Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38068 | ||
Entity Registrant Name | ZYMEWORKS INC. | ||
Entity Incorporation, State or Country Code | Z4 | ||
Entity Tax Identification Number | 98-1398788 | ||
Entity Address, Address Line Two | Suite 800 | ||
Entity Address, Address Line One | 114 East 4th Avenue | ||
Entity Address, City or Town | Vancouver | ||
Entity Address, State or Province | BC | ||
Entity Address, Postal Zip Code | V5T 1G4 | ||
City Area Code | 604 | ||
Local Phone Number | 678-1388 | ||
Title of 12(b) Security | Common shares, no par value per share | ||
Trading Symbol | ZYME | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,590.8 | ||
Entity Common Stock, Shares Outstanding | 57,736,293 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement in connection with the registrant’s 2022 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission (the “SEC”) subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the SEC not later than 120 days following the end of the registrant’s fiscal year ended December 31, 2021. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001403752 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 85 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 201,867 | $ 242,036 |
Short-term investments (note 5) | 50,741 | 184,318 |
Accounts receivable | 15,614 | 15,293 |
Prepaid expenses and other current assets | 19,998 | 13,429 |
Total current assets | 288,220 | 455,076 |
Deferred financing fees | 1,214 | 805 |
Long-term investments (note 5) | 886 | 25,921 |
Long-term prepaid assets | 12,490 | 2,290 |
Deferred tax asset (note 14) | 3,070 | 1,723 |
Property and equipment, net (note 7) | 22,783 | 12,185 |
Operating lease right-of-use assets (note 15) | 26,987 | 5,429 |
Intangible assets, net (note 8) | 3,838 | 5,303 |
Acquired in-process research and development (note 6) | 17,628 | 17,628 |
Goodwill (note 6) | 12,016 | 12,016 |
Total assets | 389,132 | 538,376 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 9) | 62,767 | 43,655 |
Fair value of liability-classified stock options | 7,754 | 39,284 |
Current portion of operating lease liability (note 15) | 1,310 | 2,710 |
Other current liabilities | 22 | 17 |
Total current liabilities | 71,853 | 85,666 |
Long-term portion of operating lease liability (note 15) | 30,923 | 5,812 |
Deferred revenue (note 12) | 32,941 | 32,941 |
Other long-term liabilities (note 9) | 2,748 | 2,857 |
Deferred tax liability (note 14) | 1,573 | 1,178 |
Total liabilities | 140,038 | 128,454 |
Shareholders’ equity: | ||
Common shares, no par value; unlimited authorized shares at December 31, 2021 and 2020; 46,633,935 and 46,035,389 shares issued and outstanding at December 31, 2021 and 2020, respectively (note 10b) | 741,147 | 724,219 |
Additional paid-in capital | 197,710 | 163,623 |
Accumulated other comprehensive loss | (6,659) | (6,659) |
Accumulated deficit | (683,104) | (471,261) |
Total shareholders’ equity | 249,094 | 409,922 |
Total liabilities and shareholders’ equity | 389,132 | 538,376 |
Commitments and contingencies (note 17) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common shares, outstanding | 46,633,935 | 46,035,389 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Research and development collaborations (note 12) | $ 26,680,000 | $ 38,951,000 | $ 29,544,000 |
Operating expenses: | |||
Research and development | 199,752,000 | 171,203,000 | 117,367,000 |
General and administrative | 42,561,000 | 55,216,000 | 62,710,000 |
Impairment of acquired IPR&D (note 6) | 0 | 0 | 768,000 |
Total operating expenses | 242,313,000 | 226,419,000 | 180,845,000 |
Loss from operations | (215,633,000) | (187,468,000) | (151,301,000) |
Other income (expense): | |||
Interest income | 1,965,000 | 5,697,000 | 5,877,000 |
Other income (expense), net (note 13) | 1,309,000 | 1,648,000 | (595,000) |
Total other income (expense), net | 3,274,000 | 7,345,000 | 5,282,000 |
Loss before income taxes | (212,359,000) | (180,123,000) | (146,019,000) |
Income tax recovery (expense), net (note 14) | 516,000 | (429,000) | 582,000 |
Net loss and comprehensive loss | $ (211,843,000) | $ (180,552,000) | $ (145,437,000) |
Net loss per common share (note 4): | |||
Basic (in dollars per share) | $ (4.11) | $ (3.58) | $ (3.83) |
Diluted (in dollars per share) | $ (4.61) | $ (3.58) | $ (3.83) |
Weighted-average common shares outstanding (note 4): | |||
Basic (in shares) | 51,553,869 | 50,382,497 | 38,022,014 |
Diluted (in shares) | 52,131,596 | 50,382,497 | 38,022,014 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Total | Common shares | Accumulated deficit | Accumulated other comprehensive loss | Additional paid-in capital |
Beginning balance (in shares) at Dec. 31, 2018 | 31,977,668 | ||||
Beginning balance at Dec. 31, 2018 | $ 180,490 | $ 320,074 | $ (145,272) | $ (6,659) | $ 12,347 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares on exercise of stock options (in shares) | 529,661 | ||||
Issuance of common shares on exercise of stock options (note 10e) | 9,303 | $ 11,432 | (2,129) | ||
Issuance of common shares through employee share purchase plan (note 10f) | 43,308 | ||||
Issuance of common shares through employee stock purchase plan (note 10f) | 763 | $ 763 | |||
Fair value adjustments upon reclassification of stock options to liabilities | (119) | (119) | |||
Stock-based compensation | 12,676 | 12,676 | |||
Issuance of common shares and pre-funded warrants in connection with public offering, net of offering costs (notes 10a and 10d) | 7,013,892 | ||||
Issuance of common shares and pre-funded warrants in connection with public offering, net of offering costs (notes 10a and 10d) | 188,005 | $ 117,941 | 70,064 | ||
Net loss | (145,437) | (145,437) | |||
Ending balance (in shares) at Dec. 31, 2019 | 39,564,529 | ||||
Ending balance at Dec. 31, 2019 | 245,681 | $ 450,210 | (290,709) | (6,659) | 92,839 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares on exercise of stock options (in shares) | 602,158 | ||||
Issuance of common shares on exercise of stock options (note 10e) | 15,430 | $ 18,373 | (2,943) | ||
Issuance of common shares through employee share purchase plan (note 10f) | 43,973 | ||||
Issuance of common shares through employee stock purchase plan (note 10f) | 1,618 | $ 1,618 | |||
Fair value adjustments upon reclassification of stock options to liabilities | (110) | (110) | |||
Stock-based compensation | 26,945 | 26,945 | |||
Issuance of common shares and pre-funded warrants in connection with public offering, net of offering costs (notes 10a and 10d) | 5,824,729 | ||||
Issuance of common shares and pre-funded warrants in connection with public offering, net of offering costs (notes 10a and 10d) | 300,910 | $ 254,018 | 46,892 | ||
Net loss | (180,552) | (180,552) | |||
Ending balance (in shares) at Dec. 31, 2020 | 46,035,389 | ||||
Ending balance at Dec. 31, 2020 | 409,922 | $ 724,219 | (471,261) | (6,659) | 163,623 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares on exercise of stock options (in shares) | 502,019 | ||||
Issuance of common shares on exercise of stock options (note 10e) | 9,660 | $ 12,878 | (3,218) | ||
Issuance of common shares through employee share purchase plan (note 10f) | 68,964 | ||||
Issuance of common shares through employee stock purchase plan (note 10f) | 3,080 | $ 3,080 | |||
Issuance of common shares upon vesting of restricted stock units ("RSUs") | 27,563 | ||||
Issuance of common shares upon vesting of restricted stock units ("RSUs") | 0 | $ 970 | (970) | ||
Stock-based compensation | 38,275 | 38,275 | |||
Net loss | (211,843) | (211,843) | |||
Ending balance (in shares) at Dec. 31, 2021 | 46,633,935 | ||||
Ending balance at Dec. 31, 2021 | $ 249,094 | $ 741,147 | $ (683,104) | $ (6,659) | $ 197,710 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (211,843,000) | $ (180,552,000) | $ (145,437,000) |
Items not involving cash: | |||
Depreciation and amortization of property and equipment | 3,739,000 | 3,355,000 | 2,312,000 |
Amortization of intangible assets | 2,793,000 | 4,160,000 | 3,113,000 |
Impairment of acquired IPR&D | 0 | 0 | 768,000 |
Stock-based compensation (note 10e) | 10,756,000 | 29,116,000 | 48,996,000 |
Amortization and impairment of operating lease right-of-use assets | 3,051,000 | 2,764,000 | 1,906,000 |
Deferred income tax expense (recovery) | (953,000) | 266,000 | (726,000) |
Non-cash consideration from licensing agreement | 0 | (218,000) | 0 |
Change in fair value of contingent consideration liability (note 17) | 213,000 | 307,000 | 271,000 |
Change in fair value of investments in equity instruments | (167,000) | 0 | 0 |
Unrealized foreign exchange (gain) loss | (433,000) | (453,000) | 504,000 |
Changes in non-cash operating working capital: | |||
Accounts receivable | (266,000) | (13,107,000) | (1,828,000) |
Prepaid expenses and other current assets | (15,792,000) | (3,519,000) | (8,680,000) |
Accounts payable and accrued liabilities | 16,477,000 | 7,618,000 | 21,572,000 |
Operating lease liabilities | (26,000) | (1,140,000) | (795,000) |
Deferred revenue | 0 | 0 | (3,530,000) |
Income taxes payable | 0 | 0 | (299,000) |
Net cash used in operating activities | (192,451,000) | (151,403,000) | (81,853,000) |
Cash flows from financing activities: | |||
Proceeds from public offerings, net of issuance costs (note 10a) | 0 | 300,910,000 | 188,231,000 |
Issuance of common shares on exercise of stock options (note 10e) | 6,428,000 | 7,111,000 | 5,498,000 |
Issuance of common shares through employee stock purchase plan (note 10f) | 2,070,000 | 1,111,000 | 598,000 |
Deferred financing fees | (470,000) | (113,000) | (650,000) |
Finance lease payments | (17,000) | (41,000) | (16,000) |
Net cash provided by financing activities | 8,011,000 | 308,978,000 | 193,661,000 |
Cash flows from investing activities: | |||
Net redemptions (purchases) of short-term investments | 157,881,000 | 13,325,000 | (11,714,000) |
Purchases of long-term investments | 0 | (50,500,000) | 0 |
Acquisition of property and equipment | (12,404,000) | (4,310,000) | (6,322,000) |
Acquisition of intangible assets | (881,000) | (1,955,000) | (7,556,000) |
Net cash provided by (used in) investing activities | 144,596,000 | (43,440,000) | (25,592,000) |
Effect of exchange rate changes on cash and cash equivalents | (325,000) | (550,000) | 30,000 |
Net change in cash and cash equivalents | (40,169,000) | 113,585,000 | 86,246,000 |
Cash and cash equivalents, beginning of year | 242,036,000 | 128,451,000 | 42,205,000 |
Cash and cash equivalents, end of year | 201,867,000 | 242,036,000 | 128,451,000 |
Supplemental disclosure of non-cash investing and finance items: | |||
Leased assets obtained in exchange for operating lease liabilities | 24,609,000 | 2,407,000 | 7,026,000 |
Acquisition of property and equipment in accounts payable and accrued liabilities | $ 1,933,000 | $ 130,000 | $ 607,000 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Zymeworks Inc. (the “Company” or “Zymeworks”) is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks was incorporated on September 8, 2003 under the laws of the Canada Business Corporations Act. On October 22, 2003, the Company was registered as an extra-provincial company under the Company Act (British Columbia). On May 2, 2017, the Company continued under the Business Corporations Act (British Columbia). Since its inception, the Company has devoted substantially all of its resources to research and development activities, including developing its therapeutic platforms and identifying and developing potential product candidates by undertaking preclinical studies and clinical trials. The Company supports these activities through general and administrative support, as well as by raising capital, conducting business planning and protecting its intellectual property. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zymeworks Inc. and its wholly owned subsidiary, Zymeworks Biopharmaceuticals Inc., which was incorporated in the State of Washington on December 5, 2014. All inter-company accounts and transactions have been eliminated on consolidation. All amounts expressed in the consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share and per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars. Certain prior period amounts have been reclassified from general and administrative expenses to research and development expenses to conform to the current period's presentation. These reclassifications had no effect on previously reported operating expenses, net loss, shareholders' equity, and cash flows from operating activities. Foreign Currency The functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated at the approximate exchange rate prevailing on the date of the transaction. At period end, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Resulting foreign exchange gains and losses are reflected in the Consolidated Statements of Loss and Comprehensive Loss. Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, most notably those related to revenue recognition including estimated timing of completion of performance obligations required to meet revenue recognition criteria, accrual of expenses including clinical and preclinical study expense accruals, stock-based compensation, valuation allowance for deferred taxes, benefits under the Scientific Research and Experimental Development (“SR&ED”) program, and other contingencies. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from these estimates. The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including revenues, expenses, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these consolidated financial statements. While there was no material impact to the Company’s consolidated financial statements as of and for the year ended December 31, 2021, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in a material impact to the Company’s consolidated financial statements in future reporting periods. Revenue Recognition Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606” or “Topic 606”) applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. In accordance with ASC 606, the Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. The Company applied ASC 606 to all revenue arrangements to date. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company applies the revenue recognition model under ASC 606 to part or all of the arrangements, when deemed appropriate. In accordance with ASC 606, the Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised deliverables in the contract; (ii) determination of whether the promised deliverables are performance obligations including whether they are distinct; (iii) measurement of the transaction price, including uncertainties related to variable consideration; (iv) allocation of the transaction price to the performance obligations based on the stand-alone selling prices; and (v) recognition of revenue when or as the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration that it is entitled to in exchange for the goods and services transferred to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, to identify distinct performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company has entered into a number of collaboration and licensing agreements. Promised deliverables within these agreements may include: (i) grants of licenses, or options to obtain licenses, to the Company’s intellectual property, (ii) research and development services, (iii) drug product manufacturing, and (iv) participation on joint research and/or development committees. The terms of these agreements typically include one or more of the following types of payments to the Company: • non-refundable, upfront license and platform technology access fees; • research, development and regulatory milestone payments; • research support payments; and • royalties and commercial milestone payments. If the expectation at contract inception is such that the period between payment by the licensee and the completion of related performance obligations will be one year or less, the Company assumes that the contract does not have a significant financing component. When applying the revenue recognition criteria of ASC 606 to license and collaboration agreements, the Company may be required to apply significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, assessing the recognition and future reversal of variable consideration, and determining and applying appropriate methods of measuring progress for performance obligations satisfied over time. These judgments are discussed in more detail in the following paragraphs for each type of payment received by the Company under the terms of the license and collaborations agreements. Non-refundable, upfront license and platform technology access fees If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are not distinct from other promises, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the related revenue recognition accordingly. Research, development and regulatory milestone payments At the inception of each arrangement that includes research, development or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. When it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. The probability of successfully achieving the criteria for the milestone payments is highly uncertain. Consequently, there is a significant risk that the Company may not earn all of the milestone payments from each of its strategic partners. Research and development milestones in the Company’s collaboration agreements may include some, but not necessarily all, of the following types of events: • completion of preclinical research and development work leading to selection of product candidates; • initiation of Phase 1, Phase 2 and Phase 3 clinical trials; and • achievement of certain other technical, scientific or development criteria. Regulatory milestone payments may include the following types of events: • filing of regulatory applications for marketing approval in the United States, Europe or Japan, including Investigational New Drug (“IND”) applications and Biologics License Application (“BLA”); and • marketing approval in major markets, such as the United States, Europe or Japan. Research support and other payments Payments by the licensees in exchange for research activities performed by the Company on behalf of the licensee are recognized as revenue upon performance of such activities at rates consistent with prevailing market rates. Payments for research supplies provided are recognized as revenue upon delivery of the supplies. Royalties and commercial milestone payments For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon performance of the licensee. Contract assets and liabilities Contract assets are mainly comprised of trade receivables net of expected credit losses, which includes amounts billed and currently due from customers. Contract liabilities are mainly comprised of deferred revenues. Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated financial statements. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash and cash equivalents consist primarily of money market funds and are recorded at cost, which approximates fair value. Investments The Company’s short-term and long-term investments include guaranteed investment certificates and term deposits with original maturities exceeding three months. These investments are recorded at cost plus accrued interest, which approximates their fair value. The Company also holds debt securities and equity securities in private entities which are accounted for as available for sale financial instruments with changes in fair value recorded through other comprehensive income or at cost subject to impairment (note 5). Accounts Receivable and Expected Credit Losses Accounts receivable are recorded at invoiced amounts, net of any allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Expected credit losses on our accounts receivable were immaterial as at December 31, 2021 and 2020. Deferred Financing Fees Deferred financing fees consist of amounts charged by underwriters, attorneys, accountants and printers that are directly attributable to future financing transactions. These costs are deferred and subsequently charged against the gross proceeds of the related financing transaction upon closing of such transaction. Segment Information The Company operates and manages its business in one segment, which is the discovery, development and commercialization of next-generation multifunctional biotherapeutics. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in earnings. Repairs and maintenance costs are expensed as incurred. The Company records depreciation using the straight-line method over the estimated useful lives of the property and equipment as follows: Asset Class Rate Computer hardware 3 years Office equipment 3 years Furniture and fixtures 5 years Laboratory equipment 7 years Leasehold improvements Shorter of the initial lease term or useful life Property and equipment acquired or disposed of during the year are depreciated proportionately for the period they are in use. Leases The Company accounts for leases in accordance with ASC 842, Leases. The Company determines if an arrangement contains a lease at inception. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from that lease. For leases with a term greater than 12 months, ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The lease term includes the option to extend the lease when it is reasonably certain the Company will exercise that option. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. In the case the implicit rate is not available, the Company uses its incremental borrowing rate based on information available at the lease commencement date, to determine the present value of lease payments. Patents and Intellectual Property Costs Costs incurred to acquire patents and to prosecute and maintain intellectual property rights are expensed as incurred to general and administrative expense due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties are capitalized and amortized over the remaining life of the patent, if related to approved products or if there are alternative future uses for the underlying technology. No patent or intellectual property costs have been capitalized to date. Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or group of assets. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset or asset group. Assets classified as held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. As of December 31, 2021 and 2020, the Company determined that there were no indicators of impairment of long-lived assets and there were no assets held-for-sale. Government Grants and Credits Government grants are recognized where there is reasonable assurance that the grant will be received and all associated conditions will be complied with. Reimbursements of eligible research and development expenditures pursuant to government assistance programs are recorded as reductions of research and development costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is probable. The determination of the amount of the claim, and hence the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. The Company has used its best judgment and understanding of the related program agreements in determining the receivable amount. The Company participates in SR&ED and Research Tax Credit Programs, two federal tax incentive programs that encourage Canadian and U.S. businesses to conduct research and development in Canada and in United States, respectively. The benefits of investment tax credits for scientific research and development expenditures are recognized in the year the qualifying expenditure is made provided there is reasonable assurance of recoverability. The refundable portion of investment tax credits are recorded as reductions to research and development expenditures. The Company also participates in the Canada Emergency Wage Subsidy (“CEWS”) and Canada Emergency Rent Subsidy (“CERS”) programs announced by the Government of Canada in April 2020, in order to help employers keep and/or return Canadian-based employees to payrolls in response to challenges posed by the COVID-19 pandemic. The Company recognizes CEWS and CERS grants when it is probable that it complied with relevant eligibility requirements and conditions of the grant and that the grant would be received. These grants are recorded as reductions to wage and rent expenditures. Research and Development Costs Research and development costs are expensed as incurred and include costs that the Company incurs for its own and for the Company’s strategic partners’ research and development activities. These costs primarily consist of expenses incurred under agreements with contract research organizations on the Company’s behalf, investigative sites and consultants that conduct the Company’s clinical trials, the cost of acquiring and manufacturing clinical trial materials and other allocated expenses, the cost of acquired research patents and intellectual property that do not meet the requirements for capitalization, employee related expenses, including salaries and benefits, stock-based compensation expense, and costs associated with nonclinical activities and regulatory approvals. Clinical Trial Expense Accruals Clinical trial expenses represent a significant component of research and development expenses and the Company outsources a significant portion of these activities to third party contract research organizations. Third-party clinical trial expenses include investigator fees, site costs, clinical research organization costs and other trial-related vendor costs. As part of preparing the consolidated financial statements, the Company estimates accrued liabilities for services that have been performed by clinical research organizations or investigator sites but have not yet been invoiced to the Company. When making these estimates, the Company uses operational and contractual information from third party service providers and operational data from internal personnel. The Company makes considerable judgments and estimates in determining the progress of patients based on enrollment and treatment data provided by the third-party service providers and internal personnel. The accrued balance factors in the Company’s best estimate of the date on which certain services commence, the level of services performed before a given date, whether certain services are invoiceable and the cost of such services. Any changes to the estimates could have a significant impact on the accruals for clinical trial activities that we outsourced to third party contract research organizations. If the actual timing of provision of services or level of effort varies from the Company’s estimates, the Company adjusts research and development expense and accrued liabilities accordingly on a prospective basis. Income Taxes The Company accounts for income taxes using an asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The measurement of deferred tax assets is reduced, if necessary, by the extent of a valuation allowance. The recognition of uncertain tax positions is evaluated based on whether it is considered more likely than not that the position taken, or expected to be taken, on a tax return will be sustained upon examination through litigation or appeal. For those positions that meet the recognition criteria, they are measured as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Stock-Based Compensation The Company recognizes stock-based compensation expense on equity and liability classified stock-based awards granted to employees, directors, and certain consultants. The Company measures the cost of such awards based on the fair value of the award, net of estimated forfeitures, and recognizes stock-based compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. The requisite service period generally equals the vesting period of the awards. The fair values of stock option awards are estimated using the Black-Scholes option pricing model which uses various inputs including estimated fair value of the Company’s underlying common share at the grant date, expected term, estimated volatility, risk-free interest rate and expected dividend yields of the Company’s common shares. The Company applies an estimated forfeiture rate derived from historical employee termination behavior. If the actual number of forfeitures differs from those estimated by management, adjustments to compensation expense may be required in future periods. The fair value of restricted stock units (“RSU”) is measured using the per share fair value of the Company’s common stock on the dates of grant. Equity classified awards are measured using their grant date fair value. Liability classified awards are initially measured using their grant date fair value and are subsequently remeasured at fair value at each balance sheet date until exercised or cancelled, with changes in fair value recognized as compensation cost (ASC 718 awards) or other income and expenses (ASC 815 awards) for the period, while fair value changes below the grant date fair value of the original awards are recorded in additional paid-in capital. ASC 718 “Compensation—Stock Options” (“ASC 718”), with an exercise price which is not denominated in: (a) the currency of a market in which a substantial portion of the Company’s equity securities trades, (b) the currency in which the individual’s pay is denominated, or (c) the Company’s functional currency, are required to be classified as liabilities. For awards accounted for under ASC 815 “Derivatives and Hedging” (“ASC 815”), any warrant or option that provides for an exercise price which is not denominated in the Company’s functional currency is required to be classified as a liability. Certain option awards which were classified as equity on grant dates were subsequently reclassified to liability upon the change of the compensation currency for certain executives and employees holding these option awards from Canadian dollars to U.S. dollars. Total fair value of these options on reclassification date were recorded as liability awards. Accumulated expense amount to the reclassification date was reversed from additional paid-in capital and the remaining amount was recorded to the statement of loss on reclassification date. The Company has an employee stock purchase plan which is considered compensatory. Accordingly, the Company recognizes compensation expense on these awards based on their estimated grant date fair value using the Black-Scholes option pricing model. The Company recognizes compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. Business Combinations and Goodwill Business combinations are accounted for using the acquisition method. The fair value of total purchase consideration is allocated to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed, with the remaining amount being classified as goodwill. All assets, liabilities and contingent liabilities acquired or assumed in a business combination are recorded at their fair values at the date of acquisition. If the Company’s interest in the fair value of the acquiree’s net identifiable assets exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred. Goodwill is evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present (note 6). As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit that includes the goodwill is less than its carrying value, then a quantitative impairment test would be prepared to compare the fair value to the carrying value and record an impairment charge if the carrying value exceeds the fair value. Acquired In-Process Research and Development (IPR&D) and Definite-lived Intangible Assets Acquired IPR&D represents the fair value assigned to research and development assets that have not reached technological feasibility. IPR&D is classified as an indefinite-lived intangible asset and is not amortized. IPR&D becomes definite-lived upon the completion or abandonment of the associated research and development efforts. All research and development costs incurred subsequent to the acquisition of IPR&D are expensed as incurred. Indefinite-lived intangible assets are evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present. Definite-lived intangible assets include computer software and a research license and are amortized on a basis which reflects the pattern in which the economic benefits are consumed. Amortization begins when the assets are put into use. If there is an event indicating that the carrying value of a definite-lived intangible asset may be impaired, then the Company will perform an impairment test. When an impairment test is performed, if the carrying value exceeds the recoverable value, based on the sum of undiscounted future cash flows, then such asset is written down to its fair value. Net loss per share Basic net loss per share attributable to common shareholders is computed by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding for the year. Diluted net loss per share attributable to common shareholders is computed by adjusting net loss attributable to common shareholders to reallocate undistributed earnings based on the potential impact of dilutive securities, including outstanding stock options and warrants. Diluted net loss per share attributable to common shareholders is computed by dividing the diluted net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the year, including potential dilutive common shares assuming the dilutive effect of outstanding instruments. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and warrants. ASC 260 “Earnings Per Share” requires an adjustment to the numerator for any income or loss related to liability classified warrants and stock options, if dilutive, if they are presumed to be share settled. Stock options outstanding, with the exception of liability classified stock options, were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Initial adoption of new accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions for performing intra-period tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements. Recent accounting pronouncements not yet adopted The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable, or that no material impact is expected on the consolidated financial statements as a result of future adoption. |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Net loss per share for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, 2021 2020 2019 Numerator : Net loss attributable to common shareholders: Basic $ (211,843) $ (180,552) $ (145,437) Adjustment for change in fair value of liability classified stock options $ (28,534) $ — $ — Diluted $ (240,377) $ (180,552) $ (145,437) Denominator: Weighted-average common shares outstanding: Basic 51,553,869 50,382,497 38,022,014 Adjustment for dilutive effect of liability classified stock options 577,727 — — Diluted 52,131,596 50,382,497 38,022,014 Net loss per common share – basic $ (4.11) $ (3.58) $ (3.83) Net loss per common share – diluted $ (4.61) $ (3.58) $ (3.83) Weighted average number of common shares used in the basic and diluted earnings per share calculations include the pre-funded warrants issued in connection with the Company’s June 2019 and January 2020 offerings as the warrants are exercisable at any time for nominal cash consideration. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Investments | Investments Short-term Investments Short-term investments are denominated in U.S. dollars or Canadian dollars and consist of guaranteed investment certificates (“GICs”) acquired from financial institutions in accordance with the Company’s cash investment policy. Short-term GICs bear interest at rates of 0.25%-1.00% per annum, and are classified as held to maturity and available for sale and are accounted for at amortized cost or at fair value. Long-term Investments |
IPR&D and Goodwill
IPR&D and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
IPR&D and Goodwill | IPR&D and Goodwill Acquired IPR&D In-process research and development assets (“IPR&D”) acquired in the 2016 Kairos Therapeutics Inc. (“Kairos”) business combination are classified as indefinite-lived intangible assets and are not currently being amortized. The following table summarizes the carrying value of IPR&D, net of impairment: Acquired Accumulated Net Balance at December 31, 2018 $ 20,700 $ (2,304) $ 18,396 Change during the period — (768) (768) Balance at December 31, 2019 $ 20,700 $ (3,072) $ 17,628 Change during the period — — — Balance at December 31, 2020 $ 20,700 $ (3,072) $ 17,628 Change during the period — — — Balance at December 31, 2021 $ 20,700 $ (3,072) $ 17,628 For the years ended December 31, 2021 and December 31, 2020, the Company did not record any impairment charge related to the fair value of IPR&D. For the year ended December 31, 2019, the Company recorded an impairment charge of $768 related to the fair value of IPR&D recognized in relation to collaboration efforts with VAR2 Pharmaceuticals ApS (“VAR2”) as the parties jointly decided not to pursue opportunities for the co-development and collaboration for antibody-based therapies. The Company performed a qualitative test and concluded that IPR&D was not impaired as of December 31, 2021. Goodwill |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of the following: December 31, 2021 2020 Computer hardware $ 3,554 $ 2,691 Furniture and fixtures 1,558 1,559 Office equipment 1,045 971 Laboratory equipment 8,326 7,280 Leasehold improvements 9,104 9,054 Construction in progress 13,257 964 Property and equipment $ 36,844 $ 22,519 Less accumulated depreciation (14,061) (10,334) Property and equipment, net $ 22,783 $ 12,185 Depreciation expense on property and equipment including assets acquired under capital leases for the years ended December 31, 2021, 2020 and 2019 was $3,739, $3,355 and $2,312, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consist of the following: December 31, 2021 2020 Research licenses and computer software $ 16,430 $ 16,390 Software implementation costs $ 1,289 $ — Less accumulated amortization (13,881) (11,087) Intangible assets, net $ 3,838 $ 5,303 Amortization expense on intangible assets for the years ended December 31, 2021, 2020 and 2019 was $2,793, $4,160 and $3,113, respectively. At December 31, 2021, amortization expense on intangible assets is estimated to be as follows for each of the next five years: Amortization expense 2022 $ 597 2023 $ 452 2024 $ 432 2025 $ 427 2026 $ 427 $ 2,335 |
Liabilities
Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Liabilities | Liabilities Accounts payable and accrued expenses consisted of the following: December 31, 2021 2020 Trade payables $ 5,174 $ 6,244 Accrued research and development expenses 50,963 25,962 Employee compensation and vacation accruals 3,346 9,439 Accrued legal and professional fees 1,064 859 Other 2,220 1,151 Total $ 62,767 $ 43,655 Other long term liabilities consisted of the following: December 31, 2021 2020 Liability for contingent consideration (note 17) $ 1,498 $ 1,285 Liabilities from in-licensing agreements 1,150 1,450 Finance lease liability 100 122 Total $ 2,748 $ 2,857 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity a. Equity Offerings 2019 Public Offering On June 24, 2019, the Company closed an offering pursuant to which the Company sold 7,013,892 common shares including the sale of 1,458,336 common shares to the underwriters upon their full exercise of their over-allotment option at an offering price of $18.00 per common share and 4,166,690 Pre-Funded Warrants (note 10d) in lieu of common shares at $17.9999 per Pre-Funded Warrant. Net proceeds were approximately $188,005, after underwriting discounts, commissions and offering expenses of $13,245. 2020 Public Offering On January 27, 2020, the Company closed a public offering pursuant to which the Company sold 5,824,729 common shares, including the sale of 900,000 common shares to the underwriters upon their full exercise of their over-allotment option, at $46.50 per common share and 1,075,271 Pre-Funded Warrants (note 10d) in lieu of common shares at $46.4999 per Pre-Funded Warrant. Net proceeds were $300,910, after underwriting discounts, commissions and offering expenses of $19,940. b. Authorized The Company has an unlimited authorized number of voting Common Shares and Preferred Shares without par value. c. Preferred Shares As of December 31, 2021 and 2020, no preferred shares were issued or outstanding, respectively. Holders of Preferred Shares will be entitled to preference with respect to payment of dividends over the Common Shares and any other shares ranking junior to the Preferred Shares. d. Pre-Funded Common Share Warrants In connection with a public offering completed on June 24, 2019 (note 10a), the Company issued 4,166,690 Pre-Funded Warrants at a price of $17.9999 per Pre-Funded Warrant which granted holders of warrants the right to purchase up to 4,166,690 common shares of the Company, at an exercise price of $0.0001 per share. In connection with a public offering completed on January 27, 2020 (note 10a), the Company issued 1,075,271 Pre-Funded Warrants at a price of $46.4999 per Pre-Funded Warrant which granted holders of warrants the right to purchase up to 1,075,271 common shares of the Company, at an exercise price of $0.0001 per share. The Pre-Funded Warrants are exercisable by the holders at any time on or after the original issue date. The Pre-Funded Warrants do not expire unless they are exercised or settled in accordance with the Pre-Funded Warrant agreement. As the Pre-Funded Warrants meet the condition for equity classification, proceeds from issuance of the Pre-Funded Warrants, net of any transaction costs, are recorded in additional paid-in capital. Upon exercise of the Pre-Funded Warrants, the historical costs recorded in additional paid-in capital along with exercise price collected from holders will be recorded in common shares. No Pre-Funded Warrants have been exercised to date. e. Stock-Based Compensation Original Stock Option Plan: On July 14, 2006, the shareholders of the Company approved an employee stock option plan (the “Original Plan”). The Original Plan provides for the granting of options to directors, officers, employees and consultants. Options to purchase common shares may be granted at an exercise price of each option equal to the last private issuance of common shares immediately preceding the date of the grant. The total number of options outstanding is not to exceed 20% of the issued common shares of the Company. Options granted under the Original Plan are exercisable at various dates over their 10-year life. Common shares are issued from treasury when options are exercised. The exercise prices of the Company’s stock options under the Original Plan are denominated in Canadian dollars. The Canadian dollar amounts have been translated to U.S. dollars using the period end rate or the average foreign exchange rate for the period, as applicable, and have been provided for information purposes. Upon the effectiveness of the Company’s New Stock Option Plan described below, no further options were issuable under the Original Plan. However, all outstanding options granted under the Original Plan remain outstanding, subject to the terms of the Original Plan and the applicable grant documents, until such outstanding options are exercised or they terminate or expire by their terms. New Stock Option and Equity Compensation Plan On April 10, 2017, the Company’s shareholders approved a new stock option plan, which became effective immediately prior to the consummation of the Company’s IPO. This plan allows for the grant of options to directors, officers, employees and consultants in U.S. or Canadian dollars, and also permits the Company to grant incentive stock options (“ISOs”), within the meaning of Section 422 of the Internal Revenue Code, to its employees. On June 7, 2018, the Company’s shareholders approved an amendment and restatement of this plan (this plan, as amended and restated, the “New Plan”), which includes an article that allows the Company to grant restricted shares, restricted share units (“RSUs”) and other share-based awards, in addition to stock options. On March 4, 2020, the Board of Directors approved certain minor amendments to the New Plan that did not require shareholder approval. The original maximum number of common shares reserved for issuance under the New Plan as of June 7, 2018 was 5,686,097, which includes 3,686,097 shares issuable upon exercise of options outstanding as of March 31, 2018. Beginning in 2019 and ending in 2028, this maximum number may be increased on the first day of each calendar year by up to 4.0% of the number of outstanding shares on the last day of the immediately preceding calendar year. As of December 31, 2021, 952,632 common shares were available for future award grants under the New Plan (December 31, 2020: 1,242,038 common shares). ISOs may be granted with respect to a maximum fixed amount equal to 20% of the shares reserved for issuance under the New Plan as of June 7, 2018. On January 5, 2022, the Board approved the "Zymeworks Inc. Inducement Stock Option and Equity Compensation Plan" and reserved 750,000 of the Company’s common shares for issuance pursuant to equity awards granted thereunder. RSUs During the year ended December 31, 2020, the Company started granting RSUs to certain employees, which typically vest over a period of three years, in the amount of one-third each year on the anniversary of the grant date. RSUs are equity-settled on each vesting date, subject to the grantee’s continued employment with the Company on the vesting date. The fair value of RSUs granted was calculated by using the Company’s closing stock price on the grant date. Number of RSUs Weighted- Outstanding, December 31, 2020 82,704 35.19 Granted 316,212 24.71 Vested and settled (27,563) 35.19 Forfeited (17,084) 34.96 Outstanding, December 31, 2021 354,269 25.85 As of December 31, 2021, there was $5,224 of unamortized RSU expense that will be recognized over a weighted average period of 1.47 years. Stock Options All options granted under the New Plan will have an exercise price determined and approved by the Board of Directors on the date of the grant, which shall not be less than the market price of the common shares at such time. For the purposes of the New Plan, the market price of a common share shall be the closing sale price of a share on the grant date reported by the stock exchange with the greatest trading volume or, if such day is not a trading day, the closing sale price reported for the immediately preceding trading day. The Company may convert a market price denominated in Canadian dollars into United States dollars and vice versa and such converted amount shall be the market price. An option shall be exercisable during a period established by the Board which shall commence on the date of the grant and shall terminate not later than ten years after the date of the granting of the option. The New Plan provides that the exercise period shall automatically be extended if the date on which it is scheduled to terminate shall fall during a black-out period. In such cases, the extended exercise period shall terminate on the tenth business day after the last day of the black-out period, provided that the exercise period shall in no case be extended beyond the tenth anniversary of the date the option was granted. All options shall vest in accordance with the terms of their grant agreements. The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan: Number Weighted- Weighted- Weighted- Aggregate Aggregate Outstanding, December 31, 2019 2,356,413 16.21 12.46 6.70 101,404 77,807 Granted 413,750 49.22 36.25 Expired — — — Exercised (404,963) 13.82 10.48 Forfeited (79,631) 33.89 25.30 Outstanding, December 31, 2020 2,285,569 22.00 17.27 6.46 87,545 68,664 Granted 480,117 42.83 34.12 Expired — — — Exercised (212,817) 14.77 11.69 Forfeited (64,214) 40.69 32.48 Outstanding, December 31, 2021 2,488,655 26.15 20.70 6.24 7,919 6,224 December 31, 2021 Exercisable 1,715,062 19.29 15.16 5.03 7,658 6,018 Vested and expected to vest 2,440,510 25.84 20.31 6.12 7,734 6,078 The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan: Number Weighted- Weighted- Aggregate Outstanding, December 31, 2019 2,853,346 15.85 8.66 84,481 Granted 1,247,550 37.11 Expired — — Exercised (197,195) 14.59 Forfeited (113,375) 18.01 Outstanding, December 31, 2020 3,790,326 22.85 8.20 92,705 Granted 1,726,421 33.61 Expired — — Exercised (289,202) 13.66 Forfeited (310,631) 31.95 Outstanding, December 31, 2021 4,916,914 26.59 7.93 5,555 December 31, 2021 Exercisable 2,314,998 20.18 6.97 5,224 Vested and expected to vest 4,750,727 26.37 7.90 5,537 During the year ended December 31, 2021, the Company received cash proceeds of $6,428 (2020: $7,111, 2019: $5,498) from stock options exercised. The stock options outstanding at December 31, 2021 expire at various dates from January 1, 2022 to December 9, 2031. A summary of the non-vested stock option activity and related information of the Company’s stock options granted in Canadian dollars is as follows: Number of Weighted-average grant Weighted- Non-vested, December 31, 2020 690,776 24.44 19.17 Options granted 480,117 29.50 23.18 Options vested (344,786) 21.36 16.79 Options forfeited and cancelled (52,514) 27.76 21.81 Non-vested, December 31, 2021 773,593 27.97 21.98 A summary of the non-vested stock option activity and related information of the Company’s stock options granted in U.S. dollars is as follows: Number of Weighted- Non-vested, December 31, 2020 2,290,287 18.75 Options granted 1,726,421 23.05 Options vested (1,114,482) 17.45 Options forfeited and cancelled (300,310) 21.32 Non-vested, December 31, 2021 2,601,916 21.85 The estimated fair values of options granted to officers, directors, employees and consultants are amortized over the relevant vesting periods. Stock-based compensation expense for equity classified instruments, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments (note 2), are recorded in research and development expenses, general and administration expense and finance expense as follows: Year Ended December 31, 2021 2020 2019 Research and development expense: Stock-based compensation for equity classified instruments $ 20,090 $ 12,299 $ 5,939 Change in fair value of liability classified instruments (4,646) (6) 8,358 $ 15,444 $ 12,293 $ 14,297 General and administrative expense: Stock-based compensation for equity classified instruments $ 18,184 $ 14,645 $ 6,737 Change in fair value of liability classified instruments (23,758) 1,416 27,470 $ (5,574) $ 16,061 $ 34,207 Finance expense (income): Stock-based compensation for equity classified instruments $ — $ — $ — Change in fair value of liability classified instruments (129) (41) 166 $ (129) $ (41) $ 166 Amounts for equity classified instruments above include stock-based compensation expense relating to RSUs of $3,101 for the year ended December 31, 2021 (2020: $1,387 and 2019: $nil). For the year ended December 31, 2021, stock-based compensation expense of $38,275 was recorded in additional paid-in capital and recovery of $27,517 was recorded in the liability classified stock options and ESPP liability accounts (2020: $26,945 in additional paid-in capital and $2,171 in liability classified stock options and ESPP liability accounts, 2019: $12,676 in additional paid-in capital and $36,320 in liability classified stock options and ESPP liability accounts). The estimated fair value of stock options granted under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2021 2020 2019 Dividend yield 0 % 0 % 0 % Expected volatility 80.3 % 76.8 % 73.2 % Risk-free interest rate 1.02 % 0.66 % 2.09 % Expected average life of options 6.05 years 6.04 years 6.03 years Expected Volatility — Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have sufficient history of its own volatility, the Company has identified several public entities of similar complexity and stage of development and calculates historical volatility using the volatility of these companies. Risk-Free Interest Rate — This rate is from the Government of Canada and U.S. Federal Reserve marketable bonds for the month prior to each option grant during the year, having a term that most closely resembles the expected life of the option. Expected Term — This is the period of time that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company uses the simplified method to calculate the average expected term, which represents the average of the vesting period and the contractual term. Share Fair Value — Options granted after the Company’s IPO are issued with exercise price equal to the fair market value of the Company’s common stock on the grant date. Before the IPO, the Company granted stock options at exercise prices not less than the fair value of its common shares as determined by the Board of Directors, with input from management. Management estimated the fair value of its common shares based on a number of objective and subjective factors, including the most recently available valuation of common shares prepared by independent valuation specialists, external market considerations affecting the biotechnology industry and the historic prices at which the Company sold common shares. The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at December 31, 2021 and 2020 are as follows: December 31, December 31, Dividend yield 0 % 0 % Expected volatility 74.3 % 77.2 % Risk-free interest rate 0.99 % 0.43 % Expected average option term 2.35 years 2.47 years Number of liability classified stock options outstanding 911,400 1,028,676 The total intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $10,998, $19,446 and $9,416 respectively. At December 31, 2021, the unamortized compensation expense related to unvested options was $33,960. The remaining unamortized compensation expense as of December 31, 2021 will be recognized over a weighted-average period of 1.9 years. f. Employee Stock Purchase Plan: On April 10, 2017, the Company’s shareholders approved an employee stock purchase plan (“ESPP”) which became effective immediately prior to the consummation of the Company’s IPO. On June 7, 2018, certain amendments to the ESPP were approved by shareholders. Prior to these amendments, the ESPP allowed eligible employees to acquire common shares at a discounted purchase price of 85% of the market value of the Company’s common shares on the purchase date. The ESPP, as amended, allows eligible employees to acquire common shares at a discounted purchase price of the lesser of (i) 85% of the market price of a common share on the first day of the applicable purchase period and (ii) 85% of the market price of a common share on the purchase date. The ESPP qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code for employees who are United States taxpayers. The Company currently holds offerings consisting of a single six-month purchase period commencing on January 1 and July 1 of each calendar year, with a single purchase date at the end of the purchase period on June 30 and December 31 of each calendar year. Eligible employees are able to contribute up to 15% of their gross base earnings for purchases under the ESPP through regular payroll deductions. Purchases of shares under the ESPP are limited for each employee at $25 thousand worth of the Company’s common shares (determined using the lesser of (i) the market price of a common share on the first day of the applicable purchase period and (ii) the market price of a common share on the purchase date) for each year such purchase right is outstanding. As this plan is considered compensatory, the Company recognizes compensation expense on these awards based on their estimated grant date fair value using the Black-Scholes option pricing model. The Company recognizes compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. For the year ended December 31, 2021, the Company recorded compensation expense of $1,016 (2020: $803) in research and development expense and general and administrative expense accounts. As of December 31, 2021, the total amount contributed by ESPP participants and not yet settled is $1,243 (December 31, 2020: $926). |
Government Grants and Credits
Government Grants and Credits | 12 Months Ended |
Dec. 31, 2021 | |
Government Grants and Credits [Abstract] | |
Government Grants and Credits | Government Grants and Credits Year Ended December 31, 2021 2020 2019 CEWS and CERS subsidies $ 3,402 $ 3,031 $ — SR&ED credits, net $ 78 $ 142 $ 110 Total $ 3,480 $ 3,173 $ 110 In April 2020, the Government of Canada announced the CEWS and CERS programs for Canadian employers whose businesses were affected by the COVID-19 pandemic. The CEWS and CERS provide a subsidy of up to a certain percentage of eligible employees’ eligible remuneration and eligible rent payments, subject to certain criteria. The Company applied for the CEWS and CERS to the extent it met the requirements to receive the subsidy and recognized $2,805 (2020: $3,005) and $597 (2020: $26) in total CEWS and CERS subsidies respectively, as a reduction to salaries and benefits expense and rent expense in research and development expense and general administrative expense in the consolidated statement of loss and comprehensive loss. |
Research, Collaboration and Lic
Research, Collaboration and Licensing Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Research, Collaboration and Licensing Agreements | Research, Collaboration and Licensing Agreements Revenue recognized from the Company’s strategic partnerships is summarized as follows: Year ended December 31, 2021 2020 2019 BeiGene: Milestone revenue $ 8,000 $ 15,000 $ — Recognition of upfront fee — — 3,530 Janssen: Milestone revenue 8,000 — — Iconic: Partner revenue 5,000 4,000 — Milestone revenue — — 1,000 BMS: Upfront fee relating to amendment — 12,000 — Option exercise fee — — 7,500 Merck: Milestone revenue — — 2,000 Lilly: Milestone revenue — — 8,000 Daiichi Sankyo: Commercial license option fee — — 3,500 Research support payments and other payments 5,680 7,951 4,014 $ 26,680 $ 38,951 $ 29,544 Contract Assets and Liabilities As at December 31, 2021 and 2020, contract assets from research, collaboration and licensing agreements were $nil and contract liabilities were $32,941. Contract liabilities relate to deferred revenue from the BeiGene agreement described below. 2021 Agreements: In 2021, there were no new significant licensing or collaboration agreements nor amendments to existing agreements. 2020 and prior agreements: Research and License Agreement with Merck Sharp & Dohme Research Ltd. (“Merck”) On August 22, 2011, the Company entered into a research and license agreement with Merck, which was amended and restated in December 2014, to develop and commercialize three bispecific antibodies generated through the use of the Company’s Azymetric and EFECT platforms. Under the terms of the agreement, the Company granted Merck a worldwide, royalty-bearing antibody sequence pair exclusive license to research, develop and commercialize certain licensed products. The amendments did not impact the determination of units of accounting or the allocation of the arrangement consideration. From contract inception to December 31, 2021, the Company has received an upfront payment of $1.25 million and research and development related payments totaling $5.5 million. Currently, there are no active programs under development pursuant to this agreement. In July 2020, the Company entered into a new licensing agreement with Merck granting Merck a worldwide, royalty-bearing license to research, develop and commercialize up to three new multispecific antibodies toward Merck’s therapeutic targets in the human health field and up to three new multispecific antibodies toward Merck’s therapeutic targets in the animal health field using the Company’s Azymetric and EFECT platforms. The Company is eligible to receive up to $419.3 million in option exercise fees and clinical development and regulatory approval milestone payments and up to $502.5 million in commercial milestone payments, as well as tiered royalties on worldwide sales. Licensing and Collaboration Agreement with Eli Lilly and Company (“Lilly”) On December 17, 2013, the Company entered into a Licensing and Collaboration Agreement with Lilly to develop novel bispecific antibody therapeutics using the Company’s proprietary Azymetric platform. The Company will apply its Azymetric platform in combination with Lilly’s proprietary targets to create novel bispecific antibodies which Lilly will have the right to develop and commercialize worldwide. From contract inception to December 31, 2021, the Company has received an upfront payment of $1.0 million and research and development related payments of $3.0 million. Currently, there are no active programs under development pursuant to this agreement. Licensing and Collaboration Agreement with Lilly On October 22, 2014, the Company entered into a second Licensing and Collaboration Agreement with Lilly to develop novel bispecific antibody therapeutics using the Company’s proprietary Azymetric platform. This agreement did not alter or amend the initial agreement entered into on December 17, 2013. Under the terms of this agreement Lilly was granted a worldwide, royalty-bearing antibody sequence pair-specific license to research, develop and commercialize certain licensed products. Each of the two agreements with Lilly were negotiated independently and the deliverables covered by the respective contracts are unrelated to one another as they cover different product candidates. Accordingly, the second Licensing and Collaboration Agreement with Lilly has been accounted for as a new arrangement. From contract inception to December 31, 2021, the Company has received research and development related payments totaling $10.0 million. Currently, there are no active programs under development pursuant to this agreement. Licensing and Collaboration Agreement with Celgene Corporation & Celgene Alpine Investment Co. LLC (formerly “Celgene” and now a Bristol- Myers Squibb company, “BMS”) On December 23, 2014, the Company entered into an agreement with Celgene (now “BMS”) to develop novel bispecific antibody therapeutics using the Company’s proprietary Azymetric platform. The Company will apply its Azymetric platform in combination with BMS’s proprietary targets to create novel bispecific antibodies for which BMS has an option to develop and commercialize a certain number of products (“Commercial License Option”). Upon the execution of the Agreement, the Company received an upfront payment of $8.0 million and an expansion fee of $4.0 million. BMS has the right to exercise options on up to ten programs and if BMS opts in on a program, the Company is eligible to receive up to $164.0 million per product candidate (up to $1.64 billion for all ten programs), comprised of a commercial license option payment of $7.5 million, development milestone payments of up to $101.5 million and commercial milestone payments of up to $55.0 million. From contract inception to December 31, 2021, BMS has exercised one commercial license option and the Company has received a total of $7.5 million in product candidate-specific payments. After conclusion of BMS’s research period, BMS will be solely responsible for the research, development, manufacturing and commercialization of the products. In addition, the Company is eligible to receive tiered royalties calculated upon the global net sales of the resulting products. BMS will have exclusive worldwide commercialization rights to products derived from the agreement if BMS elects to exercise a Commercial License Option for each product. The Company determined that, the events and conditions resulting in payments for research, development and commercial milestones solely depend on BMS’s performance. In June 2020, the Company’s existing collaboration agreement with BMS was amended to expand the license grant to include the use of the Company’s EFECT platform for the development of therapeutic candidates and to extend the research term. The amendment included an upfront fee of $12.0 million and all other financial terms were unchanged. The Company’s performance obligations in relation to the upfront fee were met on the date of amendment. Accordingly, the upfront payment was recognized as revenue during the year ended December 31, 2020. Collaboration and License Agreement with GlaxoSmithKline Intellectual Property Development Ltd. (“GSK”) On December 1, 2015, the Company entered into a Collaboration and License Agreement with GSK for the research, development, and commercialization of novel Fc-engineered monoclonal and bispecific antibody therapeutics, which have been optimized for specific therapeutic effects. The Company and GSK will collaborate to further develop the Company’s EFECT platform through the design, engineering, and testing of novel engineered Fc domains tailored to induce specific antibody-mediated immune responses. At the conclusion of the research collaboration, both GSK and the Company will have the right to develop and commercialize monoclonal and bispecific antibody candidates that incorporate the Company’s optimized immune-modulating Fc domains. Under the terms of the agreement, GSK will have the right to develop a minimum of four products across multiple disease areas, and the Company will be eligible to receive up to $1.1 billion, including research, development, and commercial milestones of up to $110.0 million for each product. In addition, the Company is eligible to receive tiered sales royalties. Under the terms of the agreement, each party is liable for their own internal and external research costs incurred in the project. Furthermore, the Company will have the right to develop up to four products with the intellectual property arising from the collaboration without any royalty or milestone payment to GSK. The Company determined that, the events and conditions resulting in payments for research, development and commercial milestones solely depend on GSK’s performance. No development or commercial milestone payments or royalties have been received to date. Platform Technology Transfer and License Agreement with GSK On April 21, 2016, the Company entered into a Platform Technology Transfer and License Agreement with GSK for the research, development, and commercialization of novel bispecific antibodies enabled using the Company’s Azymetric platform. Each of the two agreements with GSK were negotiated independently and the deliverables covered by the respective contracts utilize different therapeutic platforms and are unrelated to one another. Accordingly, the Platform Technology and License Agreement with GSK has been accounted for as a new arrangement. In May 2019, this agreement was expanded to provide GSK access to the Company’s unique heavy-light chain pairing technology under the Azymetric platform. This may include bispecific antibodies incorporating new engineered Fc regions generated under the 2015 GSK agreement. The Company is eligible to receive up to $1.1 billion in milestone and other payments. From contract inception to December 31, 2021, the Company has received an upfront technology access fee payment of $6.0 million. The Company is also eligible to receive research milestone payments of up to $37.5 million, development milestone payments of up to $183.5 million and commercial milestone payments of up to $867.0 million. In addition, the Company is entitled to receive tiered royalties on potential sales. The Company determined that, the events and conditions resulting in payments for research, development and commercial milestones solely depend on GSK’s performance. No research, development or commercial milestone payments or royalties have been received to date. Collaboration and Cross License Agreement with Daiichi Sankyo, Co., Ltd. (“Daiichi Sankyo”) On September 26, 2016, the Company entered into a Collaboration and Cross License Agreement with Daiichi Sankyo for the research, development, and commercialization of one bispecific antibody enabled using the Company’s Azymetric and EFECT platforms. Additionally, the Company will license immuno-oncology antibodies from Daiichi Sankyo, with the right to research, develop and commercialize multiple products globally in exchange for royalties on product sales. Under the agreement, Daiichi Sankyo will have the option to develop and commercialize a single bispecific immuno-oncology therapeutic. The Company is also eligible to $149.9 million in milestone and other payments. From contract inception to December 31, 2021, the Company has received an upfront technology access fee payment of $2.0 million and research and commercial option related payments totaling $4.5 million. The Company is also eligible to receive additional development milestone payments of up to $63.4 million, and commercial milestone payments of up to $80.0 million. In addition, the Company is eligible to receive tiered royalties ranging from the low single digits up to 10% on product sales. The Company also has non-exclusive rights to develop and commercialize up to three products using Daiichi Sankyo’s proprietary immune-oncology antibodies, with royalties in the low single digits to be paid to Daiichi Sankyo on sales of such products. Daiichi Sankyo is solely responsible for the research, development, manufacturing and commercialization of the products. Under the non-exclusive immuno-oncology antibody license to Zymeworks, Zymeworks is solely responsible for all research, development and commercialization of the resulting products. Second License Agreement with Daiichi Sankyo In May 2018, the Company entered into a second license agreement with Daiichi Sankyo to research, develop and commercialize two bispecific antibodies generated through the use of the Company’s Azymetric and EFECT platforms. Under the terms of the agreement, the Company granted Daiichi Sankyo a worldwide, royalty-bearing, antibody sequence pair-specific, exclusive license to research, develop and commercialize certain products. Under the agreement, Daiichi Sankyo will be solely responsible for the research, development, manufacturing and commercialization of the products. The Company is also eligible to receive up to $484.7 million in various milestone and other payments. From contract inception to December 31, 2021, the Company has received an upfront technology access fee payment of $18.0 million. The Company is also eligible to receive development milestone payments totaling up to $126.7 million and commercial milestone payments of up to $340.0 million. In addition, the Company is eligible to receive tiered royalties ranging from the low single digits up to 10% on product sales, with the royalty term being, on a product-by-product and country-by-country basis, either (i) for as long as there is Zymeworks platform patent coverage on products, or (ii) for 10 years beginning from the first commercial sale, whichever period is longer. If there is no Zymeworks patent coverage on products, royalty rates may be reduced. No development or commercial milestone payments or royalties have been received to date. Collaboration and License Agreement with Janssen Biotech, Inc. (“Janssen”) On November 13, 2017, the Company entered into a Collaboration and License Agreement with Janssen to research, develop and commercialize up to six bispecific antibodies generated through the use of the Azymetric and EFECT platforms. Under the terms of the agreement, the Company granted Janssen a worldwide, royalty-bearing, antibody sequence pair-specific exclusive license to research, develop and commercialize certain products. Janssen also has the option to develop two additional bispecific antibodies under this agreement subject to a future option payment. Under the agreement, Janssen will be solely responsible for the research, development, manufacturing and commercialization of the products. The Company is eligible to receive up to $1.45 billion in various license and milestone payments. From contract inception to December 31, 2021, the Company has received an upfront payment of $50.0 million and development milestones totaling $8.0 million with two bispecific antibodies initiating clinical trials in 2021. The Company is also eligible to receive development milestone payments of up to $274.0 million and commercial milestone payments of up to $1.12 billion. In addition, the Company is eligible to receive tiered royalties in the mid-single digits on product sales, with the royalty term being, on a product-by-product and country-by-country basis, either (i) for as long as there is Zymeworks platform patent coverage on products, or (ii) for 10 years, beginning from the first commercial sale, whichever period is longer. If there is no Zymeworks patent coverage on products, royalty rates may be potentially reduced. Janssen has the right, prior to the first dosing of a patient in a Phase 3 clinical trial for a product, to buy down the royalty relating to such product by one percentage point with a payment of $10.0 million. The Company determined that, the events and conditions resulting in payments for research, development and commercial milestones solely depend on Janssen’s performance. No commercial milestone payments or royalties have been received to date. Research and License Agreement with LEO Pharma A/S (“LEO”) On October 23, 2018, the Company entered into a collaboration agreement with LEO. The Company granted LEO a worldwide, royalty-bearing, antibody sequence pair-specific exclusive license to research, develop and commercialize two bispecific antibodies, generated through the use of the Company’s Azymetric and EFECT platforms, for dermatologic indications. The Company will retain rights to develop antibodies resulting from this collaboration in all other therapeutic areas. The Company and LEO are jointly responsible for certain research activities, with the Company’s cost to be fully reimbursed by LEO. Each party is solely responsible for the development, manufacturing, and commercialization of their own products. Pursuant to this agreement, the Company received an upfront payment of $5.0 million. In addition, (i) for the first therapeutic candidate, the Company is eligible to receive preclinical and development milestone payments of up to $74.0 million and commercial milestone payments of up to $157.0 million together with tiered royalties on future sales of up to 20% in the United States and up to high single digits elsewhere, and (ii) for the second therapeutic candidate, the Company is eligible to receive preclinical and development milestone payments of up to $86.5 million and commercial milestone payments of up to $157.0 million together with tiered royalties on future sales of up to low double digits globally. For products developed by the Company outside of dermatology, LEO is eligible to receive commercial milestone payments and up to single-digit royalties on future sales. No development or commercial milestone payments or royalties have been received to date. Collaboration and License Agreements with BeiGene, Ltd. (“BeiGene”) On November 26, 2018, the Company entered into three concurrent agreements with BeiGene whereby the Company granted BeiGene royalty-bearing exclusive licenses for the research, development and commercialization of its bispecific therapeutic candidates, zanidatamab (formerly known as “ZW25”) (“Zanidatamab Agreement”) and ZW49 (“ZW49 Agreement”) in Asia (excluding Japan but including the People’s Republic of China, South Korea and other countries), Australia and New Zealand. In addition, the Company also granted BeiGene a worldwide, royalty-bearing, antibody sequence pair-specific license to research, develop and commercialize globally three bispecific antibodies generated through the use of the Company’s Azymetric and EFECT platforms. Pursuant to these agreements, the Company received an upfront payment of $60.0 million for the totality of the rights described. The Company considered the fair value of performance obligations based on the Company’s best estimate of their relative stand-alone selling prices, and allocated $40.0 million of the transaction price to the License and Collaboration Agreements for zanidatamab and ZW49 and $20.0 million to the Company’s performance obligations under the Research and Licensing Agreement for Azymetric and EFECT Platforms. License and Collaboration Agreements for Zanidatamab and ZW49 The Company is also eligible to receive development and commercial milestone payments of up to $390.0 million, together with tiered royalties from high single digits and up to 20% on future sales of the products. Under the agreements, the Company and BeiGene are collaborating on certain global clinical studies and both the Company and BeiGene will be independently conducting clinical studies in their own respective territories. Each of the Company and BeiGene are responsible for all the development and commercialization costs in their own territories. In relation to the Zanidatamab Agreement, the Company identified the following promised goods and services at the inception of the BeiGene agreement that are material: development and commercial licenses, initial transfer of the Company’s technologies and relevant know-how, continuing technology transfer, participation in the Joint Steering Committee (“JSC”) and other sub-committees, manufacturing technology transfer, provision of development supply, provision of commercial supply, and transfer of future rights related to the development and commercial license. The Company concluded that the licenses and initial technology transfer are distinct together and the continuing technology transfer and the Company’s participation to the JSC and other sub-committees’ activities are also distinct together. Remaining deliverables were individually determined to be distinct. Development and commercial licenses as well as initial transfer of technologies and relevant know-how were considered to be a single performance obligation. The consideration of $7.1 million allocated to this performance obligation was recognized as revenue over a two-month period during which the delivery of the license and transfer of the relevant technology occurred. Deliverables of continuing technology transfer and participation in the JSC and other sub-committees together were considered to be a single performance obligation and the consideration allocated to this performance obligation will be recognized as revenue over time as these activities are completed. Remaining deliverables are considered individually distinct and the revenue will be recognized as delivery or transfer of future rights to BeiGene occurs. In March 2020, BeiGene dosed the first patient in a two-arm Phase 1b/2 trial evaluating zanidatamab in combination with chemotherapy as a first-line treatment for patients with metastatic HER2-positive breast cancer and in combination with chemotherapy and BeiGene’s PD-1-targeted antibody tislelizumab as a first-line treatment for patients with metastatic HER2-positive GEA. The Company recognized revenue of $5.0 million in relation to this milestone. In November 2020, BeiGene dosed the first patient in South Korea in the pivotal HERIZON-BTC-01 study . The Company recognized revenue of $10.0 million in relation to this milestone. In December 2021, BeiGene dosed the first patient in South Korea in the pivotal HERIZON-GEA-01 study and the Company recognized revenue of $8.0 million in relation to this milestone. In relation to the ZW49 Agreement, the Company identified the following promised goods and services at the inception of the BeiGene agreement that are material: development and commercial licenses, initial transfer of the Company’s technologies and relevant know-how, continuing technology transfer, participation in the JSC and other sub-committees, manufacturing technology transfer, provision of development supply, provision of commercial supply, and transfer of future rights related to the development and commercial license. The Company concluded that the licenses and initial technology transfer together are distinct together and the continuing technology transfer and the Company’s participation to the JSC and other sub-committees’ activities are also distinct together. Manufacturing technology transfer, provision of development supply and provision of commercial supply were individually determined to be distinct. Development and commercial licenses as well as initial transfer of technologies and relevant know-how were considered to be a single performance obligation while continuing technology transfer and participation in the JSC and other sub-committees together were considered as a single performance obligation. Remaining deliverables were considered individually distinct. No performance obligations were completed by the Company as of December 31, 2021 as the initial transfer of technologies and relevant know-how is not going to start until the earlier of completion of the Company’s Phase-1 clinical studies for ZW49 or completion of dose escalation studies. Accordingly, no revenue was recognized from the ZW49 Agreement to date. As of December 31, 2021, the Company recorded $32,941 of the upfront fees from the zanidatamab and ZW49 agreements as deferred revenue on the Company’s consolidated balance sheet (December 31, 2020: $32,941). Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. Research and Licensing Agreement for Azymetric and EFECT Platforms For the development and commercialization licenses of up to three bispecific antibody therapeutics using the Company’s Azymetric and EFECT platforms, the Company received an upfront payment of $20.0 million. The Company is also eligible to receive development and commercial milestone payments of up to $702.0 million. In addition, the Company is eligible to receive tiered royalties in the mid-single digits on product sales. No development or commercial milestone payments or royalties have been received to date. BeiGene is solely responsible for the research, development, manufacturing, and commercialization of the products. License Agreement with Iconic Therapeutics, Inc. (“Iconic”) On May 13, 2019, the Company entered into a license agreement with Iconic to develop and commercialize an antibody-drug conjugate (ICON-2) targeting tissue factor generated through the use of the Company’s ZymeLink platform. Under the terms of this agreement, the Company granted Iconic a worldwide, royalty-bearing, antibody sequence-specific, exclusive license to develop and commercialize certain products. Iconic is responsible for the development, manufacturing, and commercialization of the products. Pursuant to this agreement, the Company was initially eligible to receive development and commercial milestone payments and tiered royalties on worldwide net sales. From contract inception to December 31, 2021, the Company has received $1.0 million in milestone payments. This agreement also provides the Company with co-promotion rights with increased royalties for products generated from this collaboration. If Iconic was to sublicense the program, in lieu of co-promotion rights, the Company would receive a share of the revenue Iconic receives from any partners as well as tiered royalties on worldwide net sales. In December 2020, Exelixis, Inc. exercised an option under an existing agreement with Iconic to license ICON-2 (also known as XB002) and under the Company’s agreement with Iconic, the Company received $4.0 million accordingly, a share of the $20.0 million option fee paid to Iconic by Exelixis. In December 2021, under an amendment between Iconic and Exelixis, the |
Other income, (expense), net
Other income, (expense), net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other income, (expense), net | Other income, (expense), net Other expenses consist of the following: Year ended December 31, 2021 2020 2019 Foreign exchange gain (loss) $ 1,191 $ 1,683 $ (567) Other 118 (35) (28) $ 1,309 $ 1,648 $ (595) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes a. Income tax (expense) recovery is comprised of the following: Year Ended December 31, 2021 2020 2019 Current income tax expense $ (437) $ (292) $ (1,373) Deferred income tax recovery (expense) 953 (137) 1,955 Income tax recovery (expense) $ 516 $ (429) $ 582 Current income tax expense for the years ended December 31, 2021, 2020 and 2019 arose from the operations of Zymeworks Biopharmaceuticals Inc., the Company’s wholly owned subsidiary in the United States, and from the withholding taxes paid by the Company abroad in 2021, 2020 and 2019. b. Income tax (expense) recovery varies from the amounts that would be computed by applying the expected Canadian income tax rate of 27% (2020: 27%, 2019: 27%) to loss before income taxes as shown in the following tables: Year Ended December 31, 2021 2020 2019 Computed taxes at Canadian tax rate $ 57,368 $ 48,627 $ 39,453 Non-deductible expenses (1,026) (9,191) (13,020) Difference between domestic and foreign tax rate (345) 185 104 Effect of change in tax rates — — (10) Adjustments to prior year (33) (441) (39) Change in valuation allowance (60,260) (48,411) (29,057) Share issuance costs in equity 2 5,385 3,578 Change in recognition and measurement of tax positions — — (2,391) Changes due to SR&ED and research credits 5,096 4,067 2,200 Other (286) (650) (236) Income tax recovery (expense) $ 516 $ (429) $ 582 c. Deferred income tax assets and liabilities result from the temporary differences between the amounts of assets and liabilities recognized for financial statement and income tax purposes. The significant components of the deferred income tax assets and liabilities are as follows: December 31, December 31, Deferred tax assets: Non-capital losses carried forward $ 123,554 $ 71,566 Deferred revenue 8,894 8,894 Share issue costs 6,058 8,365 Property and equipment 1,219 1,423 Intangible assets 2,911 1,352 Research and development deductions and credits 35,401 27,994 Contingent consideration 421 366 Stock options 4,330 2,038 Operating lease liability 7,871 1,837 Other 351 280 $ 191,010 $ 124,115 Deferred tax liabilities: Property and equipment (1,085) (1,296) IPR&D (4,760) (4,760) Operating lease right-of-use assets (6,685) (1,181) Outside basis difference in foreign subsidiary (1,573) (1,178) $ (14,103) $ (8,415) 176,907 115,700 Less: valuation allowance (175,410) (115,155) Net deferred tax assets $ 1,497 $ 545 Deferred tax asset $ 3,070 $ 1,723 Deferred tax liability (1,573) (1,178) Net deferred tax assets $ 1,497 $ 545 The realization of deferred income tax assets is dependent upon the generation of sufficient taxable income during future periods in which the temporary differences are expected to reverse. The valuation allowance is reviewed on a quarterly basis and if the assessment of the “more likely than not” criterion changes, the valuation allowance is adjusted accordingly. d. At December 31, 2021, the Company has net operating losses carried forward for tax purposes in Canada, which are available to reduce taxable income of future years of approximately $457.6 million (December 31, 2020: $265.1 million) expiring commencing 2035 through 2041. At December 31, 2021, the Company also has unclaimed tax deductions for scientific research and experimental development expenditures of approximately $81.4 million (December 31, 2020: $69.5 million), with no expiry. At December 31, 2021, the Company has approximately $15.8 million (December 31, 2020: $11.7 million) of investment tax credits available to offset Canadian federal and provincial taxes payable expiring commencing in 2029 through 2041. e. The investment tax credits and non-capital losses for income tax purposes expire as follows: Expiry date Investment tax credits Non-capital losses 2029 1,169 — 2030 1,242 — 2031 1,758 — 2032 — — 2033 — — 2034 229 — 2035 1,068 3,961 2036 862 24,578 2037 1,587 10,625 2038 1,485 — 2039 1,818 81,253 2040 1,903 146,611 2041 2,686 190,578 $ 15,807 $ 457,606 f. A reconciliation of total unrecognized tax benefits for the years ended December 31, 2021, 2020, and 2019 are as follows: Year Ended December 31, 2021 2020 2019 Balance, beginning of year $ 3,063 $ 3,063 $ 672 Increases related to prior year tax positions — — — Increases related to current year tax positions — — 2,391 Balance, end of year $ 3,063 $ 3,063 $ 3,063 Included in the balance of unrecognized tax benefits at December 31, 2021, 2020 and 2019 are potential benefits of $nil that, if recognized, would affect the effective tax rate on income from continuing operations. Recognition of these potential benefits would result in a deferred tax asset in the form of net operating loss carry-forward, which would be subject to a valuation allowance based on conditions existing at the reporting date. The Company recognizes interest expense and penalties related to unrecognized tax benefits within the provision for income tax expense on the consolidated statements of loss and comprehensive loss. The Company currently files income tax returns in Canada and the United States, the jurisdictions in which the Company believes that it is subject to tax. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, as a result of loss carry-forwards, the limitation period for examination generally does not expire until several years after the loss carry-forwards are utilized. Other than routine audits by tax authorities for tax credits and tax refunds that the Company has claimed, management is not aware of any other material income tax examination currently in progress by any taxing jurisdiction. Tax years ranging from 2006 to 2021 remain subject to Canadian income tax examinations. Tax years ranging from 2018 to 2021 remain subject to U.S. income tax examinations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company leases separate office and laboratory spaces in Vancouver, British Columbia, with terms of each lease expiring in February 2022. On January 25, 2019, the Company entered into a lease for a new building in Vancouver to serve as the Company’s future headquarters, including both office and laboratory space. This lease commenced for accounting purposes in May 2021 and construction of leasehold improvements was in progress as of December 31, 2021 and was completed subsequent to the year-end. This lease has an initial term of ten years, with two five-year extension options. In addition, the Company leases office space in Seattle, Washington with lease terms expiring in May 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options. The Company also leases office equipment under capital lease agreements. The balance sheet classification of the Company’s lease liabilities was as follows: December 31, December 31, Operating lease liabilities: Current portion $ 1,310 $ 2,710 Long-term portion 30,923 5,812 Total operating lease liabilities 32,233 $ 8,522 Finance lease liabilities: Current portion included in other current liabilities 22 17 Long-term portion included in other long-term liabilities 100 122 Total finance lease liabilities 122 139 Total lease liabilities $ 32,355 $ 8,661 Cash paid for amounts included in the measurement of operating lease liabilities for the year ended December 31, 2021 was $3,186 and was included in net cash used in operating activities in the consolidated statement of cash flows. As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows: Operating Within 1 year $ 2,248 1 to 2 years 5,181 2 to 3 years 5,117 3 to 4 years 5,262 4 to 5 years 5,246 Thereafter 15,545 Total operating lease payments 38,599 Less: Imputed interest (6,366) Operating lease liabilities $ 32,233 As of December 31, 2021, the weighted average remaining lease term is 8.3 years and the discount rate used to determine the operating lease liability was 4.8% for leases in Canadian dollars and 2.8% for leases in U.S. dollars. During the year ended December 31, 2021, the Company incurred total operating lease expenses of $5,658 (2020 - $3,595), which included lease expenses associated with fixed lease payments of $5,323 (2020 - $3,156), and variable payments associated with common area maintenance and similar expenses of $335 (2020 - $439). During the year ended December 31, 2021, the Company did not recognize any impairment losses on its right-of-use assets (2020: $667). |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the fair value hierarchy. Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine fair value, the Company uses a fair value hierarchy that prioritizes the inputs, assumptions and valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1 inputs are unadjusted quoted market prices for identical instruments available in active markets. • Level 2 inputs are inputs other than Level 1 prices, such as prices for a similar asset or liability that are observable either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets. • Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assessment about market assumptions that would be used to price the asset or liability. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, short-term and long-term investments in marketable and other securities, accounts receivable, accounts payable and accrued liabilities, contingent consideration, finance and operating lease obligations, and other long-term liabilities. The carrying values of cash and cash equivalents, short-term investments in marketable securities, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the near-term maturities of these financial instruments. As at December 31, 2021, long-term investments in equity securities of private entities are accounted for as available for sale at their fair values. Other long-term liabilities for contingent consideration related to business acquisitions are recorded at fair value on the acquisition date and are adjusted quarterly for changes in fair value. Changes in the fair value of contingent consideration liabilities can result from changes in anticipated milestone payments and changes in assumed discount periods and rates. These inputs are unobservable in the market and therefore categorized as level 3 inputs as defined above. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques used to determine such fair value: December 31, Level 1 Level 2 Level 3 Assets Cash equivalents: Commercial paper 61,387 — 61,387 — Investments: GICs 50,741 — 50,741 — Total 112,128 — 112,128 — Liabilities Liability for contingent consideration 1,498 — — 1,498 Total $ 1,498 $ — $ — $ 1,498 December 31, Level 1 Level 2 Level 3 Assets Cash equivalents: Commercial paper 161,011 — 161,011 — Investments: GICs 209,521 — 209,521 — Total 370,532 — 370,532 — Liabilities Liability for contingent consideration 1,285 — — 1,285 Total $ 1,285 $ — $ — $ 1,285 The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase Liability at end Year ended December 31, 2021 $ 1,285 $ 213 $ 1,498 Year ended December 31, 2020 $ 978 $ 307 $ 1,285 Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, short-term investments, long-term investments and accounts receivable. Cash and cash equivalents and investments in marketable securities are invested in accordance with the Company’s cash investment policy with the primary objective being the preservation of capital and maintenance of liquidity. The cash investment policy includes guidelines on the quality of financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. The Company limits its exposure to credit loss by placing its cash and cash equivalents, short-term investments and long-term investments with high credit quality financial institutions. At December 31, 2021, the maximum exposure to credit risk for accounts receivable was $15,614 (December 31, 2020: $15,293) and all accounts receivable are due within the next 12 months. As at December 31, 2021 and December 31, 2020, the Company has recognized nominal amounts of provision for expected credit losses in relation to accounts receivable. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s short-term cash requirements are primarily to settle its financial liabilities, which consist primarily of accounts payable and accrued liabilities falling due within 45 days and current portion of lease obligations falling due within the next 12 months, with medium term requirements to invest in property and equipment and research and development. The Company’s principal sources of liquidity to settle its financial liabilities are cash, cash equivalents and short-term investments, collection of accounts receivable relating to research collaboration and license agreements and additional public equity offerings as required. The Company believes that these principal sources of liquidity are sufficient to fund its operations for at least the next 12 months. Foreign Currency Risk The Company incurs certain operating expenses in currencies other than the U.S. dollar and accordingly is subject to foreign exchange risk due to fluctuations in exchange rates. The Company does not use derivative instruments to hedge exposure to foreign exchange risk due to the low volume of transactions denominated in foreign currencies. At December 31, 2021, the Company’s net monetary assets denominated in Canadian dollars were $6.1 million (C$7.7 million). The operating results and financial position of the Company are reported in U.S. dollars in the Company’s consolidated financial statements. The fluctuation of the U.S. dollar relative to the Canadian dollar and other foreign currencies will have an impact on the reported balances for net assets, net loss and shareholders’ equity in the Company’s consolidated financial statements. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company has entered into research collaboration agreements with strategic partners in the ordinary course of operations that may include contractual milestone payments related to the achievement of pre-specified research, development, regulatory and commercialization events and indemnification provisions, which are common in such agreements. Pursuant to the agreements, the Company is obligated to make research and development and regulatory milestone payments upon the occurrence of certain events and royalty payments based on net sales. The maximum amount of potential future indemnification is unlimited, however, the Company currently holds commercial and product liability insurance that limits the Company’s liability and may enable it to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to indemnification obligations for any period presented in the consolidated financial statements. In connection with the Company’s 2016 Kairos acquisition, the Company may be required to make future payments to CDRD Ventures Inc. (“CVI”) upon the direct achievement of certain development milestones for products incorporating certain Kairos intellectual property, as well as royalty payments on the net sales of such products. For out-licensed products and technologies incorporating certain Kairos intellectual property, the Company may be required to pay CVI a mid-single digit percentage of the future revenue as a result of a revenue sharing agreement. As of December 31, 2021, the contingent consideration had an estimated fair value of $1,498, which has been recorded within other long-term liabilities on the Company’s consolidated balance sheet (December 31, 2020: $1,285). The contingent consideration was calculated using a probability weighted assessment of the likelihood of the milestones being met, a probability adjusted discount rate that reflects the stage of the development and time to complete the development. Contingent consideration is a financial liability and measured at its fair value at each reporting period, with any changes in fair value from the previous reporting period recorded within research and development expenses in the statement of loss and comprehensive loss. Contingencies From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred. |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent Events On January 5, 2022, the Company announced the appointment of Mr. Kenneth Galbraith as Chair of the Board of Directors, Chief Executive Officer and President, effective January 15, 2022. In connection with Mr. Galbraith’s appointment, Dr. Ali Tehrani resigned from the positions of President and Chief Executive Officer and as a member of the board of directors, effective January 15, 2022. The Company also announced the promotion of our Chief Financial Officer, Mr. Neil Klompas, to the dual position of Chief Operating Officer and Chief Financial Officer. On January 19, 2022, the Company announced its plans to implement a restructuring of its workforce (the “Restructuring”), with a target of reducing employee headcount by at least 25% across the organization by the end of 2022. The Restructuring is expected to be substantially completed by December 31, 2022. In connection with the Restructuring, the Company announced changes in senior management team, with the Executive Vice President, Early Development & Chief Scientific Officer, Chief People Officer and Chief Commercial Officer leaving the Company. On January 31, 2022, the Company closed a public offering pursuant to which the Company sold 11,035,000 common shares, at $8.00 per common share and 3,340,000 pre-funded warrants in lieu of common shares at $7.9999 per pre-funded warrant, resulting in gross proceeds of approximately $115.0 million. Net proceeds were approximately $107.6 million, after underwriting discounts, commissions and offering expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zymeworks Inc. and its wholly owned subsidiary, Zymeworks Biopharmaceuticals Inc., which was incorporated in the State of Washington on December 5, 2014. All inter-company accounts and transactions have been eliminated on consolidation. All amounts expressed in the consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share and per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars. Certain prior period amounts have been reclassified from general and administrative expenses to research and development expenses to conform to the current period's presentation. These reclassifications had no effect on previously reported operating expenses, net loss, shareholders' equity, and cash flows from operating activities. |
Foreign Currency | Foreign Currency The functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated at the approximate exchange rate prevailing on the date of the transaction. At period end, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Resulting foreign exchange gains and losses are reflected in the Consolidated Statements of Loss and Comprehensive Loss. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, most notably those related to revenue recognition including estimated timing of completion of performance obligations required to meet revenue recognition criteria, accrual of expenses including clinical and preclinical study expense accruals, stock-based compensation, valuation allowance for deferred taxes, benefits under the Scientific Research and Experimental Development (“SR&ED”) program, and other contingencies. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from these estimates. The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including revenues, expenses, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these consolidated financial statements. While there was no material impact to the Company’s consolidated financial statements as of and for the year ended December 31, 2021, the Company’s future assessment of the magnitude and |
Revenue Recognition | Revenue Recognition Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606” or “Topic 606”) applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. In accordance with ASC 606, the Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. The Company applied ASC 606 to all revenue arrangements to date. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company applies the revenue recognition model under ASC 606 to part or all of the arrangements, when deemed appropriate. In accordance with ASC 606, the Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised deliverables in the contract; (ii) determination of whether the promised deliverables are performance obligations including whether they are distinct; (iii) measurement of the transaction price, including uncertainties related to variable consideration; (iv) allocation of the transaction price to the performance obligations based on the stand-alone selling prices; and (v) recognition of revenue when or as the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration that it is entitled to in exchange for the goods and services transferred to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, to identify distinct performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company has entered into a number of collaboration and licensing agreements. Promised deliverables within these agreements may include: (i) grants of licenses, or options to obtain licenses, to the Company’s intellectual property, (ii) research and development services, (iii) drug product manufacturing, and (iv) participation on joint research and/or development committees. The terms of these agreements typically include one or more of the following types of payments to the Company: • non-refundable, upfront license and platform technology access fees; • research, development and regulatory milestone payments; • research support payments; and • royalties and commercial milestone payments. If the expectation at contract inception is such that the period between payment by the licensee and the completion of related performance obligations will be one year or less, the Company assumes that the contract does not have a significant financing component. When applying the revenue recognition criteria of ASC 606 to license and collaboration agreements, the Company may be required to apply significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, assessing the recognition and future reversal of variable consideration, and determining and applying appropriate methods of measuring progress for performance obligations satisfied over time. These judgments are discussed in more detail in the following paragraphs for each type of payment received by the Company under the terms of the license and collaborations agreements. Non-refundable, upfront license and platform technology access fees If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are not distinct from other promises, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the related revenue recognition accordingly. Research, development and regulatory milestone payments At the inception of each arrangement that includes research, development or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. When it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. The probability of successfully achieving the criteria for the milestone payments is highly uncertain. Consequently, there is a significant risk that the Company may not earn all of the milestone payments from each of its strategic partners. Research and development milestones in the Company’s collaboration agreements may include some, but not necessarily all, of the following types of events: • completion of preclinical research and development work leading to selection of product candidates; • initiation of Phase 1, Phase 2 and Phase 3 clinical trials; and • achievement of certain other technical, scientific or development criteria. Regulatory milestone payments may include the following types of events: • filing of regulatory applications for marketing approval in the United States, Europe or Japan, including Investigational New Drug (“IND”) applications and Biologics License Application (“BLA”); and • marketing approval in major markets, such as the United States, Europe or Japan. Research support and other payments Payments by the licensees in exchange for research activities performed by the Company on behalf of the licensee are recognized as revenue upon performance of such activities at rates consistent with prevailing market rates. Payments for research supplies provided are recognized as revenue upon delivery of the supplies. Royalties and commercial milestone payments For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon performance of the licensee. |
Contract Assets and Liabilities | Contract assets and liabilities Contract assets are mainly comprised of trade receivables net of expected credit losses, which includes amounts billed and currently due from customers. Contract liabilities are mainly comprised of deferred revenues. Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated financial statements. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash and cash equivalents consist primarily of money market funds and are recorded at cost, which approximates fair value. |
Investments | Investments The Company’s short-term and long-term investments include guaranteed investment certificates and term deposits with original maturities exceeding three months. These investments are recorded at cost plus accrued interest, which approximates their fair value. The Company also holds debt securities and equity securities in private entities which are accounted for as available for sale financial instruments with changes in fair value recorded through other comprehensive income or at cost subject to impairment (note 5). |
Accounts Receivable and Expected Credit Losses | Accounts Receivable and Expected Credit Losses Accounts receivable are recorded at invoiced amounts, net of any allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Expected credit losses on our accounts receivable were immaterial as at December 31, 2021 and 2020. |
Deferred Financing Costs | Deferred Financing Fees Deferred financing fees consist of amounts charged by underwriters, attorneys, accountants and printers that are directly attributable to future financing transactions. These costs are deferred and subsequently charged against the gross proceeds of the related financing transaction upon closing of such transaction. |
Segment Information | Segment Information The Company operates and manages its business in one segment, which is the discovery, development and commercialization of next-generation multifunctional biotherapeutics. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in earnings. Repairs and maintenance costs are expensed as incurred. The Company records depreciation using the straight-line method over the estimated useful lives of the property and equipment as follows: Asset Class Rate Computer hardware 3 years Office equipment 3 years Furniture and fixtures 5 years Laboratory equipment 7 years Leasehold improvements Shorter of the initial lease term or useful life Property and equipment acquired or disposed of during the year are depreciated proportionately for the period they are in use. |
Leases | Leases The Company accounts for leases in accordance with ASC 842, Leases. The Company determines if an arrangement contains a lease at inception. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from that lease. For leases with a term greater than 12 months, ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The lease term includes the option to extend the lease when it is reasonably certain the Company will exercise that option. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. In the case the implicit rate is not available, the Company uses its incremental borrowing rate based on information available at the lease commencement date, to determine the present value of lease payments. |
Patents and Intellectual Property Costs | Patents and Intellectual Property Costs Costs incurred to acquire patents and to prosecute and maintain intellectual property rights are expensed as incurred to general and administrative expense due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties are capitalized and amortized over the remaining life of the patent, if related to approved products or if there are alternative future uses for the underlying technology. No patent or intellectual property costs have been capitalized to date. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or group of assets. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset or asset group. Assets classified as held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. As of December 31, 2021 and 2020, the Company determined that there were no indicators of impairment of long-lived assets and there were no assets held-for-sale. |
Government Grants and Credits | Government Grants and Credits Government grants are recognized where there is reasonable assurance that the grant will be received and all associated conditions will be complied with. Reimbursements of eligible research and development expenditures pursuant to government assistance programs are recorded as reductions of research and development costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is probable. The determination of the amount of the claim, and hence the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. The Company has used its best judgment and understanding of the related program agreements in determining the receivable amount. The Company participates in SR&ED and Research Tax Credit Programs, two federal tax incentive programs that encourage Canadian and U.S. businesses to conduct research and development in Canada and in United States, respectively. The benefits of investment tax credits for scientific research and development expenditures are recognized in the year the qualifying expenditure is made provided there is reasonable assurance of recoverability. The refundable portion of investment tax credits are recorded as reductions to research and development expenditures. The Company also participates in the Canada Emergency Wage Subsidy (“CEWS”) and Canada Emergency Rent Subsidy (“CERS”) programs announced by the Government of Canada in April 2020, in order to help employers keep and/or return Canadian-based employees to payrolls in response to challenges posed by the COVID-19 pandemic. The Company recognizes CEWS and CERS grants when it is probable that it complied with relevant eligibility requirements and conditions of the grant and that the grant would be received. These grants are recorded as reductions to wage and rent expenditures. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred and include costs that the Company incurs for its own and for the Company’s strategic partners’ research and development activities. These costs primarily consist of expenses incurred under |
Clinical Trial Expense Accruals | Clinical Trial Expense Accruals Clinical trial expenses represent a significant component of research and development expenses and the Company outsources a significant portion of these activities to third party contract research organizations. Third-party clinical trial expenses include investigator fees, site costs, clinical research organization costs and other trial-related vendor costs. As part of preparing the consolidated financial statements, the Company estimates accrued liabilities for services that have been performed by clinical research organizations or investigator sites but have not yet been invoiced to the Company. When making these estimates, the Company uses operational and contractual information from third party service providers and operational data from internal personnel. The Company makes considerable judgments and estimates in determining the progress of patients based on enrollment and treatment data provided by the third-party service providers and internal personnel. The accrued balance factors in the Company’s best estimate of the date on which certain services commence, the level of services performed before a given date, whether certain services are invoiceable and the cost of such services. Any changes to the estimates could have a significant impact on the accruals for clinical trial activities that we outsourced to third party contract research organizations. If the actual timing of provision of services or level of effort varies from the Company’s estimates, the Company adjusts research and development expense and accrued liabilities accordingly on a prospective basis. |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The measurement of deferred tax assets is reduced, if necessary, by the extent of a valuation allowance. The recognition of uncertain tax positions is evaluated based on whether it is considered more likely than not that the position taken, or expected to be taken, on a tax return will be sustained upon examination through litigation or appeal. For those positions that meet the recognition criteria, they are measured as the largest amount that is more than 50% likely to be realized upon ultimate settlement. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense on equity and liability classified stock-based awards granted to employees, directors, and certain consultants. The Company measures the cost of such awards based on the fair value of the award, net of estimated forfeitures, and recognizes stock-based compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. The requisite service period generally equals the vesting period of the awards. The fair values of stock option awards are estimated using the Black-Scholes option pricing model which uses various inputs including estimated fair value of the Company’s underlying common share at the grant date, expected term, estimated volatility, risk-free interest rate and expected dividend yields of the Company’s common shares. The Company applies an estimated forfeiture rate derived from historical employee termination behavior. If the actual number of forfeitures differs from those estimated by management, adjustments to compensation expense may be required in future periods. The fair value of restricted stock units (“RSU”) is measured using the per share fair value of the Company’s common stock on the dates of grant. Equity classified awards are measured using their grant date fair value. Liability classified awards are initially measured using their grant date fair value and are subsequently remeasured at fair value at each balance sheet date until exercised or cancelled, with changes in fair value recognized as compensation cost (ASC 718 awards) or other income and expenses (ASC 815 awards) for the period, while fair value changes below the grant date fair value of the original awards are recorded in additional paid-in capital. ASC 718 “Compensation—Stock Options” (“ASC 718”), with an exercise price which is not denominated in: (a) the currency of a market in which a substantial portion of the Company’s equity securities trades, (b) the currency in which the individual’s pay is denominated, or (c) the Company’s functional currency, are required to be classified as liabilities. For awards accounted for under ASC 815 “Derivatives and Hedging” (“ASC 815”), any warrant or option that provides for an exercise price which is not denominated in the Company’s functional currency is required to be classified as a liability. Certain option awards which were classified as equity on grant dates were subsequently reclassified to liability upon the change of the compensation currency for certain executives and employees holding these option awards from Canadian dollars to U.S. dollars. Total fair value of these options on reclassification date were recorded as liability awards. Accumulated expense amount to the reclassification date was reversed from additional paid-in capital and the remaining amount was recorded to the statement of loss on reclassification date. The Company has an employee stock purchase plan which is considered compensatory. Accordingly, the Company recognizes compensation expense on these awards based on their estimated grant date fair value using the Black-Scholes option pricing model. The Company recognizes compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. |
Business Combination and Goodwill | Business Combinations and Goodwill Business combinations are accounted for using the acquisition method. The fair value of total purchase consideration is allocated to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed, with the remaining amount being classified as goodwill. All assets, liabilities and contingent liabilities acquired or assumed in a business combination are recorded at their fair values at the date of acquisition. If the Company’s interest in the fair value of the acquiree’s net identifiable assets exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred. Goodwill is evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present (note 6). As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit that includes the goodwill is less than its carrying value, then a quantitative impairment test would be prepared to compare the fair value to the carrying value and record an impairment charge if the carrying value exceeds the fair value. |
Acquired In-Process Research and Development and Definite-lived Intangible Assets | Acquired In-Process Research and Development (IPR&D) and Definite-lived Intangible Assets Acquired IPR&D represents the fair value assigned to research and development assets that have not reached technological feasibility. IPR&D is classified as an indefinite-lived intangible asset and is not amortized. IPR&D becomes definite-lived upon the completion or abandonment of the associated research and development efforts. All research and development costs incurred subsequent to the acquisition of IPR&D are expensed as incurred. Indefinite-lived intangible assets are evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present. Definite-lived intangible assets include computer software and a research license and are amortized on a basis which reflects the pattern in which the economic benefits are consumed. Amortization begins when the assets are put into use. If there is an event indicating that the carrying value of a definite-lived intangible asset may be impaired, then the Company will perform an impairment test. When an impairment test is performed, if the carrying value exceeds the recoverable value, based on the sum of undiscounted future cash flows, then such asset is written down to its fair value. |
Net Loss Per Share | Net loss per share Basic net loss per share attributable to common shareholders is computed by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding for the year. Diluted net loss per share attributable to common shareholders is computed by adjusting net loss attributable to common shareholders to reallocate undistributed earnings based on the potential impact of dilutive securities, including outstanding stock options and warrants. Diluted net loss per share attributable to common shareholders is computed by dividing the diluted net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the year, including potential dilutive common shares assuming the dilutive effect of outstanding instruments. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and warrants. ASC 260 “Earnings Per Share” requires an adjustment to the numerator for any income or loss related to liability classified warrants and stock options, if dilutive, if they are presumed to be share settled. Stock options outstanding, with the exception of liability classified stock options, were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive. |
Initial adoption of new accounting pronouncements | Initial adoption of new accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions for performing intra-period tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU2019-12 in the first quarter of 2021 and the adoption had no material impact to the Company’s consolidated financial statements. Recent accounting pronouncements not yet adopted The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable, or that no material impact is expected on the consolidated financial statements as a result of future adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | The Company records depreciation using the straight-line method over the estimated useful lives of the property and equipment as follows: Asset Class Rate Computer hardware 3 years Office equipment 3 years Furniture and fixtures 5 years Laboratory equipment 7 years Leasehold improvements Shorter of the initial lease term or useful life |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Diluted Loss Per Share | Net loss per share for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, 2021 2020 2019 Numerator : Net loss attributable to common shareholders: Basic $ (211,843) $ (180,552) $ (145,437) Adjustment for change in fair value of liability classified stock options $ (28,534) $ — $ — Diluted $ (240,377) $ (180,552) $ (145,437) Denominator: Weighted-average common shares outstanding: Basic 51,553,869 50,382,497 38,022,014 Adjustment for dilutive effect of liability classified stock options 577,727 — — Diluted 52,131,596 50,382,497 38,022,014 Net loss per common share – basic $ (4.11) $ (3.58) $ (3.83) Net loss per common share – diluted $ (4.61) $ (3.58) $ (3.83) |
IPR&D and Goodwill (Tables)
IPR&D and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Value of IPR&D, Net of Impairment | The following table summarizes the carrying value of IPR&D, net of impairment: Acquired Accumulated Net Balance at December 31, 2018 $ 20,700 $ (2,304) $ 18,396 Change during the period — (768) (768) Balance at December 31, 2019 $ 20,700 $ (3,072) $ 17,628 Change during the period — — — Balance at December 31, 2020 $ 20,700 $ (3,072) $ 17,628 Change during the period — — — Balance at December 31, 2021 $ 20,700 $ (3,072) $ 17,628 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consist of the following: December 31, 2021 2020 Computer hardware $ 3,554 $ 2,691 Furniture and fixtures 1,558 1,559 Office equipment 1,045 971 Laboratory equipment 8,326 7,280 Leasehold improvements 9,104 9,054 Construction in progress 13,257 964 Property and equipment $ 36,844 $ 22,519 Less accumulated depreciation (14,061) (10,334) Property and equipment, net $ 22,783 $ 12,185 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: December 31, 2021 2020 Research licenses and computer software $ 16,430 $ 16,390 Software implementation costs $ 1,289 $ — Less accumulated amortization (13,881) (11,087) Intangible assets, net $ 3,838 $ 5,303 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | At December 31, 2021, amortization expense on intangible assets is estimated to be as follows for each of the next five years: Amortization expense 2022 $ 597 2023 $ 452 2024 $ 432 2025 $ 427 2026 $ 427 $ 2,335 |
Liabilities (Tables)
Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following: December 31, 2021 2020 Trade payables $ 5,174 $ 6,244 Accrued research and development expenses 50,963 25,962 Employee compensation and vacation accruals 3,346 9,439 Accrued legal and professional fees 1,064 859 Other 2,220 1,151 Total $ 62,767 $ 43,655 |
Schedule of Other Long-term Liabilities | Other long term liabilities consisted of the following: December 31, 2021 2020 Liability for contingent consideration (note 17) $ 1,498 $ 1,285 Liabilities from in-licensing agreements 1,150 1,450 Finance lease liability 100 122 Total $ 2,748 $ 2,857 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | Number of RSUs Weighted- Outstanding, December 31, 2020 82,704 35.19 Granted 316,212 24.71 Vested and settled (27,563) 35.19 Forfeited (17,084) 34.96 Outstanding, December 31, 2021 354,269 25.85 |
Summary of Stock Options Granted | The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan: Number Weighted- Weighted- Weighted- Aggregate Aggregate Outstanding, December 31, 2019 2,356,413 16.21 12.46 6.70 101,404 77,807 Granted 413,750 49.22 36.25 Expired — — — Exercised (404,963) 13.82 10.48 Forfeited (79,631) 33.89 25.30 Outstanding, December 31, 2020 2,285,569 22.00 17.27 6.46 87,545 68,664 Granted 480,117 42.83 34.12 Expired — — — Exercised (212,817) 14.77 11.69 Forfeited (64,214) 40.69 32.48 Outstanding, December 31, 2021 2,488,655 26.15 20.70 6.24 7,919 6,224 December 31, 2021 Exercisable 1,715,062 19.29 15.16 5.03 7,658 6,018 Vested and expected to vest 2,440,510 25.84 20.31 6.12 7,734 6,078 The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan: Number Weighted- Weighted- Aggregate Outstanding, December 31, 2019 2,853,346 15.85 8.66 84,481 Granted 1,247,550 37.11 Expired — — Exercised (197,195) 14.59 Forfeited (113,375) 18.01 Outstanding, December 31, 2020 3,790,326 22.85 8.20 92,705 Granted 1,726,421 33.61 Expired — — Exercised (289,202) 13.66 Forfeited (310,631) 31.95 Outstanding, December 31, 2021 4,916,914 26.59 7.93 5,555 December 31, 2021 Exercisable 2,314,998 20.18 6.97 5,224 Vested and expected to vest 4,750,727 26.37 7.90 5,537 |
Schedule of Non-Vested Stock Option Activity | A summary of the non-vested stock option activity and related information of the Company’s stock options granted in Canadian dollars is as follows: Number of Weighted-average grant Weighted- Non-vested, December 31, 2020 690,776 24.44 19.17 Options granted 480,117 29.50 23.18 Options vested (344,786) 21.36 16.79 Options forfeited and cancelled (52,514) 27.76 21.81 Non-vested, December 31, 2021 773,593 27.97 21.98 A summary of the non-vested stock option activity and related information of the Company’s stock options granted in U.S. dollars is as follows: Number of Weighted- Non-vested, December 31, 2020 2,290,287 18.75 Options granted 1,726,421 23.05 Options vested (1,114,482) 17.45 Options forfeited and cancelled (300,310) 21.32 Non-vested, December 31, 2021 2,601,916 21.85 |
Schedule of Stock-based Compensation Expense for Equity Classified Instruments | Stock-based compensation expense for equity classified instruments, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments (note 2), are recorded in research and development expenses, general and administration expense and finance expense as follows: Year Ended December 31, 2021 2020 2019 Research and development expense: Stock-based compensation for equity classified instruments $ 20,090 $ 12,299 $ 5,939 Change in fair value of liability classified instruments (4,646) (6) 8,358 $ 15,444 $ 12,293 $ 14,297 General and administrative expense: Stock-based compensation for equity classified instruments $ 18,184 $ 14,645 $ 6,737 Change in fair value of liability classified instruments (23,758) 1,416 27,470 $ (5,574) $ 16,061 $ 34,207 Finance expense (income): Stock-based compensation for equity classified instruments $ — $ — $ — Change in fair value of liability classified instruments (129) (41) 166 $ (129) $ (41) $ 166 |
Schedule of Estimated Fair Value of Stock Options Assumptions | The estimated fair value of stock options granted under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2021 2020 2019 Dividend yield 0 % 0 % 0 % Expected volatility 80.3 % 76.8 % 73.2 % Risk-free interest rate 1.02 % 0.66 % 2.09 % Expected average life of options 6.05 years 6.04 years 6.03 years The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at December 31, 2021 and 2020 are as follows: December 31, December 31, Dividend yield 0 % 0 % Expected volatility 74.3 % 77.2 % Risk-free interest rate 0.99 % 0.43 % Expected average option term 2.35 years 2.47 years Number of liability classified stock options outstanding 911,400 1,028,676 |
Government Grants and Credits (
Government Grants and Credits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Government Grants and Credits [Abstract] | |
Component of Government Grants and Credits | Year Ended December 31, 2021 2020 2019 CEWS and CERS subsidies $ 3,402 $ 3,031 $ — SR&ED credits, net $ 78 $ 142 $ 110 Total $ 3,480 $ 3,173 $ 110 |
Research, Collaboration and L_2
Research, Collaboration and Licensing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenue Recognized from Strategic Partnerships | Revenue recognized from the Company’s strategic partnerships is summarized as follows: Year ended December 31, 2021 2020 2019 BeiGene: Milestone revenue $ 8,000 $ 15,000 $ — Recognition of upfront fee — — 3,530 Janssen: Milestone revenue 8,000 — — Iconic: Partner revenue 5,000 4,000 — Milestone revenue — — 1,000 BMS: Upfront fee relating to amendment — 12,000 — Option exercise fee — — 7,500 Merck: Milestone revenue — — 2,000 Lilly: Milestone revenue — — 8,000 Daiichi Sankyo: Commercial license option fee — — 3,500 Research support payments and other payments 5,680 7,951 4,014 $ 26,680 $ 38,951 $ 29,544 |
Other income, (expense), net (T
Other income, (expense), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other expenses consist of the following: Year ended December 31, 2021 2020 2019 Foreign exchange gain (loss) $ 1,191 $ 1,683 $ (567) Other 118 (35) (28) $ 1,309 $ 1,648 $ (595) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Recovery) | Income tax (expense) recovery is comprised of the following: Year Ended December 31, 2021 2020 2019 Current income tax expense $ (437) $ (292) $ (1,373) Deferred income tax recovery (expense) 953 (137) 1,955 Income tax recovery (expense) $ 516 $ (429) $ 582 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax (expense) recovery varies from the amounts that would be computed by applying the expected Canadian income tax rate of 27% (2020: 27%, 2019: 27%) to loss before income taxes as shown in the following tables: Year Ended December 31, 2021 2020 2019 Computed taxes at Canadian tax rate $ 57,368 $ 48,627 $ 39,453 Non-deductible expenses (1,026) (9,191) (13,020) Difference between domestic and foreign tax rate (345) 185 104 Effect of change in tax rates — — (10) Adjustments to prior year (33) (441) (39) Change in valuation allowance (60,260) (48,411) (29,057) Share issuance costs in equity 2 5,385 3,578 Change in recognition and measurement of tax positions — — (2,391) Changes due to SR&ED and research credits 5,096 4,067 2,200 Other (286) (650) (236) Income tax recovery (expense) $ 516 $ (429) $ 582 |
Schedule of Significant Components of the Deferred Income Tax Assets and Liabilities | The significant components of the deferred income tax assets and liabilities are as follows: December 31, December 31, Deferred tax assets: Non-capital losses carried forward $ 123,554 $ 71,566 Deferred revenue 8,894 8,894 Share issue costs 6,058 8,365 Property and equipment 1,219 1,423 Intangible assets 2,911 1,352 Research and development deductions and credits 35,401 27,994 Contingent consideration 421 366 Stock options 4,330 2,038 Operating lease liability 7,871 1,837 Other 351 280 $ 191,010 $ 124,115 Deferred tax liabilities: Property and equipment (1,085) (1,296) IPR&D (4,760) (4,760) Operating lease right-of-use assets (6,685) (1,181) Outside basis difference in foreign subsidiary (1,573) (1,178) $ (14,103) $ (8,415) 176,907 115,700 Less: valuation allowance (175,410) (115,155) Net deferred tax assets $ 1,497 $ 545 Deferred tax asset $ 3,070 $ 1,723 Deferred tax liability (1,573) (1,178) Net deferred tax assets $ 1,497 $ 545 |
Schedule of Expiry Details of Investment Tax Credits, Non-Capital Losses and Net Operating Losses for Income Tax Purposes | The investment tax credits and non-capital losses for income tax purposes expire as follows: Expiry date Investment tax credits Non-capital losses 2029 1,169 — 2030 1,242 — 2031 1,758 — 2032 — — 2033 — — 2034 229 — 2035 1,068 3,961 2036 862 24,578 2037 1,587 10,625 2038 1,485 — 2039 1,818 81,253 2040 1,903 146,611 2041 2,686 190,578 $ 15,807 $ 457,606 |
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of total unrecognized tax benefits for the years ended December 31, 2021, 2020, and 2019 are as follows: Year Ended December 31, 2021 2020 2019 Balance, beginning of year $ 3,063 $ 3,063 $ 672 Increases related to prior year tax positions — — — Increases related to current year tax positions — — 2,391 Balance, end of year $ 3,063 $ 3,063 $ 3,063 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Balance Sheet Classification of Lease Liabilities | The balance sheet classification of the Company’s lease liabilities was as follows: December 31, December 31, Operating lease liabilities: Current portion $ 1,310 $ 2,710 Long-term portion 30,923 5,812 Total operating lease liabilities 32,233 $ 8,522 Finance lease liabilities: Current portion included in other current liabilities 22 17 Long-term portion included in other long-term liabilities 100 122 Total finance lease liabilities 122 139 Total lease liabilities $ 32,355 $ 8,661 |
Schedule of Maturities of Operating Lease Liabilities | As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows: Operating Within 1 year $ 2,248 1 to 2 years 5,181 2 to 3 years 5,117 3 to 4 years 5,262 4 to 5 years 5,246 Thereafter 15,545 Total operating lease payments 38,599 Less: Imputed interest (6,366) Operating lease liabilities $ 32,233 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques used to determine such fair value: December 31, Level 1 Level 2 Level 3 Assets Cash equivalents: Commercial paper 61,387 — 61,387 — Investments: GICs 50,741 — 50,741 — Total 112,128 — 112,128 — Liabilities Liability for contingent consideration 1,498 — — 1,498 Total $ 1,498 $ — $ — $ 1,498 December 31, Level 1 Level 2 Level 3 Assets Cash equivalents: Commercial paper 161,011 — 161,011 — Investments: GICs 209,521 — 209,521 — Total 370,532 — 370,532 — Liabilities Liability for contingent consideration 1,285 — — 1,285 Total $ 1,285 $ — $ — $ 1,285 |
Summary of Changes in Fair Value of the Company's Liability for Contingent Consideration | The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase Liability at end Year ended December 31, 2021 $ 1,285 $ 213 $ 1,498 Year ended December 31, 2020 $ 978 $ 307 $ 1,285 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021segmentprogram | |
Schedule Of Accounting Policies [Line Items] | |
Number of operating segments | segment | 1 |
Federal Tax Incentive | |
Schedule Of Accounting Policies [Line Items] | |
Number of operating programs | program | 2 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Computer hardware | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 3 years |
Office equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 3 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 5 years |
Laboratory equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 7 years |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Calculation of Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net loss attributable to common shareholders basic | $ (211,843) | $ (180,552) | $ (145,437) |
Adjustment for change in fair value of liability classified stock options | (28,534) | 0 | 0 |
Net loss attributable to common shareholders diluted | $ (240,377) | $ (180,552) | $ (145,437) |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 51,553,869 | 50,382,497 | 38,022,014 |
Adjustment for dilutive effect of liability classified stock options | 577,727 | 0 | 0 |
Diluted (in shares) | 52,131,596 | 50,382,497 | 38,022,014 |
Net loss per common share – basic (in dollars per share) | $ (4.11) | $ (3.58) | $ (3.83) |
Net loss per common share – diluted (in dollars per share) | $ (4.61) | $ (3.58) | $ (3.83) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments [Line Items] | ||
Long-term investments (note 5) | $ 886 | $ 25,921 |
Investments | ||
Investments [Line Items] | ||
Long-term investments (note 5) | $ 886 | 718 |
Long-term Guaranteed investment Certificates | ||
Investments [Line Items] | ||
Commercial paper | $ 25,203 | |
Minimum | Short-term Guaranteed investment Certificates | ||
Investments [Line Items] | ||
Investments interest rate | 0.25% | |
Maximum | Short-term Guaranteed investment Certificates | ||
Investments [Line Items] | ||
Investments interest rate | 1.00% |
IPR&D and Goodwill - Summary of
IPR&D and Goodwill - Summary of Carrying Value of IPR&D, Net of Impairment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 17,628 | $ 17,628 | $ 18,396 |
Change during the period | 0 | 0 | (768) |
Ending balance | 17,628 | 17,628 | 17,628 |
IPR&D | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Acquired IPR&D, beginning balance | 20,700 | 20,700 | 20,700 |
Acquired IPR&D, Change during the period | 0 | 0 | 0 |
Acquired IPR&D, ending balance | 20,700 | 20,700 | 20,700 |
Indefinite-lived Intangible Assets Accumulated Impairment [Roll Forward] | |||
Beginning balance | (3,072) | (3,072) | (2,304) |
Change during the period | 0 | 0 | (768) |
Ending balance | $ (3,072) | $ (3,072) | $ (3,072) |
IPR&D and Goodwill - Additional
IPR&D and Goodwill - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)reportingUnit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Impairment of acquired IPR&D (note 6) | $ 0 | $ 0 | $ 768,000 |
Goodwill, impairment loss | $ 0 | ||
Number of reporting units | reportingUnit | 1 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 36,844 | $ 22,519 |
Less accumulated depreciation | (14,061) | (10,334) |
Property and equipment, net | 22,783 | 12,185 |
Computer hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,554 | 2,691 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,558 | 1,559 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,045 | 971 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 8,326 | 7,280 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 9,104 | 9,054 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 13,257 | $ 964 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 3,739 | $ 3,355 | $ 2,312 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Less accumulated amortization | $ (13,881) | $ (11,087) |
Intangible assets, net | 3,838 | 5,303 |
Research licenses and computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 16,430 | 16,390 |
Software implementation costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 1,289 | $ 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 2,793 | $ 4,160 | $ 3,113 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 597 |
2023 | 452 |
2024 | 432 |
2025 | 427 |
2026 | 427 |
Intangible assets, net | $ 2,335 |
Liabilities - Schedule of Accou
Liabilities - Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 5,174 | $ 6,244 |
Accrued research and development expenses | 50,963 | 25,962 |
Employee compensation and vacation accruals | 3,346 | 9,439 |
Accrued legal and professional fees | 1,064 | 859 |
Other | 2,220 | 1,151 |
Total | $ 62,767 | $ 43,655 |
Liabilities - Schedule of Other
Liabilities - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Liability for contingent consideration (note 17) | $ 1,498 | $ 1,285 |
Liabilities from in-licensing agreements | 1,150 | 1,450 |
Finance lease liability | 100 | 122 |
Total | $ 2,748 | $ 2,857 |
Finance lease, liability, noncurrent, statement of financial position | Other long-term liabilities (note 9) | Other long-term liabilities (note 9) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2022 | Jan. 27, 2020 | Jun. 24, 2019 | Jun. 07, 2018 | Jul. 14, 2006 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2028 | Jan. 05, 2022 | Mar. 31, 2018 |
Temporary Equity [Line Items] | |||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||
Warrant exercise price | $ 0.0001 | ||||||||||
Shares granted with respect to maximum fixed amount equal, percentage | 20.00% | ||||||||||
Maximum number of common shares reserved for issuance | 5,686,097 | ||||||||||
Shares issuable upon exercise of stock options | 3,686,097 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 952,632 | 1,242,038 | |||||||||
Proceeds from stock options exercised | $ 6,428 | $ 7,111 | $ 5,498 | ||||||||
Stock-based compensation | 38,275 | 26,945 | 12,676 | ||||||||
Derivative liability, classified stock options and ESPP | $ (27,517) | $ 2,171 | $ 36,320 | ||||||||
Expected average life of options | 6 years 18 days | 6 years 14 days | 6 years 10 days | ||||||||
Option exercised intrinsic value | $ 10,998 | $ 19,446 | $ 9,416 | ||||||||
Unamortized compensation expense related to unvested options | $ 33,960 | ||||||||||
Remaining unamortized compensation expense, weighted-average period | 1 year 10 months 24 days | ||||||||||
Maximum | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Expected average life of options | 10 years | ||||||||||
Forecast | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Maximum number of common shares reserved for issuance increase in percentage | 4.00% | ||||||||||
Offering | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Number of common shares issued | 5,824,729 | 7,013,892 | |||||||||
Share issued price per share (in dollars per share) | $ 46.50 | $ 18 | |||||||||
Warrants issued price per pre funded warrant (in dollars per share) | $ 46.4999 | $ 17.9999 | |||||||||
Net proceeds from issuance | $ 300,910 | $ 188,005 | |||||||||
Payments of stock issuance costs | $ 19,940 | $ 13,245 | |||||||||
Warrant exercise price | $ 0.0001 | ||||||||||
Offering | Subsequent Event | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Class of warrant or right, pre-funded (in shares) | 3,340,000 | ||||||||||
Warrants issued price per pre funded warrant (in dollars per share) | $ 7.9999 | ||||||||||
Net proceeds from issuance | $ 107,600 | ||||||||||
Over-Allotment Option | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Number of shares issued to underwriters | 900,000 | 1,458,336 | |||||||||
Class of warrant or right, pre-funded (in shares) | 1,075,271 | 4,166,690 | |||||||||
Original Stock Option Plan | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Shares granted with respect to maximum fixed amount equal, percentage | 20.00% | ||||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||||||||||
Inducement Plan | Subsequent Event | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Common stock, capital shares reserved for future issuance | 750,000 | ||||||||||
Restricted Stock Units (RSUs) | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Shares available for issuance, vesting period | 3 years | ||||||||||
Nonvested award, cost not yet recognized, amount | $ 5,224 | ||||||||||
Nonvested award, cost not yet recognized, period for recognition | 1 year 5 months 19 days | ||||||||||
Compensation charge | $ 3,101 | $ 1,387 | $ 0 | ||||||||
Employees Stock Purchase Plan | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Compensation charge | $ 1,016 | 803 | |||||||||
Maximum eligible employees contribution under ESPP | 15.00% | ||||||||||
Purchase of shares under ESPP, maximum limit for each employee | $ 25 | ||||||||||
Total amount contributed by ESPP participants | $ 1,243 | $ 926 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of RSUs Outstanding (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of RSUs | |
Outstanding at beginning of period (in shares) | shares | 82,704 |
Granted (in shares) | shares | 316,212 |
Vested and settled (in shares) | shares | (27,563) |
Forfeited (in shares) | shares | (17,084) |
Outstanding, at end of period (in shares) | shares | 354,269 |
Weighted- average grant date fair value ($) | |
Outstanding, at beginning of period (in dollars per shares) | $ / shares | $ 35.19 |
Granted (in dollars per share) | $ / shares | 24.71 |
Vested and settled (in dollars per share) | $ / shares | 35.19 |
Forfeited (in dollars per share) | $ / shares | 34.96 |
Outstanding, at end of period (in dollars per shares) | $ / shares | $ 25.85 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Stock Options Granted (Detail) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Options | |||||||||
Granted (in shares) | 480,117 | 480,117 | |||||||
Weighted- Average Contractual Term (years) | |||||||||
Weighted-average contractual term, vested and expected to vest | 1 year 10 months 24 days | 1 year 10 months 24 days | |||||||
Canadian Dollar Under the New Option Stock Plan | |||||||||
Number of Options | |||||||||
Outstanding, beginning balance (in shares) | 2,285,569 | 2,285,569 | 2,356,413 | 2,356,413 | |||||
Granted (in shares) | 480,117 | 480,117 | 413,750 | 413,750 | |||||
Expired (in shares) | 0 | 0 | 0 | 0 | |||||
Exercised (in shares) | (212,817) | (212,817) | (404,963) | (404,963) | |||||
Forfeited (in shares) | (64,214) | (64,214) | (79,631) | (79,631) | |||||
Outstanding, ending balance (in shares) | 2,488,655 | 2,488,655 | 2,285,569 | 2,285,569 | 2,356,413 | 2,356,413 | |||
Exercisable (in shares) | 1,715,062 | 1,715,062 | |||||||
Vested and expected to vest (in shares) | 2,440,510 | 2,440,510 | |||||||
Weighted- Average Exercise Price ($) | |||||||||
Beginning balance (in dollars per share) | (per share) | $ 22 | $ 17.27 | $ 16.21 | $ 12.46 | |||||
Granted (in dollars per share) | (per share) | 42.83 | 34.12 | 49.22 | 36.25 | |||||
Expired (in dollars per share) | (per share) | 0 | 0 | 0 | 0 | |||||
Exercised (in dollars per share) | (per share) | 14.77 | 11.69 | 13.82 | 10.48 | |||||
Forfeited (in dollars per share) | (per share) | 40.69 | 32.48 | 33.89 | 25.30 | |||||
Ending balance (in dollars per share) | (per share) | 26.15 | 20.70 | $ 22 | $ 17.27 | $ 16.21 | $ 12.46 | |||
Exercisable (in dollars per share) | (per share) | 19.29 | $ 15.16 | |||||||
Vested and expected to vest (in dollars per share) | (per share) | $ 25.84 | $ 20.31 | |||||||
Weighted- Average Contractual Term (years) | |||||||||
Weighted-average contractual term, outstanding | 6 years 2 months 26 days | 6 years 2 months 26 days | 6 years 5 months 15 days | 6 years 5 months 15 days | 6 years 8 months 12 days | 6 years 8 months 12 days | |||
Weighted-average contractual term, exercisable | 5 years 10 days | 5 years 10 days | |||||||
Weighted-average contractual term, vested and expected to vest | 6 years 1 month 13 days | 6 years 1 month 13 days | |||||||
Aggregate intrinsic value ($) | |||||||||
Aggregate intrinsic value outstanding | $ 7,919 | $ 87,545 | $ 87,545 | $ 101,404 | $ 101,404 | $ 6,224 | $ 68,664 | $ 77,807 | |
Aggregate intrinsic value exercisable | 7,658 | $ 6,018 | |||||||
Aggregate intrinsic vested and expected to vest | $ 7,734 | $ 6,078 | |||||||
U.S Dollar Under the New Option Stock Plan | |||||||||
Number of Options | |||||||||
Outstanding, beginning balance (in shares) | 3,790,326 | 3,790,326 | 2,853,346 | 2,853,346 | |||||
Granted (in shares) | 1,726,421 | 1,726,421 | 1,247,550 | 1,247,550 | |||||
Expired (in shares) | 0 | 0 | 0 | 0 | |||||
Exercised (in shares) | (289,202) | (289,202) | (197,195) | (197,195) | |||||
Forfeited (in shares) | (310,631) | (310,631) | (113,375) | (113,375) | |||||
Outstanding, ending balance (in shares) | 4,916,914 | 4,916,914 | 3,790,326 | 3,790,326 | 2,853,346 | 2,853,346 | |||
Exercisable (in shares) | 2,314,998 | 2,314,998 | |||||||
Vested and expected to vest (in shares) | 4,750,727 | 4,750,727 | |||||||
Weighted- Average Exercise Price ($) | |||||||||
Beginning balance (in dollars per share) | $ / shares | $ 22.85 | $ 15.85 | |||||||
Granted (in dollars per share) | $ / shares | 33.61 | 37.11 | |||||||
Expired (in dollars per share) | $ / shares | 0 | 0 | |||||||
Exercised (in dollars per share) | $ / shares | 13.66 | 14.59 | |||||||
Forfeited (in dollars per share) | $ / shares | 31.95 | 18.01 | |||||||
Ending balance (in dollars per share) | $ / shares | 26.59 | $ 22.85 | $ 15.85 | ||||||
Exercisable (in dollars per share) | $ / shares | $ 20.18 | ||||||||
Vested and expected to vest (in dollars per share) | $ / shares | $ 26.37 | ||||||||
Weighted- Average Contractual Term (years) | |||||||||
Weighted-average contractual term, outstanding | 7 years 11 months 4 days | 7 years 11 months 4 days | 8 years 2 months 12 days | 8 years 2 months 12 days | 8 years 7 months 28 days | 8 years 7 months 28 days | |||
Weighted-average contractual term, exercisable | 6 years 11 months 19 days | 6 years 11 months 19 days | |||||||
Weighted-average contractual term, vested and expected to vest | 7 years 10 months 24 days | 7 years 10 months 24 days | |||||||
Aggregate intrinsic value ($) | |||||||||
Aggregate intrinsic value outstanding | $ | $ 5,555 | $ 92,705 | $ 84,481 | ||||||
Aggregate intrinsic value exercisable | $ | $ 5,224 | ||||||||
Aggregate intrinsic vested and expected to vest | $ | $ 5,537 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Non-Vested Stock Option Activity (Detail) | 12 Months Ended | |
Dec. 31, 2021$ / sharesshares | Dec. 31, 2021$ / sharesshares | |
Number of options | ||
Non-vested, beginning balance (in shares) | 690,776 | 690,776 |
Options granted (in shares) | 480,117 | 480,117 |
Options vested (in shares) | (344,786) | (344,786) |
Options forfeited and cancelled (in shares) | (52,514) | (52,514) |
Non-vested, ending balance (in shares) | 773,593 | 773,593 |
Weighted-average grant date fair value | ||
Non-vested, beginning balance (in dollars per share) | (per share) | $ 24.44 | $ 19.17 |
Options granted (in dollars per share) | (per share) | 29.50 | 23.18 |
Options vested (in dollars per share) | (per share) | 21.36 | 16.79 |
Options forfeited and cancelled (in dollars per share) | (per share) | 27.76 | 21.81 |
Non-vested, ending balance (in dollars per share) | (per share) | $ 27.97 | $ 21.98 |
Share-based Payment Arrangement, Option | ||
Number of options | ||
Non-vested, beginning balance (in shares) | 2,290,287 | 2,290,287 |
Options granted (in shares) | 1,726,421 | 1,726,421 |
Options vested (in shares) | (1,114,482) | (1,114,482) |
Options forfeited and cancelled (in shares) | (300,310) | (300,310) |
Non-vested, ending balance (in shares) | 2,601,916 | 2,601,916 |
Weighted-average grant date fair value | ||
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 18.75 | |
Options granted (in dollars per share) | $ / shares | 23.05 | |
Options vested (in dollars per share) | $ / shares | 17.45 | |
Options forfeited and cancelled (in dollars per share) | $ / shares | 21.32 | |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 21.85 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Stock-based Compensation Expense for Equity Classified Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Research and development expenses | $ 199,752 | $ 171,203 | $ 117,367 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation charge | 3,101 | 1,387 | 0 |
Research and Development Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation for equity classified instruments | 20,090 | 12,299 | 5,939 |
Change in fair value of liability classified instruments | (4,646) | (6) | 8,358 |
Research and development expenses | 15,444 | 12,293 | 14,297 |
General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation for equity classified instruments | 18,184 | 14,645 | 6,737 |
Change in fair value of liability classified instruments | (23,758) | 1,416 | 27,470 |
General and administrative expenses | (5,574) | 16,061 | 34,207 |
Finance Expense (Income) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation for equity classified instruments | 0 | 0 | 0 |
Change in fair value of liability classified instruments | (129) | (41) | 166 |
Finance expenses | $ (129) | $ (41) | $ 166 |
Shareholders' Equity - Schedu_3
Shareholders' Equity - Schedule of Estimated Fair Value of Stock Options Assumptions (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 80.30% | 76.80% | 73.20% |
Risk-free interest rate | 1.02% | 0.66% | 2.09% |
Expected average life of options | 6 years 18 days | 6 years 14 days | 6 years 10 days |
Liability Classified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | |
Expected volatility | 74.30% | 77.20% | |
Risk-free interest rate | 0.99% | 0.43% | |
Expected average life of options | 2 years 4 months 6 days | 2 years 5 months 19 days | |
Number of liability classified stock options outstanding (in shares) | 911,400 | 1,028,676 |
Government Grants and Credits -
Government Grants and Credits - Component of Government Grants and Credits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CEWS and CERS subsidies | |||
Government Grants And Credits [Line Items] | |||
Research and development collaborations (note 12) | $ 3,402 | $ 3,031 | $ 0 |
SR&ED credits, net | |||
Government Grants And Credits [Line Items] | |||
Research and development collaborations (note 12) | 78 | 142 | 110 |
Grant | |||
Government Grants And Credits [Line Items] | |||
Research and development collaborations (note 12) | $ 3,480 | $ 3,173 | $ 110 |
Government Grants and Credits_2
Government Grants and Credits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Government Grants And Credits [Line Items] | ||
Accrued refundable investment tax credits | $ 78 | |
Canada Emergency Wage Subsidy | ||
Government Grants And Credits [Line Items] | ||
Research and development collaborations (note 12) | 2,805 | $ 3,005 |
Canada Emergency Rent Subsidy | ||
Government Grants And Credits [Line Items] | ||
Research and development collaborations (note 12) | $ 597 | $ 26 |
Research, Collaboration and L_3
Research, Collaboration and Licensing Agreements - Schedule Of Collaborative Arrangements and Noncollaborative Arrangement Transactions (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Nov. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | $ 26,680 | $ 38,951 | $ 29,544 | |||
Research support payments and other payments | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 5,680 | 7,951 | 4,014 | |||
Bei Gene | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 0 | 0 | 3,530 | |||
Bei Gene | Milestone | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | $ 8,000 | $ 10,000 | $ 5,000 | 8,000 | 15,000 | 0 |
Janssen Biotech, Inc. | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 0 | 0 | ||||
Iconic Therapeutics Inc | Milestone | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 0 | 0 | 1,000 | |||
Iconic Therapeutics Inc | Partner Revenue | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 5,000 | 4,000 | 0 | |||
BMS | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 0 | 12,000 | 0 | |||
BMS | Option Exercise Fee | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 0 | 0 | 7,500 | |||
Merck Sharp and Dohme Research Ltd. | Milestone | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 0 | 0 | 2,000 | |||
Eli Lilly and Company | Milestone | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | 0 | 0 | 8,000 | |||
Daiichi Sankyo, Co., Ltd | Commercial License Option Exercise | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development collaborations (note 12) | $ 0 | $ 0 | $ 3,500 |
Research, Collaboration and L_4
Research, Collaboration and Licensing Agreements - Narrative (Details) | Nov. 26, 2018USD ($)Agreement | Oct. 23, 2018USD ($) | May 30, 2018USD ($) | Nov. 13, 2017USD ($) | Sep. 26, 2016USD ($) | Apr. 21, 2016USD ($) | Dec. 01, 2015USD ($) | Dec. 23, 2014USD ($)program | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Jul. 31, 2020USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Contract assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Contract liabilities | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | ||||||||||||||
Research and development collaborations (note 12) | 26,680,000 | 38,951,000 | $ 29,544,000 | |||||||||||||||||||||||||||
Merck Sharp and Dohme Research Ltd. | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Maximum exercise fees and milestone payments | $ 419,300,000 | |||||||||||||||||||||||||||||
Maximum milestone payments and tiered royalties | $ 502,500,000 | |||||||||||||||||||||||||||||
Janssen Biotech, Inc. | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | 0 | ||||||||||||||||||||||||||||
Bei Gene | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | 0 | 3,530,000 | |||||||||||||||||||||||||||
Iconic Therapeutics Inc | Research and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Portion of fee received | 4,000,000 | |||||||||||||||||||||||||||||
Option fee, total | 20,000,000 | |||||||||||||||||||||||||||||
Option fee, one time fee | 5,000,000 | |||||||||||||||||||||||||||||
Research Support Payments | Merck Sharp and Dohme Research Ltd. | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 5,500,000 | |||||||||||||||||||||||||||||
Research Support Payments | Eli Lilly and Company | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 3,000,000 | |||||||||||||||||||||||||||||
Commercial Milestones | Janssen Biotech, Inc. | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | |||||||||||||||||||||||||||||
Research Development and Commercial Milestones | Glaxo Smith Kline Intellectual Property Development Ltd | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | |||||||||||||||||||||||||||||
Milestone and Other Payments | Glaxo Smith Kline Intellectual Property Development Ltd | Maximum | Eligible to Receive | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 1,100,000,000 | |||||||||||||||||||||||||||||
Milestone | Merck Sharp and Dohme Research Ltd. | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | 0 | 2,000,000 | |||||||||||||||||||||||||||
Milestone | Eli Lilly and Company | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | 0 | 8,000,000 | |||||||||||||||||||||||||||
Milestone | Bei Gene | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 8,000,000 | $ 10,000,000 | $ 5,000,000 | 8,000,000 | 15,000,000 | 0 | ||||||||||||||||||||||||
Milestone | Iconic Therapeutics Inc | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | 0 | $ 1,000,000 | |||||||||||||||||||||||||||
Commercial and Development Milestones | Glaxo Smith Kline Intellectual Property Development Ltd | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | |||||||||||||||||||||||||||||
Commercial and Development Milestones | Daiichi Sankyo, Co., Ltd | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | |||||||||||||||||||||||||||||
Commercial and Development Milestones | LEO Pharma | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | |||||||||||||||||||||||||||||
Commercial and Development Milestones | Bei Gene | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 0 | |||||||||||||||||||||||||||||
Milestone Payment | Iconic Therapeutics Inc | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 1,000,000 | |||||||||||||||||||||||||||||
Upfront Fee | Daiichi Sankyo, Co., Ltd | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 18,000,000 | |||||||||||||||||||||||||||||
Upfront Fee | Bristol-Myers Squibb | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 12,000,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Merck Sharp and Dohme Research Ltd. | Research and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 1,250,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Daiichi Sankyo, Co., Ltd | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 484,700,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Development Milestone | Glaxo Smith Kline Intellectual Property Development Ltd | Maximum | Eligible to Receive | Platform Technology Transfer and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 183,500,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Development Milestone | Daiichi Sankyo, Co., Ltd | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 126,700,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Commercial Milestones | Daiichi Sankyo, Co., Ltd | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 340,000,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Technology Access Fee | Glaxo Smith Kline Intellectual Property Development Ltd | Platform Technology Transfer and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 6,000,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Research Milestone | Glaxo Smith Kline Intellectual Property Development Ltd | Maximum | Eligible to Receive | Platform Technology Transfer and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 37,500,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Commercial Sales Milestones | Glaxo Smith Kline Intellectual Property Development Ltd | Maximum | Eligible to Receive | Platform Technology Transfer and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 867,000,000 | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Royalty | Daiichi Sankyo, Co., Ltd | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Royalty agreement term | 10 years | |||||||||||||||||||||||||||||
Arrangement Other than Collaborative | Royalty | Daiichi Sankyo, Co., Ltd | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Royalty percentage earned from sales of product | 10.00% | |||||||||||||||||||||||||||||
Collaborative Arrangement | License Agreement | ZW25 and ZW49 Agreements | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Contract liabilities | $ 32,941,000 | $ 32,941,000 | $ 32,941,000 | $ 32,941,000 | $ 32,941,000 | $ 32,941,000 | $ 32,941,000 | $ 32,941,000 | 32,941,000 | 32,941,000 | $ 32,941,000 | $ 32,941,000 | 32,941,000 | 32,941,000 | 32,941,000 | $ 32,941,000 | ||||||||||||||
Collaborative Arrangement | Maximum | Eligible to Receive | Cross License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Royalty percentage earned from sales of product | 10.00% | |||||||||||||||||||||||||||||
Collaborative Arrangement | Eli Lilly and Company | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 1,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Celgene | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 8,000,000 | |||||||||||||||||||||||||||||
Collaborative agreement expansion fee | $ 4,000,000 | |||||||||||||||||||||||||||||
Number of potential products to developed and commercialized | program | 10 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Celgene | Maximum | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 164,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Celgene | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Milestone payment | 1,640,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Glaxo Smith Kline Intellectual Property Development Ltd | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 1,100,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | LEO Pharma | Research and License Agreement | First Therapeutic | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Royalty payments on future global net sales | 20.00% | |||||||||||||||||||||||||||||
Collaborative Arrangement | Bei Gene | Research and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Fair value of consideration allocated to a group of contracts that were considered as a single contract | $ 20,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Bei Gene | Research and License Agreement | Bispecific Therapeutic | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 20,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Bei Gene | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Number of agreements | Agreement | 3 | |||||||||||||||||||||||||||||
Upfront payment received | 60,000,000 | |||||||||||||||||||||||||||||
Fair value of consideration allocated to a group of contracts that were considered as a single contract | 40,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Bei Gene | License Agreement | ZW25 and ZW49 Agreements | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Royalty payments on future global net sales | 20.00% | |||||||||||||||||||||||||||||
Collaborative Arrangement | Bei Gene | License Agreement | ZW25 Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Fair value of consideration allocated to a group of contracts that were considered as a single contract | $ 7,100,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Development Milestone | Celgene | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 101,500,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Development Milestone | Daiichi Sankyo, Co., Ltd | Maximum | Eligible to Receive | Cross License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Milestone payment | $ 63,400,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Development Milestone | Janssen Biotech, Inc. | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 8,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Development Milestone | Janssen Biotech, Inc. | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 274,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Development Milestone | LEO Pharma | Maximum | Research and License Agreement | First Therapeutic | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 74,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Development Milestone | LEO Pharma | Maximum | Research and License Agreement | Second Therapeutic | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 86,500,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Commercial Milestones | Celgene | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 55,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Commercial Milestones | Daiichi Sankyo, Co., Ltd | Maximum | Eligible to Receive | Cross License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 80,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Commercial Milestones | Janssen Biotech, Inc. | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 1,120,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Commercial Milestones | LEO Pharma | Maximum | Research and License Agreement | First Therapeutic | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 157,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Commercial Milestones | LEO Pharma | Maximum | Research and License Agreement | Second Therapeutic | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 157,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Commercial Milestones | Bei Gene | Maximum | License Agreement | ZW25 and ZW49 Agreements | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 390,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Research and Development Milestone | Eli Lilly and Company | License Agreement | Project Two | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 10,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | License Option | Celgene | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 7,500,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Option Exercise Fee | Celgene | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 7,500,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Research Development and Commercial Milestones | Glaxo Smith Kline Intellectual Property Development Ltd | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 110,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Milestone and Other Payments | Daiichi Sankyo, Co., Ltd | Maximum | Eligible to Receive | Cross License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Milestone payment | $ 149,900,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Technology Access Fee | Daiichi Sankyo, Co., Ltd | Cross License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | 2,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Research, Development, Commercial License Option Milestone | Daiichi Sankyo, Co., Ltd | Cross License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 4,500,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Royalty | Janssen Biotech, Inc. | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Royalty agreement term | 10 years | |||||||||||||||||||||||||||||
Payment for royalty | $ 10,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | License and Milestone Payments | Janssen Biotech, Inc. | Maximum | Eligible to Receive | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 1,450,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Commercial and Development Milestones | Bei Gene | Maximum | Research and License Agreement | Bispecific Therapeutic | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 702,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Upfront Fee | Janssen Biotech, Inc. | License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 50,000,000 | |||||||||||||||||||||||||||||
Collaborative Arrangement | Upfront Fee | LEO Pharma | Research and License Agreement | ||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||||||||||||
Research and development collaborations (note 12) | $ 5,000,000 |
Other income, (expense), net -S
Other income, (expense), net -Schedule Of Other Non operating Income Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange gain (loss) | $ 1,191 | $ 1,683 | $ (567) |
Other | 118 | (35) | (28) |
Total other income (expense), net | $ 1,309 | $ 1,648 | $ (595) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Recovery) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense | $ (437) | $ (292) | $ (1,373) |
Deferred income tax recovery (expense) | 953 | (137) | 1,955 |
Income tax recovery (expense) | $ 516 | $ (429) | $ 582 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Expected income tax rate | 27.00% | 27.00% | 27.00% |
Net operating loss carry forwards | $ 457,600 | $ 265,100 | |
Tax credit carryforward, amount | 15,807 | 11,700 | |
Research | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward, amount | $ 81,400 | $ 69,500 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Computed taxes at Canadian tax rate | $ 57,368 | $ 48,627 | $ 39,453 |
Non-deductible expenses | (1,026) | (9,191) | (13,020) |
Difference between domestic and foreign tax rate | (345) | 185 | 104 |
Effect of change in tax rates | 0 | 0 | (10) |
Adjustments to prior year | (33) | (441) | (39) |
Change in valuation allowance | (60,260) | (48,411) | (29,057) |
Share issuance costs in equity | 2 | 5,385 | 3,578 |
Change in recognition and measurement of tax positions | 0 | 0 | (2,391) |
Changes due to SR&ED and research credits | 5,096 | 4,067 | 2,200 |
Other | (286) | (650) | (236) |
Income tax recovery (expense) | $ 516 | $ (429) | $ 582 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Non-capital losses carried forward | $ 123,554 | $ 71,566 |
Deferred revenue | 8,894 | 8,894 |
Share issue costs | 6,058 | 8,365 |
Property and equipment | 1,219 | 1,423 |
Intangible assets | 2,911 | 1,352 |
Research and development deductions and credits | 35,401 | 27,994 |
Contingent consideration | 421 | 366 |
Stock options | 4,330 | 2,038 |
Operating lease liability | 7,871 | 1,837 |
Other | 351 | 280 |
Gross deferred tax assets | 191,010 | 124,115 |
Deferred tax liabilities: | ||
Property and equipment | (1,085) | (1,296) |
IPR&D | (4,760) | (4,760) |
Operating lease right-of-use assets | (6,685) | (1,181) |
Outside basis difference in foreign subsidiary | (1,573) | (1,178) |
Gross deferred tax liabilities | (14,103) | (8,415) |
Deferred tax assets liabilities before valuation allowance | 176,907 | 115,700 |
Less: valuation allowance | (175,410) | (115,155) |
Net deferred tax assets | 1,497 | 545 |
Deferred tax asset | 3,070 | 1,723 |
Deferred tax liability | (1,573) | (1,178) |
Deferred Tax Net | ||
Deferred tax liabilities: | ||
Net deferred tax assets | $ 1,497 | $ 545 |
Income Taxes - Summary of Expir
Income Taxes - Summary of Expiry Details of Investment Tax Credits, Non-Capital Losses and Net Operating Losses for Income Tax Purposes (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | $ 15,807 | $ 11,700 |
Non-capital losses | 457,606 | |
Tax Year 2029 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,169 | |
Non-capital losses | 0 | |
Tax Year 2030 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,242 | |
Non-capital losses | 0 | |
Tax Year 2031 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,758 | |
Non-capital losses | 0 | |
Tax Year 2032 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 0 | |
Non-capital losses | 0 | |
Tax Year 2033 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 0 | |
Non-capital losses | 0 | |
Tax Year 2034 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 229 | |
Non-capital losses | 0 | |
Tax Year 2035 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,068 | |
Non-capital losses | 3,961 | |
Tax Year 2036 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 862 | |
Non-capital losses | 24,578 | |
Tax Year 2037 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,587 | |
Non-capital losses | 10,625 | |
Tax Year 2038 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,485 | |
Non-capital losses | 0 | |
Tax Year 2039 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,818 | |
Non-capital losses | 81,253 | |
Tax Year 2040 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 1,903 | |
Non-capital losses | 146,611 | |
Tax Year 2041 | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | 2,686 | |
Non-capital losses | $ 190,578 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 3,063 | $ 3,063 | $ 672 |
Increases related to prior year tax positions | 0 | 0 | 0 |
Increases related to current year tax positions | 0 | 0 | 2,391 |
Balance, end of year | $ 3,063 | $ 3,063 | $ 3,063 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Jan. 25, 2019renewalOption | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Operating lease payments | $ 3,186 | ||
Weighted average remaining lease term | 8 years 3 months 18 days | ||
Operating lease expense | $ 5,658 | $ 3,595 | |
Fixed lease payment | 5,323 | 3,156 | |
Variable lease payment | 335 | 439 | |
Impairment loss | $ 0 | $ 667 | |
BRITISH COLUMBIA | Building | |||
Operating lease, term of contract | 10 years | ||
Number of renewal options | renewalOption | 2 | ||
Renewal term | 5 years | ||
Canada, Dollars | |||
Discount rate | 4.80% | ||
United States of America, Dollars | |||
Discount rate | 2.80% |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Current portion | $ 1,310 | $ 2,710 |
Long-term portion | 30,923 | 5,812 |
Total operating lease liabilities | $ 32,233 | $ 8,522 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Current portion included in other current liabilities | $ 22 | $ 17 |
Long-term portion included in other long-term liabilities | $ 100 | $ 122 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Total finance lease liabilities | $ 122 | $ 139 |
Total lease liabilities | $ 32,355 | $ 8,661 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payment Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Within 1 year | $ 2,248 | |
1 to 2 years | 5,181 | |
2 to 3 years | 5,117 | |
3 to 4 years | 5,262 | |
4 to 5 years | 5,246 | |
Thereafter | 15,545 | |
Total operating lease payments | 38,599 | |
Imputed interest | (6,366) | |
Total operating lease liabilities | $ 32,233 | $ 8,522 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Assets measured at fair value | $ 112,128 | $ 370,532 |
Liabilities | ||
Financial liabilities measured at fair value | 1,498 | 1,285 |
Liability for Contingent Consideration | ||
Liabilities | ||
Financial liabilities measured at fair value | 1,498 | 1,285 |
Level 2 | ||
Assets | ||
Assets measured at fair value | 112,128 | 370,532 |
Level 3 | ||
Liabilities | ||
Financial liabilities measured at fair value | 1,498 | 1,285 |
Level 3 | Liability for Contingent Consideration | ||
Liabilities | ||
Financial liabilities measured at fair value | 1,498 | 1,285 |
Commercial paper | ||
Assets | ||
Assets measured at fair value | 61,387 | 161,011 |
Commercial paper | Level 2 | ||
Assets | ||
Assets measured at fair value | 61,387 | 161,011 |
GICs | ||
Assets | ||
Assets measured at fair value | 50,741 | 209,521 |
GICs | Level 2 | ||
Assets | ||
Assets measured at fair value | $ 50,741 | $ 209,521 |
Financial Instruments - Summary
Financial Instruments - Summary of Changes in Fair Value of the Company's Liability for Contingent Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Liability Roll Forward [Roll Forward] | |||
Liability at the beginning of the period | $ 1,285 | $ 978 | |
Increase (decrease) in fair value of liability for contingent consideration | 213 | 307 | $ 271 |
Liability at end of the period | $ 1,498 | $ 1,285 | $ 978 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021CAD ($) | |
Investments, All Other Investments [Abstract] | |||
Maximum exposure to credit risk for accounts receivable | $ 15,614 | $ 15,293 | |
Net monetary assets | $ 6,100 | $ 7.7 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Financial liabilities measured at fair value | $ 1,498 | $ 1,285 |
Liability for Contingent Consideration | ||
Other Commitments [Line Items] | ||
Financial liabilities measured at fair value | $ 1,498 | $ 1,285 |
Subsequent event - Additional I
Subsequent event - Additional Information (Detail) - Offering - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2022 | Jan. 27, 2020 | Jun. 24, 2019 |
Subsequent Event [Line Items] | |||
Warrants issued price per pre funded warrant (in dollars per share) | $ 46.4999 | $ 17.9999 | |
Net proceeds from issuance | $ 300,910 | $ 188,005 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of shares issued, public offering | 11,035,000 | ||
Share issued, price per share (in dollars per share) | $ 8 | ||
Class of warrant or right, pre-funded (in shares) | 3,340,000 | ||
Warrants issued price per pre funded warrant (in dollars per share) | $ 7.9999 | ||
Gross proceeds from issuance | $ 115,000 | ||
Net proceeds from issuance | $ 107,600 |