Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Registrant Name | PRECISION BIOSCIENCES INC | |
Entity Central Index Key | 0001357874 | |
Trading Symbol | DTIL | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Common Stock, Shares Outstanding | 50,630,932 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity File Number | 001-38841 | |
Entity Tax Identification Number | 204206017 | |
Entity Address, Address Line One | 302 East Pettigrew St. | |
Entity Address, Address Line Two | Suite A-100 | |
Entity Address, City or Town | Durham | |
Entity Address, State or Province | North Carolina | |
Entity Address, Postal Zip Code | 27701 | |
City Area Code | 919 | |
Local Phone Number | 314-5512 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 226,099 | $ 103,193 |
Accounts receivable | 250 | 523 |
Prepaid expenses | 8,265 | 8,913 |
Other current assets | 2,474 | 3,046 |
Total current assets | 237,088 | 115,675 |
Property, equipment, and software—net | 32,962 | 21,147 |
Intangible assets—net | 1,453 | 1,466 |
Other assets | 417 | 312 |
Total assets | 271,920 | 138,600 |
Current liabilities: | ||
Accounts payable | 2,882 | 2,218 |
Accrued expenses and other current liabilities | 5,809 | 3,421 |
Deferred revenue | 7,129 | 8,436 |
Total current liabilities | 15,820 | 14,075 |
Deferred revenue—noncurrent | 79,245 | 82,807 |
Deferred rent—noncurrent | 2,877 | 1,758 |
Total liabilities | 97,942 | 98,640 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock | ||
Additional paid-in capital | 310,339 | 126,094 |
Accumulated deficit | (135,409) | (85,187) |
Treasury stock | (952) | (952) |
Total stockholders’ equity | 173,978 | 39,960 |
Total liabilities and stockholders’ equity | $ 271,920 | 138,600 |
Series A Convertible Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 3 | |
Total stockholders’ equity | 3 | |
Series B Convertible Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 2 | |
Total stockholders’ equity | $ 2 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Common stock, par value | $ 0.000005 | $ 0.000005 |
Common stock, shares authorized | 200,000,000 | 130,000,000 |
Common stock, shares issued | 51,401,015 | 16,717,117 |
Common stock, shares outstanding | 50,590,543 | 15,906,645 |
Series A Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | |
Preferred stock, shares authorized | 25,650,000 | |
Preferred stock, shares issued | 25,650,000 | |
Preferred stock, shares outstanding | 25,650,000 | |
Series B Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | |
Preferred stock, shares authorized | 21,956,100 | |
Preferred stock, shares issued | 21,956,095 | |
Preferred stock, shares outstanding | 21,956,095 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 5,389 | $ 1,874 | $ 10,851 | $ 3,402 |
Operating expenses | ||||
Research and development | 22,760 | 10,869 | 42,721 | 18,986 |
General and administrative | 6,500 | 3,130 | 11,495 | 5,776 |
Total operating expenses | 29,260 | 13,999 | 54,216 | 24,762 |
Loss from operations | (23,871) | (12,125) | (43,365) | (21,360) |
Other income (expense), net: | ||||
Change in fair value of convertible note payable | 2,950 | (9,758) | ||
Interest expense | (182) | |||
Interest income | 1,485 | 299 | 2,086 | 522 |
Total other income (expense), net | 4,435 | 299 | (7,854) | 522 |
Net loss and net loss attributable to common stockholders | $ (19,436) | $ (11,826) | $ (51,219) | $ (20,838) |
Net loss per share attributable to common stockholders- basic and diluted | $ (0.39) | $ (0.75) | $ (1.55) | $ (1.33) |
Weighted average shares of common stock outstanding- basic and diluted | 50,035,370 | 15,730,747 | 33,095,314 | 15,717,719 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock |
Beginning balance at Dec. 31, 2017 | $ (26,369) | $ 3 | $ 13,691 | $ (39,111) | $ (952) | ||
Beginning balance, Shares at Dec. 31, 2017 | 25,650,000 | 16,496,801 | |||||
Stock option exercises | 20 | 20 | |||||
Stock option exercises, Shares | 29,802 | ||||||
Share-based compensation expense | 151 | 189 | (38) | ||||
Net loss | (9,012) | (9,012) | |||||
Ending balance at Mar. 31, 2018 | (35,210) | $ 3 | 13,900 | (48,161) | (952) | ||
Ending balance, Shares at Mar. 31, 2018 | 25,650,000 | 16,526,603 | |||||
Beginning balance at Dec. 31, 2017 | (26,369) | $ 3 | 13,691 | (39,111) | (952) | ||
Beginning balance, Shares at Dec. 31, 2017 | 25,650,000 | 16,496,801 | |||||
Net loss | (20,838) | ||||||
Ending balance at Jun. 30, 2018 | 41,106 | $ 3 | $ 2 | 102,040 | (59,987) | (952) | |
Ending balance, Shares at Jun. 30, 2018 | 25,650,000 | 17,579,843 | 16,592,052 | ||||
Beginning balance at Mar. 31, 2018 | (35,210) | $ 3 | 13,900 | (48,161) | (952) | ||
Beginning balance, Shares at Mar. 31, 2018 | 25,650,000 | 16,526,603 | |||||
Issuance of Series B convertible preferred stock, net of issuance costs | 87,826 | $ 2 | 87,824 | ||||
Issuance of Series B convertible preferred stock, net of issuance costs, shares | 17,579,843 | ||||||
Stock option exercises | 62 | 62 | |||||
Stock option exercises, Shares | 65,449 | ||||||
Share-based compensation expense | 254 | 254 | |||||
Net loss | (11,826) | (11,826) | |||||
Ending balance at Jun. 30, 2018 | 41,106 | $ 3 | $ 2 | 102,040 | (59,987) | (952) | |
Ending balance, Shares at Jun. 30, 2018 | 25,650,000 | 17,579,843 | 16,592,052 | ||||
Beginning balance at Dec. 31, 2018 | 39,960 | $ 3 | $ 2 | 126,094 | (85,187) | (952) | |
Beginning balance, Shares at Dec. 31, 2018 | 25,650,000 | 21,956,095 | 16,717,117 | ||||
Stock option exercises | 107 | 107 | |||||
Stock option exercises, Shares | 145,975 | ||||||
Share-based compensation expense | 1,549 | 1,549 | |||||
Net loss | (31,783) | (31,783) | |||||
Ending balance at Mar. 31, 2019 | 10,830 | $ 3 | $ 2 | 127,750 | (115,973) | (952) | |
Ending balance, Shares at Mar. 31, 2019 | 25,650,000 | 21,956,095 | 16,863,092 | ||||
Beginning balance at Dec. 31, 2018 | $ 39,960 | $ 3 | $ 2 | 126,094 | (85,187) | (952) | |
Beginning balance, Shares at Dec. 31, 2018 | 25,650,000 | 21,956,095 | 16,717,117 | ||||
Stock option exercises, Shares | 376,247 | ||||||
Net loss | $ (51,219) | ||||||
Ending balance at Jun. 30, 2019 | 173,978 | 310,339 | (135,409) | (952) | |||
Ending balance, Shares at Jun. 30, 2019 | 51,401,015 | ||||||
Adjustment to beginning accumulated deficit from adoption of ASU2014-09 | 997 | 997 | |||||
Beginning balance at Mar. 31, 2019 | 10,830 | $ 3 | $ 2 | 127,750 | (115,973) | (952) | |
Beginning balance, Shares at Mar. 31, 2019 | 25,650,000 | 21,956,095 | 16,863,092 | ||||
Conversion of convertible preferred stock into common stock upon initial public offering | $ (3) | $ (2) | 5 | ||||
Conversion of convertible preferred stock into common stock upon initial public offering, shares | (25,650,000) | (21,956,095) | 22,301,190 | ||||
Issuance of common stock upon conversion of convertible notes | 49,490 | 49,490 | |||||
Issuance of common stock upon conversion of convertible notes, shares | 2,921,461 | ||||||
Issuance of common stock in initial public offering, net of discounts and issuance costs | 130,543 | 130,543 | |||||
Issuance of common stock in initial public offering, net of discounts and issuance costs, shares | 9,085,000 | ||||||
Stock option exercises | 272 | 272 | |||||
Stock option exercises, Shares | 230,272 | ||||||
Share-based compensation expense | 2,279 | 2,279 | |||||
Net loss | (19,436) | (19,436) | |||||
Ending balance at Jun. 30, 2019 | $ 173,978 | $ 310,339 | $ (135,409) | $ (952) | |||
Ending balance, Shares at Jun. 30, 2019 | 51,401,015 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (51,219) | $ (20,838) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,107 | 970 |
Share-based compensation | 3,828 | 405 |
Loss on disposal of assets | 22 | 8 |
Non-cash interest expense | 182 | |
Change in fair value of convertible notes payable | 9,758 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 648 | (3,190) |
Accounts receivable | 273 | |
Other assets | (852) | (30) |
Accounts payable | 207 | 234 |
Accrued expenses | 2,436 | 1,306 |
Deferred revenue | (3,872) | (2,629) |
Net cash used in operating activities | (36,482) | (23,764) |
Cash flows from investing activities: | ||
Purchases of property, equipment and software | (13,219) | (1,747) |
Net cash used in investing activities | (13,219) | (1,747) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 379 | 82 |
Issuance of Series B convertible preferred stock, net of issuance costs | 88,020 | |
Deferred offering costs | (2,507) | (50) |
Issuance of convertible notes | 39,550 | |
Proceeds from IPO, net of underwriting discounts and commissions | 135,185 | |
Net cash provided by financing activities | 172,607 | 88,052 |
Net increase in cash and cash equivalents | 122,906 | 62,541 |
Cash and cash equivalents—beginning of period | 103,193 | 62,802 |
Cash and cash equivalents —end of period | 226,099 | 125,343 |
Supplemental disclosures of noncash financing and investing activities: | ||
Common stock issued on conversion of convertible notes | 49,490 | |
Property, equipment and software additions included in accounts payable, accrued expenses and other current liabilities | $ 2,052 | 1,088 |
Series B convertible preferred stock offering costs included in accounts payable, accrued expenses and other current liabilities | 194 | |
Deferred offering costs included in accounts payable, accrued expenses and other current liabilities | $ 31 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Precision BioSciences, Inc. (the “Company”) was incorporated on January 26, 2006 under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is focused on utilizing its proprietary genome editing platform to help overcome cancers, cure genetic diseases and enable the development of safer, more productive food sources. The Company’s 100% owned subsidiary, Precision PlantSciences, Inc., was incorporated on January 4, 2012. Precision PlantSciences, Inc. amended its certificate of incorporation on January 16, 2018 to change its name to Elo Life Systems, Inc. The accompanying condensed consolidated financial statements include the accounts of the Company and Elo Life Systems, Inc. Intercompany balances and transactions have been eliminated in consolidation. Since its inception, the Company has devoted substantially all of its efforts to research and development activities, recruiting skilled personnel, developing manufacturing processes, establishing its intellectual property portfolio and providing general and administrative support for these operations. The Company is subject to a number of risks similar to those of other companies conducting high-risk, early-stage research and development of product candidates. Principal among these risks are dependence on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company’s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, obtain regulatory approval of its products, successfully commercialize its products, generate revenue, meet its obligations, and, ultimately, attain profitable operations. On April 1, 2019, the Company completed its initial public offering (“IPO”) in which the Company issued and sold 9,085,000 shares In connection with the IPO, on March 15, 2019 the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 1-for-2.134686 basis (the “Reverse Stock Split”) of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for the Company’s Series A and Series B preferred stock. Accordingly, all common shares, stock option shares, and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this Reverse Stock Split and adjustment of the preferred stock conversion ratios. Authorized common shares are not affected by the Reverse Stock Split. Upon the closing of the IPO, all of the outstanding shares of convertible preferred stock automatically converted into 22,301,190 shares of common stock at the applicable ratio then in effect and the outstanding convertible promissory notes including accrued interest were settled into 2,921,461 shares of common stock (see Note 6). Subsequent to the closing of the IPO, there were no shares of Series A or Series B convertible preferred stock or convertible promissory notes outstanding. Management believes that existing cash and cash equivalents will allow the Company to continue its operations into 2021. In the absence of a significant source of recurring revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. There can be no assurance that the Company will be able to obtain sufficient capital to cover its costs on acceptable terms, if at all. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements and notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the U.S., have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in the Company's final prospectus that forms a part of the Company’s Registration Statement on Form S-1 (Reg. No. 333-230034), filed with the SEC pursuant to Rule 424(b)(4) on March 28, 2019. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2019 and consolidated results of operations for the three and six months ended June 30, 2019 and 2018 and the consolidated cash flows for the six months ended June 30, 2019 and 2018, have been made. The Company’s consolidated results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019. Summary of Significant Accounting Policies Revenue Recognition for Contracts with Customers The Company’s revenues are generated primarily through collaborative research, license, development and commercialization agreements. Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue (ASC 606): Revenue from Contracts with Customers Revenue Recognition At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. We assess if these options provide a material right to the customer and if so, they are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying condensed consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets in the Other Current Assets line item in the condensed consolidated balance sheets. Milestone Payments – If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. Significant Financing Component – In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed each of its revenue arrangements in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist in any of its arrangements. Collaborative Arrangements – The Company has entered into collaboration agreements, which are within the scope of ASC 606, to discover, develop, manufacture and commercialize product candidates. The terms of these agreements typically contain multiple promises or obligations, which may include: (1) licenses, or options to obtain licenses, to use the Company’s technology, (2) research and development activities to be performed on behalf of the collaboration partner, and (3) in certain cases, services in connection with the manufacturing of preclinical and clinical material. Payments the Company receives under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; clinical and development, regulatory, and sales milestone payments; and royalties on future product sales. The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements For a complete discussion of accounting for collaboration revenues, see Note 10, “Collaboration and license agreements.” Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue (ASC 606): Revenue from Contracts with Customers Revenue Recognition As a result of adopting ASC 606, the Company recorded a $1.0 million transition adjustment to reduce the opening balance of accumulated deficit in the first quarter of 2019 primarily as a result of the treatment of the up-front consideration received from the Company’s collaboration agreements under superseded prior revenue recognition guidance. A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below: Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of January 1, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Deferred revenue, current portion $ 8,029 $ 407 $ 8,436 Deferred revenue, net of current portion 82,217 590 82,807 Accumulated deficit (84,190 ) (997 ) (85,187 ) A summary of the amount by which each financial statement line item was affected in the current reporting period by ASC 606 as compared with the guidance that was in effect prior to adoption is set forth in the tables below: Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of June 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Other current assets $ 2,474 $ (28 ) $ 2,446 Deferred revenue, current portion 7,129 1,148 8,277 Deferred revenue, net of current portion 79,245 980 80,225 Accumulated deficit (135,409 ) 2,100 (133,309 ) Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2019 Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2019 (in thousands, except per share data) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 5,389 $ (474 ) $ 4,915 $ 10,851 $ (1,103 ) $ 9,748 Net loss (19,436 ) (474 ) (19,910 ) (51,219 ) (1,103 ) (52,322 ) Net loss per share - basic and diluted (0.39 ) (0.01 ) (0.40 ) (1.55 ) (0.03 ) (1.58 ) Impact of ASC 606 Adoption on Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Net loss $ (51,219 ) $ (1,103 ) $ (52,322 ) Changes in prepaid expenses 648 (28 ) 620 Changes in deferred revenue (3,872 ) 1,131 (2,741 ) During the six months ended June 30, 2019, the Company recorded $5.1 million in revenue that was included in deferred revenue as of December 31, 2018. The most significant change to the Company’s revenue recognition as a result of the adoption of ASC 606 relates to the accounting for certain option fees and milestone payments in determining the transaction price (step (iii)), and the revenue recognition pattern (step (v)) related to the Company’s development and commercial license agreement with Laboratoires Servier (“Servier”) (see Note 10). Under prior revenue recognition guidance, the option fees payable by the Company to exercise the 50/50 co-development and co-promotion option was accounted for as a reduction in the arrangement consideration, and certain development milestones that may be earned for early-stage pre-IND development milestones were included in the arrangement consideration as the early-stage pre-IND development milestones were deemed to be non-substantive. Under ASC 606, the option fees were not accounted for as a reduction in the transaction price as the option fees are contingent upon Servier’s exercise of its commercial (customer) options on licensed product candidates, and the milestone payments were excluded from the transaction price based on the assessment of the most likely amount and application of the variable consideration constraint, since the milestones relate to successful achievement of certain developmental goals, which might not be achieved. In addition, under prior revenue recognition guidance, the Company recognized revenue for the combined unit of accounting on a straight‑line basis over the period the Company expected to complete its obligations. Under ASC 606, the Company recognizes revenue based on the proportional performance of the services related to the performance obligation expected. For further discussion of the adoption of ASC 606 see Note 10, “Collaboration and license agreements.” Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and ASC 606 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases, Targeted Improvements to ASC 842, Leases , Leases The Company is currently evaluating the potential impact ASU 2016-02 may have on its financial position, results of operations, and related footnotes. The Company expects it will elect to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company expects it will make an accounting policy election to keep leases with an initial term of 12 months or less off of its balance sheet. The Company’s assessment will include, but is not limited to, evaluating the impact that this standard has on the lease of its corporate headquarters in Durham, North Carolina as well as laboratory, manufacturing and office space in Research Triangle Park, North Carolina. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 2 : ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 Accrued compensation $ 1,855 $ 965 Accrued clinical and research and development expenses 2,405 1,569 Accrued property, equipment and software purchases 261 219 Accrued deferred offering costs — 193 Deferred rent 390 198 Accrued legal fees 240 107 Accrued property and franchise taxes 213 63 Other 445 107 Total accrued expenses and other current liabilities $ 5,809 $ 3,421 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | NOTE 3 : STOCKHOLDERS’ EQUITY Capital Structure Upon the closing of the IPO, all of the Company’s outstanding shares of the Series A and Series B convertible preferred stock automatically converted into 22,301,190 shares of common stock and the Company’s outstanding convertible promissory notes including accrued interest converted into 2,921,461 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. On April 1, 2019, the Company filed an amendment to its amended and restated certificate of incorporation pursuant to which, among other things, the Company authorized 210,000,000 shares, of which 200,000,000 shares were designated as $0.000005 par value common stock and 10,000,000 shares were designated as $0.0001 par value preferred stock. |
Stock Options
Stock Options | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK OPTIONS | NOTE 4 : STOCK OPTIONS Under the terms of its stock option plans, the Company’s board of directors may grant stock options to employees, directors and service providers. The Company issued stock options under the 2006 Stock Incentive Plan (“2006 Plan”) until April 2015, when the 2015 Stock Incentive Plan (“2015 Plan”) was adopted. The 2006 Plan expired in 2016 and there are no remaining shares available to be granted under the plan. There were 1,397,203 stock options outstanding under the 2006 Plan as of June 30, 2019. Upon adoption of the 2015 Plan, there were 5,270,095 shares of common stock reserved for issuance. In May 2018, the Company amended the 2015 Plan to increase the number of shares reserved for issuance to 8,211,980. The 2015 plan had 6,260,520 stock options outstanding as of June 30, 2019. The Company’s board of directors determines the terms of stock options granted under the 2015 Plan, including option exercise prices and vesting. On March 12, 2019, the Company’s board of directors adopted, and the Company’s stockholders approved the Precision BioSciences, Inc. 2019 Incentive Award Plan (“2019 Plan”) and the 2019 Employee Stock Purchase Plan (“2019 ESPP”), both of which became effective upon the effective date of the registration statement on Form S-1 for the Company’s IPO. Upon the effectiveness of the 2019 Plan, the Company ceased granting new awards under the 2015 Plan. The 2019 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards initially equal to 4,750,000 shares of common stock. The 2019 Plan includes an annual increase of common stock shares on the first day of each calendar year beginning January 1, 2020 and ending on January 1, 2029 by an amount equal to the lesser of (i) 4% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of common stock as determined by the board of directors (but no more than 5,000,000 shares may be issued upon the exercise of incentive stock options), plus any shares that are subject to awards outstanding under the Company’s 2006 Plan and 2015 Plan as of the effective date of the 2019 Plan that expire, lapse, or are terminated, exchanged for cash, surrendered, repurchased, or canceled without having been fully exercised or forfeited, to the extent so unused. The 2019 Plan had 447,759 stock options outstanding as of June 30, 2019. The 2019 ESPP provides for the option to purchase initially up to 525,000 shares of the Company’s common stock plus an annual increase on the first day of each calendar year beginning January 1, 2020 and ending on and including January 1, 2029 by an amount equal to the lesser of (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by our board of directors, provided that no more than 5,250,000 shares of our common stock may be issued under our 2019 ESPP. The purchase price of the shares, in the absence of a contrary designation, will be 85% of the lower of the fair market value of our common stock on the first trading day of the offering period or on the purchase date. As of June 30, 2019, there were no purchase rights outstanding under the 2019 ESPP. The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Employee $ 2,138 $ 251 $ 3,577 $ 398 Nonemployee 141 4 251 7 $ 2,279 $ 255 $ 3,828 $ 405 Share-based compensation expense related to stock options is included in the following line items in the condensed Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 1,510 $ 176 $ 2,516 $ 278 General and administrative 769 79 1,312 127 $ 2,279 $ 255 $ 3,828 $ 405 Determining the appropriate fair value model to measure the fair value of the stock option grants on the date of grant and the related assumptions requires judgment. The Company granted 998,177 stock options for the six months ended June 30, 2019. The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows: Three Months Ended June 30, Six Months Ended June 30, Estimated dividend yield 0.00 % 0.00 % Weighted-average expected stock price volatility 68.46 % 68.19 % Weighted-average risk-free interest rate 2.42 % 2.45 % Expected life of options (in years) 6.82 6.36 Weighted-average fair value per option $ 9.31 $ 8.90 The expected volatility rates are estimated based on the actual volatility of comparable public companies over the expected term. The expected life represents the average time that stock options that vest are expected to be outstanding. The Company does not have sufficient history of exercising stock options to estimate the expected term of employee stock options and thus continues to calculate expected life based on the midpoint between the vesting date and the contractual term which is in accordance with the simplified method. The expected term for share-based compensation granted to nonemployees is the contractual life. The risk-free rate is based on the United States Treasury yield curve during the expected life of the option. The following table summarizes activity in the Company’s stock option plans for the six months ended June 30, 2019: Outstanding Option Shares Weighted- Average Exercise Price Balance as of January 1, 2019 7,763,464 $ 5.00 Granted 998,177 13.38 Exercised (376,247 ) 1.01 Forfeited/canceled (279,912 ) 9.80 Balance as of June 30, 2019 8,105,482 6.06 The intrinsic value of options exercised was $4.6 million and $0.6 million during the six months ended June 30, 2019 and 2018, respectively. There was approximately $25.0 million of total unrecognized compensation cost related to unvested stock options as of June 30, 2019, which is expected |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 : COMMITMENTS AND CONTINGENCIES Litigation The Company is not subject to any material legal proceedings. Leases The Company leases office and laboratory space under long-term operating leases. All the leases provide tenant improvement allowances and rent abatements as incentives for the Company to either enter into the initial lease agreement or expand within an existing premises already under lease. The Company leases office and laboratory space at 302 East Pettigrew Street, Durham, North Carolina, which is the Company’s corporate headquarters. The property is leased through July 2024 with the option to extend. The Company leases laboratory and office space at 5 Laboratory Drive, Research Triangle Park, North Carolina. The property is leased through April 2026 with the option to extend. The Company leases laboratory space at 20 TW Alexander Drive, Research Triangle Park, North Carolina. The property is leased through August 2026 with the option to extend. The following is a schedule of future minimum lease payments for all leases as of June 30, 2019 (in thousands): Operating Leases Remainder of 2019 $ 1,198 2020 2,690 2021 2,635 2022 2,718 2023 2,795 2024 and beyond 3,742 Supply Agreements The Company enters into contracts in the normal course of business with contract manufacturing organizations (“CMOs”) for the manufacture of clinical trial materials and contract research organizations (“CROs”) for clinical trial services. These agreements provide for termination at the request of either party with less than one-year notice and are, therefore, cancelable contracts and, if canceled, are not anticipated to have a material effect on the condensed |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 6 : DEBT In March 2019, the Company entered into a note purchase agreement pursuant to which it sold and issued an aggregate of $39.6 million of convertible promissory notes (the “2019 Notes”) in a private placement transaction. The 2019 Notes accrue interest at a rate of 6% per annum. The 2019 Notes were settled in 2,921,461 shares of common stock in connection with the closing of the Company’s IPO (see Note 1) at a settlement price equal to 85% of the IPO price per share. On issuance, the Company elected to account for the 2019 Notes at fair value with any changes in fair value being recognized through the condensed consolidated statements of operations until the 2019 Notes are settled. The fair value of the 2019 Notes was determined to be $39.6 million on issuance and $49.4 million as of April 1, 2019, the settlement date. For the six months ended June 30, 2019, the Company recognized $9.8 million of expense as changes in fair value and $0.2 million of interest expense. Revolving Line In May 2019, the Company entered into a loan and security agreement with Pacific Western Bank (the “Pacific Western Loan Agreement”) pursuant to which the Company may request advances on a revolving line of credit of up to an aggregate principal of $50.0 million (the “Revolving Line”). The maturity date of the Revolving Line is May 15, 2022. The Revolving Line bears interest at an annual rate equal to the greater of (i) 1.25% below the prime rate then in effect, or (ii) 4.25% at all times when the Company maintains a daily balance of cash in its demand deposit accounts at Pacific Western Bank of at least $25.0 million, and the greater of (i) 0.25% above the prime rate then in effect; or (ii) 5.75% at all times when the Company does not maintain a daily balance of cash in demand deposit accounts at Pacific Western Bank of at least $25.0 million. The Pacific Western Loan Agreement requires that the Company pay a quarterly fee in an amount equal to 0.50% per annum of the unused portion of the Revolving Line. The unused fee shall be waived for any quarter the Company maintains a daily balance in its demand deposit accounts of at least $25.0 million. The Pacific Western Loan Agreement includes customary representations, warranties and covenants (affirmative and negative). There were no borrowings, and the Company was in compliance with its financial covenants, under the Pacific Western Loan Agreement as of June 30, 2019. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | NOTE 7 : net loss per share Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net loss attributable to common stockholders $ (19,436 ) $ (11,826 ) $ (51,219 ) $ (20,838 ) Denominator: Weighted average shares of common stock outstanding — basic and diluted 50,035,370 15,730,747 33,095,314 15,717,719 Net loss per share attributable to common stockholders — basic and diluted $ (0.39 ) $ (0.75 ) $ (1.55 ) $ (1.33 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 : Income Taxes The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2019 as the Company incurred losses for the six months ended June 30, 2019 and is forecasting additional losses through the remainder of fiscal year ending December 31, 2019, resulting in an estimated net loss for both financial statement and tax purposes for the year ended December 31, 2019. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method in accordance with FASB ASC 740. Due to the Company's history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not. As of June 30, 2019, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 : FAIR VALUE MEASUREMENTS The carrying amounts of the Company’s financial instruments, including accounts receivable, accounts payable, and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis and to minimize the use of unobservable inputs when determining their fair value. The three tiers are defined as follows: Level 1—Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities Level 2—Inputs, other than quoted prices in active markets, that are observable either directly or indirectly Level 3—Unobservable inputs for which there is little or no market date, which require the Company to develop its own assumptions The Company classifies investments in money market funds within Level 1 as the prices are available from quoted prices in active markets. Investments in repurchase agreements are classified within Level 2 as these instruments are valued using observable market inputs including reported trades, broker/dealer quotes, bids and/or offers. As of June 30, 2019 and December 31, 2018, the Company held cash equivalents which are composed of money market funds and repurchase agreements that were purchased through repurchase intermediary banks and collateralized by deposits in the form of government securities and obligations. The following represents assets measured at fair value on a recurring basis by the Company (in thousands): June 30, 2019 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 931 $ 931 $ — $ — Repurchase agreements 219,000 — 219,000 — $ 219,931 $ 931 $ 219,000 $ — December 31, 2018 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 781 $ 781 $ — $ — Repurchase agreements 94,500 — 94,500 — $ 95,281 $ 781 $ 94,500 $ — |
Collaboration and License Agree
Collaboration and License Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
COLLABORATION AND LICENSE AGREEMENTS | NOTE 10 : COLLABORATION AND LICENSE AGREEMENTS Development and Commercial License Agreement with Servier On February 24, 2016, the Company entered into a development and commercial license agreement, as subsequently amended, with Baxalta (now Shire), which was assigned to Servier in connection with its acquisition of Shire’s oncology business in August 2018. This agreement establishes a collaboration between the Company and Servier to develop allogeneic chimeric antigen receptor T (“CAR T”) cell therapies for up to six unique antigen targets selected by Servier. Servier selected one target at the agreement’s inception, and Servier is entitled to select the remaining five targets over the first four years of the agreement. Servier is required to make a milestone payment to the Company upon achievement of an early-stage pre- investigational new drug application (“IND”) development milestone event completed for each of the remaining five targets selected, if any. The Company granted Servier a development license and will perform early-stage R&D on the selected targets and develop the resulting therapeutic product candidates through Phase 1 clinical trials and manufacture clinical trial material for use in Phase 2 clinical trials. Also, the Company and Servier have formed a joint steering committee (“JSC”) to provide high-level oversight and decision making regarding the activities covered under the agreement. The Company received an upfront payment of $105.0 million under the agreement. At the Phase 2 readiness stage for any product candidate, Servier may exercise a commercial option, subject to payment of commercial option exercise fees, to proceed with development and commercialization of the product candidate and perform late-stage R&D, including Phase 2 and Phase 3 clinical trials and obtaining regulatory approvals. The Company has the ability to receive total payments, in the aggregate across all six targets that may be selected by Servier, of up to approximately $1.6 billion, including the upfront payment of $105.0 million and up to $1.5 billion in milestone payments, consisting of up to $401.3 million in development milestone payments and up to $1.1 billion in commercial milestone payments. The Company is also entitled to receive tiered royalties ranging from the mid-single digit percentages to the sub-teen percentages on worldwide net sales of any products developed, subject to customary potential reductions. The Company also has the right to opt in and participate in the development and commercialization of any products resulting from the collaboration through a 50/50 codevelopment and co-promotion option in the United States. This will require the Company to pay a codevelopment and co-promotion option fee on each licensed product for which the Company elects to participate. This option is exercisable at the Phase 2 readiness stage and only after Servier exercises its commercial option. The Company assessed this arrangement in accordance with ASC 606 and concluded that the promises in the agreement represent transactions with a customer. The Company has determined that the promises associated with the research and development activities for each of the six targets are not distinct because they are all based on the ARCUS proprietary genome editing platform. The Company has concluded that the agreement with Servier contains the following promises: (i) a development license; (ii) performance of early-stage R&D services, (iii) the manufacture of clinical trial material for use in Phase 2 clinical trials, and (iv) JSC participation. The Company determined that the license, manufacture of clinical trial material, and R&D services were not distinct from each other, as the license, pre-clinical and clinical supply, and R&D services are highly interdependent upon one another. Participation on the JSC to oversee the research and development activities are combined into the single performance obligation as these activities are highly interdependent with the other R&D services. As such, the Company determined that these promises should be combined into a single performance obligation. Under the agreement with Servier, in order to evaluate the appropriate transaction price, the Company determined that the upfront amount of $105.0 million constituted the entire consideration to be included in the transaction price as of the outset of the arrangement. As such, this amount was allocated to the single performance obligation. The commercial option exercise fees that may be received are excluded from the transaction price until each customer option is exercised as it was determined that the options are not material rights. The potential development milestone payments that the Company is eligible to receive prior to the exercise of the options as well as commercial milestones, were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement, since the milestones relate to successful achievement of certain developmental goals, which might not be achieved. None of the future royalty payments were included in the transaction price, as the potential payments represent sales-based consideration. The Company will reevaluate the transaction price, including all constrained amounts, at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust its estimate of the transaction price. The Company recognizes revenue from the upfront payment of $105.0 million based on an input method in the form of research effort relative to expected research effort at the completion of the performance obligation, which is based on the relative costs and timelines of the related to the R&D activities incurred and expected to be incurred in the future to satisfy the performance obligation. This period is estimated to be approximately 7 years. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The estimated period of performance and project cost is reviewed quarterly and adjusted, as needed, to reflect the Company’s current assumptions regarding the timing of its deliverables. During the six months ended June 30, 2019 and 2018, the Company recognized revenue under the agreement with Servier of approximately $3.0 million and $2.9 million, respectively. Deferred revenue related to the agreement with Servier amounted to $85.2 million and $88.6 million as of June 30, 2019 and December 31, 2018, respectively, of which $5.9 million and $6.4 million, respectively is included in current liabilities. No development or sales-based milestone payments were received during the six months ended June 30, 2019 and 2018. Collaboration and License Agreement with Gilead On September 10, 2018, the Company and Gilead Sciences, Inc. (“Gilead”) entered into a collaboration and license agreement to develop genome editing tools to target viral DNA associated with Hepatitis B. Pursuant to the terms of the agreement, Gilead will receive an exclusive license to exploit the resulting synthetic nucleases and products that use them to treat Hepatitis B in humans (“development license”), and the Company is entitled to receive up to $40.0 million in research funding for early-stage R&D services, paid in semi-annual increments, over an initial three year term and development and commercial milestone payments of up to an aggregate of $445.0 million, consisting of up to $105.0 million in development milestone payments and up to $340.0 million in commercial milestone payments. The Company is also entitled to receive tiered royalties ranging from the high single digit percentages to the mid-teen percentages on worldwide net sales of the products developed through the term of the agreement, subject to customary potential reductions. Gilead is responsible for obtaining regulatory approvals and, upon completion of the collaboration, will assume sole responsibility for the development and commercialization of such gene editing therapies and products. The Company will provide technology transfer of its development know-how prior to Gilead assuming responsibility. Also, the Company and Gilead will negotiate a separate supply agreement for the Company to manufacture specifically identified products for Gilead to use in clinical trials at price based on the Company’s costs. The Company and Gilead have formed a joint steering committee (“JSC”) and a joint research and development committee (“JRDC”) that collectively will provide oversight, decision making and implementation guidance regarding the collaboration activities covered under the agreement. The Company assessed this arrangement in accordance with ASC 606 and concluded that the promises in the agreement represent transactions with a customer. The Company has concluded that the agreement with Gilead contains the following promises: (i) a development license; (ii) performance of early-stage R&D services, including technology transfer services, iii) JSC and JRDC participation, and (iv) regulatory responsibilities related to non-clinical and chemistry, manufacturing and control (“CMC”) reports. The Company determined that the license and R&D services were not distinct from each other, as the license and R&D services are highly interdependent upon one another. Participation on the JRC and JRDC to oversee the research and development activities are combined into the single performance obligation as these activities are highly interdependent with the other R&D services. The regulatory responsibilities related to non-clinical and CMC filings do not represent separate performance obligations based on their dependence on the research and development efforts. As such, the Company determined that these promises should be combined into a single performance obligation. Under the agreement with Gilead, in order to evaluate the appropriate transaction price, the Company determined that the $40.0 million research funding for early-stage R&D services, paid in semi-annual increments over an initial three-year term, constituted the entire consideration to be included in the transaction price as of the outset of the arrangement. As such, this amount was allocated to the single performance obligation. The potential development and commercial milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement, since the milestones relate to successful achievement of certain developmental goals, which might not be achieved. None of the future royalty payments were included in the transaction price, as the potential payments represent sales-based consideration. The Company will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust its estimate of the transaction price. Revenue associated with the combined performance obligation is being recognized as revenue on a straight-line basis as the R&D services are provided over the initial three-year term. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. During the six months ended June 30, 2019, the Company recognized revenue under the agreement with Gilead of approximately $6.7 million. Deferred revenue related to the agreement with Gilead amounted to $1.2 million and $2.3 million as of June 30, 2019 and December 31, 2018, respectively, of which $1.2 million and $2.3 million, respectively is included in current liabilities. No development or sales-based milestone payments were received during the six months ended June 30, 2019. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 1 1 : SEGMENT REPORTING The Company has developed a genome editing platform and performed related research for human therapeutic and agricultural applications. The Company’s Chief Operating Decision Maker (“CODM”) evaluates the Company’s financial performance based on two reportable segments: Therapeutics and Food. The Therapeutics segment is focused on the development of products in the field of immuno-oncology and of novel products outside immuno-oncology to treat human diseases. The Food segment is focused on applying ARCUS to develop food and nutrition products through collaboration agreements with consumer-facing companies. The CODM reviews segment performance and allocates resources based upon segment revenue and segment operating loss of the Therapeutics and Food reportable segments. Segment operating loss is derived by deducting operational cash expenditures, net, from GAAP revenue. Operational cash expenditures are cash disbursements made that are directly attributable to the reportable segment (including directly attributable research and development and property, equipment, and software expenditures). For the six months ended June 30, 2019, the Company allocated centralized research and development expenditures for early stage research, nuclease development and the purchase of general laboratory supplies to the Therapeutics and Food segments based on headcount. In January 2019, the Food segment moved into a new leased facility at Research Triangle Park, North Carolina. The Company has determined that the Food segment is no longer deriving benefit from the Company’s centralized research and development expenditures, thus all these expenditures are allocated to the Therapeutics segment for the six months ended June 30, 2019. The reportable segment and centralized research and development operational cash expenditures include cash disbursements for compensation, laboratory supplies, purchases of property, equipment, and software and procuring services from CROs, CMOs, and research organizations. Certain cost items are not allocated to the Company’s reportable segments. These cost items primarily consist of compensation and general operational expenses associated with the Company’s executive, business development, finance, operations, human resources and legal functions. The Company does not allocate non-cash income statement amounts to its reportable segments, such as share based compensation, depreciation and amortization, intangible asset impairment charges, non-cash interest expense and losses on the disposal of assets. When reconciling segment operating loss to consolidated loss from operations, the Company makes an adjustment to convert the cash expenditures to the accrual basis to reflect GAAP. All segment revenue is earned in the United States and there are no intersegment revenues. Additionally, the Company reports assets on a consolidated basis and does not allocate assets to its reportable segments for purposes of assessing segment performance or allocating resources. Presented below is the financial information with respect to the Company’s reportable segments: Three Months Ended June 30, (in thousands) 2019 2018 Revenue: Therapeutics $ 4,819 $ 1,447 Food 570 427 Total segment revenue 5,389 1,874 Segment operational cash expenditures: Therapeutics $ 14,872 $ 4,926 Food 2,077 674 Total segment operational cash expenditures 16,949 5,600 Allocation of centralized research and development operational cash expenditures: Therapeutics $ 3,118 $ 1,905 Food — 816 Total allocation of centralized research and development operational cash expenditures 3,118 2,721 Segment operating loss: Therapeutics $ (13,171 ) $ (5,384 ) Food (1,507 ) $ (1,063 ) Total segment operating loss (14,678 ) (6,447 ) Adjustments to reconcile segment operating loss to consolidated loss from operations: Corporate general and administrative cash expenditures $ (11,123 ) $ (2,118 ) Interest income received (1,485 ) (299 ) Depreciation and amortization (1,168 ) (512 ) Share-based compensation (2,279 ) (255 ) Loss on disposal of assets (22 ) (3 ) Changes in prepaids, accounts payable and accrued expenses 6,884 (2,491 ) Total consolidated loss from operations $ (23,871 ) $ (12,125 ) Six Months Ended June 30, (in thousands) 2019 2018 Revenue: Therapeutics $ 9,638 $ 2,894 Food 1,213 508 Total segment revenue 10,851 3,402 Segment operational cash expenditures: Therapeutics $ 27,782 $ 14,176 Food 4,184 1,733 Total segment operational cash expenditures 31,966 15,909 Allocation of centralized research and development operational cash expenditures: Therapeutics $ 6,871 $ 3,942 Food — 1,233 Total allocation of centralized research and development operational cash expenditures 6,871 5,175 Segment operating loss: Therapeutics $ (25,015 ) $ (15,224 ) Food (2,971 ) (2,458 ) Total segment operating loss (27,986 ) (17,682 ) Adjustments to reconcile segment operating loss to consolidated loss from operations: Corporate general and administrative cash expenditures $ (18,145 ) $ (4,677 ) Interest income received (2,086 ) (522 ) Depreciation and amortization (2,107 ) (970 ) Share-based compensation (3,828 ) (405 ) Loss on disposal of assets (22 ) (10 ) Changes in prepaids, accounts payable and accrued expenses 10,809 2,906 Total consolidated loss from operations $ (43,365 ) $ (21,360 ) |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Revenue Recognition for Contracts with Customers | Revenue Recognition for Contracts with Customers The Company’s revenues are generated primarily through collaborative research, license, development and commercialization agreements. Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue (ASC 606): Revenue from Contracts with Customers Revenue Recognition At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. We assess if these options provide a material right to the customer and if so, they are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying condensed consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets in the Other Current Assets line item in the condensed consolidated balance sheets. Milestone Payments – If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. Significant Financing Component – In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed each of its revenue arrangements in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist in any of its arrangements. Collaborative Arrangements – The Company has entered into collaboration agreements, which are within the scope of ASC 606, to discover, develop, manufacture and commercialize product candidates. The terms of these agreements typically contain multiple promises or obligations, which may include: (1) licenses, or options to obtain licenses, to use the Company’s technology, (2) research and development activities to be performed on behalf of the collaboration partner, and (3) in certain cases, services in connection with the manufacturing of preclinical and clinical material. Payments the Company receives under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; clinical and development, regulatory, and sales milestone payments; and royalties on future product sales. The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements For a complete discussion of accounting for collaboration revenues, see Note 10, “Collaboration and license agreements.” |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue (ASC 606): Revenue from Contracts with Customers Revenue Recognition As a result of adopting ASC 606, the Company recorded a $1.0 million transition adjustment to reduce the opening balance of accumulated deficit in the first quarter of 2019 primarily as a result of the treatment of the up-front consideration received from the Company’s collaboration agreements under superseded prior revenue recognition guidance. A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below: Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of January 1, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Deferred revenue, current portion $ 8,029 $ 407 $ 8,436 Deferred revenue, net of current portion 82,217 590 82,807 Accumulated deficit (84,190 ) (997 ) (85,187 ) A summary of the amount by which each financial statement line item was affected in the current reporting period by ASC 606 as compared with the guidance that was in effect prior to adoption is set forth in the tables below: Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of June 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Other current assets $ 2,474 $ (28 ) $ 2,446 Deferred revenue, current portion 7,129 1,148 8,277 Deferred revenue, net of current portion 79,245 980 80,225 Accumulated deficit (135,409 ) 2,100 (133,309 ) Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2019 Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2019 (in thousands, except per share data) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 5,389 $ (474 ) $ 4,915 $ 10,851 $ (1,103 ) $ 9,748 Net loss (19,436 ) (474 ) (19,910 ) (51,219 ) (1,103 ) (52,322 ) Net loss per share - basic and diluted (0.39 ) (0.01 ) (0.40 ) (1.55 ) (0.03 ) (1.58 ) Impact of ASC 606 Adoption on Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Net loss $ (51,219 ) $ (1,103 ) $ (52,322 ) Changes in prepaid expenses 648 (28 ) 620 Changes in deferred revenue (3,872 ) 1,131 (2,741 ) During the six months ended June 30, 2019, the Company recorded $5.1 million in revenue that was included in deferred revenue as of December 31, 2018. The most significant change to the Company’s revenue recognition as a result of the adoption of ASC 606 relates to the accounting for certain option fees and milestone payments in determining the transaction price (step (iii)), and the revenue recognition pattern (step (v)) related to the Company’s development and commercial license agreement with Laboratoires Servier (“Servier”) (see Note 10). Under prior revenue recognition guidance, the option fees payable by the Company to exercise the 50/50 co-development and co-promotion option was accounted for as a reduction in the arrangement consideration, and certain development milestones that may be earned for early-stage pre-IND development milestones were included in the arrangement consideration as the early-stage pre-IND development milestones were deemed to be non-substantive. Under ASC 606, the option fees were not accounted for as a reduction in the transaction price as the option fees are contingent upon Servier’s exercise of its commercial (customer) options on licensed product candidates, and the milestone payments were excluded from the transaction price based on the assessment of the most likely amount and application of the variable consideration constraint, since the milestones relate to successful achievement of certain developmental goals, which might not be achieved. In addition, under prior revenue recognition guidance, the Company recognized revenue for the combined unit of accounting on a straight‑line basis over the period the Company expected to complete its obligations. Under ASC 606, the Company recognizes revenue based on the proportional performance of the services related to the performance obligation expected. For further discussion of the adoption of ASC 606 see Note 10, “Collaboration and license agreements.” Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and ASC 606 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases, Targeted Improvements to ASC 842, Leases , Leases The Company is currently evaluating the potential impact ASU 2016-02 may have on its financial position, results of operations, and related footnotes. The Company expects it will elect to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company expects it will make an accounting policy election to keep leases with an initial term of 12 months or less off of its balance sheet. The Company’s assessment will include, but is not limited to, evaluating the impact that this standard has on the lease of its corporate headquarters in Durham, North Carolina as well as laboratory, manufacturing and office space in Research Triangle Park, North Carolina. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Impact of Adopting Topic 606 on Condensed Financial Statements | A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below: Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of January 1, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Deferred revenue, current portion $ 8,029 $ 407 $ 8,436 Deferred revenue, net of current portion 82,217 590 82,807 Accumulated deficit (84,190 ) (997 ) (85,187 ) A summary of the amount by which each financial statement line item was affected in the current reporting period by ASC 606 as compared with the guidance that was in effect prior to adoption is set forth in the tables below: Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of June 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Other current assets $ 2,474 $ (28 ) $ 2,446 Deferred revenue, current portion 7,129 1,148 8,277 Deferred revenue, net of current portion 79,245 980 80,225 Accumulated deficit (135,409 ) 2,100 (133,309 ) Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2019 Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2019 (in thousands, except per share data) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 5,389 $ (474 ) $ 4,915 $ 10,851 $ (1,103 ) $ 9,748 Net loss (19,436 ) (474 ) (19,910 ) (51,219 ) (1,103 ) (52,322 ) Net loss per share - basic and diluted (0.39 ) (0.01 ) (0.40 ) (1.55 ) (0.03 ) (1.58 ) Impact of ASC 606 Adoption on Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Net loss $ (51,219 ) $ (1,103 ) $ (52,322 ) Changes in prepaid expenses 648 (28 ) 620 Changes in deferred revenue (3,872 ) 1,131 (2,741 ) |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 Accrued compensation $ 1,855 $ 965 Accrued clinical and research and development expenses 2,405 1,569 Accrued property, equipment and software purchases 261 219 Accrued deferred offering costs — 193 Deferred rent 390 198 Accrued legal fees 240 107 Accrued property and franchise taxes 213 63 Other 445 107 Total accrued expenses and other current liabilities $ 5,809 $ 3,421 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Employee $ 2,138 $ 251 $ 3,577 $ 398 Nonemployee 141 4 251 7 $ 2,279 $ 255 $ 3,828 $ 405 |
Schedule of Stock-Based Compensation Expense | Share-based compensation expense related to stock options is included in the following line items in the condensed Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 1,510 $ 176 $ 2,516 $ 278 General and administrative 769 79 1,312 127 $ 2,279 $ 255 $ 3,828 $ 405 |
Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model | The Company granted 998,177 stock options for the six months ended June 30, 2019. The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows: Three Months Ended June 30, Six Months Ended June 30, Estimated dividend yield 0.00 % 0.00 % Weighted-average expected stock price volatility 68.46 % 68.19 % Weighted-average risk-free interest rate 2.42 % 2.45 % Expected life of options (in years) 6.82 6.36 Weighted-average fair value per option $ 9.31 $ 8.90 |
Summary of Activity of Option Plans | The following table summarizes activity in the Company’s stock option plans for the six months ended June 30, 2019: Outstanding Option Shares Weighted- Average Exercise Price Balance as of January 1, 2019 7,763,464 $ 5.00 Granted 998,177 13.38 Exercised (376,247 ) 1.01 Forfeited/canceled (279,912 ) 9.80 Balance as of June 30, 2019 8,105,482 6.06 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The following is a schedule of future minimum lease payments for all leases as of June 30, 2019 (in thousands): Operating Leases Remainder of 2019 $ 1,198 2020 2,690 2021 2,635 2022 2,718 2023 2,795 2024 and beyond 3,742 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net loss attributable to common stockholders $ (19,436 ) $ (11,826 ) $ (51,219 ) $ (20,838 ) Denominator: Weighted average shares of common stock outstanding — basic and diluted 50,035,370 15,730,747 33,095,314 15,717,719 Net loss per share attributable to common stockholders — basic and diluted $ (0.39 ) $ (0.75 ) $ (1.55 ) $ (1.33 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following represents assets measured at fair value on a recurring basis by the Company (in thousands): June 30, 2019 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 931 $ 931 $ — $ — Repurchase agreements 219,000 — 219,000 — $ 219,931 $ 931 $ 219,000 $ — December 31, 2018 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 781 $ 781 $ — $ — Repurchase agreements 94,500 — 94,500 — $ 95,281 $ 781 $ 94,500 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Financial Information with Respect to Company's Reportable Segments | Presented below is the financial information with respect to the Company’s reportable segments: Three Months Ended June 30, (in thousands) 2019 2018 Revenue: Therapeutics $ 4,819 $ 1,447 Food 570 427 Total segment revenue 5,389 1,874 Segment operational cash expenditures: Therapeutics $ 14,872 $ 4,926 Food 2,077 674 Total segment operational cash expenditures 16,949 5,600 Allocation of centralized research and development operational cash expenditures: Therapeutics $ 3,118 $ 1,905 Food — 816 Total allocation of centralized research and development operational cash expenditures 3,118 2,721 Segment operating loss: Therapeutics $ (13,171 ) $ (5,384 ) Food (1,507 ) $ (1,063 ) Total segment operating loss (14,678 ) (6,447 ) Adjustments to reconcile segment operating loss to consolidated loss from operations: Corporate general and administrative cash expenditures $ (11,123 ) $ (2,118 ) Interest income received (1,485 ) (299 ) Depreciation and amortization (1,168 ) (512 ) Share-based compensation (2,279 ) (255 ) Loss on disposal of assets (22 ) (3 ) Changes in prepaids, accounts payable and accrued expenses 6,884 (2,491 ) Total consolidated loss from operations $ (23,871 ) $ (12,125 ) Six Months Ended June 30, (in thousands) 2019 2018 Revenue: Therapeutics $ 9,638 $ 2,894 Food 1,213 508 Total segment revenue 10,851 3,402 Segment operational cash expenditures: Therapeutics $ 27,782 $ 14,176 Food 4,184 1,733 Total segment operational cash expenditures 31,966 15,909 Allocation of centralized research and development operational cash expenditures: Therapeutics $ 6,871 $ 3,942 Food — 1,233 Total allocation of centralized research and development operational cash expenditures 6,871 5,175 Segment operating loss: Therapeutics $ (25,015 ) $ (15,224 ) Food (2,971 ) (2,458 ) Total segment operating loss (27,986 ) (17,682 ) Adjustments to reconcile segment operating loss to consolidated loss from operations: Corporate general and administrative cash expenditures $ (18,145 ) $ (4,677 ) Interest income received (2,086 ) (522 ) Depreciation and amortization (2,107 ) (970 ) Share-based compensation (3,828 ) (405 ) Loss on disposal of assets (22 ) (10 ) Changes in prepaids, accounts payable and accrued expenses 10,809 2,906 Total consolidated loss from operations $ (43,365 ) $ (21,360 ) |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2019 | Mar. 15, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Date of incorporation | Jan. 26, 2006 | ||||||
Gross proceeds from issuance of common stock | $ 135,185 | ||||||
issuance costs | $ 2,507 | $ 50 | |||||
Stockholders' equity, reverse stock split | 1-for-2.134686 | ||||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Accumulated deficit | $ (135,409) | $ (135,409) | $ (84,190) | $ (85,187) | |||
Revenue recorded included in deferred revenue | 5,100 | ||||||
ASU 2014-09 | Adjustments | |||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Accumulated deficit | $ 2,100 | $ 2,100 | $ (997) | ||||
Common Stock | |||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock upon conversion of convertible notes, shares | 2,921,461 | ||||||
Initial Public Offering ("IPO") | Series A and Series B Convertible Preferred Stock | |||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Preferred stock, shares outstanding | 0 | ||||||
Initial Public Offering ("IPO") | Common Stock | |||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Shares issued and sold | 9,085,000 | ||||||
Shares issued and sold, public offering price | $ 16 | ||||||
Gross proceeds from issuance of common stock | $ 130,500 | ||||||
Underwriting discount and commission | 10,200 | ||||||
issuance costs | $ 4,600 | ||||||
Initial Public Offering ("IPO") | Common Stock | Convertible Notes Payable (2019 Notes) | |||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock upon conversion of convertible notes, shares | 2,921,461 | ||||||
Initial Public Offering ("IPO") | Common Stock | Series A and Series B Convertible Preferred Stock | |||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock upon conversion of convertible notes, shares | 22,301,190 | ||||||
Precision PlantSciences, Inc. | |||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||||
Date of incorporation | Jan. 4, 2012 | ||||||
Percentage owned in subsidiary | 100.00% | 100.00% |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Summary of Impact of Adopting Topic 606 on Condensed Financial Statements - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue | $ 7,129 | $ 8,029 | $ 8,436 |
Deferred revenue—noncurrent | 79,245 | 82,217 | 82,807 |
Accumulated deficit | (135,409) | (84,190) | (85,187) |
Other current assets | 2,474 | $ 3,046 | |
ASU 2014-09 | Adjustments | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue | 1,148 | 407 | |
Deferred revenue—noncurrent | 980 | 590 | |
Accumulated deficit | 2,100 | (997) | |
Other current assets | (28) | ||
ASU 2014-09 | Balances without adoption of ASC 606 | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue | 8,277 | 8,436 | |
Deferred revenue—noncurrent | 80,225 | 82,807 | |
Accumulated deficit | (133,309) | $ (85,187) | |
Other current assets | $ 2,446 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Summary of Impact of Adopting Topic 606 on Condensed Financial Statements - Condensed Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenue | $ 5,389 | $ 1,874 | $ 10,851 | $ 3,402 | ||
Net loss | $ (19,436) | $ (31,783) | $ (11,826) | $ (9,012) | $ (51,219) | $ (20,838) |
Net loss per share attributable to common stockholders- basic and diluted | $ (0.39) | $ (0.75) | $ (1.55) | $ (1.33) | ||
ASU 2014-09 | Adjustments | ||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenue | $ (474) | $ (1,103) | ||||
Net loss | $ (474) | $ (1,103) | ||||
Net loss per share attributable to common stockholders- basic and diluted | $ (0.01) | $ (0.03) | ||||
ASU 2014-09 | Balances without adoption of ASC 606 | ||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenue | $ 4,915 | $ 9,748 | ||||
Net loss | $ (19,910) | $ (52,322) | ||||
Net loss per share attributable to common stockholders- basic and diluted | $ (0.40) | $ (1.58) |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Summary of Impact of Adopting Topic 606 on Condensed Financial Statements - Condensed Consolidated Statement of of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net loss | $ (51,219) | $ (20,838) |
Changes in prepaid expenses | 648 | (3,190) |
Changes in deferred revenue | (3,872) | $ (2,629) |
ASU 2014-09 | Adjustments | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net loss | (1,103) | |
Changes in prepaid expenses | (28) | |
Changes in deferred revenue | 1,131 | |
ASU 2014-09 | Balances without adoption of ASC 606 | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net loss | (52,322) | |
Changes in prepaid expenses | 620 | |
Changes in deferred revenue | $ (2,741) |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 1,855 | $ 965 |
Accrued clinical and research and development expenses | 2,405 | 1,569 |
Accrued property, equipment and software purchases | 261 | 219 |
Accrued deferred offering costs | 193 | |
Deferred rent | 390 | 198 |
Accrued legal fees | 240 | 107 |
Accrued property and franchise taxes | 213 | 63 |
Other | 445 | 107 |
Total accrued expenses and other current liabilities | $ 5,809 | $ 3,421 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Apr. 01, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Stockholders' Equity [Line Items] | |||
Preferred stock, shares outstanding | 0 | ||
Common and prferred stocks, shares authorized | 210,000,000 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 130,000,000 |
Common stock, par value | $ 0.000005 | $ 0.000005 | $ 0.000005 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 0 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common Stock | |||
Stockholders' Equity [Line Items] | |||
Common stock issued upon conversion of convertible preferred stock or convertible promissory notes | 2,921,461 | ||
Initial Public Offering ("IPO") | Series A and Series B Convertible Preferred Stock | |||
Stockholders' Equity [Line Items] | |||
Preferred stock, shares outstanding | 0 | ||
Initial Public Offering ("IPO") | Common Stock | Convertible Notes Payable (2019 Notes) | |||
Stockholders' Equity [Line Items] | |||
Common stock issued upon conversion of convertible preferred stock or convertible promissory notes | 2,921,461 | ||
Initial Public Offering ("IPO") | Common Stock | Series A and Series B Convertible Preferred Stock | |||
Stockholders' Equity [Line Items] | |||
Common stock issued upon conversion of convertible preferred stock or convertible promissory notes | 22,301,190 |
Stock Options - Additional Info
Stock Options - Additional Information (Details) - USD ($) $ in Millions | Mar. 12, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Dec. 31, 2016 | Apr. 30, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Options outstanding | 8,105,482 | 7,763,464 | |||||
Stock options outstanding | 998,177 | ||||||
Unrecognized compensation cost | $ 25 | ||||||
Weighted-average period for recognition of compensation cost | 3 years 2 months 8 days | ||||||
Intrinsic value of options exercised | $ 4.6 | $ 0.6 | |||||
2006 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Remaining shares available to be granted | 0 | ||||||
Options outstanding | 1,397,203 | ||||||
2015 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Options outstanding | 6,260,520 | ||||||
Common stock reserved for issuance | 8,211,980 | 5,270,095 | |||||
2019 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 4,750,000 | ||||||
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock | 4.00% | ||||||
Maximum shares of common stock may be issued | 5,000,000 | ||||||
Stock options outstanding | 447,759 | ||||||
2019 ESPP | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 525,000 | ||||||
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock | 1.00% | ||||||
Maximum shares allowed to be issued under ESPP | 5,250,000 | ||||||
Purchase of common stock through payroll deductions expressed in percentage of fair market value | 85.00% | ||||||
Purchase rights outstanding under the ESPP | 0 |
Stock Options - Schedule of Emp
Stock Options - Schedule of Employee and Nonemployee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 2,279 | $ 255 | $ 3,828 | $ 405 |
Employees | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 2,138 | 251 | 3,577 | 398 |
Nonemployees | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 141 | $ 4 | $ 251 | $ 7 |
Stock Options - Schedule of Sto
Stock Options - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 2,279 | $ 255 | $ 3,828 | $ 405 |
Stock Option | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 2,279 | 255 | 3,828 | 405 |
Research and Development | Stock Option | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 1,510 | 176 | 2,516 | 278 |
General and Administrative | Stock Option | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 769 | $ 79 | $ 1,312 | $ 127 |
Stock Options - Schedule of S_2
Stock Options - Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Estimated dividend yield | 0.00% | 0.00% |
Weighted-average expected stock price volatility | 68.46% | 68.19% |
Weighted-average risk-free interest rate | 2.42% | 2.45% |
Expected life of options (in years) | 6 years 9 months 25 days | 6 years 4 months 9 days |
Weighted-average fair value per option | $ 9.31 | $ 8.90 |
Stock Options - Summary of Acti
Stock Options - Summary of Activity of Option Plans (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding Option Shares, Beginning Balance | shares | 7,763,464 |
Stock options outstanding | shares | 998,177 |
Option, Exercised | shares | (376,247) |
Option, Forfeited/canceled | shares | (279,912) |
Outstanding Option Shares, Ending Balance | shares | 8,105,482 |
Weighted-Average Exercise Price Outstanding at Beginning Balance | $ / shares | $ 5 |
Weighted-Average Exercise Price, Granted | $ / shares | 13.38 |
Weighted-Average Exercise Price, Exercised | $ / shares | 1.01 |
Weighted-Average Exercise Price, Forfeited/canceled | $ / shares | 9.80 |
Weighted-Average Exercise Price Outstanding at Ending Balance | $ / shares | $ 6.06 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
Remainder of 2019 | $ 1,198 |
2020 | 2,690 |
2021 | 2,635 |
2022 | 2,718 |
2023 | 2,795 |
2024 and beyond | $ 3,742 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Maximum | |
Commitments And Contingencies [Line Items] | |
Agreement termination notice period | 1 year |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | May 31, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Debt Instrument [Line Items] | |||||
Change in fair value of convertible note payable | $ (2,950) | $ 9,758 | |||
Revolving Line [Member] | Pacific Western Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 50,000 | ||||
Maturity of line of credit | May 15, 2022 | ||||
Required daily balance of cash in demand deposits accounts | 25,000 | $ 25,000 | |||
Revolving line, fee percentage | 0.50% | ||||
Borrowings | $ 0 | $ 0 | |||
Revolving Line [Member] | Revolving Line If Daily Balance Is Maintained [Member] | Prime Rate [Member] | Pacific Western Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis point deducted from the prime rate | 1.25% | ||||
Interest rate during period | 4.25% | ||||
Revolving Line [Member] | Revolving Line If Daily Balance Is Not Maintained [Member] | Prime Rate [Member] | Pacific Western Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate during period | 5.75% | ||||
Basis point added to the prime rate | 0.25% | ||||
Common Stock | |||||
Debt Instrument [Line Items] | |||||
Number of common stock issued upon settlement convertible promissory notes | 2,921,461 | ||||
Convertible Notes Payable (2019 Notes) | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 39,600 | ||||
Notes accrue interest rate | 6.00% | 6.00% | |||
Settlement price equal on IPO price per Share | 85.00% | ||||
Fair value of notes | $ 49,400 | ||||
Change in fair value of convertible note payable | $ 9,800 | ||||
Interest expense | $ 200 | ||||
Convertible Notes Payable (2019 Notes) | Initial Public Offering ("IPO") | Common Stock | |||||
Debt Instrument [Line Items] | |||||
Number of common stock issued upon settlement convertible promissory notes | 2,921,461 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||||
Net loss attributable to common stockholders | $ (19,436) | $ (31,783) | $ (11,826) | $ (9,012) | $ (51,219) | $ (20,838) |
Denominator: | ||||||
Weighted average shares of common stock outstanding — basic and diluted | 50,035,370 | 15,730,747 | 33,095,314 | 15,717,719 | ||
Net loss per share attributable to common stockholders — basic and diluted | $ (0.39) | $ (0.75) | $ (1.55) | $ (1.33) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
Income Tax Disclosure [Line Items] | ||
Unrecognized income tax benefits | $ 0 | |
Scenario, Forecast | ||
Income Tax Disclosure [Line Items] | ||
Effective income tax rate | 0.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | $ 219,931 | $ 95,281 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 931 | 781 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 219,000 | 94,500 |
Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 219,000 | 94,500 |
Repurchase Agreements | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 219,000 | 94,500 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 931 | 781 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | $ 931 | $ 781 |
Collaboration and License Agr_2
Collaboration and License Agreements - Additional Information (Details) - USD ($) | Sep. 10, 2018 | Feb. 24, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 |
Collaboration and License Agreements [Line items] | ||||||
Deferred revenue | $ 7,129,000 | $ 8,029,000 | $ 8,436,000 | |||
Development and Commercial License Agreement | Servier | ||||||
Collaboration and License Agreements [Line items] | ||||||
Upfront payment | $ 105,000,000 | |||||
Recognized revenue under agreement | 3,000,000 | $ 2,900,000 | ||||
Deferred revenue | 85,200,000 | 88,600,000 | ||||
Development or sales-based milestone payments | 0 | $ 0 | ||||
Development and Commercial License Agreement | Servier | Current Liabilities | ||||||
Collaboration and License Agreements [Line items] | ||||||
Deferred revenue | 5,900,000 | 6,400,000 | ||||
Development and Commercial License Agreement | Servier | Maximum | ||||||
Collaboration and License Agreements [Line items] | ||||||
Total payments to be received | 1,600,000,000 | |||||
Aggregate milestone payments | 1,500,000,000 | |||||
Development milestone payments | 401,300,000 | |||||
Commercial milestone payments | $ 1,100,000,000 | |||||
Collaboration and License Agreement | Gilead | ||||||
Collaboration and License Agreements [Line items] | ||||||
Recognized revenue under agreement | 6,700,000 | |||||
Deferred revenue | 1,200,000 | 2,300,000 | ||||
Development or sales-based milestone payments | $ 0 | |||||
Research funding payment term | 3 years | 3 years | ||||
Semi-annual research funding payments | $ 40,000,000 | |||||
Collaboration and License Agreement | Gilead | Current Liabilities | ||||||
Collaboration and License Agreements [Line items] | ||||||
Deferred revenue | $ 1,200,000 | $ 2,300,000 | ||||
Collaboration and License Agreement | Gilead | Maximum | ||||||
Collaboration and License Agreements [Line items] | ||||||
Development milestone payments | 105,000,000 | |||||
Commercial milestone payments | 340,000,000 | |||||
Receivable from research funding | 40,000,000 | |||||
Development and commercial milestone payments | $ 445,000,000 |
Collaboration and License Agr_3
Collaboration and License Agreements - Additional Information (Details 1 ) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 $ in Millions | Feb. 24, 2016USD ($) |
Collaboration and License Agreements [Line items] | |
Revenue from upfront payment | $ 105 |
Estimated period performance obligation | 7 years |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Financial I
Segment Reporting - Financial Information with Respect to Company's Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 5,389 | $ 1,874 | $ 10,851 | $ 3,402 |
Total allocation of centralized research and development operational cash expenditures | 22,760 | 10,869 | 42,721 | 18,986 |
Loss from operations | (23,871) | (12,125) | (43,365) | (21,360) |
Adjustments to reconcile segment operating loss to consolidated loss from operations: | ||||
Interest income received | (1,485) | (299) | (2,086) | (522) |
Depreciation and amortization | (2,107) | (970) | ||
Share-based compensation | (3,828) | (405) | ||
Loss on disposal of assets | (22) | (8) | ||
Changes in prepaids, accounts payable and accrued expenses | 6,884 | (2,491) | 10,809 | 2,906 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 10,851 | 3,402 | ||
Total segment operational cash expenditures | 16,949 | 5,600 | 31,966 | 15,909 |
Total allocation of centralized research and development operational cash expenditures | 3,118 | 2,721 | 6,871 | 5,175 |
Loss from operations | (14,678) | (6,447) | (27,986) | (17,682) |
Operating Segments | Therapeutics | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 4,819 | 1,447 | 9,638 | 2,894 |
Total segment operational cash expenditures | 14,872 | 4,926 | 27,782 | 14,176 |
Total allocation of centralized research and development operational cash expenditures | 3,118 | 1,905 | 6,871 | 3,942 |
Loss from operations | (13,171) | (5,384) | (25,015) | (15,224) |
Operating Segments | Food | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 570 | 427 | 1,213 | 508 |
Total segment operational cash expenditures | 2,077 | 674 | 4,184 | 1,733 |
Total allocation of centralized research and development operational cash expenditures | 816 | 1,233 | ||
Loss from operations | (1,507) | (1,063) | (2,971) | (2,458) |
Segment Reconciling Items | ||||
Adjustments to reconcile segment operating loss to consolidated loss from operations: | ||||
Corporate general and administrative cash expenditures | (11,123) | (2,118) | (18,145) | (4,677) |
Interest income received | (1,485) | (299) | (2,086) | (522) |
Depreciation and amortization | (1,168) | (512) | (2,107) | (970) |
Share-based compensation | (2,279) | (255) | (3,828) | (405) |
Loss on disposal of assets | $ (22) | $ (3) | $ (22) | $ (10) |