Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MTEM | |
Entity Registrant Name | Molecular Templates, Inc. | |
Entity Central Index Key | 0001183765 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-32979 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3409596 | |
Entity Address, Address Line One | 9301 Amberglen Blvd | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78729 | |
City Area Code | 512 | |
Local Phone Number | 869-1555 | |
Entity Common Stock, Shares Outstanding | 56,142,400 | |
Title of 12(b) Security | Common Stock, $0.001 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 43,090 | $ 25,218 |
Marketable securities, current | 154,512 | 68,667 |
Prepaid expenses | 7,212 | 6,080 |
Accounts receivable, related party | 0 | 234 |
Other current assets | 465 | 1,125 |
Total current assets | 205,279 | 101,324 |
Marketable securities, non-current | 3,072 | 0 |
Operating lease right-of-use assets | 10,138 | 11,104 |
Property and equipment, net | 21,206 | 22,254 |
Other assets | 5,066 | 5,195 |
Total assets | 244,761 | 139,877 |
Current liabilities: | ||
Accounts payable | 1,907 | 2,350 |
Accrued liabilities | 9,074 | 12,575 |
Deferred revenue, current | 30,791 | 14,014 |
Deferred revenue, current, related party | 0 | 789 |
Other current liabilities, related party | 472 | 5,614 |
Other current liabilities | 2,464 | 2,211 |
Total current liabilities | 44,708 | 37,553 |
Deferred revenue, long-term | 52,544 | 4,538 |
Deferred revenue, long-term, related party | 2,586 | 3,106 |
Long-term debt, net of current portion | 35,018 | 14,926 |
Operating lease liabilities | 10,947 | 12,213 |
Other liabilities, related party | 0 | 6,711 |
Other liabilities | 1,556 | 1,490 |
Total liabilities | 147,359 | 80,537 |
Commitments and contingencies (Note 10) | 0 | 0 |
Stockholders’ equity | ||
Preferred stock, $0.001 par value: Authorized: 2,000,000 shares at June 30, 2021 and December 31, 2020; issued and outstanding: 250 shares at June 30, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.001 par value: Authorized: 150,000,000 shares at June 30, 2021 and December 31, 2020; issued and outstanding: 56,138,404 shares at June 30, 2021 and 49,984,333 shares at December 31, 2020 | 56 | 50 |
Additional paid-in capital | 408,758 | 328,314 |
Accumulated other comprehensive income | 8 | 17 |
Accumulated deficit | (311,420) | (269,041) |
Total stockholders’ equity | 97,402 | 59,340 |
Total liabilities and stockholders’ equity | $ 244,761 | $ 139,877 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 250 | 250 |
Preferred stock, shares outstanding | 250 | 250 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 56,138,404 | 49,984,333 |
Common stock, shares outstanding | 56,138,404 | 49,984,333 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total revenue | $ 15,134 | $ 6,909 | $ 18,354 | $ 11,050 |
Operating expenses: | ||||
Research and development | 21,127 | 30,414 | 42,447 | 51,045 |
General and administrative | 8,922 | 6,412 | 17,151 | 12,059 |
Total operating expenses | 30,049 | 36,826 | 59,598 | 63,104 |
Loss from operations | 14,915 | 29,917 | 41,244 | 52,054 |
Interest and other income, net | 81 | 286 | 133 | 758 |
Interest and other expense, net | (767) | (360) | (1,268) | (708) |
Loss on extinguishment of debt | 0 | (1,237) | 0 | (1,237) |
Loss before provision for income taxes | 15,601 | 31,228 | 42,379 | 53,241 |
Provision for income taxes | 0 | 0 | 0 | 5 |
Net loss | 15,601 | 31,228 | 42,379 | 53,246 |
Net loss attributable to common shareholders | $ 15,601 | $ 31,228 | $ 42,379 | $ 53,246 |
Net loss per share attributable to common shareholders: | ||||
Basic and diluted | $ 0.28 | $ 0.68 | $ 0.78 | $ 1.17 |
Weighted average number of shares used in net loss per share calculations: | ||||
Basic and diluted | 56,096,238 | 45,725,481 | 54,340,173 | 45,687,278 |
Research And Development Revenue | Other | ||||
Total revenue | $ 2,235 | $ 2,977 | $ 5,218 | $ 4,444 |
Research And Development Revenue | Related Party | ||||
Total revenue | 12,899 | 3,063 | 13,136 | 3,396 |
Grant | ||||
Total revenue | $ 0 | $ 869 | $ 0 | $ 3,210 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ 15,601 | $ 31,228 | $ 42,379 | $ 53,246 |
Other comprehensive income: | ||||
Unrealized gain, (loss) on available-for-sale securities | 6 | (110) | (9) | 154 |
Comprehensive loss | $ 15,595 | $ 31,338 | $ 42,388 | $ 53,092 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ 103,028 | $ 0 | $ 46 | $ 267,089 | $ 18 | $ (164,125) |
Issuance of stock | 0 | 0 | 0 | |||
Issuance of common stock pursuant to stock plans | 0 | 681 | ||||
Stock-based compensation | 5,242 | |||||
Other comprehensive income | 154 | |||||
Net loss | (53,246) | (53,246) | ||||
Ending balance at Jun. 30, 2020 | 55,859 | 0 | 46 | 273,012 | 172 | (217,371) |
Beginning balance at Mar. 31, 2020 | 83,766 | 0 | 46 | 269,581 | 282 | (186,143) |
Issuance of stock | 0 | 0 | 0 | |||
Issuance of common stock pursuant to stock plans | 0 | 381 | ||||
Stock-based compensation | 3,050 | |||||
Other comprehensive income | (110) | |||||
Net loss | (31,228) | (31,228) | ||||
Ending balance at Jun. 30, 2020 | 55,859 | 0 | 46 | 273,012 | 172 | (217,371) |
Beginning balance at Dec. 31, 2020 | 59,340 | 0 | 50 | 328,314 | 17 | (269,041) |
Issuance of stock | 0 | 6 | 71,139 | |||
Issuance of common stock pursuant to stock plans | 0 | 726 | ||||
Stock-based compensation | 8,579 | |||||
Other comprehensive income | (9) | |||||
Net loss | (42,379) | (42,379) | ||||
Ending balance at Jun. 30, 2021 | 97,402 | 0 | 56 | 408,758 | 8 | (311,420) |
Beginning balance at Mar. 31, 2021 | 108,355 | 0 | 56 | 404,116 | 2 | (295,819) |
Issuance of stock | 0 | 0 | 0 | |||
Issuance of common stock pursuant to stock plans | 0 | 129 | ||||
Stock-based compensation | 4,513 | |||||
Other comprehensive income | 6 | |||||
Net loss | (15,601) | (15,601) | ||||
Ending balance at Jun. 30, 2021 | $ 97,402 | $ 0 | $ 56 | $ 408,758 | $ 8 | $ (311,420) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ 42,379 | $ 53,246 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, amortization and other | 3,135 | 1,318 |
Stock-based compensation expense | 8,579 | 5,242 |
Interest accrued on long-term debt | 137 | 0 |
Amortization of debt discount and accretion related to debt | 264 | 243 |
Accretion of asset retirement obligations | 66 | 62 |
Loss on extinguishment of debt | 0 | 1,237 |
Loss on disposal of property and equipment | 42 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (1,132) | (1,029) |
Accounts receivable, related party | 234 | (2,759) |
Grants revenue receivable | 0 | 1,200 |
Other assets | 763 | 364 |
Operating lease right-of-use assets and liabilities | (46) | (122) |
Accounts payable | (498) | 149 |
Accrued liabilities | (3,902) | (514) |
Other liabilities, related party | (11,853) | 11,979 |
Deferred revenue | 64,783 | (4,443) |
Deferred revenue, related party | (1,309) | (2,154) |
Net cash provided by/(used in) operating activities | 16,884 | (42,473) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,790) | (3,429) |
Purchase of marketable securities | (144,620) | (60,171) |
Sales of marketable securities | 55,700 | 38,323 |
Net cash used in investing activities | (90,710) | (25,277) |
Cash flows from financing activities: | ||
Payments of capital and finance lease obligations | (1) | (13) |
Proceeds from issuance of long-term debt and warrants, net | 19,828 | 14,677 |
Repayment of long-term debt | 0 | (5,176) |
Proceeds from stock option exercises | 726 | 681 |
Proceeds from issuance of common stock and warrants, net offering expenses | 71,145 | 0 |
Net cash provided by financing activities | 91,698 | 10,169 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 17,872 | (57,581) |
Cash, cash equivalents and restricted cash, beginning of period | 28,886 | 88,451 |
Cash, cash equivalents and restricted cash, end of period | 46,758 | 30,870 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 43,090 | 27,645 |
Restricted cash included in other assets | $ 3,668 | $ 3,225 |
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Cash, cash equivalents and restricted cash, end of period | $ 46,758 | $ 30,870 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 725 | 248 |
Non-Cash Investing and Financing Activities | ||
Fixed asset additions in accounts payable and accrued expenses | $ 319 | $ 145 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of the Business Molecular Templates, Inc. (the “Company”) is a clinical stage biopharmaceutical company formed in 2001, with a biologic therapeutic platform for the development of novel targeted therapeutics for cancer and other serious diseases, headquartered in Austin, Texas. The Company’s focus is on the research and development of therapeutic compounds for a variety of cancers. The Company operates its business as a single segment, as defined by U.S. generally accepted accounting principles (“U.S. GAAP”). In March 2020, the outbreak of COVID-19 caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization. While the COVID-19 pandemic has not had a material adverse impact on the Company’s operations to date, the full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition will depend on future developments that are highly uncertain. Additionally, the duration of the pandemic (including any resurgences), impact of the new COVID-19 variants, the rollout of COVID-19 vaccines, new information that may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others, could have an adverse impact on the Company. Refer to Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for a complete description of risks. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiary and reflect the elimination of intercompany accounts and transactions. The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the recorded amounts reported therein. A change in facts or circumstances surrounding the estimates could result in a change to estimates and impact future operating results. Certain accounts in the prior financial statements have been reclassified for comparative purposes to conform to the presentation in the current financial statements. These reclassifications have no material effect on previously reported financials. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the interim unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2021. Liquidity At June 30, 2021, we had cash, cash equivalents, and marketable securities of $200.7 million. We have devoted substantially all of our resources to developing our ETB candidates and platform technology, building our intellectual property portfolio, developing our supply chain, conducting business planning, raising capital and providing for general and administrative support for these operations. We expect that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2023. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2021, as compared to the significant accounting policies disclosed in Note 1, “Summary of Significant Accounting Policies”, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Cash and Cash Equivalents The Company considers temporary investments having original maturities of three months or less from date of purchase to be cash equivalents. Restricted cash is recorded in other assets, based on when the restrictions expire. Other assets include $3.7 million of restricted cash at June 30, 2021 related to letters of credit in lieu of a cash deposit for the Company’s leases . Fair Value Measurement The Company accounts for its marketable securities in accordance with ASC 820 “Fair Value Measurements and Disclosures.” Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For Level 2 securities that have market prices from multiples sources, a “consensus price” or a weighted average price for each of these securities can be derived from a distribution-curve-based algorithm which includes market prices obtained from a variety of industrial standard data providers (e.g. Bloomberg), security master files from large financial institutions, and other third-party sources. Level 2 securities with short maturities and infrequent secondary market trades are typically priced using mathematical calculations adjusted for observable inputs when available. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash and cash equivalents, investments, long term debt and accounts receivable. The Company’s cash and cash equivalents are with two major financial institutions in the United States. The Company performs an ongoing credit evaluation of its strategic partners’ financial conditions and generally does not require collateral to secure accounts receivable from its strategic partners. The Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”), Vertex Pharmaceuticals Incorporated (“Vertex”) and Bristol Myers Squibb Company (“Bristol Myers Squibb” or “BMS”) Drug or biologic candidates developed by the Company may require approvals or clearances from the U.S. Food and Drug Administration (“FDA”) or international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s drug or biologic candidates will receive any of the required approvals or clearances. If the Company were to be denied approval or clearance or any such approval or clearance were to be delayed, it would have a material adverse impact on the Company. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740: Simplifying the Accounting for Income Taxes), which removes certain exceptions to the general principles in Topic 740 ASU 2019-12. This guidance was effective for the Company beginning January 1, 2021. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (Subtopic 470-20: Debt with Conversion and Other Options and Subtopic 815-40: Derivatives and Hedging - Contracts in Entity’s Own Equity). The new guidance simplifies accounting for convertible instruments by removing major separation models, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. The amendment is effective for the Company for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. |
Net Loss Per Common Share
Net Loss Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | NOTE 2 — NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period utilizing the two-class method. Preferred Stock Shareholders participate equally with Common Stock Shareholders in earnings, but do not participate in losses, and are excluded from the basic net loss calculation. Diluted net loss per share is computed by giving effect to all potential dilutive common shares, including outstanding options, warrants and convertible preferred stock. More specifically, at June 30, 2021 and June 30, 2020, stock options, warrants and, if converted, preferred stock totaling approximately 11,968,000 and 10,024,000 common shares, respectively, were excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive. |
Research and Development Agreem
Research and Development Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Research And Development [Abstract] | |
Research and Development Agreements | NOTE 3 — RESEARCH AND DEVELOPMENT AGREEMENTS Disaggregated Research and Development Revenue Research and development revenue is attributable to regions based on the location of each of our collaboration partner's parent company headquarters. Research and development revenues disaggregated by location were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Japan $ 12,899 $ 3,063 $ 13,136 $ 3,396 United States 2,235 2,977 5,218 4,444 Total research and development revenue $ 15,134 $ 6,040 $ 18,354 $ 7,840 Related Party Collaboration Agreement - Takeda Research and development revenue from related party relates to revenue from research and development agreements with Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”) and were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Takeda Development and License Agreement 12,899 3,028 $ 13,114 $ 3,176 Takeda Multi-Target Agreement — 35 22 220 Total research and development revenue, related party $ 12,899 $ 3,063 $ 13,136 $ 3,396 At June 30, 2021 December 31, 2020 Assets Accounts receivable $ — $ 234 Liabilities Other current liabilities $ 472 $ 5,614 Deferred revenue, current — 789 Deferred revenue, non-current 2,586 3,106 Other liabilities — 6,711 Total liabilities $ 3,058 $ 16,220 Takeda Development and License Agreement On September 18, 2018, the Company entered into a Development Collaboration and Exclusive License Agreement with Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), for the development and commercialization of products incorporating or comprised of one or more CD38 SLT-A fusion proteins (“Licensed Products”) for the treatment of patients with diseases such as multiple myeloma (the “Takeda Development and License Agreement”). On April 1, 2021, the Company received notice from Takeda that Takeda had decided to terminate the Takeda Development and License Agreement. The termination of the Takeda Development and License Agreement was to be 90 days following the notice of termination. Following receipt of the termination notice from Takeda, the Company notified Takeda of its intent to assume full rights to TAK-169, including clinical development, pursuant to the termination provisions of the Takeda Development and License Agreement. Upon transfer of the full TAK-169 rights to the Company, per the terms of the Takeda Development and License Agreement, the Company will owe Takeda low-single digit royalties on future net sales of TAK-169. Upon entering into the Takeda Development and License Agreement, the Company identified one performance obligation at its inception, the research and development services for the CD38-targeted SLT-A fusion protein, including manufacturing. The Company determined that research, development and commercialization license and the participation in the committee meetings are not distinct from the research and development services and therefore those promised services were combined into one combined performance obligation. The total transaction price of $29.8 million consisted of (1) the $30.0 million upfront payment, (2) a $10.0 million development milestone payment that was received in the first quarter of 2020, (3) minus $10.2 million which was the expected co-share payment payable to Takeda during Early-Stage Development, as defined in the Takeda Development and License Agreement. The expected co-share payment was considered variable consideration, and the Company applied a constraint using the expected value method. Significant judgement was involved in determining transaction consideration, including the determination of the variable consideration, including the constraint on consideration. With the termination of the agreement, the Company’s performance obligations under the Takeda Development and License Agreement were completed in the second quarter of 2021 and the remaining unrecognized transaction price of $12.9 million was recognized as research and development revenue. The Company recognized revenue using a cost-based input measure. In applying the cost-based input method of revenue recognition, the Company used actual costs incurred relative to budgeted costs expected to be incurred for the combined performance obligation. These costs consist primarily of internal employee efforts and third-party contract costs. Revenue was recognized based on actual costs incurred as a percentage of total budgeted costs as the Company completes its performance obligation over the estimated service period. In July 2019, the Company exercised its co-development option and the agreed upon collaboration budget was increased to cover additional research and development activities . At June 30, 2021 and December 31, 2020, total deferred revenue related to the performance obligation was $0.0 million and $1.3 million, respectively. Takeda Multi-Target Agreement In June 2017, the Company entered into a Multi-Target Collaboration and License Agreement with Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda (the “Takeda Multi-Target Agreement”), in which the Company agreed to collaborate with Takeda to identify and generate ETBs, against two targets designated by Takeda. Takeda designated certain targets of interest as the focus of the research. Each party granted to the other nonexclusive rights in its intellectual property for purposes of the conduct of the research, and the Company agreed to work exclusively with Takeda with respect to the designated targets. Under the Takeda Multi-Target Agreement, Takeda has an option during an option period to obtain an exclusive license under the Company’s intellectual property to develop, manufacture, commercialize and otherwise exploit ETBs against the designated targets. The option period for each target ends three months after the completion of the evaluation of such designated target. The Company received cumulative payments of $5.0 million from Takeda pursuant to the Takeda Multi-Target Agreement. The Company may receive additional payments from the following: • $30.0 million in aggregate through the exercise of the option to license ETBs. • Clinical development milestone payments of up to approximately $397.0 million, for achievement of development milestones and regulatory approval of collaboration products under the Takeda Multi-Target Agreement. • C ommercial milestone payments of up to $150.0 million, for achievement of pre-specified sales milestones related to net sales of all collaboration products under the Takeda Multi-Target Agreement. • Tiered royalty payments of a mid-single to low-double digit percentage of net sales of any licensed ETBs, subject to certain reductions. • Up to $10.0 million in certain contingency fees. The Takeda Multi-Target Agreement will expire on the expiration of all option periods (three months after the completion of the evaluation of materials for the designated targets) for the designated targets if Takeda does not exercise its options, or, following exercise of any option, on the expiration of the last Royalty Term (the latest of the expiration of patent rights claiming the licensed ETB, expiration of regulatory exclusivity for the licensed ETB or ten years from first commercial sale of the licensed ETB). The Takeda Multi-Target Agreement may be terminated sooner by Takeda for convenience or upon a material change of control of the Company, or by either party for an uncured material breach of the agreement. Under the Takeda Multi-Target Agreement, both parties have the right to terminate the agreement immediately upon written notice, under certain defined circumstances. The Company evaluated the Takeda Multi-Target Agreement’s termination clause and concluded that it was a non-substantive termination provision. As such, the Company believes that an initial contract term is the length of the termination notice period, with a deemed renewal option to continue the research and development services over the remainder of the contract term as a material right. The Company determined that the promised goods and services under the Takeda Multi-Target Agreement were the background intellectual property license, the research and development services, manufacturing during the initial contract period, and a renewal option to continue the research and development services. The Company determined that there were two performance obligations: research and development services, and the renewal options. Since the background intellectual property and manufacturing were not distinct from the research and development services, they were deemed to be one performance obligation. Transaction consideration was allocated to each of the performance obligations using an estimate of the standalone selling price, and revenues are recognized over the period that the research and development services occur. The Company also concluded that, since the option for the exclusive license is deemed to be at fair value, the option does not provide the customer with a material right and should be accounted for if and when the option is exercised. At June 30, 2021 and December 31, 2020, deferred revenue related to the performance obligation was $2.6 million and $2.6 million, respectively. Vertex Collaboration Agreement In November 2019, the Company entered into a Master Collaboration Agreement (the “Vertex Collaboration Agreement”) with Vertex Pharmaceuticals Incorporated (“Vertex”), to perform strategic research leveraging the Company’s engineered toxin body (“ETB”) technology platform to discover and develop novel targeted biologic therapies for applications outside of oncology. Pursuant to the terms of the Vertex Collaboration Agreement, the Company granted Vertex an exclusive option to obtain an exclusive license under the Company’s licensed technology to exploit one or more ETB products that are discovered by the Company against up to two designated targets. Vertex has selected an initial target and has the option to designate one additional target within specified time limits. Vertex paid the Company an upfront payment of $38.0 million, consisting of $23.0 million in cash and a $15.0 million equity investment pursuant to a Share Purchase Agreement (the “SPA”). In addition to the upfront payments, the Company may also receive an additional $22.0 million through the exercise of the options to license ETB products or to add an additional target. Additionally, Vertex will reimburse the Company for certain mutually agreed manufacturing technology transfer activities. The Company had $12.8 million of deferred revenue, current, and $3.3 million of deferred revenue, non-current, at June 30, 2021 related to the Vertex Collaboration Agreement. The Company had $13.9 million of deferred revenue, current, and $4.5 million of deferred revenue, non-current, at December 31, 2020 related to the Vertex Collaboration Agreement. The Company may, for each target under the Vertex Collaboration Agreement, receive up to an additional $180.0 million in milestone payments upon the achievement of certain development and regulatory milestone events and up to an additional $70.0 million in milestone payments upon the achievement of certain sales milestone events. The Company will also be entitled to receive, subject to certain reductions, tiered mid-single digit royalties as percentages of calendar year net sales, if any, on any licensed product. The Company will be responsible for conducting the research activities through the designation, if any, of one or more development candidates. Upon the exercise by Vertex of its option for a development candidate, Vertex will be responsible for all development, manufacturing, regulatory and commercialization activities with respect to that development candidate. Unless earlier terminated, the Vertex Collaboration Agreement will expire (i) on a country-by-country basis and licensed product-by-licensed product basis on the date of expiration of all payment obligations under the Vertex Collaboration Agreement with respect to such licensed product in such country and (ii) in its entirety upon the expiration of all payment obligations thereunder with respect to all licensed products in all countries or upon Vertex’s decision not to exercise any option on or prior to the applicable deadlines. Vertex has the right to terminate the Vertex Collaboration Agreement for convenience upon prior written notice to the Company. Either party has the right to terminate the Vertex Collaboration Agreement (a) for the insolvency of the other party or (b) subject to specified cure periods, in the event of the other party’s uncured material breach. The Company identified one performance obligation at the inception of the Vertex Collaboration Agreement consisting of research and development services. The Company recognizes revenue under the Vertex Collaboration Agreement using a cost-based input measure. In applying the cost-based input method of revenue recognition, the Company will use actual costs incurred relative to budgeted costs expected to be incurred. These costs consist primarily of internal employee efforts and third-party contract costs. Revenue is recognized based on actual costs incurred as a percentage of total budgeted costs as the Company completes its performance obligation over the estimated service period. In connection with the Vertex Collaboration Agreement, the Company and Vertex entered into a SPA pursuant to which Vertex agreed to purchase 1,666,666 shares of the Company’s common stock, par value $0.001 per share, at a price per share of $9.00. As the price per share was in excess of the fair value of the Company’s common stock, the Company allocated $4.5 million of this consideration to the Vertex Collaboration Agreement. The issuance of these shares was pursuant to a private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D thereunder. In addition to the SPA, the Vertex Collaboration Agreement contemplates that the Company may enter into certain other ancillary arrangements with Vertex. Bristol Myers Squibb Collaboration Agreement In February 2021, the Company, entered into a Collaboration Agreement (the “BMS Collaboration Agreement”) with Bristol Myers Squibb Company (“Bristol Myers Squibb”) to perform strategic research collaboration leveraging the Company’s ETB technology platform to discover and develop novel products containing ETBs directed to multiple targets. Pursuant to the terms of the BMS Collaboration Agreement, the Company granted Bristol Myers Squibb a series of exclusive options to obtain one or more exclusive licenses under the Company’s intellectual property to exploit products containing ETBs directed against certain targets designated by Bristol Myers Squibb. Bristol Myers Squibb paid the Company an upfront payment of $70.0 million. In addition to the upfront payment, the Company may receive near term and development and regulatory milestone payments of up to $874.5 million. The Company will also be eligible to receive up to an additional $450.0 million in payments upon the achievement of certain sales milestones, and subject to certain reductions, tiered royalties ranging from mid-single digits up to mid-teens as percentages of calendar year net sales, if any, on any licensed product. The Company had $17.8 million of deferred revenue, current and $49.2 million of deferred revenue, non-current, at June 30, 2021 related to the BMS Collaboration Agreement. The Company will be responsible for conducting the research activities through the designation, if any, of one or more development candidates. Upon the exercise of its option for a development candidate, Bristol Myers Squibb will be responsible for all development, manufacturing, regulatory and commercialization activities with respect to that development candidate. Unless earlier terminated, the BMS Collaboration Agreement will expire (i) on a country-by-country basis and licensed product-by-licensed product basis, on the date of expiration of the royalty payment obligations under the BMS Collaboration Agreement with respect to such licensed product in such country and (ii) in its entirety upon the earlier of (a) the expiration of the royalty payment obligations under the BMS Collaboration Agreement with respect to all licensed products in all countries or (b) upon Bristol Myers Squibb’s decision not to exercise any option on or prior to the applicable option deadlines. Bristol Myers Squibb has the right to terminate the BMS Collaboration Agreement for convenience upon prior written notice to the Company. Either party has the right to terminate the BMS Collaboration Agreement (a) for the insolvency of the other party or (b) subject to specified cure periods, in the event of the other party’s uncured material breach. The Company has the right upon prior written notice to terminate the BMS Collaboration Agreement in the event that Bristol Myers Squibb or any of its affiliates asserts a challenge against the Company’s patents. The Company identified multiple performance obligations at the inception of the BMS Collaboration Agreement consisting of research and development services and additional material rights related to options on future developmental targets. The transaction price of $70.0 million was allocated to the performance obligations based upon their relative stand-alone selling price. Once the option for a target is exercised, the consideration allocated to the material right will be recognized over time as the underlying research and development services are performed. The Company recognizes revenue for research and development services under the BMS Collaboration Agreement using a cost-based input measure. In applying the cost-based input method of revenue recognition, the Company will use actual costs incurred relative to budgeted costs expected to be incurred. These costs consist primarily of internal employee efforts and third-party contract costs. Revenue is recognized based on actual costs incurred as a percentage of total budgeted costs as the Company completes its performance obligation over the estimated service period. Grant Agreements I n September 2018, the Company entered into a Cancer Research Agreement (the “CD38 CPRIT Agreement”) with the Cancer Prevention and Research Institute of Texas (“ was extended in May 2021, under which CPRIT awarded a to fund research of a cancer therapy involving a CD38 targeting ETB Pursuant to the CD38 CPRIT Agreement, the Company may also use such funds to develop a replacement CD38 targeting ETB, with or without a partner. In 2011, the Company entered into a Cancer Research Agreement (the “CPRIT Agreement”) with CPRIT under which CPRIT awarded a $10.6 million product development grant for the CD20-targeting ETB MT-3724. This product development grant ended in November 2019. At June 30, 2021 the Company had received $20.0 million and has a remaining receivable of $0.0. During the six months ended June 30, 2021 and six months ended June 30, 2020, the Company recognized $0.0 and $3.2 million, respectively, in grant revenue under these awards. Qualified expenditures submitted for reimbursement in excess of amounts received are recorded as receivables in grant revenue receivable. At June 30, 2021 , the Company had $0.0 recorded in grant revenue receivable. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 — RELATED PARTY TRANSACTIONS Takeda Agreements In connection with the Takeda Multi-Target Agreement described in Note 3 “Research and Development Collaboration Agreements”, Takeda became a related party, following the Takeda Stock Purchase Agreement described in Note 11 “Stockholders’ Equity”, of the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 19, 2021. Refer to Note 3, “Research and Development Collaboration Agreements”, for more details about the Takeda Multi-Target Agreement and the Takeda Development and License Agreement. Jonathan Lanfear, a director of the Company, was the Vice President and Global Head of Oncology and Neuroscience Business Development for Takeda until September 25, 2020. |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities and Fair Value Measurements | NOTE 5 —MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis (in thousands): Basis of Fair Value Measurements June 30, 2021 Level 1 Level 2 Level 3 Money market funds $ 41,997 $ 41,997 $ — $ — Commercial paper 144,286 — 144,286 — United States Treasury Bills 5,503 — 5,503 — United States government-related debt securities 2,000 — 2,000 — Corporate Bonds 5,795 — 5,795 — Total $ 199,581 $ 41,997 $ 157,584 $ — Amounts included in: Cash and cash equivalents $ 41,997 Marketable securities, current 154,512 Marketable securities, non, current 3,072 Total cash equivalents and marketable securities $ 199,581 Basis of Fair Value Measurements December 31, 2020 Level 1 Level 2 Level 3 Money market funds $ 23,794 $ 23,794 $ — $ — Commercial paper 42,863 — 42,863 — United States Treasury Bills 21,794 — 21,794 — United States government-related debt securities 4,009 — 4,009 — Total $ 92,460 $ 23,794 $ 68,666 $ — Amounts included in: Cash and cash equivalents $ 23,793 Marketable securities, current 68,667 Total cash equivalents and marketable securities $ 92,460 The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities for-sale securities (in thousands): June 30, 2021 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 41,997 $ — $ — $ 41,997 Marketable securities, current - commercial paper, Treasury bills and corporate bonds 154,503 10 (1 ) 154,512 Marketable securities, non-current - Treasury bills $ 3,073 $ — $ (1 ) $ 3,072 December 31, 2020 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 23,793 $ — $ — $ 23,793 Marketable securities, current - commercial paper, Treasury bills and corporate bonds $ 68,650 $ 19 $ (2 ) $ 68,667 The following summarized the contractual maturities of the Company’s available-for-sale investments (in thousands): June 30, 2021 Cost Basis Fair Value Due in one year or less $ 196,500 $ 196,509 Due after one year through five years 3,073 3,072 Total $ 199,573 $ 199,581 December 31, 2020 Cost Basis Fair Value Due in one year or less $ 92,443 $ 92,460 Due after one year through five years — — Total $ 92,443 $ 92,460 The Company received no proceeds from the sale of available-for-sale securities for the six months ended June 30, 2021 and June 30, 2020, respectively, and no realized gain for the six months ended June 30, 2021 and June 30, 2020. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | NOTE 6 — BALANCE SHEET COMPONENTS Accrued liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued liabilities: General and administrative $ 1,207 $ 1,577 Clinical trial related costs 1,357 1,743 Non-clinical research and manufacturing operations 2,369 4,321 Payroll related 4,108 4,908 Other accrued expenses 33 26 Total Accrued liabilities $ 9,074 $ 12,575 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | NOTE 7—PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): June 30, December 31, 2021 2020 Laboratory equipment $ 17,491 $ 16,159 Leasehold improvements 13,041 12,391 Furniture and fixtures 471 474 Computer and equipment 666 615 31,669 29,639 Less: Accumulated depreciation (10,463 ) (7,385 ) Total property and equipment, net $ 21,206 $ 22,254 Depreciation expense was $1.6 and $0.8 million for the three months ended June 30, 2021 and 2020 respectively and $3.1 million and $1.5 million for the six months ended June 30, 2021 and June 30, 2020. In connection with the continued expansion of the Company’s facilities, at June 30, 2021 and December 31, 2020, the Company had net Asset Retirement Obligation ( |
Borrowing Arrangements
Borrowing Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | NOTE 8 — BORROWING ARRANGEMENTS Perceptive Credit Facility On February 27, 2018, the Company entered into a term loan facility with Perceptive Credit Holdings II, LP (“Perceptive”) in the amount of $10.0 million (the “Perceptive Credit Facility”). The Perceptive Credit Facility consisted of a $5.0 million term loan, which was drawn on the effective date of the Perceptive Credit Facility, and an additional $5.0 million term loan which the Company did not draw down. The principal on the facility accrued interest at an annual rate equal to a three-month LIBOR plus the Applicable Margin. The Applicable Margin was 11.00%. Upon the occurrence, and during the continuance, of an event of default, the Applicable Margin, defined above, would be increased by 4.00% per annum. Payments for the first 24 months were interest only and were paid quarterly. After the second anniversary of the closing date of the Perceptive Credit Facility, principal payments of $0.2 million were due each calendar quarter. The Company incurred $0.5 million in deferred finance costs and issued the debt net of a $1.5 million discount, in connection with the credit facility . The Company repaid the Perceptive Credit Facility on May 21, 2020, from the proceeds of the K2 Loan and Security Agreement discussed below. Upon the termination of the Perceptive Credit Facility, the Company paid $4.9 million in principal and interest and $0.1 million in exit fees and prepayment penalties. The Company recognized a total loss on extinguishment of debt in the amount of $1.2 million related to the Perceptive Credit Facility. In connection with the Perceptive Credit Facility, on February 27, 2018, the Company issued Perceptive a warrant to purchase 190,000 shares of the Company’s common stock. The warrant is exercisable for a period of seven years from the date of issuance at an exercise prices per share of $9.5972, subject to certain adjustments as specified in the Warrant. For further discussion of the warrant, see Note 11, “Stockholders’ Equity” to our audited consolidated financial statements for the year ended December 31, 2020, included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 19, 2021. The fair value of the warrant of $1.5 million was recorded as a debt discount at issuance and was included in the loss on extinguishment. K2 Health Ventures Loan and Security Agreement On May 21, 2020, the Company entered into a Loan and Security Agreement with K2 HealthVentures LLC in the amount of $45.0 million (“K2 Loan and Security Agreement”). The K2 Loan and Security Agreement is drawable in three tranches subject to the satisfaction of the terms and conditions therein. The first tranche of $15.0 million was drawn at the initial closing. The second tranche of $20.0 million was drawn on May 14, 2021, at the Company’s option and was subject to the achievement of certain clinical milestones, which the Company had achieved. The third tranche of $10.0 million will become available subject to lender consent and certain additional conditions prior to December 31, 2021. Pursuant to the terms of the K2 Loan and Security Agreement, the principal accrues interest at an annual rate equal to the greater of 8.45% or the sum of the Prime Rate plus 5.2%. The interest rate at June 30, 2021 was 8.45%. Monthly payments commenced on July 1, 2020 and payments will be interest only until July 1, 2023. Thereafter, the loan shall amortize monthly such that the principal amount of the loan and interest accrued thereon shall be fully amortized by the loan’s maturity date of June 1, 2024. The K2 Loan and Security Agreement includes both financial and non-financial c ovenants including a minimum cash balance requirement . The Company was in compliance with the debt covenants at June 30, 2021 and expects to be compliant with the debt covenants for the next twelve months. The Company recorded the debt net of $ 2.5 million comprised of deferred financing costs, debt discount and associated exit fee which are being accreted to interest expense over the term of the K2 Loan and Security Agreement using the effective interest method. Additionally, the Company incurred $ 0.2 million in facilities fee related to the second tranche which was previously classified as a prepaid asset. As of June 30, 2021 and December 31, 2020, the Perceptive Credit Facility principal balance was $0.0 As of June 30, 2021 and December 31, 2020, the K2 Loan principal balance was $35.0 million and $15.0 million, respectively. As of June 30, 2021 and December 31, 2020, the carrying value of long-term debt was $35.0 million and $14.9 million, respectively. Future required principal and final payments on the K2 Loan were as follows at June 30, 2021 ($ in thousands): 2021 (remaining) $ 0 2022 0 2023 17,111 2024 17,889 Total Principal Amounts 35,000 Final Fee Due at Maturity 2,085 Unamortized discount, deferred costs and final fee (2,067 ) Total Long-Term Debt, net $ 35,018 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | NOTE 9 – LEASES The Company has operating leases for administrative offices and research and development facilities, and certain finance leases for equipment. The operating leases have remaining terms of less than two years to seven years. Leases with an initial term of 12 months or less will not be recorded on the condensed consolidated balance sheets as operating leases or finance leases, and the Company will recognize lease expense for these leases on a straight-line basis over the lease term. Certain leases include options to renew, with renewal terms that can extend the lease term for five years. The exercise of lease renewal options for the Company’s existing leases is at the Company’s sole discretion and not included in the measurement of lease liability and ROU asset as they are not reasonably certain to be exercised. Certain finance leases also include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases do not contain any residual value guarantees or material restrictive covenants. In June 2020, the Company entered into a lease agreement for office space in New York, New York. The space consists of an initial 9,289 square feet and an additional 3,000 square feet of expansion space. The lease for the initial space commenced on August 1, 2020 and the possession of the expansion space commenced in December 2020. The term for both spaces will expire on October 30, 2025 and does not contain an option to renew . In connection with entering into the lease and in lieu of a cash deposit, the Company obtained a letter of credit in the amount of $0.2 million. The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Operating leases Operating lease expense $ 726 $ 1,452 Variable lease expense 122 248 Total operating lease expense $ 848 $ 1,700 The following table summarizes the balance sheet classification of leases at June 30, 2021 (in thousands): Operating leases Operating lease right-of-use assets $ 10,138 Operating lease liabilities, current 1 $ 2,464 Operating lease liabilities, non-current 10,947 Total operating lease liabilities $ 13,411 1. Included in other current liabilities. The following table presents other information on leases as of June 30, 2021 and December 31, 2020: 2021 2020 Weighted average remaining lease term, operating leases 5.7 years 6.1 years Weighted average remaining lease term, finance leases 0.0 years 0.1 years Weighted average discount rate, operating leases 7.04 % 7.04 % Weighted average discount rate, finance leases 0.00 % 0.00 % Maturities of lease liabilities were as follows as of June 30, 2021 (in thousands): Operating Leases 2021 (remaining) $ 1,643 2022 3,361 2023 2,689 2024 2,218 2025 2,147 Thereafter 4,246 Total lease payments 16,304 Less: Imputed interest (2,893 ) Total lease liabilities $ 13,411 Supplemental cash flow information related to the Company’s leases were as follows (in thousands): Six Months Ended June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows operating leases $ 1,543 Financing cash flows finance leases $ 1 |
Contractual Commitments
Contractual Commitments | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual Commitments | NOTE 10 — CONTRACTUAL COMMITMENTS The Company has entered into project work orders for each of its clinical trials with clinical research organizations ( each being a “CRO”) and related laboratory vendors. Under the terms of these agreements, the Company is required to pay certain upfront fees for direct services costs. Based on the particular agreement some of the fees may be for services yet to be rendered and are reflected as a current prepaid asset and have an unamortized balance of approximately $1.6 million at June 30, 2021 . In connection with the Company’s clinical trials, it has entered into separate project work orders for each trial with its CRO. The Company has entered into agreements with CROs and other external service providers for services, primarily in connection with the clinical trials and development of the Company’s drug or biologic candidates. The Company was contractually obligated for up to approximately $23.0 million of future services under these agreements at June 30, 2021 , for which amounts have not been accrued as services have not been performed. The Company’s actual contractual obligations will vary depending upon several factors, including the progress and results of the underlying services. The Company has entered into estimated purchase obligations which in total range from $9.9 million to $10.7 million and include signed orders for capital equipment. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | NOTE 11 — STOCK-BASED COMPENSATION Stock-based compensation expense, which consists of the compensation cost for employee stock options and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,161 $ 1,703 $ 4,414 $ 2,849 General and administrative 2,352 1,347 4,165 2,393 Total stock-based compensation $ 4,513 $ 3,050 $ 8,579 $ 5,242 At June 30, 2021, the total unrecognized compensation cost related to unvested stock-based awards granted to employees under the Company’s equity incentive plans was approximately $45.6 million. This cost will be recorded as compensation expense on a ratable basis over the remaining weighted average requisite service period of approximately 2.78 years. Valuation Assumptions The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Employee Stock Options: Risk-free interest rate 1.28 % 0.55 % 0.88 % 1.58 % Expected term (in years) 6.08 6.08 6.08 6.08 Dividend yield — — — — Volatility 113.92 % 111.61 % 113.14 % 110.67 % Weighted-average fair value of stock options granted $ 7.59 $ 12.41 $ 11.50 $ 12.19 Equity Incentive Plans These plans consist of the 2018 Equity Incentive Plan, the 2014 Equity Incentive Plan, as amended; the 2004 Amended and Restated Equity Incentive Plan; and the Amended and Restated 2004 Employee Stock Purchase Plan. As of May 31, 2018, the 2014 Equity Incentive Plan; and the 2004 Amended and Restated Equity Incentive Plan were terminated, and no further shares will be granted from those plans. The following table summarizes stock option activity under the Company’s equity incentive plans: Outstanding Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in millions): Balances, December 31, 2019 4,763,062 $ 6.36 8.10 $ 36.63 Granted 2,453,506 $ 14.06 Exercised (261,260 ) $ 3.99 Cancelled (257,381 ) $ 9.99 Balances, December 31, 2020 6,697,927 $ 9.13 7.76 $ 13.79 Granted 2,354,118 $ 13.67 Exercised (154,071 ) $ 4.70 Cancelled (324,221 ) $ 12.21 Balances, June 30, 2021 8,573,753 $ 10.34 7.00 $ 7.87 Vested and expected to vest, June 30, 2021 8,573,753 $ 10.34 7.00 $ 7.87 Exercisable at June 30, 2021 3,873,374 $ 8.24 5.98 $ 5.82 The total intrinsic value of stock options exercised during the six months ended June 30, 2021 and 2020, was $1.0 million and $2.0 million, respectively, as determined at the date of the option exercise. Cash received from stock option exercises was $0.7 million and $0.7 million for the six months ended June 30, 2021 and 2020, respectively. The Company issues new shares of common stock upon exercise of options. In connection with these exercises, there was no tax benefit realized by the Company due to the Company’s current loss position. |
In-Process Research and Develop
In-Process Research and Development | 6 Months Ended |
Jun. 30, 2021 | |
Research And Development [Abstract] | |
In-Process Research and Development | NOTE 12 – IN-PROCESS RESEARCH AND DEVELOPMENT In December 2020, the Company completed the sale of Evofosfamide which was previously classified as In-process research and development - held for sale. In connection with sale, the Company recorded a loss on assets held for sale of $2.0 million which was the difference between the carrying value and the consideration received. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13 – SUBSEQUENT EVENTS In August 2021, the Company assumed full rights to TAK-169, including full control of TAK-169 clinical development, per the terms of the terminated Takeda Development and License Agreement, with its former TAK-169 co-development partner, Takeda. Following the transfer of the full TAK-169 rights to the Company, the Company will owe low-single digit royalties on future net sales of TAK-169 to Takeda as well as to certain third-party licensors. The Company will also owe certain third-party licensors potential aggregate clinical milestone payments of up to $22.25 million. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiary and reflect the elimination of intercompany accounts and transactions. The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the recorded amounts reported therein. A change in facts or circumstances surrounding the estimates could result in a change to estimates and impact future operating results. Certain accounts in the prior financial statements have been reclassified for comparative purposes to conform to the presentation in the current financial statements. These reclassifications have no material effect on previously reported financials. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the interim unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2021. |
Liquidity | Liquidity At June 30, 2021, we had cash, cash equivalents, and marketable securities of $200.7 million. We have devoted substantially all of our resources to developing our ETB candidates and platform technology, building our intellectual property portfolio, developing our supply chain, conducting business planning, raising capital and providing for general and administrative support for these operations. We expect that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2023. |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2021, as compared to the significant accounting policies disclosed in Note 1, “Summary of Significant Accounting Policies”, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers temporary investments having original maturities of three months or less from date of purchase to be cash equivalents. Restricted cash is recorded in other assets, based on when the restrictions expire. Other assets include $3.7 million of restricted cash at June 30, 2021 related to letters of credit in lieu of a cash deposit for the Company’s leases . |
Fair Value Measurement | Fair Value Measurement The Company accounts for its marketable securities in accordance with ASC 820 “Fair Value Measurements and Disclosures.” Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For Level 2 securities that have market prices from multiples sources, a “consensus price” or a weighted average price for each of these securities can be derived from a distribution-curve-based algorithm which includes market prices obtained from a variety of industrial standard data providers (e.g. Bloomberg), security master files from large financial institutions, and other third-party sources. Level 2 securities with short maturities and infrequent secondary market trades are typically priced using mathematical calculations adjusted for observable inputs when available. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash and cash equivalents, investments, long term debt and accounts receivable. The Company’s cash and cash equivalents are with two major financial institutions in the United States. The Company performs an ongoing credit evaluation of its strategic partners’ financial conditions and generally does not require collateral to secure accounts receivable from its strategic partners. The Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”), Vertex Pharmaceuticals Incorporated (“Vertex”) and Bristol Myers Squibb Company (“Bristol Myers Squibb” or “BMS”) Drug or biologic candidates developed by the Company may require approvals or clearances from the U.S. Food and Drug Administration (“FDA”) or international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s drug or biologic candidates will receive any of the required approvals or clearances. If the Company were to be denied approval or clearance or any such approval or clearance were to be delayed, it would have a material adverse impact on the Company. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740: Simplifying the Accounting for Income Taxes), which removes certain exceptions to the general principles in Topic 740 ASU 2019-12. This guidance was effective for the Company beginning January 1, 2021. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (Subtopic 470-20: Debt with Conversion and Other Options and Subtopic 815-40: Derivatives and Hedging - Contracts in Entity’s Own Equity). The new guidance simplifies accounting for convertible instruments by removing major separation models, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. The amendment is effective for the Company for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. |
Research and Development Agre_2
Research and Development Agreements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of Research and Development Revenues Disaggregated by Location | Research and development revenue is attributable to regions based on the location of each of our collaboration partner's parent company headquarters. Research and development revenues disaggregated by location were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Japan $ 12,899 $ 3,063 $ 13,136 $ 3,396 United States 2,235 2,977 5,218 4,444 Total research and development revenue $ 15,134 $ 6,040 $ 18,354 $ 7,840 |
Millennium Pharmaceuticals Inc | |
Schedule of Research and Development Revenue from Related Party Relates to Revenue from Research and Development Agreements | Research and development revenue from related party relates to revenue from research and development agreements with Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”) and were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Takeda Development and License Agreement 12,899 3,028 $ 13,114 $ 3,176 Takeda Multi-Target Agreement — 35 22 220 Total research and development revenue, related party $ 12,899 $ 3,063 $ 13,136 $ 3,396 |
Takeda Pharmaceuticals Inc | |
Schedule of Deferred Revenue, Other Liabilities for Co-share Payments and Accounts Receivable Balances from Research and Development Agreements | At June 30, 2021 December 31, 2020 Assets Accounts receivable $ — $ 234 Liabilities Other current liabilities $ 472 $ 5,614 Deferred revenue, current — 789 Deferred revenue, non-current 2,586 3,106 Other liabilities — 6,711 Total liabilities $ 3,058 $ 16,220 |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis (in thousands): Basis of Fair Value Measurements June 30, 2021 Level 1 Level 2 Level 3 Money market funds $ 41,997 $ 41,997 $ — $ — Commercial paper 144,286 — 144,286 — United States Treasury Bills 5,503 — 5,503 — United States government-related debt securities 2,000 — 2,000 — Corporate Bonds 5,795 — 5,795 — Total $ 199,581 $ 41,997 $ 157,584 $ — Amounts included in: Cash and cash equivalents $ 41,997 Marketable securities, current 154,512 Marketable securities, non, current 3,072 Total cash equivalents and marketable securities $ 199,581 Basis of Fair Value Measurements December 31, 2020 Level 1 Level 2 Level 3 Money market funds $ 23,794 $ 23,794 $ — $ — Commercial paper 42,863 — 42,863 — United States Treasury Bills 21,794 — 21,794 — United States government-related debt securities 4,009 — 4,009 — Total $ 92,460 $ 23,794 $ 68,666 $ — Amounts included in: Cash and cash equivalents $ 23,793 Marketable securities, current 68,667 Total cash equivalents and marketable securities $ 92,460 |
Summary of Company's Available-for-Sale Securities | The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities for-sale securities (in thousands): June 30, 2021 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 41,997 $ — $ — $ 41,997 Marketable securities, current - commercial paper, Treasury bills and corporate bonds 154,503 10 (1 ) 154,512 Marketable securities, non-current - Treasury bills $ 3,073 $ — $ (1 ) $ 3,072 December 31, 2020 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 23,793 $ — $ — $ 23,793 Marketable securities, current - commercial paper, Treasury bills and corporate bonds $ 68,650 $ 19 $ (2 ) $ 68,667 |
Summary of Contractual Maturities of Available-for-Sale-Investments | The following summarized the contractual maturities of the Company’s available-for-sale investments (in thousands): June 30, 2021 Cost Basis Fair Value Due in one year or less $ 196,500 $ 196,509 Due after one year through five years 3,073 3,072 Total $ 199,573 $ 199,581 December 31, 2020 Cost Basis Fair Value Due in one year or less $ 92,443 $ 92,460 Due after one year through five years — — Total $ 92,443 $ 92,460 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Components of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued liabilities: General and administrative $ 1,207 $ 1,577 Clinical trial related costs 1,357 1,743 Non-clinical research and manufacturing operations 2,369 4,321 Payroll related 4,108 4,908 Other accrued expenses 33 26 Total Accrued liabilities $ 9,074 $ 12,575 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consists of the following (in thousands): June 30, December 31, 2021 2020 Laboratory equipment $ 17,491 $ 16,159 Leasehold improvements 13,041 12,391 Furniture and fixtures 471 474 Computer and equipment 666 615 31,669 29,639 Less: Accumulated depreciation (10,463 ) (7,385 ) Total property and equipment, net $ 21,206 $ 22,254 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Required Future Principal Payments | Future required principal and final payments on the K2 Loan were as follows at June 30, 2021 ($ in thousands): 2021 (remaining) $ 0 2022 0 2023 17,111 2024 17,889 Total Principal Amounts 35,000 Final Fee Due at Maturity 2,085 Unamortized discount, deferred costs and final fee (2,067 ) Total Long-Term Debt, net $ 35,018 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Operating leases Operating lease expense $ 726 $ 1,452 Variable lease expense 122 248 Total operating lease expense $ 848 $ 1,700 |
Schedule of Balance Sheets Classification of Leases | The following table summarizes the balance sheet classification of leases at June 30, 2021 (in thousands): Operating leases Operating lease right-of-use assets $ 10,138 Operating lease liabilities, current 1 $ 2,464 Operating lease liabilities, non-current 10,947 Total operating lease liabilities $ 13,411 1. Included in other current liabilities. |
Schedule of Leases Information | The following table presents other information on leases as of June 30, 2021 and December 31, 2020: 2021 2020 Weighted average remaining lease term, operating leases 5.7 years 6.1 years Weighted average remaining lease term, finance leases 0.0 years 0.1 years Weighted average discount rate, operating leases 7.04 % 7.04 % Weighted average discount rate, finance leases 0.00 % 0.00 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows as of June 30, 2021 (in thousands): Operating Leases 2021 (remaining) $ 1,643 2022 3,361 2023 2,689 2024 2,218 2025 2,147 Thereafter 4,246 Total lease payments 16,304 Less: Imputed interest (2,893 ) Total lease liabilities $ 13,411 |
Supplemental Cash Flow Information | Supplemental cash flow information related to the Company’s leases were as follows (in thousands): Six Months Ended June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows operating leases $ 1,543 Financing cash flows finance leases $ 1 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Expense | Stock-based compensation expense, which consists of the compensation cost for employee stock options and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,161 $ 1,703 $ 4,414 $ 2,849 General and administrative 2,352 1,347 4,165 2,393 Total stock-based compensation $ 4,513 $ 3,050 $ 8,579 $ 5,242 |
Weighted-Average Fair Value Valuation Assumptions | The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Employee Stock Options: Risk-free interest rate 1.28 % 0.55 % 0.88 % 1.58 % Expected term (in years) 6.08 6.08 6.08 6.08 Dividend yield — — — — Volatility 113.92 % 111.61 % 113.14 % 110.67 % Weighted-average fair value of stock options granted $ 7.59 $ 12.41 $ 11.50 $ 12.19 |
Stock Option Activity Under Equity Incentive Plan | The following table summarizes stock option activity under the Company’s equity incentive plans: Outstanding Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in millions): Balances, December 31, 2019 4,763,062 $ 6.36 8.10 $ 36.63 Granted 2,453,506 $ 14.06 Exercised (261,260 ) $ 3.99 Cancelled (257,381 ) $ 9.99 Balances, December 31, 2020 6,697,927 $ 9.13 7.76 $ 13.79 Granted 2,354,118 $ 13.67 Exercised (154,071 ) $ 4.70 Cancelled (324,221 ) $ 12.21 Balances, June 30, 2021 8,573,753 $ 10.34 7.00 $ 7.87 Vested and expected to vest, June 30, 2021 8,573,753 $ 10.34 7.00 $ 7.87 Exercisable at June 30, 2021 3,873,374 $ 8.24 5.98 $ 5.82 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Cash, cash equivalents, and marketable securities | $ 200.7 | $ 200.7 | ||
Revenue | Credit Risk | Vertex Pharmaceuticals Inc | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of total revenues | 2.00% | 43.00% | 13.00% | 40.00% |
Revenue | Credit Risk | Takeda Pharmaceuticals Inc | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of total revenues | 85.00% | 44.00% | 72.00% | 31.00% |
Revenue | Credit Risk | BMS | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of total revenues | 13.00% | 0.00% | 16.00% | 0.00% |
Other Assets | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 3.7 | $ 3.7 |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Options, Warrants and Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common shares excluded from the computation of diluted net loss per share on effect of anti-dilutive | 11,968,000 | 10,024,000 |
Research and Development Agre_3
Research and Development Agreements - Schedule of Research and Development Revenues Disaggregated by Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue Recognition [Line Items] | ||||
Total research and development revenue | $ 15,134 | $ 6,040 | $ 18,354 | $ 7,840 |
JAPAN | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | 12,899 | 3,063 | 13,136 | 3,396 |
UNITED STATES | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | $ 2,235 | $ 2,977 | $ 5,218 | $ 4,444 |
Research and Development Agre_4
Research and Development Agreements - Schedule of Research and Development Revenue from Related Party Relates to Revenue from Research and Development Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue Recognition [Line Items] | ||||
Total research and development revenue, related party | $ 15,134 | $ 6,040 | $ 18,354 | $ 7,840 |
Takeda Development Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue, related party | 12,900 | |||
Millennium Pharmaceuticals Inc | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue, related party | 12,899 | 3,063 | 13,136 | 3,396 |
Millennium Pharmaceuticals Inc | Takeda Development Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue, related party | 12,899 | 3,028 | 13,114 | 3,176 |
Millennium Pharmaceuticals Inc | Takeda Multi Target Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue, related party | $ 0 | $ 35 | $ 22 | $ 220 |
Research and Development Agre_5
Research and Development Agreements - Schedule of Deferred Revenue, Other Liabilities for Co-share Payments and Accounts Receivable Balances from the Research and Development Agreements (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Accounts receivable | $ 0 | $ 234 |
Liabilities | ||
Other current liabilities | 2,464 | 2,211 |
Other liabilities | 1,556 | 1,490 |
Total liabilities | 147,359 | 80,537 |
Takeda Pharmaceuticals Inc | ||
Assets | ||
Accounts receivable | 0 | 234 |
Liabilities | ||
Other current liabilities | 472 | 5,614 |
Deferred revenue, current | 0 | 789 |
Deferred revenue, non-current | 2,586 | 3,106 |
Other liabilities | 0 | 6,711 |
Total liabilities | $ 3,058 | $ 16,220 |
Research and Development Agre_6
Research and Development Agreements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 107 Months Ended | ||||||
Feb. 28, 2021 | Nov. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Nov. 30, 2019 | Dec. 31, 2020 | |
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenue recognized | $ 15,134 | $ 6,040 | $ 18,354 | $ 7,840 | ||||||
Common stock, shares issued | 56,138,404 | 56,138,404 | 49,984,333 | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Revenue from grant | $ 15,134 | 6,909 | $ 18,354 | 11,050 | ||||||
Grant Agreements | Grants Revenue Receivable | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Reimbursement amounts submitted in excess of amounts received are recorded as receivables | 0 | 0 | $ 0 | |||||||
Grant | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Revenue from grant | 0 | $ 869 | 0 | $ 3,210 | ||||||
Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Deferred revenue, current | 0 | 0 | 789 | |||||||
Deferred revenue, non-current | 2,586 | 2,586 | 3,106 | |||||||
Cancer Prevention and Research Institute of Texas | CPRIT Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Product development grant awarded | $ 15,200 | |||||||||
Cancer Prevention and Research Institute of Texas | ETB MT-3724 | CPRIT Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Aggregate proceeds received from award granted | $ 10,600 | |||||||||
Revenue from grant | 20,000 | |||||||||
Grants Receivable | 0 | 0 | ||||||||
Takeda Development Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Total transaction price | 29,800 | |||||||||
Upfront payment | 30,000 | |||||||||
Development milestone payment that is achievable | $ 10,000 | |||||||||
Expected co-share payments payable | 10,200 | 10,200 | ||||||||
Research and development revenue recognized | 12,900 | |||||||||
Deferred revenue | 0 | 0 | 1,300 | |||||||
Takeda Multi Target Agreement | Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Deferred revenue | 2,600 | 2,600 | 2,600 | |||||||
Cumulative payments received | 5,000 | |||||||||
Aggregate milestone payments upon exercise of option to license ETBS | 30,000 | 30,000 | ||||||||
Milestone payments receivable if option is exercised | 397,000 | |||||||||
Takeda Multi Target Agreement | Takeda Pharmaceuticals Inc | Maximum | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Contractual contingency fees | 10,000 | |||||||||
Commercial milestone payment | 150,000 | |||||||||
Vertex Collaboration Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Upfront payment | $ 38,000 | |||||||||
Milestone payments receivable if option is exercised | 180,000 | |||||||||
Upfront payment, cash | 23,000 | |||||||||
Upfront payment, equity method investments | $ 15,000 | $ 15,000 | ||||||||
Deferred revenue, current | 12,800 | 12,800 | 13,900 | |||||||
Deferred revenue, non-current | 3,300 | 3,300 | $ 4,500 | |||||||
Common stock, shares issued | 1,666,666 | 1,666,666 | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||
Vertex Collaboration Agreement | Common Stock | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Purchase price per share | $ 9 | $ 9 | ||||||||
Fair value of allocated consideration | $ 4,500 | |||||||||
Vertex Collaboration Agreement | Sales Milestone | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | 70,000 | |||||||||
Vertex Collaboration Agreement | ETBs | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Aggregate milestone payments upon exercise of option to license ETBS | $ 22,000 | $ 22,000 | ||||||||
Bristol Myers Squibb Collaboration Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Upfront payment | $ 70,000 | |||||||||
Milestone payments receivable if option is exercised | 874,500 | |||||||||
Deferred revenue, current | 17,800 | 17,800 | ||||||||
Deferred revenue, non-current | $ 49,200 | $ 49,200 | ||||||||
Transaction price allocated to performance obligations | 70,000 | |||||||||
Bristol Myers Squibb Collaboration Agreement | Sales Milestone | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | $ 450,000 |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements - Financial Assets at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | $ 199,581 | $ 92,460 | |
Cash and cash equivalents | 43,090 | 25,218 | $ 27,645 |
Marketable securities, current | 154,512 | 68,667 | |
Marketable securities, non, current | 3,072 | ||
Cash Equivalents | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 41,997 | 23,793 | |
Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 41,997 | 23,794 | |
Commercial Paper | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 144,286 | 42,863 | |
United States Treasury Bills | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 5,503 | 21,794 | |
United States Government-Related Debt Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 2,000 | 4,009 | |
Corporate Bonds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 5,795 | ||
Basis of Fair Value Measurements, Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 41,997 | 23,794 | |
Basis of Fair Value Measurements, Level 1 | Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 41,997 | 23,794 | |
Basis of Fair Value Measurements, Level 1 | Commercial Paper | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 1 | United States Treasury Bills | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 1 | United States Government-Related Debt Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 1 | Corporate Bonds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | ||
Basis of Fair Value Measurements, Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 157,584 | 68,666 | |
Basis of Fair Value Measurements, Level 2 | Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 2 | Commercial Paper | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 144,286 | 42,863 | |
Basis of Fair Value Measurements, Level 2 | United States Treasury Bills | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 5,503 | 21,794 | |
Basis of Fair Value Measurements, Level 2 | United States Government-Related Debt Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 2,000 | 4,009 | |
Basis of Fair Value Measurements, Level 2 | Corporate Bonds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 5,795 | ||
Basis of Fair Value Measurements, Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 3 | Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 3 | Commercial Paper | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 3 | United States Treasury Bills | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | 0 | |
Basis of Fair Value Measurements, Level 3 | United States Government-Related Debt Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 0 | $ 0 | |
Basis of Fair Value Measurements, Level 3 | Corporate Bonds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | $ 0 |
Marketable Securities and Fai_4
Marketable Securities and Fair Value Measurements - Summary of Company's Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | $ 199,573 | $ 92,443 |
Fair Value | 154,512 | 68,667 |
Fair Value | 3,072 | 0 |
Cash Equivalents - Money Market Funds, Commercial Paper and Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 41,997 | 23,793 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 41,997 | 23,793 |
Marketable Securities, Current - Commercial Paper, Treasury Bills and Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 154,503 | 68,650 |
Unrealized Gain | 10 | 19 |
Unrealized Loss | (1) | (2) |
Fair Value | 154,512 | $ 68,667 |
Marketable Securities, Non-current - Treasury Bills | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gain | 0 | |
Unrealized Loss | (1) | |
Cost Basis | 3,073 | |
Fair Value | $ 3,072 |
Marketable Securities and Fai_5
Marketable Securities and Fair Value Measurements - Summary of Contractual Maturities of Available-for-Sale-Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Cost Basis, Due in one year or less | $ 196,500 | $ 92,443 |
Cost Basis, Due after one year through five years | 3,073 | 0 |
Cost Basis | 199,573 | 92,443 |
Fair Value, Due in one year or less | 196,509 | 92,460 |
Fair Value, Due after one year through five years | 3,072 | 0 |
Fair Value, Total | $ 199,581 | $ 92,460 |
Marketable Securities and Fai_6
Marketable Securities and Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 |
Available-for-sale securities, realized gain | $ 0 | $ 0 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
General and administrative | $ 1,207 | $ 1,577 |
Clinical trial related costs | 1,357 | 1,743 |
Non-clinical research and manufacturing operations | 2,369 | 4,321 |
Payroll related | 4,108 | 4,908 |
Other accrued expenses | 33 | 26 |
Total Accrued liabilities | $ 9,074 | $ 12,575 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | $ 31,669 | $ 29,639 |
Less: Accumulated depreciation | (10,463) | (7,385) |
Total property and equipment, net | 21,206 | 22,254 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | 17,491 | 16,159 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | 13,041 | 12,391 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | 471 | 474 |
Computer and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | $ 666 | $ 615 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation expense | $ 1.6 | $ 0.8 | $ 3.1 | $ 1.5 | |
Leasehold Improvements | |||||
Property Plant And Equipment [Line Items] | |||||
Asset retirement obligation, asset | $ 0.7 | $ 0.7 | $ 0.8 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) - USD ($) | May 21, 2020 | Feb. 27, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ (1,237,000) | $ 0 | $ (1,237,000) | |||
Long-term debt, carrying value | 35,000,000 | 35,000,000 | $ 14,900,000 | ||||
Perceptive | |||||||
Debt Instrument [Line Items] | |||||||
Credit Facility, principal payments | 4,900,000 | ||||||
Credit Facility, interest expense | 4,900,000 | ||||||
Exit fees and prepayment penalties | 100,000 | 100,000 | |||||
Loss on extinguishment of debt | 1,200,000 | ||||||
Total debt | $ 0 | $ 0 | 0 | ||||
K2 Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Loan and security agreement | $ 45,000,000 | ||||||
Interest rate | 8.45% | 8.45% | |||||
Debt net | $ 2,500,000 | $ 2,500,000 | |||||
Debt instrument, covenant compliance | The Company was in compliance with the debt covenants at June 30, 2021 and expects to be compliant with the debt covenants for the next twelve months. | ||||||
Total debt | 35,000,000 | $ 35,000,000 | $ 15,000,000 | ||||
Long-term debt, carrying value | $ 35,018,000 | $ 35,018,000 | |||||
K2 Loan and Security Agreement | Tranche One | |||||||
Debt Instrument [Line Items] | |||||||
Loan and security agreement | 15,000,000 | ||||||
K2 Loan and Security Agreement | Tranche Two | |||||||
Debt Instrument [Line Items] | |||||||
Loan and security agreement | 20,000,000 | ||||||
Interest rate | 0.20% | 0.20% | |||||
K2 Loan and Security Agreement | Tranche Three | |||||||
Debt Instrument [Line Items] | |||||||
Loan and security agreement | $ 10,000,000 | ||||||
K2 Loan and Security Agreement | Prime Rate | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.20% | 5.20% | |||||
Term Loan Facility | Perceptive | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under loan | $ 10,000,000 | ||||||
Increase in applicable margin percentage on event of default | 4.00% | ||||||
Period for which interest only payments will be made | 24 months | ||||||
Credit Facility, principal payments | $ 200,000 | ||||||
Deferred finance costs | 500,000 | ||||||
Debt issuance cost, net of discount | $ 1,500,000 | ||||||
Number of shares issued for each warrant | 190,000 | ||||||
Warrant exercisable period | 7 years | ||||||
Warrant exercise price | $ 9.5972 | ||||||
Fair value of the warrant recorded as a debt discount | $ 1,500,000 | ||||||
Term Loan Facility | Perceptive | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Applicable margin percentage | 11.00% | ||||||
Term Loan Facility | Perceptive | Term Loan Drawn on Effective Date of Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from initial term loan on closing date of Credit Facility | $ 5,000,000 | ||||||
Term Loan Facility | Perceptive | Additional Term Loan Drawn Six Months Following Effective Date of Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Remaining available amount from credit facility did not draw down | $ 5,000,000 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Required Future Principal Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total Long-Term Debt, net | $ 35,000 | $ 14,900 |
K2 Loan and Security Agreement | ||
Debt Instrument [Line Items] | ||
2021 (remaining) | 0 | |
2022 | 0 | |
2023 | 17,111 | |
2024 | 17,889 | |
Total Principal Amounts | 35,000 | $ 15,000 |
Final Fee Due at Maturity | 2,085 | |
Unamortized discount, deferred costs and final fee | (2,067) | |
Total Long-Term Debt, net | $ 35,018 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 1 Months Ended | |
Jun. 30, 2020USD ($)ft² | Jun. 30, 2021 | |
Lessee Lease Description [Line Items] | ||
Lessee, operating leases renewal lease term | 5 years | |
New York | ||
Lessee Lease Description [Line Items] | ||
Letter of credit | $ | $ 0.2 | |
Area of land | 9,289 | |
Area of land of additional facility lease agreement | 3,000 | |
Lease expiration date | Oct. 30, 2025 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating leases remaining lease term. | 2 years | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating leases remaining lease term. | 7 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Operating lease expense | $ 726 | $ 1,452 |
Variable lease expense | 122 | 248 |
Total operating lease expense | $ 848 | $ 1,700 |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheets Classification of Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating leases | ||
Operating lease right-of-use assets | $ 10,138 | $ 11,104 |
Operating lease liabilities, current | $ 2,464 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | |
Operating lease liabilities, non-current | $ 10,947 | $ 12,213 |
Total operating lease liabilities | $ 13,411 |
Leases - Schedule of Leases Inf
Leases - Schedule of Leases Information (Detail) | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term, operating leases | 5 years 8 months 12 days | 6 years 1 month 6 days |
Weighted average remaining lease term, finance leases | 0 years | 1 month 6 days |
Weighted average discount rate, operating leases | 7.04% | 7.04% |
Weighted average discount rate, finance leases | 0.00% | 0.00% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Lease payments | |
2021 (remaining) | $ 1,643 |
2022 | 3,361 |
2023 | 2,689 |
2024 | 2,218 |
2025 | 2,147 |
Thereafter | 4,246 |
Total lease payments | 16,304 |
Less: Imputed interest | (2,893) |
Total lease liabilities | $ 13,411 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows operating leases | $ 1,543 |
Financing cash flows finance leases | $ 1 |
Contractual Commitments - Addit
Contractual Commitments - Additional Information (Detail) $ in Millions | Jun. 30, 2021USD ($) |
Other Commitments [Line Items] | |
Upfront fees unamortized balance included in prepaid asset | $ 1.6 |
Contractual obligation | 23 |
Minimum | |
Other Commitments [Line Items] | |
Estimated purchase obligation | 9.9 |
Maximum | |
Other Commitments [Line Items] | |
Estimated purchase obligation | $ 10.7 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 4,513 | $ 3,050 | $ 8,579 | $ 5,242 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 2,161 | 1,703 | 4,414 | 2,849 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 2,352 | $ 1,347 | $ 4,165 | $ 2,393 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Unrecognized compensation cost related to unvested stock-based awards granted to employees under the equity incentive plans | $ 45,600,000 | |
Unrecognized compensation cost related to unvested stock-based awards granted to employees under the equity incentive plans, period for recognition | 2 years 9 months 10 days | |
Total intrinsic value of stock options exercised | $ 1,000,000 | $ 2,000,000 |
Cash received from stock option exercises | 726,000 | $ 681,000 |
Tax benefit realized upon exercise of option | $ 0 |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted-Average Fair Value Valuation Assumptions (Detail) - Employee Stock Options - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.28% | 0.55% | 0.88% | 1.58% |
Expected term (in years) | 6 years 29 days | 6 years 29 days | 6 years 29 days | 6 years 29 days |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Volatility | 113.92% | 111.61% | 113.14% | 110.67% |
Weighted-average fair value of stock options granted | $ 7.59 | $ 12.41 | $ 11.50 | $ 12.19 |
Stock Based Compensation - St_2
Stock Based Compensation - Stock Option Activity Under Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding Options Number of Shares, Beginning Balance | 6,697,927 | 4,763,062 | |
Number of Shares, Options granted | 2,354,118 | 2,453,506 | |
Number of Shares, Options exercised | (154,071) | (261,260) | |
Number of shares, Options cancelled | (324,221) | (257,381) | |
Outstanding Options Number of Shares, Ending Balance | 8,573,753 | 6,697,927 | 4,763,062 |
Outstanding Options Number of Shares, Vested and expected to vest, June 30, 2021 | 8,573,753 | ||
Outstanding Options Number of Shares, Exercisable at June 20, 2021 | 3,873,374 | ||
Weighted Average Exercise Price, Beginning Balance | $ 9.13 | $ 6.36 | |
Weighted Average Exercise Price, Options granted | 13.67 | 14.06 | |
Weighted Average Exercise Price, Options exercised | 4.70 | 3.99 | |
Weighted Average Exercise Price, Options cancelled | 12.21 | 9.99 | |
Weighted Average Exercise Price, Ending Balance | 10.34 | $ 9.13 | $ 6.36 |
Weighted Average Exercise Price, Vested and expected to vest, June 30, 2021 | 10.34 | ||
Weighted Average Exercise Price, Exercisable at June 30, 2021 | $ 8.24 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 7 years | 7 years 9 months 3 days | 8 years 1 month 6 days |
Weighted-Average Remaining Contractual Term, Vested and expected to vest, June 30, 2021 | 7 years | ||
Weighted-Average Remaining Contractual Term, Exercisable at June 30, 2021 | 5 years 11 months 23 days | ||
Aggregate Intrinsic Value, Outstanding | $ 7,870 | $ 13,790 | $ 36,630 |
Aggregate Intrinsic Value, Vested and expected to vest, June 30, 2021 | 7,870 | ||
Aggregate Intrinsic Value, Exercisable at June 30, 2021 | $ 5,820 |
In-Process Research and Devel_2
In-Process Research and Development - Additional Information (Detail) $ in Millions | 1 Months Ended |
Dec. 31, 2020USD ($) | |
Research And Development [Abstract] | |
Loss on assets held for sale | $ 2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | 1 Months Ended |
Aug. 31, 2021USD ($) | |
Takeda Development Agreement | Maximum | Forecast | |
Subsequent Event [Line Items] | |
Clinical milestone payments | $ 22,250,000 |