 months as of September 30, 2019 and the estimated incremental borrowing rates applied were 8.0% and 7.0% , respectively. In February 2019, the Company entered into a lease agreement for approximately 118,000 square feet of space to develop a cell therapy manufacturing facility in Newark, California. The lease has a term of 188 months and is expected to commence in April 2020. Upon certain conditions, the Company has two ten-year options to extend the lease. Subject to rent abatement for the second through nine months of the lease, the Company will be required to pay $159,150 per month for rent for the first twelve months of the lease term which will increase at a rate of 3.0% per year. The Company will be entitled to a tenant improvement allowance of $2.9 million for costs related to the design and construction of certain Company improvements. In connection with the lease, the Company maintains a letter of credit for the benefit of the landlord in the amount of $3.0 million. The total commitment of undiscounted lease payments for this lease was $36.2 million as at September 30, 2019 . The Company had not recognized a right-of-use asset or aggregate lease liability as of September 30, 2019 as the underlying asset was unavailable for use by the Company at any time in the period ended September 30, 2019 . The undiscounted future lease payments under the lease agreements as of September 30, 2019 were as follows: Year ending December 31: (in thousands) 2019 (remaining 3 months) $ 1,381 2020 5,981 2021 7,801 2022 7,961 2023 8,213 2024 and thereafter 63,516 Total undiscounted lease payments 94,853 Less: Undiscounted lease payments related to Newark lease (36,231 ) Less: Present value adjustment (17,756 ) Less: Tenant improvement allowance (2,849 ) Total $ 38,017 Rent expense for all operating leases was $4.1 million for the nine months ended September 30, 2019 . Short-term lease expense was $2.4 million for the nine months ended September 30, 2019 . Variable lease payments for operating expenses was $0.3 million for the three months ended September 30, 2019 . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In June 2018, the Company adopted the 2018 Equity Incentive Plan (2018 Plan). The 2018 Plan provided for the Company to sell or issue common stock or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Company’s board of directors and consultants of the Company under terms and provisions established by the Company’s board of directors. In October 2018, the Board of Directors approved an amendment and restatement of the 2018 Plan, increasing the shares of common stock issuable under the 2018 Plan as well as allowing for an automatic annual increase to the shares issuance under the 2018 Plan to the amount equal to 5% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year. The term of any stock option granted under the 2018 Plan cannot exceed 10 years . The Company generally grants stock-based awards with service conditions only. Options shall not have an exercise price less than 100% of the fair market value of the Company’s common stock on the grant date. Options granted typically vest over a four -year period but may be granted with different vesting terms. Restricted Stock Units granted typically vest annually over a four-year period but may be granted with different vesting terms. As of September 30, 2019 , there were 9,915,688 shares reserved by the Company under the 2018 Plan for the future issuance of equity awards. Stock Option Activity The following summarizes option activity under the 2018 Plan: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contract Term (In years) Balance, December 31, 2018 7,235,545 $ 7.72 9.62 Options granted 2,781,316 27.50 9.55 Options exercised (304,576 ) 2.31 7.72 Options forfeited (220,151 ) 9.03 8.91 Balance, September 30, 2019 9,492,134 $ 13.65 9.07 Exercisable, September 30, 2019 4,553,432 $ 10.03 9.00 Vested and expected to vest, September 30, 2019 9,492,134 $ 13.65 9.07 Restricted Stock Unit Activity The following summarizes restricted stock unit activity under the 2018 Plan: Restricted Stock Units Weighted- Average Fair Value at Date of Grant per Share Unvested December 31, 2018 — — Granted 1,795,905 $ 27.46 Vested (250 ) 25.94 Forfeited (22,500 ) 27.55 Unvested September 30, 2019 1,773,155 $ 27.46 Vested and expected to vest, September 30, 2019 1,773,155 $ 27.46 Total stock-based compensation related to stock options, restricted stock units, employee stock purchase plan and vesting of the founders’ common stock was as follows (in thousands): Three Months Ended September 30 Nine Months Ended September 30 2019 2018 2019 2018 Research and development $ 5,533 $ 427 $ 13,012 442 General and administrative 7,301 4,212 19,177 12,253 Total stock-based compensation $ 12,834 $ 4,639 $ 32,189 $ 12,695 Early Exercised Options The Company allows certain of its employees and its directors to exercise options granted under the 2018 Plan prior to vesting. The shares related to early exercised stock options are subject to the Company’s lapsing repurchase right upon termination of employment or service on the Company’s board of directors at the lesser of the original purchase price or fair market value at the time of repurchase. In order to vest, the holders are required to provide continued service to the Company. The proceeds are initially recorded in accrued and other liabilities for the current portion, and other long-term liabilities for the noncurrent portion. The proceeds are reclassified to paid-in capital as the repurchase right lapses. As of September 30, 2019 , there was $2.8 million recorded in accrued and other liabilities and $4.6 million recorded in other long-term liabilities related to shares held by employees and directors that were subject to repurchase. The underlying shares are shown as outstanding in the condensed financial statements since the exercise date. |
Convertible Notes Payable (2019
Convertible Notes Payable (2019 Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable (2018 Notes) | Convertible Notes Payable (2018 Notes) In September 2018, the Company entered into a note purchase agreement pursuant to which it sold and issued an aggregate of $120.2 million in convertible promissory notes (convertible notes payable or 2018 Notes) and received net cash proceeds of $116.8 million . The 2018 Notes did not accrue interest. The 2018 Notes were settled in 7,856,176 shares of common stock in connection with the closing of the Company’s IPO (see Note 1) at a settlement price equal to 85% of the IPO price per share. On issuance, the Company elected to account for the 2018 Notes at fair value with any changes in fair value being recognized through the statements of operations until the 2018 Notes settled. The fair value of the 2018 Notes was determined to be $120.2 million on issuance and $139.6 million as of September 30, 2018. For the three-months and nine-months ended September 30, 2018, the Company recognized $19.4 million in the accompanying condensed statements of operations as the change in fair value of the 2018 Notes. On issuance, total debt issuance costs of $3.4 million were expensed and recognized as interest expense in the accompanying condensed statements of operations. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of September 30, 2019 , Pfizer held 22,032,040 shares of Common Stock and had appointed one member to the Company’s board of directors. In April 2018, the Company and Pfizer entered into a transition services agreement (the Pfizer TSA) for Pfizer to provide professional services to the Company related to research and development, project management, and other administrative functions. For the three and nine months ended September 30, 2019 , the costs incurred under the Pfizer TSA were $0.7 million and $ 4.9 million, respectively. For the three and nine months ended September 30, 2018, the costs incurred under the Pfizer TSA were $ 3.8 million and $ 7.4 million, respectively. The Company also purchased certain lab supplies from Pfizer in connection with its research and development activities. For the three and nine months ended September 30, 2019 , the total lab supplies and services purchased from Pfizer were zero and $ 1.1 million, respectively. For the three and nine months ended September 30, 2018, the total lab supplies and services purchased from Pfizer were $ 2.8 million and $ 6.1 million, respectively. As of September 30, 2019 and December 31, 2018, the Company had an amount payable to Pfizer of $0.7 million and $ 5.7 million, respectively, which was recorded in the accrued and other current liabilities on the accompanying condensed balance sheets. In September 2019, the Company and Pfizer terminated the Pfizer TSA. Sublease Agreement In February 2019, the Company subleased 2,180 square feet of its office space in New York, New York, to ByHeart, Inc., formerly known as Second Science, Inc. (ByHeart). ByHeart is a development-stage infant formula company. Two of the Company’s board members have beneficial ownership in ByHeart and one serves on the board of directors of ByHeart. In September 2019, the Company entered into an amendment to the sublease agreement and increased the subleased space to 2,907 square feet. Sublease income for the three and nine months ended September 30, 2019 was $0.1 million and $ 0.2 million, respectively, and was recognized as other income. Sublease income for the three and nine months ended September 30, 2018 was zero . Consulting Agreements In June 2018, the Company entered into a services agreement with Two River Consulting LLC (Two River) a firm affiliated with the Company’s President and Chief Executive Officer, the Company’s Executive Chairman of the board of directors, and a director of the Company to provide various managerial, administrative, accounting and financial services to the Company. The costs incurred for services provided under this agreement were $0.2 million and $ 0.5 million for the three and nine months ended September 30, 2019 , respectively, and $0.3 million and $ 0.7 million for the three and nine months ended September 30, 2018. In August 2018, the Company entered into a consulting agreement with Bellco Capital LLC (Bellco). The Company’s executive chairman, Arie Belldegrun, M.D., FACS, is the Chairman and an owner of Bellco. Pursuant to the consulting agreement, Bellco provides certain services for the Company, which are performed by Dr. Belldegrun and include without limitation, providing advice and analysis with respect to the Company’s business, business strategy and potential opportunities in the field of allogeneic CAR T cell therapy and any other aspect of the CAR T cell therapy business as the Company may agree. In consideration for these services, the Company pays Bellco $33,333.33 per month in arrears commencing January 2019 and, in the Company’s discretion, may pay Bellco an annual performance award in an amount up to 60% of the aggregate compensation payable to Bellco in a calendar year. The Company also reimburses Bellco for out of pocket expenses incurred in performing the services. The cost incurred for services provided and out-of-pocket expenses incurred under this consulting agreement were $0.1 million and $ 0.4 million for the three and nine months ended September 30, 2019 , respectively, and $0.1 million and $0.1 million for the three and nine months ended September 30, 2018. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has a history of losses, and expects to record a loss in 2019 . The Company continues to maintain a full valuation allowance against its net deferred tax assets. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: September 30, 2019 2018 Stock options to purchase common stock 9,492,134 6,075,819 Convertible preferred stock — 61,655,922 Convertible notes payable — 7,856,176 Restricted stock units subject to vesting 1,773,155 — Expected shares purchased under Employee Stock Purchase Plan 162,709 — Founder shares of common stock subject to future vesting 15,144,224 21,201,908 Early exercised stock options subject to future vesting 3,306,080 5,020,580 Total 29,878,302 101,810,405 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 1, 2019, the Company entered into a Collaboration and License Agreement (the Collaboration Agreement) with Notch Therapeutics Inc. (Notch), pursuant to which Notch has granted to Allogene an exclusive, worldwide, royalty-bearing, sublicenseable license under certain of Notch’s intellectual property to develop, make, use, sell, import, and otherwise commercialize therapeutic gene-edited T cell and/or natural killer (NK) cell products from induced pluripotent stem cells directed at certain CAR targets for initial application in non-Hodgkin lymphoma, acute lymphoblastic leukemia and multiple myeloma. In addition, Notch has granted Allogene an option to add certain specified targets to its exclusive license in exchange for an agreed per-target option fee. The Collaboration Agreement includes a research collaboration to conduct research and pre-clinical development activities to generate engineered cells directed to Allogene’s exclusive targets, which will be conducted in accordance with an agreed research plan and budget under the oversight of a joint development committee. Allogene will reimburse Notch’s costs incurred in accordance with such plan and budget. The term of the research collaboration will expire upon the earlier of (i) the fifth anniversary of the date of the Collaboration Agreement, (ii) at Allogene’s election, following the joint development committee’s determination that for each exclusive target, Notch has met certain success criteria, or (iii) the joint development committee’s determination that the research collaboration cannot be reasonably pursued against any exclusive target due to technical infeasibility or safety issues. In connection with the execution of the Collaboration Agreement, Allogene made an upfront payment to Notch of $10.0 million . In addition, Allogene made a $5.0 million investment in Notch’s series seed convertible preferred stock, resulting in Allogene having a 25% ownership interest in Notch’s outstanding capital stock on a fully diluted basis immediately following the investment. In connection with this investment, David Chang, M.D., Ph.D., the Company's President, Chief Executive Officer and Board member, was appointed to Notch’s board of directors. Under the Collaboration Agreement, Notch will be eligible to receive up to $7.25 million upon achieving certain agreed research milestones, up to $4.0 million per exclusive target upon achieving certain pre-clinical development milestones, and up to $283.0 million per exclusive target and cell type (i.e., T cell or NK cell) upon achieving certain clinical, regulatory and commercial milestones. Notch is also entitled to receive tiered royalties in the mid to high single digit range on Allogene’s sales of licensed products, subject to certain reductions, for a term, on a country-by-country and product-by-product basis, commencing on first commercial sale of such product in such country and continuing until the latest of (i) the date upon which there is no valid claim of the licensed patents in such country of sale that covers such product, (ii) the expiration of applicable data or other regulatory exclusivity in such country of sale or (iii) a defined period from the first commercial sale of such product in such country. The term of the Collaboration Agreement will continue on a product-by-product and country-by-country basis until Allogene’s payment obligations with respect to such product in such country have expired. Following such expiration, Allogene’s license with respect to such product and country shall be perpetual, irrevocable, fully paid up and royalty-free. Allogene may terminate the Collaboration Agreement in whole or on a product-by-product basis upon ninety days’ prior written notice to Notch. Either party may also terminate the Collaboration Agreement with written notice upon material breach by the other party, if such breach has not been cured within a defined period of receiving such notice, or in the event of the other party’s insolvency. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed balance sheet as of September 30, 2019 , the condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2019 and 2018 , the condensed statements of stockholders’ equity (deficit) as of September 30, 2019 and 2018 , the condensed statements of cash flows for the nine months ended September 30, 2019 and 2018 , and the financial data and other financial information disclosed in the notes to the condensed financial statements are unaudited. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 , or for any other future annual or interim period. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2018 , included in the Company’s Annual Report on Form 10-K filed with the SEC on March 8, 2019. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of common stock, the fair value of stock options, the fair value of convertible notes payable, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. |
Significant Accounting Policies | Significant Accounting Policies There have been no significant changes to the accounting policies during the three and nine months ended September 30, 2019 , as compared to the significant accounting policies described in Note 1 of the “Notes to Financial Statements” in the Company’s audited financial statements included in its Annual Report. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which provided amended guidance to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Additionally, under the new guidance, an entity will be required to provide certain disclosures regarding stranded tax effects. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this guidance on January 1, 2019 |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles – Goodwill and other – Internal-Use Software (Subtopic 350-40) , which amended its guidance for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new standard also requires customers to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact of adopting this amendment to its financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Subject To Fair Value Measurements On Recurring Basis And Level Of Inputs Used In Such Measurements By Major Security Type | Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of September 30, 2019 and as of December 31, 2018 are presented in the following tables: September 30, 2019 Level 1 Level 2 Level 3 Fair Value (in thousands) Financial Assets: Money market funds (1) $ 112,394 $ — $ — $ 112,394 Commercial paper — — — — Corporate bonds — 191,657 — 191,657 U.S. treasury securities 203,633 — — 203,633 U.S. agency securities — 45,666 — 45,666 Total financial assets $ 316,027 $ 237,323 $ — $ 553,350 December 31, 2018 Level 1 Level 2 Level 3 Fair Value (in thousands) Financial Assets: Money market funds (1) $ 61,023 $ — $ — $ 61,023 Commercial paper — 4,917 — 4,917 Corporate bonds — 244,076 — 244,076 U.S. treasury securities 342,001 — — 342,001 U.S. agency securities — 62,115 — 62,115 Total financial assets $ 403,024 $ 311,108 $ — $ 714,132 (1) Included within cash and cash equivalents on the Company’s balance sheets |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Summary of Cash Equivalents, Restricted Cash and Investments, Classified as Available-for-Sale Securities | The fair value and amortized cost of cash equivalents and available-for-sale securities by major security type as of September 30, 2019 and as of December 31, 2018 are presented in the following tables: September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 112,394 $ — $ — $ 112,394 Commercial paper — — — — Corporate bonds 190,467 1,195 (5 ) 191,657 U.S. treasury securities 202,893 744 (4 ) 203,633 U.S. agency securities 45,433 235 (2 ) 45,666 Total cash equivalents and investments $ 551,187 $ 2,174 $ (11 ) $ 553,350 Classified as: Cash equivalents $ 112,394 Short-term investments 340,254 Long-term investments 100,702 Total cash equivalents and investments $ 553,350 December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 61,023 $ — $ — $ 61,023 Commercial paper 4,917 — — 4,917 Corporate bonds 244,136 220 (280 ) 244,076 U.S. treasury securities 341,696 342 (37 ) 342,001 U.S. agency securities 61,937 181 (3 ) 62,115 Total cash equivalents and investments $ 713,709 $ 743 $ (320 ) $ 714,132 Classified as: Cash equivalents $ 85,214 Short-term investments 366,952 Long-term investments 261,966 Total cash equivalents and investments $ 714,132 |
Balance Sheets Components (Tabl
Balance Sheets Components (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prepaid and Other Current Assets | Prepaid expenses and Other Current Assets consist of the following: September 30, December 31, (In thousands) Prepaid research and development expenses $ 4,124 $ 2,356 Accrued interest on investments 2,337 3,108 Other prepaid and current assets 1,938 758 Prepaid insurance 114 2,376 Total prepaid expenses and other current assets $ 8,513 $ 8,598 |
Schedule of Property and Equipment | Property and Equipment consist of the following: September 30, December 31, (In thousands) Leasehold improvements $ 25,233 $ 15 Laboratory equipment 11,566 5,534 Computers equipment and purchased software 3,496 1,327 Furniture and fixtures 2,638 64 Construction in progress 6,778 2,703 Total 49,711 9,643 Less: accumulated depreciation (3,768 ) (1,048 ) Total property and equipment, net $ 45,943 $ 8,595 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: September 30, December 31, (In thousands) Accrued research and development expenses $ 9,380 $ 7,808 Accrued compensation and related benefits 6,672 4,111 Accrued property and equipment 4,444 — Unvested shares liabilities 2,842 4,590 Other 1,969 612 Total accrued and other current liabilities $ 25,307 $ 17,121 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Undiscounted Future Lease Payments Under Lease Liability | The undiscounted future lease payments under the lease agreements as of September 30, 2019 were as follows: Year ending December 31: (in thousands) 2019 (remaining 3 months) $ 1,381 2020 5,981 2021 7,801 2022 7,961 2023 8,213 2024 and thereafter 63,516 Total undiscounted lease payments 94,853 Less: Undiscounted lease payments related to Newark lease (36,231 ) Less: Present value adjustment (17,756 ) Less: Tenant improvement allowance (2,849 ) Total $ 38,017 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity Under Plan | The following summarizes option activity under the 2018 Plan: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contract Term (In years) Balance, December 31, 2018 7,235,545 $ 7.72 9.62 Options granted 2,781,316 27.50 9.55 Options exercised (304,576 ) 2.31 7.72 Options forfeited (220,151 ) 9.03 8.91 Balance, September 30, 2019 9,492,134 $ 13.65 9.07 Exercisable, September 30, 2019 4,553,432 $ 10.03 9.00 Vested and expected to vest, September 30, 2019 9,492,134 $ 13.65 9.07 |
Schedule of Restricted Stock Units Activity Under Plan | The following summarizes restricted stock unit activity under the 2018 Plan: Restricted Stock Units Weighted- Average Fair Value at Date of Grant per Share Unvested December 31, 2018 — — Granted 1,795,905 $ 27.46 Vested (250 ) 25.94 Forfeited (22,500 ) 27.55 Unvested September 30, 2019 1,773,155 $ 27.46 Vested and expected to vest, September 30, 2019 1,773,155 $ 27.46 |
Schedule of Stock-Based Compensation Expense | Total stock-based compensation related to stock options, restricted stock units, employee stock purchase plan and vesting of the founders’ common stock was as follows (in thousands): Three Months Ended September 30 Nine Months Ended September 30 2019 2018 2019 2018 Research and development $ 5,533 $ 427 $ 13,012 442 General and administrative 7,301 4,212 19,177 12,253 Total stock-based compensation $ 12,834 $ 4,639 $ 32,189 $ 12,695 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: September 30, 2019 2018 Stock options to purchase common stock 9,492,134 6,075,819 Convertible preferred stock — 61,655,922 Convertible notes payable — 7,856,176 Restricted stock units subject to vesting 1,773,155 — Expected shares purchased under Employee Stock Purchase Plan 162,709 — Founder shares of common stock subject to future vesting 15,144,224 21,201,908 Early exercised stock options subject to future vesting 3,306,080 5,020,580 Total 29,878,302 101,810,405 |
Description of Business (Detail
Description of Business (Details) $ / shares in Units, $ in Thousands | Oct. 01, 2018 | Oct. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Subsidiary, Sale of Stock [Line Items] | |||||
Net proceeds | $ | $ 343,300 | ||||
Number common shares converted from convertible notes payable (in shares) | 7,856,176 | ||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||
Cash and cash equivalents and marketable securities | $ | $ 601,900 | ||||
Accumulated deficit | $ | $ (335,092) | $ (211,528) | [1] | ||
Common stock forward split ratio | 0.1905 | ||||
IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Issuance of common stock (in shares) | 20,700,000 | ||||
Common stock price per share | $ / shares | $ 18 | ||||
Underwriting discounts and commissions | $ | $ 26,100 | ||||
Offering costs | $ | $ 3,200 | ||||
Outstanding convertible preferred stock (in shares) | 11,743,987 | ||||
Preferred stock, shares outstanding (in shares) | 0 | ||||
IPO | Convertible Promissory Notes | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Outstanding convertible promissory notes | $ | $ 120,200 | ||||
Over-Allotment Option | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Issuance of common stock (in shares) | 2,700,000 | ||||
Common Stock | IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of common shares converted from preferred stock (in shares) | 61,655,922 | ||||
Number common shares converted from convertible notes payable (in shares) | 7,856,176 | ||||
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers between fair value measurement levels | $ 0 | |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 553,350,000 | $ 714,132,000 |
Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | $ 0 |
Financial liabilities | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities (Detail) - Fair value, measurements, recurring - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 553,350,000 | $ 714,132,000 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 112,394,000 | 61,023,000 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 4,917,000 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 191,657,000 | 244,076,000 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 203,633,000 | 342,001,000 |
U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 45,666,000 | 62,115,000 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 316,027,000 | 403,024,000 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 112,394,000 | 61,023,000 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 203,633,000 | 342,001,000 |
Level 1 | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 237,323,000 | 311,108,000 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 4,917,000 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 191,657,000 | 244,076,000 |
Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 2 | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 45,666,000 | 62,115,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 0 | $ 0 |
Financial Instruments - Cash Eq
Financial Instruments - Cash Equivalents, Restricted Cash and Investments, Classified as Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 551,187 | $ 713,709 |
Unrealized Gains | 2,174 | 743 |
Unrealized Losses | (11) | (320) |
Cash equivalents | 112,394 | 85,214 |
Short-term investments | 340,254 | 366,952 |
Long-term investments | 100,702 | 261,966 |
Total cash equivalents and investments | 553,350 | 714,132 |
Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 112,394 | 61,023 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 112,394 | 61,023 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | 4,917 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 0 | 4,917 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 190,467 | 244,136 |
Unrealized Gains | 1,195 | 220 |
Unrealized Losses | (5) | (280) |
Fair Value | 191,657 | 244,076 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 202,893 | 341,696 |
Unrealized Gains | 744 | 342 |
Unrealized Losses | (4) | (37) |
Fair Value | 203,633 | 342,001 |
U.S. agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 45,433 | 61,937 |
Unrealized Gains | 235 | 181 |
Unrealized Losses | (2) | (3) |
Fair Value | $ 45,666 | $ 62,115 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) | Sep. 30, 2019 |
Investments, All Other Investments [Abstract] | |
Maximum remaining contractual maturities of available-for-sale securities | 3 years |
Balance Sheets Components - Pre
Balance Sheets Components - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Prepaid research and development expenses | $ 4,124 | $ 2,356 | |
Accrued interest on investments | 2,337 | 3,108 | |
Other prepaid and current assets | 1,938 | 758 | |
Prepaid insurance | 114 | 2,376 | |
Total prepaid expenses and other current assets | $ 8,513 | $ 8,598 | [1] |
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
Balance Sheets Components - Pro
Balance Sheets Components - Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | $ 49,711 | $ 9,643 | |
Less: accumulated depreciation | (3,768) | (1,048) | |
Total property and equipment, net | 45,943 | 8,595 | [1] |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 25,233 | 15 | |
Laboratory equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 11,566 | 5,534 | |
Computers equipment and purchased software | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 3,496 | 1,327 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 2,638 | 64 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | $ 6,778 | $ 2,703 | |
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
Balance Sheets Components - Acc
Balance Sheets Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accrued research and development expenses | $ 9,380 | $ 7,808 | |
Accrued compensation and related benefits | 6,672 | 4,111 | |
Accrued property and equipment | 4,444 | 0 | |
Unvested shares liabilities | 2,842 | 4,590 | |
Other | 1,969 | 612 | |
Total accrued and other current liabilities | $ 25,307 | $ 17,121 | [1] |
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
License Agreements (Details)
License Agreements (Details) € in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | [1] | |
License Agreements [Line Items] | |||||||
Research and development | $ 39,995,000 | $ 10,870,000 | $ 95,172,000 | $ 133,356,000 | |||
Accrued and other current liabilities | 25,307,000 | $ 25,307,000 | $ 17,121,000 | ||||
Pfizer | |||||||
License Agreements [Line Items] | |||||||
Royalty obligation period from date of first sale | 12 years | ||||||
Pfizer | Asset Contribution Agreement | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone payments | 325,000,000 | ||||||
Pfizer | Asset Contribution Agreement | Minimum | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone payments | 30,000,000 | ||||||
Pfizer | Asset Contribution Agreement | Maximum | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone payments | 60,000,000 | ||||||
Aggregate potential regulatory and development milestones | 840,000,000 | ||||||
Cellectis | Research Collaboration and License Agreement | |||||||
License Agreements [Line Items] | |||||||
Maximum payments required per product against selected target | 185,000,000 | ||||||
Research and development | 5,000,000 | 400,000 | $ 5,000,000 | 400,000 | |||
Accrued and other current liabilities | 5,000,000 | 5,000,000 | |||||
Servier | License and Collaboration Agreement | |||||||
License Agreements [Line Items] | |||||||
Research and development | 1,500,000 | $ 4,800,000 | 4,500,000 | $ 7,500,000 | |||
Accrued and other current liabilities | $ 1,200,000 | 1,200,000 | |||||
Percentage of development costs payable by the Company | 60.00% | ||||||
Percentage of development cost payable by collaboration partner | 40.00% | ||||||
Servier | Regulatory Milestone | License and Collaboration Agreement | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone receivable | $ 42,000,000 | 42,000,000 | |||||
Servier | Regulatory Milestone | Maximum | License and Collaboration Agreement | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone payments | 137,500,000 | ||||||
Servier | Sales Milestone | License and Collaboration Agreement | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone receivable | 77,100,000 | 77,100,000 | € 70.5 | ||||
Servier | Sales Milestone | Maximum | License and Collaboration Agreement | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone payments | 78,000,000 | ||||||
Development and Sales | Cellectis | Maximum | Research Collaboration and License Agreement | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone payments | $ 2,800,000,000 | ||||||
Phase 1 Clinical Trial First Patient Dose | Cellectis | Research Collaboration and License Agreement | |||||||
License Agreements [Line Items] | |||||||
Aggregate potential milestone payments | $ 5,000,000 | ||||||
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 28, 2019USD ($)ft²Renewal | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($)ft² | Oct. 31, 2018USD ($)ft² | Aug. 31, 2018USD ($)ft² | ||
Operating Leased Assets [Line Items] | |||||||
Allowance for tenant improvements | $ 2,849,000 | $ 2,849,000 | |||||
Operating lease right-of-use asset | 31,437,000 | 31,437,000 | $ 33,015,000 | [1] | |||
Aggregate lease liability, noncurrent | 37,689,000 | 37,689,000 | $ 34,456,000 | [1] | |||
Undiscounted lease payments | 36,231,000 | 36,231,000 | |||||
Rent expense | 4,100,000 | ||||||
Variable lease payments | 300,000 | ||||||
New York | |||||||
Operating Leased Assets [Line Items] | |||||||
Area of office and laboratory | ft² | 4,358 | ||||||
Operating lease term | 79 months | ||||||
Letter of credit | $ 100,000 | ||||||
Operating lease right-of-use asset | 1,800,000 | 1,800,000 | |||||
Aggregate lease liability, noncurrent | $ 1,800,000 | $ 1,800,000 | |||||
Estimated incremental borrowing rate of lease | 8.00% | 8.00% | |||||
Remaining lease term | 5 years 9 months | 5 years 9 months | |||||
Los Angeles | |||||||
Operating Leased Assets [Line Items] | |||||||
Area of office and laboratory | ft² | 1,293 | ||||||
Operating lease term | 3 years | ||||||
Operating lease, option to extend term | 2 years | ||||||
Operating lease right-of-use asset | $ 100,000 | $ 100,000 | |||||
Aggregate lease liability, noncurrent | $ 200,000 | $ 200,000 | |||||
Remaining lease term | 2 years 2 months | ||||||
Estimated incremental borrowing rate of lease | 7.00% | 7.00% | |||||
Newark | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating lease term | 188 months | ||||||
Operating lease, option to extend term | 10 years | ||||||
Allowance for tenant improvements | $ 2,900,000 | ||||||
Letter of credit | $ 3,000,000 | ||||||
Area of operating lease | ft² | 118,000 | ||||||
Number of options to extend lease | Renewal | 2 | ||||||
Payment of lease rental per month | $ 159,150 | ||||||
Increase in rate for rent per year for lease term | 3.00% | ||||||
Undiscounted lease payments | $ 36,200,000 | $ 36,200,000 | |||||
127 Months Lease Term | |||||||
Operating Leased Assets [Line Items] | |||||||
Area of office and laboratory | ft² | 68,000 | ||||||
Operating lease term | 127 months | ||||||
Operating lease, option to extend term | 7 years | ||||||
Allowance for tenant improvements | $ 5,000,000 | ||||||
Letter of credit | $ 1,000,000 | ||||||
Operating lease right-of-use asset | 23,600,000 | 23,600,000 | |||||
Aggregate lease liability, noncurrent | $ 29,800,000 | $ 29,800,000 | |||||
Estimated incremental borrowing rate of lease | 8.00% | 8.00% | |||||
Remaining lease term | 9 years 5 months | 9 years 5 months | |||||
124 Months Lease Term | |||||||
Operating Leased Assets [Line Items] | |||||||
Area of office and laboratory | ft² | 14,943 | ||||||
Operating lease term | 124 months | ||||||
Operating lease, option to extend term | 7 years | ||||||
Allowance for tenant improvements | $ 800,000 | ||||||
Letter of credit | $ 200,000 | ||||||
Operating lease right-of-use asset | $ 5,900,000 | $ 5,900,000 | |||||
Aggregate lease liability, noncurrent | $ 6,300,000 | $ 6,300,000 | |||||
Remaining lease term | 9 years 5 months | ||||||
Estimated incremental borrowing rate of lease | 8.00% | 8.00% | |||||
License and Collaboration Agreement | Servier | |||||||
Operating Leased Assets [Line Items] | |||||||
Short term lease expense | $ 2,400,000 | ||||||
[1] | The balance sheet as of December 31, 2018 is derived from the audited financial statements as of that date. |
Leases - Undiscounted Future Le
Leases - Undiscounted Future Lease Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 (remaining 3 months) | $ 1,381 |
2020 | 5,981 |
2021 | 7,801 |
2022 | 7,961 |
2023 | 8,213 |
2024 and thereafter | 63,516 |
Total undiscounted lease payments | 94,853 |
Less: Undiscounted lease payments related to Newark lease | (36,231) |
Less: Present value adjustment | (17,756) |
Less: Tenant improvement allowance | (2,849) |
Total | $ 38,017 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($)shares | Sep. 30, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares as percentage of common shares outstanding | 5.00% | |
Number of shares reserved for future issuance (in shares) | shares | 9,915,688 | 9,915,688 |
Accrued and other liabilities, related to shares held by employees and directors that were subject to repurchase | $ 2.8 | $ 2.8 |
Other long term liabilities, related to shares held by employees and directors that were subject to repurchase | $ 4.6 | $ 4.6 |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option grant period | 10 years | |
Option exercise price as percentage of fair value of common stock on grate date | 100.00% | |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of options, beginning balance (in shares) | shares | 7,235,545 | |
Number of options, options granted (in shares) | shares | 2,781,316 | |
Number of options, options exercised (in shares) | shares | (304,576) | |
Number of options, options forfeited (in shares) | shares | (220,151) | |
Number of options, ending balance (in shares) | shares | 9,492,134 | 7,235,545 |
Number of options, exercisable (in shares) | shares | 4,553,432 | |
Number of options, vested and expected to vest (in shares) | shares | 9,492,134 | |
Weighted-average exercise price, beginning balance (in dollars per share) | $ / shares | $ 7.72 | |
Weighted-average exercise price, options granted (in dollars per share) | $ / shares | 27.50 | |
Weighted-average exercise price, options exercised (in dollars per share) | $ / shares | 2.31 | |
Weighted-average exercise price, options forfeited (in dollars per share) | $ / shares | 9.03 | |
Weighted-average exercise price, ending balance (in dollars per share) | $ / shares | 13.65 | $ 7.72 |
Weighted-average exercise price, exercisable (in dollars per share) | $ / shares | 10.03 | |
Weighted-average exercise price, vested and expected to vest (in dollars per share) | $ / shares | $ 13.65 | |
Weighted-average remaining contract term, outstanding | 9 years 26 days | 9 years 7 months 13 days |
Weighted-average remaining contract term, options granted | 9 years 6 months 18 days | |
Weighted-average remaining contract term, options exercised | 7 years 8 months 19 days | |
Weighted-average remaining contract term, options forfeited | 8 years 10 months 28 days | |
Weighted-average remaining contract term, exercisable | 9 years | |
Weighted-average remaining contract term, vested and expected to vest | 9 years 26 days |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Unit | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units, unvested, beginning balance (in shares) | shares | 0 |
Restricted stock units, granted (in shares) | shares | 1,795,905 |
Restricted stock units, vested (in shares) | shares | (250) |
Restricted stock units, forfeited (in shares) | shares | (22,500) |
Restricted stock units, unvested, ending balance (in shares) | shares | 1,773,155 |
Restricted stock units, vested and expected to vest (in shares) | shares | 1,773,155 |
Weighted-average fair value at date of grant per share, beginning balance (in dollars per share) | $ / shares | $ 0 |
Weighted-average fair value at date of grant per share, granted (in dollars per share) | $ / shares | 27.46 |
Weighted-average fair value at date of grant per share, vested (in dollars per share) | $ / shares | 25.94 |
Weighted-average fair value at date of grant per share, forfeited (in dollars per share) | $ / shares | 27.55 |
Weighted-average fair value at date of grant per share, ending balance (in dollars per share) | $ / shares | 27.46 |
Weighted-average fair value at date of grant per share, vested and expected to vest (in dollars per share) | $ / shares | $ 27.46 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 12,834 | $ 4,639 | $ 32,189 | $ 12,695 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 5,533 | 427 | 13,012 | 442 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 7,301 | $ 4,212 | $ 19,177 | $ 12,253 |
Convertible Notes Payable (2018
Convertible Notes Payable (2018 Notes) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 120,200 | $ 120,200 | $ 120,200 | ||
Proceeds from issuance of convertible notes | $ 116,800 | $ 0 | 116,842 | ||
Number common shares converted from convertible notes payable (in shares) | 7,856,176 | ||||
Debt conversion settlement price as a percentage of IPO price per share | 85.00% | ||||
Change in fair value of convertible notes | 19,400 | 19,400 | |||
Debt issuance costs | $ 3,400 | 3,400 | 3,400 | ||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Fair value of notes | 120,200 | 120,200 | 120,200 | ||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Fair value of notes | $ 139,600 | $ 139,600 | $ 139,600 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019USD ($)ft²Directorshares | Feb. 28, 2019ft² | Aug. 31, 2018USD ($) | Sep. 30, 2019USD ($)Directorshares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Directorshares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)shares | |
Related Party Transaction [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | shares | 121,895,479 | 121,895,479 | 121,895,479 | 121,482,671 | ||||
Pfizer | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | shares | 22,032,040 | 22,032,040 | 22,032,040 | |||||
Number of members appointed to board of directors | Director | 1 | 1 | 1 | |||||
Pfizer | Accrued and Other Current Liabilities | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payable to related party, current | $ 700,000 | $ 700,000 | $ 700,000 | $ 5,700,000 | ||||
Pfizer | Transition Services Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party costs | 700,000 | $ 3,800,000 | 4,900,000 | $ 7,400,000 | ||||
Pfizer | Transition Services Agreement | Research and development | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, expenses from transactions with related party | 0 | 2,800,000 | 1,100,000 | 6,100,000 | ||||
ByHeart | Sublease Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of office space | ft² | 2,907 | 2,180 | ||||||
Sublease income | 100,000 | 0 | 200,000 | 0 | ||||
Two River | Consulting Agreements | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party costs | 200,000 | 300,000 | 500,000 | 700,000 | ||||
Bellco | Consulting Agreements | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party costs | $ 100,000 | $ 100,000 | $ 400,000 | $ 100,000 | ||||
Related party transaction monthly payment in arrears | $ 33,333.33 | |||||||
Bellco | Consulting Agreements | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction compensation percentage | 60.00% |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 29,878,302 | 101,810,405 |
Stock options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 9,492,134 | 6,075,819 |
Convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 0 | 61,655,922 |
Convertible notes payable | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 0 | 7,856,176 |
Restricted stock units subject to vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 1,773,155 | 0 |
Expected shares purchased under Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 162,709 | 0 |
Founder shares of common stock subject to future vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 15,144,224 | 21,201,908 |
Early exercised stock options subject to future vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share (in shares) | 3,306,080 | 5,020,580 |
Subsequent Events (Details)
Subsequent Events (Details) - Notch Therapeutics Inc. - Subsequent Event | Nov. 01, 2019USD ($) |
Subsequent Event [Line Items] | |
Collaborative arrangement, initial fee | $ 10,000,000 |
Payments to acquire interest in affiliate | $ 5,000,000 |
Ownership percentage | 25.00% |
Research Milestone | |
Subsequent Event [Line Items] | |
Collaborative arrangement, contingent consideration payable | $ 7,250,000 |
Pre-Clinical Development Milestone | |
Subsequent Event [Line Items] | |
Collaborative arrangement, contingent consideration payable | 4,000,000 |
Clinical, Regulatory, and Commercial Milestone | |
Subsequent Event [Line Items] | |
Collaborative arrangement, contingent consideration payable | $ 283,000,000 |