Kodiak Sciences (KOD) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	KOD
Entity Registrant Name	KODIAK SCIENCES INC.
Entity Central Index Key	0001468748
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		52,040,246
Entity File Number	001-38682
Entity Tax Identification Number	27-0476525
Entity Address, Address Line One	1200 Page Mill Road
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94304
City Area Code	650
Local Phone Number	281-0850
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.0001
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 172,692	$ 731,510
Marketable securities	425,184
Prepaid expenses and other current assets	6,493	3,301
Total current assets	604,369	734,811
Restricted cash	6,324	6,324
Property and equipment, net	54,575	41,330
Operating lease right-of-use asset	63,076	66,744
Other assets	53,561	55,011
Total assets	781,905	904,220
Current liabilities:
Accounts payable	20,631	12,431
Accrued and other current liabilities	43,158	48,319
Operating lease liability	6,044	3,933
Total current liabilities	69,833	64,683
Operating lease liability, net of current portion	80,985	76,063
Liability related to sale of future royalties	99,969	99,943
Other liabilities	187	211
Total liabilities	250,974	240,900
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.0001 par value
Common stock, $0.0001 par value	5	5
Additional paid-in capital	1,277,349	1,221,532
Accumulated other comprehensive income	(1,869)
Accumulated deficit	(744,554)	(558,217)
Total stockholders’ equity	530,931	663,320
Total liabilities and stockholders’ equity	$ 781,905	$ 904,220

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	52,024,621	51,826,257
Common stock, shares outstanding	52,024,621	51,826,257

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
Research and development	$ 73,744	$ 45,404	$ 149,921	$ 85,741
General and administrative	18,324	10,505	37,914	20,726
Total operating expenses	92,068	55,909	187,835	106,467
Loss from operations	(92,068)	(55,909)	(187,835)	(106,467)
Interest income	1,135	81	1,211	230
Interest expense	(5)	(5)	(10)	(11)
Other income (expense), net	310	(19)	297	(51)
Net loss	$ (90,628)	$ (55,852)	$ (186,337)	$ (106,299)
Net loss per common share, basic	$ (1.74)	$ (1.08)	$ (3.57)	$ (2.06)
Net loss per common share, diluted	$ (1.74)	$ (1.08)	$ (3.57)	$ (2.06)
Weighted Average Number of Shares Outstanding, Basic	52,218,773	51,573,894	52,195,972	51,644,946
Weighted Average Number of Shares Outstanding, Diluted	52,218,773	51,573,894	52,195,972	51,644,946
Other comprehensive income (loss)
Change in unrealized losses related to available-for-sale debt securities, net of tax	$ (1,869)	$ (18)	$ (1,869)	$ (53)
Total other comprehensive income (loss)	(1,869)	(18)	(1,869)	(53)
Comprehensive loss	$ (92,497)	$ (55,870)	$ (188,206)	$ (106,352)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 860,751	$ 5	$ 1,151,920	$ 53	$ (291,227)
Beginning balance, shares at Dec. 31, 2020		51,112,302
Issuance of common stock upon exercise of stock options	1,483		1,483
Issuance of common stock upon exercise of stock options, shares		113,559
Stock-based compensation expense	9,925		9,925
Other comprehensive loss	(35)			(35)
Net loss	(50,447)				(50,447)
Ending Balance at Mar. 31, 2021	821,677	$ 5	1,163,328	18	(341,674)
Ending balance, shares at Mar. 31, 2021		51,225,861
Beginning Balance at Dec. 31, 2020	860,751	$ 5	1,151,920	53	(291,227)
Beginning balance, shares at Dec. 31, 2020		51,112,302
Other comprehensive loss	(53)
Net loss	(106,299)
Ending Balance at Jun. 30, 2021	779,427	$ 5	1,176,948		(397,526)
Ending balance, shares at Jun. 30, 2021		51,434,408
Beginning Balance at Mar. 31, 2021	821,677	$ 5	1,163,328	18	(341,674)
Beginning balance, shares at Mar. 31, 2021		51,225,861
Issuance of common stock upon exercise of stock options	2,228		2,228
Issuance of common stock upon exercise of stock options, shares		131,276
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld, shares		72,976
Issuance of common stock pursuant to employee stock purchase plans	305		305
Issuance of common stock pursuant to employee stock purchase plans, shares		4,295
Stock-based compensation expense	11,087		11,087
Other comprehensive loss	(18)			(18)
Net loss	(55,852)				(55,852)
Ending Balance at Jun. 30, 2021	779,427	$ 5	1,176,948		(397,526)
Ending balance, shares at Jun. 30, 2021		51,434,408
Beginning Balance at Dec. 31, 2021	663,320	$ 5	1,221,532		(558,217)
Beginning balance, shares at Dec. 31, 2021		51,826,257
Issuance of common stock upon exercise of stock options	1,678		1,678
Issuance of common stock upon exercise of stock options, shares		110,043
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld, shares		3,581
Stock-based compensation expense	28,095		28,095
Net loss	(95,709)				(95,709)
Ending Balance at Mar. 31, 2022	597,384	$ 5	1,251,305		(653,926)
Ending balance, shares at Mar. 31, 2022		51,939,881
Beginning Balance at Dec. 31, 2021	663,320	$ 5	1,221,532		(558,217)
Beginning balance, shares at Dec. 31, 2021		51,826,257
Other comprehensive loss	(1,869)
Net loss	(186,337)
Ending Balance at Jun. 30, 2022	530,931	$ 5	1,277,349		(744,554)
Ending balance, shares at Jun. 30, 2022		52,024,621
Beginning Balance at Mar. 31, 2022	597,384	$ 5	1,251,305		(653,926)
Beginning balance, shares at Mar. 31, 2022		51,939,881
Issuance of common stock upon exercise of stock options	2
Issuance of common stock upon exercise of stock options, shares		320
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld, shares		74,148
Issuance of common stock pursuant to employee stock purchase plans	64		64
Issuance of common stock pursuant to employee stock purchase plans, shares		10,272
Stock-based compensation expense	25,978		25,978
Other comprehensive loss	(1,869)			(1,869)
Net loss	(90,628)				(90,628)
Ending Balance at Jun. 30, 2022	$ 530,931	$ 5	$ 1,277,349		$ (744,554)
Ending balance, shares at Jun. 30, 2022		52,024,621

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (186,337)	$ (106,299)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,075	466
Stock-based compensation	54,073	21,012
Amortization (accretion) of premium (discount) on marketable securities	(314)	25
Amortization of operating lease right-of-use asset	3,742	3,897
Amortization of issuance costs	26	26
Changes in assets and liabilities:
Prepaid expenses and other current assets	(2,165)	(431)
Other assets	10,235	(35)
Accounts payable	12,864	(5,753)
Accrued and other current liabilities	1,545	15,459
Operating lease liability	6,959	347
Net cash used in operating activities	(98,297)	(71,286)
Cash flows from investing activities
Purchase of property and equipment	(25,690)	(3,772)
Deposits on property and equipment	(8,785)	(16,962)
Purchase of marketable securities	(427,766)
Maturities of marketable securities	0	24,500
Net cash provided by (used in) investing activities	(462,241)	3,766
Cash flows from financing activities
Proceeds from issuance of common stock upon options exercise	1,680	3,711
Proceeds from issuance of common stock pursuant to employee stock purchase plans	64	305
Principal payments of tenant improvement allowance payable	(24)	(22)
Net cash provided by financing activities	1,720	3,994
Net increase (decrease) in cash, cash equivalents and restricted cash	(558,818)	(63,526)
Cash, cash equivalents and restricted cash, at beginning of period	737,834	950,720
Cash, cash equivalents and restricted cash, at end of period	179,016	887,194
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	172,692	880,870
Restricted cash	6,324	6,324
Cash, cash equivalents and restricted cash, at end of period	179,016	887,194
Supplemental disclosures of non-cash investing and financing information:
Operating lease right-of-use asset obtained in exchange for operating lease liability	74	498
Purchase of property and equipment under accounts payable and accruals	$ 9,718	$ 1,821

The Company

The Company	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company Kodiak Sciences Inc. (the “Company”) is a clinical stage biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat high prevalence retinal diseases in the United States and additional international markets. The Company devotes substantially all of its resources to the research and development of its product platforms and product candidates including activities to conduct clinical studies of its product candidates, manufacture product candidates and provide general and administrative support for these operations. Liquidity As of June 30, 2022, the Company had cash, cash equivalents and marketable securities of $ 597.9 million. Although the Company has incurred significant operating losses since inception and expects to continue to incur operating losses and negative operating cash flows for the foreseeable future, the Company believes that the cash, cash equivalents and marketable securities will be sufficient to meet the anticipated operating and capital expenditure requirements for the 12 months following the date of this Quarterly Report on Form 10-Q.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to state fairly the Company's financial position and results of operations for the reported periods. These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2021 and notes thereto, the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2022. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2022, or for any future period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions 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, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and expenses during the reporting period. The impact of the ongoing COVID-19 pandemic continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals. As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates . Risks and Uncertainties In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by the ongoing COVID-19 pandemic may negatively impact the Company’s operations, liquidity, and capital resources and will depend on certain evolving developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. As global economic conditions recover from the COVID-19 pandemic, business activity may not recover as quickly as anticipated, and it is not possible at this time to estimate the long-term impact that COVID-19 could have on the Company's business, as the impact will depend on future developments, which are highly uncertain and cannot be predicted. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products. Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2022, respectively, are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, except as noted below with respect to the Company's property and equipment and as noted within the “Recent Accounting Pronouncements” section. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation for acquired assets. Construction in progress reflects amounts incurred for construction or improvements of property or equipment that have not been placed in service. Construction in progress is transferred to specific property and equipment and depreciation commences when these assets are ready for their intended use. Depreciation is computed using the straight-line method over the estimated useful lives of assets, which is generally four years for laboratory equipment, three years for computer equipment and office equipment, five years for computer software and five to seven years for furniture and fixtures. Leasehold improvements are stated at cost and amortized over the shorter of the useful life of the assets or the length of the lease. Upon sale or retirement of assets, the costs and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations as incurred. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), under its Accounting Standards Codification ("ASC") or other standard setting bodies, and adopted by the Company as of the specified effective date. There have been no new accounting pronouncements issued nor adopted during the three and six months ended June 30, 2022 that are of significance to the Company.

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued and Other Current Liabilities	3. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): June 30, December 31, Accrued clinical trial and related costs $ 18,175 $ 21,776 Accrued manufacturing and research & development costs 12,185 6,041 Accrued leasehold improvements 5,271 13,021 Accrued salaries and benefits 3,906 6,187 Accrued legal fees 573 403 Accrued professional fees 87 176 Accrued other liabilities 2,961 715 Total accrued and other current liabilities $ 43,158 $ 48,319

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 121,277 $ — $ — $ 121,277 U.S. treasury securities — 32,977 — 32,977 Marketable securities: U.S. treasury securities — 425,184 — 425,184 Total $ 121,277 $ 458,161 $ — $ 579,438 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 706,703 $ — $ — $ 706,703 Total $ 706,703 $ — $ — $ 706,703 As of June 30, 2022 and December 31, 2021 , the fair value of the liability related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to Baker Bros. Advisors, LP (“BBA”), which are considered Level 3 inputs.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	5. Marketable Securities The marketable securities are classified as available-for-sale. The fair value measurement data for marketable securities is obtained from independent pricing services. The Company validates the prices provided by the third-party pricing services by understanding the valuation methods and data sources used and analyzing the pricing data in certain instances. The following table presents the Company's marketable securities by major security type (in thousands): As of June 30, 2022 Amortized Unrealized Unrealized Fair U.S. treasury securities $ 427,053 $ — $ ( 1,869 ) $ 425,184 Total $ 427,053 $ — $ ( 1,869 ) $ 425,184 The Company had no marketable securities at December 31, 2021. The marketable securities held at June 30, 2022 had effective maturities of less than one year . There were no realized gains or losses recognized on the sale or maturity of available-for-sale debt securities during the six months ended June 30, 2022 , and as a result, the Company did not reclassify any amounts out of accumulated comprehensive loss. There were no impairment charges or recoveries recorded during the six months ended June 30, 2022. As of June 30, 2022 , the Company had no allowance for credit losses for available-for-sale debt securities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Embedded Lease In August 2020, the Company and its wholly-owned subsidiary Kodiak Sciences GmbH entered into a manufacturing agreement with Lonza Ltd (“Lonza”) for the clinical and commercial supply of drug substance for tarcocimab. A custom-built manufacturing facility is planned to be completed and dedicated to the manufacture of the Company’s drug substance. The manufacturing agreement has an initial term of eight years , and the Company has the right to extend the term up to a total of 16 years . The Company and Lonza each have the ability to terminate this agreement upon the occurrence of certain conditions. In April 2021, the agreement was amended to provide for higher annual manufacturing capacity. The Company expanded and finalized the design and scope of the bioconjugate manufacturing facility with a revised estimated capital contribution of approximately 75.0 million Swiss Francs of which the Company has paid 40.0 million Swiss Francs of the capital contribution, equivalent to $ 44.1 million U.S. Dollars, which is recorded in other assets on the consolidated balance sheet as of June 30, 2022 . Over the period from 2022 through 2029, manufacturing payments totaling approximately 150.0 million Swiss Francs may be incurred for potential commercial supply of tarcocimab drug substance based on the amended agreement. The Company concluded that this agreement contains an embedded lease as the custom-built manufacturing suite will be dedicated for the Company’s use. As of June 30, 2022 , the Company did not have control of this manufacturing space and therefore, did no t record a right-of-use asset and corresponding lease liability. Manufacturing Agreements The Company has entered into service and equipment purchase agreements in the normal course of business with various providers, pursuant to which such providers agreed to perform activities in connection with the manufacturing process of certain materials. These agreements, and any related amendments, state that planned activities and purchases that are included in the signed work orders are, in some cases, binding and, hence, obligate the Company to pay the full price of the work order upon satisfactory delivery of products and services or obligate the Company to the binding amount regardless of whether such planned activities are in fact performed. Per the terms of the agreements, the Company has the option to cancel signed orders at any time upon written notice, which may or may not be subject to payment of a cancellation fee. The level of cancellation fees may be dependent on the timing of the written notice in relation to the commencement date of the work, with the maximum cancellation amount dependent on the agreement or the work order. Other Funding Commitments In the normal course of business, the Company enters into agreements with third-parties for services to be provided to the Company. Generally, these agreements provide for termination upon notice, with specified amounts due upon termination based on the timing of termination and the terms of the agreement. The actual amounts and timing of payments under these agreements are uncertain and contingent upon the initiation and completion of services to be provided to the Company. The Company has also entered into various cancellable license agreements for certain technology. The Company may be obligated to make payments on future sales of specified products associated with such license agreements. Such payments are dependent on future product sales and are not estimable. Legal Proceedings From time to time, the Company may become involved in legal proceedings arising from the ordinary course of its business. Management is currently not aware of any matters that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company records a legal liability when it believes that it is both probable that a liability may be imputed, and the amount of the liability can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Indemnification To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company’s request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not specified in the agreements; however, the Company has director and officer insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	7. Stock-Based Compensation In January 2022 and 2021 , the number of shares of common stock available for issuance under the 2018 Equity Incentive Plan (the "2018 Plan") was increased by approximately 2.1 million and 2.0 million shares, respectively, as a result of the automatic increase provision in the 2018 Plan. Stock Options Stock option activity, including stock options and performance-based stock options under the 2021 Long-Term Performance Incentive Plan (“2021 LTPIP”), 2018 Plan and 2015 Plan is summarized as follows : Number Weighted Weighted Aggregate Outstanding at December 31, 2021 14,523,917 $ 61.68 8.60 $ 335,440 Granted 388,820 $ 14.74 Exercised ( 110,363 ) $ 15.22 Forfeited or canceled ( 563,036 ) $ 81.32 Outstanding at June 30, 2022 14,239,338 $ 59.99 8.09 $ 6,444 Restricted Shares Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows: Number of Weighted Unvested at December 31, 2021 363,930 $ 72.75 Granted 44,250 27.38 Vested ( 77,729 ) 69.50 Canceled ( 37,688 ) 74.65 Unvested at June 30, 2022 292,763 $ 66.51 Performance-Based Awards The Company did no t grant any performance-based equity awards during the three and six months ended June 30, 2022. In February 2021, the Company granted 190,831 performance-based stock options ("2021 Feb PSO"). Upon the achievement of the specific clinical development milestone for the 2021 Feb PSO, 25 % of the options vested in the first quarter of 2022. The remaining awards will continue to vest in 36 successive equal monthly installments after the performance criteria was achieved. Stock-Based Compensation Expense Stock-based compensation for options, restricted shares, and ESPP is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 14,109 $ 5,770 $ 30,084 $ 11,169 General and administrative 11,869 5,317 23,989 9,843 Total stock-based compensation $ 25,978 $ 11,087 $ 54,073 $ 21,012

Net Loss per Common Share

Net Loss per Common Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Common Share	8. Net Loss per Common Share The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive: As of June 30, 2022 2021 Outstanding stock options 14,239,338 6,821,524 Unvested restricted shares 292,763 288,362 Total 14,532,101 7,109,886

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis Of Presentation And Principles Of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to state fairly the Company's financial position and results of operations for the reported periods. These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2021 and notes thereto, the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2022. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2022, or for any future period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions 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, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and expenses during the reporting period. The impact of the ongoing COVID-19 pandemic continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals. As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates .
Risk and Uncertainties	Risks and Uncertainties In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by the ongoing COVID-19 pandemic may negatively impact the Company’s operations, liquidity, and capital resources and will depend on certain evolving developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. As global economic conditions recover from the COVID-19 pandemic, business activity may not recover as quickly as anticipated, and it is not possible at this time to estimate the long-term impact that COVID-19 could have on the Company's business, as the impact will depend on future developments, which are highly uncertain and cannot be predicted. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products.
Recent accounting pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), under its Accounting Standards Codification ("ASC") or other standard setting bodies, and adopted by the Company as of the specified effective date. There have been no new accounting pronouncements issued nor adopted during the three and six months ended June 30, 2022 that are of significance to the Company.

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consist of the following (in thousands): June 30, December 31, Accrued clinical trial and related costs $ 18,175 $ 21,776 Accrued manufacturing and research & development costs 12,185 6,041 Accrued leasehold improvements 5,271 13,021 Accrued salaries and benefits 3,906 6,187 Accrued legal fees 573 403 Accrued professional fees 87 176 Accrued other liabilities 2,961 715 Total accrued and other current liabilities $ 43,158 $ 48,319

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis	The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 121,277 $ — $ — $ 121,277 U.S. treasury securities — 32,977 — 32,977 Marketable securities: U.S. treasury securities — 425,184 — 425,184 Total $ 121,277 $ 458,161 $ — $ 579,438 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 706,703 $ — $ — $ 706,703 Total $ 706,703 $ — $ — $ 706,703

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities	The following table presents the Company's marketable securities by major security type (in thousands): As of June 30, 2022 Amortized Unrealized Unrealized Fair U.S. treasury securities $ 427,053 $ — $ ( 1,869 ) $ 425,184 Total $ 427,053 $ — $ ( 1,869 ) $ 425,184

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of stock options and performance-based stock options under 2021 LTPIP, 2018 Plan and 2015 Plan.	Stock option activity, including stock options and performance-based stock options under the 2021 Long-Term Performance Incentive Plan (“2021 LTPIP”), 2018 Plan and 2015 Plan is summarized as follows : Number Weighted Weighted Aggregate Outstanding at December 31, 2021 14,523,917 $ 61.68 8.60 $ 335,440 Granted 388,820 $ 14.74 Exercised ( 110,363 ) $ 15.22 Forfeited or canceled ( 563,036 ) $ 81.32 Outstanding at June 30, 2022 14,239,338 $ 59.99 8.09 $ 6,444
Summary of Restricted Shares	Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows: Number of Weighted Unvested at December 31, 2021 363,930 $ 72.75 Granted 44,250 27.38 Vested ( 77,729 ) 69.50 Canceled ( 37,688 ) 74.65 Unvested at June 30, 2022 292,763 $ 66.51
Summary of Stock-based Compensation for Options and Restricted Shares Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss	Stock-based compensation for options, restricted shares, and ESPP is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 14,109 $ 5,770 $ 30,084 $ 11,169 General and administrative 11,869 5,317 23,989 9,843 Total stock-based compensation $ 25,978 $ 11,087 $ 54,073 $ 21,012

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share	The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive: As of June 30, 2022 2021 Outstanding stock options 14,239,338 6,821,524 Unvested restricted shares 292,763 288,362 Total 14,532,101 7,109,886

The Company - Additional Inform

The Company - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and marketable securities	$ 597.9

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued clinical trial and related costs	$ 18,175	$ 21,776
Accrued manufacturing and research & development costs	12,185	6,041
Accrued Leasehold Improvements	5,271	13,021
Accrued salaries and benefits	3,906	6,187
Accrued legal fees	573	403
Accrued professional fees	87	176
Accrued other liabilities	2,961	715
Total accrued and other current liabilities	$ 43,158	$ 48,319

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 579,438	$ 706,703
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	121,277
Marketable securities		706,703
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	32,977
Marketable securities	425,184
Quoted Price in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	121,277	706,703
Quoted Price in Active Markets (Level 1) | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	121,277
Marketable securities		706,703
Significant Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	458,161
Significant Observable Inputs (Level 2) | U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	32,977
Marketable securities	425,184
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 0

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Marketable Securities [Line Items]
Amortized Cost, current	$ 427,053
Unrealized Gains, Current	0
Unrealized Losses, Current	(1,869)
Fair Value, current	425,184
U.S. Treasury Securities
Marketable Securities [Line Items]
Amortized Cost, current	427,053
Unrealized Gains, Current	0
Unrealized Losses, Current	(1,869)
Fair Value, current	$ 425,184

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Availability of Marketable Securities		$ 0
Marketable securities, effective maturities	1 year
Realized gains or losses recognized on sale or maturity of available-for-sale debt securities	$ 0
Allowance for credit losses for available-for-sale debt securities	0
Impairment charges or recoveries related to marketable securities	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands, SFr in Millions	1 Months Ended	6 Months Ended
	Aug. 31, 2020	Jun. 30, 2022 USD ($)	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2021 USD ($)	Apr. 30, 2021 CHF (SFr)
Commitments And Contingencies Disclosure [Line Items]
Operating lease right-of-use asset		$ 63,076		$ 66,744
Lease Agreement
Commitments And Contingencies Disclosure [Line Items]
Operating lease right-of-use asset		0
Lease liabilities		0
Clinical and Commercial Supply of Drug Substance | Manufacturing Agreement | Lonza
Commitments And Contingencies Disclosure [Line Items]
Annual suite fees payment | SFr					SFr 150
Revised estimated capital contribution | SFr					SFr 75
Manufacturing agreement initial term	8 years
Clinical and Commercial Supply of Drug Substance | Maximum | Manufacturing Agreement | Lonza
Commitments And Contingencies Disclosure [Line Items]
Manufacturing agreement term that can be extended	16 years
Other Assets [Member] | Manufacturing Agreement
Commitments And Contingencies Disclosure [Line Items]
Manufacturing Agreement Expense		$ 44,100	SFr 40

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2022	Feb. 28, 2021	Jan. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized				$ (25,978)	$ 11,087	$ 54,073	$ 21,012
Common stock, shares issued				52,024,621		52,024,621		51,826,257
Stock based compensation expense related to ESPP				$ 64	$ 305
Performance-based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vested of award under performance based award						25%
Stock options, granted		190,831		0		0
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock available for issuance increased	2,100,000		2,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Options Activity Under 2018 Plan and 2015 Equity Incentive Plan (Details) - 2018 Plan, 2015 Equity Incentive Plan and 2021 LTPIP $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Number of Options
Beginning balance | shares	14,523,917
Granted | shares	388,820
Exercised | shares	(110,363)
Forfeited or canceled | shares	(563,036)
Ending balance | shares	14,239,338	14,523,917
Weighted Average Exercise Price
Beginning balance | $ / shares	$ 61.68
Granted | $ / shares	14.74
Exercised | $ / shares	15.22
Forfeited or canceled | $ / shares	81.32
Ending balance | $ / shares	$ 59.99	$ 61.68
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)	8 years 1 month 2 days	8 years 7 months 6 days
Aggregate Intrinsic Value
Balance | $	$ 6,444	$ 335,440

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Shares (Details) - Restricted Shares	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, beginning balance | shares	363,930
Granted | shares	44,250
Vested | shares	(77,729)
Canceled | shares	(37,688)
Unvested, ending balance | shares	292,763
Weighted Average Grant Date Fair Value
Unvested, beginning balance | $ / shares	$ 72.75
Granted | $ / shares	27.38
Vested | $ / shares	69.50
Canceled | $ / shares	74.65
Unvested, ending balance | $ / shares	$ 66.51

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock-based Compensation for Options and Restricted Shares Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ (25,978)	$ 11,087	$ 54,073	$ 21,012
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	(14,109)	5,770	30,084	11,169
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ (11,869)	$ 5,317	$ 23,989	$ 9,843

Net Loss per Common Share - Sum

Net Loss per Common Share - Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per common share	14,532,101	7,109,886
Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per common share	14,239,338	6,821,524
Unvested Restricted Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per common share	292,763	288,362

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - shares	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 28, 2021	Jun. 30, 2022	Jun. 30, 2022
Performance-based Stock Options
Subsequent Event [Line Items]
Granted	190,831	0	0