Precision BioSciences (DTIL) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
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		60,767,307
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Ex Transition Period	false
Entity File Number	001-38841
Entity Tax Identification Number	20-4206017
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	NC
Entity Address, Postal Zip Code	27701
City Area Code	919
Local Phone Number	314-5512
Title of 12(b) Security	Common Stock, par value $0.000005 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 160,471	$ 89,798
Accounts receivable	488	10,000
Prepaid expenses	21,191	5,762
Other current assets	898	4
Total current assets	183,048	105,564
Property, equipment, and software—net	31,536	35,090
Intangible assets—net	2,074	1,373
Right-of-use assets—net	5,513	6,410
Investment in equity securities	812
Other assets	4,216	1,721
Total assets	227,199	150,158
Current liabilities:
Accounts payable	486	792
Accrued compensation	4,548	5,745
Accrued clinical and research and development expenses	3,008	3,269
Deferred revenue	21,976	30,236
Lease liabilities	2,123	1,933
Loan payable—net	2,454
Other current liabilities	1,880	854
Total current liabilities	36,475	42,829
Deferred revenue	71,838	53,926
Lease liabilities	6,966	8,586
Contract liabilities	10,000
Other liabilities	477	392
Total liabilities	125,756	105,733
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, $0.0001 par value— 10,000,000 shares authorized as of September 30, 2021 and December 31, 2020; no shares issued and outstanding as of September 30, 2021 and December 31, 2020
Common stock; $0.000005 par value— 200,000,000 shares authorized as of September 30, 2021 and December 31, 2020; 60,892,018 shares issued and 60,081,546 shares outstanding as of September 30, 2021; 53,503,124 shares issued and 52,692,652 shares outstanding as of December 31, 2020
Additional paid-in capital	396,780	331,450
Accumulated deficit	(294,385)	(286,073)
Treasury stock	(952)	(952)
Total stockholders’ equity	101,443	44,425
Total liabilities and stockholders’ equity	$ 227,199	$ 150,158

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.000005	$ 0.000005
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	60,892,018	53,503,124
Common stock, shares outstanding	60,081,546	52,692,652

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 24,036	$ 7,363	$ 109,190	$ 15,439
Operating expenses
Research and development	25,940	24,873	88,768	74,935
General and administrative	9,638	8,534	29,074	26,852
Total operating expenses	35,578	33,407	117,842	101,787
Operating loss	(11,542)	(26,044)	(8,652)	(86,348)
Other income (expense):
Change in fair value of equity investment	274		274
Interest expense	(55)		(79)
Interest income	44	28	145	795
Total other income, net	263	28	340	795
Net loss and net loss attributable to common stockholders	$ (11,279)	$ (26,016)	$ (8,312)	$ (85,553)
Net loss per share attributable to common stockholders- basic and diluted	$ (0.19)	$ (0.50)	$ (0.14)	$ (1.65)
Weighted average shares of common stock outstanding- basic and diluted	59,657,677	52,346,715	58,018,550	51,858,032

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance at Dec. 31, 2019	$ 138,314		$ 316,333	$ (177,067)	$ (952)
Beginning balance, Shares at Dec. 31, 2019		51,965,708
Stock option exercises	212		212
Stock option exercises, Shares		244,999
Issuance of common stock under employee stock purchase plan	239		239
Issuance of common stock under employee stock purchase plan, Shares		42,620
Share-based compensation expense	3,105		3,105
Net income (loss)	(26,836)			(26,836)
Ending balance at Mar. 31, 2020	115,034		319,889	(203,903)	(952)
Ending balance, Shares at Mar. 31, 2020		52,253,327
Beginning balance at Dec. 31, 2019	138,314		316,333	(177,067)	(952)
Beginning balance, Shares at Dec. 31, 2019		51,965,708
Net income (loss)	(85,553)
Ending balance at Sep. 30, 2020	63,824		327,396	(262,620)	(952)
Ending balance, Shares at Sep. 30, 2020		53,285,492
Beginning balance at Mar. 31, 2020	115,034		319,889	(203,903)	(952)
Beginning balance, Shares at Mar. 31, 2020		52,253,327
Stock option exercises	148		148
Stock option exercises, Shares		725,574
Share-based compensation expense	3,118		3,118
Net income (loss)	(32,701)			(32,701)
Ending balance at Jun. 30, 2020	85,599		323,155	(236,604)	(952)
Ending balance, Shares at Jun. 30, 2020		52,978,901
Stock option exercises	131		131
Stock option exercises, Shares		222,983
Issuance of common stock under employee stock purchase plan	401		401
Issuance of common stock under employee stock purchase plan, Shares		83,608
Share-based compensation expense	3,709		3,709
Net income (loss)	(26,016)			(26,016)
Ending balance at Sep. 30, 2020	63,824		327,396	(262,620)	(952)
Ending balance, Shares at Sep. 30, 2020		53,285,492
Beginning balance at Dec. 31, 2020	$ 44,425		331,450	(286,073)	(952)
Beginning balance, Shares at Dec. 31, 2020	53,503,124	53,503,124
Stock option exercises	$ 1,297		1,297
Stock option exercises, Shares		676,791
Issuance of common stock under employee stock purchase plan	418		418
Issuance of common stock under employee stock purchase plan, Shares		90,796
Share-based compensation expense	3,632		3,632
Issuance of common stock to collaboration partners	27,739		27,739
Issuance of common stock to collaboration partners, Shares		3,762,190
Net income (loss)	(18,689)			(18,689)
Ending balance at Mar. 31, 2021	58,822		364,536	(304,762)	(952)
Ending balance, Shares at Mar. 31, 2021		58,032,901
Beginning balance at Dec. 31, 2020	$ 44,425		331,450	(286,073)	(952)
Beginning balance, Shares at Dec. 31, 2020	53,503,124	53,503,124
Stock option exercises, Shares	1,857,631
Net income (loss)	$ (8,312)
Ending balance at Sep. 30, 2021	$ 101,443		396,780	(294,385)	(952)
Ending balance, Shares at Sep. 30, 2021	60,892,018	60,892,018
Beginning balance at Mar. 31, 2021	$ 58,822		364,536	(304,762)	(952)
Beginning balance, Shares at Mar. 31, 2021		58,032,901
Stock option exercises	1,353		1,353
Stock option exercises, Shares		766,767
Share-based compensation expense	3,896		3,896
Proceeds from issuance of common stock, net of issuance cost	14,826		14,826
Proceeds from issuance of common stock, net of issuance cost, Shares		1,293,754
Net income (loss)	21,656			21,656
Ending balance at Jun. 30, 2021	100,553		384,611	(283,106)	(952)
Ending balance, Shares at Jun. 30, 2021		60,093,422
Stock option exercises	3,393		3,393
Stock option exercises, Shares		414,073
Issuance of common stock under employee stock purchase plan	386		386
Issuance of common stock under employee stock purchase plan, Shares		36,091
Share-based compensation expense	4,551		4,551
Proceeds from issuance of common stock, net of issuance cost	3,839		3,839
Proceeds from issuance of common stock, net of issuance cost, Shares		348,432
Net income (loss)	(11,279)			(11,279)
Ending balance at Sep. 30, 2021	$ 101,443		$ 396,780	$ (294,385)	$ (952)
Ending balance, Shares at Sep. 30, 2021	60,892,018	60,892,018

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (8,312)	$ (85,553)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,806	6,587
Share-based compensation	12,079	9,932
Loss on disposal of assets	23
Non-cash interest expense	42
Amortization of right-of-use assets	897	755
Non-cash consideration received from collaboration partners	(17,894)
Change in fair value of equity investments	(274)
Changes in operating assets and liabilities:
Prepaid expenses	(323)	1,262
Accounts receivable	9,512	(9,151)
Other assets and other current assets	47	2,185
Accounts payable	240	(1,337)
Other liabilities and other current liabilities	(976)	2,023
Deferred revenue	2,391	627
Lease liabilities and right-of-use assets	(1,430)	(1,264)
Contract liabilities	10,000
Net cash provided by (used in) operating activities	12,828	(73,934)
Cash flows from investing activities:
Purchases of property, equipment and software	(3,548)	(3,935)
Purchases of intangible assets	(750)
Net cash used in investing activities	(4,298)	(3,935)
Cash flows from financing activities:
Proceeds from stock option exercises	5,757	491
Proceeds from employee stock purchase plan	804	640
Proceeds from issuance of common stock to collaboration partners	35,000
Proceeds from at-the-market offering of common stock, net of issuance costs and commissions	18,130
Proceeds from issuance of term loan, net of issuance costs paid to lender	2,465
Payments of debt issuance costs	(13)
Net cash provided by financing activities	62,143	1,131
Net increase (decrease) in cash and cash equivalents	70,673	(76,738)
Cash and cash equivalents—beginning of period	89,798	180,886
Cash and cash equivalents —end of period	160,471	104,148
Supplemental disclosures of noncash activities:
Property, equipment and software additions included in accounts payable and other current liabilities	695	$ 851
Unsettled at-the-market issuances of common stock included in other current assets	549
Contract liability accrual related to Servier Program Purchase Agreement milestones	10,000
Non-cash consideration received from collaboration partners	$ 17,894

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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 dedicated to improving life through the application of its pioneering, proprietary ARCUS genome editing platform to treat human diseases and create healthy and sustainable food and agricultural solutions. The Company is actively developing product candidates through two reportable segments: Therapeutics and Food. The Therapeutics segment is focused on allogeneic chimeric antigen receptor T (“CAR T”) cell immunotherapy and in vivo gene correction. The Food segment focuses on applying ARCUS to develop food and nutrition products through collaboration agreements with consumer-facing companies. 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. (“Elo”). Elo Life Systems Australia Pty Ltd was incorporated on May 29, 2018 as a 100% owned subsidiary of Elo Life Systems, Inc. Additionally, the Company’s 100% owned subsidiary Precision BioSciences UK Limited was incorporated on June 17, 2019. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. 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. Management believes that, as of the time these financial statements were issued, existing cash and cash equivalents, expected operational receipts and available credit will allow the Company to fund its operating expense and capital expenditure requirements into 2023. 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. (“GAAP”), 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 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 18, 2021. 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 presentation of the Company’s condensed consolidated financial position as of September 30, 2021 and condensed consolidated results of operations for the three and nine months ended September 30, 2021 and 2020 and the condensed consolidated cash flows for the nine months ended September 30, 2021 and 2020, have been made. The Company’s condensed consolidated results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021. 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. ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the performance obligations promised in the contract that are based on goods and services that will be transferred to the customer and determines whether those obligations are both (i) capable of being distinct and (ii) distinct in the context of the contract. Goods or services that meet these criteria are considered distinct performance obligations. If both these criteria are not met, the goods and services are combined into a single performance obligation. 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. The Company assesses if these options provide a material right to the customer and if so, these options 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. For the nine months ended September 30, 2021, the Company recorded cumulative catch up adjustments on its contracts with customers that increased revenue recognition by $61.6 million; the cumulative catch-up adjustments resulted from a change in the transaction price related to variable consideration for development milestones as well as changes in total estimated effort required to satisfy performance obligations. During the nine months ended September 30, 2021, the Company recorded $74.2 million in revenue that was included in deferred revenue as of December 31, 2020. Invoices issued as stipulated in contracts 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 deferred revenue within current liabilities 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 noncurrent deferred revenue. Amounts recognized as revenue, but not yet invoiced are generally recognized as contract assets in the other current assets line item in the accompanying 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 or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore revenue recognized is constrained as management is unable to assert that a reversal of revenue would not be probable. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. 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 linked to some or all of the royalty 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 the collaboration agreements are within the scope of accounting standards codification (“ASC”) ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and, therefore, are within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, generally by analogy to ASC 606. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company applies the five-step model described above. For additional discussion of accounting for collaboration revenues, see Note 8, “Collaboration and License Agreements.”

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 2 : STOCKHOLDERS’ EQUITY Capital Structure 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 increased its authorized shares to 210,000,000 shares of capital stock, 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.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 3 : SHARE-BASED COMPENSATION The Company previously granted stock options under its 2006 Stock Incentive Plan (the “2006 Plan”) and its 2015 Stock Incentive Plan (the “2015 Plan”). As of September 30, 2021 there were 3,239,029 stock options outstanding under the 2006 Plan and 2015 Plan and no remaining stock options available to be granted under such plans. On March 12, 2019, the Company’s board of directors adopted, and, on March 14, 2019 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 on March 27, 2019. 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 share-based awards. The number of shares available for issuance under the 2019 Plan initially equaled 4,750,000 shares of common stock. The 2019 Plan provides for an annual increase to the number of shares of common stock available for issuance 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) 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. As of September 30, 2021, the aggregate number of shares available for issuance under the 2019 Plan has been increased by 4,153,915 pursuant to this provision. 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, will become available for award grants under the 2019 Plan. As of September 30, 2021, 1,726,045 shares were available to be issued under the 2019 Plan. The 2019 Plan had 6,380,129 stock options and 797,147 restricted stock units (“RSUs”) outstanding as of September 30, 2021. Up to 525,000 shares of the Company’s common stock were initially reserved for issuance under the 2019 ESPP. The 2019 ESPP provides for an annual increase to the number of shares available for issuance 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. As of September 30, 2021, the aggregate number of shares available for issuance under the 2019 ESPP has been increased by 1,038,478 shares pursuant to this provision. No more than 5,250,000 shares of our common stock may be issued under our 2019 ESPP. The purchase price of the shares under the 2019 ESPP, 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 September 30, 2021 , the Company had issued 253,115 shares under the 2019 ESPP. As of September 30, 2021 , shares were available to be issued under the 2019 ESPP. The Company recognized share-based compensation expense related to the ESPP of $ 0.3 million during each of the nine months ended September 30, 2021 and 2020 . On August 9, 2021, the Company’s board of directors approved the adoption of the Precision BioSciences, Inc. 2021 Employment Inducement Incentive Award Plan (“Inducement Award Plan”). The Inducement Award Plan provides for the grant of grant of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other share-based awards The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Employee $ 4,151 $ 3,376 $ 10,942 $ 9,155 Nonemployee 400 333 1,137 777 $ 4,551 $ 3,709 $ 12,079 $ 9,932 Share-based compensation expense is included in the following line items in the condensed Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 2,563 $ 2,220 $ 6,916 $ 6,028 General and administrative 1,988 1,489 5,163 3,904 $ 4,551 $ 3,709 $ 12,079 $ 9,932 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 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 September 30, 2021 Nine Months Ended September 30, 2021 Estimated dividend yield 0.00 % 0.00 % Weighted-average expected stock price volatility 73.15 % 73.10 % Weighted-average risk-free interest rate 0.96 % 0.99 % Expected life of options (in years) 6.16 6.36 Weighted-average fair value per option $ 8.10 $ 7.25 The expected volatility rates are estimated based on the actual volatility of comparable public companies over the expected term. The expected term 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 utilizes a weighted value considering actual history and estimated expected term based on the midpoint of final vest date and expiration date. 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 nine months ended September 30, 2021: Outstanding Option Shares Weighted-Average Exercise Price Balance as of January 1, 2021 10,544,270 $ 7.88 Granted 1,845,252 11.08 Exercised (1,857,631 ) 3.25 Forfeited/canceled (912,733 ) 10.18 Balance as of September 30, 2021 9,619,158 $ 9.17 The intrinsic value of stock options exercised was $14.9 million and $8.2 million during the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021, the Company granted 825,572 RSUs with a grant date fair value of $9.4 million. The fair value of each award was determined based on the market price of the Company’s common stock on the date of grant. The fair value of the RSUs will be recognized as expense over the requisite vesting period. The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2021: RSU Awards Weighted-Average Grant Date Fair Value Unvested RSUs as of January 1, 2021 — — Granted 825,572 $ 11.34 Forfeited (28,425 ) 11.34 Vested — — Unvested RSUs as of September 30, 2021 797,147 $ 11.34 There was approximately $36.3 million of total unrecognized compensation cost related to unvested stock options and RSUs as of September 30, 2021, which is expected

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 4 : COMMITMENTS AND CONTINGENCIES Litigation The Company is not currently subject to any material legal proceedings. COVID-19 Pandemic In March 2020, the World Health Organization designated the outbreak of the novel strain of coronavirus known as COVID-19 as a global pandemic. The Company has taken steps in line with guidance from the U.S. Centers for Disease Control and Prevention (“CDC”) and the State of North Carolina to protect the health and safety of its employees and the community. The Company is working closely with its clinical sites, physician partners and the patient community to monitor and manage the ongoing impact of the pandemic related to COVID-19 and variants thereof. The Company remains committed to its clinical programs and development plans, however, disruptions, competing resource demands and safety concerns caused by the pandemic related to COVID-19 and variants thereof have caused delays in the Company’s clinical trial site activation and impacted its ability to enroll patients. The Company may also experience other difficulties, disruptions or delays in conducting preclinical studies, initiating, enrolling, conducting or completing its planned and ongoing clinical trials or supply chain disruptions, and the Company may incur other unforeseen costs as a result. While the extent to which COVID-19 and variants thereof may continue to impact the Company’s future results will depend on future developments, the pandemic and associated economic impacts could result in a material impact to the Company’s future financial condition, results of operations and cash flows. Servier Program Purchase Agreement On April 9, 2021, the Company entered into a Program Purchase Agreement with Les Laboratoires Servier and Institut de Recherches Internationales Servier (collectively, “Servier”), pursuant to which the Company reacquired all of its global development and commercialization rights previously granted to Servier pursuant to the Development and Commercial License Agreement by and between Servier and the Company, dated February 24, 2016, as amended (the “Servier Agreement”), and terminated the Servier Agreement by mutual agreement (the “Program Purchase Agreement”). The Program Purchase Agreement requires the Company to make certain payments to Servier based on the achievement of regulatory and commercial milestones for each product, and a low- to mid-single-digit percentage royalty (subject to certain reductions) based on net sales of approved products, if any, resulting from any continued development and commercialization of the programs by the Company, for a period not to exceed ten years after first commercial sale of the applicable product in the United States or certain countries in Europe. If the Company enters into specified product partnering transactions, the Program Purchase Agreement requires the Company to pay to Servier a portion of certain consideration received pursuant to such product partnering transactions in lieu of the foregoing milestones (with the exception of a one-time clinical phase development milestone) and royalties. Regulatory and Commercial Milestones Management assessed the likelihood of each of the regulatory and commercial milestones included in the Program Purchase Agreement in accordance with ASC 450, Contingencies Product Partnering Transaction Consideration Due to Servier Per the terms of the Program Purchase Agreement, should the Company enter into a product partnering transaction with respect to any of the targets previously nominated by Servier, the Company will pay Servier a percentage of the proceeds received. In accordance with ASC 450, Contingencies Leases The Company has operating leases for real estate in North Carolina and does not have any finance leases. Many of the Company’s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liabilities on the Company’s condensed consolidated balance sheet are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain to not exercise. The Company has existing leases that include variable lease payments that are not included in the right-of-use asset and lease liabilities and are reflected as an expense in the period incurred. Such payments primarily include common area maintenance charges and fluctuations in rent payments that are driven by factors such as future changes in an index (e.g. the Consumer Price Index). The Company has existing leases in which the non-lease components (e.g., common area maintenance, consumables, etc.) are paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use assets and lease liabilities but rather reflected as an expense in the period incurred. Future lease payments under non-cancelable leases with terms of greater than one year as of September 30, 2021, were as follows: (in thousands) September 30, 2021 2021 (excluding the 9 months ended September 30, 2021) $ 678 2022 2,769 2023 2,848 2024 2,135 2025 1,086 2026 and beyond 1,108 Total lease payments 10,624 Less: imputed interest 1,535 Total operating lease liabilities $ 9,089 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 condensed

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	NOTE 5 : DEBT Revolving Line In May 2019, the Company entered into a loan and security agreement with Pacific Western Bank (“PWB”), as subsequently amended (the “Pacific Western Loan”) pursuant to which the Company may request advances on a revolving line of credit of up to an aggregate principal of $30.0 million (the “Revolving Line”). The Pacific Western Loan matures on June 23, 2023. All outstanding principal amounts are due on the maturity date. The Company must also maintain an aggregate balance of unrestricted cash at Bank (not including amounts in certain specified accounts) equal to or greater than $10.0 million. The interest rate under the Pacific Western Loan is a variable annual rate equal to the greater of (a) 2.75% above the Prime Rate (as defined in the Pacific Western Loan), or (b) 6.00%. There have been no borrowings under the Pacific Western Loan as of the date of this Quarterly Report on Form 10-Q. The Company was in compliance with its financial covenants under the Pacific Western Loan as of September 30, 2021. Elo Loan On May 19, 2021, Elo entered into a loan and security agreement with PWB for a term loan (the “Elo Loan”) in the amount of $2.5 million. The Elo Loan matures on March 31, 2022. Monthly payments on the Elo Loan are interest only until maturity. Elo may prepay principal on the Elo Loan before maturity without penalty or premium. The interest rate on the Elo Loan is a variable annual rate equal to the greater of a) 1.75% above the prime rate in effect (as defined in the Elo Loan); or b) 5.00%. All outstanding principal amounts are due on the maturity date. In connection with the Elo Loan, the Company issued warrants to PWB (the “Warrants”). For further discussion of accounting for the Warrants, see Note 7, “Fair Value Measurements.” The Elo Loan discount was determined to be less than $0.1 million upon issuance and includes debt issuance costs incurred by the Company as well as the fair value of the Warrants on the closing date. The Elo Loan discount will be amortized to interest expense over the life of the Elo Loan. The Company was in compliance with its financial covenants under the Elo Loan as of September 30, 2021.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 6 : Income Taxes The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2021 as the Company incurred losses for the nine months ended September 30, 2021 and expects to continue to incur losses through the remainder of fiscal year ending December 31, 2021, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2021. 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. 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 September 30, 2021, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 7 : 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 data, which require the Company to develop its own assumptions Cash Equivalents As of September 30, 2021 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. As of December 31, 2020, the Company held an insignificant amount of cash equivalents. The Company classifies investments in money market funds within Level 1 of the fair value hierarchy as the prices are available from quoted prices in active markets. Investments in repurchase agreements are classified within Level 2 of the fair value hierarchy as these instruments are valued using observable market inputs including reported trades, broker/dealer quotes, bids and/or offers. Investment in iECURE In August 2021, the Company entered into an Equity Issuance Agreement with iECURE, pursuant to which iECURE granted the Company partial equity ownership in iECURE (the “iECURE equity”) as partial consideration for a license to use the Company’s PCSK9-directed ARCUS nuclease to insert genes into the PCSK9 locus to develop treatments for four other pre-specified rare genetic diseases, including ornithine transcarbamylase (“OTC”) deficiency, phenylketonuria, and two other programs focused on liver diseases (the “PCSK9 license”). On issuance, the Company accounted for the iECURE equity at fair value under ASC 825, Financial Instruments The Company classifies the iECURE equity within Level 3 of the fair value hierarchy as the assessed fair value was based on significant unobservable inputs given iECURE equity is not traded on a public exchange. To determine fair value of the equity investment in iECURE as of September 30, 2021, the Company utilized a 409A valuation report prepared by a third party. For additional discussion of accounting for the Company’s Development and License agreement with iECURE and the Equity Issuance Agreement, refer to Note 8, “Collaboration and License Agreements.” Warrant Liability In connection with the Elo Loan, the Company issued $50,000 of warrants to PWB on May 19, 2021 (the “Warrants”) with an exercise price equal to the lowest price per share paid by an investor in an issuance of Elo’s equity securities which results in the Company receiving at least $10.0 million of aggregate cash proceeds on or before March 31, 2022. The Warrants have a ten year term and expire on May 19, 2031. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40, under which the Warrants do not meet the criteria for equity treatment and are recorded as a liability. Accordingly, the Company classifies the Warrants as a non-current liability at their fair value and adjusts the warrant liability to fair value each reporting period with any changes in fair value recognized in the statement of operations. The Company utilizes the Black-Scholes option pricing model to value the warrant liability each reporting period and records changes in value to other income (expense). Upon the exercise of the warrants, the warrant liability will be marked to fair value at the conversion date and then reclassified to equity. The Company concluded there was no change in the fair value of the Warrants in the nine months ended September 30, 2021. The Company classifies the warrant liability within Level 3 of the fair value hierarchy as the fair value each reporting period is calculated using the Company’s assumptions to the Black-Scholes option pricing model including estimated dividend yield, expected stock volatility and expected term of the Warrants. The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands): September 30, 2021 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 30 $ 30 $ — $ — Repurchase agreements 20,500 — 20,500 — Investment in iECURE 812 — — 812 21,342 30 20,500 812 ` Liabilities: Warrant Liability 30 — — 30 December 31, 2020 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 10 $ 10 $ — $ — Repurchase agreements - — $ — — $ 10 $ 10 $ - $ — The following represents a reconciliation of assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the nine months ended September 30, 2021 (in thousands): Investment in iECURE Balance December 31, 2020 $ — Acquisitions 538 Gains included in earnings 274 Balance September 30, 2021 $ 812

Collaboration and License Agree

Collaboration and License Agreements	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
COLLABORATION AND LICENSE AGREEMENTS	NOTE 8 : COLLABORATION AND LICENSE AGREEMENTS Development and License Agreement with Eli Lilly On November 19, 2020, the Company, entered into a development and license agreement, subsequently amended by the First Amendment to the Development and License Agreement dated August 9, 2021 (the “Development and License Agreement”) with Eli Lilly and Company (“Lilly”) to collaborate to discover and develop in vivo in vivo Upon closing of the Development and License Agreement on January 6, 2021, the Company received an upfront cash payment of $100.0 million. The Company will also be eligible to receive milestone payments of up to an aggregate of $420.0 million per licensed product as well as nomination fees for additional targets and certain research funding. If licensed products resulting from the collaboration are approved and sold, the Company will also be entitled to receive tiered royalties ranging from the mid-single digit percentages to the low-teens percentages on world-wide net sales of the licensed products, subject to customary potential reductions. Lilly’s obligation to pay royalties to the Company expires on a country-by-country and licensed product-by-licensed product basis, upon the latest to occur of certain events related to expiration of patents, regulatory exclusivity or a period of ten years following first commercial sale of the licensed product. Simultaneously with the entry into the Development and License Agreement, the Company and Lilly entered into a Share Purchase Agreement (the “Share Purchase Agreement”), pursuant to which Lilly purchased 3,762,190 shares of the Company’s common stock for a purchase price of $35.0 million. Management concluded that the Lilly Share Purchase Agreement is to be combined with the Development and License Agreement (together, the “Combined Agreements”) for accounting purposes. Of the total $135.0 million upfront compensation, the Company applied equity accounting guidance to measure the $27.7 million recorded in equity upon the issuance of the shares, and $107.3 million was identified as the transaction price allocated to the revenue arrangement. 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 targets are not distinct because they are all based on the ARCUS proprietary genome editing platform. The Company has concluded that the agreement with Lilly contains the following promises: (i) license of intellectual property; (ii) performance of R&D services, (iii) the manufacture of pre-clinical supply, (iv) Joint Steering Committee (“JSC”) Participation, and (v) regulatory responsibilities. The Company determined that the license of intellectual property, R&D services, manufacture of pre-clinical development material, and regulatory responsibilities were not distinct from each other, as the license, R&D services, pre-clinical supply, and regulatory responsibilities are highly interdependent upon one another. The JSC participation was determined to be an immaterial promise as the time commitment and related cost associated with performance of JSC participation is expected to be inconsequential to the total consideration in the contract. As such, the Company determined that these promises should be combined into a single performance obligation. The Company recognizes revenue from the $100.0 million upfront cash payment, $7.3 million allocated to the transaction price from the Stock Purchase Agreement, and variable consideration 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 actual time of R&D activities performed relative to expected time to be incurred in the future to satisfy the performance obligation. Management evaluates and adjusts the total expected research effort for the performance obligation on a quarterly basis based upon actual research progress to date relative to research progress forecasts. 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 nine months ended September 30, 2021, the Company recognized revenue under the agreement with Lilly of approximately $15.6 million. The Company recognized no revenue under the agreement with Lilly in 2020. Deferred revenue related to the agreement with Lilly amounted to $93.1 million as of September 30, 2021, of which $21.3 million was included in current liabilities. No deferred revenue related to the Development and License Agreement with Lilly was recorded as of December 31, 2020. Development and License Agreement with iECURE On August 9, 2021, the Company entered into a Development and License Agreement with iECURE under which iECURE plans to advance the Company’s PBGENE-PCSK9 candidate through Phase 1 studies and gain access to Precision’s PCSK9-directed ARCUS nuclease to develop four additional gene editing therapies for genetic diseases, including OTC deficiency, phenylketonuria, and two other programs focused on liver diseases (the “iECURE Agreement”). Pursuant to the iECURE Agreement, the Company retains the rights to PBGENE-PCSK9, including all products developed for genetic indications with increased risk of severe cardiovascular events such as Familial Hypercholesterolemia (“FH”). In return, the Company granted iECURE a license to use its PCSK9-directed ARCUS nuclease to insert genes into the PCSK9 locus to develop treatments for four other pre-specified rare genetic diseases, including OTC deficiency, phenylketonuria, and two other programs focused on liver diseases. Simultaneously with the entry into the iECURE Agreement, the Company and iECURE entered into an Equity Issuance Agreement, pursuant to which iECURE granted the Company partial equity ownership in iECURE as partial consideration for the license to use its PCSK9-directed ARCUS nuclease. Management concluded that the iECURE Equity Issuance Agreement is to be combined with the Development and License Agreement with iECURE (together, the “iECURE Agreements”) for accounting purposes. Additionally, the Company is eligible to receive milestone and mid-single digit to low double digit royalty payments on sales of iECURE products developed with ARCUS. The Company assessed the iECURE Agreements in accordance with ASC 606 and concluded that the promises in the iECURE Agreements represent a transaction with a customer. The Company has concluded that the iECURE Agreements contain the following promises: (i) the PCSK9 license and (ii) JSC Participation. The JSC participation was determined to be an immaterial promise as the time commitment and related cost associated with performance of JSC participation is expected to be inconsequential to the total consideration in the contract. Accordingly, the Company concluded that the promise of the PCSK9 license is the sole performance obligation in the iECURE Agreements. The fair value of the iECURE equity and the estimated fair value of the costs to be incurred by iECURE to progress the Company’s PBGENE-PCSK9 candidate through Phase 1 studies were concluded to be non-cash consideration, and as such were included in the transaction price of the iECURE Agreements. The Company concluded the PCSK9 license represents functional intellectual property in accordance with ASC 606 given the Company will not be providing any additional services to iECURE outside of the right to use the PCSK9 license. Therefore, the fair value of the iECURE equity and the fair value of the costs to be incurred by iECURE to progress the Company’s PBGENE-PCSK9 candidate through Phase 1 studies was recognized at the inception of the iECURE Agreements. The fair value of the iECURE equity at inception of the iECURE agreements was assessed to be $0.5 million and was initially recorded to the investment in equity securities line item of the condensed consolidated balance sheets. As further discussed in Note 7, “Fair Value Measurements,” on issuance, Management elected to account for the iECURE equity at fair value under ASC 825. Accordingly, the Company adjusts the carrying value of the iECURE equity to fair value each reporting period with any changes in fair value recorded to other income (expense). The fair value of the costs to be incurred by iECURE to progress the Company’s PBGENE-PCSK9 candidate through Phase 1 studies (the “PCSK9 Prepaid”) was assessed to be $17.4 million and was recorded to the prepaid expenses and other assets line items of the condensed consolidated balance sheets in the amounts of $15.1 million and $2.3 million, respectively. The PCSK9 Prepaid will be amortized to research and development expense on a pro-rata basis as iECURE incurs costs to progress the PBGENE-PCSK9 candidate through Phase 1 studies. During the nine months ended September 30, 2021, the Company recognized revenue under the iECURE agreements of $17.9 million. The Company recognized no revenue under the iECURE agreements in 2020. Development and Commercial License Agreement with Servier On April 9, 2021, the Company entered into the Program Purchase Agreement with Servier, pursuant to which the Company reacquired all of its global development and commercialization rights previously granted to Servier pursuant to the Servier Agreement, and terminated the Servier Agreement by mutual agreement. The Program Purchase Agreement terminated the Servier Agreement, pursuant to which the Company has developed certain allogeneic CAR T candidates, including PBCAR0191 and the stealth cell PBCAR19B, each targeting CD19, as well as four additional product targets (“Servier Targets”). Pursuant to the termination and reacquisition, the Company regained full global rights to research, develop, manufacture and commercialize products resulting from such programs, with sole control over all activities. With respect to products directed to CD19, Servier has certain rights of negotiation, which may be exercised during a specified time period if the Company elects to initiate a process or entertain third party offers for partnering such products. Pursuant to the terms of the Program Purchase Agreement, the Company made an upfront payment of $20.0 million in a combination of cash ($1.25 million) and waiver of earned milestones totaling $18.75 million that would have been otherwise payable to the Company. The $1.25 million cash payment to Servier is classified as research and development expense in the condensed consolidated statement of operations for the nine month period ended September 30, 2021. The waiver of earned milestones resulted in a $18.75 million reduction in accounts receivable and deferred revenue. This non-cash activity is reflected in the “Cash flows from operating activities” section of the Condensed Consolidated Statements of Cash Flows. The Program Purchase Agreement also requires the Company to make certain payments to Servier based on the achievement of regulatory and commercial milestones for each product, and a low- to mid-single-digit percentage royalty (subject to certain reductions) based on net sales of approved products, if any, resulting from any continued development and commercialization of the programs by the Company, for a period not to exceed ten years after first commercial sale of the applicable product in the United States or certain countries in Europe. If the Company enters into specified product partnering transactions, the Program Purchase Agreement requires the Company to pay to Servier a portion of certain consideration received pursuant to such product partnering transactions in lieu of the foregoing milestones (with the exception of a one-time clinical phase development milestone) and royalties. For additional discussion of accounting for payment obligations arising from the Program Purchase Agreement, refer to Note 4, “Commitments and Contingencies.” Upon the closing of the Program Purchase Agreement, management concluded that the combined performance obligation associated with the Servier Agreement was fully satisfied as the Company is no longer required to perform research and development work on the Servier targets and the Company regained all of its global development and commercialization rights previously granted to under the Servier Agreement. Accordingly, all remaining deferred revenue related to the Servier agreement was recognized as revenue in the three months ended June 30, 2021. During the nine months ended September 30, 2021 and 2020, the Company recognized revenue under the agreement with Servier of approximately $72.9 million and $9.7 million, respectively. The Company did not have deferred revenue related to the agreement with Servier as of September 30, 2021. Deferred revenue related to the agreement with Servier amounted to $82.9 million as of December 31, 2020, of which $28.9 million was included in current liabilities. Collaboration and License Agreement with Gilead On July 6, 2020 (the “Termination Notice Date”), Gilead Sciences (“Gilead”) notified the Company of its termination of the Collaboration and License Agreement between Gilead and the Company, dated September 10, 2018, as subsequently amended by Amendment No. 1 to the Collaboration and License Agreement, dated March 10, 2020 (as amended, the “Gilead Agreement”). Pursuant to the termination notice, the Gilead Agreement terminated on September 4, 2020, upon which the Company regained full rights and all data it generated for the in vivo Revenue associated with the combined performance obligation was recognized on a straight-line basis as the R&D services were provided through the Termination Notice Date. During the nine months ended September 30, 2021 and 2020, the Company recognized no revenue and approximately $3.9 million of revenue under the Gilead Agreement, respectively. The Company did not have deferred revenue related to the Gilead Agreement as of September 30, 2021 or December 31, 2020. No development or sales-based milestone payments were received under the Gilead Agreement.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NOTE 9 : NET LOSS PER SHARE The Company calculates basic loss per share by dividing net loss for each respective period by the weighted average number of common shares outstanding for each respective period. The Company computes diluted loss per share after giving consideration to the dilutive effect of stock options and unvested restricted stock that are outstanding during the period, except where such securities would be anti-dilutive. The computations of basic and diluted net income (loss) per share attributable to common stockholders are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss attributable to common stockholders (in thousands) $ (11,279 ) $ (26,016 ) $ (8,312 ) $ (85,553 ) Weighted average shares outstanding basic and diluted 59,657,677 52,346,715 58,018,550 51,858,032 Net loss per share, basic and diluted $ (0.19 ) $ (0.50 ) $ (0.14 ) $ (1.65 ) The following common stock equivalents were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive: Three and Nine Months Ended September 30, 2021 2020 Unvested Restricted Stock Units 797,147 — Stock Options 9,619,158 10,424,266 Total common stock equivalents excluded from diluted net loss per share 10,416,305 10,424,266

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 10 : 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 allogeneic CAR T cell immunotherapy and in vivo Segment operating income (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). The reportable segment 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 income (loss) to consolidated operating income (loss), 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 September 30, (in thousands) 2021 2020 Revenue: Therapeutics $ 22,795 $ 7,048 Food 1,241 315 Total segment revenue 24,036 7,363 Segment operational cash expenditures: Therapeutics 18,111 17,612 Food 1,732 1,467 Total segment operational cash expenditures 19,843 19,079 Segment operating income (loss): Therapeutics 4,684 (10,564 ) Food (491 ) (1,152 ) Total segment operating income (loss) 4,193 (11,716 ) Adjustments to reconcile segment operating loss to consolidated operating income (loss) Corporate general and administrative cash expenditures (7,926 ) (6,308 ) Interest income received (44 ) (28 ) Non-cash interest expense (23 ) — Depreciation and amortization (2,264 ) (2,229 ) Amortization of right-of-use asset (309 ) (270 ) Share-based compensation (4,551 ) (3,709 ) Adjustments to reconcile cash expenditures to GAAP expenses (618 ) (1,784 ) Total consolidated operating loss $ (11,542 ) $ (26,044 ) Nine Months Ended September 30, (in thousands) 2021 2020 Revenue: Therapeutics $ 106,361 $ 13,541 Food 2,829 1,898 Total segment revenue 109,190 15,439 Segment operational cash expenditures: Therapeutics $ 62,334 $ 55,986 Food 5,985 5,873 Total segment operational cash expenditures 68,319 61,859 Segment operating income (loss): Therapeutics $ 44,027 $ (42,445 ) Food (3,156 ) (3,975 ) Total segment operating income (loss) 40,871 (46,420 ) Adjustments to reconcile segment operating loss to consolidated operating income (loss) Corporate general and administrative cash expenditures $ (26,271 ) $ (22,925 ) Interest income received (145 ) (795 ) Non-cash interest expense (42 ) — Depreciation and amortization (6,806 ) (6,587 ) Amortization of right-of-use asset (897 ) (755 ) Share-based compensation (12,079 ) (9,932 ) Loss on disposal of assets (23 ) — Adjustments to reconcile cash expenditures to GAAP expenses (3,260 ) 1,066 Total consolidated operating loss $ (8,652 ) $ (86,348 )

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 11: S On October 15, 2021, the Company awarded Michael Amoroso an option to purchase 850,000 shares of the Company’s common stock, as well as 24,208 restricted stock units, in connection with Mr. Amoroso’s appointment as President and Chief Executive Officer of the Company and a member of the Company’s Board of Directors. The options and restricted stock units granted to Mr. Amoroso were awarded pursuant to the Company’s Employment Inducement Incentive Award Plan. As of October 15, 2021, 2,125,792 shares were available to be issued under the Company’s Employment Inducement Incentive Award Plan.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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. ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the performance obligations promised in the contract that are based on goods and services that will be transferred to the customer and determines whether those obligations are both (i) capable of being distinct and (ii) distinct in the context of the contract. Goods or services that meet these criteria are considered distinct performance obligations. If both these criteria are not met, the goods and services are combined into a single performance obligation. 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. The Company assesses if these options provide a material right to the customer and if so, these options 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. For the nine months ended September 30, 2021, the Company recorded cumulative catch up adjustments on its contracts with customers that increased revenue recognition by $61.6 million; the cumulative catch-up adjustments resulted from a change in the transaction price related to variable consideration for development milestones as well as changes in total estimated effort required to satisfy performance obligations. During the nine months ended September 30, 2021, the Company recorded $74.2 million in revenue that was included in deferred revenue as of December 31, 2020. Invoices issued as stipulated in contracts 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 deferred revenue within current liabilities 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 noncurrent deferred revenue. Amounts recognized as revenue, but not yet invoiced are generally recognized as contract assets in the other current assets line item in the accompanying 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 or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore revenue recognized is constrained as management is unable to assert that a reversal of revenue would not be probable. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. 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 linked to some or all of the royalty 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 the collaboration agreements are within the scope of accounting standards codification (“ASC”) ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and, therefore, are within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, generally by analogy to ASC 606. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company applies the five-step model described above. For additional discussion of accounting for collaboration revenues, see Note 8, “Collaboration and License Agreements.”

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Employee $ 4,151 $ 3,376 $ 10,942 $ 9,155 Nonemployee 400 333 1,137 777 $ 4,551 $ 3,709 $ 12,079 $ 9,932
Schedule of Stock-Based Compensation Expense	Share-based compensation expense is included in the following line items in the condensed Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 2,563 $ 2,220 $ 6,916 $ 6,028 General and administrative 1,988 1,489 5,163 3,904 $ 4,551 $ 3,709 $ 12,079 $ 9,932
Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model	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 September 30, 2021 Nine Months Ended September 30, 2021 Estimated dividend yield 0.00 % 0.00 % Weighted-average expected stock price volatility 73.15 % 73.10 % Weighted-average risk-free interest rate 0.96 % 0.99 % Expected life of options (in years) 6.16 6.36 Weighted-average fair value per option $ 8.10 $ 7.25
Summary of Activity of Option Plans	The following table summarizes activity in the Company’s stock option plans for the nine months ended September 30, 2021: Outstanding Option Shares Weighted-Average Exercise Price Balance as of January 1, 2021 10,544,270 $ 7.88 Granted 1,845,252 11.08 Exercised (1,857,631 ) 3.25 Forfeited/canceled (912,733 ) 10.18 Balance as of September 30, 2021 9,619,158 $ 9.17
Summary of Restricted Stock Unit Activity	The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2021: RSU Awards Weighted-Average Grant Date Fair Value Unvested RSUs as of January 1, 2021 — — Granted 825,572 $ 11.34 Forfeited (28,425 ) 11.34 Vested — — Unvested RSUs as of September 30, 2021 797,147 $ 11.34

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Lessee Operating Lease Liability Maturity Table [Text Block]	Future lease payments under non-cancelable leases with terms of greater than one year as of September 30, 2021, were as follows: (in thousands) September 30, 2021 2021 (excluding the 9 months ended September 30, 2021) $ 678 2022 2,769 2023 2,848 2024 2,135 2025 1,086 2026 and beyond 1,108 Total lease payments 10,624 Less: imputed interest 1,535 Total operating lease liabilities $ 9,089

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands): September 30, 2021 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 30 $ 30 $ — $ — Repurchase agreements 20,500 — 20,500 — Investment in iECURE 812 — — 812 21,342 30 20,500 812 ` Liabilities: Warrant Liability 30 — — 30 December 31, 2020 Fair Value Level 1 Level 2 Level 3 Assets: Money market funds $ 10 $ 10 $ — $ — Repurchase agreements - — $ — — $ 10 $ 10 $ - $ —
Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	The following represents a reconciliation of assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the nine months ended September 30, 2021 (in thousands): Investment in iECURE Balance December 31, 2020 $ — Acquisitions 538 Gains included in earnings 274 Balance September 30, 2021 $ 812

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computations of basic and diluted net income (loss) per share attributable to common stockholders are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss attributable to common stockholders (in thousands) $ (11,279 ) $ (26,016 ) $ (8,312 ) $ (85,553 ) Weighted average shares outstanding basic and diluted 59,657,677 52,346,715 58,018,550 51,858,032 Net loss per share, basic and diluted $ (0.19 ) $ (0.50 ) $ (0.14 ) $ (1.65 )
Schedule of Common Share Equivalent Securities Excluded from Calculation of Diluted loss per share	The following common stock equivalents were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive: Three and Nine Months Ended September 30, 2021 2020 Unvested Restricted Stock Units 797,147 — Stock Options 9,619,158 10,424,266 Total common stock equivalents excluded from diluted net loss per share 10,416,305 10,424,266

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, (in thousands) 2021 2020 Revenue: Therapeutics $ 22,795 $ 7,048 Food 1,241 315 Total segment revenue 24,036 7,363 Segment operational cash expenditures: Therapeutics 18,111 17,612 Food 1,732 1,467 Total segment operational cash expenditures 19,843 19,079 Segment operating income (loss): Therapeutics 4,684 (10,564 ) Food (491 ) (1,152 ) Total segment operating income (loss) 4,193 (11,716 ) Adjustments to reconcile segment operating loss to consolidated operating income (loss) Corporate general and administrative cash expenditures (7,926 ) (6,308 ) Interest income received (44 ) (28 ) Non-cash interest expense (23 ) — Depreciation and amortization (2,264 ) (2,229 ) Amortization of right-of-use asset (309 ) (270 ) Share-based compensation (4,551 ) (3,709 ) Adjustments to reconcile cash expenditures to GAAP expenses (618 ) (1,784 ) Total consolidated operating loss $ (11,542 ) $ (26,044 ) Nine Months Ended September 30, (in thousands) 2021 2020 Revenue: Therapeutics $ 106,361 $ 13,541 Food 2,829 1,898 Total segment revenue 109,190 15,439 Segment operational cash expenditures: Therapeutics $ 62,334 $ 55,986 Food 5,985 5,873 Total segment operational cash expenditures 68,319 61,859 Segment operating income (loss): Therapeutics $ 44,027 $ (42,445 ) Food (3,156 ) (3,975 ) Total segment operating income (loss) 40,871 (46,420 ) Adjustments to reconcile segment operating loss to consolidated operating income (loss) Corporate general and administrative cash expenditures $ (26,271 ) $ (22,925 ) Interest income received (145 ) (795 ) Non-cash interest expense (42 ) — Depreciation and amortization (6,806 ) (6,587 ) Amortization of right-of-use asset (897 ) (755 ) Share-based compensation (12,079 ) (9,932 ) Loss on disposal of assets (23 ) — Adjustments to reconcile cash expenditures to GAAP expenses (3,260 ) 1,066 Total consolidated operating loss $ (8,652 ) $ (86,348 )

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	Jan. 26, 2006
Revenue recorded included in deferred revenue	$ 74.2
Maximum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognition for changes in total estimated time to be incurred in the future to satisfy the performance obligation	$ 61.6
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%
Amended date of incorporation	Jan. 16, 2018
Amended name of incorporation	Elo Life Systems, Inc.
Elo Life Systems Australia Pty Ltd | Subsidiary Issuer
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	May 29, 2018
Percentage owned in subsidiary	100.00%
Precision BioSciences UK Limited
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	Jun. 17, 2019
Percentage owned in subsidiary	100.00%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2020	Apr. 01, 2019
Stockholders Equity Note [Abstract]
Common and preferred stocks, shares authorized			210,000,000
Common stock, shares authorized	200,000,000	200,000,000	200,000,000
Common stock, par value	$ 0.000005	$ 0.000005	$ 0.000005
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	Mar. 12, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 09, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		9,619,158		9,619,158			10,544,270
Share based compensation expense		$ 4,551	$ 3,709	$ 12,079	$ 9,932
Intrinsic value of Stock options exercised				14,900	8,200
Unrecognized compensation cost		$ 36,300		$ 36,300
Weighted-average period for recognition of compensation cost				2 years 7 months 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU outstanding		797,147		797,147
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross				825,572
Share Based Compensation Arrangement By Share Based Payment Award Options Grant Date Fair Value				$ 9,400
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense				$ 300	$ 300
2006 and 2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		3,239,029		3,239,029
Remaining shares available to be granted		0		0
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		6,380,129		6,380,129
Number of shares available for issuance	4,750,000	4,153,915		4,153,915
Number of shares available to be issued		1,726,045		1,726,045
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock	4.00%
2019 Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU outstanding		797,147		797,147
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining shares available to be granted	525,000	1,310,363		1,310,363
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock	1.00%
Increase in common stock available for issuance		1,038,478		1,038,478
Purchase of common stock through payroll deductions expressed in percentage of fair market value	85.00%
Total number of shares issued under 2019 ESPP		253,115		253,115
2019 ESPP | ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum shares allowed to be issued under ESPP	5,250,000
Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance						3,000,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Employee and Nonemployee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 4,551	$ 3,709	$ 12,079	$ 9,932
Employee
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	4,151	3,376	10,942	9,155
Nonemployee
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 400	$ 333	$ 1,137	$ 777

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 4,551	$ 3,709	$ 12,079	$ 9,932
Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	4,551	3,709	12,079	9,932
Research and Development | Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	2,563	2,220	6,916	6,028
General and Administrative | Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,988	$ 1,489	$ 5,163	$ 3,904

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Estimated dividend yield	0.00%	0.00%
Weighted-average expected stock price volatility	73.15%	73.10%
Weighted-average risk-free interest rate	0.96%	0.99%
Expected life of options (in years)	6 years 1 month 28 days	6 years 4 months 9 days
Weighted-average fair value per option	$ 8.10	$ 7.25

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Activity of Option Plans (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding Option Shares, Beginning Balance | shares	10,544,270
Option, Granted | shares	1,845,252
Option, Exercised | shares	(1,857,631)
Option, Forfeited/canceled | shares	(912,733)
Outstanding Option Shares, Ending Balance | shares	9,619,158
Weighted-Average Exercise Price Outstanding at Beginning Balance | $ / shares	$ 7.88
Weighted-Average Exercise Price, Granted | $ / shares	11.08
Weighted-Average Exercise Price, Exercised | $ / shares	3.25
Weighted-Average Exercise Price, Forfeited/canceled | $ / shares	10.18
Weighted-Average Exercise Price Outstanding at Ending Balance | $ / shares	$ 9.17

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Activity of RSUs (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross | shares	825,572
Forfeited | shares	(28,425)
Unvested RSUs as of September 30, 2021 | shares	797,147
Weighted-Average Grant Date Fair Value, Granted | $ / shares	$ 11.34
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	11.34
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares	$ 11.34

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Apr. 09, 2021	Sep. 30, 2021
Commitments And Contingencies [Line Items]
Contract liabilities		$ 0
Maximum
Commitments And Contingencies [Line Items]
Product development and commercialization period	10 years
Agreement termination notice period		1 year
Research and Development Expense
Commitments And Contingencies [Line Items]
Contract liabilities		$ 10,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Lease Payments under Non- Canceleable Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2021 (excluding the 9 months ended September 30, 2021)	$ 678
2022	2,769
2023	2,848
2024	2,135
2025	1,086
2026 and beyond	1,108
Total lease payments	10,624
Less: imputed interest	1,535
Total operating lease liabilities	$ 9,089

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	May 19, 2021	Sep. 30, 2021	May 31, 2019
Elo Loan
Debt Instrument [Line Items]
Basis point added to the prime rate	1.75%
Interest rate during period	5.00%
Loan amount	$ 2,500
Maturity of term loan	Mar. 31, 2022
Elo Loan | Maximum
Debt Instrument [Line Items]
Loan discount upon issuance	$ 100
Revolving Credit Facility | Pacific Western Loan Agreement
Debt Instrument [Line Items]
Aggregate principal amount			$ 30,000
Basis point added to the prime rate		2.75%
Interest rate during period		6.00%
Maturity of line of credit		Jun. 23, 2023
Borrowings		$ 0
Revolving Credit Facility | Pacific Western Loan Agreement | Minimum [Member]
Debt Instrument [Line Items]
Required balance of unrestricted cash at bank		$ 10,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%
Unrecognized income tax benefits		$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional information (Details) - USD ($)	Mar. 31, 2022	May 19, 2021	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant term			10 years
Warrant maturity date			May 19, 2031
Warrant issuance date			May 19, 2021
Forecast
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from issuance of warrants	$ 10,000,000
Pacific Western Bank
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from issuance of warrants		$ 50,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 21,342	$ 10
Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	20,500
Investment in iECURE
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	812
Warrant Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	30
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	30	10
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	20,500
Level 2 | Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	20,500
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	812
Level 3 | Investment in iECURE
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	812
Level 3 | Warrant Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	30
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	30	10
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 30	$ 10

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Acquisitions	$ 538
Gains included in earnings	274
Balance September 30, 2021	$ 812

Collaboration and License Agr_2

Collaboration and License Agreements - Additional Information (Details) - USD ($)	Apr. 09, 2021	Jan. 06, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Aug. 09, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued			60,892,018		60,892,018		53,503,124
Proceeds from at-the-market offering of common stock, net of issuance costs and commissions					$ 18,130,000
Revenue			$ 24,036,000	$ 7,363,000	109,190,000	$ 15,439,000
Deferred revenue			21,976,000		21,976,000		$ 30,236,000
Prepaid expenses			21,191,000		21,191,000		5,762,000
Research and development			25,940,000	$ 24,873,000	88,768,000	74,935,000
Revenue recorded included in deferred revenue					74,200,000
Eli Lilly And Company | Development and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue					15,600,000		0
Deferred revenue related to agreement			93,100,000		93,100,000		0
Eli Lilly And Company | Development and License Agreement | Current Liabilities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			21,300,000		21,300,000
I E C U R E | Development and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue					17,900,000		0
Investment in equity securities								$ 500,000
Prepaid Expense and Other Assets			17,400,000		17,400,000
Prepaid expenses			15,100,000		15,100,000
Other Assets			2,300,000		2,300,000
Servier | Program Purchase Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Consideration	$ 20,000,000
Waiver of milestone payment	18,750,000
Research and development	$ 1,250,000
Gilead | Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment					0
Revenue					0	3,900,000
Deferred revenue			0		0		0
Development and License Agreement | Eli Lilly And Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment		$ 100,000,000
Milestone payments to be received for additional targets		420,000,000
Transaction price from the Stock Purchase Agreement		$ 7,300,000
Development and License Agreement | Eli Lilly And Company | Stock Purchase Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued		3,762,190
Proceeds from at-the-market offering of common stock, net of issuance costs and commissions		$ 35,000,000
Upfront Compensation		135,000,000
Equity upon the issuance of the shares		27,700,000
Transaction price allocated to the revenue arrangement		$ 107,300,000
Development And Commercial License Agreement | Servier
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue related to agreement			$ 0		0		82,900,000
Revenue recorded included in deferred revenue					$ 72,900,000	$ 9,700,000
Development And Commercial License Agreement | Servier | Current Liabilities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue							$ 28,900,000

Net Loss Per Share - Schedule O

Net Loss Per Share - Schedule Of Basic And Diluted Net Income (Loss) Per Share Attributable To Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ (11,279)	$ 21,656	$ (18,689)	$ (26,016)	$ (32,701)	$ (26,836)	$ (8,312)	$ (85,553)
Weighted average shares of common stock outstanding- basic and diluted	59,657,677			52,346,715			58,018,550	51,858,032
Net loss per share attributable to common stockholders- basic and diluted	$ (0.19)			$ (0.50)			$ (0.14)	$ (1.65)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Common Share Equivalent Securities Excluded from Calculation of Diluted loss per share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common share equivalents	10,416,305	10,424,266
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common share equivalents	797,147
Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common share equivalents	9,619,158	10,424,266

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Segment
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 24,036	$ 7,363	$ 109,190	$ 15,439
Operating income (loss)	(11,542)	(26,044)	(8,652)	(86,348)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Interest income received	(44)	(28)	(145)	(795)
Depreciation and amortization			(6,806)	(6,587)
Amortization of right-of-use asset			(897)	(755)
Share-based compensation			(12,079)	(9,932)
Loss from operations	(11,542)	(26,044)	(8,652)	(86,348)
Loss on disposal of assets			(23)
Operating Segments
Segment Reporting Information [Line Items]
Revenue	24,036	7,363	109,190	15,439
Total segment operational cash expenditures	19,843	19,079	68,319	61,859
Operating income (loss)	4,193	(11,716)	40,871	(46,420)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Loss from operations	4,193	(11,716)	40,871	(46,420)
Operating Segments | Therapeutics
Segment Reporting Information [Line Items]
Revenue	22,795	7,048	106,361	13,541
Total segment operational cash expenditures	18,111	17,612	62,334	55,986
Operating income (loss)	4,684	(10,564)	44,027	(42,445)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Loss from operations	4,684	(10,564)	44,027	(42,445)
Operating Segments | Food
Segment Reporting Information [Line Items]
Revenue	1,241	315	2,829	1,898
Total segment operational cash expenditures	1,732	1,467	5,985	5,873
Operating income (loss)	(491)	(1,152)	(3,156)	(3,975)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Loss from operations	(491)	(1,152)	(3,156)	(3,975)
Segment Reconciling Items
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Corporate general and administrative cash expenditures	(7,926)	(6,308)	(26,271)	(22,925)
Interest income received	(44)	(28)	(145)	(795)
Non-cash interest expense	(23)		(42)
Depreciation and amortization	(2,264)	(2,229)	(6,806)	(6,587)
Amortization of right-of-use asset	(309)	(270)	(897)	(755)
Share-based compensation	(4,551)	(3,709)	(12,079)	(9,932)
Adjustments to reconcile cash expenditures to GAAP expenses	$ (618)	$ (1,784)	(3,260)	$ 1,066
Loss on disposal of assets			$ (23)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - shares	Oct. 15, 2021	Sep. 30, 2021
Subsequent Event [Line Items]
Options to purchase common stock issued		1,845,252
Subsequent Event [Member] | Inducement Award Plan | Chief Executive Officer [Member]
Subsequent Event [Line Items]
Number of shares available to be issued	2,125,792
Subsequent Event [Member] | Inducement Award Plan | Chief Executive Officer [Member] | Restricted Stock [Member]
Subsequent Event [Line Items]
Options to purchase restricted stock units	24,208
Subsequent Event [Member] | Inducement Award Plan | Chief Executive Officer [Member] | Common Stock
Subsequent Event [Line Items]
Options to purchase common stock issued	850,000