Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CCXI | |
Entity Registrant Name | ChemoCentryx, Inc. | |
Entity Central Index Key | 0001340652 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-35420 | |
Entity Tax Identification Number | 94-3254365 | |
Entity Address, Address Line One | 835 Industrial Road | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | San Carlos | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94070 | |
City Area Code | 650 | |
Local Phone Number | 210-2900 | |
Entity Incorporation, State or Country Code | DE | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Entity Common Stock, Shares Outstanding | 70,031,462 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 93,726 | $ 32,297 |
Short-term investments | 175,701 | 404,273 |
Accounts receivable from related party | 20,005 | 32 |
Accounts receivable, other | 52 | 137 |
Prepaid expenses and other current assets | 3,899 | 4,831 |
Total current assets | 293,383 | 441,570 |
Property and equipment, net | 33,002 | 25,160 |
Long-term investments | 102,030 | 23,800 |
Operating lease right-of-use assets | 25,035 | 26,911 |
Other assets | 1,395 | 1,458 |
Total assets | 454,845 | 518,899 |
Current liabilities: | ||
Accounts payable | 4,414 | 12,875 |
Accrued and other current liabilities | 25,984 | 19,794 |
Long-term debt, current | 14,013 | 6,302 |
Deferred revenue from related party | 15,618 | 12,587 |
Total current liabilities | 60,029 | 51,558 |
Long-term debt, net | 9,560 | 18,099 |
Non-current deferred revenue from related party | 21,423 | 24,000 |
Non-current lease liabilities | 46,672 | 38,671 |
Other non-current liabilities | 1,267 | 958 |
Total liabilities | 138,951 | 133,286 |
Commitments (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 69,937,510 and 69,452,466 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 70 | 69 |
Additional paid-in capital | 892,446 | 870,788 |
Note receivable | (16) | (16) |
Accumulated other comprehensive (loss) income | (37) | 114 |
Accumulated deficit | (576,569) | (485,342) |
Total stockholders’ equity | 315,894 | 385,613 |
Total liabilities and stockholders’ equity | $ 454,845 | $ 518,899 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 69,937,510 | 69,452,466 |
Common stock, shares outstanding | 69,937,510 | 69,452,466 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Collaboration and license revenue from related party | $ 17,691 | $ 5,027 | $ 29,613 | $ 60,165 |
Grant revenue | 52 | 58 | 296 | 368 |
Total revenue | 17,743 | 5,085 | 29,909 | 60,533 |
Operating expenses: | ||||
Research and development | 19,948 | 18,582 | 64,219 | 56,655 |
General and administrative | 19,598 | 10,362 | 55,558 | 29,474 |
Total operating expenses | 39,546 | 28,944 | 119,777 | 86,129 |
Loss from operations | (21,803) | (23,859) | (89,868) | (25,596) |
Other expense: | ||||
Interest income | 164 | 499 | 693 | 2,059 |
Interest expense | (668) | (700) | (2,052) | (1,943) |
Total other (expense) income, net | (504) | (201) | (1,359) | 116 |
Net loss | $ (22,307) | $ (24,060) | $ (91,227) | $ (25,480) |
Basic and diluted net loss per common share | $ (0.32) | $ (0.35) | $ (1.31) | $ (0.40) |
Shares used to compute net loss per common share | 69,894 | 68,922 | 69,764 | 64,500 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (22,307) | $ (24,060) | $ (91,227) | $ (25,480) |
Unrealized gain (loss) on available-for-sale securities | 44 | (216) | (151) | (46) |
Comprehensive loss | $ (22,263) | $ (24,276) | $ (91,378) | $ (25,526) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Note Receivable [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2019 | $ 66,000 | $ 60 | $ 495,624 | $ (16) | $ 318 | $ (429,986) |
Beginning Balance, shares at Dec. 31, 2019 | 60,234,784 | |||||
Net (loss) income | (25,480) | $ 0 | 0 | 0 | 0 | (25,480) |
Unrealized [gain/loss] on investments | (46) | 0 | 0 | 0 | (46) | 0 |
Issuance of common stock upon follow-on offering, net of issuance costs | 325,654 | $ 6 | 325,648 | 0 | 0 | 0 |
Issuance of common stock upon follow-on offering, net of issuance costs, shares | 5,980,000 | |||||
Issuance of common stock under equity incentive plans | 26,498 | $ 3 | 26,495 | 0 | 0 | 0 |
Issuance of common stock under equity incentive plans, shares | 2,986,248 | |||||
Repurchased shares upon vesting of restricted stock units for tax withholdings | (3,709) | $ 0 | (3,709) | 0 | 0 | 0 |
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares | (92,459) | |||||
Employee stock-based compensation | 15,171 | $ 0 | 15,171 | 0 | 0 | 0 |
Compensation expense related to options granted to consultants | 731 | 0 | 731 | 0 | 0 | 0 |
Ending Balance at Sep. 30, 2020 | 404,819 | $ 69 | 859,960 | (16) | 272 | (455,466) |
Ending Balance, shares at Sep. 30, 2020 | 69,108,573 | |||||
Beginning Balance at Jun. 30, 2020 | 421,141 | $ 69 | 852,006 | (16) | 488 | (431,406) |
Beginning Balance, shares at Jun. 30, 2020 | 68,803,400 | |||||
Net (loss) income | (24,060) | $ 0 | 0 | 0 | (24,060) | |
Unrealized [gain/loss] on investments | (216) | $ 0 | 0 | 0 | (216) | 0 |
Issuance of common stock under equity incentive plans | 2,005 | 2,005 | 0 | 0 | 0 | |
Issuance of common stock under equity incentive plans, shares | 305,173 | |||||
Employee stock-based compensation | 5,721 | 5,721 | 0 | 0 | 0 | |
Compensation expense related to options granted to consultants | 228 | $ 0 | 228 | 0 | 0 | 0 |
Ending Balance at Sep. 30, 2020 | 404,819 | $ 69 | 859,960 | (16) | 272 | (455,466) |
Ending Balance, shares at Sep. 30, 2020 | 69,108,573 | |||||
Beginning Balance at Dec. 31, 2020 | $ 385,613 | $ 69 | 870,788 | (16) | 114 | (485,342) |
Beginning Balance, shares at Dec. 31, 2020 | 69,452,466 | 69,452,466 | ||||
Net (loss) income | $ (91,227) | $ 0 | 0 | 0 | 0 | (91,227) |
Unrealized [gain/loss] on investments | (151) | 0 | 0 | 0 | (151) | 0 |
Issuance of common stock under equity incentive plans | 3,725 | $ 1 | 3,724 | 0 | 0 | 0 |
Issuance of common stock under equity incentive plans, shares | 571,387 | |||||
Repurchased shares upon vesting of restricted stock units for tax withholdings | (5,273) | $ 0 | (5,273) | 0 | 0 | 0 |
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares | 86,343 | |||||
Employee stock-based compensation | 22,459 | $ 0 | 22,459 | 0 | 0 | 0 |
Compensation expense related to options granted to consultants | 748 | 0 | 748 | 0 | 0 | 0 |
Ending Balance at Sep. 30, 2021 | $ 315,894 | $ 70 | 892,446 | (16) | (37) | (576,569) |
Ending Balance, shares at Sep. 30, 2021 | 69,937,510 | 69,937,510 | ||||
Beginning Balance at Jun. 30, 2021 | $ 330,270 | $ 70 | 884,559 | (16) | (81) | (554,262) |
Beginning Balance, shares at Jun. 30, 2021 | 69,885,975 | |||||
Net (loss) income | (22,307) | $ 0 | 0 | 0 | 0 | (22,307) |
Unrealized [gain/loss] on investments | 44 | 0 | 0 | 0 | 44 | |
Issuance of common stock under equity incentive plans | 463 | $ 0 | 463 | 0 | 0 | 0 |
Issuance of common stock under equity incentive plans, shares | 51,535 | |||||
Employee stock-based compensation | 7,165 | $ 0 | 7,165 | 0 | 0 | 0 |
Compensation expense related to options granted to consultants | 259 | 0 | 259 | 0 | 0 | 0 |
Ending Balance at Sep. 30, 2021 | $ 315,894 | $ 70 | $ 892,446 | $ (16) | $ (37) | $ (576,569) |
Ending Balance, shares at Sep. 30, 2021 | 69,937,510 | 69,937,510 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net loss | $ (91,227) | $ (25,480) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 23,207 | 15,902 |
Depreciation of property and equipment | 2,123 | 402 |
Non-cash lease expense | 1,375 | 1,402 |
Non-cash interest expense, net | 3,713 | 822 |
Changes in assets and liabilities: | ||
Accounts receivable, other | 85 | 132 |
Accounts receivable due from related party | (19,973) | (58) |
Prepaids and other current assets | 640 | (770) |
Other assets | 63 | (5) |
Accounts payable | 68 | 213 |
Operating lease liabilities | 10,364 | 6,255 |
Other liabilities | 4,374 | (701) |
Deferred revenue from related party | 454 | (60,033) |
Net cash used in operating activities | (64,734) | (61,919) |
Investing activities | ||
Purchases of property and equipment, net | (18,527) | (6,136) |
Purchases of investments | (246,166) | (391,942) |
Maturities of investments | 393,453 | 124,220 |
Net cash provided by (used in) investing activities | 128,760 | (273,858) |
Financing activities | ||
Proceeds from issuance of common stock | 0 | 325,654 |
Proceeds from exercise of stock options and employee stock purchase plan | 3,725 | 26,472 |
Employees' tax withheld and paid for with restricted stock units | (5,273) | (3,709) |
Borrowings under credit facility agreement, net of issuance costs | 0 | 4,358 |
Payments of long-term debt | 1,049 | 0 |
Net cash provided by (used in) financing activities | (2,597) | 352,775 |
Net increase in cash, cash equivalents and restricted cash | 61,429 | 16,998 |
Cash, cash equivalents and restricted cash at beginning of period | 33,377 | 40,259 |
Cash, cash equivalents and restricted cash at end of period | 94,806 | 57,257 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 1,534 | 1,433 |
Purchases of property and equipment, net recorded in accounts payable and accrued liabilities | 8,562 | 7,175 |
Right-of-use assets obtained in exchange for lease obligations | $ 501 | $ 27,365 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business ChemoCentryx, Inc. (the Company) commenced operations in 1997. The Company is a biopharmaceutical company focused on the development and commercialization of new medications targeting inflammatory disorders, autoimmune diseases and cancer. The Company discovered, developed and is now commercializing TAVNEOS TM (avacopan) in the United States as an adjunctive treatment for adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis (ANCA-associated vasculitis) in combination with standard therapy. T he Company’s principal operations are in the United States and it operates in one segment. Unaudited Interim Financial Information The financial information filed is unaudited. The Condensed Consolidated Financial Statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair statement of the results of operations for the interim periods covered and of the financial condition of the Company at the date of the interim balance sheet. The December 31, 2020 Condensed Consolidated Balance Sheet was derived from audited financial statements. The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 1, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Concentration of Credit Risk The Company invests in a variety of financial instruments and, by its policy, limits the amount of credit exposure with any one issuer, industry or geographic area. Accounts receivable are typically unsecured and are concentrated in the pharmaceutical industry and government sector. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies and government funded entities. The Company has not historically experienced any significant losses due to concentration of credit risk. Net Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options and warrants, (ii) vesting of restricted stock units (RSUs) and restricted stock awards (RSAs), and (iii) the purchase from contributions to the 2012 Employee Stock Purchase Plan (the ESPP) (calculated based on the treasury stock method), are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. For the three and nine months ended September 30, 2021 and 2020, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Three and Nine Months Ended September 30, 2021 2020 Options to purchase common stock, including 7,240 7,416 Restricted stock units 432 389 Restricted stock awards 15 14 Warrants to purchase common stock 150 150 7,837 7,969 Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive loss. For the periods presented, other comprehensive loss consists of unrealized gains (losses ) on the Company’s available-for-sale securities. For the three and nine months ended September 30, 2021 and 2020, there were no significant sales of investments and therefore there were no reclassifications of comprehensive loss. Recent Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the consolidated financial statements as a result of future adoption. |
Cash Equivalents, Restricted Ca
Cash Equivalents, Restricted Cash and Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Cash Equivalents, Restricted Cash and Investments | 3. Cash Equivalents, Restricted Cash and Investments Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (in thousands): September 30, December 31, 2021 2020 Cash and cash equivalents $ 93,726 $ 32,297 Restricted cash included in Other assets 1,080 1,080 Total cash, cash equivalents and restricted cash $ 94,806 $ 33,377 Restricted cash as of September 30, 2021 and December 31, 2020 was held as collateral for stand-by letters of credit issued by the Company to its landlord in connection with the lease of the Company’s facility in San Carlos, California. See “Note 7. Commitments” for additional information on this lease. Cash Equivalents and Investments The amortized cost and fair value of cash equivalents and investments at September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 88,364 $ — $ — $ 88,364 U.S. treasury securities 40,484 6 ( 3 ) 40,487 Non-U.S. government securities 16,900 — ( 9 ) 16,891 Commercial paper 82,933 — — 82,933 Asset-backed securities 25,002 3 ( 20 ) 24,985 Corporate debt securities 112,449 15 ( 29 ) 112,435 Total available-for-sale securities $ 366,132 $ 24 $ ( 61 ) $ 366,095 Classified as: Cash equivalents $ 88,364 Short-term investments 175,701 Long-term investments 102,030 Total available-for-sale securities $ 366,095 December 31, 2020 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities 176,625 60 — 176,685 Government-sponsored agencies 12,500 — — 12,500 Commercial paper 140,364 — — 140,364 Asset-backed securities 25,706 23 — 25,729 Corporate debt securities 72,764 38 ( 7 ) 72,795 Total available-for-sale securities $ 458,098 $ 121 $ ( 7 ) $ 458,212 Classified as: Cash equivalents $ 30,139 Short-term investments 404,273 Long-term investments 23,800 Total available-for-sale securities $ 458,212 Cash equivalents in the tables above exclude cash of $ 5.4 million and $ 2.2 million as of September 30, 2021 and December 31, 2020, respectively. All available-for-sale securities held as of September 30, 2021 had contractual maturities of less than two years . There have been no significant realized gains or losses on available-for-sale securities for the periods presented. The Company applies the specific identification method to determine the cost basis of the securities sold. No available-for-sale securities held as of September 30, 2021 have been in a continuous unrealized loss position for more than 12 months. As of September 30, 2021 , unrealized losses on available-for-sale investments are not attributed to credit risk. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s marketable securities are due to market factors. To date, the Company has not recorded any impairment charges on marketable securities. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: Level 1—Inputs which include quoted prices in active markets for identical assets and liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, 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. Recurring Fair Value Measurements The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Description Level 1 Level 2 Level 3 Total Money market fund $ 88,364 $ — $ — $ 88,364 U.S. treasury securities — 40,487 — 40,487 Non-U.S. government securities — 16,891 — 16,891 Commercial paper — 82,933 — 82,933 Asset-backed securities — 24,985 — 24,985 Corporate debt securities — 112,435 — 112,435 Total available-for-sale securities $ 88,364 $ 277,731 $ — $ 366,095 December 31, 2020 Description Level 1 Level 2 Level 3 Total Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities — 176,685 — 176,685 Government-sponsored agencies — 12,500 — 12,500 Commercial paper — 140,364 — 140,364 Asset-backed securities — 25,729 — 25,729 Corporate debt securities — 72,795 — 72,795 Total available-for-sale securities $ 30,139 $ 428,073 $ — $ 458,212 During the three and nine months ended September 30, 2021, there were no transfers between Level 1 and Level 2 financial assets. When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings. Other Fair Value Measurements The carrying amount and estimated fair value of financial instruments not recorded at fair value at September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, December 31, 2021 2020 Carrying Estimated Carrying Estimated Long-term debt, net (1) $ 23,573 $ 23,722 $ 24,401 $ 25,332 (1) Carrying amounts of long-term debt were net of unamortized debt discounts of $ 378 and $ 599 as of September 30, 2021 and December 31, 2020 , respectively. The fair value of the Company's long-term debt is estimated using the net present value of future debt payments, discounted at an interest rate that is consistent with market interest rates, which is a Level 2 input. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued and Other Current Liabilities | 5. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): September 30, December 31, 2021 2020 Research and development related $ 9,805 $ 11,062 Compensation related 10,356 5,498 Consulting and professional services 1,640 1,690 Current portion of operating lease liability 2,707 845 Other 1,476 699 $ 25,984 $ 19,794 |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 6. Long-term Debt In December 2017, the Company entered into a Loan and Security Agreement, with Hercules Capital, Inc. (Hercules), pursuant to which term loans in an aggregate principal amount of up to $ 50.0 million (as amended, the Credit Facility) were available to the Company. As of September 30, 2021 , the Company had borrowed $ 20.0 million under the Credit Facility, with an interest rate of 8.05% per annum and the remaining available amount had expired. Advances under the Credit Facility bear an interest rate equal to the greater of either (i) 8.05 % plus the prime rate as reported from time to time in The Wall Street Journal (the Prime Rate) minus 4.75 %, and (ii) 8.05%. The Company made interest-only payments through June 2021 and the first principal and interest payment on July 1, 2021 . The Credit Facility was subsequently amended in July 2021 to extend the interest-only payment period through December 2021, and at which point the Company will then be obligated to repay the principal balance and interest on the advances in equal monthly installments through December 1, 2022 . The Company is obligated to pay an end of term charge of $ 1.3 million in December 2022. On January 8, 2020, the Company entered into an Amended and Restated Loan and Security Agreement (the Amended Loan Agreement) with Hercules, which amended and restated the agreement between the parties, and pursuant to which an additional term loan in an aggregate principal amount of up to $ 100.0 million (the Restated Credit Facility) is available to the Company at its discretion in three tranches. The first tranche of the Restated Credit Facility of up to $ 40.0 million was available to the Company through December 15, 2020, of which $ 20.0 million became available upon submission of the TAVNEOS New Drug Application (NDA). The second tranche of up to an additional $ 30.0 million became available to the Company through December 15, 2021 upon NDA approval of TAVNEOS for the treatment of ANCA-associated vasculitis. The third tranche of up to an additional $ 30.0 million would be available through December 15, 2022, subject to certain conditions. Under the Restated Credit Facility, the Company borrowed $ 5.0 million from the first tranche with an interest rate of 8.50 % per annum as of September 30, 2021. Advances under the Restated Credit Facility bear an initial interest rate equal to the greater of either (i) 8.50 % plus the Prime Rate minus 5.25 %, and (ii) 8.50%, which may be reduced upon the Company achieving certain cumulative net TAVNEOS revenue levels. For advances under the Restated Credit Facility, the Company will make interest only payments through September 1, 2022 and will then be obligated to repay the principal balance and interest on the advances in equal monthly installments through February 1, 2024 . Upon satisfaction of certain conditions, the interest-only payment period and the principal balance repayment period may be extended. In addition, the Company is obligated to pay an end of term charge of 7.15 % of the aggregate amount of the advances under the Restated Credit Facility. The Company paid a commitment fee of 1 % of the advances made by Hercules, with a minimum charge of $ 162,500 for the Credit Facility and a minimum charge of $ 520,000 for the Restated Credit Facility. Also, the Company reimbursed Hercules for costs incurred related to the Restated Credit Facility . These charges were recorded as discounts to the carrying value of the loan and are amortized over the term of the loan using the effective interest method. In addition, the Company may prepay advances under the Amended Loan Agreement, in whole or in part, at any time, subject to a prepayment charge that ranges from 1.0 % to 2.0 %, depending on the timing of the prepayment. The Amended Loan Agreement is secured by substantially all of the Company’s assets, excluding intellectual property. The Amended Loan Agreement also includes customary loan covenants, with which the Company was in compliance for all periods presented. In connection with the Restated Credit Facility, the Company also entered into a Right to Invest Agreement with Hercules, pursuant to which Hercules shall have the right to participate, in an amount up to $ 3.0 million, in any subsequent equity financing broadly marketed to multiple investors in an amount greater than $ 30.0 million. Hercules purchased $ 1.0 million of the Company’s common stock during the June 2020 equity follow-on offering. As of September 30, 2021 , the Company had outstanding borrowings under the Amended Loan Agreement of $ 23.6 million, net of discounts of $ 0.4 million. Future minimum principal payments, which exclude the end of term charge, as of September 30, 2021 are as follows (in thousands): Amounts Year ending December 31: Remaining of fiscal year 2021 $ — 2022 20,006 2023 3,353 2024 592 Total minimum payments 23,951 Less: amount representing debt discount ( 378 ) Present value of remaining debt payments 23,573 Less: current portion ( 14,013 ) Non-current portion $ 9,560 |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | 7. Commitments Operating Leases In May 2004, the Company entered into a noncancelable operating lease for its previous office and primary research facility located in Mountain View, California. In May 2019, the Company entered into a third amendment to the lease agreement for the same facility to extend the term of the lease through April 2021 . In July 2020, the Company entered into a letter agreement to further extend the lease term through June 2021. In July 2019, the Company entered into a ten-year operating lease for a 96,463 square foot facility in San Carlos, California to replace its previous headquarters located in Mountain View, California. Upon execution of the lease agreement, the Company provided the landlord an approximately $ 1.1 million security deposit in the form of a letter of credit. The lease commenced in June 2020 and is anticipated to expire in February 2031 with an option to extend the lease for five years . The lease extension option was not considered in the right-of-use asset or the lease liability as the Company did not consider it reasonably certain the option would be exercised. Monthly rent payments began in March 2021. Following a six-month period of discounted rent , the Company is obligated to pay an initial annual base rent at a rate of approximately $ 6.5 million, which is subject to scheduled 3 % annual increases, plus certain operating expenses. The Company moved its headquarters to this new facility in April 2021. The Company was provided a tenant improvement allowance of $ 15.4 million plus an additional allowance of $ 4.8 million for the same. The additional allowance will be repaid by the Company as additional rent in equal monthly payments at a rate of 7 % per annum through the initial term of the lease. As of September 30, 2021, the Company has received a tenant improvement allowance of $ 19.2 million. The Company has the right to sublease the facility, subject to landlord consent. The balance sheet classification of the Company’s operating lease assets and liabilities was as follows (in thousands): September 30, December 31, 2021 2020 Balance Sheet Assets: Operating lease right-of-use assets $ 25,035 $ 26,911 Liabilities: Operating lease liabilities: Accrued and other current liabilities (1) $ 2,707 $ 845 Non-current lease liabilities 46,672 38,671 (1) Includes current portion of operating lease liabilities as of September 30, 2021 and December 31, 2020. The component of lease costs, which was included in operating expenses in the Company’s Condensed Consolidated Statements of Operations, was as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost $ 1,375 $ 1,743 $ 4,857 $ 2,905 During the nine-months ended September 30, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities was $ 3.1 million, excluding the $ 10.0 million tenant improvement allowance received, and $ 1.2 million, respectively. These amounts were included in net cash used in operating activities in the Company’s Condensed Consolidated Statements of Cash Flows. Future minimum lease payments under all noncancelable operating leases as of September 30, 2021 are as follows (in thousands): Operating leases Year ending December 31: Remaining of fiscal year 2021 $ 1,816 2022 7,336 2023 7,535 2024 7,741 2025 7,952 Thereafter 44,686 Total minimum payments 77,066 Less: interest ( 26,797 ) Less: future tenant improvement reimbursements ( 890 ) Present value of lease liabilities $ 49,379 As of September 30, 2021 , the weighted-average remaining lease term was 9.42 years and the weighted-average operating discount rate used to determine the operating lease liability was 9.5 %. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 8. Related-Party Transactions Vifor Vifor hel d 9,194,085 shares of the Company’s common stock as of September 30, 2021. The Company has collaboration agreements with Vifor: the Avacopan Agreements and the CCX140 Agreements (each as described below). See “Note 2. Summary of Significant Accounting Policies – Concentration of Credit Risk” for additional information on accounts receivable balance due from Vifor Avacopan Agreements In May 2016, the Company entered into an exclusive collaboration and license agreement with Vifor pursuant to which the Company granted Vifor exclusive rights to commercialize avacopan in Europe and certain other markets (the Avacopan Agreement). Avacopan is the Company’s lead drug candidate for the treatment of patients with ANCA-associated vasculitis and other rare diseases. The Avacopan Agreement also provided Vifor with an exclusive option to negotiate during 2016 a worldwide license agreement for one of the Company’s other drug candidates, CCX140, an orally-administered inhibitor of the chemokine receptor known as CCR2. In connection with the Avacopan Agreement, the Company received a non-refundable upfront payment of $ 85.0 million, comprising $ 60.0 million in cash and $ 25.0 million in the form of an equity investment to purchase 3,333,333 shares of the Company’s common stock at a price of $ 7.50 per share. In February 2017, Vifor and the Company expanded the Vifor territories under the Avacopan Agreement to include all markets outside the United States and China (the Avacopan Amendment). In connection with this February 2017 amendment, the Company received a $ 20.0 million upfront payment for the expanded rights. In June 2018, Vifor and the Company further expanded the Vifor territories under the Avacopan Agreement to provide Vifor with exclusive commercialization rights in China (the Avacopan Letter Agreement, and together with the Avacopan Agreement and the Avacopan Amendment, the Avacopan Agreements). The Company retains control of ongoing and future development of avacopan (other than country-specific development in the licensed territories) and all commercialization rights to avacopan in the United States. In consideration for the Avacopan Letter Agreement, the Company received a $ 5.0 million payment for the expanded rights. In December 2017, the Company achieved a $ 50.0 million regulatory milestone when the European Medicines Agency (EMA) validated the Company’s conditional marketing authorization (CMA) application for avacopan for the treatment of ANCA-associated vasculitis. In February 2021, the Company achieved a $ 10.0 million regulatory milestone when the Japanese NDA (JNDA) for TAVNEOS in the treatment of ANCA-associated vasculitis was filed with the Japanese Pharmaceuticals and Medical Device Agency (PMDA) by Vifor, through its sublicensee Kissei Pharmaceutical, Co., Ltd. (Kissei). In September 2021, the Japanese Ministry of Health, Labor and Welfare (MHLW) approved the JNDA for TAVNEOS for the treatment of patients with microscopic polyangiitis (MPA) and granulomatosis with polyangiitis (GPA), the two main forms of ANCA-associated vasculitis . As a result, the Company achieved a $ 20.0 million regulatory milestone. Upon further achievement of certain regulatory and commercial milestones with TAVNEOS, the Company will receive additional payments of up to $ 430.0 million under the Avacopan Agreements. In addition, the Company will receive royalties, with rates ranging from the low teens to the mid-twenties, on future potential net sales of TAVNEOS by Vifor in the licensed territories. The Company identified the following material promises under the Avacopan Agreements: (1) the license related to avacopan; (2) the development and regulatory services for the submission of the marketing authorization application (MAA); and (3) an exclusive option to negotiate a worldwide license agreement for CCX140, which expired in 2016. The Company considered that the license has standalone functionality and is capable of being distinct. However, the Company determined that the license is not distinct from the development and regulatory services within the context of the agreement because Vifor is dependent on the Company to execute the development and regulatory activities in order for Vifor to benefit from the license. As such, the license is combined with the development and regulatory services into a single performance obligation. The exclusive option related to CCX140 is a separate performance obligation and the Company determined that its transaction price is not material. Therefore, the transaction price under this arrangement is allocated to the license and the development and regulatory services. As of September 30, 2021 , the transaction price of $ 183.0 million comprised the following: $ 78.0 million upfront payment under the May 2016 Avacopan Agreement. Of the total $ 85.0 million upfront payment received under the May 2016 Avacopan Agreement, $ 7.0 million was allocated to the issuance of 3,333,333 shares of the Company’s common stock valued at $ 2.10 per share, the closing stock price on the effective date of the agreement, May 9, 2016. The remaining $ 78.0 million was allocated to the transaction price under this arrangement; $ 20.0 million upfront payment under the February 2017 Avacopan Amendment; $ 50.0 million regulatory milestone payment achieved upon the validation of the Company’s CMA application by the EMA, for avacopan for the treatment of ANCA-associated vasculitis in December 2017; $ 10.0 million regulatory milestone payment achieved upon the acceptance of the JNDA for TAVNEOS in the treatment of ANCA-associated vasculitis filed by Vifor, through its Japanese sublicensee Kissei with the PMDA in February 2021; $ 20.0 million regulatory milestone payment achieved upon the MHLW approval of the JNDA for TAVNEOS in the treatment of ANCA-associated vasculitis by Vifor, through its Japanese sublicensee Kissei in September 2021; and $ 5.0 million non-refundable upfront payment under the Avacopan Letter Agreement. The Company determined that the combined performance obligation will be performed over the duration of the contract, which began on the effective date of May 9, 2016 and ends upon completion of development and regulatory services. The Company uses a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. The Company believes this is the best measure of progress because other measures do not reflect how the Company transfers its performance obligation to Vifor. In applying the cost-based input method of revenue recognition, the Company measures actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of 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 obligations. For the three and nine months ended September 30, 2021 , the Company recognized $ 17.9 million and $ 28.2 million, respectively, of collaboration and license revenue under the Avacopan Agreements, as compared to $ 2.9 million and $ 9.9 million, respectively, during the same periods in 2020. Avacopan Commercial Supply Agreement In October 2020, the Company entered into a Manufacturing and Supply Agreement with Vifor (the Avacopan Commercial Supply Agreement). Under the Avacopan Commercial Supply Agreement, the Company will supply and sell avacopan drug product to Vifor for commercial use outside of the United States. Vifor will purchase avacopan drug product at a certain percentage mark up to the Company’s cost of goods, in accordance with the Avacopan Agreements. Vifor’s purchase of avacopan drug product is subject to certain binding forecast periods. The Avacopan Commercial Supply Agreement will expire upon the termination of the Avacopan Agreements or under certain circumstances as specified in the Avacopan Commercial Supply Agreement. In connection with the Avacopan Commercial Supply Agreement, the Company also entered into a letter agreement with Vifor, pursuant to which the $6.2 million previously received from Vifor under the CCX140 Agreement (discussed below) is creditable to Vifor’s purchase of avacopan drug product. For the nine months ended September 30, 2021, the Company recognized $ 0.6 million of collaboration and license revenue under the Avacopan Commercial Supply Agreement. CCX140 Agreements In December 2016, the Company entered into a second collaboration and license agreement with Vifor pursuant to which the Company granted Vifor exclusive rights to commercialize CCX140 (the CCX140 Agreement) in markets outside the United States and China. CCX140 is an orally-administered inhibitor of the chemokine receptor known as CCR2. The Company retains marketing rights in the United States and China, while Vifor has commercialization rights in the rest of the world. Pursuant to the CCX140 Agreement, the Company is responsible for the clinical development of CCX140 in rare renal diseases and is reimbursed for Vifor’s equal share of such development cost. Under the terms of the CCX140 Agreement, the Company received a non-refundable upfront payment of $ 50.0 million in 2017. In June 2018, the Company and Vifor entered into a letter agreement to expand Vifor’s rights to include the right to exclusively commercialize CCX140 in China (the CCX140 Letter Agreement). In connection with the CCX140 Letter Agreement, the Company received a non-refundable payment of $ 5.0 million. The Company and Vifor also entered into an amendment to the CCX140 Agreement (the CCX140 Amendment, and together with the CCX140 Agreement and the CCX140 Letter Agreement, the CCX140 Agreements) to clarify the timing of certain payments with respect to development funding of the CCX140 program by Vifor, and the Company received a non-refundable payment of $ 11.5 million. The Company retains control of ongoing and future development of CCX140 (other than country-specific development in the licensed territories), and all commercialization rights to CCX140 in the United States. The Company identified the following material promises under the CCX140 Agreements: (1) the license related to CCX140; and (2) the development and regulatory services for the submission of the MAA. The Company considered that the license has standalone functionality and is capable of being distinct. However, the Company determined that the license is not distinct from the development and regulatory services within the context of the agreement because Vifor is dependent on the Company to execute the development and regulatory activities in order for Vifor to benefit from the license. As such, the license is combined with the development and regulatory services into a single performance obligation. As of September 30, 2021 , the transaction price of $ 66.5 million comprised the following: $ 50.0 million upfront payment under the CCX140 Agreement; $ 11.5 million of CCX140 development funding by Vifor; and $ 5.0 million non-refundable upfront payment under the CCX140 Letter Agreement. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company determined that the combined performance obligation will be performed over the duration of the contract, which began on the effective date of December 22, 2016 and ends upon completion of development services. The Company uses a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. The Company believes this is the best measure of progress because other measures do not reflect how the Company transfers its performance obligation to Vifor. In applying the cost-based input method of revenue recognition, the Company measures actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of 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 obligations. In May 2020, the Company announced topline data from a 46 patient Phase II dose-ranging trial in the orphan kidney disorder, primary Focal Segmental Glomerulosclerosis (FSGS), called the LUMINA-1 trial. In the study, CCX140 did not demonstrate a meaningful reduction in proteinuria relative to the control group after 12 weeks of blinded treatment. As such, CCX140 will not be further developed in FSGS. As a result, the Company reduced the total anticipated FSGS budgeted costs and the corresponding transaction price related to development funding under the CCX140 Agreement by $ 47.2 million and recognized $ 46.7 million of contract revenue during the three months ended June 30, 2020. In addition, $ 6.2 million of deferred revenue previously received from Vifor under the CCX140 Agreements is creditable against Vifor’s purchases of avacopan drug product under the Avacopan Commercial Supply Agreement. Vifor retains an option to solely develop and commercialize CCX140 in more prevalent forms of chronic kidney disease (CKD). Should Vifor later exercise the CKD option, the Company would receive co-promotion rights for CKD in the United States. For the three and nine months ended September 30, 2021, the Company recognized $ 7,000 and $ 0.8 million of collaboration and license revenue under the CCX140 Agreements, respectively, compared to $ 2.1 million and $ 50.2 million during the same periods in 2020, respectively. As of September 30, 2021, deferred revenue under the CCX140 Agreement, representing the Company’s remaining estimated performance obligation under these agreements has been fully recognized. The following table presents the contract assets and liabilities for all of the Company’s revenue contracts as of the following dates (in thousands): September 30, December 31, 2021 2020 Contract asset: Accounts receivable $ 20,005 $ 32 Contract liability: Deferred revenue $ ( 37,041 ) $ ( 36,587 ) During the three and nine months ended September 30, 2021, the Company recognized the following revenue as a result of changes in the contract asset and the contract liability balances (in thousands): Three Months Ended Nine Months Ended 2021 2021 Revenue recognized in the period from: Amount included in contract liability at the $ 17,682 $ 29,546 Performance obligations satisfied (or partially $ 16,313 $ 24,391 |
Government Grant
Government Grant | 9 Months Ended |
Sep. 30, 2021 | |
Government Grants [Abstract] | |
Government Grant | 9. Government Grant In September 2019, the Company was awarded a two-year $ 1.0 million grant from the orphan drug office of the U.S. Food and Drug Administration to support the clinical development of avacopan in patients with the rare kidney disease complement 3 glomerulopathy. The grant was extended for an additional four months in August 2021. For the three and nine months ended September 30, 2021, the Company recognized $ 0.1 million and $ 0.4 million of grant revenue, respectively. As of September 30, 2021 and December 31, 2020, $ 52,000 and $ 0.1 million, respectively, was recorded as accounts receivable. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity Stock Options During the nine months ended September 30, 2021, the Company had the following activities under its equity incentive plans: Available Share s Weighted Weighted Aggregate Balance at December 31, 2020 3,170,577 7,114,225 $ 14.61 Shares authorized 2,950,000 — Granted (1) ( 1,198,068 ) 945,534 53.64 Exercised (2) 86,343 ( 324,204 ) 10.30 Forfeited and expired 537,592 ( 537,592 ) 27.75 Outstanding at September 30, 2021 5,546,444 7,197,963 $ 18.95 5.89 $ 243,375,474 Vested and expected to vest, net of estimated forfeiture 6,988,419 $ 18.23 5.81 $ 240,345,856 Exercisable at September 30, 2021 5,099,071 $ 11.17 4.89 $ 204,903,335 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period. (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs. Restricted Stock During the nine months ended September 30, 2021, the activity for restricted stock is summarized as follows: Share s Weighted Balance at December 31, 2020 420,030 $ 34.73 Granted 229,356 54.58 Vested ( 202,342 ) 30.60 Canceled — — Unvested at September 30, 2021 447,044 $ 46.79 Stock-based Compensation Total stock-based compensation expense was $ 7.4 million and $ 23.2 million during the three and nine months ended September 30, 2021 , respectively, and $ 5.9 million and $ 15.9 million during the same periods ended September 30, 2020, respectively. As of September 30, 2021, $ 42.3 million, $ 11.6 million and $ 84,000 of total unrecognized compensation expenses associated with outstanding employee stock options, unvested restricted stock, and the ESPP, net of estimated forfeitures, respectively, were expected to be recognized over a weighted-average period of 2.34 , 1.43 and 0.12 years, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Concentration of Credit Risk | Concentration of Credit Risk The Company invests in a variety of financial instruments and, by its policy, limits the amount of credit exposure with any one issuer, industry or geographic area. Accounts receivable are typically unsecured and are concentrated in the pharmaceutical industry and government sector. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies and government funded entities. The Company has not historically experienced any significant losses due to concentration of credit risk. |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options and warrants, (ii) vesting of restricted stock units (RSUs) and restricted stock awards (RSAs), and (iii) the purchase from contributions to the 2012 Employee Stock Purchase Plan (the ESPP) (calculated based on the treasury stock method), are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. For the three and nine months ended September 30, 2021 and 2020, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Three and Nine Months Ended September 30, 2021 2020 Options to purchase common stock, including 7,240 7,416 Restricted stock units 432 389 Restricted stock awards 15 14 Warrants to purchase common stock 150 150 7,837 7,969 |
Comprehensive Income (Loss) | Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive loss. For the periods presented, other comprehensive loss consists of unrealized gains (losses ) on the Company’s available-for-sale securities. For the three and nine months ended September 30, 2021 and 2020, there were no significant sales of investments and therefore there were no reclassifications of comprehensive loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the consolidated financial statements as a result of future adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect | Three and Nine Months Ended September 30, 2021 2020 Options to purchase common stock, including 7,240 7,416 Restricted stock units 432 389 Restricted stock awards 15 14 Warrants to purchase common stock 150 150 7,837 7,969 |
Cash Equivalents, Restricted _2
Cash Equivalents, Restricted Cash and Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (in thousands): September 30, December 31, 2021 2020 Cash and cash equivalents $ 93,726 $ 32,297 Restricted cash included in Other assets 1,080 1,080 Total cash, cash equivalents and restricted cash $ 94,806 $ 33,377 |
Amortized Cost and Fair Value of Cash Equivalents and Investments | The amortized cost and fair value of cash equivalents and investments at September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 88,364 $ — $ — $ 88,364 U.S. treasury securities 40,484 6 ( 3 ) 40,487 Non-U.S. government securities 16,900 — ( 9 ) 16,891 Commercial paper 82,933 — — 82,933 Asset-backed securities 25,002 3 ( 20 ) 24,985 Corporate debt securities 112,449 15 ( 29 ) 112,435 Total available-for-sale securities $ 366,132 $ 24 $ ( 61 ) $ 366,095 Classified as: Cash equivalents $ 88,364 Short-term investments 175,701 Long-term investments 102,030 Total available-for-sale securities $ 366,095 December 31, 2020 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities 176,625 60 — 176,685 Government-sponsored agencies 12,500 — — 12,500 Commercial paper 140,364 — — 140,364 Asset-backed securities 25,706 23 — 25,729 Corporate debt securities 72,764 38 ( 7 ) 72,795 Total available-for-sale securities $ 458,098 $ 121 $ ( 7 ) $ 458,212 Classified as: Cash equivalents $ 30,139 Short-term investments 404,273 Long-term investments 23,800 Total available-for-sale securities $ 458,212 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Company's Financial Assets | The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Description Level 1 Level 2 Level 3 Total Money market fund $ 88,364 $ — $ — $ 88,364 U.S. treasury securities — 40,487 — 40,487 Non-U.S. government securities — 16,891 — 16,891 Commercial paper — 82,933 — 82,933 Asset-backed securities — 24,985 — 24,985 Corporate debt securities — 112,435 — 112,435 Total available-for-sale securities $ 88,364 $ 277,731 $ — $ 366,095 December 31, 2020 Description Level 1 Level 2 Level 3 Total Money market fund $ 30,139 $ — $ — $ 30,139 U.S. treasury securities — 176,685 — 176,685 Government-sponsored agencies — 12,500 — 12,500 Commercial paper — 140,364 — 140,364 Asset-backed securities — 25,729 — 25,729 Corporate debt securities — 72,795 — 72,795 Total available-for-sale securities $ 30,139 $ 428,073 $ — $ 458,212 |
Summary of Carrying Amount And Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of financial instruments not recorded at fair value at September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, December 31, 2021 2020 Carrying Estimated Carrying Estimated Long-term debt, net (1) $ 23,573 $ 23,722 $ 24,401 $ 25,332 (1) Carrying amounts of long-term debt were net of unamortized debt discounts of $ 378 and $ 599 as of September 30, 2021 and December 31, 2020 , respectively. |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): September 30, December 31, 2021 2020 Research and development related $ 9,805 $ 11,062 Compensation related 10,356 5,498 Consulting and professional services 1,640 1,690 Current portion of operating lease liability 2,707 845 Other 1,476 699 $ 25,984 $ 19,794 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Principal Payments Related to Credit Facility | Future minimum principal payments, which exclude the end of term charge, as of September 30, 2021 are as follows (in thousands): Amounts Year ending December 31: Remaining of fiscal year 2021 $ — 2022 20,006 2023 3,353 2024 592 Total minimum payments 23,951 Less: amount representing debt discount ( 378 ) Present value of remaining debt payments 23,573 Less: current portion ( 14,013 ) Non-current portion $ 9,560 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Balance Sheet Classification of the Company's Operating Lease Assets and Liabilities | The balance sheet classification of the Company’s operating lease assets and liabilities was as follows (in thousands): September 30, December 31, 2021 2020 Balance Sheet Assets: Operating lease right-of-use assets $ 25,035 $ 26,911 Liabilities: Operating lease liabilities: Accrued and other current liabilities (1) $ 2,707 $ 845 Non-current lease liabilities 46,672 38,671 (1) Includes current portion of operating lease liabilities as of September 30, 2021 and December 31, 2020. |
Schedule of Operating Expenses in the Company's Condensed Consolidated Statements of Operations | The component of lease costs, which was included in operating expenses in the Company’s Condensed Consolidated Statements of Operations, was as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost $ 1,375 $ 1,743 $ 4,857 $ 2,905 |
Schedule of Future Minimum Lease Payments Under all Noncancelable Operating Leases | Future minimum lease payments under all noncancelable operating leases as of September 30, 2021 are as follows (in thousands): Operating leases Year ending December 31: Remaining of fiscal year 2021 $ 1,816 2022 7,336 2023 7,535 2024 7,741 2025 7,952 Thereafter 44,686 Total minimum payments 77,066 Less: interest ( 26,797 ) Less: future tenant improvement reimbursements ( 890 ) Present value of lease liabilities $ 49,379 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Contract Assets and Liabilities and Changes in Contract Balances | The following table presents the contract assets and liabilities for all of the Company’s revenue contracts as of the following dates (in thousands): September 30, December 31, 2021 2020 Contract asset: Accounts receivable $ 20,005 $ 32 Contract liability: Deferred revenue $ ( 37,041 ) $ ( 36,587 ) During the three and nine months ended September 30, 2021, the Company recognized the following revenue as a result of changes in the contract asset and the contract liability balances (in thousands): Three Months Ended Nine Months Ended 2021 2021 Revenue recognized in the period from: Amount included in contract liability at the $ 17,682 $ 29,546 Performance obligations satisfied (or partially $ 16,313 $ 24,391 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity under its Stock Plans | During the nine months ended September 30, 2021, the Company had the following activities under its equity incentive plans: Available Share s Weighted Weighted Aggregate Balance at December 31, 2020 3,170,577 7,114,225 $ 14.61 Shares authorized 2,950,000 — Granted (1) ( 1,198,068 ) 945,534 53.64 Exercised (2) 86,343 ( 324,204 ) 10.30 Forfeited and expired 537,592 ( 537,592 ) 27.75 Outstanding at September 30, 2021 5,546,444 7,197,963 $ 18.95 5.89 $ 243,375,474 Vested and expected to vest, net of estimated forfeiture 6,988,419 $ 18.23 5.81 $ 240,345,856 Exercisable at September 30, 2021 5,099,071 $ 11.17 4.89 $ 204,903,335 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period. (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs. |
Restricted Stock Activity | During the nine months ended September 30, 2021, the activity for restricted stock is summarized as follows: Share s Weighted Balance at December 31, 2020 420,030 $ 34.73 Granted 229,356 54.58 Vested ( 202,342 ) 30.60 Canceled — — Unvested at September 30, 2021 447,044 $ 46.79 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of Operating Segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 7,837,000 | 7,969,000 | 7,837,000 | 7,969,000 |
Options to Purchase Common Stock, Including Purchases from Contributions to ESPP [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 7,240 | 7,416,000 | 7,240 | 7,416,000 |
Unvested Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 432 | 389 | 432 | 389 |
Restricted Stock Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 15,000 | 14,000 | 15,000 | 14,000 |
Warrants to Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 150,000 | 150,000 | 150,000 | 150,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Reclassification adjustment from accumulated other comprehensive loss for unrealized gain (loss) realized upon the sale of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 |
Cash Equivalents, Restricted _3
Cash Equivalents, Restricted Cash and Investments - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 93,726 | $ 32,297 | ||
Restricted cash included in Other assets | 1,080 | 1,080 | ||
Total cash, cash equivalents and restricted cash | $ 94,806 | $ 33,377 | $ 57,257 | $ 40,259 |
Cash Equivalents, Restricted _4
Cash Equivalents, Restricted Cash and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 366,132 | $ 458,098 |
Gross Unrealized Gains | 24 | 121 |
Gross Unrealized Losses | (61) | (7) |
Available-for-sale Securities | 366,095 | 458,212 |
Money Market Fund [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 88,364 | 30,139 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | 88,364 | 30,139 |
U.S. Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 40,484 | 176,625 |
Gross Unrealized Gains | 6 | 60 |
Gross Unrealized Losses | (3) | 0 |
Available-for-sale Securities | 40,487 | 176,685 |
Non US Government Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,900 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (9) | |
Available-for-sale Securities | 16,891 | |
Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 82,933 | 140,364 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | 82,933 | 140,364 |
Asset-backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 25,002 | 25,706 |
Gross Unrealized Gains | 3 | 23 |
Gross Unrealized Losses | (20) | 0 |
Available-for-sale Securities | 24,985 | 25,729 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 112,449 | 72,764 |
Gross Unrealized Gains | 15 | 38 |
Gross Unrealized Losses | (29) | (7) |
Available-for-sale Securities | $ 112,435 | 72,795 |
Government-Sponsored Agencies [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 12,500 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Available-for-sale Securities | $ 12,500 |
Cash Equivalents, Restricted _5
Cash Equivalents, Restricted Cash and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $ 88,364 | $ 30,139 |
Short-term investments | 175,701 | 404,273 |
Long-term investments | 102,030 | 23,800 |
Total available-for-sale securities | $ 366,095 | $ 458,212 |
Cash Equivalents, Restricted _6
Cash Equivalents, Restricted Cash and Investments - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2021USD ($)Investment | Dec. 31, 2020USD ($) | |
Cash And Cash Equivalents [Abstract] | ||
Maturity period available-for-sale securities | less than two years | |
Significant realized gains or losses on available-for-sale securities | $ 0 | |
Cash | $ 5,400,000 | $ 2,200,000 |
Number of available-for-sale securities in a continuous unrealized loss position for more than 12 months | Investment | 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements of Company's Financial Assets (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 366,095 | $ 458,212 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 88,364 | 30,139 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 277,731 | 428,073 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 88,364 | 30,139 |
Money Market Fund [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 88,364 | 30,139 |
Money Market Fund [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Money Market Fund [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40,487 | 176,685 |
U.S. Treasury Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
U.S. Treasury Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40,487 | 176,685 |
U.S. Treasury Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Non US Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 16,891 | |
Non US Government Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Non US Government Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 16,891 | |
Non US Government Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 82,933 | 140,364 |
Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 82,933 | 140,364 |
Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 24,985 | 25,729 |
Asset-backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Asset-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 24,985 | 25,729 |
Asset-backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 112,435 | 72,795 |
Corporate Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Corporate Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 112,435 | 72,795 |
Corporate Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 0 | 0 |
Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,500 | |
Government-Sponsored Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Government-Sponsored Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,500 | |
Government-Sponsored Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Sep. 30, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Transfers from Level 1 to Level 2 financial assets | $ 0 |
Transfers from Level 2 to Level 1 financial assets | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Amount | $ 23,573 | ||
Term Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Amount | [1] | 23,573 | $ 24,401 |
Estimated Fair Value | [1] | $ 23,722 | $ 25,332 |
[1] | Carrying amounts of long-term debt were net of unamortized debt discounts of $ 378 and $ 599 as of September 30, 2021 and December 31, 2020 , respectively. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Amount and Estimated Fair Value of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unamortized debt discounts | $ 378 | |
Term Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unamortized debt discounts | $ 378 | $ 599 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |||
Research and development related | $ 9,805 | $ 11,062 | |
Compensation related | 10,356 | 5,498 | |
Consulting and professional services | 1,640 | 1,690 | |
Current portion of operating lease liability | [1] | 2,707 | 845 |
Other | 1,476 | 699 | |
Accrued liabilities | $ 25,984 | $ 19,794 | |
[1] | Includes current portion of operating lease liabilities as of September 30, 2021 and December 31, 2020. |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | Jan. 08, 2020USD ($)Tranche | Dec. 28, 2017USD ($) | Sep. 30, 2021USD ($) | Dec. 01, 2022USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, advance amount | $ 20,000,000 | |||||
Line of credit facility, interest rate | 8.50% | 8.05% | ||||
Borrowings outstanding | 23,573,000 | |||||
Discount on borrowings | $ 378,000 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate proceeds to be received from equity offering | $ 30,000,000 | |||||
Hercules Capital Inc [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan commitment fee, percentage | 1.00% | |||||
Purchase of common stock | $ 1,000,000 | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||||
Line of credit facility, interest rate | 8.05% | |||||
Line of credit facility, interest rate description | As of September 30, 2021, the Company had borrowed $20.0 million under the Credit Facility, with an interest rate of 8.05% per annum and the remaining available amount had expired. | |||||
Line of credit facility, first principal and interest payment date | Jul. 1, 2021 | |||||
Line of credit facility, maturity date | Dec. 1, 2022 | |||||
Borrowings outstanding | [1] | $ 23,573,000 | $ 24,401,000 | |||
Discount on borrowings | $ 378,000 | $ 599,000 | ||||
Term Loan [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan commitment charge | 162,500 | |||||
Term Loan [Member] | Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Payment of end term charge | $ 1,300,000 | |||||
Term Loan [Member] | Wall Street Journal Prime [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate | 4.75% | |||||
Term Loan Restated [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||||
Line of credit facility, interest rate description | In addition, the Company may prepay advances under the Amended Loan Agreement, in whole or in part, at any time, subject to a prepayment charge that ranges from 1.0% to 2.0%, depending on the timing of the prepayment. The Amended Loan Agreement is secured by substantially all of the Company’s assets, excluding intellectual property. | |||||
Percentage of prepayment charges, lower range | 1.00% | |||||
Percentage of prepayment charges, upper range | 2.00% | |||||
Number of tranches | Tranche | 3 | |||||
Term Loan Restated [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan commitment charge | $ 520,000 | |||||
Term Loan Restated [Member] | Hercules Capital Inc [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of participation in equity financing | 3,000,000 | |||||
Term Loan Restated [Member] | Tranche One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, advance amount | $ 5,000,000 | |||||
Line of credit facility, interest rate | 8.50% | |||||
Line of credit facility, interest rate description | Under the Restated Credit Facility, the Company borrowed $5.0 million from the first tranche with an interest rate of 8.50% per annum as of September 30, 2021. Advances under the Restated Credit Facility bear an initial interest rate equal to the greater of either (i) 8.50% plus the Prime Rate minus 5.25%, and (ii) 8.50%, which may be reduced upon the Company achieving certain cumulative net TAVNEOS revenue levels. For advances under the Restated Credit Facility, the Company will make interest only payments through September 1, 2022 and will then be obligated to repay the principal balance and interest on the advances in equal monthly installments through February 1, 2024. Upon satisfaction of certain conditions, the interest-only payment period and the principal balance repayment period may be extended. In addition, the Company is obligated to pay an end of term charge of 7.15% of the aggregate amount of the advances under the Restated Credit Facility. | |||||
Line of credit facility, maturity date | Feb. 1, 2024 | |||||
End of term charge advances, percentage | 7.15% | |||||
Term Loan Restated [Member] | Wall Street Journal Prime [Member] | Tranche One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate | 5.25% | |||||
Through December 15, 2020 [Member] | Tranche One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 40,000,000 | |||||
Through December 15, 2020 [Member] | Tranche One [Member] | Avacopan New Drug Application | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, capacity available for specific purpose other than for trade purchases | 20,000,000 | |||||
Through December 15, 2021 [Member] | Tranche Two [Member] | Avacopan New Drug Application | ||||||
Debt Instrument [Line Items] | ||||||
Restated credit facility, maximum borrowing capacity | 30,000,000 | |||||
Through December 15, 2022 [Member] | Tranche Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 | |||||
[1] | Carrying amounts of long-term debt were net of unamortized debt discounts of $ 378 and $ 599 as of September 30, 2021 and December 31, 2020 , respectively. |
Long-term Debt - Schedule of Fu
Long-term Debt - Schedule of Future Minimum Principal Payments Related to the Credit Facility (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Remaining of fiscal year 2021 | $ 0 | |
2022 | 20,006 | |
2023 | 3,353 | |
2024 | 592 | |
Total minimum payments | 23,951 | |
Less: amount representing debt discount | (378) | |
Long-term debt, net | 23,573 | |
Less: current portion | (14,013) | $ (6,302) |
Long-term debt, Non-current portion | $ 9,560 | $ 18,099 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | |
Operating Leased Assets [Line Items] | ||
Expiration date | 2031-02 | |
Initial annual base rent expense | $ 6.5 | |
Incremental percentage of annual lease rent | 3.00% | |
Operating lease contract | 10 years | |
Tenant improvement allowance | $ 15.4 | |
Proceeds from Additional Tenant Allowance | $ 4.8 | |
Operating lease, option to extend | option to extend the lease for five years | |
Additional tenant improvement allowance | 7.00% | |
Operating lease new facility commence | June 2020 | |
Tenant improvement allowance received | $ 19.2 | |
Operating Lease, Payments | 3.1 | |
Operating lease payments excluding tenant improvement allowance | $ 10 | $ 1.2 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 5 months 1 day | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.50% | |
Letter of Credit [Member] | ||
Operating Leased Assets [Line Items] | ||
Security deposit | $ 1.1 | |
San Carlos California [Member] | ||
Operating Leased Assets [Line Items] | ||
Area of Land | ft² | 96,463 | |
Discounted lease | Following a six-month period of discounted rent | |
Third Amendment May 2019 [Member] | ||
Operating Leased Assets [Line Items] | ||
Expiration date | 2021-04 |
Commitments - Schedule of Balan
Commitments - Schedule of Balance Sheet Classification of the Company's Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Operating lease right-of-use assets | $ 25,035 | $ 26,911 | |
Operating lease liabilities: | |||
Accrued and other current liabilities | [1] | 2,707 | 845 |
Non-current lease liabilities | $ 46,672 | $ 38,671 | |
[1] | Includes current portion of operating lease liabilities as of September 30, 2021 and December 31, 2020. |
Commitments - Schedule of Opera
Commitments - Schedule of Operating Expenses in the Company's Condensed Consolidated Statements of Operations (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Operating lease cost | $ 1,375 | $ 1,743 | $ 4,857 | $ 2,905 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Lease Payments Under all Noncancelable Operating Leases (Details 2) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Remaining of fiscal year 2021 | $ 1,816 |
2022 | 7,336 |
2023 | 7,535 |
2024 | 7,741 |
2025 | 7,952 |
Thereafter | 44,686 |
Total minimum payments | 77,066 |
Less: interest | (26,797) |
Less: future tenant improvement reimbursements | (890) |
Present value of lease liabilities | $ 49,379 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | Dec. 28, 2017 | Sep. 30, 2021 | Feb. 27, 2021 | Jun. 30, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | May 31, 2016 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2017 | May 09, 2016 |
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable upfront payments received | $ 85,000,000 | |||||||||||||
Non refundable upfront payment received in equity investment, shares | 3,333,333 | |||||||||||||
Performance obligations satisfied (or partially satisfied) in previous periods | $ 16,313,000 | $ 24,391,000 | ||||||||||||
Transaction price | $ 78,000,000 | |||||||||||||
Upfront payments received | $ 78,000,000 | |||||||||||||
Non refundable upfront payments allocated for issuance of common stock | $ 7,000,000 | |||||||||||||
Issuance of common stock, per share value | $ 2.10 | |||||||||||||
Collaboration and license revenue from related party | 17,691,000 | $ 5,027,000 | 29,613,000 | $ 60,165,000 | ||||||||||
Revenues recognized | 600,000 | |||||||||||||
Avacopan Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable upfront payments received | $ 85,000,000 | |||||||||||||
Non refundable upfront payment received in cash | 60,000,000 | |||||||||||||
Non refundable upfront payment received in equity investment | $ 25,000,000 | |||||||||||||
Share price of common stock in equity investment | $ 7.50 | |||||||||||||
Non refundable upfront payment received in equity investment, shares | 3,333,333 | |||||||||||||
Performance obligations satisfied (or partially satisfied) in previous periods | $ 50,000,000 | |||||||||||||
Transaction price | $ 183,000,000 | 183,000,000 | 183,000,000 | |||||||||||
Collaboration and license revenue from related party | 17,900,000 | 2,900,000 | 28,200,000 | 9,900,000 | ||||||||||
Avacopan Agreement [Member] | Maximum [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Potential milestone payments receivable | 430,000,000 | |||||||||||||
Avacopan Amendment [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable upfront payments received | $ 20,000,000 | |||||||||||||
Non refundable payment for expanded rights | $ 5,000,000 | |||||||||||||
Upfront cash commitment | $ 20,000,000 | |||||||||||||
Avacopan Letter Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable payment for expanded rights | $ 5,000,000 | |||||||||||||
CCX140 Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Non refundable payment for expanded rights | 5,000,000 | 5,000,000 | $ 50,000,000 | |||||||||||
Transaction price | 66,500,000 | 66,500,000 | 66,500,000 | |||||||||||
Upfront payments received | 50,000,000 | |||||||||||||
Collaboration and license revenue from related party | $ 7,000,000,000 | $ 2,100,000 | 800,000 | $ 50,200,000 | ||||||||||
Non refundable upfront commitment | $ 11,500,000 | |||||||||||||
Deferred Revenue, Recognized | $ 46,700,000 | |||||||||||||
Other current liabilities to related party | $ 6,200,000 | |||||||||||||
Development Funding, Reduction | $ 47,200,000 | |||||||||||||
TAVNEOS [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Performance obligations satisfied (or partially satisfied) in previous periods | $ 20,000,000 | $ 10,000,000 | ||||||||||||
Vifor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Purchase of Common stock, shares | 9,194,085 | |||||||||||||
Vifor [Member] | CCX140 Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Development funding | $ 11,500,000 |
Related-Party Transactions - Sc
Related-Party Transactions - Schedule of Contract Assets and Liabilities and Changes in Contract Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable Net [Member] | ||
Contract asset: | ||
Contract asset | $ 20,005 | $ 32 |
Deferred Revenue [Member] | ||
Contract liability: | ||
Contract liability | $ (37,041) | $ (36,587) |
Related-Party Transactions - _2
Related-Party Transactions - Schedule of Contract Assets and Liabilities Changes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||
Amount included in contract liability at the beginning of the period | $ 17,682 | $ 29,546 |
Performance obligations satisfied (or partially satisfied) in previous periods | $ 16,313 | $ 24,391 |
Government Grant - Additional I
Government Grant - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Government Grant [Member] | ||||
Grant revenue | $ 100 | $ 400 | ||
Accounts Receivable, Related Parties | $ 52,000 | $ 52,000 | $ 100 | |
U.S. Food and Drug Administration [Member] | ||||
Grant Received | $ 1,000 | |||
Grant Term | 2 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity under its Stock Plans (Detail) | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares Available for Grant, Outstanding Beginning Balance | 3,170,577 |
Available for Grant, Shares authorized | 2,950,000 |
Shares Available for Grant, Granted | (1,198,068) |
Shares Available for Grant, Exercised | 86,343 |
Shares Available for Grant, Forfeited and expired | 537,592 |
Shares Available for Grant, Outstanding Ending Balance | 5,546,444 |
Shares, Options Outstanding, Beginning Balance | 7,114,225 |
Shares, Options Outstanding, authorized | 0 |
Shares, Options Outstanding, Granted | 945,534 |
Shares, Options Outstanding, Exercised | (324,204) |
Shares, Options Outstanding, Forfeited and expired | (537,592) |
Shares, Options Outstanding, Ending Balance | 7,197,963 |
Shares, Vested and expected to vest, net of estimated forfeiture at September 30, 2021 | 6,988,419 |
Shares, Exercisable at September 30, 2021 | 5,099,071 |
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $ / shares | $ 14.61 |
Weighted Average Exercise Price, Options Outstanding, Granted | $ / shares | 53.64 |
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares | 10.30 |
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares | 27.75 |
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares | 18.95 |
Weighted Average Exercise Price, Vested and expected to vest, net of estimated forfeiture at September 30, 2021 | $ / shares | 18.23 |
Weighted Average Exercise Price, Exercisable at September 30, 2021 | $ / shares | $ 11.17 |
Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 20 days |
Weighted Average Remaining Contractual Term, Vested and expected to vest, net of estimated forfeiture at September 30, 2021 | 5 years 9 months 21 days |
Weighted Average Remaining Contractual Term, Exercisable at September 30, 2021 | 4 years 10 months 20 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 243,375,474 |
Aggregate Intrinsic Value, Vested and expected to vest, net of estimated forfeiture at September 30, 2021 | $ | 240,345,856 |
Aggregate Intrinsic Value, Exercisable at September 30, 2021 | $ | $ 204,903,335 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Activity (Detail) - Restricted Stocks [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Unvested, Beginning Balance | shares | 420,030 |
Shares, Granted | shares | 229,356 |
Shares, Vested | shares | (202,342) |
Shares, Canceled | shares | 0 |
Shares, Unvested, Ending Balance | shares | 447,044 |
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 34.73 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 54.58 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 30.60 |
Weighted Average Grant-Date Fair Value, Canceled | $ / shares | 0 |
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ / shares | $ 46.79 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | $ 11,600,000 | $ 11,600,000 | ||
Unrecognized compensation expense, weighted-average period | 1 year 5 months 4 days | |||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | 84,000 | $ 84,000 | ||
Unrecognized compensation expense, weighted-average period | 1 month 13 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 7,400,000 | $ 5,900,000 | $ 23,200,000 | $ 15,900,000 |
Unrecognized compensation expenses | $ 42,300,000 | $ 42,300,000 | ||
Unrecognized compensation expense, weighted-average period | 2 years 4 months 2 days |