AnaptysBio (ANAB) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-37985
Entity Registrant Name	ANAPTYSBIO, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3828755
Entity Address, Address Line One	10770 Wateridge Circle
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	362-6295
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ANAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,239,212
Entity Central Index Key	0001370053
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 71,701	$ 495,729
Receivables from collaborative partners	1,033	876
Short-term investments	370,450	52,368
Prepaid expenses and other current assets	9,625	4,903
Total current assets	452,809	553,876
Property and equipment, net	2,059	2,283
Operating lease right-of-use assets	18,739	19,558
Long-term investments	129,985	67,097
Other long-term assets	256	256
Total assets	603,848	643,070
Current liabilities:
Accounts payable	1,587	1,741
Accrued expenses	16,714	12,853
Current portion of operating lease liability	1,570	1,505
Total current liabilities	19,871	16,099
Liability related to sale of future royalties	261,019	251,093
Operating lease liability, net of current portion	18,652	19,450
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at June 30, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 28,231 shares and 27,647 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	28	28
Additional paid in capital	698,701	678,575
Accumulated other comprehensive loss	(3,861)	(422)
Accumulated deficit	(390,562)	(321,753)
Total stockholders’ equity	304,306	356,428
Total liabilities and stockholders’ equity	$ 603,848	$ 643,070

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	28,231,344	27,647,000
Common stock, shares outstanding (in shares)	28,231,344	27,647,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Collaboration revenue	$ 1,216	$ 30,027	$ 2,186	$ 41,274
Operating expenses:
Research and development	20,844	25,314	43,360	49,499
General and administrative	8,171	5,246	18,374	10,669
Total operating expenses	29,015	30,560	61,734	60,168
Loss from operations	(27,799)	(533)	(59,548)	(18,894)
Other income (expense), net:
Interest income	1,107	104	1,449	299
Non-cash interest expense for the sale of future royalties	(5,868)	0	(10,722)	0
Other income, net	6	0	12	3
Total other income (expense), net	(4,755)	104	(9,261)	302
Net loss	(32,554)	(429)	(68,809)	(18,592)
Unrealized loss on available for sale securities	(1,427)	(65)	(3,439)	(172)
Comprehensive loss	$ (33,981)	$ (494)	$ (72,248)	$ (18,764)
Net loss per common share:
Basic (in dollars per share)	$ (1.15)	$ (0.02)	$ (2.46)	$ (0.68)
Diluted (in dollars per share)	$ (1.15)	$ (0.02)	$ (2.46)	$ (0.68)
Weighted-average number of shares outstanding:
Basic (in shares)	28,204	27,391	27,960	27,377
Diluted (in shares)	28,204	27,391	27,960	27,377
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]

Consolidated Statement of Stock

Consolidated Statement of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020		27,356,000
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 396,731	$ 27	$ 660,665	$ (4)	$ (263,957)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)		11,000
Shares issued under employee stock plans	167		167
Stock-based compensation	3,315		3,315
Comprehensive loss, net	(107)			(107)
Net loss	(18,163)				(18,163)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2021		27,367,000
Stockholders' equity, ending balance at Mar. 31, 2021	381,943	$ 27	664,147	(111)	(282,120)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020		27,356,000
Stockholders' equity, beginning balance at Dec. 31, 2020	396,731	$ 27	660,665	(4)	(263,957)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,592)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2021		27,433,000
Stockholders' equity, ending balance at Jun. 30, 2021	385,731	$ 27	668,429	(176)	(282,549)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2021		27,367,000
Stockholders' equity, beginning balance at Mar. 31, 2021	381,943	$ 27	664,147	(111)	(282,120)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)		66,000
Shares issued under employee stock plans	592		592
Stock-based compensation	3,690		3,690
Comprehensive loss, net	(65)			(65)
Net loss	(429)				(429)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2021		27,433,000
Stockholders' equity, ending balance at Jun. 30, 2021	385,731	$ 27	668,429	(176)	(282,549)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021		27,647,000
Stockholders' equity, beginning balance at Dec. 31, 2021	356,428	$ 28	678,575	(422)	(321,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		531,000
Issuance of common stock from exercises of options and employee stock purchase plan	4,844		4,844
Stock-based compensation	7,742		7,742
Comprehensive loss, net	(2,012)			(2,012)
Net loss	(36,255)				(36,255)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2022		28,178,000
Stockholders' equity, ending balance at Mar. 31, 2022	330,747	$ 28	691,161	(2,434)	(358,008)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021		27,647,000
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 356,428	$ 28	678,575	(422)	(321,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)	563,147
Net loss	$ (68,809)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2022		28,231,000
Stockholders' equity, ending balance at Jun. 30, 2022	304,306	$ 28	698,701	(3,861)	(390,562)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2022		28,178,000
Stockholders' equity, beginning balance at Mar. 31, 2022	330,747	$ 28	691,161	(2,434)	(358,008)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		53,000
Issuance of common stock from exercises of options and employee stock purchase plan	882		882
Stock-based compensation	6,658		6,658
Comprehensive loss, net	(1,427)			(1,427)
Net loss	(32,554)				(32,554)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2022		28,231,000
Stockholders' equity, ending balance at Jun. 30, 2022	$ 304,306	$ 28	$ 698,701	$ (3,861)	$ (390,562)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (68,809)	$ (18,592)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	325	285
Stock-based compensation	14,400	7,005
Accretion/amortization of investments, net	0	293
Amortization of right-of-use assets – operating	819	751
Non-cash interest expense	10,722	0
Changes in operating assets and liabilities:
Receivables from collaborative partners	(157)	(642)
Prepaid expenses and other assets	(5,339)	(3,235)
Accounts payable and other liabilities	3,611	772
Operating lease liabilities	(733)	(250)
Net cash used in operating activities	(45,161)	(13,613)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(494,795)	(9,734)
Sales and maturities of investments	111,020	105,604
Purchases of property and equipment	(133)	(1,180)
Net cash (used in) provided by investing activities	(383,908)	94,690
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	5,709	721
Repayment of liability for sale of future royalties	(666)	0
Payments for debt issuance costs	(2)	0
Net cash provided by financing activities	5,041	721
Net (decrease) increase in cash and cash equivalents	(424,028)	81,798
Cash, cash equivalents and restricted cash, beginning of period	495,729	250,516
Cash, cash equivalents and restricted cash, end of period	71,701	332,314
Non-cash investing and financing activities:
Amounts accrued for issuance costs related to the sale of future royalties	128	0
Leased assets obtained in exchange for operating lease liabilities	0	20,685
Amounts accrued for property and equipment	0	89
Receivable related to issuance of common stock, upon exercise of stock options	$ 17	$ 38

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics. Our proprietary clinical stage pipeline includes imsidolimab, our anti-IL-36R antibody, previously referred to as ANB019, for the treatment of dermatological inflammatory diseases, including generalized pustular psoriasis, or GPP, and moderate-to-severe hidradenitis suppurativa; rosnilimab, our anti-PD-1 agonist program, previously referred to as ANB030, for the treatment of moderate-to-severe alopecia areata; and ANB032, our anti-BTLA agonist program, which is broadly applicable to human inflammatory diseases associated with lymphoid and myeloid immune cell dysregulation. We have also developed multiple therapeutic antibodies in an immuno-oncology collaboration with GSK, including an anti-PD-1 antagonist antibody (JEMPERLI (dostarlimab-gxly) GSK4057190), an anti-TIM-3 antagonist antibody (cobolimab, GSK4069889) and an anti-LAG-3 antagonist antibody (GSK4074386). We currently generate revenue from milestones and royalties achieved under our collaborative research and development arrangements. Our antibody pipeline has been developed using our proprietary somatic hypermutation, or SHM platform, which uses in vitro SHM for antibody discovery and is designed to replicate key features of the human immune system to overcome the limitations of competing antibody discovery technologies. Since our inception, we have devoted our primary effort to research and development activities. Our financial support has been provided primarily from the sale of our common and preferred stock, royalty monetization, as well as through funds received under our collaborative research and development agreements. Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next twelve months from the issuance of our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Interim results are not necessarily indicative of results for a full year. The COVID-19 pandemic and mitigation measures taken in response have had, and may continue to have, an adverse impact on global economic conditions and an adverse effect on our business and financial conditions. Our future research and development expenses and general and administrative expenses may vary significantly if we experience an increased impact from the COVID-19 pandemic on the costs and timing associated with the conduct of our clinical trials and other related business activities, to date there has not been any material delays in clinical operations. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2021 included in our Annual Report on Form 10-K. Basis of Consolidation The accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs, and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share. The following table sets forth the weighted-average o utstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Options to purchase common stock 3,905 3,800 3,981 3,624

Balance Sheet Accounts and Supp

Balance Sheet Accounts and Supplemental Disclosures	6 Months Ended
	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Accounts and Supplemental Disclosures	Balance Sheet Accounts and Supplemental Disclosures Property and Equipment, net Property and equipment, net consist of the following: (in thousands) June 30, 2022 December 31, 2021 Laboratory equipment $ 5,748 $ 5,683 Office furniture and equipment 1,355 1,319 Leasehold improvements 203 203 Property and equipment, gross 7,306 7,205 Less: accumulated depreciation and amortization (5,247) (4,922) Total property and equipment, net $ 2,059 $ 2,283 Accrued Expenses Accrued expenses consist of the following: (in thousands) June 30, 2022 December 31, 2021 Accrued compensation and related expenses $ 3,200 $ 4,177 Accrued professional fees 802 569 Accrued research, development and manufacturing expenses 12,581 7,953 Other 131 154 Total accrued expenses $ 16,714 $ 12,853

Collaborative Research and Deve

Collaborative Research and Development Agreements	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Collaborative Research and Development Agreements	Collaborative Research and Development Agreements GlaxoSmithKline Collaboration In March 2014, we entered into a Collaboration and Exclusive License Agreement (the “GSK Agreement”) with TESARO, Inc. (“Tesaro”), an oncology-focused biopharmaceutical company now a part of GlaxoSmithKline (Tesaro and GlaxoSmithKline are hereinafter referred to, collectively, as “GSK”). Under the terms of the GSK Agreement, we agreed to perform certain discovery and early preclinical development of therapeutic antibodies with the goal of generating immunotherapy antibodies for subsequent preclinical, clinical, regulatory, and commercial development to be performed by GSK. Under the terms of the GSK Agreement, GSK paid an upfront license fee of $17.0 million in March 2014 and agreed to provide funding to us for research and development services related to antibody discovery programs for three specific targets. In November 2014, Amendment No. 1 to the GSK Agreement was agreed by both parties to add an antibody discovery program against an undisclosed fourth target for an upfront license fee of $2.0 million. Currently, under the GSK Agreement, GSK is developing JEMPERLI (dostarlimab), an anti-PD-1 antagonist antibody, as a monotherapy and in combination with additional therapies, for various solid tumor indications. In addition, under the collaboration, GSK is developing dostarlimab in combination with two other development programs form the GSK Agreement: cobolimab, an anti-TIM-3 antibody, and GSK40974386, an anti-LAG-3 antibody, for various solid tumor indications. For each development program, we are eligible to receive milestone payments of up to $18.0 million if certain preclinical and clinical trial events are achieved by GSK, up to an additional $90.0 million if certain U.S. and European regulatory submissions and approvals in multiple indications are achieved, and up to an additional $165.0 million upon the achievement of specified levels of annual worldwide net sales. We will also be eligible to receive tiered 4-8% royalties related to worldwide net sales of products developed under the collaboration. Unless earlier terminated by either party upon specified circumstances, the GSK Agreement will terminate, with respect to each specific developed product, upon the later of the 12th anniversary of the first commercial sale of the product or the expiration of the last to expire of any patent. Prior to the adoption of ASC 606, Revenue from Contracts with Customers , we determined that the upfront license fees and research funding under the GSK Agreement, as amended, should be accounted for as a single unit of accounting and that the upfront license fees should be deferred and recognized as revenue over the same period that the research and development services are performed. In February 2016, Amendment No. 2 to the GSK Agreement was agreed by both parties to define the effective dates of the development programs of the GSK Agreement. We determined that the research and development services would be extended through December 31, 2016. As a result, the period over which the unrecognized license fees and discovery milestones were recognized was extended through December 31, 2016 and have since been recognized in full. We assessed these arrangements in accordance with ASC 606 and concluded that the contract counterparty, GSK, is a customer. We identified the following material promises under the GSK Agreement: (1) the licenses under certain patent rights relating to six discovery programs (four targets) and transfer of certain development and regulatory information, (2) research and development (“R&D”) services, and (3) joint steering committee meetings. We considered the research and discovery capabilities of GSK for these specific programs and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the joint steering committee participation would not have been provided without the R&D services and GSK Agreement. Based on these assessments, we identified all services to be interrelated and therefore concluded that the promises should be combined into a single performance obligation at the inception of the arrangement. On October 23, 2020, Amendment No. 3 to the GSK Agreement (the “Amendment”) was agreed to by both parties to permit GSK to conduct development and commercialization in combination with any third-party molecules of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor, which has received U.S. approval for the maintenance treatment of adult patients with advanced epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in a complete or partial response to first-line platinum-based chemotherapy, and is under development for additional cancer indications. GSK agreed, starting January 1, 2021, to pay us a 1% royalty on all GSK net sales of Zejula. This 1% royalty is subject to deductions due to third party royalties owed, with a minimum royalty payable to us of 0.5%, which is currently the royalty we receive from GSK for Zejula. In addition, under the Amendment, we were granted increased royalties upon sales of JEMPERLI, equal to 8% of Net Sales (as defined in the GSK Agreement) below $1.0 billion and from 12% up to 25% of Net Sales above $1.0 billion. The Amendment also provided for a one-time, non-refundable cash payment of $60.0 million that we received and recognized as revenue in the fourth quarter of 2020. The $1.1 billion in cash milestone payments due under the GSK Agreement remain unchanged. Additionally, under the terms of the Amendment, GSK has agreed to certain diligence commitments with respect to the future development of JEMPERLI, and the parties have agreed to review such commitments under regular joint review committee meetings going forward. We assessed this Amendment in accordance with ASC 606 and concluded the Amendment was a contract modification to the GSK Agreement. Based on our assessment, we identified the terms of the Amendment to be interrelated to the GSK Agreement’s single performance obligation, noting completion and delivery of terms under the Amendment were satisfied by both parties with the execution of the Amendment. As of June 30, 2022, the transaction price for the GSK Agreement and Amendment includes the upfront payment, research reimbursement revenue, one-time payment associated with the Amendment, and milestones earned to date, which are allocated in their entirety to the single performance obligation. We earned and recognized $1.2 million and $2.2 million in royalty revenue during the three and six months ended June 30, 2022 related to GSK’s net sales of Zejula and JEMPERLI during the period based on estimates of GSK’s sales historical experience. Of the royalty revenue recognized during the three and six months ended June 30, 2022, $0.6 million and $0.9 million is JEMPERLI non-cash revenue related to the Royalty Monetization Agreement, see Note 5. GSK reports sales information to us on a one quarter lag and differences between actual and estimated royalty revenues will be adjusted in the following quarter. We earned and recognized $0 and $1.3 million in royalty revenue during the three and six months ended June 30, 2021 related to GSK’s net sales of Zejula and JEMPERLI during the period. No clinical milestones were earned or recognized during the three and six months ended June 30, 2022. No other future clinical or regulatory milestones have been included in the transaction price, as all milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors including the fact that the receipt of milestones is outside of our control and contingent upon success in future clinical trials, an outcome that is difficult to predict, and GSK’s efforts. Any consideration related to sales-based milestones, including royalties, will be recognized when the related sales occur as they were determined to relate predominantly to the intellectual property license granted to GSK and therefore have also been excluded from the transaction price. We will re-evaluate the variable transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Milestones recognized through June 30, 2022 under the GSK Agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 Anti-LAG-3 (GSK40974386) Milestone Event Amount Quarter Recognized Amount Quarter Recognized Amount Quarter Recognized Initiated in vivo toxicology studies using good laboratory practices (GLPs) $1.0M Q2'15 $1.0M Q4'15 $1.0M Q3'16 IND clearance from the FDA $4.0M Q1'16 $4.0M Q2'16 $4.0M Q2'17 Phase 2 clinical trial initiation $3.0M Q2'17 $3.0M Q4'17 $3.0M Q4'19 Phase 3 clinical trial initiation - first indication $5.0M Q3'18 — — — — Phase 3 clinical trial initiation - second indication $5.0M Q2'19 — — — — Filing of the first BLA (1) - first indication $10.0M Q1'20 — — — — Filing of the first MAA (2) - first indication $5.0M Q1'20 — — — — Filing of the first BLA - second indication $10.0M Q1'21 — — — — First BLA approval - first indication $20.0M Q2'21 — — — — First MAA approval - first indication $10.0M Q2'21 — — — — First BLA approval - second indication $20.0M Q3'21 — — — — (1) Biologics License Application (“BLA”) (2) Marketing Authorization Application (“MAA”) Milestones achieved during the discovery period were recognized as revenue pro-rata through December 31, 2016. Milestones achieved during fiscal 2017 were recognized as revenue in the period earned, while milestones after December 31, 2017 are recognized upon determination that a significant reversal of revenue would not be probable. Cash is generally received within 30 days of milestone achievement. We recognized $1.2 million and $2.2 million in revenue under the GSK Agreement during the three and six months ended June 30, 2022, respectively, and $30.0 million and $41.3 million during the three and six months ended June 30, 2021, respectively. Contractual milestones that may be recognized in the future under the GSK agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 (GSK4069889A/Cobolimab) Anti-LAG-3 (GSK40974386) Milestone Event Amount Amount Amount Pre clinical and Development — $10.0M $10.0M Regulatory $15.0M $90.0M $90.0M Commercial $165.0M $165.0M $165.0M Total Contractual Milestones Remaining $180.0M $265.0M $265.0M Antibody Generation Agreement with Bristol-Myers Squibb In December 2011, we entered into a license and collaboration agreement (the “BMS Agreement”) with Celgene, now a part of Bristol-Myers Squibb (Celgene and Bristol-Myers Squibb are hereinafter referred to, collectively, as “BMS”), to develop therapeutic antibodies against multiple targets. We granted BMS the option to obtain worldwide commercial rights to antibodies generated against each of the targets under the agreement, which option was triggered on a target-by-target basis by our delivery of antibodies meeting certain pre-specified parameters pertaining to each target under the agreement. The BMS Agreement provided for an upfront payment of $6.0 million from BMS, which we received in 2011 and recognized through 2014, milestone payments of up to $53.0 million per target, low single-digit royalties on net sales of antibodies against each target, and reimbursement of specified research and development costs. There was no revenue recognized under this agreement during the three and six months ended June 30, 2022 and 2021. Revenue was last recognized under this agreement in 2016.

Sale of Future Royalties

Sale of Future Royalties	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
Sale of Future Royalties	Sale of Future Royalties In October 2021, we signed a royalty monetization agreement (“Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the Royalty Monetization Agreement, we received $250.0 million in exchange for royalties and milestones payable to us under our GSK collaboration on annual global net sales of JEMPERLI below $1.0 billion starting in October 2021. The aggregate JEMPERLI royalties and milestones to be received by Sagard under the Royalty Monetization Agreement is capped at certain fixed multiples of the upfront payment based on time. Once Sagard receives an aggregate amount of either $312.5 million (125% of the upfront) by the end of 2026, or $337.5 million (135% of the upfront) during 2027, or $412.5 million (165% of the upfront) at any time after 2027, the Royalty Monetization Agreement will expire resulting in us regaining all subsequent JEMPERLI royalties and milestones. As of June 30, 2022, Sagard has received a total of $0.7 million in royalties and milestones. The Royalty Monetization Agreement includes a call option pursuant to which at any time after December 1, 2024, we may reacquire our interest in the specified royalties by paying Sagard (in cash) a specified amount described as (a) in the case of a Reacquisition Date that falls within the period from (but excluding) December 1, 2024 to (and including) December 31, 2026, the greater of (i) $312.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date, and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an internal rate of return (“IRR”) for Sagard of 9.0% over the Relevant Period; (b) in the case of a Reacquisition Date that falls within the period from (and including) January 1, 2027 to (and including) December 31, 2027, the greater of (i) $337.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an IRR for Sagard of 10% over the Relevant Period; and (c) in the case of a Reacquisition Date that occurs on or after January 1, 2028, the greater of (i) $412.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an IRR for Sagard of 10% over the Relevant Period. The proceeds received from Sagard of $250.0 million were recorded as a liability, net of transaction costs of $0.4 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty and milestone revenue will be recognized as earned on net sales of JEMPERLI, and we will record the royalty payments to Sagard as a reduction of the liability when paid. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the Royalty Monetization Agreement. We estimate the effective interest rate used to record non-cash interest expense under the Agreement based on the estimate of future royalty payments to be received by Sagard. As of June 30, 2022, the estimated effective rate under the agreement was 9.1%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by Sagard and changes in the Company’s forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our original estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation. We recognized non-cash royalty revenue of approximately $0.6 million and $0.9 million for the three and six months ended June 30, 2022, respectively, and non-cash interest expense of approximately $5.9 million and $10.7 million for the three and six months ended June 30, 2022, respectively. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations. The following table shows the activity within the liability account for the six months ended June 30, 2022: (in thousands) June 30, 2022 Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2021 $ 251,093 Issuance costs related to the sale of future royalties (130) Amortization of issuance costs 32 Royalty and milestone payments to Sagard (666) Non-cash interest expense recognized 10,690 Liability related to sale of future royalties and milestones - ending balance $ 261,019

Fair Value Measurements and Ava

Fair Value Measurements and Available for Sale Investments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Available for Sale Investments	Fair Value Measurements and Available for Sale Investments Fair Value Measurements Our financial instruments consist principally of cash, cash equivalents, short-term and long-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the consolidated balance sheet in accordance with the accounting standards for fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 - Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy: Fair Value Measurements at End of Period Using: (in thousands) Fair Value Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At June 30, 2022 Money market funds (1) $ 59,020 $ 59,020 $ — $ — Mutual funds (1) 9,665 9,665 — — U.S. Treasury securities (2) 408,577 408,577 — — Certificates of deposit (2) 3,339 — 3,339 — Agency securities (2) 35,950 — 35,950 — Commercial and corporate obligations (1)(2) 56,061 — 56,061 — At December 31, 2021 Money market funds (1) $ 445,647 $ 445,647 $ — $ — Mutual funds (1) 50,326 50,326 — — U.S. Treasury securities (2) 87,831 87,831 — — Certificates of deposit (2) 3,766 — 3,766 — Agency securities (2) 5,814 — 5,814 — Commercial and corporate obligations (2) 22,054 — 22,054 — (1) Included in cash and cash equivalents in the accompanying consolidated balance sheets. (2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date. The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value: Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low. Fair Value of Other Financial Instruments The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term nature. Available for Sale Investments We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available for sale investments. These investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in cash equivalents, short-term and long-term investments as of June 30, 2022 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 36,442 $ 7 $ (499) $ 35,950 Certificates of deposit (2) 3,401 — (62) 3,339 Commercial and corporate obligations (3) 56,688 6 (633) 56,061 U.S. Treasury securities (4) 411,049 44 (2,516) 408,577 Total available for sale investments $ 507,580 $ 57 $ (3,710) $ 503,927 (1) Of our outstanding agency securities $13.3 million have maturity dates of less than one year and $22.7 million have maturity dates between one (2) Of our outstanding certificates of deposit, $1.4 million have maturity dates of less than one year and $1.9 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations $28.5 million have maturity dates of less than one year and $27.6 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities $330.7 million have maturity dates of less than one year and $77.9 million have a maturity date of between one The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in short-term and long-term investments as of December 31, 2021 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 5,821 $ — $ (7) $ 5,814 Certificates of deposit (2) 3,770 — (4) 3,766 Commercial and corporate obligations (3) 22,094 2 (42) 22,054 US Treasury securities (4) 87,995 — (164) 87,831 Total available for sale investments $ 119,680 $ 2 $ (217) $ 119,465 (1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $4.8 million have maturity dates of less than one year and $17.3 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: June 30, 2022 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 25,965 $ (499) $ — $ — $ 25,965 $ (499) Commercial and corporate obligations 45,845 (633) — — 45,845 (633) Certificates of deposit 3,339 (62) — — 3,339 (62) US Treasury Securities 389,068 (2,516) — — 389,068 (2,516) Total $ 464,217 $ (3,710) $ — $ — $ 464,217 $ (3,710) December 31, 2021 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 4,477 $ (7) $ — $ — $ 4,477 $ (7) Certificates of Deposit 2,870 (4) — — 2,870 (4) Commercial and corporate obligations 18,524 (42) — — 18,524 (42) US Treasury Securities 82,823 (164) — — 82,823 (164) Total $ 108,694 $ (217) $ — $ — $ 108,694 $ (217) As of June 30, 2022 and December 31, 2021, unrealized losses on available for sale investments were $3.7 million and $0.2 million, respectively. There were no securities in an unrealized loss position for greater than 12 months as of June 30, 2022. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, accordingly, no allowance for credit losses were recorded.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Of the 500,000,000 shares of common stock authorized , 28,231,344 shares were issued and outstanding as of June 30, 2022. Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at June 30, 2022 are as follows: Issued and Outstanding: Stock options 3,802,921 Restricted stock units 969,643 Shares Reserved For: 2017 Equity Incentive Plan 2,498,741 2017 Employee Stock Purchase Plan 1,507,549 Total 8,778,854

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans 2017 Equity Incentive Plan On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017, and replaced our existing 2006 Equity Incentive Plan. Under the 2017 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then our employees, officers, directors or consultants. In addition, the number of shares of stock available for issuance under the 2017 Plan will be automatically increased each January 1, beginning on January 1, 2018, by 4% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The 2017 Plan automatically increased by 1,105,890 shares as of January 1, 2022. Employee Stock Purchase Plan On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan or the ESPP. The ESPP became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017. In addition, the number shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2018, by 1% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The ESPP automatically increased by 276,472 shares as of January 1, 2022. The initial six months offering period for the ESPP was completed in November 2021 with a subsequent six month offering period commencing thereafter. These offering periods are expected to continue starting in May and November of each year. As of June 30, 2022, 40,160 shares have been issued under the ESPP. Stock Options Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors vest over a one year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock option awards during the six months ended June 30, 2022 is as follows: Shares Subject to Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 3,460,295 $ 28.84 7.17 $ 42,987 Granted 1,212,920 $ 29.94 Exercises (563,147) $ 9.50 Forfeitures and cancellations (307,147) $ 30.98 Outstanding at June 30, 2022 3,802,921 $ 31.88 6.22 $ 4,989 Exercisable at June 30, 2022 1,755,799 $ 36.40 5.30 $ 3,364 Time-based Restricted Stock Units Each Restricted Stock Unit (“RSUs”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued. Number of Shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding at January 1, 2022 — $ — $ — Granted 969,643 $ 26.30 Vested — $ — Cancelled — $ — Outstanding at June 30, 2022 969,643 $ 26.30 1.67 $ 19,684 Restricted Stock Units expected to vest at June 30, 2022 969,643 $ 26.30 1.67 $ 19,684 Stock-Based Compensation Expense We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Six Months Ended 2022 2021 Risk-free interest rate 2.1 % 0.7 % Expected volatility 88.4 % 93.1 % Expected dividend yield — % — % Expected term (in years) 6.18 6.18 Weighted-average grant date fair value per share $ 22.28 $ 22.39 We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the application of the simplified method, which defines the life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. Expected volatility for 2022 and 2021 incorporates the historical volatility of our stock price. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future. Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Research and development $ 1,794 $ 1,435 $ 3,449 $ 2,629 General and administrative 4,864 2,255 10,951 4,376 Total $ 6,658 $ 3,690 $ 14,400 $ 7,005 On March 20, 2022, our then Chief Executive Officer (“former CEO”), resigned by mutual agreement with the Board of Directors. In connection with his separation agreement, we modified certain equity awards and recognized approximately $3.2 million in non-cash stock-based compensation expense. Given the former CEO had substantially rendered the required services per his separation agreement, we recorded the full expense related to the modification in the period ending March 31, 2022. Additionally, On March 21, 2022, we awarded our newly appointed Interim President and Chief Executive Officer RSUs for 887,043 shares of the company’s common stock. The fair value of the award will be recognized as part of compensation cost, occurring ratably over the stated 24-month requisite service period. During the three and six months ended June 30, 2022, we recognized $2.9 million and $3.2 million of non-cash stock-based compensation cost related to the award. At June 30, 2022, there was $30.2 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.47 years, $22.0 million of unrecognized cost related to unvested RSUs awards, which is expected to be recognized over a period of 1.72 years and $0.1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized over a remaining weighted-average vesting period of 0.38 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases On May 4, 2020, we entered into a lease agreement with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Lease Agreement”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years with the payment of a termination fee. The exercise of the lease option is at our sole discretion, which we currently do not anticipate exercising and as such was not recognized as part of the ROU asset and lease liability. The monthly base rent will be $4.20 per rentable square foot and will be increased by 3% annually. Under the Lease Agreement, we are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. Upon lease commencement, on April 5, 2021, we recognized an ROU asset of $20.6 million, with a corresponding lease liability of $20.7 million on the consolidated balance sheets. The ROU asset includes adjustments for prepayments, initial direct costs, and lease incentives. As of June 30, 2022, we have recorded $0.3 million as a security deposit in accordance with the terms of the Lease Agreement. Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at effective date of adoption in determining the present value of future payments. The weighted-average discount rate used was 4.0% and the weighted-average remaining lease term is approximately 9.2 years. The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands): Six Months Ended Leases Classification on the Cash Flow 2022 2021 Operating lease cost Operating $ 1,239 $ 886 Cash paid for amounts included in the measurement of lease liabilities Operating 1,147 465 At June 30, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands): Years Ending December 31, 2022 $ 1,169 2023 2,386 2024 2,457 2025 2,531 2026 2,607 Thereafter 13,239 Total minimum payments required 24,389 Less imputed interest (4,167) Total $ 20,222 Litigation From time to time, we may be involved in legal proceedings arising in the ordinary course of our business. We investigate these claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and estimable. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Interim results are not necessarily indicative of results for a full year. The COVID-19 pandemic and mitigation measures taken in response have had, and may continue to have, an adverse impact on global economic conditions and an adverse effect on our business and financial conditions. Our future research and development expenses and general and administrative expenses may vary significantly if we experience an increased impact from the COVID-19 pandemic on the costs and timing associated with the conduct of our clinical trials and other related business activities, to date there has not been any material delays in clinical operations. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2021 included in our Annual Report on Form 10-K.
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs, and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share	The following table sets forth the weighted-average o utstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Options to purchase common stock 3,905 3,800 3,981 3,624

Balance Sheet Accounts and Su_2

Balance Sheet Accounts and Supplemental Disclosures (Tables)	6 Months Ended
	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net consist of the following: (in thousands) June 30, 2022 December 31, 2021 Laboratory equipment $ 5,748 $ 5,683 Office furniture and equipment 1,355 1,319 Leasehold improvements 203 203 Property and equipment, gross 7,306 7,205 Less: accumulated depreciation and amortization (5,247) (4,922) Total property and equipment, net $ 2,059 $ 2,283
Schedule of Accrued Expenses	Accrued expenses consist of the following: (in thousands) June 30, 2022 December 31, 2021 Accrued compensation and related expenses $ 3,200 $ 4,177 Accrued professional fees 802 569 Accrued research, development and manufacturing expenses 12,581 7,953 Other 131 154 Total accrued expenses $ 16,714 $ 12,853

Collaborative Research and De_2

Collaborative Research and Development Agreements (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Milestones Achieved	Milestones recognized through June 30, 2022 under the GSK Agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 Anti-LAG-3 (GSK40974386) Milestone Event Amount Quarter Recognized Amount Quarter Recognized Amount Quarter Recognized Initiated in vivo toxicology studies using good laboratory practices (GLPs) $1.0M Q2'15 $1.0M Q4'15 $1.0M Q3'16 IND clearance from the FDA $4.0M Q1'16 $4.0M Q2'16 $4.0M Q2'17 Phase 2 clinical trial initiation $3.0M Q2'17 $3.0M Q4'17 $3.0M Q4'19 Phase 3 clinical trial initiation - first indication $5.0M Q3'18 — — — — Phase 3 clinical trial initiation - second indication $5.0M Q2'19 — — — — Filing of the first BLA (1) - first indication $10.0M Q1'20 — — — — Filing of the first MAA (2) - first indication $5.0M Q1'20 — — — — Filing of the first BLA - second indication $10.0M Q1'21 — — — — First BLA approval - first indication $20.0M Q2'21 — — — — First MAA approval - first indication $10.0M Q2'21 — — — — First BLA approval - second indication $20.0M Q3'21 — — — — (1) Biologics License Application (“BLA”) (2) Marketing Authorization Application (“MAA”) Contractual milestones that may be recognized in the future under the GSK agreement are as follows: Anti-PD-1 (JEMPERLI/Dostarlimab) Anti-TIM-3 (GSK4069889A/Cobolimab) Anti-LAG-3 (GSK40974386) Milestone Event Amount Amount Amount Pre clinical and Development — $10.0M $10.0M Regulatory $15.0M $90.0M $90.0M Commercial $165.0M $165.0M $165.0M Total Contractual Milestones Remaining $180.0M $265.0M $265.0M

Sale of Future Royalties (Table

Sale of Future Royalties (Tables)	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Royalty Transaction Activity	The following table shows the activity within the liability account for the six months ended June 30, 2022: (in thousands) June 30, 2022 Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2021 $ 251,093 Issuance costs related to the sale of future royalties (130) Amortization of issuance costs 32 Royalty and milestone payments to Sagard (666) Non-cash interest expense recognized 10,690 Liability related to sale of future royalties and milestones - ending balance $ 261,019

Fair Value Measurements and A_2

Fair Value Measurements and Available for Sale Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis	The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy: Fair Value Measurements at End of Period Using: (in thousands) Fair Value Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At June 30, 2022 Money market funds (1) $ 59,020 $ 59,020 $ — $ — Mutual funds (1) 9,665 9,665 — — U.S. Treasury securities (2) 408,577 408,577 — — Certificates of deposit (2) 3,339 — 3,339 — Agency securities (2) 35,950 — 35,950 — Commercial and corporate obligations (1)(2) 56,061 — 56,061 — At December 31, 2021 Money market funds (1) $ 445,647 $ 445,647 $ — $ — Mutual funds (1) 50,326 50,326 — — U.S. Treasury securities (2) 87,831 87,831 — — Certificates of deposit (2) 3,766 — 3,766 — Agency securities (2) 5,814 — 5,814 — Commercial and corporate obligations (2) 22,054 — 22,054 — (1) Included in cash and cash equivalents in the accompanying consolidated balance sheets. (2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.
Schedule of Available-for-sale Investments	The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in cash equivalents, short-term and long-term investments as of June 30, 2022 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 36,442 $ 7 $ (499) $ 35,950 Certificates of deposit (2) 3,401 — (62) 3,339 Commercial and corporate obligations (3) 56,688 6 (633) 56,061 U.S. Treasury securities (4) 411,049 44 (2,516) 408,577 Total available for sale investments $ 507,580 $ 57 $ (3,710) $ 503,927 (1) Of our outstanding agency securities $13.3 million have maturity dates of less than one year and $22.7 million have maturity dates between one (2) Of our outstanding certificates of deposit, $1.4 million have maturity dates of less than one year and $1.9 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations $28.5 million have maturity dates of less than one year and $27.6 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities $330.7 million have maturity dates of less than one year and $77.9 million have a maturity date of between one The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in short-term and long-term investments as of December 31, 2021 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 5,821 $ — $ (7) $ 5,814 Certificates of deposit (2) 3,770 — (4) 3,766 Commercial and corporate obligations (3) 22,094 2 (42) 22,054 US Treasury securities (4) 87,995 — (164) 87,831 Total available for sale investments $ 119,680 $ 2 $ (217) $ 119,465 (1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $4.8 million have maturity dates of less than one year and $17.3 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one
Schedule of Unrealized Loss and Fair Values in a Loss Position	The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: June 30, 2022 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 25,965 $ (499) $ — $ — $ 25,965 $ (499) Commercial and corporate obligations 45,845 (633) — — 45,845 (633) Certificates of deposit 3,339 (62) — — 3,339 (62) US Treasury Securities 389,068 (2,516) — — 389,068 (2,516) Total $ 464,217 $ (3,710) $ — $ — $ 464,217 $ (3,710) December 31, 2021 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 4,477 $ (7) $ — $ — $ 4,477 $ (7) Certificates of Deposit 2,870 (4) — — 2,870 (4) Commercial and corporate obligations 18,524 (42) — — 18,524 (42) US Treasury Securities 82,823 (164) — — 82,823 (164) Total $ 108,694 $ (217) $ — $ — $ 108,694 $ (217)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at June 30, 2022 are as follows: Issued and Outstanding: Stock options 3,802,921 Restricted stock units 969,643 Shares Reserved For: 2017 Equity Incentive Plan 2,498,741 2017 Employee Stock Purchase Plan 1,507,549 Total 8,778,854

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Activity Related to Stock Option Awards	A summary of the activity related to stock option awards during the six months ended June 30, 2022 is as follows: Shares Subject to Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 3,460,295 $ 28.84 7.17 $ 42,987 Granted 1,212,920 $ 29.94 Exercises (563,147) $ 9.50 Forfeitures and cancellations (307,147) $ 30.98 Outstanding at June 30, 2022 3,802,921 $ 31.88 6.22 $ 4,989 Exercisable at June 30, 2022 1,755,799 $ 36.40 5.30 $ 3,364
Schedule of Time-based Restricted Stock Units Activity	Number of Shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding at January 1, 2022 — $ — $ — Granted 969,643 $ 26.30 Vested — $ — Cancelled — $ — Outstanding at June 30, 2022 969,643 $ 26.30 1.67 $ 19,684 Restricted Stock Units expected to vest at June 30, 2022 969,643 $ 26.30 1.67 $ 19,684
Schedule of Weighted Average Assumptions used to Estimate Fair Value	The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Six Months Ended 2022 2021 Risk-free interest rate 2.1 % 0.7 % Expected volatility 88.4 % 93.1 % Expected dividend yield — % — % Expected term (in years) 6.18 6.18 Weighted-average grant date fair value per share $ 22.28 $ 22.39
Schedule of Non-cash Stock-based Compensation Expense	Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Research and development $ 1,794 $ 1,435 $ 3,449 $ 2,629 General and administrative 4,864 2,255 10,951 4,376 Total $ 6,658 $ 3,690 $ 14,400 $ 7,005

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Costs in Cash Flow Statement	The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands): Six Months Ended Leases Classification on the Cash Flow 2022 2021 Operating lease cost Operating $ 1,239 $ 886 Cash paid for amounts included in the measurement of lease liabilities Operating 1,147 465
Schedule of Future Minimum Annual Obligations	At June 30, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands): Years Ending December 31, 2022 $ 1,169 2023 2,386 2024 2,457 2025 2,531 2026 2,607 Thereafter 13,239 Total minimum payments required 24,389 Less imputed interest (4,167) Total $ 20,222

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	3,905	3,800	3,981	3,624

Balance Sheet Accounts and Su_3

Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,306	$ 7,205
Less: accumulated depreciation and amortization	(5,247)	(4,922)
Total property and equipment, net	2,059	2,283
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,748	5,683
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,355	1,319
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 203	$ 203

Balance Sheet Accounts and Su_4

Balance Sheet Accounts and Supplemental Disclosures - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 3,200	$ 4,177
Accrued professional fees	802	569
Accrued research, development and manufacturing expenses	12,581	7,953
Other	131	154
Total accrued expenses	$ 16,714	$ 12,853

Collaborative Research and De_3

Collaborative Research and Development Agreements - Narrative (Details)			1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Jan. 01, 2021	Oct. 23, 2020 USD ($)	Nov. 30, 2014 USD ($) target	Mar. 31, 2014 USD ($) target	Jun. 30, 2022 USD ($) milestone	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) milestone	Jun. 30, 2021 USD ($)	Dec. 31, 2011 USD ($)
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 1,216,000	$ 30,027,000		$ 2,186,000	$ 41,274,000
GSK
Disaggregation of Revenue [Line Items]
Collaboration revenue					1,200,000	30,000,000		2,200,000	41,300,000
GSK | Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Milestone payments, contingent upon preclinical and clinical trial events (up to)					$ 180,000,000			$ 180,000,000
GSK | Zejula
Disaggregation of Revenue [Line Items]
Royalty percent on net sales	0.50%
GSK | GlaxoSmithKline Collaboration
Disaggregation of Revenue [Line Items]
Upfront license fee received			$ 2,000,000	$ 17,000,000
Number of outstanding research and development targets | target			4	3
Milestone payments, contingent upon preclinical and clinical trial events (up to)			$ 18,000,000
Milestone payments, contingent upon certain U.S. and European regulatory submissions and approvals (up to)			90,000,000
Milestone payments, contingent upon achievement of specified levels of worldwide sales (up to)			$ 165,000,000
Agreement term following first commercial sale or expiration of the last to expire patent			12 years
Number of milestones achieved during period | milestone					0			0
GSK | GlaxoSmithKline Collaboration | Minimum
Disaggregation of Revenue [Line Items]
Royalty percent on net sales			4%
GSK | GlaxoSmithKline Collaboration | Maximum
Disaggregation of Revenue [Line Items]
Royalty percent on net sales			8%
GSK | Royalties | Zejula
Disaggregation of Revenue [Line Items]
Royalty percent on net sales	1%
GSK | Royalties | AnaptysBio-generated Zejula and JEMPERLI
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 1,200,000	0		$ 2,200,000	1,300,000
GSK | Royalty Agreement, Up To $1.0 billion | Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		8%
Net sales royalty		$ 1,000,000,000
GSK | Royalty Agreement, Above $1.0 billion | Minimum | Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		12%
GSK | Royalty Agreement, Above $1.0 billion | Maximum | Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		25%
Net sales royalty		$ 1,000,000,000
GSK | Amendment | Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Revenue recognition multiple deliverable arrangements upfront fee receivable							$ 60,000,000
GSK | Amendment | AnaptysBio-generated Anti-PD-1 Antagonist Antibody (TSR-042)
Disaggregation of Revenue [Line Items]
Milestones achieved, amount								1,100,000,000
GSK | Royalty Purchase Agreement
Disaggregation of Revenue [Line Items]
Noncash advance future royalties revenue					600,000			900,000
BMS | GlaxoSmithKline Collaboration
Disaggregation of Revenue [Line Items]
Upfront license fee received										$ 6,000,000
Collaboration revenue					$ 0	$ 0		$ 0	$ 0
Maximum milestone payments per target (up to)										$ 53,000,000

Collaborative Research and De_4

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($) $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2019

Jun. 30, 2019

Sep. 30, 2018

Dec. 31, 2017

Jun. 30, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Jun. 30, 2015

Jun. 30, 2022

Jun. 30, 2021

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 1,216

$ 30,027

$ 2,186

$ 41,274

GSK

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 1,200

30,000

$ 2,200

$ 41,300

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Initiated in vivo toxicology studies using good laboratory practices (GLPs)

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 1,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | IND clearance from the FDA

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 4,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 2 clinical trial initiation

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 3,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 3 clinical trial initiation - first indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 5,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 3 clinical trial initiation - second indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 5,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first BLA - first indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 10,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first MAA - first indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 5,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first BLA - second indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 10,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First BLA approval - first indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

20,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First MAA approval - first indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 10,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First BLA approval - second indication

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 20,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Initiated in vivo toxicology studies using good laboratory practices (GLPs)

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 1,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | IND clearance from the FDA

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 4,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Phase 2 clinical trial initiation

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 3,000

GSK | Anti-LAG-3 (GSK40974386) | Initiated in vivo toxicology studies using good laboratory practices (GLPs)

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 1,000

GSK | Anti-LAG-3 (GSK40974386) | IND clearance from the FDA

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 4,000

GSK | Anti-LAG-3 (GSK40974386) | Phase 2 clinical trial initiation

Disaggregation of Revenue [Line Items]

Collaboration revenue

$ 3,000

Collaborative Research and De_5

Collaborative Research and Development Agreements - Schedule of Future Revenue, Not Yet Recognized (Details) - GSK	Jun. 30, 2022 USD ($)
Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	$ 180,000,000
Anti-PD-1 (JEMPERLI/Dostarlimab) | Pre clinical and Development
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	0
Anti-PD-1 (JEMPERLI/Dostarlimab) | Regulatory
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	15,000,000
Anti-PD-1 (JEMPERLI/Dostarlimab) | Commercial
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	165,000,000
Anti-TIM-3 (GSK4069889A/Cobolimab)
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	265,000,000
Anti-TIM-3 (GSK4069889A/Cobolimab) | Pre clinical and Development
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	10,000,000
Anti-TIM-3 (GSK4069889A/Cobolimab) | Regulatory
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	90,000,000
Anti-TIM-3 (GSK4069889A/Cobolimab) | Commercial
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	165,000,000
Anti-LAG-3 (GSK40974386)
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	265,000,000
Anti-LAG-3 (GSK40974386) | Pre clinical and Development
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	10,000,000
Anti-LAG-3 (GSK40974386) | Regulatory
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	90,000,000
Anti-LAG-3 (GSK40974386) | Commercial
Disaggregation of Revenue [Line Items]
Total Contractual Milestones Remaining	$ 165,000,000

Sale of Future Royalties - Narr

Sale of Future Royalties - Narratives (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalty and milestone payments to Sagard				$ 666,000	$ 0
Liability related to sale of future royalties		$ 261,019,000		261,019,000		$ 251,093,000
Issuance costs related to the sale of future royalties				130,000
Non-cash interest expense for the sale of future royalties		$ (5,868,000)	$ 0	$ (10,722,000)	$ 0
Royalty Purchase Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Issuance costs related to the sale of future royalties	$ 400,000
Effective interest rate		9.10%		9.10%
Royalty Purchase Agreement | Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties	250,000,000
Royalties agreement, maximum annual royalty payout capacity	1,000,000,000
Royalty and milestone payments to Sagard				$ 700,000
Liability related to sale of future royalties	250,000,000
Royalty Purchase Agreement | Sagard | By the end of 2026
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received	$ 312,500,000
Proceeds, contingent on annual sales milestones upfront percentage	125%
Internal rate of return percentage	9%
Royalty Purchase Agreement | Sagard | During 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received	$ 337,500,000
Proceeds, contingent on annual sales milestones upfront percentage	135%
Internal rate of return percentage	10%
Royalty Purchase Agreement | Sagard | At any time after 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received	$ 412,500,000
Proceeds, contingent on annual sales milestones upfront percentage	165%
Internal rate of return percentage	10%
Royalty Purchase Agreement | GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Noncash advance future royalties revenue		$ 600,000		900,000
Non-cash interest expense for the sale of future royalties		$ (5,900,000)		$ (10,700,000)

Sale of Future Royalties - Sche

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2021	$ 251,093
Issuance costs related to the sale of future royalties	(130)
Amortization of issuance costs	32
Royalty and milestone payments to Sagard	666	$ 0
Non-cash interest expense recognized	10,690
Liability related to sale of future royalties and milestones - ending balance	$ 261,019

Fair Value Measurements and A_3

Fair Value Measurements and Available for Sale Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	$ 503,927	$ 119,465
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	408,577	87,831
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	3,339	3,766
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	35,950	5,814
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	56,061	22,054
Recurring | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	408,577	87,831
Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	3,339	3,766
Recurring | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	35,950	5,814
Recurring | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	56,061	22,054
Recurring | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	59,020	445,647
Recurring | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	9,665	50,326
Recurring | Quoted Market Prices for Identical Assets (Level 1) | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	408,577	87,831
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	59,020	445,647
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	9,665	50,326
Recurring | Significant Other Observable Inputs (Level 2) | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	3,339	3,766
Recurring | Significant Other Observable Inputs (Level 2) | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	35,950	5,814
Recurring | Significant Other Observable Inputs (Level 2) | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	56,061	22,054
Recurring | Significant Other Observable Inputs (Level 2) | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 0	$ 0

Fair Value Measurements and A_4

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 507,580	$ 119,680
Gross Unrealized Gains	57	2
Gross Unrealized Losses	(3,710)	(217)
Total Fair Value	503,927	119,465
Short-term investments	370,450	52,368
Long-term investments	129,985	67,097
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	36,442	5,821
Gross Unrealized Gains	7	0
Gross Unrealized Losses	(499)	(7)
Total Fair Value	35,950	5,814
Short-term investments	13,300	1,000
Long-term investments	$ 22,700	$ 4,800
Agency securities | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Agency securities | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,401	$ 3,770
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(62)	(4)
Total Fair Value	3,339	3,766
Short-term investments	1,400	1,300
Long-term investments	$ 1,900	$ 2,500
Certificates of deposit | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Certificates of deposit | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 56,688	$ 22,094
Gross Unrealized Gains	6	2
Gross Unrealized Losses	(633)	(42)
Total Fair Value	56,061	22,054
Short-term investments	28,500	4,800
Long-term investments	$ 27,600	$ 17,300
Commercial and corporate obligations | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Commercial and corporate obligations | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 411,049	$ 87,995
Gross Unrealized Gains	44	0
Gross Unrealized Losses	(2,516)	(164)
Total Fair Value	408,577	87,831
Short-term investments	330,700	45,300
Long-term investments	$ 77,900	$ 42,500
US Treasury Securities | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
US Treasury Securities | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years

Fair Value Measurements and A_5

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	$ 464,217	$ 108,694
Less than 12 months, Gross unrealized losses	(3,710)	(217)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	464,217	108,694
Gross Unrealized Losses	(3,710)	(217)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	25,965	4,477
Less than 12 months, Gross unrealized losses	(499)	(7)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	25,965	4,477
Gross Unrealized Losses	(499)	(7)
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	45,845	18,524
Less than 12 months, Gross unrealized losses	(633)	(42)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	45,845	18,524
Gross Unrealized Losses	(633)	(42)
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	3,339	2,870
Less than 12 months, Gross unrealized losses	(62)	(4)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	3,339	2,870
Gross Unrealized Losses	(62)	(4)
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	389,068	82,823
Less than 12 months, Gross unrealized losses	(2,516)	(164)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	389,068	82,823
Gross Unrealized Losses	$ (2,516)	$ (164)

Fair Value Measurements and A_6

Fair Value Measurements and Available for Sale Investments - Narratives (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Unrealized losses on available-for-sale	$ 3,700,000	$ 200,000
Allowance for credit losses	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	28,231,344	27,647,000
Common stock, shares outstanding (in shares)	28,231,344	27,647,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Issued and Outstanding:
Stock options (in shares)	3,802,921	3,460,295
Restricted stock units (in shares)	969,643
Common stock, shares reserved for issuance (in shares)	8,778,854
2017 Equity Incentive Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	2,498,741
2017 Employee Stock Purchase Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	1,507,549

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) $ in Thousands					3 Months Ended	6 Months Ended
	Mar. 21, 2022 shares	Mar. 20, 2022 USD ($)	Jan. 01, 2022 shares	Jan. 01, 2018	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation cost | $						$ 14,400	$ 7,005
CEO | Former CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non cash share based compensation expense | $		$ 3,200
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $					$ 100	$ 100
Weighted average period remaining for amortization of unrecognized compensation cost (in years)						4 months 17 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Award expiration period						10 years
Unrecognized compensation cost | $					30,200	$ 30,200
Weighted average period remaining for amortization of unrecognized compensation cost (in years)						2 years 5 months 19 days
Stock Options | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award equivalent shares						1
Granted (in shares)						969,643
Unrecognized compensation cost | $					22,000	$ 22,000
Weighted average period remaining for amortization of unrecognized compensation cost (in years)						1 year 8 months 19 days
RSUs | CEO | Interim President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						24 months
Granted (in shares)	887,043
Non-cash stock-based compensation cost | $					$ 2,900	$ 3,200
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage				4%
Capital shares reserved for future issuance, increase (in shares)			1,105,890
Shares reserved for future award grants (in shares)					2,498,741	2,498,741
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future award grants (in shares)					1,507,549	1,507,549
2017 Employee Stock Purchase Plan | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage				1%
Capital shares reserved for future issuance, increase (in shares)			276,472
Initial offering period			6 months
Shares issued (in shares)					40,160	40,160

Equity Incentive Plans - Option

Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Shares Subject to Options
Stock options outstanding, beginning balance (in shares)	3,460,295
Granted (in shares)	1,212,920
Exercises (in shares)	(563,147)
Forfeitures and cancellations (in shares)	(307,147)
Stock options outstanding, ending balance (in shares)	3,802,921	3,460,295
Shares subject to options, exercisable, ending balance (in shares)	1,755,799
Weighted-Average Exercise Price per Share
Stock options outstanding, beginning balance (in dollars per share)	$ 28.84
Granted (in dollars per share)	29.94
Exercises (in dollars per share)	9.50
Forfeitures and cancellations (in dollars per share)	30.98
Stock options outstanding, ending balance (in dollars per share)	31.88	$ 28.84
Weighted-average exercise price per share, Stock options exercisable, ending balance (in dollars per share)	$ 36.40
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding (in years)	6 years 2 months 19 days	7 years 2 months 1 day
Weighted average remaining contractual term, options exercisable (in years)	5 years 3 months 18 days
Aggregate intrinsic value, options outstanding	$ 4,989	$ 42,987
Aggregate intrinsic value, options exercisable	$ 3,364

Equity Incentive Plans - Time-b

Equity Incentive Plans - Time-based Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Shares
Number of shares, beginning balance (in shares)	0
Granted (in shares)	969,643
Vested (in shares)	0
Cancelled (in shares)	0
Number of shares, ending balance (in shares)	969,643
Number of shares, Restricted stock units expected to vest (in shares)	969,643
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	26.30
Vested (in dollars per share)	0
Cancelled (in dollars per share)	0
Weighted average grant date fair value, ending balance (in dollars per share)	26.30
Number of shares, Restricted stock units expected to vest (in dollars per share)	$ 26.30
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	1 year 8 months 1 day
Weighted average remaining contractual term, other than options vested and expected to vest (in years)	1 year 8 months 1 day
Aggregate intrinsic value, outstanding	$ 19,684	$ 0
Aggregate intrinsic value, restricted stock units expected to vest	$ 19,684

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of Weighted Average Assumptions used to Estimate Fair Value (Details) - Stock Options - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.10%	0.70%
Expected volatility	88.40%	93.10%
Expected dividend yield	0%	0%
Expected term (in years)	6 years 2 months 4 days	6 years 2 months 4 days
Weighted average grant date fair value per share (in dollars per share)	$ 22.28	$ 22.39

Equity Incentive Plans - Alloca

Equity Incentive Plans - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 6,658	$ 3,690	$ 14,400	$ 7,005
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	1,794	1,435	3,449	2,629
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 4,864	$ 2,255	$ 10,951	$ 4,376

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Thousands	May 04, 2020 ft² $ / ft²	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 18,739	$ 19,558
Lease liability		$ 20,222
Weighted-average discount rate		4%
Weighted average remaining lease term		9 years 2 months 12 days
Lease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) | ft²	45
Lease term	124 months
Lease renewal term	5 years
Lease termination term	7 years
Monthly base rate (in dollars per sqft) | $ / ft²	4.20
Increase in annual rent percentage	3%
Operating lease right-of-use assets				$ 20,600
Lease liability				$ 20,700
Security deposit		$ 300

Commitments and Contingencies_2

Commitments and Contingencies - Costs Included in Cash Flow Statement (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,239	$ 886
Cash paid for amounts included in the measurement of lease liabilities	$ 1,147	$ 465

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,169
2023	2,386
2024	2,457
2025	2,531
2026	2,607
Thereafter	13,239
Total minimum payments required	24,389
Less imputed interest	(4,167)
Total	$ 20,222