Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Trading Symbol | KDNY | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | CHINOOK THERAPEUTICS, INC. | |
Entity Central Index Key | 0001435049 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 45,072,695 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-37345 | |
Entity Tax Identification Number | 94-3348934 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 400 Fairview Avenue North, Suite 900 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address Postal Zip Code | 98109 | |
City Area Code | (206) | |
Local Phone Number | 485-7051 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 108,522 | $ 187,750 |
Marketable securities | 75,513 | 59,622 |
Accounts receivable | 11 | 262 |
Prepaid expenses and other current assets | 2,496 | 6,447 |
Total current assets | 186,542 | 254,081 |
Marketable securities | 20,739 | 3,000 |
Property and equipment, net | 19,327 | 20,626 |
Restricted cash | 2,074 | 1,750 |
Operating lease right-of-use assets | 56,948 | 55,673 |
Equity method investment | 9,888 | |
Intangible assets, net | 26,432 | 27,696 |
In-process research & development | 36,550 | 39,295 |
Goodwill | 18,541 | 22,441 |
Other assets | 6,243 | 4,440 |
Total assets | 383,284 | 429,002 |
Current liabilities: | ||
Accounts payable | 5,511 | 3,995 |
Accrued and other current liabilities | 13,867 | 15,674 |
Operating lease liabilities | 4,194 | 3,045 |
Deferred revenue | 95 | |
Total current liabilities | 23,572 | 22,809 |
Contingent value rights liability | 29,327 | 13,780 |
Contingent consideration liability | 4,670 | 1,800 |
Deferred tax liabilities | 15,172 | 16,377 |
Operating lease liabilities, net of current maturities | 40,763 | 38,709 |
Other long-term liabilities | 905 | |
Total liabilities | 113,504 | 94,380 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.0001 par value; 10,000 shares authorized as of September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value; 300,000 shares authorized as of September 30, 2021 and December 31, 2020; 44,830 and 42,282 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 4 | 4 |
Additional paid-in capital | 508,714 | 463,436 |
Accumulated deficit | (239,311) | (128,829) |
Accumulated other comprehensive income | 373 | 11 |
Total stockholders’ equity | 269,780 | 334,622 |
Total liabilities and stockholders’ equity | $ 383,284 | $ 429,002 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 300,000,000 | 300,000,000 |
Common stock shares issued | 44,830,000 | 42,282,000 |
Common stock shares outstanding | 44,830,000 | 42,282,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Collaboration and license revenue | $ 4,000 | $ 389,000 | ||
Operating expenses: | ||||
Research and development | 23,573,000 | $ 7,575,000 | 72,057,000 | $ 14,263,000 |
General and administrative | 6,847,000 | 2,898,000 | 24,158,000 | 8,048,000 |
Change in fair value of contingent consideration and contingent value rights liabilities | 167,000 | 21,563,000 | ||
Amortization of intangible assets | 423,000 | 0 | 1,265,000 | 0 |
Total operating expenses | 31,010,000 | 10,473,000 | 119,043,000 | 22,311,000 |
Gain on sale of assets to equity method investment | 7,227,000 | |||
Loss from operations | (31,006,000) | (10,473,000) | (111,427,000) | (22,311,000) |
Other income (expense): | ||||
Other income (expense), net | (69,000) | 20,000 | (175,000) | 135,000 |
Change in fair value of redeemable convertible preferred stock tranche liability | (8,364,000) | (9,533,000) | ||
Loss before income taxes and share of net loss of equity method investment | (31,075,000) | (18,817,000) | (111,602,000) | (31,709,000) |
Income tax benefit | 463,000 | 0 | 1,204,000 | 0 |
Share of net loss of equity method investment | (84,000) | (84,000) | ||
Net loss | $ (30,696,000) | $ (18,817,000) | $ (110,482,000) | $ (31,709,000) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.69) | $ (4.50) | $ (2.54) | $ (7.65) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 44,661 | 4,185 | 43,563 | 4,147 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax of $0 | $ 202,000 | $ 87,000 | $ 339,000 | $ (79,000) |
Unrealized gain on marketable securities, net of tax of $0 | (1,000) | 23,000 | ||
Total other comprehensive income (loss) | 201,000 | 87,000 | 362,000 | (79,000) |
Comprehensive loss | $ (30,495,000) | $ (18,730,000) | $ (110,120,000) | $ (31,788,000) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Unrealized gain on marketable securities, tax | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ (41,119) | $ 6,095 | $ (7) | $ (47,207) | ||
Beginning balance, Shares at Dec. 31, 2019 | 7,597 | |||||
Beginning balance at Dec. 31, 2019 | $ 19,835 | |||||
Beginning balance, Shares at Dec. 31, 2019 | 4,502 | |||||
Issuance of common stock upon exercise of stock options | 1 | 1 | ||||
Issuance of common stock upon exercise of stock options, Shares | 4 | |||||
Repurchase of unvested restricted stock awards | (40) | |||||
Issuance of Series A redeemable convertible preferred stock | $ 14,479 | |||||
Issuance of Series A redeemable, Shares | 4,237 | |||||
Exercise of redeemable convertible preferred stock tranche liability | $ 9,723 | |||||
Stock-based compensation expense | 100 | 100 | ||||
Other comprehensive income (loss) | (215) | (215) | ||||
Net loss | (5,149) | (5,149) | ||||
Ending balance at Mar. 31, 2020 | (46,382) | 6,196 | (222) | (52,356) | ||
Ending balance, Shares at Mar. 31, 2020 | 11,834 | |||||
Ending balance at Mar. 31, 2020 | $ 44,037 | |||||
Ending balance, Shares at Mar. 31, 2020 | 4,466 | |||||
Beginning balance at Dec. 31, 2019 | (41,119) | 6,095 | (7) | (47,207) | ||
Beginning balance, Shares at Dec. 31, 2019 | 7,597 | |||||
Beginning balance at Dec. 31, 2019 | $ 19,835 | |||||
Beginning balance, Shares at Dec. 31, 2019 | 4,502 | |||||
Net loss | (31,709) | |||||
Ending balance at Sep. 30, 2020 | (72,192) | $ 44,037 | 6,810 | (86) | (78,916) | |
Ending balance, Shares at Sep. 30, 2020 | 11,834 | |||||
Ending balance, Shares at Sep. 30, 2020 | 4,456 | |||||
Beginning balance at Mar. 31, 2020 | (46,382) | 6,196 | (222) | (52,356) | ||
Beginning balance, Shares at Mar. 31, 2020 | 11,834 | |||||
Beginning balance at Mar. 31, 2020 | $ 44,037 | |||||
Beginning balance, Shares at Mar. 31, 2020 | 4,466 | |||||
Stock-based compensation expense | 299 | 299 | ||||
Other comprehensive income (loss) | 49 | 49 | ||||
Net loss | (7,743) | (7,743) | ||||
Ending balance at Jun. 30, 2020 | (53,777) | $ 44,037 | 6,495 | (173) | (60,099) | |
Ending balance, Shares at Jun. 30, 2020 | 11,834 | |||||
Ending balance, Shares at Jun. 30, 2020 | 4,466 | |||||
Repurchase of unvested restricted stock awards | (10) | |||||
Stock-based compensation expense | 315 | 315 | ||||
Other comprehensive income (loss) | 87 | 87 | ||||
Net loss | (18,817) | (18,817) | ||||
Ending balance at Sep. 30, 2020 | (72,192) | $ 44,037 | 6,810 | (86) | (78,916) | |
Ending balance, Shares at Sep. 30, 2020 | 11,834 | |||||
Ending balance, Shares at Sep. 30, 2020 | 4,456 | |||||
Beginning balance at Dec. 31, 2020 | $ 334,622 | $ 4 | 463,436 | 11 | (128,829) | |
Beginning balance, Shares at Dec. 31, 2020 | 42,282 | 42,282 | ||||
Issuance of common stock upon exercise of stock options and warrants and vesting of restricted stock units | $ 580 | 580 | ||||
Issuance of common stock upon exercise of stock options and warrants and vesting of restricted stock units, shares | 100 | |||||
Stock-based compensation expense | 2,478 | 2,478 | ||||
Other comprehensive income (loss) | 54 | 54 | ||||
Net loss | (37,215) | (37,215) | ||||
Ending balance at Mar. 31, 2021 | 300,519 | $ 4 | 466,494 | 65 | (166,044) | |
Ending balance, Shares at Mar. 31, 2021 | 42,382 | |||||
Beginning balance at Dec. 31, 2020 | $ 334,622 | $ 4 | 463,436 | 11 | (128,829) | |
Beginning balance, Shares at Dec. 31, 2020 | 42,282 | 42,282 | ||||
Issuance of common stock upon exercise of stock options, Shares | 281 | |||||
Net loss | $ (110,482) | |||||
Ending balance at Sep. 30, 2021 | $ 269,780 | $ 4 | 508,714 | 373 | (239,311) | |
Ending balance, Shares at Sep. 30, 2021 | 44,830 | 44,830 | ||||
Beginning balance at Mar. 31, 2021 | $ 300,519 | $ 4 | 466,494 | 65 | (166,044) | |
Beginning balance, Shares at Mar. 31, 2021 | 42,382 | |||||
Issuance of common stock upon exercise of stock options and warrants, issuance of common stock under Employee Stock Purchase Plan, and vesting of restricted stock units | 1,188 | 1,188 | ||||
Issuance of common stock upon exercise of stock options and warrants, issuance of common stock under Employee Stock Purchase Plan, and vesting of restricted stock units, shares | 178 | |||||
Issuance of common stock under the at-the-market sales agreement,net of offering costs | 33,891 | 33,891 | ||||
Issuance of common stock under the at-the-market sales agreement net of offering costs, shares | 2,216 | |||||
Stock-based compensation expense | 3,595 | 3,595 | ||||
Other comprehensive income (loss) | 107 | 107 | ||||
Net loss | (42,571) | (42,571) | ||||
Ending balance at Jun. 30, 2021 | 296,729 | $ 4 | 505,168 | 172 | (208,615) | |
Ending balance, Shares at Jun. 30, 2021 | 44,776 | |||||
Issuance of common stock upon exercise of stock options and warrants and vesting of restricted stock units | 259 | 259 | ||||
Issuance of common stock upon exercise of stock options and warrants and vesting of restricted stock units, shares | 54 | |||||
Stock-based compensation expense | 3,287 | 3,287 | ||||
Other comprehensive income (loss) | 201 | 201 | ||||
Net loss | (30,696) | (30,696) | ||||
Ending balance at Sep. 30, 2021 | $ 269,780 | $ 4 | $ 508,714 | $ 373 | $ (239,311) | |
Ending balance, Shares at Sep. 30, 2021 | 44,830 | 44,830 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Redeemable Convertible Preferred Stock | |
Issuance cost | $ 21 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||||
Net loss | $ (110,482) | $ (31,709) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization expense | 2,243 | 248 | ||
Amortization of finance lease right-of-use asset | 22 | |||
Amortization of intangible assets | $ 423 | $ 0 | 1,265 | 0 |
Non-cash operating lease expense | 4,134 | 212 | ||
Stock-based compensation expense | 3,287 | 315 | 9,360 | 714 |
Change in fair value of redeemable convertible preferred stock tranche liability | 8,364 | 9,533 | ||
Change in fair value of contingent consideration and contingent value rights liabilities | 167 | 21,563 | ||
Accretion of discounts and amortization of premiums on marketable securities | 63 | |||
Deferred income tax | (1,204) | |||
Gain on sale of assets to equity method investment | (7,227) | |||
Share of net loss of equity method investment | 84 | 84 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 250 | |||
Prepaid expenses and other assets | 2,153 | (233) | ||
Accounts payable | 1,822 | 2,321 | ||
Accrued and other liabilities | (1,968) | 4,524 | ||
Operating lease liabilities | (2,204) | (182) | ||
Deferred revenue | (95) | |||
Net cash used in operating activities | (80,243) | (14,550) | ||
Cash Flows from Investing Activities | ||||
Purchases of marketable securities | (128,984) | (522) | ||
Proceeds from marketable securities | 95,315 | |||
Purchases of property and equipment | (1,497) | |||
Proceeds from sale of property and equipment | 267 | |||
Net cash used in investing activities | (34,899) | (522) | ||
Cash Flows from Financing Activities | ||||
Proceeds from issuance of common stock, net of offering costs | 1 | |||
Proceeds from exercise of stock options and warrants | 2,027 | |||
Proceeds from at-the-market sales agreement, net of offering costs | 33,891 | |||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 14,479 | |||
Repayment of finance lease liability-related party | (31) | |||
Net cash provided by financing activities | 35,918 | 14,449 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 320 | (67) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (78,904) | (690) | ||
Cash, cash equivalents and restricted cash at beginning of period | 189,500 | 11,357 | ||
Cash, cash equivalents and restricted cash at end of period | 110,596 | 10,667 | 110,596 | 10,667 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||
Purchases of property and equipment included in accounts payable and in accrued and other current liabilities | 116 | 19 | ||
Right-of-use asset for office space acquired through leases | 5,406 | 1,449 | ||
Reduction of the tranche liability accounted for as a deemed contribution by preferred stockholders | 9,723 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||||
Cash and cash equivalents | 108,522 | 10,667 | 108,522 | 10,667 |
Restricted cash | 2,074 | 2,074 | ||
Cash, cash equivalents and restricted cash at end of period | $ 110,596 | $ 10,667 | $ 110,596 | $ 10,667 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Chinook Therapeutics, Inc. (the “Company”, “Chinook”, “we”, “our”, or “us”) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing precision medicines for kidney diseases. Our lead clinical program is atrasentan, an endothelin receptor antagonist that was in-licensed from AbbVie in late 2019. In March 2021, we initiated the phase 3 ALIGN trial of atrasentan for IgA nephropathy (“IgAN”) and in April 2021, we initiated the phase 2 AFFINITY basket trial of atrasentan for proteinuric glomerular diseases. Our second product candidate, BION-1301, is an anti-APRIL monoclonal antibody also in development for patients with IgAN, and we recently presented results from the ongoing phase 1/2 trial at the American Society of Nephrology (ASN) Kidney Week 2021 in November. Our pipeline also includes CHK-336, an oral small molecule LDHA inhibitor planned to enter clinical trials in the first half of 2022 for the treatment of primary hyperoxaluria. In addition, we are building our precision medicine pipeline through research and discovery programs for other rare, severe chronic kidney diseases. We were incorporated in Delaware and are headquartered in Seattle, Washington. The Company as used in the accompanying notes to the unaudited condensed consolidated financial statements, refers to Private Chinook prior to the completion of the Merger and Public Chinook subsequent to the completion of the Merger. See the note “Reverse Merger and Contingent Value Rights” in the accompanying notes to the condensed consolidated financial statements. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements | 2. Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and follow the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial information. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 7, 2021. The condensed consolidated financial statements include the accounts of Chinook Therapeutics, Inc. and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include the valuation of intangible assets, acquired property and equipment, investments, contingent value rights, contingent consideration, redeemable convertible preferred stock tranche liability, lease right-of-use assets, and lease obligations, as well as Recent Accounting Pronouncements, Not Yet Adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The standard is effective for smaller reporting companies in fiscal years beginning after December 15, 2022 with early adoption permitted for all periods beginning after December 15, 2018. We do not plan to early adopt ASU No. 2016-13 and are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Reverse Merger and Contingent V
Reverse Merger and Contingent Value Rights | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Reverse Merger and Contingent Value Rights | 3. Reverse Merger and Contingent Value Rights We completed our Merger with Aduro on October 5, 2020. Based upon the terms of the merger agreement dated June 1, 2020 and amended August 17, 2020, Private Chinook was determined to be the acquiring company for accounting purposes, and the transaction was accounted for as a reverse acquisition under the acquisition method of accounting for business combinations in accordance with U.S. GAAP. Accordingly, the assets and liabilities of Aduro were recorded at estimated fair value as of the merger closing date. At the effective time of the Merger, we also entered into an agreement pursuant to which Aduro’s common stockholders of record as of the close of business on October 2, 2020 received one contingent value right (“CVR”) for each outstanding share of Aduro common stock held by such stockholder on such date. Each CVR represents the contractual right to receive payments from us upon the receipt of consideration resulting from milestones and royalties from certain pre-existing agreements and the disposition or licensing of any of Aduro’s non-renal assets, net of any tax, and certain other expenses that could be deducted by us. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 4. Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents and marketable securities consisted of the following (in thousands): September 30, 2021 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 21,548 $ — $ — $ 21,548 Money market funds 81,974 — — 81,974 Commercial paper 5,000 — — 5,000 Total cash and cash equivalents $ 108,522 $ — $ — $ 108,522 Marketable securities: Commercial paper $ 45,479 $ 2 $ (3 ) $ 45,478 U.S. government and agency securities 37,155 9 — 37,164 Corporate debt securities 13,616 — (6 ) 13,610 Total marketable securities $ 96,250 $ 11 $ (9 ) $ 96,252 December 31, 2020 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 5,659 $ — $ — $ 5,659 Money market funds 113,592 — — 113,592 Certificate of deposit 157 — — 157 Commercial paper 40,844 — — 40,844 U.S. government and agency securities 27,498 — — 27,498 Total cash and cash equivalents $ 187,750 $ — $ — $ 187,750 Marketable securities: Commercial paper $ 35,089 $ — $ — $ 35,089 U.S. government and agency securities 26,026 6 (3 ) 26,029 Corporate debt securities 1,504 — — 1,504 Total marketable securities $ 62,619 $ 6 $ (3 ) $ 62,622 The amortized cost and estimated fair value of our available-for-sale marketable securities by contractual maturity are summarized below as of September 30 Amortized cost Unrealized gains Unrealized losses Estimated Fair Mature in one year or less $ 75,513 $ 5 $ (5 ) $ 75,513 Mature after one year through two years 20,737 6 (4 ) 20,739 Total available-for-sale marketable securities $ 96,250 $ 11 $ (9 ) $ 96,252 None of our marketable securities were in a continuous unrealized loss position as of September 30 September 30 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 820 on fair value measurements. As defined in the guidance, fair value, defined as an exit price, represents the amount that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants. As a result, fair value is a market-based approach that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering these assumptions, the guidance defines a three-tier valuation hierarchy that prioritizes the inputs used in the valuation methodologies in measuring fair value. Level 1: Unadjusted quoted prices in active, accessible markets for identical assets or liabilities. Level 2: Quoted prices in markets that are not active or financial instruments for which all significant Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The determination of a financial instrument’s level within the fair value hierarchy is based on an assessment of the lowest level of any input that is significant to the fair value measurement. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 103,522 $ — $ — $ 103,522 Commercial paper — 5,000 — 5,000 Total cash and cash equivalents 103,522 5,000 — 108,522 Marketable securities: Commercial paper — 45,478 — 45,478 U.S. government and agency securities — 37,164 — 37,164 Corporate debt securities — 13,610 — 13,610 Total marketable securities — 96,252 — 96,252 Total fair value of assets $ 103,522 $ 101,252 $ — $ 204,774 Liabilities: Contingent value rights liability $ — $ — $ 29,327 $ 29,327 Contingent consideration liability — — 4,670 4,670 Total fair value of liabilities $ — $ — $ 33,997 $ 33,997 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 119,251 $ — $ — $ 119,251 Certificate of deposit — 157 — 157 Commercial paper — 40,844 — 40,844 U.S. government and agency securities — 27,498 — 27,498 Total cash and cash equivalents 119,251 68,499 — 187,750 Marketable securities: Commercial paper — 35,089 — 35,089 U.S. government and agency securities — 26,029 — 26,029 Corporate debt securities — 1,504 — 1,504 Total marketable securities — 62,622 — 62,622 Total fair value of assets $ 119,251 $ 131,121 $ — $ 250,372 Liabilities: Contingent value rights liability $ — $ — $ 13,780 $ 13,780 Contingent consideration liability — — 1,800 1,800 Total fair value of liabilities $ — $ — $ 15,580 $ 15,580 Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Other cash equivalents and marketable securities, such as commercial paper, U.S. government and agency securities, and corporate debt securities, as well as certificate of deposit, are classified within Level 2 of the fair value hierarchy as the valuation is obtained from third-party pricing services, which utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate the fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, estimated interest rates based on the issuer credit rating and term, and other observable inputs. The following table presents a summary of the changes in the fair value of our Level 3 financial instruments (in thousands): Contingent Value Rights Liability Contingent Consideration Liability Balance at December 31, 2020 $ 13,780 $ 1,800 Net change in fair value upon remeasurement 15,547 2,870 Balance at September 30, 2021 $ 29,327 $ 4,670 The fair values of the CVR and contingent consideration liabilities related to the Merger are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the CVR and the contingent consideration liabilities related to the Merger, we used a probability-adjusted, scenario-based income approach. For the three and nine months ended September |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2021 2020 Research and lab equipment $ 3,376 $ 3,616 Computer equipment 1,365 921 Computer software 44 27 Furniture and fixtures 1,224 1,099 Leasehold improvements 16,633 16,111 Total property and equipment 22,642 21,774 Total accumulated depreciation (3,315 ) (1,148 ) Property and equipment, net $ 19,327 $ 20,626 Approximately $3.2 million of our property and equipment as of September |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill The gross carrying amount and net book value of goodwill was $18.5 million at September 30, 2021, all of which resulted from the Merger. During the second quarter of 2021, we identified and recorded measurement period adjustments for taxes related to the merger, which reduced goodwill by $3.9 million from the preliminary purchase price allocation and reduced our deferred tax liabilities by $0.8 million and reduced the CVR liability by $3.1 million. The measurement period adjustments were the result of additional analysis performed and information identified during the second quarter of 2021 based on facts and circumstances that existed as of the merger date. As of September 30, 2021, the preliminary purchase price allocation for the merger with Aduro is subject to change as we use the measurement period, not to exceed one-year We test goodwill for impairment on an annual basis or more frequently if an impairment indicator exists. To determine if an impairment has occurred, we perform a quantitative test in which the fair value of a single reporting unit is compared to its carrying value. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, we record an impairment loss equal to that difference. Intangible assets The gross carrying amounts and net book value of intangible assets were as follows (in thousands): September 30, 2021 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 1,575 $ 25,110 In-place lease 1,433 111 1,322 Total intangible assets with finite lives 28,118 1,686 26,432 Acquired in-process research and development assets ("IPR&D") 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 1,686 $ 62,982 December 31, 2020 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 398 $ 26,287 In-place lease 1,433 24 1,409 Total intangible assets with finite lives 28,118 422 27,696 Acquired IPR&D assets 39,295 — 39,295 Total intangible and acquired IPR&D assets $ 67,413 $ 422 $ 66,991 Intangible assets are carried at cost less accumulated amortization and impairment. Amortization is over a period of 9 to 17 years, with an original weighted average period of 16.7 years, and the amortization expense is recorded in operating expenses. We test our Acquired IPR&D assets for impairment on an annual basis, or more frequently if an impairment indicator exists. Acquired IPR&D decreased by $2.7 million from the sale of certain of our non-renal assets in exchange for stock during the nine months ended September Amortization expense was $0.4 million and $0 for the three months ended September 30 September 30, 2021 and 2020, respectively September 30 Year Ending December 31, Estimated Amortization Expense 2021 (remaining three months) $ 423 2022 1,722 2023 1,733 2024 1,733 2025 1,733 Thereafter 19,088 |
Accrued Liabilities and Other
Accrued Liabilities and Other | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Accrued Liabilities and Other | 8. Accrued liabilities and other consisted of the following (in thousands): September 30, December 31, 2021 2020 Research and development costs $ 6,166 $ 8,135 Compensation and benefits 5,154 4,530 Sublease rent and security deposit 913 1,400 Business taxes and licensing fees 1,072 898 Consulting and outside services 352 499 Other 210 212 Total accrued expenses and other liabilities $ 13,867 $ 15,674 |
Collaboration and License Agree
Collaboration and License Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration and License Agreements | 9. Collaboration and License Agreements AbbVie Ireland Unlimited Company On December 16, 2019, we entered into a license agreement (the “License Agreement”) with AbbVie Ireland Unlimited Company (“AbbVie”), which granted us an exclusive license to develop and commercialize atrasentan, an endothelin receptor antagonist. Under the agreement, we assumed all global development and commercialization responsibilities for atrasentan. In consideration of the license and rights granted under the License Agreement, we made an upfront cash payment and issued 1,999,415 shares of common stock for total consideration of $6.7 million to AbbVie. We concluded that this transaction should be accounted for as an asset purchase, and as such, recorded the associated expense within research and development expense in the statements of operations and comprehensive loss, as the product has not reached technological feasibility and does not have alternative future use. Under the License Agreement, we are obligated to make contingent development, regulatory and commercial milestone payments of up to a maximum of $135 million in the aggregate, as well as pay royalties on the worldwide net sales of licensed products ranging from upper-single-digit to high-teen percentages. We did not recognize any milestone payments for the three and nine months ended September 30 September 30 Merck In connection with the Merger, we became party to an agreement with Merck. The agreement sets forth the parties’ respective obligations for development, commercialization, regulatory and manufacturing and supply activities for antibody product candidates. All performance obligations of Aduro were completed prior to the Merger. We are eligible to receive future contingent payments, including up to $297.0 million in potential development milestone payments, and up to $135.0 million in commercial and net sales milestones for a product candidate. In addition, we are eligible to receive royalties at percentages in the mid-single digits to low teens based on net sales of the product. Future milestone payments and royalties will be recognized as revenue when earned as we have no performance obligations under this agreement. Any such milestones and royalties earned prior to October 4, 2030 will be payable by us to the holders of the CVRs, net of tax and certain other expenses that could be deducted by us. Eli Lilly and Company In connection with the Merger, we assumed an ongoing research collaboration and exclusive license agreement with Eli Lilly and Company (“Lilly”) for the research and development of novel immunotherapies for autoimmune and other inflammatory diseases. Our only remaining performance obligation under the agreement is to perform research services through 2021, for which we will be reimbursed up to a specified amount. For the three and nine months ended September 30, 2021, we recognized revenue of less than $0.1 million and $0.4 million, respectively, under the Lilly agreement. Novartis Pharmaceuticals Corporation In connection with the Merger, we assumed an ongoing collaboration and license agreement with Novartis Pharmaceuticals Corporation (“Novartis”) for the development and potential commercialization of product candidates in the field of oncology. On April 1, 2021, we received notice that Novartis terminated for convenience the Collaboration and License Agreement, dated March 12, 2015. As a result of the termination, the only remaining activity under this agreement is reimbursement resulting from development costs that are shared between us and Novartis. We record any amounts paid to Novartis under the agreement as research and development expense and any amounts received from Novartis as an offset to research and development expense. For the three and nine months ended September 30, 2021, the amounts recognized under the agreement with Novartis were not material. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Redeemable Convertible Preferred Stock Tranche Liability In February 2019, as amended in July 2019, we entered into a Series A financing transaction, pursuant to which we were authorized to issue up to 18,992,220 shares of Series A redeemable convertible preferred stock having a per share par value of $0.0001, at a purchase price of $3.4225 per share. The terms of the Series A redeemable convertible preferred stock agreement include provisions requiring the investors to purchase, and obligating us to deliver, additional shares of redeemable convertible preferred stock at a specified price in the future based on the achievement of certain development-based milestones by us. The investors are also able to waive the milestone requirements, which provides the investors with an option to purchase additional Series A redeemable convertible preferred stock if the milestone is not met. The rights to purchase additional shares were recorded as a tranche liability at the estimated fair value of the obligation on the date of issuance with the carrying values adjusted at each reporting date for any changes in the estimated fair values. For the three and nine months ended , 2020, we recorded $8.4 million and $9.5 million, respectively, for the change in the fair value of the redeemable convertible preferred stock tranche liability. Upon closing of the Merger, the outstanding redeemable convertible preferred stock tranche rights terminated and all redeemable convertible preferred stock that had been issued converted to common stock. Leases We have a total of five operating leases as of September 30 In June 2021, we entered into a sublease agreement for office space in Seattle, Washington (“Seattle Sublease”), which we expect to use as our corporate headquarters. The Seattle Sublease commenced on July 1, 2021 and continues for a period of 58 months. The aggregate estimated base rent payments due over the remaining term of the Seattle Sublease is approximately $5.5 million. As of September 30 September 30 September We maintain a letter of credit as security for one of our leases in the amount of $1.8 million, which is collateralized by a certificate of deposit that is included in restricted cash in our Condensed Consolidated Balance Sheet as of September September The maturity of our operating lease liabilities as of September Undiscounted Lease Payments Amounts 2021 (remaining three months) $ 1,778 2022 7,483 2023 7,695 2024 7,850 2025 8,009 Thereafter 26,079 Total undiscounted lease payments 58,894 Present value adjustment 13,937 Total net lease liability $ 44,957 Net lease liability – current $ 4,194 Net lease liability - non-current 40,763 Total net lease liability $ 44,957 Rent expense recognized for operating leases was $2.4 million and $0.1 million for the three months ended September 30 September 30, 2021 and 2020, respectively September 30 September The following summarizes additional information related to operating leases: September 30, 2021 December 31, 2020 Weighted-average remaining lease terms (in years) Operating leases 7.7 8.8 Weighted-average discount rate Operating leases 7.5% 7.1% Indemnification In the ordinary course of business, we enter into agreements that may include indemnification provisions. Pursuant to such agreements, we may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments we could be required to make under these provisions is not determinable. We have never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. We have also entered into indemnification agreements with its directors and officers that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. We currently maintain directors’ and officers’ liability insurance. Legal Proceedings From time to time, we may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are no actions pending against us currently, the ultimate disposition of which would have a material adverse effect on our results of operations, financial condition or cash flows. Other Commitments We have various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, we would only be obligated for the products or services that we had received at the time the termination became effective as well as non-cancelable and non-refundable obligations, including payment obligations for costs or expenses incurred by the vendor for products or services before the termination became effective. In the case of terminating a clinical trial agreement at a particular site, we would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 11. Common Stock Warrants At September 30, 2021, warrants outstanding were not material. Restricted Stock Awards (“RSAs”) The following table summarizes RSA activity: RSAs Outstanding Number of RSAs (in thousands) Weighted- Average Grant Date Fair Value Per Share Balance—December 31, 2020 196 $ 0.00034 Vested (72 ) 0.00034 Balance—September 30, 2021 124 $ 0.00034 The fair value of RSAs vested during the nine months ended September At-the-Market Sales Agreement In April 2021, we entered into an “at-the-market” sales agreement (the “2021 Sales Agreement”), with Cantor Fitzgerald & Co. and SVB Leerink LLC, through which we may offer and sell shares of our common stock having an aggregate offering of up to $75.0 million through Cantor Fitzgerald & Co. and SVB Leerink LLC, as our sales agents. We will pay the sales agents a commission of up to 3% of the gross proceeds of sales made through the 2021 Sales Agreement. In April 2021, we sold 2.2 million shares for $33.9 million in net proceeds under the 2021 Sales Agreement. We have $40.0 million remaining under the 2021 Sales Agreement, which is subject to the continued effectiveness of our shelf registration statement on Form S-3 (Registration No. 333-255099) that expires on April 7, 2024, or upon an effective replacement shelf registration statement. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation Equity Incentive Plan In February 2019, Private Chinook adopted the 2019 Equity Incentive Plan (the “2019 Plan”). In connection with the Merger, we assumed Aduro’s two equity incentive plans, the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2009 Stock Incentive Plan (the “2009 Plan,” and collectively the “Aduro Plans”). No additional grants may be made from the 2009 Plan; however, shares subject to awards granted under the 2009 Plan remain subject to the terms of the 2009 Plan. The number of shares subject to and the exercise prices applicable to these awards were adjusted to reflect the one-for-five reverse stock split. As of September 30, 2021 and December 31, 2020, there were 1.4 million and 0.9 million shares available for future grant, respectively. Stock Options The following table summarizes stock option activity: Number of Shares Underlying Options (in thousands) Weighted- Average Exercise Price Aggregate Intrinsic Value (In thousands) Balance—December 31, 2020 5,514 $ 13.24 $ 38,433 Granted 1,371 15.49 Exercised (281 ) 6.17 $ 2,864 Canceled (395 ) 29.27 Balance—September 30, 2021 6,209 $ 13.04 $ 25,980 Options exercisable—September 30, 2021 2,374 $ 16.20 $ 13,193 Options vested and expected to vest—September 30, 2021 6,209 $ 13.04 $ 25,980 The aggregate intrinsic value represents the difference between the exercise price of the options and the closing price of our common stock for stock options that were in-the-money at September 30 The weighted average grant-date fair value of options granted was $10.53 and $3.64 for the nine months ended September September 30 We estimate the fair value of stock options using the Black Scholes option-pricing model. The fair value of stock options is amortized on a straight-line basis over the requisite service period of the awards. The fair value of stock options is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Expected term (in years) 6.2 0 6.1 6.1 Volatility 77.6 % 0.0 % 79.0 % 79.5 % Risk-free interest rate 1.0 % 0.0 % 0.8 % 0.8 % Dividend yield — — — — Restricted Stock Units (“RSUs”) The following table summarizes RSU activity: RSUs Outstanding Number of RSUs (in thousands) Weighted- Average Grant Date Fair Share Balance—December 31, 2020 441 $ 14.51 Granted 523 15.18 Vested (25 ) 14.75 Forfeited (37 ) 14.69 Balance—September 30, 2021 902 $ 14.89 The total fair value of RSUs that vested in the nine months ended September 30 The fair value of RSUs is determined on the date of grant based on the market price of our common stock on that date. As of September 30, 2021, there was $10.5 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 2015 Employee Stock Purchase Plan (“ESPP”) We had 0.7 million shares available for future issuance under the 2015 ESPP as of September 30 The fair value of our common stock to be issued under the 2015 ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Expected term (in years) — — 0.5 — Volatility 0.0 % 0 % 60.9 % 0 % Risk-free interest rate 0.0 % 0 % 0.0 % 0 % Dividend yield — — — — As of September 30, 2021, the unrecognized stock-based compensation expense related to the ESPP was not material. Stock-based Compensation Expense Total stock Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 1,522 $ 151 $ 4,282 $ 334 General and administrative 1,765 164 5,078 380 Total stock-based compensation expense $ 3,287 $ 315 $ 9,360 $ 714 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes We recorded income tax benefit of $0.5 million and $1.2 million for the three and nine months ended September September September |
Net Loss Per Common Share
Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 14. Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by us (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (30,696 ) $ (18,817 ) $ (110,482 ) $ (31,709 ) Denominator: Weighted-average shares outstanding 44,797 4,465 43,722 4,465 Less: weighted-average unvested restricted shares and shares subject to repurchase (136 ) (280 ) (159 ) (318 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 44,661 4,185 43,563 4,147 Net loss per share attributable to common stockholders, basic and diluted $ (0.69 ) $ (4.50 ) (2.54 ) (7.65 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 11,834 — 11,834 Conversion of redeemable convertible preferred stock issuable upon settlement of the redeemable convertible preferred stock tranche liability — 7,159 — 7,159 Unvested restricted stock units 902 — 902 — Unvested restricted stock awards 124 251 124 251 Options to purchase common stock 6,209 1,989 6,209 1,989 Total 7,235 21,233 7,235 21,233 |
Equity Method Investment
Equity Method Investment | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investment | 15. Equity Method Investment On April 2, 2021, we entered into a definitive agreement with Sairopa B.V., a private company created by Van Herk Royalty B.V. and D.S. Chahal (the “Sairopa Investors”) to acquire certain non-renal assets of Chinook in exchange for preferred stock in Sairopa. We will hold such shares until such time as there is a liquidation event, as defined in the shareholders agreement, in Sairopa. In accordance with the CVR agreement, 50% of any net proceeds received from this transaction by way of a liquidation event of Sairopa by October 4, 2030, net of taxes and certain expenses that could be deducted by us, will accrue to the benefit of the CVR holders. As of September September Our equity method investment is reported at cost and adjusted each period for our share of the investee’s income or loss, which are reported in our Condensed Consolidated Statement of Operations on a one quarter lag. We assess our equity method investment for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and follow the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial information. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 7, 2021. The condensed consolidated financial statements include the accounts of Chinook Therapeutics, Inc. and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include the valuation of intangible assets, acquired property and equipment, investments, contingent value rights, contingent consideration, redeemable convertible preferred stock tranche liability, lease right-of-use assets, and lease obligations, as well as |
Recent Accounting Pronouncements, Not Yet Adopted | Recent Accounting Pronouncements, Not Yet Adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The standard is effective for smaller reporting companies in fiscal years beginning after December 15, 2022 with early adoption permitted for all periods beginning after December 15, 2018. We do not plan to early adopt ASU No. 2016-13 and are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash, Cash Equivalents and Marketable Securities | Cash, cash equivalents and marketable securities consisted of the following (in thousands): September 30, 2021 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 21,548 $ — $ — $ 21,548 Money market funds 81,974 — — 81,974 Commercial paper 5,000 — — 5,000 Total cash and cash equivalents $ 108,522 $ — $ — $ 108,522 Marketable securities: Commercial paper $ 45,479 $ 2 $ (3 ) $ 45,478 U.S. government and agency securities 37,155 9 — 37,164 Corporate debt securities 13,616 — (6 ) 13,610 Total marketable securities $ 96,250 $ 11 $ (9 ) $ 96,252 December 31, 2020 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 5,659 $ — $ — $ 5,659 Money market funds 113,592 — — 113,592 Certificate of deposit 157 — — 157 Commercial paper 40,844 — — 40,844 U.S. government and agency securities 27,498 — — 27,498 Total cash and cash equivalents $ 187,750 $ — $ — $ 187,750 Marketable securities: Commercial paper $ 35,089 $ — $ — $ 35,089 U.S. government and agency securities 26,026 6 (3 ) 26,029 Corporate debt securities 1,504 — — 1,504 Total marketable securities $ 62,619 $ 6 $ (3 ) $ 62,622 |
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities by Contractual Maturity | The amortized cost and estimated fair value of our available-for-sale marketable securities by contractual maturity are summarized below as of September 30 Amortized cost Unrealized gains Unrealized losses Estimated Fair Mature in one year or less $ 75,513 $ 5 $ (5 ) $ 75,513 Mature after one year through two years 20,737 6 (4 ) 20,739 Total available-for-sale marketable securities $ 96,250 $ 11 $ (9 ) $ 96,252 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 103,522 $ — $ — $ 103,522 Commercial paper — 5,000 — 5,000 Total cash and cash equivalents 103,522 5,000 — 108,522 Marketable securities: Commercial paper — 45,478 — 45,478 U.S. government and agency securities — 37,164 — 37,164 Corporate debt securities — 13,610 — 13,610 Total marketable securities — 96,252 — 96,252 Total fair value of assets $ 103,522 $ 101,252 $ — $ 204,774 Liabilities: Contingent value rights liability $ — $ — $ 29,327 $ 29,327 Contingent consideration liability — — 4,670 4,670 Total fair value of liabilities $ — $ — $ 33,997 $ 33,997 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 119,251 $ — $ — $ 119,251 Certificate of deposit — 157 — 157 Commercial paper — 40,844 — 40,844 U.S. government and agency securities — 27,498 — 27,498 Total cash and cash equivalents 119,251 68,499 — 187,750 Marketable securities: Commercial paper — 35,089 — 35,089 U.S. government and agency securities — 26,029 — 26,029 Corporate debt securities — 1,504 — 1,504 Total marketable securities — 62,622 — 62,622 Total fair value of assets $ 119,251 $ 131,121 $ — $ 250,372 Liabilities: Contingent value rights liability $ — $ — $ 13,780 $ 13,780 Contingent consideration liability — — 1,800 1,800 Total fair value of liabilities $ — $ — $ 15,580 $ 15,580 |
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in the fair value of our Level 3 financial instruments (in thousands): Contingent Value Rights Liability Contingent Consideration Liability Balance at December 31, 2020 $ 13,780 $ 1,800 Net change in fair value upon remeasurement 15,547 2,870 Balance at September 30, 2021 $ 29,327 $ 4,670 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2021 2020 Research and lab equipment $ 3,376 $ 3,616 Computer equipment 1,365 921 Computer software 44 27 Furniture and fixtures 1,224 1,099 Leasehold improvements 16,633 16,111 Total property and equipment 22,642 21,774 Total accumulated depreciation (3,315 ) (1,148 ) Property and equipment, net $ 19,327 $ 20,626 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The gross carrying amounts and net book value of intangible assets were as follows (in thousands): September 30, 2021 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 1,575 $ 25,110 In-place lease 1,433 111 1,322 Total intangible assets with finite lives 28,118 1,686 26,432 Acquired in-process research and development assets ("IPR&D") 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 1,686 $ 62,982 December 31, 2020 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 398 $ 26,287 In-place lease 1,433 24 1,409 Total intangible assets with finite lives 28,118 422 27,696 Acquired IPR&D assets 39,295 — 39,295 Total intangible and acquired IPR&D assets $ 67,413 $ 422 $ 66,991 |
Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense | Based on finite-lived intangible assets recorded as of September 30 Year Ending December 31, Estimated Amortization Expense 2021 (remaining three months) $ 423 2022 1,722 2023 1,733 2024 1,733 2025 1,733 Thereafter 19,088 |
Accrued Liabilities and Other (
Accrued Liabilities and Other (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities and Other | Accrued liabilities and other consisted of the following (in thousands): September 30, December 31, 2021 2020 Research and development costs $ 6,166 $ 8,135 Compensation and benefits 5,154 4,530 Sublease rent and security deposit 913 1,400 Business taxes and licensing fees 1,072 898 Consulting and outside services 352 499 Other 210 212 Total accrued expenses and other liabilities $ 13,867 $ 15,674 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Maturity of Operating Lease Liabilities | The maturity of our operating lease liabilities as of September Undiscounted Lease Payments Amounts 2021 (remaining three months) $ 1,778 2022 7,483 2023 7,695 2024 7,850 2025 8,009 Thereafter 26,079 Total undiscounted lease payments 58,894 Present value adjustment 13,937 Total net lease liability $ 44,957 Net lease liability – current $ 4,194 Net lease liability - non-current 40,763 Total net lease liability $ 44,957 |
Schedule of Additional Information Related to Operating Leases | The following summarizes additional information related to operating leases: September 30, 2021 December 31, 2020 Weighted-average remaining lease terms (in years) Operating leases 7.7 8.8 Weighted-average discount rate Operating leases 7.5% 7.1% |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Stock Awards (RSAs) | |
Summary of RSA Activity | The following table summarizes RSA activity: RSAs Outstanding Number of RSAs (in thousands) Weighted- Average Grant Date Fair Value Per Share Balance—December 31, 2020 196 $ 0.00034 Vested (72 ) 0.00034 Balance—September 30, 2021 124 $ 0.00034 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Stock Option Activity | The following table summarizes stock option activity: Number of Shares Underlying Options (in thousands) Weighted- Average Exercise Price Aggregate Intrinsic Value (In thousands) Balance—December 31, 2020 5,514 $ 13.24 $ 38,433 Granted 1,371 15.49 Exercised (281 ) 6.17 $ 2,864 Canceled (395 ) 29.27 Balance—September 30, 2021 6,209 $ 13.04 $ 25,980 Options exercisable—September 30, 2021 2,374 $ 16.20 $ 13,193 Options vested and expected to vest—September 30, 2021 6,209 $ 13.04 $ 25,980 |
Summary of Restricted Stock Unit or RSU Activity | The following table summarizes RSU activity: RSUs Outstanding Number of RSUs (in thousands) Weighted- Average Grant Date Fair Share Balance—December 31, 2020 441 $ 14.51 Granted 523 15.18 Vested (25 ) 14.75 Forfeited (37 ) 14.69 Balance—September 30, 2021 902 $ 14.89 |
Summary of Stock-Based Compensation | Total stock Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 1,522 $ 151 $ 4,282 $ 334 General and administrative 1,765 164 5,078 380 Total stock-based compensation expense $ 3,287 $ 315 $ 9,360 $ 714 |
2015 ESPP | |
Schedule of Black Scholes Option-Pricing Model | The fair value of our common stock to be issued under the 2015 ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Expected term (in years) — — 0.5 — Volatility 0.0 % 0 % 60.9 % 0 % Risk-free interest rate 0.0 % 0 % 0.0 % 0 % Dividend yield — — — — |
Stock Options | |
Schedule of Black Scholes Option-Pricing Model | The fair value of stock options is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Expected term (in years) 6.2 0 6.1 6.1 Volatility 77.6 % 0.0 % 79.0 % 79.5 % Risk-free interest rate 1.0 % 0.0 % 0.8 % 0.8 % Dividend yield — — — — |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by us (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (30,696 ) $ (18,817 ) $ (110,482 ) $ (31,709 ) Denominator: Weighted-average shares outstanding 44,797 4,465 43,722 4,465 Less: weighted-average unvested restricted shares and shares subject to repurchase (136 ) (280 ) (159 ) (318 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 44,661 4,185 43,563 4,147 Net loss per share attributable to common stockholders, basic and diluted $ (0.69 ) $ (4.50 ) (2.54 ) (7.65 ) |
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 11,834 — 11,834 Conversion of redeemable convertible preferred stock issuable upon settlement of the redeemable convertible preferred stock tranche liability — 7,159 — 7,159 Unvested restricted stock units 902 — 902 — Unvested restricted stock awards 124 251 124 251 Options to purchase common stock 6,209 1,989 6,209 1,989 Total 7,235 21,233 7,235 21,233 |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Accounting Standard Update [Extensible List] | us-gaap:AccountingStandardsUpdate201912Member |
Reverse Merger and Contingent_2
Reverse Merger and Contingent Value Rights - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Description of contingent value rights granted | one contingent value right (“CVR”) for each outstanding share of Aduro common stock |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Summary of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized cost | $ 108,522 | $ 187,750 |
Cash and cash equivalents, Estimated Fair Value | 108,522 | 187,750 |
Marketable securities, Amortized cost | 96,250 | 62,619 |
Marketable securities, Unrealized gains | 11 | 6 |
Marketable securities, Unrealized losses | (9) | (3) |
Marketable securities, Estimated Fair Value | 96,252 | 62,622 |
Cash | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized cost | 21,548 | 5,659 |
Cash and cash equivalents, Estimated Fair Value | 21,548 | 5,659 |
Money Market Funds | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized cost | 81,974 | 113,592 |
Cash and cash equivalents, Estimated Fair Value | 81,974 | 113,592 |
Certificates of Deposit | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized cost | 157 | |
Cash and cash equivalents, Estimated Fair Value | 157 | |
Commercial Paper | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized cost | 5,000 | 40,844 |
Cash and cash equivalents, Estimated Fair Value | 5,000 | 40,844 |
Marketable securities, Amortized cost | 45,479 | 35,089 |
Marketable securities, Unrealized gains | 2 | |
Marketable securities, Unrealized losses | (3) | |
Marketable securities, Estimated Fair Value | 45,478 | 35,089 |
U.S. Government and Agency Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized cost | 27,498 | |
Cash and cash equivalents, Estimated Fair Value | 27,498 | |
Marketable securities, Amortized cost | 37,155 | 26,026 |
Marketable securities, Unrealized gains | 9 | 6 |
Marketable securities, Unrealized losses | (3) | |
Marketable securities, Estimated Fair Value | 37,164 | 26,029 |
Corporate Debt Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Marketable securities, Amortized cost | 13,616 | 1,504 |
Marketable securities, Unrealized losses | (6) | |
Marketable securities, Estimated Fair Value | $ 13,610 | $ 1,504 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Mature in one year or less, Amortized cost | $ 75,513 | |
Mature after one year through two years, Amortized cost | 20,737 | |
Marketable securities, Amortized cost | 96,250 | $ 62,619 |
Mature in one year or less, Unrealized gains | 5 | |
Mature after one year through two years, Unrealized gains | 6 | |
Total available-for-sale marketable securities, Unrealized gains | 11 | 6 |
Mature in one year or less, Unrealized losses | (5) | |
Mature after one year through two years, Unrealized losses | (4) | |
Total available-for-sale marketable securities, Unrealized losses | (9) | (3) |
Mature in one year or less, Estimated Fair Value | 75,513 | |
Mature after one year through two years, Estimated Fair Value | 20,739 | |
Total available-for-sale marketable securities, Estimated Fair Value | $ 96,252 | $ 62,622 |
Cash, Cash Equivalents and Ma_5
Cash, Cash Equivalents and Marketable Securities - Additional Information (Details) | Sep. 30, 2021USD ($) |
Cash And Cash Equivalents [Abstract] | |
Marketable securities in continuous unrealized loss position | $ 0 |
Investment in portfolio temporary impaired | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | $ 108,522 | $ 187,750 |
Marketable securities | 96,252 | 62,622 |
Assets | 204,774 | 250,372 |
Liabilities: | ||
Liabilities | 33,997 | 15,580 |
Contingent Value Rights Liability | ||
Liabilities: | ||
Liabilities | 29,327 | 13,780 |
Contingent Consideration Liability | ||
Liabilities: | ||
Liabilities | 4,670 | 1,800 |
Cash and Money Market Funds | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 103,522 | 119,251 |
Certificates of Deposit | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 157 | |
Commercial Paper | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 5,000 | 40,844 |
Marketable securities | 45,478 | 35,089 |
U.S. Government and Agency Securities | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 27,498 | |
Marketable securities | 37,164 | 26,029 |
Corporate Debt Securities | ||
Assets: | ||
Marketable securities | 13,610 | 1,504 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 103,522 | 119,251 |
Assets | 103,522 | 119,251 |
Level 1 | Cash and Money Market Funds | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 103,522 | 119,251 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 5,000 | 68,499 |
Marketable securities | 96,252 | 62,622 |
Assets | 101,252 | 131,121 |
Level 2 | Certificates of Deposit | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 157 | |
Level 2 | Commercial Paper | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 5,000 | 40,844 |
Marketable securities | 45,478 | 35,089 |
Level 2 | U.S. Government and Agency Securities | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 27,498 | |
Marketable securities | 37,164 | 26,029 |
Level 2 | Corporate Debt Securities | ||
Assets: | ||
Marketable securities | 13,610 | 1,504 |
Level 3 | ||
Liabilities: | ||
Liabilities | 33,997 | 15,580 |
Level 3 | Contingent Value Rights Liability | ||
Liabilities: | ||
Liabilities | 29,327 | 13,780 |
Level 3 | Contingent Consideration Liability | ||
Liabilities: | ||
Liabilities | $ 4,670 | $ 1,800 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Contingent Value Rights Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance at December 31, 2020 | $ 13,780 |
Net change in fair value upon remeasurement | 15,547 |
Balance at September 30, 2021 | 29,327 |
Contingent Consideration Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance at December 31, 2020 | 1,800 |
Net change in fair value upon remeasurement | 2,870 |
Balance at September 30, 2021 | $ 4,670 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - CVR Agreement - USD ($) $ in Millions | Apr. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Change in fair value of CVR and contingent value rights liabilities related to Merger | $ 0.2 | $ 18.4 | |
Sairopa B.V. | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Percentage of net proceeds received from transaction of liquidation event | 50.00% | 50.00% |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 22,642 | $ 21,774 |
Total accumulated depreciation | (3,315) | (1,148) |
Property and equipment, net | 19,327 | 20,626 |
Research and Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,376 | 3,616 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,365 | 921 |
Computer Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 44 | 27 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,224 | 1,099 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 16,633 | $ 16,111 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 19,327 | $ 20,626 |
Canada | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 3,200 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill | $ 18,541 | $ 18,541 | $ 22,441 | |||
Reduced goodwill | $ 3,900 | |||||
Reduced deferred tax liabilities | 800 | |||||
Reduced CVR liability | $ 3,100 | |||||
Measurement period of merger | 1 year | |||||
Amortization of intangible assets | $ 423 | $ 0 | $ 1,265 | $ 0 | ||
Novartis | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Intangible assets, weighted average period | 16 years 8 months 12 days | |||||
Novartis | Minimum | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Intangible assets, amortization period | 9 years | |||||
Novartis | Maximum | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Intangible assets, amortization period | 17 years | |||||
Acquired IPR&D assets | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Acquired IPR&D decreased | $ 2,700 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets, Gross Carrying Amount | $ 28,118 | $ 28,118 |
Finite Lived Intangible Assets, Accumulated Amortization | 1,686 | 422 |
Intangible assets, net | 26,432 | 27,696 |
Intangible Assets, Gross Carrying Amount | 64,668 | 67,413 |
Intangible assets, Net Book Value | 62,982 | 66,991 |
Acquired IPR&D assets | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets, Gross Carrying Amount | 36,550 | 39,295 |
Indefinite-Lived Intangible Assets, Net Book Value | 36,550 | 39,295 |
Acquired license agreement | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets, Gross Carrying Amount | 26,685 | 26,685 |
Finite Lived Intangible Assets, Accumulated Amortization | 1,575 | 398 |
Intangible assets, net | 25,110 | 26,287 |
In Place Lease | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets, Gross Carrying Amount | 1,433 | 1,433 |
Finite Lived Intangible Assets, Accumulated Amortization | 111 | 24 |
Intangible assets, net | $ 1,322 | $ 1,409 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 (remaining three months) | $ 423 |
2022 | 1,722 |
2023 | 1,733 |
2024 | 1,733 |
2025 | 1,733 |
Thereafter | $ 19,088 |
Accrued Liabilities and Other -
Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Research and development costs | $ 6,166 | $ 8,135 |
Compensation and benefits | 5,154 | 4,530 |
Sublease rent and security deposit | 913 | 1,400 |
Business taxes and licensing fees | 1,072 | 898 |
Consulting and outside services | 352 | 499 |
Other | 210 | 212 |
Total accrued expenses and other liabilities | $ 13,867 | $ 15,674 |
Collaboration and License Agr_2
Collaboration and License Agreements - Additional Information (Details) - USD ($) | Dec. 16, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
AbbVie Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Common stock shares issued | 1,999,415 | ||||
Issuance of common stock | $ 6,700,000 | ||||
Milestone payment | $ 0 | $ 0 | $ 0 | $ 0 | |
AbbVie Agreement | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Contingent development, regulatory and commercial milestone payments | $ 135,000,000 | ||||
Merck | Maximum | Product Candidate | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone amount eligible to receive for products or product candidates | 297,000,000 | ||||
Merck | Maximum | Product | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone amount eligible to receive for products or product candidates | 135,000,000 | ||||
Lilly Agreement | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 100,000 | $ 400,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($)ft²LeaseFacility | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)ft²LeaseFacility | Sep. 30, 2020USD ($) | Feb. 28, 2019$ / sharesshares | |
Operating Leased Assets [Line Items] | ||||||
Redeemable convertible preferred stock, shares authorized | shares | 18,992,220 | |||||
Redeemable convertible preferred stock, shares issued | shares | 18,992,220 | |||||
Redeemable convertible preferred stock, par value per share | $ / shares | $ 0.0001 | |||||
Redeemable convertible preferred stock, purchase price per share | $ / shares | $ 3.4225 | |||||
Change in fair value of redeemable convertible preferred stock tranche liability | $ 8,364,000 | $ 9,533,000 | ||||
Number of lease facility | LeaseFacility | 5 | 5 | ||||
Aggregate sublease income to be earned | $ 67,600,000 | |||||
Letter of credit outstanding | $ 1,800,000 | 1,800,000 | ||||
Operating leases rent expense | 2,400,000 | 100,000 | 6,400,000 | 400,000 | ||
Operating leases variable lease payments | 500,000 | 1,700,000 | 200,000 | |||
Seattle Sublease | ||||||
Operating Leased Assets [Line Items] | ||||||
Sublease agreement term | 2021-06 | |||||
Sublease commencement date | Jul. 1, 2021 | |||||
Sublease period | 58 months | |||||
Aggregate estimated base rent payments | $ 5,500,000 | |||||
Letter of credit outstanding | $ 300,000 | $ 300,000 | ||||
Sublease | C A | ||||||
Operating Leased Assets [Line Items] | ||||||
Total square footage of leased property | ft² | 110,000 | 110,000 | ||||
Sublease Income | $ 1,700,000 | 0 | $ 4,400,000 | 0 | ||
Maximum | ||||||
Operating Leased Assets [Line Items] | ||||||
Change in fair value of redeemable convertible preferred stock tranche liability | 8,400,000 | $ 9,500,000 | ||||
Operating lease, remaining lease term | 9 years | 9 years | ||||
Operating leases variable lease payments | $ 100,000 | |||||
Minimum | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease, remaining lease term | 3 months | 3 months |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturity of Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
2021 (remaining three months) | $ 1,778 | |
2022 | 7,483 | |
2023 | 7,695 | |
2024 | 7,850 | |
2025 | 8,009 | |
Thereafter | 26,079 | |
Total undiscounted lease payments | 58,894 | |
Present value adjustment | 13,937 | |
Total net lease liability | 44,957 | |
Net lease liability – current | 4,194 | $ 3,045 |
Net lease liability - non-current | 40,763 | $ 38,709 |
Total net lease liability | $ 44,957 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Additional Information Related to Operating Leases (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Weighted-average remaining lease terms (in years) | ||
Operating leases | 7 years 8 months 12 days | 8 years 9 months 18 days |
Weighted-average discount rate | ||
Operating leases | 7.50% | 7.10% |
Common Stock - Summary of RSA A
Common Stock - Summary of RSA Activity (Details) - Restricted Stock Awards (RSAs) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Stock, Beginning balance | shares | 196,000 |
Number of Restricted Stock, Vested | shares | (72,000) |
Number of Restricted Stock, Ending balance | shares | 124,000 |
Weighted-Average Grant Date Fair Value per Share, Beginning Balance | $ / shares | $ 0.00034 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 0.00034 |
Weighted-Average Grant Date Fair Value per Share, Ending Balance | $ / shares | $ 0.00034 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 9 Months Ended |
Apr. 30, 2021 | Sep. 30, 2021 | |
At-the-Market Offering | 2021 Sales Agreement | Cantor Fitzgerald & Co. and SVB Leerink LLC | ||
Class Of Stock [Line Items] | ||
Commission on sales of common stock, percentage | 3.00% | |
Issuance of common stock (in shares) | 2.2 | |
Net proceeds from issuance of common stock | $ 33.9 | |
Aggregate offering available for issuance of common stock | $ 40 | |
Agreement maturity date | Apr. 7, 2024 | |
At-the-Market Offering | 2021 Sales Agreement | Maximum | Cantor Fitzgerald & Co. and SVB Leerink LLC | ||
Class Of Stock [Line Items] | ||
Aggregate offering price from offer and sale of common stock | $ 75 | |
Restricted Stock Awards (RSAs) | ||
Class Of Stock [Line Items] | ||
Fair value of RSAs vested | $ 1.1 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2019IncentivePlanshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020$ / shares | Dec. 31, 2020shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of equity incentive plans | IncentivePlan | 2 | |||
Number of common shares, granted | 1,371,000 | |||
Number of shares available for future grant | 1,400,000 | 900,000 | ||
Weighted average grant-date fair value of options granted | $ / shares | $ 10.53 | $ 3.64 | ||
Unrecognized compensation expense | $ | $ 26.8 | |||
Weighted-average period of unrecognized compensation expense | 2 years 9 months 18 days | |||
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average period of unrecognized compensation expense | 2 years 3 months 18 days | |||
Total fair value of restricted stock units vested during the period | $ | $ 0.4 | |||
Unrecognized stock-based compensation expense related to RSUs | $ | $ 10.5 | |||
2009 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common shares, granted | 0 | |||
2015 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Reverse stock split | one-for-five | |||
2015 ESPP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for future grant | 0.7 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options Outstanding, Number of Shares Underlying Options, Beginning balance | shares | 5,514 |
Number of common shares, granted | shares | 1,371 |
Options Outstanding, Number of Shares Underlying Options, Exercised | shares | (281) |
Options Outstanding, Number of Shares Underlying Options, Canceled | shares | (395) |
Options Outstanding, Number of Shares Underlying Options, Ending balance | shares | 6,209 |
Options Outstanding, Number of Shares Underlying Options, Options exercisable | shares | 2,374 |
Options Outstanding, Number of Shares Underlying Options, Options vested and expected to vest | shares | 6,209 |
Options Outstanding, Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 13.24 |
Options Outstanding, Weighted-Average Exercise Price, Granted | $ / shares | 15.49 |
Options Outstanding, Weighted-Average Exercise Price, Exercised | $ / shares | 6.17 |
Options Outstanding, Weighted-Average Exercise Price, Canceled | $ / shares | 29.27 |
Options Outstanding, Weighted-Average Exercise Price, Ending balance | $ / shares | 13.04 |
Options Outstanding, Weighted-Average Exercise Price, Options exercisable | $ / shares | 16.20 |
Options Outstanding, Weighted-Average Exercise Price, Options vested and expected to vest | $ / shares | $ 13.04 |
Options Outstanding, Aggregate Intrinsic Value, Balance | $ | $ 38,433 |
Options Outstanding, Aggregate Intrinsic Value, Options Exercised | $ | 2,864 |
Options Outstanding, Aggregate Intrinsic Value, Balance | $ | 25,980 |
Options Outstanding, Aggregate Intrinsic Value, Options exercisable-September 30, 2021 | $ | 13,193 |
Options Outstanding, Aggregate Intrinsic Value, Options vested and expected to vest-September 30, 2021 | $ | $ 25,980 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Black Scholes Option-Pricing Model (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
2015 ESPP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | |||
Volatility | 0.00% | 0.00% | 60.90% | 0.00% |
Risk-free interest rate | 0.00% | 0.00% | 0.00% | 0.00% |
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 2 months 12 days | 0 years | 6 years 1 month 6 days | 6 years 1 month 6 days |
Volatility | 77.60% | 0.00% | 79.00% | 79.50% |
Risk-free interest rate | 1.00% | 0.00% | 0.80% | 0.80% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit or RSU Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Stock, Beginning balance | shares | 441 |
Number of Restricted Stock, Granted | shares | 523 |
Number of Restricted Stock, Vested | shares | (25) |
Number of Restricted Stock, Forfeited | shares | (37) |
Number of Restricted Stock, Ending balance | shares | 902 |
Weighted-Average Grant Date Fair Value per Share, Beginning Balance | $ / shares | $ 14.51 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 15.18 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 14.75 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 14.69 |
Weighted-Average Grant Date Fair Value per Share, Ending Balance | $ / shares | $ 14.89 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 3,287 | $ 315 | $ 9,360 | $ 714 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,522 | 151 | 4,282 | 334 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,765 | $ 164 | $ 5,078 | $ 380 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax benefit | $ 463,000 | $ 0 | $ 1,204,000 | $ 0 |
Effective income tax rate | 1.50% | 1.10% | ||
Statutory tax rate | 21.00% |
Net Loss per Common Share - Sch
Net Loss per Common Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (30,696) | $ (42,571) | $ (37,215) | $ (18,817) | $ (7,743) | $ (5,149) | $ (110,482) | $ (31,709) |
Weighted-average shares outstanding | 44,797 | 4,465 | 43,722 | 4,465 | ||||
Less: weighted-average unvested restricted shares and shares subject to repurchase | (136) | (280) | (159) | (318) | ||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 44,661 | 4,185 | 43,563 | 4,147 | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.69) | $ (4.50) | $ (2.54) | $ (7.65) |
Net Loss per Common Share - S_2
Net Loss per Common Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive | 7,235,000 | 21,233,000 | 7,235,000 | 21,233,000 |
Redeemable Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive | 11,834,000 | 11,834,000 | ||
Conversion of Redeemable Convertible Preferred Stock Issuable Upon Settlement of Redeemable Convertible Preferred Stock Tranche Liability | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive | 7,159,000 | 7,159,000 | ||
Unvested Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive | 902,000 | 902,000 | ||
Unvested Restricted Stock Awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive | 124,000 | 251,000 | 124,000 | 251,000 |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive | 6,209,000 | 1,989,000 | 6,209,000 | 1,989,000 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Details) $ in Thousands, € in Millions | Apr. 02, 2021 | Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) |
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment, gain on sale | $ 7,227 | ||
Sairopa B.V. | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 44.00% | ||
Equity method investment, initial capitalization | € | € 12.5 | ||
Equity method investment, recorded | 10,000 | ||
Equity method investment, gain on sale | $ 7,200 | ||
Equity method investment, income or loss recorded term | one quarter lag | ||
CVR Agreement | Sairopa B.V. | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of net proceeds received from transaction of liquidation event | 50.00% | 50.00% |