Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CTMX | |
Entity Registrant Name | CytomX Therapeutics, Inc. | |
Entity Central Index Key | 0001501989 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Securities Act File Number | 001-37587 | |
Entity Tax Identification Number | 27-3521219 | |
Entity Address, Address Line One | 151 Oyster Point Blvd. | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 515-3185 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.00001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 66,767,779 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | ||
Current assets: | |||||
Cash and cash equivalents | $ 57,536 | $ 193,650 | [1] | $ 129,290 | |
Short-term investments | 123,322 | 0 | [1] | ||
Accounts receivable | 1,903 | 35,986 | [1] | ||
Prepaid expenses and other current assets | 5,040 | 7,466 | [1] | ||
Total current assets | 187,801 | 237,102 | [1] | ||
Property and equipment, net | 4,499 | 5,072 | [1] | ||
Intangible assets, net | 802 | 875 | [1] | ||
Goodwill | 949 | 949 | [1] | ||
Restricted cash | 917 | 917 | [1] | 917 | |
Operating lease right-of-use asset | 14,126 | 15,949 | [1] | ||
Other assets | 91 | 27 | [1] | ||
Total assets | 209,185 | 260,891 | [1] | ||
Current liabilities: | |||||
Accounts payable | 1,029 | 2,809 | [1] | ||
Accrued liabilities | 20,068 | 28,532 | [1] | ||
Deferred revenue, current portion | 120,280 | 121,267 | [1] | ||
Total current liabilities | 141,377 | 152,608 | [1] | ||
Deferred revenue, net of current portion | 140,873 | 180,059 | [1] | ||
Operating lease liabilities - long term | 11,746 | 13,975 | [1] | ||
Other long term liabilities | 216 | 0 | [1] | ||
Total liabilities | 294,212 | 346,642 | [1] | ||
Commitments and contingencies (Note 8) | |||||
Stockholders' equity (deficit): | |||||
Common stock | 1 | 1 | [1] | ||
Additional paid-in capital | 642,214 | 637,117 | [1] | ||
Accumulated other comprehensive income | 35 | 10 | [1] | ||
Accumulated deficit | (727,277) | (722,879) | [1] | ||
Total stockholders' deficit | (85,027) | (85,751) | [1] | $ (54,538) | |
Total liabilities and stockholders' equity (deficit) | 209,185 | 260,891 | [1] | ||
Convertible Preferred Stock | |||||
Stockholders' equity (deficit): | |||||
Convertible preferred stock | $ 0 | $ 0 | [1] | ||
[1] The condensed balance sheet as of December 31, 2022 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Revenues | $ 24,724 | $ 12,853 | $ 48,223 | $ 21,893 |
Operating expenses: | ||||
Research and development | 20,671 | 31,159 | 41,846 | 61,718 |
General and administrative | 7,401 | 11,748 | 15,378 | 22,291 |
Total operating expenses | 28,072 | 42,907 | 57,224 | 84,009 |
Loss from operations | (3,348) | (30,054) | (9,001) | (62,116) |
Interest income | 2,308 | 262 | 4,635 | 330 |
Other income (expense), net | (47) | 296 | (32) | 309 |
Net loss | (1,087) | (29,496) | (4,398) | (61,477) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on short-term investments, net of tax | 9 | (243) | 25 | (920) |
Comprehensive loss | $ (1,078) | $ (29,739) | $ (4,373) | $ (62,397) |
Net loss per share, Basic | $ (0.02) | $ (0.45) | $ (0.07) | $ (0.94) |
Net loss per share, Diluted | $ (0.02) | $ (0.45) | $ (0.07) | $ (0.94) |
Shares used in computing net loss per share, Basic | 66,536,202 | 65,542,762 | 66,393,391 | 65,468,638 |
Shares used in computing net loss per share, Diluted | 66,536,202 | 65,542,762 | 66,393,391 | 65,468,638 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | |
Beginning balance at Dec. 31, 2021 | $ (459) | $ 1 | $ 623,344 | $ (242) | $ (623,562) | |
Beginning balance, shares at Dec. 31, 2021 | 65,392,758 | |||||
Exercise of stock options | 7 | 7 | ||||
Exercise of stock options, shares | 5,597 | |||||
Stock-based compensation | 3,370 | 3,370 | ||||
Other comprehensive income (loss) | (677) | (677) | ||||
Net loss | (31,981) | (31,981) | ||||
Ending balance at Mar. 31, 2022 | (29,740) | $ 1 | 626,721 | (919) | (655,543) | |
Ending balance, shares at Mar. 31, 2022 | 65,398,355 | |||||
Beginning balance at Dec. 31, 2021 | (459) | $ 1 | 623,344 | (242) | (623,562) | |
Beginning balance, shares at Dec. 31, 2021 | 65,392,758 | |||||
Other comprehensive income (loss) | (920) | |||||
Net loss | (61,477) | |||||
Ending balance at Jun. 30, 2022 | (54,538) | $ 1 | 631,662 | (1,162) | (685,039) | |
Ending balance, shares at Jun. 30, 2022 | 65,756,492 | |||||
Beginning balance at Mar. 31, 2022 | (29,740) | $ 1 | 626,721 | (919) | (655,543) | |
Beginning balance, shares at Mar. 31, 2022 | 65,398,355 | |||||
Exercise of stock options | 91 | 91 | ||||
Exercise of stock options, shares | 95,393 | |||||
Issuance of common stock under the ESPP | 360 | 360 | ||||
Issuance of common stock under the ESPP, shares | 262,744 | |||||
Stock-based compensation | 4,490 | 4,490 | ||||
Other comprehensive income (loss) | (243) | (243) | ||||
Net loss | (29,496) | (29,496) | ||||
Ending balance at Jun. 30, 2022 | (54,538) | $ 1 | 631,662 | (1,162) | (685,039) | |
Ending balance, shares at Jun. 30, 2022 | 65,756,492 | |||||
Beginning balance at Dec. 31, 2022 | (85,751) | [1] | $ 1 | 637,117 | 10 | (722,879) |
Beginning balance, shares at Dec. 31, 2022 | 66,228,046 | |||||
Release of RSUs, shares | 110,892 | |||||
Stock-based compensation | 2,409 | 2,409 | ||||
Other comprehensive income (loss) | 16 | 16 | ||||
Net loss | (3,311) | (3,311) | ||||
Ending balance at Mar. 31, 2023 | (86,637) | $ 1 | 639,526 | 26 | (726,190) | |
Ending balance, shares at Mar. 31, 2023 | 66,338,938 | |||||
Beginning balance at Dec. 31, 2022 | $ (85,751) | [1] | $ 1 | 637,117 | 10 | (722,879) |
Beginning balance, shares at Dec. 31, 2022 | 66,228,046 | |||||
Exercise of stock options, shares | 16,535 | |||||
Other comprehensive income (loss) | $ 25 | |||||
Net loss | (4,398) | |||||
Ending balance at Jun. 30, 2023 | (85,027) | $ 1 | 642,214 | 35 | (727,277) | |
Ending balance, shares at Jun. 30, 2023 | 66,767,779 | |||||
Beginning balance at Mar. 31, 2023 | (86,637) | $ 1 | 639,526 | 26 | (726,190) | |
Beginning balance, shares at Mar. 31, 2023 | 66,338,938 | |||||
Release of RSUs, shares | 212,312 | |||||
Exercise of stock options | 26 | 26 | ||||
Exercise of stock options, shares | 16,535 | |||||
Issuance of common stock under the ESPP | 291 | 291 | ||||
Issuance of common stock under the ESPP, shares | 199,994 | |||||
Stock-based compensation | 2,371 | 2,371 | ||||
Other comprehensive income (loss) | 9 | 9 | ||||
Net loss | (1,087) | (1,087) | ||||
Ending balance at Jun. 30, 2023 | $ (85,027) | $ 1 | $ 642,214 | $ 35 | $ (727,277) | |
Ending balance, shares at Jun. 30, 2023 | 66,767,779 | |||||
[1] The condensed balance sheet as of December 31, 2022 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (4,398) | $ (61,477) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of intangible assets | 73 | 73 |
Depreciation and amortization | 1,132 | 1,139 |
Accretion of discounts on short-term investments | (3,260) | (33) |
Stock-based compensation expense | 4,780 | 7,860 |
Non-cash lease expense | 1,823 | 1,670 |
Changes in operating assets and liabilities | ||
Accounts receivable | 34,083 | (290) |
Prepaid expenses and other current assets | 2,426 | (694) |
Other assets | (64) | 6 |
Accounts payable | (1,774) | (844) |
Accrued liabilities and other long-term liabilities | (10,477) | (4,484) |
Deferred revenue | (40,173) | (19,864) |
Net cash used in operating activities | (15,829) | (75,550) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (565) | (1,148) |
Purchases of short term investments | (220,037) | 0 |
Maturities of investments | 100,000 | 0 |
Net cash used in investing activities | (120,602) | (1,148) |
Cash flows from financing activities: | ||
Proceeds from employee stock purchase plan and exercise of stock options | 317 | 458 |
Net cash provided by financing activities | 317 | 458 |
Net decrease in cash, cash equivalents and restricted cash | (136,114) | (76,240) |
Cash, cash equivalents and restricted cash, beginning of period | 194,567 | 206,447 |
Cash, cash equivalents and restricted cash, end of period | $ 58,453 | $ 130,207 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Text Block [Abstract] | |
Description of the Business | 1. Descriptio n of the Business CytomX Therapeutics, Inc. (the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company dedicated to destroying cancer differently. The Company aims to build a commercial enterprise to maximize its impact on the treatment of cancer. The Company is advancing potential first-in-class and best-in-class antibody-based therapeutics created using its Probody® therapeutic technology platform that could meaningfully improve outcomes for cancer patients. Its proprietary and unique Probody technology platform is designed to enable “conditional activation” of antibody-based drugs in the tumor microenvironment while minimizing drug activity in healthy tissues and in circulation. The Company is located in South San Francisco, California and was incorporated in the state of Delaware in September 2010. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Unaudited Interim Financial Information The accompanying interim condensed financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The condensed results of operations for the three months and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. The accompanying condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC. Use of Estimates The preparation of the 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 liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash represents a standby letter of credit issued pursuant to an office lease. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the amounts shown in the statements of cash flows: June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 (in thousands) Cash and cash equivalents $ 57,536 $ 193,650 $ 129,290 $ 205,530 Restricted cash - non-current assets 917 917 917 917 Total $ 58,453 $ 194,567 $ 130,207 $ 206,447 Revenue Recognition The Company’s revenues are primarily derived through its license, research, development and commercialization agreements. The terms of these types of agreements may include (i) licenses for the Company’s technology or programs, (ii) research and development services, and (iii) services or obligations in connection with participation in research or steering committees. Payments to the Company under these arrangements typically include one or more of the following: nonrefundable upfront and license fees, research funding, milestone and other contingent payments to the Company for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of any commercialized products. The Company assesses whether the promises in its arrangements with customers are distinct performance obligations that should be accounted for separately. Judgment is required to determine whether the license to the Company’s intellectual property is distinct from the research and development services or participation on steering committees. The Company’s collaboration and license agreements may include contingent payments related to specified research, development and regulatory milestones. Such milestone payments are typically payable under the collaborations when the collaboration partner claims or selects a target, or initiates or advances a covered product candidate in preclinical or clinical development, upon submission for marketing approval of a covered product with regulatory authorities, or upon receipt of actual marketing approvals of a covered product or for additional indications. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting date, the Company re-evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price by using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price in such period of determination. The Company’s collaboration and license agreements may also include contingent payments related to sales-based milestones. Sales-based milestones are typically payable when annual sales of a covered product reach specified levels. Sales-based milestones are recognized at the later of when the associated performance obligation has been satisfied or when the sales occur. Unlike other contingency payments, such as regulatory milestones, sales-based milestones are not included in the transaction price based on estimates at the inception of the contract; instead, they are included when the sales or usage occur. Due to the early stage of the Company’s licensed technology, the license of such technology is typically combined with research and development services and steering committee participation as one performance obligation. Under the collaboration and license agreements, each collaboration target or program is generally considered to be a separate combined performance obligation. The transaction price in each arrangement is allocated to the identified performance obligations based on the relative standalone selling price (“SSP”) of each distinct performance obligation, which requires judgment. In instances where SSP is not directly observable, such as when a license or service is not sold separately, SSP is determined using information that may include market conditions and other observable inputs. Variable consideration is allocated to certain performance obligations if it is triggered by the Company’s efforts to satisfy or a specific outcome from satisfying these performance obligations. In the event that the Company receives non-cash consideration such as consideration in the form of a research license and research support services from the counterparty, the transaction price of a non-monetary exchange that has commercial substance is estimated based on the fair value of the non-cash consideration received, which may be determined through a valuation analysis. The Company recognizes revenue from upfront payments over the estimated period of performance under the agreement using an input method for the performance obligation. In applying the input method of revenue recognition, the Company uses actual full-time equivalent (FTE) hours incurred relative to estimated total FTE hours expected to be incurred for each combined performance obligation over the estimated research service period of each collaboration target. In certain cases, the Company’s performance creates an asset that does not have an alternative use to the customer and the Company has an enforceable right to payment at all times for performance completed to date. In these cases, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Any consideration payable to the Company’s customers is treated as a reduction to the transaction price and revenue, unless the payment to the customer is in exchange for distinct good and services. Contract Balances Customer payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company satisfies its performance obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Leases The Company determines if an arrangement is or contains a lease at inception. Operating leases are recorded as operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses an implicit rate when readily available, or its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease ROU assets also include any lease prepayments made and reduced by lease incentives. The Company’s lease terms may include options to extend the lease when it is reasonably certain that such option will be exercised. Lease expenses are recognized on a straight-line basis over the lease term. The Company elected the short-term lease recognition exemption. The Company’s operating lease arrangement includes lease and non-lease components which are generally accounted for separately. The Company recognizes sublease income on a straight-line basis over the sublease term and records sublease income on a net basis against rent expense. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 3. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding, plus potential dilutive common stock during the period. Diluted net loss per share is the same as basic net loss per share since the effect of the potentially dilutive securities is anti-dilutive. The following weighted-average outstanding shares of potentially dilutive securities are excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Options and ESPP to purchase common stock 14,091,647 14,288,092 14,039,714 14,023,590 TRSUs 1,594,493 938,728 1,566,926 864,762 Total 15,686,140 15,226,820 15,606,640 14,888,352 |
Fair Value Measurements and Inv
Fair Value Measurements and Investments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Investments | 4. Fair Value Measurements and Investments In accordance with Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, the Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: • Level I: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level II: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial instruments, including restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company’s financial instruments consist of Level I assets which consist primarily of highly liquid money market funds, some of which are included in restricted cash and U.S. Treasury securities that are included in cash equivalents or short-term investments. The following tables set forth the fair value of the Company’s investments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements: June 30, 2023 Valuation Amortized Gross Gross Aggregate (in thousands) Assets Money market funds Level I $ 33,435 $ — $ — $ 33,435 Restricted cash (money market funds) Level I 917 — — 917 U.S. Treasury Securities Level I 147,975 35 — 148,010 Total $ 182,327 $ 35 $ — $ 182,362 December 31, 2022 Valuation Amortized Gross Gross Aggregate (in thousands) Assets Money market funds Level I $ 64,706 $ — $ — $ 64,706 Restricted cash (money market funds) Level I 917 — — 917 U.S. Treasury Securities Level I 29,941 10 — 29,951 Total $ 95,564 $ 10 $ — $ 95,574 As of June 30, 2023, the remaining contractual terms of those investments are less than a year. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consisted of the following: June 30, December 31, 2023 2022 (in thousands) Research and clinical expenses $ 9,251 $ 13,089 Payroll and related expenses 5,441 8,060 Legal and professional expenses 855 1,413 Operating lease liabilities - short term 4,330 4,082 Restructuring expenses 30 1,627 Other accrued expenses 161 261 Total $ 20,068 $ 28,532 |
Collaboration and License Agree
Collaboration and License Agreements | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration and License Agreements | 6. Collaboration and License Agreements The following table summarizes the revenue by collaboration partner: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) AbbVie $ — $ 6,775 $ 3,988 $ 8,526 Amgen 1,720 357 3,496 2,594 Astellas 5,350 4,657 14,055 9,423 Bristol Myers Squibb 13,879 1,064 21,603 1,350 Regeneron 1,754 — 2,335 — Moderna 2,021 — 2,746 — Total revenue $ 24,724 $ 12,853 $ 48,223 $ 21,893 AbbVie Ireland Unlimited Company In April 2016, the Company and AbbVie entered into two agreements, a CD71 Co-Development and Licensing Agreement (the “CD71 Agreement”) and a Discovery Collaboration and Licensing Agreement (as amended and restated in June 2019, the “Discovery Agreement” and together with the CD71 Agreement the “AbbVie Agreements”). Under the terms of the CD71 Agreement, the Company and AbbVie were co-developing a conditionally activated antibody-drug conjugate (“ADC”) against CD71, with the Company being responsible for preclinical and early clinical development. AbbVie was to be responsible for later development and commercialization, with global late-stage development costs shared between the two companies. The Company has received in aggregate $ 100.0 million in upfront and milestone payments under the CD71 Agreement. In March 2023, the Company announced that it would evaluate the potential next steps for CX-2029 following the decision from AbbVie, to not advance CX-2029 into additional clinical studies. A s a result of AbbVie’s decision, the 2016 CD71 License and Collaboration Agreement has been terminated and the Company has an exclusive option to re-acquire full rights to CX-2029. The Company has completed the performance obligation under the CD71 Agreement as of March 31, 2023 and recognized the related remaining deferred revenue of $ 4.0 million in the first quarter of 2023. In December 2022, the research on the two discovery targets under the Discovery Agreement has concluded with no plans to advance the discovery targets into clinical studies or to pursue new programs. The Discovery Agreement has also been terminated and all target rights have reverted back to CytomX. Amgen, Inc. On September 29, 2017, the Company and Amgen, Inc. (“Amgen”) entered into a Collaboration and License Agreement (the “Amgen Agreement”). Pursuant to the Amgen Agreement, the Company received an upfront payment of $ 40.0 million in October 2017. Concurrent with the Amgen Agreement, the Company and Amgen entered into a Share Purchase Agreement pursuant to which Amgen purchased 1,156,069 shares of the Company’s common stock at a price of $ 17.30 per share for total proceeds of $ 20.0 million. In October 2021, CytomX and Amgen executed an amendment to the Amgen Agreement primarily to (1) extend the target selection date for Amgen to select its additional targets for research and development, and (2) reduce the total number of milestone events and increase the total amount of milestone payments for EGFR Products. In May 2023, CytomX and Amgen executed an amendment to the Amgen Agreement to extend the target selection period for Amgen to select its additional targets for research and development as further discussed below. Under the terms of the Amgen Agreement, as amended, the Company and Amgen will co-develop a conditionally activated T-cell engaging bispecific therapeutic targeting epidermal growth factor receptor (the “EGFR Products”). The Company is responsible for early-stage development of EGFR Products and Amgen will be responsible for late-stage development and commercialization of EGFR Products. Following early-stage development, the Company will have the right to elect to participate financially in the global co-development of EGFR Products with Amgen, during which the Company would bear a certain percentage of the worldwide development costs for EGFR Products and Amgen would bear the rest of such costs (the “EGFR Co-Development Option”). If the Company exercises its EGFR Co-Development Option, the Company will share in somewhat less than 50 % of the profit and losses from sales of such EGFR Products in the U.S., subject to certain caps, offsets, and deferrals. If the Company chooses not to exercise its EGFR Co-Development Option, the Company will not bear any costs of later stage development. The Company is also eligible to receive up to $ 460.0 million in development, regulatory, and commercial milestone payments for EGFR Products, and royalties in the low-double-digit to mid-teen percentage of worldwide commercial sales, provided that if the Company exercises its EGFR Co-Development option, it shall receive a profit and loss split of sales in the United States and royalties in the low-double-digit to mid-teen percentage of commercial sales outside of the United States. In January 2022, the IND for the EGFR product (CX-904) was allowed to proceed by the U.S. Food and Drug Administration (“FDA”). Amgen also has the right to select a total of up to three targets, including the two additional targets discussed below. The Company and Amgen collaborate in the research and development of conditionally activated T-cell engaging bispecifics products directed against such targets. Amgen has selected one such target (the “Amgen Other Product”). If Amgen exercises its option within a specified period of time, it can select two such additional targets (the “Amgen Option Products” and, together with the Amgen Other Product, the “Amgen Products”). Except with respect to preclinical activities to be conducted by CytomX, Amgen will be responsible, at its expense, for the development, manufacture, and commercialization of all Amgen Products. If Amgen exercises all of its options and advances all three of the Amgen Products, CytomX is eligible to receive up to $ 950.0 million in upfront, development, regulatory, and commercial milestones and tiered high single-digit to low-teen percentage royalties. The Company concluded that, at the inception of the agreement and subsequent amendments, Amgen’s option to select the two additional targets is not a material right and does not represent a performance obligation of the agreement. At the initiation of the collaboration, CytomX had the option to select, from programs specified in the Amgen Agreement, an existing preclinical stage T-cell engaging bispecific product from the Amgen preclinical pipeline. In March 2018, CytomX selected the program and this program is currently in preclinical development. CytomX is responsible, at its expense, for converting this program to a conditionally activated T-cell engaging bispecific product, and thereafter, will be responsible for development, manufacturing, and commercialization of the product (“CytomX Product”). Amgen is eligible to receive up to $ 203.0 million in development, regulatory, and commercial milestone payments for the CytomX Product, and tiered mid-single digit to low double-digit percentage royalties. As of June 30, 2023 and December 31, 2022, deferred revenue related to the EGFR Products performance obligation was $ 14.9 million and $ 18.0 million, respectively. As of June 30, 2023 and December 31, 2022, deferred revenue related to the Amgen Other Products performance obligation w as $ 0.2 million and $ 0.6 million, respectively. Astellas Pharma Inc. The Company and Astellas Pharma, Inc. (“Astellas”) entered into a Collaboration and License Agreement (the “Astellas Agreement”) on March 23, 2020, the effective date, to collaborate on preclinical research activities to discover and develop certain antibody compounds for the treatment of cancer using the Company’s Probody therapeutic technology. Under the terms of the Astellas Agreement, the Company granted Astellas an exclusive, worldwide right to develop and commercialize Probody therapeutics for up to four collaboration targets including one initial target and three additional targets (“Additional Targets”). In addition, Astellas had the right to expand the number of Additional Targets from three up to five (the “Expansion Option”) before the third anniversary of the effective date. Furthermore, for a specified number of targets, at a pre-specified time prior to the initiation of the first pivotal study of a product against such target, the Company may elect to participate in certain development costs and share in the profits generated in the United States with respect to such product (“Cost Share Option”). The Cost Share Option, if exercised, will also provide the option for the Company to co-commercialize such product in the United States. The Company does not consider the Cost Share Option as a performance obligation at the inception of the agreement as the participation is at the Company’s discretion. Pursuant to the Astellas Agreement, the consideration from Astellas is comprised of an upfront fee of $ 80.0 million and contingent payments for development, regulatory and sales milestones of up to an aggregate of approximately $ 1.6 billion. The Company is also entitled to tiered royalties from high-single digit to mid-teen percentage royalties from potential future sales. Astellas is responsible for all preclinical research costs incurred by either party as set forth in the preclinical research plan and the Company will receive research and development service fees based on a prescribed full-time employee ("FTE") rate. In January 2023, the Company announced that it achieved a clinical candidate milestone under the Astellas Agreement which triggered a $ 5.0 million milestone payment to the Company. The $ 5.0 million milestone payment was fully recognized in the first quarter of 2023 as the Company had completed its related performance obligation of the collaboration target which resulted in the clinical candidate nomination for further development. As of June 30, 2023 and December 31, 2022, deferred revenue relating to the Astellas Agreement wa s $ 38.0 m illion and $ 44.5 million, respectively. The amount due from Astellas under the Astellas Agreement wa s $ 1.3 mill ion and $ 1.0 million as of June 30, 2023 and December 31, 2022, respectively. Bristol Myers Squibb Company On May 23, 2014, the Company and Bristol Myers Squibb Company (“Bristol Myers Squibb”) entered into a Collaboration and License Agreement (the “BMS Agreement”) to discover and develop compounds for use in human therapeutics aimed at multiple immuno-oncology targets using the Company’s Probody therapeutic technology. The effective date of the BMS Agreement was July 7, 2014. Under the terms of the BMS Agreement, the Company granted Bristol Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to four oncology targets. Bristol Myers Squibb had additional rights to substitute up to two collaboration targets within three years of the effective date of the BMS Agreement. These rights expired in May 2017. Each collaboration target had a two-year research term and the two additional targets had to be nominated by Bristol Myers Squibb within five years of the effective date of the BMS Agreement. The research term for each collaboration target could be extended in one year increments up to three times. Pursuant to the BMS Agreement, the financial consideration from Bristol Myers Squibb was comprised of an upfront payment of $ 50.0 million and estimated research and development service fees, and the Company was initially entitled to receive contingent payments of up to $ 25.0 million for additional targets and contingent payments for development, regulatory and sales milestones. In addition, the Company was entitled to royalty payments in the mid-single digits to low double-digit percentages from potential future sales. On March 17, 2017, the Company and Bristol Myers Squibb entered into Amendment Number 1 to Extend Collaboration and License Agreement (“Amendment 1”). Amendment 1 granted Bristol Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to eight additional targets. The effective date of Amendment 1 was April 25, 2017 (“Amendment Effective Date”). Under the terms of Amendment 1, the Company continued to have obligations to Bristol Myers Squibb to discover and conduct preclinical development of Probody therapeutics against any targets they chose to select during the research period under the terms of Amendment 1. Pursuant to Amendment 1, the financial consideration from Bristol Myers Squibb was comprised of an upfront payment of $ 200.0 million, estimated research and development service fees, and contingent payments for development, regulatory and sales milestones for the eight targets. The Company was also entitled to tiered mid-single to low double-digit percentage royalties from potential future sales. Amendment 1 did not change the term of Bristol Myers Squibb’s royalty obligation under the BMS Agreement. Bristol Myers Squibb’s royalty obligation continues on a licensed-product by licensed-product basis until the later of (i) the expiration of the last claim of the licensed patents covering the licensed products in the country, (ii) the twelfth anniversary of the first commercial sale of a licensed product in a country, or (iii) the expiration of any applicable regulatory, pediatric, orphan drug or data exclusivity with respect to such product. The initial transaction price for the BMS Agreement and Amendment 1, collectively, was $ 304.7 million consisting of the upfront fees of $ 250.0 million, target selection fees for the third and fourth targets of $ 25.0 million, estimated research and development service fees of $ 17.7 million and milestone payments received up to January 1, 2018, of $ 12.0 million. The Company determined that the remaining potential milestone payments were probable of significant revenue reversal as their achievement was highly dependent on factors outside the Company’s control. Therefore, these payments were fully constrained and were not included in the transaction price upon the adoption of ASC 606 on January 1, 2018. The initial transaction price for the combined obligation for each collaboration target is recognized using an input measure. In February 2021, the Company and Bristol Myers Squibb entered into Amendment Number 2 to amend the Collaboration and License Agreement (“Amendment 2”), as amended by Amendment 1. Subsequent to Amendment 2, in addition to Bristol Myers Squibb’s ongoing development of the CTLA-4 program, Bristol Myers Squibb also had the exclusive worldwide rights to develop and commercialize Probody therapeutics for up to five oncology targets. Under the terms of Amendment 2, the period for target selection was extended and the Company will continue to collaborate with Bristol Myers Squibb to discover and conduct preclinical development of Probody therapeutics against targets selected by Bristol Myers Squibb over the estimated research period, which is projected to end in April 2025. Pursuant to Amendment 2, the Company was eligible to receive contingent payments for development, regulatory and sales milestones. It is also entitled to tiered mid-single to low double-digit percentage of royalties from potential future sales. The Company accounted for Amendment 2 as a modification and reallocated the remaining unrecognized transaction price to the remaining performance obligations. In October 2022, the Company and Bristol Myers Squibb entered into Amendment Number 3 to amend the Collaboration and License Agreement (“Amendment 3”), as amended by Amendment 1 and Amendment 2, to clarify the rights and restrictions of certain new proprietary antibodies that the parties exchanged. There were no substantive changes to each party's performance obligations. As of June 30, 2023, the Company is eligible for up to approximately $ 2.1 billion in contingent payments for development, regulatory and sales milestones based on the ongoing collaboration projects, including the CTLA-4 program, with BMS. The Company reevaluated the remaining potential milestone payments and determined that significant revenue reversal was probable as the achievement of such milestones was highly dependent on factors outside the Company’s control. As a result, these payments continued to be fully constrained and were not included in the transaction price as of June 30, 2023. As of June 30, 2023 and December 31, 2022, deferred revenue relating to the BMS Agreement wa s $ 147.6 millio n and $ 169.2 million, respectively. ModernaTX, Inc. The Company and ModernaTX, Inc. (“Moderna”) entered into a Collaboration and License Agreement (the “Moderna Agreement”) on December 30, 2022, the effective date, to collaborate on discovery and preclinical research and development activities to create investigational messenger RNA (mRNA) based conditionally activated therapies using the Company’s Probody therapeutic technology. Moderna is solely responsible for the development (preclinical and clinical), manufacturing, and commercialization of any products under the Moderna Agreement. Under the terms of the Moderna Agreement, the Company granted Moderna an exclusive, worldwide right to develop and commercialize Probody therapeutics for the collaboration programs. In exchange, the Company received an upfront payment of $ 35.0 million in January 2023, including $ 5.0 million of prepaid research and development service fees. The Company will continue to receive research and development service fees according to the preclinical research work plans based on a prescribed FTE rate and is eligible to receive up to approximately $ 1.2 billion in future development, regulatory, and commercial milestone payments. The Company is also eligible to receive tiered royalties from high-single digit to low-teen percentage rates of annual global net sales of any products that are commercialized under the Moderna Agreement. The Moderna Agreement also provided Moderna with an option to participate in an equity financing by CytomX at market price, subject to certain terms, conditions and regulatory requirements. As of June 30, 2023 and December 31, 2022, deferred revenue relating to the Moderna Agreement was $ 32.3 m illion and $ 35.0 million, respectively. The amount due from Moderna under the Moderna Agreement wa s $ 0 and $ 35.0 million as of June 30, 2023 and December 31, 2022, respectively. Regeneron Pharmaceuticals, Inc. The Company and Regeneron Pharmaceuticals Inc. (“Regeneron”) entered into a Collaboration and License Agreement (the “Regeneron Agreement”) on November 16, 2022, to collaborate on creation of conditionally-activated investigational bispecific cancer therapies utilizing the Company’s Probody® therapeutic platform and Regeneron’s Veloci-Bi® bispecific antibody development platform. The Company and Regeneron will collaborate on preclinical research and discovery activities for initially agreed upon collaboration programs (“Collaboration Program”) with an option to expand additional Collaboration Programs (“Additional Collaboration Program Option”). Under the Collaboration and License Agreement, the Company granted Regeneron an exclusive, worldwide, royalty-bearing license under certain Company intellectual property to develop, manufacture, commercialize and otherwise exploit licensed products (“Licensed Products”) for all human and non-human diagnostic, prophylactic and therapeutic uses in oncology. Regeneron is responsible for funding the cost of preclinical research and discovery activities of both parties for all Licensed Products and for funding the cost of development, manufacturing and commercialization of all Licensed Products worldwide. Pursuant to the Regeneron Agreement, the consideration from Regeneron is comprised of an upfront fee of $ 30.0 million, contingent payments for development and regulatory milestones and commercial milestone payments of up to an aggregate of approximately $ 0.8 billion. If Regeneron exercises its Additional Collaboration Program Option, the Company would be eligible to receive additional upfront and milestone payments aggregating up to approximately $ 1.2 billion. The Company is also entitled to tiered royalties from high-single digit to low-teen percentage royalties from potential future sales. In addition, the Company will receive research and development service fees based on a prescribed FTE rate. As of June 30, 2023 and December 31, 2022, deferred revenue relating to the Regeneron Agreement was $ 28.2 million and $ 30.0 million, respectively. The amount due from Regeneron under the Regeneron Agreement wa s $ 0.5 mill ion and $ 30.0 million as of June 30, 2023 and December 31, 2022, respectively. Contract Liabilities The following table presents changes in the Company’s total contract liabilities during the six months ended June 30, 2023 and 2022: Balance at Additions Revenue Recognized Balance at (in thousands) Contract liabilities: Deferred revenue $ 301,326 $ 2,514 $ ( 42,687 ) $ 261,153 Balance at Additions Revenue Recognized Balance at (in thousands) Contract liabilities: Deferred revenue $ 284,760 $ 2,093 $ ( 21,958 ) $ 264,895 The Company expects that the $ 261.2 million of deferred revenue related to the following contracts as of June 30, 2023 will be recognized as revenue based on actual FTE effort and estimated program progress as set forth below. However, the timing of revenue recognition could differ from the estimates depending on facts and circumstances impacting the various contracts, including progress of research and development, resources assigned to the contracts by the Company or its collaboration partners or other factors outside of the Company’s control. • The $ 14.9 million of deferred revenue related to the Amgen EGFR Products is expected to be recognized until 2026 . • The $ 0.2 million of deferred revenue related to the Amgen Other Products is expected to be recognized within 2023 . • The $ 38.0 million of deferred revenue related to the Astellas Agreement, together with research and development service fees, is expected to be recognized until 2026 . • The $ 147.6 million of deferred revenue related to the BMS Agreement is expected to be recognized until 2025 . • The $ 32.3 million of defe rred revenue related to the Moderna Agreement, together with research and development service fees, is expected to be recognized until 2027 . • The $ 28.2 mi llion of deferred revenue related to the Regeneron Agreement, together with research and development service fees, is expected to be recognized until 2026 . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation Stock Options Activities for the Company’s stock option plans for the six months ended June 30, 2023 were as follows: Options Outstanding Number of Weighted- Balance at December 31, 2022 13,289,838 $ 7.67 Options granted 1,398,673 2.42 Options exercised ( 16,535 ) 1.57 Option forfeited/expired ( 851,515 ) 6.25 Balance at June 30, 2023 13,820,461 $ 7.24 The Company recorde d $ 1.7 milli on and $ 2.8 million of stock-based compensation expense related to the stock options for the three months ended June 30, 2023 and 2022, respectively. The Company record ed $ 3.6 millio n and $ 5.7 million of stock-based compensation expense related to the stock options for the six months ended June 30, 2023 and 2022, respectively. Time-based RSUs ("TRSU") Activities for the Company’s TRSUs for the six months ended June 30, 2023 were as follows: Number of Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2022 1,212,884 $ 2.81 TRSUs awarded 643,892 2.45 TRSUs vested ( 323,204 ) 2.37 TRSUs cancelled ( 42,638 ) 3.83 Balance at June 30, 2023 1,490,934 $ 2.72 The Company recorded $ 0.5 million and $ 0.4 million of stock-based compensation expense related to the TRSUs for the three months ended June 30, 2023 and 2022, respectively. The Company recorded $ 1.0 million and $ 0.7 million of stock-based compensation expense related to the TRSUs for the six months ended June 30, 2023 and 2022, respectively. Performance-based RSUs ("PSUs") In October 2021, the Company granted 435,000 PSUs to executive employees with an aggregated grant date fair value of $ 2.3 million. Vesting for 50% of the PSUs granted will occur within one year of the grant date upon achievement of certain specific milestones ("2021-Tranche 1") and the remaining 50% will vest within two years of the grant date upon achievement of additional company objectives ("2021-Tranche 2"). In July 2022, the Company determined that the performance condition for 2021-Tranche 1 was met and recorded $ 1.0 million of stock-based compensation expense for the year ended December 31, 2022. As the achievement of the milestones for Tranche 2 was not considered probable, no compensation cost was recorded for 2021-Tranche 2 of these awards through June 30, 2023. In August 2022, the Company granted 250,000 PSUs to executive employees with an aggregated grant date fair value of approximately $ 0.4 million. Vesting for 50% of the PSUs granted will occur upon attaining certain specific milestones by December 2023 (“2022-Tranche 1”), and the remaining 50% will vest upon attaining certain specific milestones by December 2024 (“2022-Tranche 2”). As of December 31, 2022, and June 30, 2023, the Company determined that it is probable that the performance conditions for 2022-Tranche 1 will be satisfied and hence recorded $ 55,000 , $ 33,000 and $ 62,000 c ompensation cost, respectively, for those awards for the year ended December 31, 2022 and for the three and six months ended June 30, 2023. As of December 31, 2022 and June 30, 2023, the Company determined that it is not probable that the performance conditions for 2022-Tranche 2 will be satisfied and hence recorded no compensation cost for those awards through June 30, 2023. In February 2023, the Company granted 710,000 PSUs to executive employees with an aggregated grant date fair value of approximately $ 1.8 million. Vesting for 50% of the PSUs granted will occur upon attaining certain specific milestones by December 2024 (“2023-Tranche 1”), and the remaining 50% will vest upon attaining certain specific milestones by December 2025 (“2023-Tranche 2”). The Company determined that it is not probable that the performance conditions will be satisfied for each of these tranches and hence no compensation cost was recorded for these awards through June 30, 2023. Activities for the Company’s PSUs for the six months ended June 30, 2023 were as follows: Number of Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2022 383,750 $ 2.96 PSUs awarded 710,000 2.59 PSUs vested — — PSUs cancelled ( 33,750 ) 3.81 Balance at June 30, 2023 1,060,000 $ 2.68 Stock-based Compensation Total stock-based compensation recorded was as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) Stock-based compensation expense: Research and development $ 914 $ 2,091 $ 1,875 $ 3,696 General and administrative 1,457 2,399 2,905 4,164 Total stock-based compensation expense $ 2,371 $ 4,490 $ 4,780 $ 7,860 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Legal Proceedings On March 4, 2020 , Vytacera Bio, LLC filed a patent infringement lawsuit against the Company in the U.S. District Court for the District of Delaware. The lawsuit alleges that the Company's use, offers to sell, and/or sales of the Probody® technology platform for basic research applications constitutes infringement. The complaint seeks unspecified monetary damages. In September 2022, the Company filed a motion to dismiss the case and the Court granted the parties’ stipulation to stay all pending case deadlines until that motion is finally resolved. The Company believes that the lawsuit is without merit and intends to vigorously defend itself. The Company does not believe a loss is probable and has no t recorded any amount as a contingent liability for claims associated with this lawsuit as of June 30, 2023 . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company maintains a full valuation allowance against its net deferred tax assets due to the Company’s history of losses as of June 30, 2023 and December 31, 2022 . The Company files income taxes in the U.S. federal jurisdiction, the state of California and various other U.S. states. The Company is currently under examination by the state of California for the years 2017 and 2018. The examination contests the Company’s tax position on revenue apportionment for upfront and milestone payments resulting from the Company’s collaboration and licensing agreements. As of the date of this filing, the state of California has not proposed adjustments to the tax returns. D ue to the ongoing nature of the examination and discussions with the state of California, the Company is unable to estimate a date by which this matter will be resolved or reasonably estimate the potential impact should the tax position be revised. Based on the Company's current expectations and understanding of the reasonably possible outcomes, the Company does not anticipate that the resolution of this matter would result in a material impact on its financial position or results of operations. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 10. Restructuring On July 13, 2022, the Company announced a restructuring plan to prioritize its resources on its emerging pre-clinical and early clinical pipeline as well as its existing collaboration partnerships. The restructuring plan resulted in a reduction to its workforce of approximately 40 %. Restructuring costs of $ 2.4 million and $ 5.1 million were recorded in general and administrative expense and research and development expense, respectively, in the third and fourth quarters of 2022. The restructuring was substantially complete as of December 31, 2022. The following is a summary of accrued restructuring costs as of June 30, 2023 (in thousands): Severance and Benefits Costs Contract Termination Cost Stock Based Compensation Total Total restructuring cost recorded $ 7,617 $ 178 $ 175 $ 7,970 Cash payment ( 5,812 ) — — ( 5,812 ) Change in estimates ( 293 ) ( 14 ) — ( 307 ) Non-cash charges — — ( 175 ) ( 175 ) Balance at December 31, 2022 1,512 164 — 1,676 Cash payment ( 1,427 ) ( 50 ) — ( 1,477 ) Change in estimates ( 55 ) ( 114 ) — ( 169 ) Balance at June 30, 2023 $ 30 $ — $ — $ 30 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 11. Lease s Sublease The Company has a lease of office and laboratory space located in South San Francisco, California for the Company’s corporate headquarters (the “2016 Lease”). The 2016 Lease has an initial term of ten years through 2026 and the Company has an option to extend the initial term for an additional five years at the then fair rental value as determined pursuant to the 2016 Lease. In March 2023, the Company entered into a sublease agreement for a portion of its existing office and laboratory space. The sublease is classified as an operating lease whereby sublease income is recognized on a straight-line basis over the sublease term that expires on September 30, 2026. For the three and six months ended June 30, 2023, sublease income was $ 0.3 mil lion. June 30, 2023 (in thousands) Future sublease income payments Remainder of 2023 $ 649 2024 1,333 2025 1,379 2026 1,067 Total sublease income payments $ 4,428 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event In July 2023, the Company entered into an agreement with BVF Partners L.P. (“BVF”) for a private placement that resulted in initial gross proceeds of approximately $ 30.0 million. In the private placement, CytomX issued pre-funded warrants to BVF to purchase up to 14,423,077 shares of common stock, accompanying Tranche 1 warrants to purchase up to 5,769,231 shares of common stock and accompanying Tranche 2 warrants to purchase up to 5,769,231 shares of common stock, at a combined price of $ 2.08 per share. Each pre-funded warrant has an exercise price of $ 0.00001 per share of common stock, are immediately exercisable and will be exercisable for 20 years . The accompanying Tranche 1 warrants have an exercise price of $ 4.16 per share of common stock, are immediately exercisable and will expire in July 2025 . The accompanying Tranche 2 warrants have an exercise price of $ 6.24 per share of common stock, are immediately exercisable and will expire in July 2026 . |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying interim condensed financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The condensed results of operations for the three months and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. The accompanying condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC. |
Use of Estimates | Use of Estimates The preparation of the 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 liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash, Cash Equivalents and Restricted Cash | The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash represents a standby letter of credit issued pursuant to an office lease. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the amounts shown in the statements of cash flows: June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 (in thousands) Cash and cash equivalents $ 57,536 $ 193,650 $ 129,290 $ 205,530 Restricted cash - non-current assets 917 917 917 917 Total $ 58,453 $ 194,567 $ 130,207 $ 206,447 |
Revenue Recognition | Revenue Recognition The Company’s revenues are primarily derived through its license, research, development and commercialization agreements. The terms of these types of agreements may include (i) licenses for the Company’s technology or programs, (ii) research and development services, and (iii) services or obligations in connection with participation in research or steering committees. Payments to the Company under these arrangements typically include one or more of the following: nonrefundable upfront and license fees, research funding, milestone and other contingent payments to the Company for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of any commercialized products. The Company assesses whether the promises in its arrangements with customers are distinct performance obligations that should be accounted for separately. Judgment is required to determine whether the license to the Company’s intellectual property is distinct from the research and development services or participation on steering committees. The Company’s collaboration and license agreements may include contingent payments related to specified research, development and regulatory milestones. Such milestone payments are typically payable under the collaborations when the collaboration partner claims or selects a target, or initiates or advances a covered product candidate in preclinical or clinical development, upon submission for marketing approval of a covered product with regulatory authorities, or upon receipt of actual marketing approvals of a covered product or for additional indications. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting date, the Company re-evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price by using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price in such period of determination. The Company’s collaboration and license agreements may also include contingent payments related to sales-based milestones. Sales-based milestones are typically payable when annual sales of a covered product reach specified levels. Sales-based milestones are recognized at the later of when the associated performance obligation has been satisfied or when the sales occur. Unlike other contingency payments, such as regulatory milestones, sales-based milestones are not included in the transaction price based on estimates at the inception of the contract; instead, they are included when the sales or usage occur. Due to the early stage of the Company’s licensed technology, the license of such technology is typically combined with research and development services and steering committee participation as one performance obligation. Under the collaboration and license agreements, each collaboration target or program is generally considered to be a separate combined performance obligation. The transaction price in each arrangement is allocated to the identified performance obligations based on the relative standalone selling price (“SSP”) of each distinct performance obligation, which requires judgment. In instances where SSP is not directly observable, such as when a license or service is not sold separately, SSP is determined using information that may include market conditions and other observable inputs. Variable consideration is allocated to certain performance obligations if it is triggered by the Company’s efforts to satisfy or a specific outcome from satisfying these performance obligations. In the event that the Company receives non-cash consideration such as consideration in the form of a research license and research support services from the counterparty, the transaction price of a non-monetary exchange that has commercial substance is estimated based on the fair value of the non-cash consideration received, which may be determined through a valuation analysis. The Company recognizes revenue from upfront payments over the estimated period of performance under the agreement using an input method for the performance obligation. In applying the input method of revenue recognition, the Company uses actual full-time equivalent (FTE) hours incurred relative to estimated total FTE hours expected to be incurred for each combined performance obligation over the estimated research service period of each collaboration target. In certain cases, the Company’s performance creates an asset that does not have an alternative use to the customer and the Company has an enforceable right to payment at all times for performance completed to date. In these cases, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Any consideration payable to the Company’s customers is treated as a reduction to the transaction price and revenue, unless the payment to the customer is in exchange for distinct good and services. |
Contract Balances | Contract Balances Customer payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company satisfies its performance obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception. Operating leases are recorded as operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses an implicit rate when readily available, or its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease ROU assets also include any lease prepayments made and reduced by lease incentives. The Company’s lease terms may include options to extend the lease when it is reasonably certain that such option will be exercised. Lease expenses are recognized on a straight-line basis over the lease term. The Company elected the short-term lease recognition exemption. The Company’s operating lease arrangement includes lease and non-lease components which are generally accounted for separately. The Company recognizes sublease income on a straight-line basis over the sublease term and records sublease income on a net basis against rent expense. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the amounts shown in the statements of cash flows: June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 (in thousands) Cash and cash equivalents $ 57,536 $ 193,650 $ 129,290 $ 205,530 Restricted cash - non-current assets 917 917 917 917 Total $ 58,453 $ 194,567 $ 130,207 $ 206,447 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following weighted-average outstanding shares of potentially dilutive securities are excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Options and ESPP to purchase common stock 14,091,647 14,288,092 14,039,714 14,023,590 TRSUs 1,594,493 938,728 1,566,926 864,762 Total 15,686,140 15,226,820 15,606,640 14,888,352 |
Fair Value Measurements and I_2
Fair Value Measurements and Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Investments Subject to Fair Value Measurements on a Recurring Basis | The following tables set forth the fair value of the Company’s investments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements: June 30, 2023 Valuation Amortized Gross Gross Aggregate (in thousands) Assets Money market funds Level I $ 33,435 $ — $ — $ 33,435 Restricted cash (money market funds) Level I 917 — — 917 U.S. Treasury Securities Level I 147,975 35 — 148,010 Total $ 182,327 $ 35 $ — $ 182,362 December 31, 2022 Valuation Amortized Gross Gross Aggregate (in thousands) Assets Money market funds Level I $ 64,706 $ — $ — $ 64,706 Restricted cash (money market funds) Level I 917 — — 917 U.S. Treasury Securities Level I 29,941 10 — 29,951 Total $ 95,564 $ 10 $ — $ 95,574 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: June 30, December 31, 2023 2022 (in thousands) Research and clinical expenses $ 9,251 $ 13,089 Payroll and related expenses 5,441 8,060 Legal and professional expenses 855 1,413 Operating lease liabilities - short term 4,330 4,082 Restructuring expenses 30 1,627 Other accrued expenses 161 261 Total $ 20,068 $ 28,532 |
Collaboration and License Agr_2
Collaboration and License Agreements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenue by Collaboration Partners | The following table summarizes the revenue by collaboration partner: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) AbbVie $ — $ 6,775 $ 3,988 $ 8,526 Amgen 1,720 357 3,496 2,594 Astellas 5,350 4,657 14,055 9,423 Bristol Myers Squibb 13,879 1,064 21,603 1,350 Regeneron 1,754 — 2,335 — Moderna 2,021 — 2,746 — Total revenue $ 24,724 $ 12,853 $ 48,223 $ 21,893 |
Summary of Contract Liabilities | The following table presents changes in the Company’s total contract liabilities during the six months ended June 30, 2023 and 2022: Balance at Additions Revenue Recognized Balance at (in thousands) Contract liabilities: Deferred revenue $ 301,326 $ 2,514 $ ( 42,687 ) $ 261,153 Balance at Additions Revenue Recognized Balance at (in thousands) Contract liabilities: Deferred revenue $ 284,760 $ 2,093 $ ( 21,958 ) $ 264,895 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Activities Under Company's Stock Option Plans | Activities for the Company’s stock option plans for the six months ended June 30, 2023 were as follows: Options Outstanding Number of Weighted- Balance at December 31, 2022 13,289,838 $ 7.67 Options granted 1,398,673 2.42 Options exercised ( 16,535 ) 1.57 Option forfeited/expired ( 851,515 ) 6.25 Balance at June 30, 2023 13,820,461 $ 7.24 |
Total Stock-based Compensation Recognized | Total stock-based compensation recorded was as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) Stock-based compensation expense: Research and development $ 914 $ 2,091 $ 1,875 $ 3,696 General and administrative 1,457 2,399 2,905 4,164 Total stock-based compensation expense $ 2,371 $ 4,490 $ 4,780 $ 7,860 |
Time based RSU | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Company's TRSU Activities | Activities for the Company’s TRSUs for the six months ended June 30, 2023 were as follows: Number of Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2022 1,212,884 $ 2.81 TRSUs awarded 643,892 2.45 TRSUs vested ( 323,204 ) 2.37 TRSUs cancelled ( 42,638 ) 3.83 Balance at June 30, 2023 1,490,934 $ 2.72 |
Performance based RSU | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Activities for Company's PSUs | Activities for the Company’s PSUs for the six months ended June 30, 2023 were as follows: Number of Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2022 383,750 $ 2.96 PSUs awarded 710,000 2.59 PSUs vested — — PSUs cancelled ( 33,750 ) 3.81 Balance at June 30, 2023 1,060,000 $ 2.68 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Accrued Restructuring Costs | The following is a summary of accrued restructuring costs as of June 30, 2023 (in thousands): Severance and Benefits Costs Contract Termination Cost Stock Based Compensation Total Total restructuring cost recorded $ 7,617 $ 178 $ 175 $ 7,970 Cash payment ( 5,812 ) — — ( 5,812 ) Change in estimates ( 293 ) ( 14 ) — ( 307 ) Non-cash charges — — ( 175 ) ( 175 ) Balance at December 31, 2022 1,512 164 — 1,676 Cash payment ( 1,427 ) ( 50 ) — ( 1,477 ) Change in estimates ( 55 ) ( 114 ) — ( 169 ) Balance at June 30, 2023 $ 30 $ — $ — $ 30 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule Of Subleasing | June 30, 2023 (in thousands) Future sublease income payments Remainder of 2023 $ 649 2024 1,333 2025 1,379 2026 1,067 Total sublease income payments $ 4,428 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | $ 57,536 | $ 193,650 | [1] | $ 129,290 | $ 205,530 |
Restricted cash - non-current assets | 917 | 917 | [1] | 917 | 917 |
Total | $ 58,453 | $ 194,567 | $ 130,207 | $ 206,447 | |
[1] The condensed balance sheet as of December 31, 2022 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,686,140 | 15,226,820 | 15,606,640 | 14,888,352 |
TRSU's | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,594,493 | 938,728 | 1,566,926 | 864,762 |
Options and ESPP to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,091,647 | 14,288,092 | 14,039,714 | 14,023,590 |
Fair Value Measurements and I_3
Fair Value Measurements and Investments - Schedule of Investments Subject to Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Cash and cash equivalents | $ 57,536 | $ 193,650 | [1] | $ 129,290 | $ 205,530 |
Aggregate Fair Value | 182,362 | 95,574 | |||
Gross Unrealized Holding Gains | 35 | 10 | |||
Amortized Cost | 182,327 | 95,564 | |||
Level I | Money market funds | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Cash and cash equivalents | 33,435 | 64,706 | |||
Level I | Restricted cash (money market funds) | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Restricted cash | 917 | 917 | |||
Level I | U.S. Treasury Securities | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Investments, Amortized Cost | 147,975 | 29,941 | |||
Investments, Gross Unrealized Gains | 35 | 10 | |||
Investments, Aggregate Fair Value | $ 148,010 | $ 29,951 | |||
[1] The condensed balance sheet as of December 31, 2022 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |||
Research and clinical expenses | $ 9,251 | $ 13,089 | |
Payroll and related expenses | 5,441 | 8,060 | |
Legal and professional expenses | 855 | 1,413 | |
Operating lease liabilities - short term | 4,330 | 4,082 | |
Restructuring expenses | 30 | 1,627 | |
Other accrued expenses | 161 | 261 | |
Total | $ 20,068 | $ 28,532 | [1] |
[1] The condensed balance sheet as of December 31, 2022 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. |
Collaboration and License Agr_3
Collaboration and License Agreements - Schedule of Revenue by Collaboration Partners (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 24,724 | $ 12,853 | $ 48,223 | $ 21,893 |
AbbVie | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | 6,775 | 3,988 | 8,526 |
Amgen | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 1,720 | 357 | 3,496 | 2,594 |
Astellas | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 5,350 | 4,657 | 14,055 | 9,423 |
Bristol Myers Squibb | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 13,879 | $ 1,064 | 21,603 | $ 1,350 |
Regeneron | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 1,754 | 2,335 | ||
Moderna | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 2,021 | $ 2,746 |
Collaboration and License Agr_4
Collaboration and License Agreements - AbbVie Ireland Unlimited Company - Additional Information (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 30, 2016 Agreement | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue | $ 261,153 | $ 301,326 | $ 264,895 | $ 284,760 | ||
AbbVie Ireland Unlimited Company | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Terminated agreement | The Discovery Agreement has also been terminated and all target rights have reverted back to CytomX. | |||||
AbbVie Ireland Unlimited Company | Collaborative Arrangement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Number of collaboration agreements | Agreement | 2 | |||||
AbbVie Ireland Unlimited Company | CD71 Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone payments received | $ 100,000 | |||||
Deferred revenue | $ 4,000 |
Collaboration and License Agr_5
Collaboration and License Agreements - Amgen, Inc - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | |||||
Sep. 29, 2017 USD ($) Target | Oct. 31, 2017 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue | $ 261,153 | $ 301,326 | $ 264,895 | $ 284,760 | ||
Amgen Inc | EGFR Products | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue | 14,900 | |||||
Amgen Inc | Amgen Other Products | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue | 200 | |||||
Collaboration and License Agreement | Amgen Inc | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront payment received | $ 40,000 | |||||
Common stock, shares issuable under agreement | shares | 1,156,069 | |||||
Common stock, shares issuable under agreement, price per share | $ / shares | $ 17.30 | |||||
Common stock, value of shares issued in connection with agreement | $ 20,000 | |||||
Number of targets selected | Target | 1 | |||||
Number of additional collaboration target | Target | 2 | |||||
Collaboration and License Agreement | Amgen Inc | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Contingent payments payable | $ 203,000 | |||||
Collaboration and License Agreement | Amgen Inc | EGFR Products | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue | 14,900 | 18,000 | ||||
Collaboration and License Agreement | Amgen Inc | EGFR Products | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Contingent milestone payments receivable | $ 460,000 | |||||
Percentage share of profit and losses | 50% | |||||
Collaboration and License Agreement | Amgen Inc | Amgen Products | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Contingent milestone payments receivable | $ 950,000 | |||||
Number of targets | Target | 3 | |||||
Collaboration and License Agreement | Amgen Inc | Amgen Other Products | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue | $ 200 | $ 600 |
Collaboration and License Agr_6
Collaboration and License Agreements - Astellas Pharma Inc - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Mar. 23, 2020 USD ($) Target | Jan. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Deferred revenue | $ 261,153 | $ 301,326 | $ 264,895 | $ 284,760 | |||
Astellas Pharma Inc. | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Deferred revenue | 38,000 | ||||||
Collaboration and License Agreement | Astellas Pharma Inc. | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Number of targets selected | Target | 1 | ||||||
Number of additional collaboration target | Target | 3 | ||||||
Upfront payment received | $ 80,000 | ||||||
Milestone payments received | $ 5,000 | $ 5,000 | |||||
Deferred revenue | 38,000 | $ 44,500 | |||||
Amount due from customer | $ 1,300 | $ 1,000 | |||||
Collaboration and License Agreement | Astellas Pharma Inc. | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Number of targets | Target | 4 | ||||||
Right to expand the number of additional collaboration target | Target | 5 | ||||||
Contingent milestone payments receivable | $ 1,600,000 | ||||||
Collaboration and License Agreement | Astellas Pharma Inc. | Minimum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Right to expand the number of additional collaboration target | Target | 3 |
Collaboration and License Agr_7
Collaboration and License Agreements - Bristol-Myers Squibb Company - Additional Information (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||
Apr. 25, 2017 USD ($) Target | Jul. 07, 2014 USD ($) Target Term | Jan. 31, 2018 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 17, 2017 Target | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Deferred revenue | $ 261,153 | $ 301,326 | $ 264,895 | $ 284,760 | |||||
Bristol Myers Squibb | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Deferred revenue | $ 147,600 | ||||||||
Collaboration and License Agreement | Maximum | Bristol Myers Squibb | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Number of additional collaboration target | Target | 8 | ||||||||
Collaborative Arrangement | Bristol Myers Squibb | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Collaboration target research term | 2 years | ||||||||
Number of additional collaboration target | Target | 2 | ||||||||
Research terms | Each collaboration target had a two-year research term and the two additional targets had to be nominated by Bristol Myers Squibb within five years of the effective date of the BMS Agreement. The research term for each collaboration target could be extended in one year increments up to three times. | ||||||||
Extension of research term for each collaboration target | 1 year | ||||||||
Upfront payment received | $ 200,000 | $ 50,000 | |||||||
Contingent milestone payments receivable | $ 2,100,000 | ||||||||
Number of research targets selected | Target | 8 | ||||||||
Total transaction price | 304,700 | ||||||||
Upfront fee received | 250,000 | ||||||||
Research and development service fees | 17,700 | ||||||||
Milestone payment received | $ 12,000 | ||||||||
Deferred revenue | $ 147,600 | $ 169,200 | |||||||
Collaborative Arrangement | Bristol Myers Squibb | Third And Fourth Target | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Target selection fee | $ 25,000 | ||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Number of oncology target | Target | 4 | ||||||||
Number of collaboration target | Target | 2 | ||||||||
Period of nomination of additional target from effective date | 5 years | ||||||||
Times of increments for extended collaboration target research time | Term | 3 | ||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb | Each Of Two Additional Targets | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Contingent milestone payments receivable | $ 25,000 |
Collaboration and License Agr_8
Collaboration and License Agreements - ModernaTX, Inc - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Jan. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Deferred revenue | $ 261,153 | $ 301,326 | $ 264,895 | $ 284,760 | |
ModernaTX, Inc | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Deferred revenue | 32,300 | ||||
ModernaTX, Inc | Collaboration and License Agreement | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Upfront payment received | $ 35,000 | ||||
Up front consideration pre paid research and development service fees | 5,000 | ||||
Deferred revenue | 32,300 | 35,000 | |||
Amount due from customer | $ 0 | $ 35,000 | |||
ModernaTX, Inc | Collaboration and License Agreement | Maximum | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Contingent milestone payments receivable | $ 1,200,000 |
Collaboration and License Agr_9
Collaboration and License Agreements - Regeneron Pharmaceuticals, Inc - Additional Information (Details) - USD ($) $ in Thousands | Nov. 16, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Deferred revenue | $ 261,153 | $ 301,326 | $ 264,895 | $ 284,760 | |
Regeneron Pharmaceuticals, Inc | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Deferred revenue | 28,200 | ||||
Collaborative Arrangement | Regeneron Pharmaceuticals, Inc | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Upfront payment received | $ 30,000 | ||||
Collaboration and License Agreement | Regeneron Pharmaceuticals, Inc | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Deferred revenue | 28,200 | 30,000 | |||
Amount due from agreement | $ 500 | $ 30,000 | |||
Collaboration and License Agreement | Regeneron Pharmaceuticals, Inc | Maximum | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Contingent milestone payments receivable | 800,000 | ||||
Collaboration and License Agreement | Regeneron Pharmaceuticals, Inc | Maximum | Additional Contingent Payments | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Contingent milestone payments receivable | $ 1,200,000 |
Collaboration and License Ag_10
Collaboration and License Agreements - Summary of Contract Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Beginning Balance | $ 301,326 | $ 284,760 |
Additions | 2,514 | 2,093 |
Revenue recognized | (42,687) | (21,958) |
Ending Balance | $ 261,153 | $ 264,895 |
Collaboration and License Ag_11
Collaboration and License Agreements - Contract Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 261,153 | $ 301,326 | $ 264,895 | $ 284,760 | |
AbbVie Ireland Unlimited Company | CD71 Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 4,000 | ||||
Amgen Inc | EGFR Products | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 14,900 | ||||
Deferred Revenue Recognition Maturity Year | 2026 | ||||
Amgen Inc | Amgen Other Products | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 200 | ||||
Deferred Revenue Recognition Maturity Year | 2023 | ||||
Astellas Pharma Inc. | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 38,000 | ||||
Deferred Revenue Recognition Maturity Year | 2026 | ||||
Bristol Myers Squibb Company | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 147,600 | ||||
Deferred Revenue Recognition Maturity Year | 2025 | ||||
ModernaTX, Inc | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 32,300 | ||||
Deferred Revenue Recognition Maturity Year | 2027 | ||||
Regeneron Pharmaceuticals, Inc | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 28,200 | ||||
Deferred Revenue Recognition Maturity Year | 2026 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Activities Under Company's Stock Option Plans (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Number of Options | |
Balance,beginning of the period | shares | 13,289,838 |
Options granted | shares | 1,398,673 |
Options exercised | shares | (16,535) |
Option forfeited/expired | shares | (851,515) |
Balance, end of the period | shares | 13,820,461 |
Options Outstanding, Weighted-Average Exercise Price Per Share | |
Balances, beginning of the period | $ / shares | $ 7.67 |
Options granted | $ / shares | 2.42 |
Options exercised | $ / shares | 1.57 |
Option forfeited/expired | $ / shares | 6.25 |
Balances, end of the period | $ / shares | $ 7.24 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Company's TRSU Activities (Details) - Time based RSU | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance at December 31, 2022 | shares | 1,212,884 |
Units Awarded | shares | 643,892 |
Units vested | shares | (323,204) |
units cancelled | shares | (42,638) |
Balance at June 30, 2023 | shares | 1,490,934 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 2.81 |
Units Awarded | $ / shares | 2.45 |
Units vested | $ / shares | 2.37 |
Units cancelled | $ / shares | 3.83 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.72 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Activities for Company's PSUs (Details) - Performance based RSU - $ / shares | 1 Months Ended | 6 Months Ended | ||
Feb. 28, 2023 | Aug. 31, 2022 | Oct. 31, 2021 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Balance at December 31, 2022 | 383,750 | |||
Units Awarded | 710,000 | 250,000 | 435,000 | 710,000 |
Units vested | 0 | |||
units cancelled | (33,750) | |||
Balance at June 30, 2023 | 1,060,000 | |||
Weighted Average Grant Date Fair Value, Beginning Balance | $ 2.96 | |||
Units Awarded | 2.59 | |||
Units vested | 0 | |||
Units cancelled | 3.81 | |||
Weighted Average Grant Date Fair Value, Ending Balance | $ 2.68 |
Stock-Based Compensation - Tota
Stock-Based Compensation - Total Stock-based Compensation Recognized (Details) - Stock Compensation Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,371 | $ 4,490 | $ 4,780 | $ 7,860 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 914 | 2,091 | 1,875 | 3,696 |
General and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,457 | $ 2,399 | $ 2,905 | $ 4,164 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Feb. 28, 2023 | Aug. 31, 2022 | Oct. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Time based RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 500,000 | $ 400,000 | $ 1,000,000 | $ 700,000 | ||||
Granted | 643,892 | |||||||
Performance based RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 33,000 | $ 62,000 | $ 55,000 | |||||
Granted | 710,000 | 250,000 | 435,000 | 710,000 | ||||
PSU's Awarded, Grant date fair value | $ 1,800,000 | $ 400,000 | $ 2,300,000 | |||||
Stock Option | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 1,700,000 | $ 2,800,000 | $ 3,600,000 | $ 5,700,000 | ||||
Share Based Compensation Award Tranche One | Performance based RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting rights, description | 50% of the PSUs granted will occur within one year of the grant date upon achievement of certain specific milestones ("2021-Tranche 1") and the remaining 50% will vest within two years of the grant date upon achievement of additional company objectives ("2021-Tranche 2"). | |||||||
Share Based Compensation Award Tranche Two | Performance based RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting rights, description | Vesting for 50% of the PSUs granted will occur upon attaining certain specific milestones by December 2024 (“2023-Tranche 1”), and the remaining 50% will vest upon attaining certain specific milestones by December 2025 (“2023-Tranche 2”). | Vesting for 50% of the PSUs granted will occur upon attaining certain specific milestones by December 2023 (“2022-Tranche 1”), and the remaining 50% will vest upon attaining certain specific milestones by December 2024 (“2022-Tranche 2”). | ||||||
Tranche One | Performance based RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 1,000,000 | |||||||
Tranche Two | Performance based RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Patent Infringement Lawsuit - USD ($) | 6 Months Ended | |
Mar. 04, 2020 | Jun. 30, 2023 | |
Loss Contingencies [Line Items] | ||
Lawsuit filed date | March 4, 2020 | |
Name of plaintiff | Vytacera Bio, LLC | |
Loss contingency claim amount | $ 0 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Jul. 13, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Percentage of company's workforce reduction | 40% | ||
General and Administrative Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
RestructuringCosts | $ 2.4 | ||
Research and Development Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
RestructuringCosts | $ 5.1 |
Restructuring - Summary of Accr
Restructuring - Summary of Accrued Restructuring Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $ 1,676 | |
Total restructuring cost expected to Incur | $ 7,970 | |
Cash payment | (1,477) | (5,812) |
Change in estimates | (169) | (307) |
Non-cash charges | (175) | |
Ending Balance | 30 | 1,676 |
Severance and Benefits Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 1,512 | |
Total restructuring cost expected to Incur | 7,617 | |
Cash payment | (1,427) | (5,812) |
Change in estimates | (55) | (293) |
Non-cash charges | 0 | |
Ending Balance | 30 | 1,512 |
Contract Termination Cost | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 164 | |
Total restructuring cost expected to Incur | 178 | |
Cash payment | (50) | 0 |
Change in estimates | (114) | (14) |
Non-cash charges | 0 | |
Ending Balance | 0 | 164 |
Stock Based Compensation | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Total restructuring cost expected to Incur | 175 | |
Cash payment | 0 | 0 |
Change in estimates | 0 | 0 |
Non-cash charges | (175) | |
Ending Balance | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) - New Lease Agreements - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Lease term description | The 2016 Lease has an initial term of ten years through 2026 and the Company has an option to extend the initial term for an additional five years at the then fair rental value as determined pursuant to the 2016 Lease. | ||
Initial lease term | 10 years | 10 years | |
Extended lease term | 5 years | ||
Sublease Income | $ 0.3 | $ 0.3 |
Leases - Schedule Of Subleasing
Leases - Schedule Of Subleasing (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
Remainder of 2023 | $ 649 |
2024 | 1,333 |
2025 | 1,379 |
2026 | 1,067 |
Total sublease income payments | $ 4,428 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - Subsequent Event - BVF Partners L.P. Private Placement $ / shares in Units, $ in Millions | 1 Months Ended |
Jul. 31, 2023 USD ($) $ / shares shares | |
Subsequent Event [Line Items] | |
Gross proceeds from issuance of private placement | $ | $ 30 |
Price per share | $ 2.08 |
Pre-Funded Warrant | |
Subsequent Event [Line Items] | |
Number of shares issued upon warrants | shares | 14,423,077 |
Exercise price of warrants | $ 0.00001 |
Exercisable period of warrants | 20 years |
Tranche 1 Warrant | |
Subsequent Event [Line Items] | |
Number of shares issued upon warrants | shares | 5,769,231 |
Exercise price of warrants | $ 4.16 |
Expiration date | Jul. 31, 2025 |
Tranche 2 Warrant | |
Subsequent Event [Line Items] | |
Number of shares issued upon warrants | shares | 5,769,231 |
Exercise price of warrants | $ 6.24 |
Expiration date | Jul. 31, 2026 |