ChemoCentryx (CCXI) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		71,193,352
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 40,577	$ 49,978
Short-term investments	300,024	214,514
Accounts receivable, net	2,781	411
Accounts receivable from related party	29	43
Inventory	2,897	851
Prepaid expenses and other current assets	5,324	3,380
Total current assets	351,632	269,177
Property and equipment, net	31,482	32,269
Long-term investments	31,235	97,856
Operating lease right-of-use assets	24,592	24,806
Other assets	1,512	1,544
Total assets	440,453	425,652
Current liabilities:
Accounts payable	5,423	6,746
Accrued and other current liabilities	25,547	26,358
Long-term debt, current	19,128	18,920
Deferred revenue from related party	18,709	10,993
Total current liabilities	68,807	63,017
Long-term debt, net	4,554	4,715
Non-current deferred revenue from related party	62,094	24,772
Non-current lease liabilities	46,062	46,830
Other non-current liabilities	217	198
Total liabilities	181,734	139,532
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; 71,142,102 and 70,357,557 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	71	70
Additional paid-in capital	916,224	903,646
Note receivable	(16)	(16)
Accumulated other comprehensive loss	(1,855)	(483)
Accumulated deficit	(655,705)	(617,097)
Total stockholders’ equity	258,719	286,120
Total liabilities and stockholders’ equity	$ 440,453	$ 425,652

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	71,142,102	70,357,557
Common stock, shares outstanding	71,142,102	70,357,557

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Product Sales Net	$ 5,353	$ 0
Collaboration and license revenue from related party	106	10,223
Grant revenue	0	130
Total revenue	5,459	10,353
Operating expenses:
Cost of Sales	205	0
Research and development	17,476	23,418
Selling, General and Administrative	26,011	16,262
Total operating expenses	43,692	39,680
Loss from operations	(38,233)	(29,327)
Other expense:
Interest income	222	305
Interest expense	(597)	(689)
Total other expense, net	(375)	(384)
Net loss	$ (38,608)	$ (29,711)
Basic and diluted net loss per common share	$ (0.55)	$ (0.43)
Shares used to compute basic and diluted net loss per common share	70,835	69,608

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (38,608)	$ (29,711)
Unrealized gain (loss) on available-for-sale securities	(1,372)	(128)
Comprehensive loss	$ (39,980)	$ (29,839)

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, 2020	$ 385,613	$ 69	$ 870,788	$ (16)	$ 114	$ (485,342)
Beginning Balance, shares at Dec. 31, 2020		69,452,466
Net loss	(29,711)					(29,711)
Unrealized loss on investments	(128)				(128)	0
Issuance of common stock under equity incentive and employee stock purchase plans	2,163	$ 1	2,162	0	0	0
Issuance of common stock under equity incentive and employee stock purchase plans, shares		370,987
Repurchased shares upon vesting of restricted stock units for tax withholdings	(5,013)	$ 0	(5,013)	0	0	0
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares		(80,960)
Employee stock-based compensation	7,840	$ 0	7,840	0	0	0
Compensation expense related to options granted to consultants	240	0	240	0	0	0
Ending Balance at Mar. 31, 2021	361,004	$ 70	876,017	(16)	(14)	(515,053)
Ending Balance, shares at Mar. 31, 2021		69,742,493
Beginning Balance at Dec. 31, 2021	$ 286,120	$ 70	903,646	(16)	(483)	(617,097)
Beginning Balance, shares at Dec. 31, 2021	70,357,557	70,357,557
Net loss	$ (38,608)					(38,608)
Unrealized loss on investments	(1,372)				(1,372)
Issuance of common stock upon net exercise of warrant		66,833
Issuance of common stock under equity incentive and employee stock purchase plans	6,279	$ 1	6,278
Issuance of common stock under equity incentive and employee stock purchase plans, shares		803,567
Repurchased shares upon vesting of restricted stock units for tax withholdings	(3,126)		(3,126)
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares		(85,855)
Employee stock-based compensation	9,182		9,182
Compensation expense related to options granted to consultants	244		244
Ending Balance at Mar. 31, 2022	$ 258,719	$ 71	$ 916,224	$ (16)	$ (1,855)	$ (655,705)
Ending Balance, shares at Mar. 31, 2022	71,142,102	71,142,102

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (38,608)	$ (29,711)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	9,426	8,080
Depreciation of property and equipment	1,017	117
Non-cash lease expense	215	594
Non-cash interest expense, net	1,228	997
Changes in assets and liabilities:
Accounts receivable, net	(2,370)	7
Accounts receivable from related party	14	(9,980)
Inventory	(2,046)	0
Prepaids and other current assets	(2,162)	583
Other assets	32	(4)
Accounts payable	(1,329)	1,201
Operating lease liabilities	(664)	6,342
Other liabilities	(960)	418
Deferred revenue from related party	45,038	(211)
Net cash provided by (used in) operating activities	8,831	(21,567)
Investing activities
Purchases of property and equipment, net	(224)	(10,880)
Purchases of investments	(91,498)	(95,278)
Maturities of investments	70,385	166,826
Net cash (used in) provided by investing activities	(21,337)	60,668
Financing activities
Proceeds from exercise of stock options and employee stock purchase plan	6,231	2,163
Employees' tax withheld and paid for with restricted stock units	(3,126)	(5,013)
Net cash provided by (used in) financing activities	3,105	(2,850)
Net (decrease) increase in cash, cash equivalents and restricted cash	(9,401)	36,251
Cash, cash equivalents and restricted cash at beginning of period	51,058	33,377
Cash, cash equivalents and restricted cash at end of period	41,657	69,628
Supplemental disclosures of cash flow information
Cash paid for interest	488	509
Right-of-use assets obtained in exchange for lease obligations	1	300
Purchases of property and equipment, net recorded in accounts payable and accrued liabilities	$ 6	$ 2,807

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2022
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 fully integrated United States 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 Ò (avacopan) in the U.S. as an adjunctive treatment for adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis (ANCA-associated vasculitis), specifically granulomatosis with polyangiitis (GPA) and microscopic polyangiitis (MPA), the two main forms of ANCA-associated vasculitis, in combination with standard therapy including glucocorticoids, and not for the elimination of glucocorticoids use. The Company’s principal operations are in the U.S. 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, 2021 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, 2021 filed with the Securities and Exchange Commission on March 1, 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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. For the three months ended March 31, 2022 and 2021, total revenue derived from the Company’s collaboration with Vifor (International) Ltd., and/or its affiliates, or collectively, Vifor, was 1.9 % and 98.7 %, respectively. Accounts receivable are typically unsecured and are concentrated within a few customers 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 amended and restated 2012 Employee Stock Purchase Plan (the Restated ESPP) (calculated based on the treasury stock method), are only included in the calculation of diluted net loss per share when their effect is dilutive. For the three months ended March 31, 2022 and 2021, 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 Months Ended March 31, 2022 2021 Options to purchase common stock, including 7,123 7,483 Restricted stock units 560 425 Restricted stock awards 15 14 Warrant to purchase common stock (1) — 150 7,698 8,072 (1) In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. The warrant was exercised in January 2022. Product Sales, net The Company sells TAVNEOS to a limited number of specialty pharmacies and a specialty distributor. These customers subsequently dispense TAVNEOS directly to patients or resell it to hospitals and certain pharmacies. The Company recognizes product sales when the customer obtains control of the Company’s product, which occurs typically upon delivery to the customer. Product sales to these customers are recorded net of reserves established for distributor service fees and prompt payment discounts as stated in agreements, estimates for product returns, government rebates, chargebacks and the Company’s co-pay assistance program for patients. The Company estimates these reserves using the expected value approach. The Company believes its estimated reserves require significant judgment and may adjust these estimates as it accumulates historical data and assesses other quantitative and qualitative factors. Differences from actual results and changes to these estimates will be reported in the period that the differences become known. Cost of Sales Cost of sales for product sales and product supply consists primarily of direct and indirect costs related to the manufacturing of TAVNEOS products sold, including third-party manufacturing costs, packaging services, freight, storage costs, allocation of overhead costs of employees involved with production and net sales-based royalties expense. The Company began capitalizing costs related to inventory in October 2021 upon the U.S. Food and Drug Administration (FDA) approval of TAVNEOS. Manufacturing costs associated with campaigns initiated prior to FDA approval were recorded as research and development expense. Accordingly, cost of sales in the near term will likely be lower than in later periods given the sales of pre-approval inventory will carry little to no manufacturing costs given such costs were previously expensed to research and development expense. Inventory The Company values its inventories at the lower-of-cost or net realizable value on a first-in, first-out (FIFO) basis. Inventories include the cost for raw materials, third party contract manufacturing and packaging services, and indirect personnel and overhead associated with production. The Company performs an assessment of the recoverability of inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of sales in the consolidated statements of operations. The Company capitalizes inventory costs associated with products when future commercialization is considered probable and the future economic benefit is expected to be realized, which is typically when regulatory approval is obtained for a drug candidate. As such, the Company begins capitalizing costs as inventory when a drug candidate receives regulatory approval. Prior to regulatory approval, the Company recorded inventory costs related to drug candidates as research and development expense. Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive loss. For the periods presented, other comprehensive loss consists of unrealized losses on the Company’s available-for-sale securities. For the three months ended March 31, 2022 and 2021, there were no 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	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, 2022 2021 Cash and cash equivalents $ 40,577 $ 49,978 Restricted cash included in Other assets 1,080 1,080 Total cash, cash equivalents and restricted cash $ 41,657 $ 51,058 Restricted cash as of March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, 2022 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 37,331 $ — $ — $ 37,331 U.S. treasury securities 115,369 1 ( 708 ) 114,662 Non-U.S. government securities 16,743 — ( 180 ) 16,563 Commercial paper 73,868 — — 73,868 Asset-backed securities 32,400 — ( 212 ) 32,188 Corporate debt securities 94,734 14 ( 770 ) 93,978 Total available-for-sale securities $ 370,445 $ 15 $ ( 1,870 ) $ 368,590 Classified as: Cash equivalents $ 37,331 Short-term investments 300,024 Long-term investments 31,235 Total available-for-sale securities $ 368,590 December 31, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities 40,397 — ( 160 ) 40,237 Government-sponsored agencies 16,821 — ( 56 ) 16,765 Commercial paper 111,868 — — 111,868 Asset-backed securities 39,988 — ( 62 ) 39,926 Corporate debt securities 103,779 7 ( 212 ) 103,574 Total available-for-sale securities $ 354,813 $ 7 $ ( 490 ) $ 354,330 Classified as: Cash equivalents $ 41,960 Short-term investments 214,514 Long-term investments 97,856 Total available-for-sale securities $ 354,330 Cash equivalents in the tables above exclude cash of $ 3.2 million and $ 8.0 million as of March 31, 2022 and December 31, 2021, respectively. All available-for-sale securities held as of March 31, 2022 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 March 31, 2022 have been in a continuous unrealized loss position for more than 12 months. As of March 31, 2022 , 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Description Level 1 Level 2 Level 3 Total Money market fund $ 37,331 $ — $ — $ 37,331 U.S. treasury securities — 114,662 — 114,662 Non-U.S. government securities — 16,563 — 16,563 Commercial paper — 73,868 — 73,868 Asset-backed securities — 32,188 — 32,188 Corporate debt securities — 93,978 — 93,978 Total available-for-sale securities $ 37,331 $ 331,259 $ — $ 368,590 December 31, 2021 Description Level 1 Level 2 Level 3 Total Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities — 40,237 — 40,237 Government-sponsored agencies — 16,765 — 16,765 Commercial paper — 111,868 — 111,868 Asset-backed securities — 39,926 — 39,926 Corporate debt securities — 103,574 — 103,574 Total available-for-sale securities $ 41,960 $ 312,370 $ — $ 354,330 During the three months ended March 31, 2022, 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 March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, December 31, 2022 2021 Carrying Estimated Carrying Estimated Long-term debt, net (1) $ 23,682 $ 25,170 $ 23,635 $ 25,046 (1) Carrying amounts of long-term debt were net of unamortized debt discounts of $ 269 and $ 316 as of March 31, 2022 and December 31, 2021 , 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	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, 2022 2021 Research and development related $ 11,441 $ 11,309 Compensation related 4,974 8,350 Consulting and professional services 2,127 1,348 Current portion of operating lease liability 2,915 2,810 End of term charge on the long-term debt 1,196 1,151 Other 2,894 1,390 $ 25,547 $ 26,358

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 , 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 and December 2021 to extend the interest-only payment period through August 1, 2022 , 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) for the treatment of patients with ANCA-associated vasculitis. The second tranche of up to an additional $ 30.0 million was 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 March 31, 2022. 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 was required to make interest only payments through September 1, 2022 and repay the principal balance and interest on the advances in equal monthly installments through February 1, 2024 . However, upon satisfaction of certain conditions, the interest-only payment period and the principal balance repayment period may be extended. With the FDA approval of TAVNEOS in October 2021, the interest-only payment period and the principal balance repayment period was extended through March 1, 2023 and February 1, 2025, respectively. In addition, the Company will pay an end of term charge of 7.15 % of the aggregate amount of the advances under the Restated Credit Facility in February 2025. 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 Restated Credit Facility, 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 Restated Credit Facility is secured by substantially all of the Company’s assets, excluding intellectual property. The Restated Credit Facility 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 March 31, 2022 , the Company had outstanding borrowings under the Amended Loan Agreement of $ 23.7 million, net of discounts of $ 0.3 million. Future minimum principal payments, which exclude the end of term charge, as of March 31, 2022 are as follows (in thousands): Amounts Year ending December 31: Remaining of fiscal year 2022 $ 18,951 2023 1,979 2024 2,566 2025 455 Total minimum payments 23,951 Less: amount representing debt discount ( 269 ) Present value of remaining debt payments 23,682 Less: current portion ( 19,128 ) Non-current portion $ 4,554

Commitments

Commitments	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments	7. Commitments Purchase Obligations The Company has entered into noncancelable agreements with vendors to secure raw materials and contract manufacturing organizations (CMOs) to manufacture its commercial supply of TAVNEOS. Some of these agreements contain binding commitment provisions for orders placed under purchase orders and forecasted quantities within a specified time frame. As of March 31, 2022, the Company’s noncancelable contractual obligations under these terms of the agreements are approximately $ 9.7 million. The Company enters into contracts in the normal course of business with CROs for clinical trials and with vendors for preclinical research studies, research supplies and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore are cancelable contracts and not included in the purchase obligations above. 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 will expire in February 2031 subject to 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 is 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 March 31, 2022, the Company received total tenant improvement allowance of $ 20.2 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): March 31, December 31, 2022 2021 Balance Sheet Assets: Operating lease right-of-use assets $ 24,592 $ 24,806 Liabilities: Operating lease liabilities: Accrued and other current liabilities (1) $ 2,915 $ 2,810 Non-current lease liabilities 46,062 46,830 (1) Includes current portion of operating lease liabilities. 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 2022 2021 Operating lease cost $ 1,375 $ 1,742 During the three months ended March 31, 2022 and 2021, cash paid for amounts included in the measurement of lease liabilities was $ 2.0 million and $ 0.7 million, respectively, excluding the $ 0 and $ 5.9 million tenant improvement allowance received in 2022 and 2021, 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 March 31, 2022 are as follows (in thousands): Operating leases Year ending December 31: Remaining of fiscal year 2022 $ 5,525 2023 7,535 2024 7,741 2025 7,952 2026 8,170 Thereafter 36,517 Total minimum payments 73,440 Less: interest ( 24,463 ) Present value of lease liabilities $ 48,977 As of March 31, 2022 , the remaining lease term was 8.9 years and the operating discount rate used to determine the operating lease liability was 9.5 %. Legal Proceedings The Company is involved in a consolidated securities class action ( Homyk v. ChemoCentryx, Inc. , 4:21-cv-03343-JST (N.D. Cal.)) and a shareholder derivative action ( Napoli v. Schall , 3:22-cv-00499 (N.D. Cal)), as discussed in the Legal Proceedings section within this Quarterly Report on Form 10-Q. The shareholder derivative action is stayed pending entry of judgment in the consolidated securities class action. Given the early stage of these cases, the Company is unable to estimate a range of potential loss, if any.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	8. Related-Party Transactions Vifor Vifor hel d 5,194,085 shares of the Company’s common stock as of March 31, 2022. 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. In November 2021, the EMA Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending marketing authorization for the Company’s TAVNEOS. In January 2022, the European Commission approved TAVNEOS in combination with a rituximab or cyclophosphamide regimen for the treatment of adult patients with severe active MPA or GPA . Accordingly, the Company achieved a $ 45.0 million regulatory milestone which the Company received in February 2022. Upon further achievement of certain regulatory and commercial milestones with TAVNEOS, the Company will receive additional payments of up to $ 385.0 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. As such, the transaction price under this arrangement is allocated to the license and the development and regulatory services. As of March 31, 2022 , the transaction price of $ 228.0 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; • $ 30.0 million regulatory milestone payments achieved upon the acceptance and the approval of the JNDA for TAVNEOS in the treatment of ANCA-associated vasculitis filed by Vifor, through its Japanese sublicensee Kissei with the PMDA in 2021; • $ 45.0 million regulatory milestone payment achieved upon the European Commission approving TAVNEOS in combination with a rituximab or cyclophosphamide regimen for the treatment of adult patients with severe active MPA or GPA in 2022; and • $ 5.0 million non-refundable upfront payment under the Avacopan 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 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 months ended March 31, 2022 , the Company recognized $ 0.1 million of collaboration and license revenue under the Avacopan Agreements, as compared to $ 9.9 million during the same period in 2021. 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 supplies and sells TAVNEOS to Vifor and its sublicensees for commercial use outside of the United States. Vifor will purchase TAVNEOS at a certain percentage mark up to the Company’s cost of goods, in accordance with the Avacopan Agreements. Vifor’s purchase of TAVNEOS 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 TAVNEOS . For the three months ended March 31, 2022 and 2021, no product supply revenue was recognized 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 March 31, 2022 , 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 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 TAVNEOS 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. The Company fully recognized collaboration and license revenue under the CCX140 Agreements in 2021. Accordingly, no revenue was recognized during the three months ended March 31, 2022 compared to $ 0.3 million during the three months ended March 31, 2021. The following table presents the contract assets and liabilities for all of the Company’s revenue contracts as of the following dates (in thousands): March 31, December 31, 2022 2021 Contract asset: Accounts receivable $ 29 $ 43 Contract liability: Deferred revenue $ ( 80,803 ) $ ( 35,765 ) During the three months ended March 31, 2022, 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 2022 2021 Revenue recognized in the period from: Amount included in contract liability at the $ — $ 10,211 Performance obligations satisfied (or partially $ 2,254 $ 8,443

Government Grant

Government Grant	3 Months Ended
	Mar. 31, 2022
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 TAVNEOS in patients with the rare kidney disease complement 3 glomerulopathy (C3G) . The grant was extended for an additional four months in August 2021 and the grant revenue was fully recognized in 2021. Accordingly, no revenue was recognized during the three months ended March 31, 2022 compared to $ 0.1 million in the same period of 2021. As of March 31, 2022 and December 31, 2021, $ 0 and $ 28,000 was recorded as accounts receivable, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Stock Options During the three months ended March 31, 2022, the Company had the following activities under its equity incentive plans: Available Shares Weighted Weighted Aggregate Balance at December 31, 2021 5,641,782 6,767,895 $ 19.14 Shares authorized — — Granted (1) ( 1,624,830 ) 1,082,730 29.64 Exercised (2) — ( 604,083 ) 10.39 Forfeited and expired 145,939 ( 145,939 ) 41.27 Outstanding at March 31, 2022 4,162,891 7,100,603 $ 21.03 6.22 $ 74,672,588 Vested and expected to vest, net of estimated forfeiture 6,785,124 $ 20.36 6.08 $ 74,199,516 Exercisable at March 31, 2022 4,672,389 $ 13.93 4.73 $ 68,152,545 (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 with a 1.5 share ratio reduction to the reserve shares for each RSU or RSA grant in accordance with the amended and restated 2012 Equity Incentive Award Plan. (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs. Restricted Stock During the three months ended March 31, 2022, the activity for restricted stock is summarized as follows: Shares Weighted Balance at December 31, 2021 413,510 $ 45.94 Granted 361,400 29.83 Vested ( 199,484 ) 43.62 Unvested at March 31, 2022 575,426 $ 36.63 Stock-based Compensation Total stock-based compensation expense was $ 9.4 million during the three months ended March 31, 2022 , and $ 8.1 million during the same period ended March 31, 2021. As of March 31, 2022, $ 50.0 million, $ 15.2 million and $ 0.1 million 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 2.9 , 2.8 and 0.1 years, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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. For the three months ended March 31, 2022 and 2021, total revenue derived from the Company’s collaboration with Vifor (International) Ltd., and/or its affiliates, or collectively, Vifor, was 1.9 % and 98.7 %, respectively. Accounts receivable are typically unsecured and are concentrated within a few customers 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 amended and restated 2012 Employee Stock Purchase Plan (the Restated ESPP) (calculated based on the treasury stock method), are only included in the calculation of diluted net loss per share when their effect is dilutive. For the three months ended March 31, 2022 and 2021, 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 Months Ended March 31, 2022 2021 Options to purchase common stock, including 7,123 7,483 Restricted stock units 560 425 Restricted stock awards 15 14 Warrant to purchase common stock (1) — 150 7,698 8,072 (1) In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. The warrant was exercised in January 2022.
Product Sales, net	Product Sales, net The Company sells TAVNEOS to a limited number of specialty pharmacies and a specialty distributor. These customers subsequently dispense TAVNEOS directly to patients or resell it to hospitals and certain pharmacies. The Company recognizes product sales when the customer obtains control of the Company’s product, which occurs typically upon delivery to the customer. Product sales to these customers are recorded net of reserves established for distributor service fees and prompt payment discounts as stated in agreements, estimates for product returns, government rebates, chargebacks and the Company’s co-pay assistance program for patients. The Company estimates these reserves using the expected value approach. The Company believes its estimated reserves require significant judgment and may adjust these estimates as it accumulates historical data and assesses other quantitative and qualitative factors. Differences from actual results and changes to these estimates will be reported in the period that the differences become known.
Cost of Sales	Cost of Sales Cost of sales for product sales and product supply consists primarily of direct and indirect costs related to the manufacturing of TAVNEOS products sold, including third-party manufacturing costs, packaging services, freight, storage costs, allocation of overhead costs of employees involved with production and net sales-based royalties expense. The Company began capitalizing costs related to inventory in October 2021 upon the U.S. Food and Drug Administration (FDA) approval of TAVNEOS. Manufacturing costs associated with campaigns initiated prior to FDA approval were recorded as research and development expense. Accordingly, cost of sales in the near term will likely be lower than in later periods given the sales of pre-approval inventory will carry little to no manufacturing costs given such costs were previously expensed to research and development expense.
Inventory	Inventory The Company values its inventories at the lower-of-cost or net realizable value on a first-in, first-out (FIFO) basis. Inventories include the cost for raw materials, third party contract manufacturing and packaging services, and indirect personnel and overhead associated with production. The Company performs an assessment of the recoverability of inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of sales in the consolidated statements of operations. The Company capitalizes inventory costs associated with products when future commercialization is considered probable and the future economic benefit is expected to be realized, which is typically when regulatory approval is obtained for a drug candidate. As such, the Company begins capitalizing costs as inventory when a drug candidate receives regulatory approval. Prior to regulatory approval, the Company recorded inventory costs related to drug candidates as research and development expense.
Comprehensive Income (Loss)	Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive loss. For the periods presented, other comprehensive loss consists of unrealized losses on the Company’s available-for-sale securities. For the three months ended March 31, 2022 and 2021, there were no 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)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect	For the three months ended March 31, 2022 and 2021, 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 Months Ended March 31, 2022 2021 Options to purchase common stock, including 7,123 7,483 Restricted stock units 560 425 Restricted stock awards 15 14 Warrant to purchase common stock (1) — 150 7,698 8,072 (1) In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. The warrant was exercised in January 2022.

Cash Equivalents, Restricted _2

Cash Equivalents, Restricted Cash and Investments (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, 2022 2021 Cash and cash equivalents $ 40,577 $ 49,978 Restricted cash included in Other assets 1,080 1,080 Total cash, cash equivalents and restricted cash $ 41,657 $ 51,058
Amortized Cost and Fair Value of Cash Equivalents and Investments	The amortized cost and fair value of cash equivalents and investments at March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, 2022 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 37,331 $ — $ — $ 37,331 U.S. treasury securities 115,369 1 ( 708 ) 114,662 Non-U.S. government securities 16,743 — ( 180 ) 16,563 Commercial paper 73,868 — — 73,868 Asset-backed securities 32,400 — ( 212 ) 32,188 Corporate debt securities 94,734 14 ( 770 ) 93,978 Total available-for-sale securities $ 370,445 $ 15 $ ( 1,870 ) $ 368,590 Classified as: Cash equivalents $ 37,331 Short-term investments 300,024 Long-term investments 31,235 Total available-for-sale securities $ 368,590 December 31, 2021 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities 40,397 — ( 160 ) 40,237 Government-sponsored agencies 16,821 — ( 56 ) 16,765 Commercial paper 111,868 — — 111,868 Asset-backed securities 39,988 — ( 62 ) 39,926 Corporate debt securities 103,779 7 ( 212 ) 103,574 Total available-for-sale securities $ 354,813 $ 7 $ ( 490 ) $ 354,330 Classified as: Cash equivalents $ 41,960 Short-term investments 214,514 Long-term investments 97,856 Total available-for-sale securities $ 354,330

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Description Level 1 Level 2 Level 3 Total Money market fund $ 37,331 $ — $ — $ 37,331 U.S. treasury securities — 114,662 — 114,662 Non-U.S. government securities — 16,563 — 16,563 Commercial paper — 73,868 — 73,868 Asset-backed securities — 32,188 — 32,188 Corporate debt securities — 93,978 — 93,978 Total available-for-sale securities $ 37,331 $ 331,259 $ — $ 368,590 December 31, 2021 Description Level 1 Level 2 Level 3 Total Money market fund $ 41,960 $ — $ — $ 41,960 U.S. treasury securities — 40,237 — 40,237 Government-sponsored agencies — 16,765 — 16,765 Commercial paper — 111,868 — 111,868 Asset-backed securities — 39,926 — 39,926 Corporate debt securities — 103,574 — 103,574 Total available-for-sale securities $ 41,960 $ 312,370 $ — $ 354,330
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 March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, December 31, 2022 2021 Carrying Estimated Carrying Estimated Long-term debt, net (1) $ 23,682 $ 25,170 $ 23,635 $ 25,046 (1) Carrying amounts of long-term debt were net of unamortized debt discounts of $ 269 and $ 316 as of March 31, 2022 and December 31, 2021 , respectively.

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Research and development related $ 11,441 $ 11,309 Compensation related 4,974 8,350 Consulting and professional services 2,127 1,348 Current portion of operating lease liability 2,915 2,810 End of term charge on the long-term debt 1,196 1,151 Other 2,894 1,390 $ 25,547 $ 26,358

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 are as follows (in thousands): Amounts Year ending December 31: Remaining of fiscal year 2022 $ 18,951 2023 1,979 2024 2,566 2025 455 Total minimum payments 23,951 Less: amount representing debt discount ( 269 ) Present value of remaining debt payments 23,682 Less: current portion ( 19,128 ) Non-current portion $ 4,554

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, 2022 2021 Balance Sheet Assets: Operating lease right-of-use assets $ 24,592 $ 24,806 Liabilities: Operating lease liabilities: Accrued and other current liabilities (1) $ 2,915 $ 2,810 Non-current lease liabilities 46,062 46,830 (1) Includes current portion of operating lease liabilities.
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 2022 2021 Operating lease cost $ 1,375 $ 1,742
Schedule of Future Minimum Lease Payments Under all Noncancelable Operating Leases	Future minimum lease payments under all noncancelable operating leases as of March 31, 2022 are as follows (in thousands): Operating leases Year ending December 31: Remaining of fiscal year 2022 $ 5,525 2023 7,535 2024 7,741 2025 7,952 2026 8,170 Thereafter 36,517 Total minimum payments 73,440 Less: interest ( 24,463 ) Present value of lease liabilities $ 48,977

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, 2022 2021 Contract asset: Accounts receivable $ 29 $ 43 Contract liability: Deferred revenue $ ( 80,803 ) $ ( 35,765 ) During the three months ended March 31, 2022, 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 2022 2021 Revenue recognized in the period from: Amount included in contract liability at the $ — $ 10,211 Performance obligations satisfied (or partially $ 2,254 $ 8,443

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity under its Stock Plans	During the three months ended March 31, 2022, the Company had the following activities under its equity incentive plans: Available Shares Weighted Weighted Aggregate Balance at December 31, 2021 5,641,782 6,767,895 $ 19.14 Shares authorized — — Granted (1) ( 1,624,830 ) 1,082,730 29.64 Exercised (2) — ( 604,083 ) 10.39 Forfeited and expired 145,939 ( 145,939 ) 41.27 Outstanding at March 31, 2022 4,162,891 7,100,603 $ 21.03 6.22 $ 74,672,588 Vested and expected to vest, net of estimated forfeiture 6,785,124 $ 20.36 6.08 $ 74,199,516 Exercisable at March 31, 2022 4,672,389 $ 13.93 4.73 $ 68,152,545 (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 with a 1.5 share ratio reduction to the reserve shares for each RSU or RSA grant in accordance with the amended and restated 2012 Equity Incentive Award Plan. (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs.
Restricted Stock Activity	During the three months ended March 31, 2022, the activity for restricted stock is summarized as follows: Shares Weighted Balance at December 31, 2021 413,510 $ 45.94 Granted 361,400 29.83 Vested ( 199,484 ) 43.62 Unvested at March 31, 2022 575,426 $ 36.63

Description of Business - Addit

Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022Segment
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				12 Months Ended
	Mar. 31, 2022		Mar. 31, 2021		Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,698,000		8,072,000
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	7,123,000		7,483,000
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	560,000		425,000
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
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	0	[1]	150,000	[1]	150,000
[1]	In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. The warrant was exercised in January 2022.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Parenthetical) (Details) - $ / shares	3 Months Ended				12 Months Ended
	Mar. 31, 2022		Mar. 31, 2021		Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Issued warrant to purchase common stock, amount	7,698,000		8,072,000
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant term					10 years
Issued warrant to purchase common stock, amount	0	[1]	150,000	[1]	150,000
Issued warrant to purchase common stock, exercise price					$ 20
[1]	In 2012, the Company issued a warrant with a ten-year term to purchase 150,000 shares of its common stock at an exercise price of $ 20.00 per share. The warrant was exercised in January 2022.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Percentage of contract revenue as total revenue	1.90%	98.70%
Reclassification adjustment from accumulated other comprehensive loss for unrealized gain (loss) realized upon the sale of available-for-sale securities	$ 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	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 40,577	$ 49,978
Restricted cash included in Other assets	1,080	1,080
Total cash, cash equivalents and restricted cash	$ 41,657	$ 51,058	$ 69,628	$ 33,377

Cash Equivalents, Restricted _4

Cash Equivalents, Restricted Cash and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 370,445	$ 354,813
Gross Unrealized Gains	15	7
Gross Unrealized Losses	(1,870)	(490)
Available-for-sale Securities	368,590	354,330
Money Market Fund [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	37,331	41,960
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Available-for-sale Securities	37,331	41,960
U.S. Treasury Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	115,369	40,397
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(708)	(160)
Available-for-sale Securities	114,662	40,237
Non US Government Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,743
Gross Unrealized Gains	0
Gross Unrealized Losses	(180)
Available-for-sale Securities	16,563
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	73,868	111,868
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Available-for-sale Securities	73,868	111,868
Asset-backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	32,400	39,988
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(212)	(62)
Available-for-sale Securities	32,188	39,926
Corporate Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	94,734	103,779
Gross Unrealized Gains	14	7
Gross Unrealized Losses	(770)	(212)
Available-for-sale Securities	$ 93,978	103,574
Government-Sponsored Agencies [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		16,821
Gross Unrealized Gains		0
Gross Unrealized Losses		(56)
Available-for-sale Securities		$ 16,765

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	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash equivalents	$ 37,331	$ 41,960
Short-term investments	300,024	214,514
Long-term investments	31,235	97,856
Total available-for-sale securities	$ 368,590	$ 354,330

Cash Equivalents, Restricted _6

Cash Equivalents, Restricted Cash and Investments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022USD ($)Investment	Dec. 31, 2021USD ($)
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	$ 3,200,000	$ 8,000,000
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	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 368,590	$ 354,330
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	37,331	41,960
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	331,259	312,370
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	37,331	41,960
Money Market Fund [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	37,331	41,960
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	114,662	40,237
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	114,662	40,237
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	16,563
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	16,563
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	73,868	111,868
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	73,868	111,868
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	32,188	39,926
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	32,188	39,926
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	93,978	103,574
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	93,978	103,574
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		16,765
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		16,765
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)	Mar. 31, 2022USD ($)
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		Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount		$ 23,682
Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	[1]	23,682	$ 23,635
Estimated Fair Value	[1]	$ 25,170	$ 25,046
[1]	Carrying amounts of long-term debt were net of unamortized debt discounts of $ 269 and $ 316 as of March 31, 2022 and December 31, 2021 , 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	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt discounts	$ 269
Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt discounts	$ 269	$ 316

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Research and development related		$ 11,441	$ 11,309
Compensation related		4,974	8,350
Consulting and professional services		2,127	1,348
Current portion of operating lease liability	[1]	$ 2,915	$ 2,810
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accrued liabilities	Accrued liabilities
End of term charge on the long-term debt		$ 1,196	$ 1,151
Other		2,894	1,390
Accrued liabilities		$ 25,547	$ 26,358
[1]	Includes current portion of operating lease liabilities.

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail)		Jan. 08, 2020USD ($)Tranche	Dec. 28, 2017USD ($)	Mar. 31, 2022USD ($)	Dec. 01, 2022USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Line of credit facility, advance amount				$ 20,000,000
Line of credit facility, interest rate		8.50%	8.05%	8.05%
Borrowings outstanding				$ 23,682,000
Discount on borrowings				$ 269,000
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 March 31, 2022, 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.
Debt Instrument, Date of First Required Payment				Jul. 1, 2021
Line of credit facility, maturity date				Dec. 1, 2022
Borrowings outstanding	[1]			$ 23,682,000		$ 23,635,000
Discount on borrowings				$ 269,000		$ 316,000
Debt instrument date of interest only payment				Aug. 1, 2022
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 Restated Credit Facility, 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 Restated Credit Facility is secured by substantially all of the Company’s assets, excluding intellectual property. The Restated Credit Facility also includes customary loan covenants, with which the Company was in compliance for all periods presented
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 March 31, 2022. 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 was required to make interest only payments through September 1, 2022 and repay the principal balance and interest on the advances in equal monthly installments through February 1, 2024. However, upon satisfaction of certain conditions, the interest-only payment period and the principal balance repayment period may be extended. With the FDA approval of TAVNEOS in October 2021, the interest-only payment period and the principal balance repayment period was extended through March 1, 2023 and February 1, 2025, respectively. In addition, the Company will pay an end of term charge of 7.15% of the aggregate amount of the advances under the Restated Credit Facility in February 2025.
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 $ 269 and $ 316 as of March 31, 2022 and December 31, 2021 , 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	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Remaining of fiscal year 2022	$ 18,951
2023	1,979
2024	2,566
2025	455
Total minimum payments	23,951
Less: amount representing debt discount	(269)
Long-term debt, net	23,682
Less: current portion	(19,128)	$ (18,920)
Long-term debt, Non-current portion	$ 4,554	$ 4,715

Commitments - Additional Inform

Commitments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022USD ($)ft²	Mar. 31, 2021USD ($)
Operating Leased Assets [Line Items]
Contractual Obligation	$ 9,700,000
Expiration date	2031-02
Initial annual base rent expense	$ 6,500,000
Incremental percentage of annual lease rent	3.00%
Operating lease contract	10 years
Tenant improvement allowance	$ 15,400,000
Proceeds from Additional Tenant Allowance	$ 4,800,000
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	$ 20,200,000
Operating Lease, Payments	2,000,000	$ 700,000
Operating lease payments excluding tenant improvement allowance	$ 0	$ 5,900,000
Operating Lease, Weighted Average Remaining Lease Term	8 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	9.50%
Letter of Credit [Member]
Operating Leased Assets [Line Items]
Security deposit	$ 1,100,000
San Carlos California [Member]
Operating Leased Assets [Line Items]
Area of Land | ft²	96,463
Lease description	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		Mar. 31, 2022	Dec. 31, 2021
Operating lease right-of-use assets		$ 24,592	$ 24,806
Operating lease liabilities:
Accrued and other current liabilities	[1]	2,915	2,810
Non-current lease liabilities		$ 46,062	$ 46,830
[1]	Includes current portion of operating lease liabilities.

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
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,375	$ 1,742

Commitments - Schedule of Futur

Commitments - Schedule of Future Minimum Lease Payments Under all Noncancelable Operating Leases (Details 2) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining of fiscal year 2022	$ 5,525
2023	7,535
2024	7,741
2025	7,952
2026	8,170
Thereafter	36,517
Total minimum payments	73,440
Less: interest	(24,463)
Present value of lease liabilities	$ 48,977

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)

Dec. 28, 2017

Jan. 31, 2022

Sep. 30, 2021

Feb. 28, 2021

Jun. 30, 2018

Dec. 31, 2017

Feb. 28, 2017

May 31, 2016

Mar. 31, 2022

Mar. 31, 2021

Jun. 30, 2020

Dec. 31, 2021

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

$ 2,254,000

$ 8,443,000

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

106,000

10,223,000

Avacopan Agreement [Member]

Related Party Transaction [Line Items]

Non refundable upfront payments received

$ 20,000,000

$ 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

Non refundable payment for expanded rights

$ 5,000,000

Performance obligations satisfied (or partially satisfied) in previous periods

$ 50,000,000

Transaction price

228,000,000

Collaboration and license revenue from related party

100,000

9,900,000

Avacopan Amendment [Member]

Related Party Transaction [Line Items]

Upfront cash commitment

$ 20,000,000

Avacopan Letter Agreement [Member]

Related Party Transaction [Line Items]

Non refundable payment for expanded rights

$ 5,000

Revenues recognized

6,200,000

Avacopan Letter Agreement [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Potential milestone payments receivable

385,000,000

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

Upfront payments received

50,000,000

Collaboration and license revenue from related party

0

$ 300,000

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

$ 45,000,000

$ 20,000,000

$ 10,000,000

$ 30,000,000

Vifor [Member]

Related Party Transaction [Line Items]

Purchase of Common stock, shares

5,194,085

Non refundable payment for expanded rights

$ 45,000,000

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	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable Net [Member]
Contract asset:
Contract asset	$ 29	$ 43
Deferred Revenue [Member]
Contract liability:
Contract liability	$ (80,803)	$ (35,765)

Related-Party Transactions - _2

Related-Party Transactions - Schedule of Contract Assets and Liabilities Changes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions [Abstract]
Amount included in contract liability at the beginning of the period	$ 0	$ 10,211
Performance obligations satisfied (or partially satisfied) in previous periods	$ 2,254	$ 8,443

Government Grant - Additional I

Government Grant - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Government Grant [Member]
Grant revenue		$ 0	$ 100,000
Accounts Receivable, Related Parties		$ 0		$ 28,000
U.S. Food and Drug Administration [Member]
Grant Received	$ 1,000,000
Grant Term	2 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Option Activity under its Stock Plans (Detail)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share-based Payment Arrangement [Abstract]
Shares Available for Grant, Outstanding Beginning Balance	5,641,782
Available for Grant, Shares authorized	0
Shares Available for Grant, Granted	(1,624,830)	[1]
Shares Available for Grant, Exercised	0	[2]
Shares Available for Grant, Forfeited and expired	145,939
Shares Available for Grant, Outstanding Ending Balance	4,162,891
Shares, Options Outstanding, Beginning Balance	6,767,895
Shares, Options Outstanding, authorized	0
Shares, Options Outstanding, Granted	1,082,730	[1]
Shares, Options Outstanding, Exercised	(604,083)	[2]
Shares, Options Outstanding, Forfeited and expired	(145,939)
Shares, Options Outstanding, Ending Balance	7,100,603
Shares, Vested and expected to vest, net of estimated forfeiture at March 31, 2022	6,785,124
Shares, Exercisable at March 31, 2022	4,672,389
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $ / shares	$ 19.14
Weighted Average Exercise Price, Options Outstanding, Granted | $ / shares	29.64	[1]
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares	10.39	[2]
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares	41.27
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares	21.03
Weighted Average Exercise Price, Vested and expected to vest, net of estimated forfeiture at March 31, 2022 | $ / shares	20.36
Weighted Average Exercise Price, Exercisable at March 31, 2022 | $ / shares	$ 13.93
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 2 months 19 days
Weighted Average Remaining Contractual Term, Vested and expected to vest, net of estimated forfeiture at March 31, 2022	6 years 29 days
Weighted Average Remaining Contractual Term, Exercisable at March 31, 2022	4 years 8 months 23 days
Aggregate Intrinsic Value, Outstanding, Ending Balance | $	$ 74,672,588
Aggregate Intrinsic Value, Vested and expected to vest, net of estimated forfeiture at March 31, 2022 | $	74,199,516
Aggregate Intrinsic Value, Exercisable at March 31, 2022 | $	$ 68,152,545
[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 with a 1.5 share ratio reduction to the reserve shares for each RSU or RSA grant in accordance with the amended and restated 2012 Equity Incentive Award Plan.
[2]	Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs.

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Activity (Detail) - Restricted Stocks [Member]	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Unvested, Beginning Balance | shares	413,510
Shares, Granted | shares	361,400
Shares, Vested | shares	(199,484)
Shares, Unvested, Ending Balance | shares	575,426
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance | $ / shares	$ 45.94
Weighted Average Grant-Date Fair Value, Granted | $ / shares	29.83
Weighted Average Grant-Date Fair Value, Vested | $ / shares	43.62
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ / shares	$ 36.63

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses	$ 15.2
Unrecognized compensation expense, weighted-average period	2 years 9 months 18 days
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses	$ 0.1
Unrecognized compensation expense, weighted-average period	1 month 6 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 9.4	$ 8.1
Unrecognized compensation expenses	$ 50
Unrecognized compensation expense, weighted-average period	2 years 10 months 24 days