Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Trading Symbol | KDNY | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | CHINOOK THERAPEUTICS, INC. | |
Entity Central Index Key | 0001435049 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 55,177,252 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-37345 | |
Entity Tax Identification Number | 94-3348934 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 400 Fairview Avenue North, Suite 900 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address Postal Zip Code | 98109 | |
City Area Code | (206) | |
Local Phone Number | 485-7241 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 103,500 | $ 181,724 |
Marketable securities | 172,599 | 105,113 |
Accounts receivable | 2,947 | 10,061 |
Prepaid expenses and other current assets | 6,727 | 3,741 |
Total current assets | 285,773 | 300,639 |
Marketable securities | 53,933 | 68,215 |
Property and equipment, net | 18,263 | 18,935 |
Restricted cash | 2,074 | 2,074 |
Operating lease right-of-use assets | 53,922 | 55,385 |
Investment in equity securities | 41,200 | 41,200 |
Equity method investment | 7,201 | 8,205 |
Intangible assets, net | 25,580 | 26,009 |
In-process research & development | 36,550 | 36,550 |
Goodwill | 117 | 117 |
Other assets | 6,657 | 6,474 |
Total assets | 531,270 | 563,803 |
Current liabilities: | ||
Accounts payable | 9,039 | 8,580 |
Accrued and other current liabilities | 12,946 | 17,104 |
Operating lease liabilities | 4,581 | 4,401 |
Contingent value rights liability | 10,000 | 10,000 |
Total current liabilities | 36,566 | 40,085 |
Contingent value rights liability - non-current | 23,963 | 24,591 |
Contingent consideration liability | 4,750 | 5,160 |
Deferred tax liabilities | 735 | 735 |
Operating lease liabilities, net of current maturities | 38,461 | 39,589 |
Total liabilities | 104,475 | 110,160 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 10,000 shares authorized as of March 31, 2022 and December 31, 2021; no shares issued and outstanding at March 31, 2022 and December 31, 2021 | ||
Common stock, $0.0001 par value; 300,000 shares authorized as of March 31, 2022 and December 31, 2021; 55,117 and 54,761 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 6 | 5 |
Additional paid-in capital | 691,776 | 685,459 |
Accumulated deficit | (263,450) | (231,766) |
Accumulated other comprehensive loss | (1,537) | (55) |
Total stockholders’ equity | 426,795 | 453,643 |
Total liabilities and stockholders’ equity | $ 531,270 | $ 563,803 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 55,117,000 | 54,761,000 |
Common stock shares outstanding | 55,117,000 | 54,761,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Collaboration and license revenue | $ 2,697 | $ 351 |
Operating expenses: | ||
Research and development | 26,252 | 25,697 |
General and administrative | 7,868 | 9,543 |
Change in fair value of contingent consideration and contingent value rights liabilities | (1,038) | 1,839 |
Amortization of intangible assets | 429 | 420 |
Total operating expenses | 33,511 | 37,499 |
Loss from operations | (30,814) | (37,148) |
Other expense, net | (95) | (67) |
Loss before income taxes and share of net loss of equity method investment | (30,909) | (37,215) |
Share of net loss of equity method investment | (775) | |
Net loss | $ (31,684) | $ (37,215) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.54) | $ (0.88) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 58,340 | 42,136 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments, net of tax of $0 | $ 107 | $ 38 |
Unrealized gain (loss) on marketable debt securities, net of tax of $0 | (1,589) | 16 |
Total other comprehensive income (loss) | (1,482) | 54 |
Comprehensive loss | $ (33,166) | $ (37,161) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax | $ 0 | $ 0 |
Unrealized gain (loss) on marketable debt securities, tax | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 334,622 | $ 4 | $ 463,436 | $ (128,829) | $ 11 |
Beginning balance, Shares at Dec. 31, 2020 | 42,282 | ||||
Issuance of common stock upon exercise of stock options and warrants | 580 | 580 | |||
Issuance of common stock upon exercise of stock options and warrants, shares | 100 | ||||
Stock-based compensation expense | 2,478 | 2,478 | |||
Other comprehensive loss | 54 | 54 | |||
Net loss | (37,215) | (37,215) | |||
Ending balance at Mar. 31, 2021 | 300,519 | $ 4 | 466,494 | (166,044) | 65 |
Ending balance, Shares at Mar. 31, 2021 | 42,382 | ||||
Beginning balance at Dec. 31, 2021 | $ 453,643 | $ 5 | 685,459 | (231,766) | (55) |
Beginning balance, Shares at Dec. 31, 2021 | 54,761 | 54,761 | |||
Issuance of common stock upon exercise of stock options and vesting of restricted stock units | $ 2,049 | $ 1 | 2,048 | ||
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, shares | 356 | ||||
Stock-based compensation expense | 4,269 | 4,269 | |||
Other comprehensive loss | (1,482) | (1,482) | |||
Net loss | (31,684) | (31,684) | |||
Ending balance at Mar. 31, 2022 | $ 426,795 | $ 6 | $ 691,776 | $ (263,450) | $ (1,537) |
Ending balance, Shares at Mar. 31, 2022 | 55,117 | 55,117 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net loss | $ (31,684) | $ (37,215) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 866 | 804 |
Loss on disposal of property and equipment | 234 | |
Amortization of intangible assets | 429 | 420 |
Non-cash operating lease expense | 1,528 | 1,291 |
Stock-based compensation expense | 4,269 | 2,478 |
Change in fair value of contingent consideration and contingent value rights liabilities | (1,038) | 1,839 |
Accretion of discounts and amortization of premiums on marketable securities | 406 | |
Share of net loss of equity method investment | 775 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,114 | 6 |
Prepaid expenses and other assets | (3,155) | (9) |
Accounts payable | 745 | 3,814 |
Accrued and other liabilities | (4,191) | (720) |
Operating lease liabilities | (1,020) | (694) |
Deferred revenue | (95) | |
Net cash used in operating activities | (24,722) | (28,081) |
Cash Flows from Investing Activities | ||
Purchases of marketable securities | (79,033) | (33,657) |
Proceeds from marketable securities | 23,834 | 41,818 |
Purchases of property and equipment | (374) | (594) |
Proceeds from sale of property and equipment | 267 | |
Net cash provided by (used in) investing activities | (55,573) | 7,834 |
Cash Flows from Financing Activities | ||
Proceeds from exercise of stock options and warrants | 2,049 | 580 |
Previously incurred issuance costs related to an underwritten public offering paid during period | (286) | |
Net cash provided by financing activities | 1,763 | 580 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 308 | 9 |
Net decrease in cash, cash equivalents and restricted cash | (78,224) | (19,658) |
Cash, cash equivalents and restricted cash at beginning of period | 183,798 | 189,500 |
Cash, cash equivalents and restricted cash at end of period | 105,574 | 169,842 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||
Cash and cash equivalents | 103,500 | 168,092 |
Restricted cash | 2,074 | 1,750 |
Total cash, cash equivalents and restricted cash | 105,574 | 169,842 |
Supplemental Cash Flow Information | ||
Cash paid for amounts included in the measurement of lease liabilities | 1,861 | 1,423 |
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 | 157 | $ 76 |
Receivable from option exercises | $ 1,325 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
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. On October 5, 2020, Aduro Biotech, Inc. (“Aduro”) completed its merger with Chinook Therapeutics U.S., Inc. (“Private Chinook”), pursuant to the terms of a merger agreement dated as of June 1, 2020, and amended on August 17, 2020, by which a wholly owned subsidiary 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 phase 1/2 development for patients with IgAN. Our third product candidate is CHK-336, an oral small molecule LDHA inhibitor for the treatment of primary and secondary hyperoxaluria and idiopathic kidney stone formation. In April 2022, we initiated a phase 1 clinical trial of CHK-336 in healthy volunteers. 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. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
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 (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“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 months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 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, 2021 included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 17, 2022. 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 (“CVR”) liability, contingent consideration liability, lease right-of-use assets, and lease obligations, as well as Risks and Uncertainties We are subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source vendors and collaborators, availability of raw materials, patentability of our products and processes and clinical efficacy and safety of our products under development, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. Our product candidates are still in development and, to date, none of our product candidates have been approved for sale and, therefore, we have not generated any revenue from product sales. There can be no assurance that our research and development will be successfully completed, that adequate protection for our intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if our product development efforts are successful, it is uncertain when, if ever, we will generate revenue from product sales. We operate in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, we are dependent upon the services of our employees, consultants and other third parties. Moreover, the current COVID-19 pandemic, which is impacting worldwide economic activity, poses risk that we or our employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time which may delay the start-up and conduct of our clinical trials, and negatively impact manufacturing and testing activities performed by third parties. Any significant delays may Recent Accounting Pronouncements 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 Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815- 40) |
Reverse Merger and Contingent V
Reverse Merger and Contingent Value Rights | 3 Months Ended |
Mar. 31, 2022 | |
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. 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 CVR for each outstanding share of Aduro common stock held by such stockholder on such date (the “CVR Agreement”). 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 deductions permitted under the CVR Agreement, including taxes and certain other expenses. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash $ 42,703 $ — $ — $ 42,703 Money market funds 25,506 — — 25,506 Commercial paper 30,287 — (2 ) 30,285 U.S. government and agency securities 5,006 — — 5,006 Total cash and cash equivalents $ 103,502 $ — $ (2 ) $ 103,500 Marketable securities: Commercial paper $ 33,550 $ 1 $ (27 ) $ 33,524 U.S. government and agency securities 128,214 1 (1,001 ) 127,214 Corporate debt securities 66,487 — (693 ) 65,794 Total marketable securities $ 228,251 $ 2 $ (1,721 ) $ 226,532 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash $ 44,499 $ — $ — $ 44,499 Money market funds 117,023 — — 117,023 Commercial paper 16,898 — (1 ) 16,897 Corporate debt securities 3,306 — (1 ) 3,305 Total cash and cash equivalents $ 181,726 $ — $ (2 ) $ 181,724 Marketable securities: Commercial paper $ 34,978 $ — $ (10 ) $ 34,968 U.S. government and agency securities 85,309 1 (88 ) 85,222 Corporate debt securities 53,172 4 (38 ) 53,138 Total marketable securities $ 173,459 $ 5 $ (136 ) $ 173,328 The amortized cost and estimated fair value of our available-for-sale marketable securities by contractual maturity are summarized below as of March 31, 2022 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Mature in one year or less $ 173,306 $ 2 $ (709 ) $ 172,599 Mature after one year through two years 54,945 — (1,012 ) 53,933 Total available-for-sale marketable securities $ 228,251 $ 2 $ (1,721 ) $ 226,532 None of our marketable securities were in a continuous unrealized loss position as of March 31, 2022. We review individual securities in our portfolio to determine whether a decline in a security’s fair value below the amortized cost basis is other-than-temporary. We determined that as of March 31, 2022, there were no investments in our portfolio that were other-than-temporarily impaired. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements We record 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. We consider 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): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 68,209 $ — $ — $ 68,209 Commercial paper — 30,285 — 30,285 U.S. government and agency securities — 5,006 5,006 Total cash and cash equivalents 68,209 35,291 — 103,500 Marketable securities: Commercial paper — 33,524 — 33,524 U.S. government and agency securities — 127,214 — 127,214 Corporate debt securities — 65,794 — 65,794 Total marketable securities — 226,532 — 226,532 Total fair value of assets $ 68,209 $ 261,823 $ — $ 330,032 Liabilities: Contingent value rights liability $ — $ — $ 33,963 $ 33,963 Contingent consideration liability — — 4,750 4,750 Total fair value of liabilities $ — $ — $ 38,713 $ 38,713 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 161,522 $ — $ — $ 161,522 Commercial paper — 16,897 — 16,897 Corporate debt securities — 3,305 — 3,305 Total cash and cash equivalents 161,522 20,202 — 181,724 Marketable securities: Commercial paper — 34,968 — 34,968 U.S. government and agency securities — 85,222 — 85,222 Corporate debt securities — 53,138 — 53,138 Total marketable securities — 173,328 — 173,328 Total fair value of assets $ 161,522 $ 193,530 $ — $ 355,052 Liabilities: Contingent value rights liability $ — $ — $ 34,591 $ 34,591 Contingent consideration liability — — 5,160 5,160 Total fair value of liabilities $ — $ — $ 39,751 $ 39,751 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 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, 2021 $ 34,591 $ 5,160 Net change in fair value upon remeasurement (628 ) (410 ) Balance at March 31, 2022 $ 33,963 $ 4,750 The fair values of the CVR and contingent consideration liabilities 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, we used the income approach, primarily discounted cash flow models. The discounted cash flow models require the use of significant judgment, estimates and assumptions, including estimated revenues and costs, the probability of technical and regulatory success, and discount rates. For the three months ended March 31, 2022 and 2021, the aggregate change in fair value of the CVR and the contingent consideration liabilities was a decrease of $1.0 million and an increase $1.8 million, respectively, and was recorded in the consolidated statement of operations and comprehensive loss. The change in the fair value during the periods resulted from a change in estimate of the potential future proceeds derived from Aduro’s license agreement with Merck. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2022 2021 Research and lab equipment $ 3,493 $ 3,366 Computer equipment and software 1,266 1,497 Furniture and fixtures 1,349 1,224 Leasehold improvements 16,982 16,976 Total property and equipment 23,090 23,063 Total accumulated depreciation (4,827 ) (4,128 ) Property and equipment, net $ 18,263 $ 18,935 Depreciation and amortization expense for property and equipment for the three months ended March 31, 2022 and 2021 was $0.9 million and $0.7 million, respectively. Approximately $2.9 million of our property and equipment as of March 31, 2022 is located in Canada. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
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 $0.1 million at March 31, 2022, all of which resulted from the Merger. We test Intangible assets The gross carrying amounts and net book value of intangible assets were as follows (in thousands): March 31, 2022 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 2,360 $ 24,325 In-place lease 1,433 178 1,255 Total intangible assets with finite lives 28,118 2,538 25,580 Acquired in-process research & development ("IPR&D") assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 2,538 $ 62,130 December 31, 2021 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 1,968 $ 24,717 In-place lease 1,433 141 1,292 Total intangible assets with finite lives 28,118 2,109 26,009 Acquired IPR&D assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 2,109 $ 62,559 Intangible assets are carried at cost less accumulated amortization and impairment. Amortization is over periods 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. Amortization expense was $0.4 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively. Based on finite-lived intangible assets recorded as of March 31, 2022, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31, Estimated Amortization Expense 2022 (remaining nine months) $ 1,293 2023 1,733 2024 1,733 2025 1,733 2026 1,733 Thereafter 17,355 |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Accrued and Other Current Liabilities | 8. Accrued and other current liabilities consisted of the following (in thousands): March 31 December 31, 2022 2021 Research and development costs $ 7,703 $ 8,397 Compensation and benefits 3,478 6,455 Sublease rent and security deposit 1,072 1,067 Business taxes and licensing fees 455 421 Consulting and outside services 208 424 Other 30 340 Total accrued and other current liabilities $ 12,946 $ 17,104 |
Investment in Equity Securities
Investment in Equity Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investment in Equity Securities | 9. Investment in Equity Securities In November 2021, we entered into agreements related to the formation of SanReno, a corporation established to develop, manufacture and commercialize kidney disease therapies in mainland China, Hong Kong, Macau, Taiwan and Singapore (collectively, the “Territory”). In connection with the formation of SanReno and pursuant to a license agreement entered into between Chinook and SanReno in November 2021 (the “China License Agreement”), Chinook granted SanReno exclusive licenses under certain intellectual property to develop and commercialize atrasentan and BION-1301 in the Territory for use in all human indications. In return, Chinook received 40.0 million Series A preferred shares in SanReno representing 50% ownership of the outstanding voting securities and a warrant to purchase a total of 5.0 million common shares of SanReno at an exercise price of $0.01 per share upon the attainment of regulatory exclusivity for atrasentan in the Territory. Such warrant will only be exercisable if and provided that SanReno obtains, before the 10-year anniversary of the closing of the formation of SanReno, the regulatory exclusivity for atrasentan in China for at least three years commencing from the New Drug Application approval by the National Medical Product Administration of China. The warrant will have a five-year In connection with the formation of SanReno in November 2021, Chinook also entered into a Shareholders Agreement (the “Shareholders Agreement”) providing for certain rights and obligations of SanReno and its shareholders. Pursuant to the Shareholders Agreement, Chinook has the right to designate an individual for election to the board of directors of SanReno and SanReno has agreed that certain specified events (including certain liquidation events) shall require the approval of shareholders of SanReno holding a supermajority of SanReno’s Series A preferred shares. The Shareholders Agreement terminates by mutual consent of the parties, and automatically terminates upon the dissolution of SanReno or immediately prior to the consummation of a qualified initial public offering. We account for the investment in SanReno in accordance with the provisions of ASC Topic 321, Investments – Equity Securities Pursuant to the terms of the Series A preferred stock, we are entitled to non-cumulative dividends at 8% of our initial investment, payable when and if declared by the board of directors of SanReno. Dividends from our investment in equity securities, if declared, are reflected in the consolidated statements of operations and comprehensive loss. There were no dividends declared during the three months ended March 31, 2022. |
Equity Method Investment
Equity Method Investment | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investment | 10. Equity Method Investment In April 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 deductions permitted under the CVR Agreement, including taxes and certain other expenses, will accrue to the benefit of the CVR holders. As of March 31, 2022, we own a 44% interest in Sairopa. We determined that we have the ability to exercise significant influence over Sairopa but do not have a controlling interest. Therefore, the investment in Sairopa was accounted for using the equity method. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, and participation in policy-making decisions. The Sairopa Investors provided an initial capitalization of 12.5 million Euros. We recorded the equity method investment at $10.0 million, which is the fair value of the equity received by us in exchange for the non-renal assets. Our equity method investment was recorded at cost at inception and is adjusted each period for our share of the investee’s income or loss, which is reported in our consolidated statements of operations and comprehensive loss 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. |
Collaboration and License Agree
Collaboration and License Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration and License Agreements | 11. Collaboration and License Agreements SanReno Therapeutics In November 2021, we entered into the China License Agreement, pursuant to which we granted SanReno exclusive licenses under certain intellectual property to develop, manufacture and commercialize for atrasentan and BION-1301 in the Territory. Refer to Note 9 “Investment in Equity Securities” for further details on the agreements executed with SanReno. We evaluated the China License Agreement under ASC Topic 606 and determined that the China License Agreement represents a contract with a customer. We identified the following performance obligations: (i) the licenses to develop, manufacture and commercialize atrasentan and BION-1301; (ii) our obligation to transfer know-how for the licensed product candidates (“Technology Transfers”); (iii) manufacturing and supply services; and (iv) opt-in global studies. We determined that the preferred shares we received in SanReno of $40.0 million plus the warrant granted to us of $1.2 million constituted the entire consideration to be included in the total transaction price at the outset of the arrangement. Further, in determination of the performance obligations under the license agreements, the stand-alone selling prices of the performance obligations and our responsibility in the development activities have also been considered. Accordingly, the licenses, Technology Transfers, manufacturing and supply services, and opt-in global studies are all considered distinct performance obligations. Since both licensed product candidates are in the later stages of development, we determined that both licenses have significant stand-alone functionalities as of contract inception. SanReno can begin deriving benefit from the licenses prior to the Technology Transfers being completed. The Technology Transfers will be completed upon request of SanReno and are separate from the transfer of the licenses, which occurred at contract inception. The estimated standalone selling price for the Technology Transfers was determined by estimating the costs of satisfying the performance obligation, plus an appropriate margin for such services. Pursuant to the China License Agreement, SanReno will reimburse the manufacturing and supply services at cost plus a mark-up and will reimburse the opt-in global studies at cost, which represent pass-through fees from third-party vendors, including clinical research organization. Revenue attributable to the manufacturing and supply services and opt-in global studies will be recognized as incurred. For the three months ended March 31, 2022, we recognized revenue of $2.7 million under the China License Agreement for costs reimbursed related to opt-in global studies. We are also eligible to receive a progress-dependent milestone payment of up to approximately $25.0 million with respect to BION-1301. Under the China License Agreement, SanReno is also obligated to pay Chinook royalty payments at a percentage in the low teens based on net sales of atrasentan in the Territory on the portion of annual net sales in excess of a pre-determined amount, which royalty will be payable until the expiration of all licensed patents covering the sale of atrasentan in the Territory. The China License Agreement expires on a licensed product-by-licensed product basis on the latest of: (i) the expiration of the royalty term for atrasentan, (ii) the expiration of the last valid claim of a licensed patent for BION-1301 in the Territory. The parties may terminate the China License Agreement pursuant to terms specified in the agreement. Chinook and SanReno also have reciprocal rights of first negotiation in their respective territories for certain future kidney disease products developed or in-licensed by either company. Chinook retains full rights to atrasentan and BION-1301 outside of the Territory. The potential progress-dependent cash milestone payment that we are eligible to receive was excluded from the total transaction price, as the milestone amount is fully constrained based on the probability of achievement. Accordingly, any future milestone payment received under the agreement will be recorded upon or over a period following receipt. Further, we will apply the exception under ASC Topic 606 for variable consideration related to sales-or-usage based royalties received in exchange for licensed intellectual property associated with atrasentan, therefore the royalties are not included in the transaction price until the licensee sells product. No progress-dependent milestone payments and royalties were earned during the three months ended March 31, 2022. AbbVie Ireland Unlimited Company In December 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 2.0 million 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 $135.0 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 months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, we did not have any payable or receivable balances associated with the License Agreement. 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 $287.0 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 CVR holders, net of deductions permitted under the CVR Agreement, including taxes and certain other expenses. A $10.0 million development milestone was earned in the fourth quarter of 2021 and received in the first quarter of 2022. We expect to pay this milestone, net of taxes and expenses, to the CVR holders in the second quarter of 2022. 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 was to perform research services through 2021, for which we were reimbursed up to a specified amount. We are eligible to receive future contingent milestone payments of up to approximately $464.9 million per licensed product and tiered royalties on net sales at percentages in the single digits. We determined that the potential milestone payments are not considered probable of being achieved and, accordingly, such milestones will be recognized as revenue when earned. For the three months ended March 31, 2021, we recognized revenue of $0.4 million under the Lilly agreement. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Leases We have a total of four operating leases as of March 31, 2022 with remaining lease terms of approximately 4 to 8 years. In June 2021, we entered into a sublease agreement for office space in Seattle, Washington (“Seattle Sublease”), which we 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 $5.0 million. As of March 31, 2022, we are subleasing approximately 112,000 square feet in one of our facilities. Sublease income was $2.0 million and $1.4 million for the three months ended March 31, 2022 and 2021, respectively, which was netted against rent expense. Total sublease income to be earned, in aggregate, will be approximately $63.1 million over the remaining term of the sublease agreement. We maintain a letter of credit as security for a facility lease that expires in 2029. The letter of credit is collateralized by a certificate of deposit in the amount of $1.8 million, which is classified as long-term restricted cash in our condensed consolidated balance sheet as of March 31, 2022. Additionally, we maintain a letter of credit as a security deposit for a facility lease that expires in 2026. The letter of credit is collateralized by a certificate of deposit in the amount of $0.3 million, which is classified as long-term restricted cash in our condensed consolidated balance sheet as of March 31, 2022. The maturity of our operating lease liabilities as of March 31, 2022 is as follows (in thousands): Undiscounted Lease Payments Amounts 2022 (remaining nine months) $ 5,684 2023 7,716 2024 7,871 2025 8,030 2026 7,179 Thereafter 18,934 Total undiscounted lease payments 55,414 Present value adjustment (12,372 ) Total net lease liability $ 43,042 Net lease liability - current $ 4,581 Net lease liability - non-current 38,461 Total net lease liability $ 43,042 Rent expense recognized for operating leases was $2.3 million and $2.1 million for the three months ended March 31, 2022 and 2021, respectively. Variable lease payments, including non-lease components such as common area maintenance fees, recognized as rent expense for operating leases were $0.8 million and less than $0.6 million for the three months ended March 31, 2022 and 2021, respectively. The following summarizes additional information related to our operating leases: March 31, 2022 December 31, 2021 Weighted-average remaining lease terms (in years) Operating leases 7.2 7.4 Weighted-average discount rate Operating leases 7.5% 7.5% Indemnification Agreements 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 our 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 our 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 | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common Stock | 13. Common Stock 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 our sales agents, Cantor Fitzgerald & Co. and SVB Leerink LLC. We will pay the sales agents a commission of up to 3% of the gross proceeds of sales made through the 2021 Sales Agreement. As of March 31, 2022, 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 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, 2021 99 $ 0.00034 Vested (23 ) 0.00034 Balance—March 31, 2022 76 $ 0.00034 The fair value of RSAs vested during the three months ended March 31, 2022 and 2021 was $0.3 million and $0.4 million, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 14. Stock-based Compensation Equity Incentive Plans 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” and together with the 2019 Plan, the “Plans”). No additional grants may be made from the 2009 Plan; however, shares subject to awards granted under the 2009 Plan re main subject to the terms of the 2009 Plan . As of March 31, 2022 and December 31, 2021, there were 1.9 million and 1.4 million shares available for future grant, respectively. In connection with the Merger, we assumed Aduro’s 2015 employee stock purchase plan (“2015 ESPP”). As of March 31, 2022 and December 31, 2021, there were 1.2 million and 0.7 million shares available for future issuance under the 2015 ESPP, respectively. Stock option activity under the Plans is set forth below: Number of Shares Underlying Options (in thousands) Weighted- Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balance—December 31, 2021 5,842 $ 12.73 7.0 $ 34,928 Granted 1,624 13.03 Exercised (245 ) 8.37 Canceled or forfeited (278 ) 8.13 Balance—March 31, 2022 6,943 $ 13.13 7.5 $ 36,350 Options exercisable—March 31, 2022 2,651 $ 14.83 5.1 $ 17,638 Options vested and expected to vest—March 31, 2022 6,943 $ 13.13 7.5 $ 36,350 The aggregate intrinsic values of options outstanding, exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the market price for shares of our common stock as of March 31, 2022. Options for 0.2 million and 0.1 million shares of our common stock were exercised during the three months ended March 31, 2022 and 2021, respectively, with an intrinsic value of $1.6 million and $1.0 million, respectively. Restricted stock unit (“RSU”) activity under the Plans is set forth below: RSUs Outstanding Number of RSUs (in thousands) Weighted- Average Grant Date Fair Share Balance—December 31, 2021 823 $ 14.76 Granted 532 13.10 Vested (112 ) 15.20 Forfeited (36 ) 15.07 Balance—March 31, 2022 1,207 $ 13.98 The total fair value of RSUs that vested in the three months ended March 31, 2022 was $1.5 million and was not material for the three months ended March 31, 2021. Valuation Assumptions The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2022 2021 Assumptions: Expected term (in years) 6.2 6.1 Volatility 77.8% 79.2% Risk-free interest rate 1.7% 0.7% Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 8.94 $ 10.33 The weighted-average assumptions used to estimate the fair value of our common stock to be issued under the 2015 ESPP using a Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2022 2021 Assumptions: Expected term (in years) 0.5 0.5 Volatility 64.9% 81.5% Risk-free interest rate 0.1% 0.1% Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 5.43 $ 5.42 Stock-based Compensation Expense Total stock Three Months Ended March 31, 2022 2021 Research and development $ 2,185 $ 1,028 General and administrative 2,084 1,450 Total stock-based compensation expense $ 4,269 $ 2,478 Total unrecognized stock-based compensation expense and the expected period over which such expense will be recognized are as follows ($ in millions): As of March 31, 2022 Stock options Unrecognized stock compensation expense $ 34.5 Weighted-average remaining vesting period (years) 2.9 RSU Unrecognized stock compensation expense $ 14.8 Weighted-average remaining vesting period (years) 2.3 ESPP Unrecognized stock compensation expense $ 0.1 Weighted-average remaining vesting period (years) 0.1 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes No income tax benefit or expense was recorded for the three months ended March 31, 2022 and 2021. Our effective tax rate is lower than the statutory tax rate of 21% primarily due to us maintaining a full valuation allowance against our net deferred tax assets. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 16. 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 March 31, 2022 2021 Numerator: Net loss attributable to common stockholders $ (31,684 ) $ (37,215 ) Denominator: Weighted-average shares outstanding 58,428 42,319 Less: weighted-average unvested restricted shares and shares subject to repurchase (88 ) (183 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 58,340 42,136 Net loss per share attributable to common stockholders, basic and diluted $ (0.54 ) $ (0.88 ) As of March 31, 2022, 3.6 million pre-funded warrants to purchase common stock, issued in connection with the November 2021 public offering, were included in the weighted-average shares outstanding used in the calculation of basic and diluted net loss per share. Refer to Note 13 “Common Stock” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 17, 2022 for more information. 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): March 31, 2022 2021 Common stock warrants — 3 Unvested RSUs 1,207 793 Unvested RSAs 76 172 Options to purchase common stock 6,943 6,211 Total 8,226 7,179 |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“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 months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 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, 2021 included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 17, 2022. 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 (“CVR”) liability, contingent consideration liability, lease right-of-use assets, and lease obligations, as well as |
Risks and Uncertainties | Risks and Uncertainties We are subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source vendors and collaborators, availability of raw materials, patentability of our products and processes and clinical efficacy and safety of our products under development, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. Our product candidates are still in development and, to date, none of our product candidates have been approved for sale and, therefore, we have not generated any revenue from product sales. There can be no assurance that our research and development will be successfully completed, that adequate protection for our intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if our product development efforts are successful, it is uncertain when, if ever, we will generate revenue from product sales. We operate in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, we are dependent upon the services of our employees, consultants and other third parties. Moreover, the current COVID-19 pandemic, which is impacting worldwide economic activity, poses risk that we or our employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time which may delay the start-up and conduct of our clinical trials, and negatively impact manufacturing and testing activities performed by third parties. Any significant delays may |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815- 40) |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash $ 42,703 $ — $ — $ 42,703 Money market funds 25,506 — — 25,506 Commercial paper 30,287 — (2 ) 30,285 U.S. government and agency securities 5,006 — — 5,006 Total cash and cash equivalents $ 103,502 $ — $ (2 ) $ 103,500 Marketable securities: Commercial paper $ 33,550 $ 1 $ (27 ) $ 33,524 U.S. government and agency securities 128,214 1 (1,001 ) 127,214 Corporate debt securities 66,487 — (693 ) 65,794 Total marketable securities $ 228,251 $ 2 $ (1,721 ) $ 226,532 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash $ 44,499 $ — $ — $ 44,499 Money market funds 117,023 — — 117,023 Commercial paper 16,898 — (1 ) 16,897 Corporate debt securities 3,306 — (1 ) 3,305 Total cash and cash equivalents $ 181,726 $ — $ (2 ) $ 181,724 Marketable securities: Commercial paper $ 34,978 $ — $ (10 ) $ 34,968 U.S. government and agency securities 85,309 1 (88 ) 85,222 Corporate debt securities 53,172 4 (38 ) 53,138 Total marketable securities $ 173,459 $ 5 $ (136 ) $ 173,328 |
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 March 31, 2022 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Mature in one year or less $ 173,306 $ 2 $ (709 ) $ 172,599 Mature after one year through two years 54,945 — (1,012 ) 53,933 Total available-for-sale marketable securities $ 228,251 $ 2 $ (1,721 ) $ 226,532 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 68,209 $ — $ — $ 68,209 Commercial paper — 30,285 — 30,285 U.S. government and agency securities — 5,006 5,006 Total cash and cash equivalents 68,209 35,291 — 103,500 Marketable securities: Commercial paper — 33,524 — 33,524 U.S. government and agency securities — 127,214 — 127,214 Corporate debt securities — 65,794 — 65,794 Total marketable securities — 226,532 — 226,532 Total fair value of assets $ 68,209 $ 261,823 $ — $ 330,032 Liabilities: Contingent value rights liability $ — $ — $ 33,963 $ 33,963 Contingent consideration liability — — 4,750 4,750 Total fair value of liabilities $ — $ — $ 38,713 $ 38,713 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 161,522 $ — $ — $ 161,522 Commercial paper — 16,897 — 16,897 Corporate debt securities — 3,305 — 3,305 Total cash and cash equivalents 161,522 20,202 — 181,724 Marketable securities: Commercial paper — 34,968 — 34,968 U.S. government and agency securities — 85,222 — 85,222 Corporate debt securities — 53,138 — 53,138 Total marketable securities — 173,328 — 173,328 Total fair value of assets $ 161,522 $ 193,530 $ — $ 355,052 Liabilities: Contingent value rights liability $ — $ — $ 34,591 $ 34,591 Contingent consideration liability — — 5,160 5,160 Total fair value of liabilities $ — $ — $ 39,751 $ 39,751 |
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, 2021 $ 34,591 $ 5,160 Net change in fair value upon remeasurement (628 ) (410 ) Balance at March 31, 2022 $ 33,963 $ 4,750 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2022 2021 Research and lab equipment $ 3,493 $ 3,366 Computer equipment and software 1,266 1,497 Furniture and fixtures 1,349 1,224 Leasehold improvements 16,982 16,976 Total property and equipment 23,090 23,063 Total accumulated depreciation (4,827 ) (4,128 ) Property and equipment, net $ 18,263 $ 18,935 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 2,360 $ 24,325 In-place lease 1,433 178 1,255 Total intangible assets with finite lives 28,118 2,538 25,580 Acquired in-process research & development ("IPR&D") assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 2,538 $ 62,130 December 31, 2021 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 1,968 $ 24,717 In-place lease 1,433 141 1,292 Total intangible assets with finite lives 28,118 2,109 26,009 Acquired IPR&D assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 2,109 $ 62,559 |
Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense | Based on finite-lived intangible assets recorded as of March 31, 2022, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31, Estimated Amortization Expense 2022 (remaining nine months) $ 1,293 2023 1,733 2024 1,733 2025 1,733 2026 1,733 Thereafter 17,355 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): March 31 December 31, 2022 2021 Research and development costs $ 7,703 $ 8,397 Compensation and benefits 3,478 6,455 Sublease rent and security deposit 1,072 1,067 Business taxes and licensing fees 455 421 Consulting and outside services 208 424 Other 30 340 Total accrued and other current liabilities $ 12,946 $ 17,104 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Maturity of Operating Lease Liabilities | The maturity of our operating lease liabilities as of March 31, 2022 is as follows (in thousands): Undiscounted Lease Payments Amounts 2022 (remaining nine months) $ 5,684 2023 7,716 2024 7,871 2025 8,030 2026 7,179 Thereafter 18,934 Total undiscounted lease payments 55,414 Present value adjustment (12,372 ) Total net lease liability $ 43,042 Net lease liability - current $ 4,581 Net lease liability - non-current 38,461 Total net lease liability $ 43,042 |
Schedule of Additional Information Related to Operating Leases | The following summarizes additional information related to our operating leases: March 31, 2022 December 31, 2021 Weighted-average remaining lease terms (in years) Operating leases 7.2 7.4 Weighted-average discount rate Operating leases 7.5% 7.5% |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 99 $ 0.00034 Vested (23 ) 0.00034 Balance—March 31, 2022 76 $ 0.00034 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Stock Option Activity | Stock option activity under the Plans is set forth below: Number of Shares Underlying Options (in thousands) Weighted- Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balance—December 31, 2021 5,842 $ 12.73 7.0 $ 34,928 Granted 1,624 13.03 Exercised (245 ) 8.37 Canceled or forfeited (278 ) 8.13 Balance—March 31, 2022 6,943 $ 13.13 7.5 $ 36,350 Options exercisable—March 31, 2022 2,651 $ 14.83 5.1 $ 17,638 Options vested and expected to vest—March 31, 2022 6,943 $ 13.13 7.5 $ 36,350 |
Summary of Restricted Stock Unit ("RSU") Activity | Restricted stock unit (“RSU”) activity under the Plans is set forth below: RSUs Outstanding Number of RSUs (in thousands) Weighted- Average Grant Date Fair Share Balance—December 31, 2021 823 $ 14.76 Granted 532 13.10 Vested (112 ) 15.20 Forfeited (36 ) 15.07 Balance—March 31, 2022 1,207 $ 13.98 |
Schedule of Weighted-average Assumptions Used to Estimate Fair Value of Stock Options Using Black Scholes Option-Pricing Model | The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2022 2021 Assumptions: Expected term (in years) 6.2 6.1 Volatility 77.8% 79.2% Risk-free interest rate 1.7% 0.7% Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 8.94 $ 10.33 |
Summary of Stock-Based Compensation | Total stock Three Months Ended March 31, 2022 2021 Research and development $ 2,185 $ 1,028 General and administrative 2,084 1,450 Total stock-based compensation expense $ 4,269 $ 2,478 |
Total Unrecognized Stock-Based Compensation Expense and Expected Period Over Which Such Expense Will Be Recognized | Total unrecognized stock-based compensation expense and the expected period over which such expense will be recognized are as follows ($ in millions): As of March 31, 2022 Stock options Unrecognized stock compensation expense $ 34.5 Weighted-average remaining vesting period (years) 2.9 RSU Unrecognized stock compensation expense $ 14.8 Weighted-average remaining vesting period (years) 2.3 ESPP Unrecognized stock compensation expense $ 0.1 Weighted-average remaining vesting period (years) 0.1 |
2015 ESPP | |
Schedule of Black Scholes Option-Pricing Model | The weighted-average assumptions used to estimate the fair value of our common stock to be issued under the 2015 ESPP using a Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2022 2021 Assumptions: Expected term (in years) 0.5 0.5 Volatility 64.9% 81.5% Risk-free interest rate 0.1% 0.1% Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 5.43 $ 5.42 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Numerator: Net loss attributable to common stockholders $ (31,684 ) $ (37,215 ) Denominator: Weighted-average shares outstanding 58,428 42,319 Less: weighted-average unvested restricted shares and shares subject to repurchase (88 ) (183 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 58,340 42,136 Net loss per share attributable to common stockholders, basic and diluted $ (0.54 ) $ (0.88 ) |
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | As of March 31, 2022, 3.6 million pre-funded warrants to purchase common stock, issued in connection with the November 2021 public offering, were included in the weighted-average shares outstanding used in the calculation of basic and diluted net loss per share. Refer to Note 13 “Common Stock” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 17, 2022 for more information. 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): March 31, 2022 2021 Common stock warrants — 3 Unvested RSUs 1,207 793 Unvested RSAs 76 172 Options to purchase common stock 6,943 6,211 Total 8,226 7,179 |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements - Additional Information (Details) | Mar. 31, 2022 |
Accounting Policies [Abstract] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, Accounting Standards Update, Adoption Date | Jan. 1, 2022 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Reverse Merger and Contingent_2
Reverse Merger and Contingent Value Rights - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Description of contingent value rights granted | one 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized Cost | $ 103,502 | $ 181,726 |
Cash and cash equivalents, Unrealized Losses | (2) | (2) |
Cash and cash equivalents, Estimated Fair Value | 103,500 | 181,724 |
Marketable securities, Amortized Cost | 228,251 | 173,459 |
Marketable securities, Unrealized Gains | 2 | 5 |
Marketable securities, Unrealized Losses | (1,721) | (136) |
Marketable securities, Estimated Fair Value | 226,532 | 173,328 |
Cash | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized Cost | 42,703 | 44,499 |
Cash and cash equivalents, Estimated Fair Value | 42,703 | 44,499 |
Money Market Funds | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized Cost | 25,506 | 117,023 |
Cash and cash equivalents, Estimated Fair Value | 25,506 | 117,023 |
Commercial Paper | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized Cost | 30,287 | 16,898 |
Cash and cash equivalents, Unrealized Losses | (2) | (1) |
Cash and cash equivalents, Estimated Fair Value | 30,285 | 16,897 |
Marketable securities, Amortized Cost | 33,550 | 34,978 |
Marketable securities, Unrealized Gains | 1 | |
Marketable securities, Unrealized Losses | (27) | (10) |
Marketable securities, Estimated Fair Value | 33,524 | 34,968 |
U.S. Government and Agency Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized Cost | 5,006 | |
Cash and cash equivalents, Estimated Fair Value | 5,006 | |
Marketable securities, Amortized Cost | 128,214 | 85,309 |
Marketable securities, Unrealized Gains | 1 | 1 |
Marketable securities, Unrealized Losses | (1,001) | (88) |
Marketable securities, Estimated Fair Value | 127,214 | 85,222 |
Corporate Debt Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents, Amortized Cost | 3,306 | |
Cash and cash equivalents, Unrealized Losses | (1) | |
Cash and cash equivalents, Estimated Fair Value | 3,305 | |
Marketable securities, Amortized Cost | 66,487 | 53,172 |
Marketable securities, Unrealized Gains | 4 | |
Marketable securities, Unrealized Losses | (693) | (38) |
Marketable securities, Estimated Fair Value | $ 65,794 | $ 53,138 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Mature in one year or less, Amortized Cost | $ 173,306 | |
Mature after one year through two years, Amortized Cost | 54,945 | |
Marketable securities, Amortized Cost | 228,251 | $ 173,459 |
Mature in one year or less, Unrealized Gains | 2 | |
Total available-for-sale marketable securities, Unrealized Gains | 2 | 5 |
Mature in one year or less, Unrealized Losses | (709) | |
Mature after one year through two years, Unrealized Losses | (1,012) | |
Total available-for-sale marketable securities, Unrealized Losses | (1,721) | (136) |
Mature in one year or less, Estimated Fair Value | 172,599 | |
Mature after one year through two years, Estimated Fair Value | 53,933 | |
Total available-for-sale marketable securities, Estimated Fair Value | $ 226,532 | $ 173,328 |
Cash, Cash Equivalents and Ma_5
Cash, Cash Equivalents and Marketable Securities - Additional Information (Details) | Mar. 31, 2022USD ($) |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | $ 103,500 | $ 181,724 |
Marketable securities | 226,532 | 173,328 |
Assets | 330,032 | 355,052 |
Liabilities: | ||
Liabilities | 38,713 | 39,751 |
Contingent Value Rights Liability | ||
Liabilities: | ||
Liabilities | 33,963 | 34,591 |
Contingent Consideration Liability | ||
Liabilities: | ||
Liabilities | 4,750 | 5,160 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 68,209 | 161,522 |
Assets | 68,209 | 161,522 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 35,291 | 20,202 |
Marketable securities | 226,532 | 173,328 |
Assets | 261,823 | 193,530 |
Level 3 | ||
Liabilities: | ||
Liabilities | 38,713 | 39,751 |
Level 3 | Contingent Value Rights Liability | ||
Liabilities: | ||
Liabilities | 33,963 | 34,591 |
Level 3 | Contingent Consideration Liability | ||
Liabilities: | ||
Liabilities | 4,750 | 5,160 |
Cash and Money Market Funds | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 68,209 | 161,522 |
Cash and Money Market Funds | Level 1 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 68,209 | 161,522 |
Commercial Paper | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 30,285 | 16,897 |
Marketable securities | 33,524 | 34,968 |
Commercial Paper | Level 2 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 30,285 | 16,897 |
Marketable securities | 33,524 | 34,968 |
Corporate Debt Securities | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 3,305 | |
Marketable securities | 65,794 | 53,138 |
Corporate Debt Securities | Level 2 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 3,305 | |
Marketable securities | 65,794 | 53,138 |
U.S. Government and Agency Securities | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 5,006 | |
Marketable securities | 127,214 | 85,222 |
U.S. Government and Agency Securities | Level 2 | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 5,006 | |
Marketable securities | $ 127,214 | $ 85,222 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Contingent Value Rights Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance at December 31, 2021 | $ 34,591 |
Net change in fair value upon remeasurement | (628) |
Balance at March 31, 2022 | 33,963 |
Contingent Consideration Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance at December 31, 2021 | 5,160 |
Net change in fair value upon remeasurement | (410) |
Balance at March 31, 2022 | $ 4,750 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Change in fair value of contingent consideration and contingent value rights liabilities | $ (1,038) | $ 1,839 |
CVR Agreement | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Change in fair value of contingent consideration and contingent value rights liabilities | $ (1,000) | $ 1,800 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 23,090 | $ 23,063 |
Total accumulated depreciation | (4,827) | (4,128) |
Property and equipment, net | 18,263 | 18,935 |
Research and Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,493 | 3,366 |
Computer Equipment And Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,266 | 1,497 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,349 | 1,224 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 16,982 | $ 16,976 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 18,263 | $ 18,935 | |
Depreciation and amortization expense for property and equipment | 900 | $ 700 | |
Canada | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 2,900 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 117 | $ 117 | |
Amortization of intangible assets | $ 429 | $ 420 | |
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 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 2,538 | 2,109 |
Intangible assets, net | 25,580 | 26,009 |
Intangible Assets, Gross Carrying Amount | 64,668 | 64,668 |
Intangible assets, Net Book Value | 62,130 | 62,559 |
Acquired in-process research & development ("IPR&D") assets | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets, Gross Carrying Amount | 36,550 | 36,550 |
Indefinite-Lived Intangible Assets, Net Book Value | 36,550 | 36,550 |
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 | 2,360 | 1,968 |
Intangible assets, net | 24,325 | 24,717 |
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 | 178 | 141 |
Intangible assets, net | $ 1,255 | $ 1,292 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2022 (remaining nine months) | $ 1,293 |
2023 | 1,733 |
2024 | 1,733 |
2025 | 1,733 |
2026 | 1,733 |
Thereafter | $ 17,355 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Research and development costs | $ 7,703 | $ 8,397 |
Compensation and benefits | 3,478 | 6,455 |
Sublease rent and security deposit | 1,072 | 1,067 |
Business taxes and licensing fees | 455 | 421 |
Consulting and outside services | 208 | 424 |
Other | 30 | 340 |
Total accrued and other current liabilities | $ 12,946 | $ 17,104 |
Investment in Equity Securiti_2
Investment in Equity Securities - Additional Information (Details) - San Reno - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended |
Nov. 30, 2021 | Mar. 31, 2022 | |
Investment In Equity Securities [Line Items] | ||
Investment in equity security, ownership percentage | 50.00% | |
Investment in equity securities | $ 40,000,000 | |
Warrants to purchase common shares | 5 | |
Exercise price of warrants | $ 0.01 | |
Warrant exercise period | 5 years | |
Fair value of warrant | $ 1,200,000 | |
Equity securities invested amount | $ 40,000,000 | |
Investment in equity security, remaining ownership percentage | 50.00% | |
Investment in equity securities | $ 41,200,000 | |
Impairment on investment | $ 0 | |
Series A Preferred Stock | ||
Investment In Equity Securities [Line Items] | ||
Investment in equity securities | $ 40,000,000 | |
Dividends percentage | 8.00% |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Details) - Sairopa B.V. € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021USD ($) | Mar. 31, 2022 | Apr. 30, 2021EUR (€) | |
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 | ||
Equity method investment, income or loss recorded term | one quarter lag | ||
CVR Agreement | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of net proceeds received from transaction of liquidation event | 50.00% |
Collaboration and License Agr_2
Collaboration and License Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Nov. 30, 2021 | Dec. 31, 2019 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
China License Agreement | San Reno | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Consideration received as preferred shares | $ 40,000,000 | ||||
Consideration received as warrants | $ 1,200,000 | ||||
Revenue recognized | $ 2,700,000 | ||||
China License Agreement | San Reno | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Progress-dependent milestone receivable | 25,000,000 | ||||
AbbVie Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Common stock shares issued | 2,000,000 | ||||
Proceeds from issuance of common stock | $ 6,700,000 | ||||
Milestone payment | 0 | $ 0 | |||
AbbVie Agreement | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Contingent development, regulatory and commercial milestone payments | 135,000,000 | ||||
Merck | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue recognized | $ 10,000,000 | ||||
Merck | Maximum | Product Candidate | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone amount eligible to receive for products or product candidates | 287,000,000 | ||||
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 | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue recognized | $ 400,000 | ||||
Lilly Agreement | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone amount eligible to receive for products or product candidates | $ 464,900,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2021USD ($) | Mar. 31, 2022USD ($)ft²LeaseFacility | Mar. 31, 2021USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of lease facility | LeaseFacility | 4 | ||
Aggregate sublease income to be earned | $ 63.1 | ||
Lease expiration date | 2029 | ||
Operating leases rent expense | $ 2.3 | $ 2.1 | |
Operating leases variable lease payments | 0.8 | 0.6 | |
Long-Term Restricted Cash | |||
Operating Leased Assets [Line Items] | |||
Security deposit | $ 1.8 | ||
Collateralized Certificate of Deposit | |||
Operating Leased Assets [Line Items] | |||
Lease expiration date | 2026 | ||
Collateralized Certificate of Deposit | Long-Term Restricted Cash | |||
Operating Leased Assets [Line Items] | |||
Security deposit | $ 0.3 | ||
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 | ||
Sublease | C A | |||
Operating Leased Assets [Line Items] | |||
Total square footage of leased property | ft² | 112,000 | ||
Sublease Income | $ 2 | $ 1.4 | |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating lease, remaining lease term | 5 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating lease, remaining lease term | 8 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturity of Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies Disclosure [Abstract] | ||
2022 (remaining nine months) | $ 5,684 | |
2023 | 7,716 | |
2024 | 7,871 | |
2025 | 8,030 | |
2026 | 7,179 | |
Thereafter | 18,934 | |
Total undiscounted lease payments | 55,414 | |
Present value adjustment | (12,372) | |
Total net lease liability | 43,042 | |
Net lease liability - current | 4,581 | $ 4,401 |
Net lease liability - non-current | 38,461 | $ 39,589 |
Total net lease liability | $ 43,042 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Additional Information Related to Operating Leases (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease terms (in years) | ||
Operating leases | 7 years 2 months 12 days | 7 years 4 months 24 days |
Weighted-average discount rate | ||
Operating leases | 7.50% | 7.50% |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Awards (RSAs) | |||
Class Of Stock [Line Items] | |||
Fair value of RSAs vested | $ 0.3 | $ 0.4 | |
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% | ||
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 available for issuance of common stock | $ 75 |
Common Stock - Summary of RSA A
Common Stock - Summary of RSA Activity (Details) - Restricted Stock Awards (RSAs) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Stock, Beginning balance | shares | 99 |
Number of Restricted Stock, Vested | shares | (23) |
Number of Restricted Stock, Ending balance | shares | 76 |
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 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)IncentivePlanshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2021shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of equity incentive plans | IncentivePlan | 2 | ||
Number of common shares, granted | 1,624,000 | ||
Number of shares available for future grant | 1,900,000 | 1,400,000 | |
Common Stock options exercised | 245,000 | 100,000 | |
Intrinsic value of options exercised | $ | $ 1.6 | $ 1 | |
Restricted Stock Units ("RSU") | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total fair value of restricted stock units vested during the period | $ | $ 1.5 | ||
2009 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of common shares, granted | 0 | ||
2015 ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for future grant | 1,200,000 | 700,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Underlying Options, Beginning balance | 5,842 | ||
Number of Shares Underlying Options, Granted | 1,624 | ||
Number of Shares Underlying Options, Exercised | (245) | (100) | |
Number of Shares Underlying Options, Cancelled or forfeited | (278) | ||
Number of Shares Underlying Options, Ending balance | 6,943 | 5,842 | |
Number of Shares Underlying Options, Options exercisable | 2,651 | ||
Number of Shares Underlying Options, Vested and expected to vest | 6,943 | ||
Options Outstanding, Weighted-Average Exercise Price, Beginning balance | $ 12.73 | ||
Options Outstanding, Weighted-Average Exercise Price, Granted | 13.03 | ||
Options Outstanding, Weighted-Average Exercise Price, Exercised | 8.37 | ||
Options Outstanding, Weighted-Average Exercise Price, Canceled or forfeited | 8.13 | ||
Options Outstanding, Weighted-Average Exercise Price, Ending balance | 13.13 | $ 12.73 | |
Options Outstanding, Weighted-Average Exercise Price, Options exercisable | 14.83 | ||
Options Outstanding, Weighted-Average Exercise Price, Options vested and expected to vest | $ 13.13 | ||
Options Outstanding, Weighted Average Remaining Contractual Term, Beginning balance | 7 years 6 months | 7 years | |
Options exercisable, Weighted Average Remaining Contractual Term | 5 years 1 month 6 days | ||
Options vested and expected to vest, Weighted Average Remaining Contractual Term | 7 years 6 months | ||
Options Outstanding, Aggregate Intrinsic Value, Balance | $ 34,928 | ||
Options Outstanding, Aggregate Intrinsic Value, Ending | 36,350 | $ 34,928 | |
Options Outstanding, Aggregate Intrinsic Value, Options exercisable-March 31, 2022 | 17,638 | ||
Options Outstanding, Aggregate Intrinsic Value, Options vested and expected to vest-March 31, 2022 | $ 36,350 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Units ("RSU") Activity (Details) - Restricted Stock Units ("RSU") shares in Thousands | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Stock, Beginning balance | shares | 823 |
Number of Restricted Stock, Granted | shares | 532 |
Number of Restricted Stock, Vested | shares | (112) |
Number of Restricted Stock, Forfeited | shares | (36) |
Number of Restricted Stock, Ending balance | shares | 1,207 |
Weighted-Average Grant Date Fair Value per Share, Beginning Balance | $ / shares | $ 14.76 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 13.10 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 15.20 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 15.07 |
Weighted-Average Grant Date Fair Value per Share, Ending Balance | $ / shares | $ 13.98 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted-average Assumptions Used to Estimate Fair Value of Stock Options Using Black Scholes Option-Pricing Model (Details) - Stock Options - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 2 months 12 days | 6 years 1 month 6 days |
Volatility | 77.80% | 79.20% |
Risk-free interest rate | 1.70% | 0.70% |
Weighted-average grant date fair value per share | $ 8.94 | $ 10.33 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Black Scholes Option-Pricing Model (Details) - 2015 ESPP - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 months | 6 months |
Volatility | 64.90% | 81.50% |
Risk-free interest rate | 0.10% | 0.10% |
Weighted-average grant date fair value per share | $ 5.43 | $ 5.42 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 4,269 | $ 2,478 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 2,185 | 1,028 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 2,084 | $ 1,450 |
Stock-Based Compensation - Tota
Stock-Based Compensation - Total Unrecognized Stock-Based Compensation Expense and Expected Period Over Which Such Expense Will Be Recognized (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized stock compensation expense | $ 34.5 |
Weighted-average remaining vesting period (years) | 2 years 10 months 24 days |
Restricted Stock Units ("RSU") | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted-average remaining vesting period (years) | 2 years 3 months 18 days |
Unrecognized stock compensation expense | $ 14.8 |
2015 ESPP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted-average remaining vesting period (years) | 1 month 6 days |
Unrecognized stock compensation expense | $ 0.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 0 | $ 0 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (31,684) | $ (37,215) |
Weighted-average shares outstanding | 58,428 | 42,319 |
Less: weighted-average unvested restricted shares and shares subject to repurchase | (88) | (183) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 58,340 | 42,136 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.54) | $ (0.88) |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2022shares | |
Pre-Funded Warrants | |
Earnings Per Share Basic [Line Items] | |
Pre-Funded warrants to purchase common stock | 3.6 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | 8,226 | 7,179 |
Common Stock Warrants | ||
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 | 3 | |
Unvested RSUs | ||
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 | 1,207 | 793 |
Unvested RSAs | ||
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 | 76 | 172 |
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 | 6,943 | 6,211 |