Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CTMX | ||
Entity Registrant Name | CytomX Therapeutics, Inc. | ||
Entity Central Index Key | 1,501,989 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 876.4 | ||
Entity Common Stock, Shares Outstanding | 45,111,282 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 247,577 | $ 177,548 |
Short-term investments | 188,550 | 196,562 |
Accounts receivable | 97 | 10,139 |
Prepaid expenses and other current assets | 9,251 | 4,352 |
Total current assets | 445,475 | 388,601 |
Property and equipment, net | 6,934 | 4,218 |
Intangible assets, net | 1,458 | 1,604 |
Goodwill | 949 | 949 |
Restricted cash | 917 | 917 |
Other assets | 1,375 | 1,355 |
Total assets | 457,108 | 397,644 |
Current liabilities: | ||
Accounts payable | 5,132 | 4,205 |
Accrued liabilities | 26,724 | 16,382 |
Income tax payable | 13,339 | 1 |
Deferred revenues, current portion | 52,713 | 40,559 |
Total current liabilities | 97,908 | 61,147 |
Deferred revenue, net of current portion | 225,267 | 264,704 |
Other long-term liabilities | 3,050 | 1,897 |
Total liabilities | 326,225 | 327,748 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity | ||
Common stock, $0.00001 par value; 75,000,000 shares authorized at December 31, 2018 and 2017; 45,083,209 and 38,478,560 shares issued and outstanding at December 31, 2018 and 2017, respectively | 1 | 1 |
Additional paid-in capital | 445,956 | 289,454 |
Accumulated other comprehensive loss | (93) | (94) |
Accumulated deficit | (314,981) | (219,465) |
Total stockholders' equity | 130,883 | 69,896 |
Total liabilities, convertible preferred stock and stockholders' equity | 457,108 | 397,644 |
Convertible Preferred Stock | ||
Stockholders' equity | ||
Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized at December 31, 2018 and 2017; no shares issued and outstanding at December 31, 2018 and 2017, respectively |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 45,083,209 | 38,478,560 |
Common stock, shares outstanding | 45,083,209 | 38,478,560 |
Convertible Preferred Stock | ||
Convertible Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Convertible Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Convertible Preferred stock, shares issued | 0 | 0 |
Convertible Preferred stock, shares outstanding | 0 | 0 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Revenues | $ 59,502 | $ 71,623 | $ 12,845 |
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember |
Revenues from related parties | $ 2,198 | ||
Total revenues | $ 59,502 | $ 71,623 | 15,043 |
Operating expenses: | |||
Research and development | 103,866 | 92,277 | 54,755 |
General and administrative | 33,510 | 25,605 | 19,874 |
Total operating expenses | 137,376 | 117,882 | 74,629 |
Loss from operations | (77,874) | (46,259) | (59,586) |
Interest income | 7,641 | 2,674 | 736 |
Other income (expense), net | (68) | (27) | (69) |
Loss before income taxes | (70,301) | (43,612) | (58,919) |
Provision for (benefit from) income taxes | 14,303 | (513) | (19) |
Net loss | $ (84,604) | $ (43,099) | $ (58,900) |
Net loss per share, basic and diluted | $ (2.03) | $ (1.16) | $ (1.63) |
Shares used to compute net loss per share, basic and diluted | 41,664,382 | 37,166,830 | 36,234,732 |
Other comprehensive loss: | |||
Changes in unrealized gain (losses) on investments | $ 1 | $ (67) | $ 49 |
Total comprehensive loss | $ (84,603) | $ (43,166) | $ (58,851) |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Stockholder Notes | Additional Paid-in Capital | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2015 | $ 126,068 | $ 1 | $ (78) | $ 243,687 | $ (76) | $ (117,466) |
Beginning balance, shares at Dec. 31, 2015 | 36,033,209 | |||||
Exercise of stock options | $ 643 | 643 | ||||
Exercise of stock options, shares | 414,396 | 414,396 | ||||
Issuance of common stock under the Employee Stock Purchase Plan | $ 287 | 287 | ||||
Issuance of common stock under the Employee Stock Purchase Plan, shares | 31,564 | |||||
Issuance of common stock in connection with services | 159 | 159 | ||||
Issuance of common stock in connection with services, shares | 11,000 | |||||
Repayment on stockholders note | 78 | $ 78 | ||||
Stock-based compensation | 10,095 | 10,095 | ||||
Other comprehensive income (loss) | 49 | 49 | ||||
Net loss | (58,900) | (58,900) | ||||
Ending balance at Dec. 31, 2016 | 78,479 | $ 1 | 254,871 | (27) | (176,366) | |
Ending balance, shares at Dec. 31, 2016 | 36,490,169 | |||||
Exercise of stock options | $ 3,165 | 3,165 | ||||
Exercise of stock options, shares | 764,576 | 764,576 | ||||
Issuance of common stock under the Employee Stock Purchase Plan | $ 674 | 674 | ||||
Issuance of common stock under the Employee Stock Purchase Plan, shares | 67,746 | 67,746 | ||||
Issuance of common stock pursuant to the Amgen Stock Purchase Agreement | $ 19,457 | 19,457 | ||||
Issuance of common stock pursuant to the Amgen Stock Purchase Agreement, shares | 1,156,069 | |||||
Stock-based compensation | 11,287 | 11,287 | ||||
Other comprehensive income (loss) | (67) | (67) | ||||
Net loss | (43,099) | (43,099) | ||||
Ending balance at Dec. 31, 2017 | 69,896 | $ 1 | 289,454 | (94) | (219,465) | |
Ending balance, shares at Dec. 31, 2017 | 38,478,560 | |||||
Impact of adoption of new accounting pronouncements | (10,912) | (10,912) | ||||
Issuance of common stock in follow-on offering, net of issuance costs | 134,596 | 134,596 | ||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 5,867,347 | |||||
Exercise of stock options | $ 4,156 | 4,156 | ||||
Exercise of stock options, shares | 673,382 | 673,382 | ||||
Issuance of common stock under the Employee Stock Purchase Plan | $ 872 | 872 | ||||
Issuance of common stock under the Employee Stock Purchase Plan, shares | 63,920 | 63,920 | ||||
Stock-based compensation | $ 16,878 | 16,878 | ||||
Other comprehensive income (loss) | 1 | 1 | ||||
Net loss | (84,604) | (84,604) | ||||
Ending balance at Dec. 31, 2018 | $ 130,883 | $ 1 | $ 445,956 | $ (93) | $ (314,981) | |
Ending balance, shares at Dec. 31, 2018 | 45,083,209 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (84,604) | $ (43,099) | $ (58,900) |
Adjustments to reconcile net loss to net cash (used) provided by operating activities: | |||
Loss/(gain) on disposal of property and equipment | 17 | (47) | |
Depreciation and amortization | 1,884 | 1,645 | 1,733 |
Amortization of premium (accretion of discount) on investments | (1,701) | 371 | 1,662 |
Stock-based compensation expense | 16,878 | 11,287 | 10,095 |
Issuance of common stock in connection with services | 159 | ||
Non-cash acquisition of in process research and development asset charged to expense | 10,700 | ||
Deferred income taxes | (513) | 6 | |
Changes in operating assets and liabilities | |||
Accounts receivable | 10,042 | (7,980) | (1,787) |
Related party accounts receivable | 154 | 218 | |
Prepaid expenses and other current assets | (4,899) | (456) | (1,597) |
Other assets | (20) | 1,618 | (2,609) |
Accounts payable | 261 | (2,441) | 1,765 |
Accrued liabilities and other liabilities | 24,833 | 9,157 | 3,953 |
Deferred revenue | (38,195) | 189,913 | 43,317 |
Net cash (used in) provided by operating activities | (75,521) | 170,373 | (2,032) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (3,788) | (1,559) | (2,176) |
Proceeds from sales of assets | 52 | ||
Purchases of short term investments | (204,601) | (218,707) | (121,517) |
Maturities of short term investments | 214,315 | 99,000 | 169,500 |
Net cash provided by (used in) investing activities | 5,926 | (121,266) | 45,859 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock, net of issuance costs | 134,596 | 19,957 | |
Proceeds from employee stock purchases and exercise of stock options | 5,028 | 3,839 | 930 |
Proceeds from stockholder notes | 78 | ||
Payment of deferred offering costs | (12) | ||
Net cash provided by financing activities | 139,624 | 23,796 | 996 |
Net increase in cash and cash equivalents | 70,029 | 72,903 | 44,823 |
Cash, cash equivalents and restricted cash, beginning of year | 178,465 | 105,562 | 60,739 |
Cash, cash equivalents and restricted cash, end of year | 248,494 | 178,465 | 105,562 |
Supplemental disclosures of noncash investing and financing items: | |||
Purchases of property and equipment in accounts payable and accrued liabilities | $ 1,027 | $ 361 | $ 473 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Description of the Business | CytomX Therapeutics, Inc. (the “ ” ™ Stock Offering In July 2018, the Company completed an underwritten public offering of 5,867,347 shares of common stock at a price of $24.50 per share, which included 765,306 shares issued pursuant to the underwriters ’ Private Placement On September 29, 2017, the Company and Amgen entered into the Purchase Agreement, pursuant to which the Company agreed to issue and sell to Amgen 1,156,069 shares (the “Shares”) of its common stock, for an aggregate cash purchase price of $20 million. The Shares were issued and sold to Amgen at a price per share of $17.30, using a calculation method of 20-day Volume Weighted Average Price (VWAP). The Closing of the sale and issuance of the Shares, including the delivery of the aggregate purchase price, occurred on October 4, 2017. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ( “ 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 assets and 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. Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products, and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its product candidates, it will be unable to generate revenue from product sales or achieve profitability. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. Substantially all the Company’s cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents and short-term investments in highly rated money market funds and its short-term investments in U.S. Government Bonds. Customers and collaboration partners who represent 10% or more of the Company’s total revenue during each period presented or accounts receivable balance at each respective balance sheet date are as follows (in thousands): Revenue Accounts Receivable, net Year Ended December 31, December 31, 2018 2017 2016 2018 2017 AbbVie Ireland Unlimited Company $ 18,997 $ 19,434 $ 3,268 — ** Bristol-Myers Squibb Company 32,780 36,492 9,577 97 10,126 ImmunoGen, Inc. * 12,503 — — — Pfizer Inc. * * 2,198 — ** Total revenue from customers who represent 10% or more of the Company's total revenue $ 51,777 $ 68,429 $ 15,043 $ 97 $ 10,126 * Revenue from the customer was less than 10% of the Company’s total revenue for the respective periods presented. ** Accounts receivable balance from the customer was less than 10% of the Company’s total accounts receivable as of the respective periods presented. All of the Company’s customers are located in the United States of America. Segments Management has determined that it has one business activity and operates as one operating segment as it only reports financial information on an aggregate basis to its chief executive officer and chief financial officer, who are the Company’s chief operating decision makers. All long-lived assets are maintained in the United States of America. Cash and Cash Equivalents 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 Restricted cash represents a standby letter of credit issued pursuant to an office lease entered in December 2015. 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 statement of cash flows (in thousands): December 31 2018 2017 Cash and cash equivalents $ 247,577 $ 177,548 Restricted cash 917 917 $ 248,494 $ 178,465 Short-term Investments All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Generally, those investments with contractual maturities greater than 12 months are considered long-term investments. Unrealized gains and losses, deemed temporary in nature, are reported as a component of accumulated other comprehensive income (loss), net of tax. A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Property and Equipment, net Property and equipment are recorded at cost net of accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets. The useful lives of property and equipment are as follows: Machinery and equipment 5 years Computer equipment and software 3 years Furniture and fixtures 3 years Leasehold improvements Shorter of remaining lease term or estimated life of the assets Maintenance and repairs that do not extend the life or improve the asset are expensed when incurred. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price paid over the fair value of tangible and identifiable intangible assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized, but are assigned to reporting units and tested for impairment annually, or whenever there is an impairment indicator. Intangible assets are comprised of in-process research and development. The Company assesses impairment indicators annually as of December 31 or more frequently, if a change in circumstances or the occurrence of events suggests the remaining value may not be recoverable. Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives. There was no impairment of goodwill or intangible assets identified during the years ended December 31, 2018, 2017 and 2016. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable and prior to any goodwill impairment test. An impairment loss is recognized when the total of estimated undiscounted future cash flows expected to result from the use of the asset (or asset group) and its eventual disposition is less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. There was no impairment of long-lived assets during the years ended December 31, 2018, 2017 and 2016. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition (ASC 605) The Company ’ ’ The Company assesses whether the promises in its arrangements with customers are considered distinct performance obligations that should be accounted for separately. Judgment is required to determine whether the license to the Company ’ The transaction price in each arrangement is allocated to the identified performance obligations based on the standalone selling price ( “ ” ’ The Company ’ The Company ’ AbbVie Ireland Unlimited Company ( “ ” ’ “ ” ’ Comprehensive Loss Comprehensive loss represents all changes in stockholders’ equity except those resulting from distributions to stockholders. The Company’s unrealized gains and losses on short-term investments represent the only component of other comprehensive income (loss) that is excluded from the reported net loss. 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 performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company ’ Stock-Based Compensation The Company measures its stock-based awards made to employees based on the fair values of the awards as of the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense is recognized over the requisite service period using the ratable method and is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. Prior to 2017, the Company’s stock-based compensation is reduced for the estimated forfeitures at the date of grant and revised in subsequent periods if actual forfeitures differ from those estimates. After the adoption of ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) Stock-based compensation expense for options granted to non-employees as consideration for services received is measured on the date of performance at the fair value of the consideration received or the fair value of the equity instruments issued, using the Black-Scholes option-pricing model, whichever can be more reliably measured. Compensation expense for options granted to non- employees is periodically remeasured as the underlying options vest. Income Taxes The Company accounts for income taxes using an asset and liability approach. Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce its deferred tax assets to reflect the net amount that it believes as more likely than not to be realized. Realization of the deferred tax assets is dependent on the generation of future taxable income, the amount and timing of which are uncertain. The valuation allowance requires an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. Based upon the weight of available evidence at December 31, 2018, the Company continues to maintain a full valuation allowance against all of its deferred tax assets after management considered all available evidence, both positive and negative, including but not limited to its historical operating results, income or loss in recent periods, cumulative income in recent years, forecasted earnings, future taxable income, and significant risk and uncertainty related to forecasts. The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not that it will be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not that it will be sustained upon review by the tax authorities. The Company evaluates uncertain tax positions on a quarterly basis and adjust the liability for changes in facts and circumstances, such as new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, significant amendment to an existing tax law, or resolution of an examination. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax provision in the period in which such determination is made. The resolution of its uncertain income tax positions is dependent on uncontrollable factors such as law changes, new case law, and the willingness of the income tax authorities to settle, including the timing thereof and other factors. Although the Company does not anticipate significant changes to its uncertain income tax positions in the next twelve months, items outside of its control could cause its uncertain income tax positions to change in the future, which would be recorded in its statements of operations. Interest and/or penalties related to income tax matters are recognized as a component of income tax expense. Accrued Research and Development Costs The Company records accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical and clinical studies, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and includes these costs in accrued liabilities in the balance sheets and within research and development expense in the statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors, and the allocated portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. All costs associated with research and development are expensed as incurred. Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. Such reclassifications have no effect on revenues, loss from operations or net loss as previously reported. |
Adopted and Recent Accounting P
Adopted and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Adopted and Recent Accounting Pronouncements | 3. Adopted and Recent Accounting Pronouncements Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) The Company evaluated its contracts with customers under ASC 606. The impact of adopting ASC 606 on the Company’s results of operations, financial condition, and cash flows varies depending on the contract. The Company recorded adjustments upon the adoption of ASC 606 as a result of the different accounting treatment of its revenue agreements with respect to the inclusion of milestone payments in the initial transaction price and the method to be used to recognize upfront fees. Under the prior revenue recognition standard, milestone payments were recognized when earned and upfront fees were generally recognized as revenue over the research term on a straight-line basis if another method of revenue recognition did not more clearly match the pattern of delivery of goods or services to the customer. Under ASC 606, milestone payments are included in the initial transaction price when it is probable that a significant reversal of the milestone payment will not occur. In addition, the Company can no longer default to the straight-line method as the default method in recognizing revenue for goods or services delivered over time. As such, the amount and timing of revenue recognition for its collaboration agreements changed under ASC 606. The impact of the adoption of ASC 606 was an increase in the balance of deferred revenue and an increase in the accumulated deficit balance of $10.9 million on January 1, 2018 in the Company’s Balance Sheet. The following table summarizes the impact of adopting ASC 606 on select balance sheet line items (in thousands): As of December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Liabilities Income tax payable $ 14,886 $ (1,547 ) $ 13,339 Other long-term liabilities 3,249 (199 ) 3,050 Deferred revenue - current 45,288 7,425 52,713 Deferred revenue - long-term 214,790 10,477 225,267 Stockholders' Equity Accumulated deficit (298,825 ) (16,156 ) (314,981 ) Three Months Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Revenue $ 10,022 $ 1,449 $ 11,471 Loss from Operations (27,260 ) 1,449 (25,811 ) Loss before income taxes (24,770 ) 1,449 (23,321 ) Provision for income taxes 11,566 (2,654 ) 8,912 Net loss (36,336 ) 4,103 (32,233 ) Net loss per share, basic and diluted (0.81 ) 0.09 (0.72 ) Year Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Revenue $ 65,966 $ (6,464 ) $ 59,502 Loss from Operations (71,410 ) (6,464 ) (77,874 ) Loss before income taxes (63,837 ) (6,464 ) (70,301 ) Provision for income taxes 16,049 (1,746 ) 14,303 Net loss (79,886 ) (4,718 ) (84,604 ) Net loss per share, basic and diluted (1.92 ) (0.11 ) (2.03 ) Year Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Cash flows from operating activities: Net loss $ (79,886 ) $ (4,718 ) $ (84,604 ) Changes in operating assets and liabilities: Accrued liabilities, income tax payable and other long-term liabilities 26,579 (1,746 ) 24,833 Deferred revenue (44,659 ) 6,464 (38,195 ) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash, Statement of Cash Flows (Topic 230) In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company has elected the package of practical expedients permitted under ASC 842. Accordingly, the Company continues to account for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASC 842, (b) whether classification of the operating leases would be different in accordance with ASC 842, or (c) whether the unamortized initial direct costs before transition adjustments would have met the definition of initial direct costs in ASC 842 at lease commencement. In addition, the Company also elected the short-term lease practical expedients allowed under the standard. As a result of the adoption of ASC 842, the Company expects to recognize on January 1, 2019 on its balance sheet a right-of-use asset and a lease liability of approximately $27 million to $32 million. This standard will not have material impact on the Company’s results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40) In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the interaction between Topic 808 and Topic 606 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 4. Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share attributable to common stockholders is calculated using the weighted-average number of common shares outstanding, plus potential dilutive common stock during the period. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since the effect of the potentially dilutive securities is anti-dilutive. The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive: Year Ended December 31, 2018 2017 2016 Options to purchase common stock 7,478,755 6,891,123 6,086,939 |
Fair Value Measurements and Sho
Fair Value Measurements and Short-term Investments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Short-Term Investments | 5. Fair Value Measurements and Short-Term 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 and II assets. Level I assets consist primarily of highly liquid money market funds, some of which is included in restricted cash and U.S. government bonds that are included in short-term investments. The following tables set forth the fair value of the Company’s financial instruments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements (in thousands): December 31, 2018 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets Money market funds Level I $ 226,979 $ — $ — $ 226,979 Restricted cash (money market funds) Level I 917 — — 917 U.S. Government bonds Level I 188,616 — (66 ) 188,550 Total Securities $ 416,512 $ — $ (66 ) $ 416,446 December 31, 2017 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets Money market funds Level I $ 164,440 $ — $ — $ 164,440 Restricted cash (money market funds) Level I 917 — — 917 U.S. Government bonds Level I 196,629 — (67 ) 196,562 Total Securities $ 361,986 $ — $ (67 ) $ 361,919 No securities have contractual maturities of longer than one year. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment, net consisted of the following (in thousands): December 31 2018 2017 Machinery and equipment $ 10,498 $ 7,162 Computer equipment and software 955 897 Furniture and fixtures 749 643 Leasehold improvements 893 701 Construction in progress 785 23 13,880 9,426 Less: accumulated depreciation and amortization (6,946 ) (5,208 ) $ 6,934 $ 4,218 Depreciation and amortization expense was $1.7 million, $1.5 million and $1.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill and in-process research and development assets resulted from a series of integrated financing transactions in 2010 that was accounted for as a business combination. The in-process research and development relates to the Company’s proprietary Probody Platform and was accounted for as an indefinite-lived intangible asset until the underlying project was completed or abandoned. In connection with the collaboration agreements, the Company began amortizing the intangible asset in 2017. The intangible asset is being amortized over the estimated lives of the patents which average 12 years. The amortization for the year ended December 31, 2018 and 2017 was $0.1 million and $0.1 million, respectively. Goodwill and intangible assets consisted of the following (in thousands): Goodwill December 31, 2018 2017 Goodwill $ 949 $ 949 Intangible assets December 31, 2018 2017 In-process research and development $ 1,750 $ 1,750 Less accumulated amortization (292 ) (146 ) $ 1,458 $ 1,604 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | 8. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2018 2017 Research and clinical expenses $ 18,520 $ 10,068 Payroll and related expenses 6,585 4,526 Legal and professional expenses 830 1,523 Other accrued expenses 789 265 Total $ 26,724 $ 16,382 |
Research and Collaboration Agre
Research and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Research and Collaboration Agreements | 9. Research and Collaboration Agreements The following table summarizes the revenue by collaboration partner (in thousands): Year Ended December 31, 2018 2017 2016 AbbVie $ 18,997 $ 19,434 $ 3,268 Amgen 4,899 1,311 — BMS 32,780 36,492 9,577 ImmunoGen 1,471 12,503 — Pfizer 1,355 1,883 2,198 Total Revenue $ 59,502 $ 71,623 $ 15,043 AbbVie Ireland Unlimited Company In April 2016, the Company and AbbVie entered into two agreements, a CD71 Co-Development and Licensing Agreement (the “ ” “ ” “ ” “ ” Under the CD71 Agreement, the Company received an upfront payment of $20.0 million in April 2016, and is eligible to receive up to $470.0 million in development, regulatory and commercial milestone payments, a 35% profit split on U.S. sales, and royalties on ex-U.S. sales in the high teens to low twenties if the Company participates in the co-development of the CD71 Licensed Product subject to a reversion to a royalty on U.S. sales, and reduction in royalties on ex-U.S. sales, if the Company opts-out from the co-development of the CD71 PDC. The Company ’ ’ “ ” Under the terms of the Discovery Agreement, AbbVie receives exclusive worldwide rights to develop and commercialize PDCs against up to two targets, one of which was selected in March 2017. The Company shall perform research services to discover the Probody therapeutics and create PDCs for the nominated collaboration targets. From that point, AbbVie shall have sole right and responsibility for development and commercialization of products comprising or containing such PDCs ( “ ” Under the Discovery Agreement, the Company received an upfront payment of $10.0 million in April 2016 and may receive an additional payment upon the selection by AbbVie of the second target and the satisfaction of certain success criteria under the CD71 Agreement. AbbVie has not selected the second target, but the success criteria under the CD71 Agreement were met in September 2016. The Company is also eligible to receive up to $275.0 million in target nomination, development, regulatory and commercial milestone payments and royalties in the high single to low teens from commercial sales of any resulting PDCs. The Company has determined that the CD71 and Discovery Agreements with AbbVie should be combined and evaluated as a single arrangement in determining revenue recognition, because both agreements were concurrently negotiated and executed. The Company identified the following performance obligations at the inception of the AbbVie Agreements: (1) the research, development and commercialization license for CD71 Probody therapeutic, (2) the research services related to CD71 Probody therapeutic, (3) the obligation to participate in the CD71 Agreement joint research committee, (4) the research services related to the first discovery target (5) the research, development and commercialization license for the first discovery target, and (6) the obligation to participate in the Discovery Agreement joint research committee. The Company concluded that, at the inception of the agreement, AbbVie ’ The Company determined that the research, development and commercialization licenses for CD71 and discovery targets are not distinct from the Company ’ ’ ’ ’ ’ (1) the CD71 Agreement performance obligation consisting of the CD71 Agreement research, development and commercialization license, related research service and participation in the joint research committee, and (2) the Discovery Agreement performance obligation consisting of the Discovery Agreement research, development and commercialization license, related research service and participation in the joint research committee. The total transaction price upon adoption of ASC 606 on January 1, 2018 of $39.8 million consists of $30.0 million in upfront payments, $14.0 million milestone payment received (net of the payment of an associated sublicense fee of $1.0 million to SGEN) less $4.2 million of estimated sublicense fees. The upfront payments under the AbbVie Agreements are allocated between the two performance obligations based on the estimated relative standalone selling prices. The $30.0 million of upfront payments is allocated $20.0 million to the CD71 Agreement, with the remaining $10.0 million allocated to the Discovery Agreement. The $14.0 million milestone payment received (net of the payment of an associated sublicense fee of $1.0 million to SGEN) and estimated sublicense fees are allocated to the CD71 Agreement performance obligation as they are directly related to the development of the CD71 Probody therapeutic. In May 2018, the Company earned a $21.0 million milestone payment (net of the payment of an associated sublicense fee of $4.0 million to SGEN). The $21.0 million milestone payment was included as part of the transaction price in May 2018 and a revenue adjustment of $9.9 million was recognized in the second quarter of 2018 reflecting the percentage completed to-date on the project related to this milestone. The Company determined that the remaining potential milestone payments are probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company ’ Under the UCSB Agreement, the Company is obligated to make royalty payments to UCSB equal to 5% of certain sublicense revenue payments owed to or received by the Company. As of December 31, 2018 and December 31, 2017, the Company accrued sublicense fees of $1.1 million and $0.5 million, respectively, under the CD71 Agreement. The Company recognized the initial transaction price upon adoption of ASC 606 on January 1, 2018 of $29.8 million allocated to the CD71 Agreement performance obligation using a cost-based input measure. In applying the cost-based input method, revenue is recognized based on actual full time employee (“FTE”) hours incurred as a percentage of total estimated FTE hours as the Company completes its combined performance obligation over the five-year service period. As the Discovery Agreement performance obligation represents an obligation to continuously make the Company ’ The Company recognized revenue of $19.0 million, $19.4 million and $3.3 million for 2018, 2017 and 2016, respectively, related to the AbbVie Agreements. As of December 31, 2018 and 2017, deferred revenue related to the CD71 Agreement performance obligation was $23.2 million and $11.2 million, respectively, and deferred revenue related to the Discovery Agreement performance obligation was $4.7 million and $6.8 million, respectively. As of both December 31, 2018 and 2017, no amount was due from AbbVie under the CD71 and Discovery Agreements. Amgen, Inc. On September 29, 2017, the Company and Amgen, Inc. ( “ ” “ ” “ ” ’ Under the terms of the Amgen Agreement, the Company and Amgen will co-develop a Probody T-cell engaging bi-specific therapeutic targeting EGFR ( “ ” “ ” 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 Probody T-cell engaging bi-specifics products directed against such targets. Amgen has selected one such target (the “ ” “ ” “ ” ’ At the initiation of the collaboration, CytomX had the option to select, from programs specified in the Amgen Agreement, an existing pre-clinical stage T-cell engaging bispecific product from the Amgen pre-clinical pipeline. In March 2018, CytomX selected the program. CytomX is responsible, at its expense, for converting this program to a Probody T-cell engaging bispecific product, and thereafter, will be responsible for development, manufacturing, and commercialization of the product ( “ ” The Company considered the criteria for combining contracts in ASC 606 and determined that the Amgen Agreement and the Purchase Agreement should be combined into one contract. The Company accounted for the Amgen Agreement based on the fair values of the assets and services exchanged. The Company identified the following performance obligations at the inception of the Amgen Agreement: (1) the research, development and commercialization license, (2) the research and development services for the EGFR Products and the Amgen Other Product, and (3) the obligation to participate in the joint steering committee (“JSC”) and the joint research committee (“JRC”). The Company determined that research, development and commercialization license and the participation in the JSC and JRC are not distinct from the research and development services and therefore those performance obligations were combined into one combined performance obligation. The Amgen Other Products are accounted for as a separate performance obligation from the EGFR Products as the nature of the services being performed is not the same and the value that Amgen can derive from one program is not dependent on the success of the other. Concurrent with the execution of the Amgen Agreement, the Company entered into a sublicense agreement whereby the Company granted Amgen a sublicense of its rights to one patent family that it co-owns with the Regents of the University of California, acting through its Santa Barbara campus ( “ ” ’ The total transaction price of $51.2 million, consisting of the $40.0 million upfront payment, an estimated fair value of $10.7 million for the CytomX Product and $0.5 million of premium on the sale of the Company ’ ’ As the Amgen Other Product performance obligation represents an obligation to continuously make the Probody therapeutic technology platform available to Amgen, the initial transaction price of $4.8 million allocated to this performance obligation is recognized over the common measure of progress for the entire performance obligation over the estimated research service period of six years. The Company recognized revenue of $4.9 million and $1.3 million for the years ended December 31, 2018 and 2017, respectively, related to the Amgen Agreement. There was no revenue recognized for the year ended December 31, 2016 because the Company entered into the agreement in 2017. As of December 31, 2018 and December 31, 2017, deferred revenue related to the EGFR Products performance obligation was $40.7 million and $45.3 million, respectively. As of December 31, 2018 and 2017, deferred revenue related to the Amgen Other Products performance obligation was $3.8 million and $4.6 million, respectively. As of December 31, 2018 and 2017, no amount was due from Amgen under the Amgen Agreement. Bristol-Myers Squibb Company On May 23, 2014, the Company and Bristol-Myers Squibb Company ( “ ” “ ” ’ Under the terms of the BMS Agreement, the Company granted BMS exclusive worldwide rights to develop and commercialize Probody therapeutics for up to four oncology targets. BMS 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 has a two-year research term and the two additional targets must be nominated by BMS within five years of the effective date of the BMS Agreement. The research term for each collaboration target can be extended in one year increments up to three times. Pursuant to the BMS Agreement, the financial consideration from BMS was comprised of an upfront payment of $50.0 million and the Company was initially entitled to receive contingent payments of up to an aggregate of $1,217.0 million as follows: (i) up to $25.0 million for additional targets; (ii) up to $114.0 million in development milestone payments per research target program or up to $456.0 million if the maximum of four research targets are selected; (iii) up to $124.0 million in milestone payments for the first commercial sale in various territories for up to three indications per research target program or up to $496.0 million if the maximum of four research targets are selected, and (iv) up to $60.0 million in sales milestones payments per research target program or up to $240.0 million if maximum of four research targets are selected. The Company is entitled to royalty payments in the mid-single digits to low double-digit percentages from potential future sales. The Company also receives research and development service fees based on a prescribed FTE rate that is capped. The Company identified the following performance obligations at the inception of the BMS Agreement: (1) the exclusive research, development and commercialization license, (2) the research and development services and (3) the obligation to participate in the joint research committee. The Company determined that the license, the Company ’ ’ The Company received an upfront payment of $50.0 million from BMS in July 2014. In January and December 2016, BMS selected the third and fourth targets, respectively, and paid the Company $10.0 million and $15.0 million, respectively, pursuant to the terms of the BMS Agreement. In December 2016, BMS selected a clinical candidate pursuant to the BMS Agreement, which triggered a $2.0 million pre-clinical milestone payment to the Company. In November 2017, the Company recognized a $10.0 million milestone payment from BMS upon approval of the investigational new drug application for the CTLA-4-directed Probody therapeutic. On March 17, 2017, the Company and BMS entered into Amendment Number 1 to Extend Collaboration and License Agreement (the “ ” “ ” Pursuant to the Amendment, the financial consideration from BMS is comprised of an upfront payment of $200.0 million and the Company is eligible to receive up to an aggregate of $3,586.0 million as follows: (i) up to $116.0 million in development milestone payments per target or up to $928.0 million if the maximum of eight targets are selected for the first product modality; (ii) up to $124.0 million in milestone payments for the first commercial sale in various territories for up to three indications per target program or up to $992.0 million if the maximum of eight targets are selected for the first product modality; (iii) up to $60.0 million in sales milestone payments per target or up to $480.0 million if maximum of eight targets are selected for the first product modality; and (iv) up to $56.3 million in development milestone payments or up to $450.0 million if the maximum of eight targets are selected for the second product modality; (v) up to $62.0 million in milestone payments for the first commercial sale in various territories for up to three indications per target program or up to $496.0 million if the maximum of eight targets are selected for the second product modality; (vi) up to $30.0 million in sales milestone payments per target or up to $240.0 million if maximum of eight targets are selected for the second product modality. The Company is also entitled to tiered mid-single to low double-digit percentage royalties from potential future sales. The Amendment does not change the term of the BMS ’ ’ The initial transaction price is $272.8 million consisting of the upfront fees of $250.0 million, research and development service fees of $10.8 million and milestone payments received to date 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 ’ The Company recognized revenue of $32.8 million, $36.5 million and $9.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 and 2017, deferred revenue related to the BMS Agreement was $205.6 million and $235.0 million, respectively. The amount due from BMS under the BMS Agreement was $0.1 million and $10.1 million as of December 31, 2018 and 2017, respectively. ImmunoGen, Inc. In January 2014, the Company and ImmunoGen, Inc. ( “ ” “ ” ’ “ ” ’ ’ ’ “ ” “ ” Under the terms of the ImmunoGen Research Agreement, both the Company and ImmunoGen performed research activities on behalf of the other party for no monetary consideration through January 2018 and the arrangement was extended to June 2018, as discussed below. Each party is solely responsible for the development, manufacturing and commercialization of any products resulting from the exclusive development and commercialization license obtained by such party under the agreement. In consideration for the ImmunoGen 2017 License, the Company is entitled to receive up to $30.0 million in development and regulatory milestone payments, up to $50.0 million in sales milestone payments and royalties in the mid-single digits percentage on the commercial sales of any resulting product. For the CX-2009 License, the Company is obligated to pay ImmunoGen up to $60.0 million in development and regulatory milestone payments and up to $100.0 million in sales milestone payments and royalties in the mid to high single digits percentage on the commercial sales of any resulting product. In August 2017, the Company made a milestone payment of $1.0 million to ImmunoGen for the first patient dosing with CX-2009. No milestone payments have been accrued to the Company under the ImmunoGen 2017 License. The Company accounted for the ImmunoGen Research Agreement based on the fair value of the assets and services exchanged. The Company identified the following performance obligations at the inception of the ImmunoGen Research Agreement: (1) the research license, (2) the research services, (3) the obligation to participate in the joint research committee, (4) the exclusive research, development and commercialization license and (5) the obligation to provide future technology improvements, when available. The Company determined that the research license, the research services, the participation in the joint steering committee, and the technology improvements are not distinct from the development and commercialization license and therefore those performance obligations were combined into one combined performance obligation. The Company considered factors such as the limited economic benefits to ImmunoGen if the development and commercialization license was not obtained and the lack of sublicensing rights in the research license. The estimated total fair value of the consideration of $13.2 million was recorded as deferred revenue at the inception of the ImmunoGen Research Agreement. In December 2017, the Company entered into the ImmunoGen 2017 License arrangement and extended the Company ’ The estimated total fair value of assets and services received was also $13.2 million, of which $12.7 million was allocated to the licenses received and was charged to research and development expense, with the remaining amount of $0.5 million allocated to the research services, joint research committee participation and technology improvements, which was expensed over the period of services provided. The Company recognized revenue of $1.5 million and $12.5 million for the year ended December 31, 2018 and 2017, respectively. There was no revenue recognized for the year ended December 31, 2016. As of December 31, 2018 and 2017, deferred revenue relating to the ImmunoGen Research Agreement was $0 and $0.7 million, respectively. As of both December 31, 2018 and 2017, no amount was due from ImmunoGen under the ImmunoGen Research Agreement. MD Anderson In November 2015, the Company entered into a research collaboration agreement with MD Anderson to research Probody-enabled chimeric antigen receptor killer (CAR-NK) cell therapies, known as ProCAR-NK cell therapies. Under this collaboration, MD Anderson will use the Company ’ Pfizer Inc. In May 2013, the Company and Pfizer Inc. ( “ ” “ ” “ ” Pursuant to the Pfizer Agreement, the Company received an upfront payment of $6.0 million and research and development service fees based on a prescribed FTE rate per year that is capped. The Company identified the following performance obligations at the inception of the Pfizer Agreement: (1) the research license, (2) the research services and (3) the obligation to participate in the joint research committee. The Company determined that the research license was not distinct from the research services and participation in the joint research committee due to the specialized nature of the research services to be provided by the Company, and accordingly, this deliverable was combined with the research services and participation in the joint research committee as a combined performance obligation. The Company concluded that, at the inception of the agreement, Pfizer ’ As the combined performance obligation represented an obligation to continuously make the Probody therapeutic technology platform available to Pfizer, the initial transaction price was recognized over the common measure of progress for the entire performance obligation over the estimated research service period of five and a half years. The Company recognized revenue of $1.4 million, $1.9 million and $2.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 and 2017, deferred revenue relating to the Pfizer Agreement was $0 and $1.6 million, respectively. The amount due from Pfizer under the Pfizer Agreement was $0 and $13,000 as of December 31, 2018 and 2017, respectively. Contract Liabilities The following table presents changes in the Company ’ Additions Deductions Balance at 12/31/2017 ASC 606 Adoption Adjustment Adjustment to Transaction Price from Performance Obligation Satisfied Revenue Recognized from an Adjustment to Transaction Price During the Period Revenue Recognized from Amounts Included in Contract Liability at the Beginning of the Period Balance at 12/31/2018 Contract liabilities: Deferred revenue $ 305,263 $ 10,912 $ 21,000 $ (11,718 ) $ (47,477 ) $ 277,980 Additions of $31.9 million consists of the ASC 606 adoption adjustment of $10.9 million and $21.0 million earned (net of the payment of an associated sublicense fee of $4.0 million to SGEN) resulting from the achievement of the IND milestone under the CD71 Agreement. The $21.0 million milestone payment is included in the transaction price in May 2018 and is being recognized over the research period of the CD71 Agreement. Of the $21.0 million, $11.7 million was recognized as revenue during the year ended December 2018 based on the estimated percentage completed to-date of the CD71 project. Deductions also includes $47.5 million of revenue recognized during the year ended December 31, 2018 that was included in the contract liability balance at the beginning of the period. The Company estimates that the $278.0 million of deferred revenue related to the following contracts as of December 31, 2018 will be recognized as revenue 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 ’ • The $23.2 million of deferred revenue related to the CD71 Agreement as of December 31, 2018 is expected to be recognized based on actual FTE effort and program progress until approximately April 2021. • The $4.7 million of deferred revenue related to the Discovery Agreement as of December 31, 2018 is expected to be recognized ratably until approximately April 2021. • The $40.7 million of deferred revenue related to the Amgen EGFR Products as of December 31, 2018 is expected to be recognized based on actual FTE effort and program progress until approximately September 2024. • The $3.8 million of deferred revenue related to the Amgen Other Products as of December 31, 2018 is expected to be recognized ratably until approximately September 2023. • The $205.6 million of deferred revenue related to the BMS Agreement as of December 31, 2018 is expected to be recognized ratably until approximately April 2025. |
License Agreement
License Agreement | 12 Months Ended |
Dec. 31, 2018 | |
Research And Development [Abstract] | |
License Agreement | 10. License Agreement The Company has an exclusive, worldwide license agreement (the “ ” Pursuant to the UCSB Agreement, the Company is obligated to (i) make royalty payments to UCSB on net sales of its products covered under the agreement, subject to annual minimum amounts, (ii) make milestone payments to UCSB upon the occurrence of certain events, (iii) make a milestone payment to UCSB upon occurrence of an IPO or change of control, and (iv) reimburse UCSB for prosecution and maintenance of the licensed patents. If the Company sublicenses its rights under the UCSB Agreement, it is obligated to pay UCSB a percentage of the total sublicense revenue received, which total amount would be first reduced by the aggregate amount of certain research and development related expenses incurred by the Company and other permitted deductions. In 2013, the Company amended the UCSB Agreement to reduce certain amounts due to UCSB upon receipt by the Company of upfront payments, milestone payments and royalties from sublicensees. In exchange for this amendment, the Company issued to UCSB 157,332 shares of common stock. The UCSB Agreement, as amended, will remain in effect until the expiration or abandonment of the last to expire of the licensed patents. In the years ended December 31, 2018, 2017 and 2016, the Company incurred expenses of $0.6 million, $13.5 million and $2.1 million respectively, to UCSB under the provisions of the UCSB Agreement. As of December 31, 2018 and 2017, the related accrued amounts included in the current liabilities were $3.2 million and $2.6 million, respectively. These balances are estimates based on the latest discussion with UCSB on proposed revision to the terms of the sublicense fee calculation. Royalty obligations The Company has annual minimum royalty obligations of $150,000 under the terms of certain exclusive licensed patent rights. The royalty obligations are cancellable any time by giving notice to the licensor, with the termination being effective 60 days after giving notice. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Operating Lease On December 10, 2015, the Company entered into a lease (the “Lease”) with HCP Oyster Point III LLC (the “Landlord”) to lease approximately 76,000 rentable square feet of office and laboratory space located in South San Francisco, California for the Company’s new corporate headquarters. The term of the Lease commenced on October 1, 2016. The 2016 Lease has an initial term of ten years from the commencement date, 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. The Lease provides for annual base rent of approximately $3.1 million in the first year of the lease term. The annual base rent for the second twelve months will be approximately $4.3 million, which will increase on an annual basis beginning from the 25 th In addition, the Company obtained a standby letter of credit (the “Letter of Credit”) in an amount of approximately $0.9 million, which may be drawn by the Landlord to be applied for certain purposes upon the Company’s breach of any provisions under the 2016 Lease. The Company has recorded the $0.9 million Letter of Credit in restricted cash as non-current on its balance sheet at December 31, 2018 and 2017. Rent expense is recognized on a straight-line basis over the term of the lease and accordingly the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability. The future minimum lease payments for all of the Company’s facility leases are as follows (in thousands): Year Ending December 31: 2019 $ 4,854 2020 4,990 2021 5,129 2022 5,273 2023 and beyond 21,109 Total $ 41,355 Rent expense during the years ended December 31, 2018, 2017 and 2016 was $4.2 million, $4.2 million and $1.8 million, respectively. Legal Proceedings The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Indemnifications In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common Stock | 12. Common Stock In October 2015, the Company’s board of directors and stockholders approved the amended and restatement of the Company’s certificate of incorporation. The Amended and Restated Certificate of Incorporation was effective as of October 14, 2015, which provides for 75,000,000 authorized shares of common stock with par value of $0.00001 per share and 10,000,000 shares of preferred stock with a par value of $0.00001 per share. Common stockholders are entitled to dividends if and when declared by the Board of Directors subject to the prior rights of the preferred stockholders. As of December 31, 2018 and 2017, no dividends on common stock had been declared by the Board of Directors. The Company had reserved shares of common stock for issuance, as follows: December 31, 2018 2017 Options issued and outstanding 7,803,773 6,503,458 Shares available for future stock option grants 1,884,494 2,324,793 Shares available for future employee stock purchase plan 1,301,254 980,389 Total 10,989,521 9,808,640 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 13. Stock-based Compensation Equity Incentive Plan In 2010, the Company adopted its 2010 Stock Incentive Plan (the “2010 Plan”) which provided for the granting of stock options to employees, directors and consultants of the Company. Options granted under the 2010 Plan were either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). In February 2012, the Company adopted its 2011 Stock Incentive Plan (the “2011 Plan”). The 2011 Plan is divided into two separate equity programs, an option and stock appreciation rights grant program and a stock award program. In conjunction with adopting the 2011 Plan, the Company discontinued the 2010 Plan and released the shares reserved and still available under that plan. In connection with the consummation of the IPO in October 2015, the board of directors adopted the Company’s 2015 Equity Incentive Plan (the “2015 Plan” and collectively with the 2010 Plan and 2011 Plan, the “Plans”). In conjunction with adopting the 2015 Plan, the Company discontinued the 2011 Plan with respect to new equity awards. The initial number of shares of common stock available for future issuance under the 2015 Plan was 2,444,735. Beginning on January 1, 2016 and continuing until the expiration of the 2015 Plan, the total number of shares of common stock available for issuance under the 2015 Plan will automatically increase annually on January 1 by 4% of the total number of issued and outstanding shares of common stock as of January 1 of the same year. As of December 31, 2018, 1,884,494 shares of common stock were available for future issuance under the 2015 Plan. Stock Options Options under the 2015 Plan may be granted for periods of up to ten years. All options issued to date have had a 10-year life. Under the terms of the 2015 Plan, options may be granted at an exercise price not less than the estimated fair value of the shares on the date of grant, as determined by the Company’s board of directors. For employees holding more than 10% of the voting rights of all classes of stock, the exercise price of ISOs and NSOs may not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. To date, options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48th per month thereafter. Activity under the Company’s stock option plans is set forth below: Options Outstanding Options Available for Grant Number of Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Balances at December 31, 2015 2,401,406 5,270,751 1.197 Options authorized 1,441,328 — — Options granted (1,367,546 ) 1,356,546 13.234 Options exercised — (414,396 ) 1.549 Options forfeited 18,000 (54,155 ) 4.578 Balances at December 31, 2016 2,493,188 6,158,746 3.694 Options authorized 1,459,606 — — Options granted (2,138,620 ) 2,138,620 13.566 Options exercised — (764,576 ) 4.140 Options forfeited 510,619 (1,029,332 ) 9.118 Balances at December 31, 2017 2,324,793 6,503,458 8.157 Options authorized 1,539,142 — Options granted (2,127,400 ) 2,127,400 24.654 Options exercised — (673,382 ) 6.172 Options forfeited 147,959 (153,703 ) 14.293 Balances at December 31, 2018 1,884,494 7,803,773 12.622 7.3 $ 40,901 Options Exercisable—December 31, 2018 4,520,806 7.853 6.3 $ 36,017 Options vested and expected to vest—December 31, 2018 7,803,773 12.622 7.3 $ 40,901 Information with respect to stock options outstanding and exercisable as of December 31, 2018 is as follows: Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted-Average Remaining Contractual Life (Years) Number Exercisable Weighted- Average Exercise Price $0.945 - $1.386 820,235 3.4 820,235 $ 1.174 $1.449 - $1.575 920,347 5.9 915,120 $ 1.545 $4.473 - $4.473 119,531 6.4 119,531 $ 4.473 $6.615 - $6.615 1,171,404 6.6 910,002 $ 6.615 $10.170 - $11.640 497,541 7.7 298,494 $ 10.715 $11.940 - $11.940 842,500 8.1 403,695 $ 11.940 $12.000 - $14.460 1,073,581 7.5 648,933 $ 14.172 $14.620 - $25.670 846,434 9.1 157,099 $ 18.574 $25.820 - $25.820 885,000 9.1 202,809 $ 25.820 $26.300 - $29.710 627,200 9.0 44,888 $ 26.740 7,803,773 7.3 4,520,806 $ 7.853 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the underlying common stock as of December 31, 2018, 2017 and 2016, respectively. The aggregate intrinsic value of stock options exercised in the years ended December 31, 2018, 2017 and 2016 was $14.6 million, $10.5 million and $4.6 million, respectively. The options granted in the years ended December 31, 2018, 2017 and 2016 had a weighted-average per share grant-date fair value of $14.205, $8.207, and $8.936, respectively. At December 31, 2018, the unrecognized compensation expense with respect to options granted to employees was $34.6 million, and is expected to be recognized over 2.4 years. Early Exercise of Employee Options Certain stock options granted under the Plans provide option holders the right to elect to exercise unvested options in exchange for restricted common stock. Such unvested restricted shares are subject to a repurchase right held by the Company at the original issuance price in the event the optionee’s service to the Company is terminated either voluntarily or involuntarily. The right usually lapses 25% on the first anniversary of the vesting start date and in 36 equal monthly amounts thereafter. These repurchase terms are considered to be a forfeiture provision. The cash or full recourse notes received from employees for exercise of unvested options is treated as a refundable deposit and is classified as a liability on the balance sheets. Employee Stock Purchase Plan Concurrent with the completion of the IPO in October 2015, the Company’s Employee Stock Purchase Plan (“ESPP”) became effective. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP generally provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. The Company issued 63,920 shares and 67,746 shares of common stock under the ESPP in 2018 and 2017, respectively. Shares available for future purchase under the ESPP were 1,301,254 at December 31, 2018. The compensation expense related to the ESPP was $0.5 million, $0.2 million and $0.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 and 2017, there was $0.3 million and $0.1 million, respectively, of unrecognized compensation cost related to the ESPP, which the Company expects to recognize over 5 months. Stock Based Compensation Total stock-based compensation recorded related to options granted to employees and non-employees and employee stock purchase plan was as follows (in thousands): Year Ended December 31, 2018 2017 2016 Research and development $ 8,313 $ 5,161 $ 4,925 General and administrative 8,565 6,126 5,170 Total stock-based compensation expense $ 16,878 $ 11,287 $ 10,095 Stock-based compensation expense for employees was $16.7 million, $11.0 million and $9.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. Stock-based compensation expense related to stock options granted to non-employees is recognized as the stock options are earned. The Company determined that the estimated fair value of the stock options is more readily measurable than the fair value of the services received. The fair value of stock options granted to non-employees is calculated at each grant date and re-measured at each reporting date using the Black-Scholes option pricing model. The stock-based compensation expense related to a grant will fluctuate as the estimated fair value of the common stock fluctuates over the period from the grant date to the vesting date. Stock-based compensation expense for non-employees was $0.2 million, $0.3 million and $0.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company estimated the fair value of employee stock options and ESPP using the Black-Scholes valuation model based on the date of grant with the following assumptions: Options ESPP Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 Expected volatility 65.6%-69.3% 69.1%-72.4% 76.4% – 83.5% 46.4%-70.5% 52.3%-63.8% 50.4% – 75.6% Risk-free interest rate 2.5%-3.0% 1.7%-2.2% 1.2% – 2.1% 2.1%-2.6% 1.1%-1.5% 0.5% – 0.6% Dividend yield — % — % — % — % — % — % Expected term (in years) 4.7-4.9 4.9-5.3 5.3 – 5.9 0.5 0.5 0.5 Expected Term . The expected term of stock options represents the period that the stock options are expected to remain outstanding and is based on vesting terms, exercise term and contractual lives of the options. The expected term of the ESPP shares is equal to the six-month look-back period. Expected Volatility . The expected stock price volatility for the Company’s stock options was derived from the average historical volatilities of the Company’s stock price and the stock price of several comparable publicly traded companies within the biotechnology and pharmaceutical industry. The Company will continue to apply this process until a sufficient amount of historical information on the Company’s own stock price becomes available. Volatility for ESPP shares is equal to our historical volatility over the six-month look-back period. Risk-Free Interest Rate . The risk-free interest rate is based on the U.S. Treasury whose term was consistent with expected term of the Company’s stock options. Dividend Rate . The expected dividend was assumed to be zero as the Company has never paid dividends and has no current plans to do so. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company derives its income only from the United States. The components of the provision for (benefit from) income taxes are as follows (in thousands): Years Ended December 31, 2018 2017 2016 Current: Federal $ 14,302 $ — $ — State 1 1 1 Total current 14,303 1 1 Deferred: Federal — (514 ) (20 ) State — — — Total deferred — (514 ) (20 ) Provision for (benefit from) income taxes $ 14,303 $ (513 ) $ (19 ) A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows: Years Ended December 31, 2018 2017 2016 U.S. federal taxes at statutory rate 21.0 % 34.0 % 34.0 % State tax, net of federal benefit 0.7 % 7.6 % 0.8 % Stock compensation 1.7 % 2.3 % (0.6 )% Tax attributes subject to 382 limitation 0.0 % 27.5 % 0.0 % Tax credits 6.2 % 2.7 % 2.2 % Change in valuation allowance (49.5 )% (9.3 )% (35.6 )% Change in deferreds due to rate change 0.0 % (58.6 )% 0.0 % Other (0.5 )% (5.0 )% (0.8 )% Total (20.4 )% 1.2 % 0.0 % The types of temporary differences that give rise to significant portions of the Company’s deferred income tax liabilities are set out below (in thousands): Year Ended December 31, 2018 2017 2016 Net operating loss carryforwards $ 15,468 $ 24,682 $ 24,528 Research and development credits 7,514 5,757 2,683 Intangible—in-process R&D — — 81 Deferred revenue 56,881 15,631 13,857 Accruals and deferred rent 1,955 1,256 1,335 Stock-based compensation 5,746 3,831 3,963 Other 39 32 1 Total gross deferred income tax assets 87,603 51,189 46,448 Less: valuation allowance (86,466 ) (50,791 ) (46,137 ) Deferred tax assets, net of valuation allowance 1,137 398 311 Fixed assets (854 ) (282 ) (229 ) In-process R&D — — (595 ) Intangible assets (108 ) (116 ) — Prepaid Expenses (175 ) — — Deferred tax liabilities (1,137 ) (398 ) (824 ) Net deferred income tax liabilities $ — $ — $ (513 ) The Company has established a valuation allowance against all of its net deferred tax assets. Management considered all available evidence, both positive and negative, including but not limited to our historical operating results, income or loss in recent periods, cumulative losses in recent years, forecasted earnings, future taxable income, and significant risk and uncertainty related to forecasts, and concluded the deferred tax assets are not more likely than not to be realized. The net change in the total valuation allowance for the years ended December 31, 2018, 2017 and 2016 was an increase of $35.7 million, $4.7 million and $21.1 million, respectively. The Company had net operating loss carryforwards for federal and state income tax purposes of approximately $65.6 million and $24.2 million, respectively, as of December 31, 2018, available to reduce future taxable income. The federal and state net operating loss carryforwards will begin to expire in 2034 and 2033, respectively, if not utilized. The Company also has federal and state research and development tax credits carryforwards of $5.7 million and $5.5 million, respectively, as of December 31, 2018 available to reduce future income taxes. The federal research and development tax credits will begin to expire in 2031 if not utilized. The state research and development tax credits have no expiration date. In December 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017 the transition of U.S international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings. Under the Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”) issued by the SEC staff in December 2017, it allowed the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. In the fourth quarter of 2018, the Company completed its related analysis to determine the effect of the Tax Act. No material adjustments were recorded based on completion of the related analysis as of December 31, 2018 In 2018, the Company adopted ASC 606 under the modified retrospective transition method and recorded a net transition adjustment of $10.9 million to accumulated deficit associated with the change in timing of income recognition for the Company’s collaboration agreements. The transition adjustment also resulted in a change to the deferred revenue related deferred tax balance, offset by an adjustment to the valuation allowance. Internal Revenue Code section 382 (“IRC Section 382”) places a limitation (the “Section 382 Limitation”) on the amount of taxable income that can be offset by net operating loss (“NOL”) carryforwards after a change in control (generally greater than 50% change in ownership) of a loss corporation. California has similar rules. The Company has performed an IRC Section 382 analysis and determined there was an ownership change in 2017 that resulted in 382 limitations. When an ownership change occurs, IRC Section 382 limits the use of NOLs and credits in subsequent periods based on the annual 382 limitations. The annual 382 limitations may limit the full use of available tax attributes in one year but the identified ownership changes may not result in expiration of tax attributes for use prior to expiration of their respective carryforward periods. Accordingly, none of the tax attributes have been reduced but limited the full use in 2018. There may be further ownership changes after December 31, 2017. The Company has determined that, while an ownership change has occurred, the applicable limits would not impair the value or anticipated use of the Company’s federal and state net operating losses. Although realization is not assured, management believes it is more likely than not that any limitation under IRC Section 382 will not impair the realizability of the deferred income tax assets related to federal and state net operating loss carryforwards. The Company had approximately $3.8 million and $4.3 million of unrecognized tax benefits as of December 31, 2018 and 2017, respectively, and approximately $1.0 million and $0, respectively, would affect the Company’s effective tax rate if recognized. A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Balance at the beginning of the year $ 4,320 $ 1,182 $ 666 Additions based on tax positions related to current year 1,166 521 23 Adjustment based on tax positions related to prior years (1,730 ) 2,617 493 Balance at end of the year $ 3,756 $ 4,320 $ 1,182 The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the provision for income taxes in the period that such determination is made. Interest and penalties have not been accrued for 2018, 2017 and 2016. The Company files income tax returns in the United States, including California state jurisdiction. The tax years 2010 to 2018 remains open to U.S. federal and state examination to the extent of the utilization of net operating loss and credit carryovers. As of December 31, 20 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | 15. Related Party Transactions One of the Company’s board members was affiliated with Third Rock Ventures, a greater than 10% stockholder of the Company in 2017. General and administrative expenses for board service fees incurred were $35,000 and $48,000 for the years ended December 31, 2017 and 2016, respectively. The amounts outstanding and included in accounts payable were $0 and $12,000 as of December 31, 2017 and December 31, 2016, respectively. This board member resigned in December 2017. Revenues from related parties refer to the collaboration agreement with Pfizer, one of the Company’s stockholders. The Company recognized revenue of $2.2 million for the year ended December 31, 2016. As of December 31, 2016, deferred revenue relating to the Pfizer Agreement was $3.4 million. The amount due from Pfizer under the agreement was $0.1 million as of December 31, 2016. As of and during the year ended December 31, 2017, Pfizer owned less than 10% of the Company’s outstanding common stock and was no longer a related party for purposes of disclosure. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | 16. Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. During the years ended December 31, 2018, 2017 and 2016, the Company made contributions to the plan of $590,000, $255,000 and $201,000, respectively. |
Supplementary Data - Quarterly
Supplementary Data - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Data – Quarterly Financial Data (Unaudited) | 17. Supplementary Data – Quarterly Financial Data (Unaudited) The following table represents certain unaudited financial information for each of the quarters ended December 31, 2018 and 2017: Three Months Ended (in thousands, except per share data) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenue $ 11,471 $ 12,509 $ 21,338 $ 14,184 Net income (loss) $ (32,233 ) $ (23,431 ) $ (13,447 ) $ (15,493 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.72 ) $ (0.53 ) $ (0.35 ) $ (0.40 ) Three Months Ended (in thousands, except per share data) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenue $ 27,074 $ 24,144 $ 8,752 $ 11,653 Net income (loss) $ 621 $ (10,247 ) $ (25,216 ) $ (8,257 ) Net loss per share attributable to common stockholders, basic and diluted $ 0.02 $ (0.28 ) $ (0.69 ) $ (0.23 ) |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | 18. Subsequent Event On January 31, 2019, BMS notified the Company that it was terminating certain targets in the BMS Agreement. Such termination will become effective 60 days after the notification. As a result of such termination, the Company is no longer eligible to receive any further proceeds from milestones, royalties or research and development fees for these targets, and will accelerate revenue recognition for these targets. The termination of these targets does not affect the BMS-986249 or the Amendment, which remains in full force and effect. The Company is still in the process of evaluating the financial impact of these terminated targets. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ( “ |
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 assets and 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. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products, and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its product candidates, it will be unable to generate revenue from product sales or achieve profitability. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. Substantially all the Company’s cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents and short-term investments in highly rated money market funds and its short-term investments in U.S. Government Bonds. Customers and collaboration partners who represent 10% or more of the Company’s total revenue during each period presented or accounts receivable balance at each respective balance sheet date are as follows (in thousands): Revenue Accounts Receivable, net Year Ended December 31, December 31, 2018 2017 2016 2018 2017 AbbVie Ireland Unlimited Company $ 18,997 $ 19,434 $ 3,268 — ** Bristol-Myers Squibb Company 32,780 36,492 9,577 97 10,126 ImmunoGen, Inc. * 12,503 — — — Pfizer Inc. * * 2,198 — ** Total revenue from customers who represent 10% or more of the Company's total revenue $ 51,777 $ 68,429 $ 15,043 $ 97 $ 10,126 * Revenue from the customer was less than 10% of the Company’s total revenue for the respective periods presented. ** Accounts receivable balance from the customer was less than 10% of the Company’s total accounts receivable as of the respective periods presented. All of the Company’s customers are located in the United States of America. |
Segments | Segments Management has determined that it has one business activity and operates as one operating segment as it only reports financial information on an aggregate basis to its chief executive officer and chief financial officer, who are the Company’s chief operating decision makers. All long-lived assets are maintained in the United States of America. |
Cash and Cash Equivalents | Cash and Cash Equivalents 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 | Restricted Cash Restricted cash represents a standby letter of credit issued pursuant to an office lease entered in December 2015. 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 statement of cash flows (in thousands): December 31 2018 2017 Cash and cash equivalents $ 247,577 $ 177,548 Restricted cash 917 917 $ 248,494 $ 178,465 |
Short-term Investments | Short-term Investments All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Generally, those investments with contractual maturities greater than 12 months are considered long-term investments. Unrealized gains and losses, deemed temporary in nature, are reported as a component of accumulated other comprehensive income (loss), net of tax. A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. |
Property and Equipment, net | Property and Equipment, net Property and equipment are recorded at cost net of accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets. The useful lives of property and equipment are as follows: Machinery and equipment 5 years Computer equipment and software 3 years Furniture and fixtures 3 years Leasehold improvements Shorter of remaining lease term or estimated life of the assets Maintenance and repairs that do not extend the life or improve the asset are expensed when incurred. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price paid over the fair value of tangible and identifiable intangible assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized, but are assigned to reporting units and tested for impairment annually, or whenever there is an impairment indicator. Intangible assets are comprised of in-process research and development. The Company assesses impairment indicators annually as of December 31 or more frequently, if a change in circumstances or the occurrence of events suggests the remaining value may not be recoverable. Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives. There was no impairment of goodwill or intangible assets identified during the years ended December 31, 2018, 2017 and 2016. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable and prior to any goodwill impairment test. An impairment loss is recognized when the total of estimated undiscounted future cash flows expected to result from the use of the asset (or asset group) and its eventual disposition is less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. There was no impairment of long-lived assets during the years ended December 31, 2018, 2017 and 2016. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition (ASC 605) The Company ’ ’ The Company assesses whether the promises in its arrangements with customers are considered distinct performance obligations that should be accounted for separately. Judgment is required to determine whether the license to the Company ’ The transaction price in each arrangement is allocated to the identified performance obligations based on the standalone selling price ( “ ” ’ The Company ’ The Company ’ AbbVie Ireland Unlimited Company ( “ ” ’ “ ” ’ |
Comprehensive Loss | Comprehensive Loss Comprehensive loss represents all changes in stockholders’ equity except those resulting from distributions to stockholders. The Company’s unrealized gains and losses on short-term investments represent the only component of other comprehensive income (loss) that is excluded from the reported net loss. |
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 performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company ’ |
Stock-Based Compensation | Stock-Based Compensation The Company measures its stock-based awards made to employees based on the fair values of the awards as of the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense is recognized over the requisite service period using the ratable method and is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. Prior to 2017, the Company’s stock-based compensation is reduced for the estimated forfeitures at the date of grant and revised in subsequent periods if actual forfeitures differ from those estimates. After the adoption of ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) Stock-based compensation expense for options granted to non-employees as consideration for services received is measured on the date of performance at the fair value of the consideration received or the fair value of the equity instruments issued, using the Black-Scholes option-pricing model, whichever can be more reliably measured. Compensation expense for options granted to non- employees is periodically remeasured as the underlying options vest. |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability approach. Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce its deferred tax assets to reflect the net amount that it believes as more likely than not to be realized. Realization of the deferred tax assets is dependent on the generation of future taxable income, the amount and timing of which are uncertain. The valuation allowance requires an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. Based upon the weight of available evidence at December 31, 2018, the Company continues to maintain a full valuation allowance against all of its deferred tax assets after management considered all available evidence, both positive and negative, including but not limited to its historical operating results, income or loss in recent periods, cumulative income in recent years, forecasted earnings, future taxable income, and significant risk and uncertainty related to forecasts. The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not that it will be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not that it will be sustained upon review by the tax authorities. The Company evaluates uncertain tax positions on a quarterly basis and adjust the liability for changes in facts and circumstances, such as new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, significant amendment to an existing tax law, or resolution of an examination. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax provision in the period in which such determination is made. The resolution of its uncertain income tax positions is dependent on uncontrollable factors such as law changes, new case law, and the willingness of the income tax authorities to settle, including the timing thereof and other factors. Although the Company does not anticipate significant changes to its uncertain income tax positions in the next twelve months, items outside of its control could cause its uncertain income tax positions to change in the future, which would be recorded in its statements of operations. Interest and/or penalties related to income tax matters are recognized as a component of income tax expense. |
Accrued Research and Development Costs | Accrued Research and Development Costs The Company records accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical and clinical studies, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and includes these costs in accrued liabilities in the balance sheets and within research and development expense in the statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors, and the allocated portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. All costs associated with research and development are expensed as incurred. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. Such reclassifications have no effect on revenues, loss from operations or net loss as previously reported. |
Adopted Accounting Pronouncements and Recent Accounting Pronouncements | Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) The Company evaluated its contracts with customers under ASC 606. The impact of adopting ASC 606 on the Company’s results of operations, financial condition, and cash flows varies depending on the contract. The Company recorded adjustments upon the adoption of ASC 606 as a result of the different accounting treatment of its revenue agreements with respect to the inclusion of milestone payments in the initial transaction price and the method to be used to recognize upfront fees. Under the prior revenue recognition standard, milestone payments were recognized when earned and upfront fees were generally recognized as revenue over the research term on a straight-line basis if another method of revenue recognition did not more clearly match the pattern of delivery of goods or services to the customer. Under ASC 606, milestone payments are included in the initial transaction price when it is probable that a significant reversal of the milestone payment will not occur. In addition, the Company can no longer default to the straight-line method as the default method in recognizing revenue for goods or services delivered over time. As such, the amount and timing of revenue recognition for its collaboration agreements changed under ASC 606. The impact of the adoption of ASC 606 was an increase in the balance of deferred revenue and an increase in the accumulated deficit balance of $10.9 million on January 1, 2018 in the Company’s Balance Sheet. The following table summarizes the impact of adopting ASC 606 on select balance sheet line items (in thousands): As of December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Liabilities Income tax payable $ 14,886 $ (1,547 ) $ 13,339 Other long-term liabilities 3,249 (199 ) 3,050 Deferred revenue - current 45,288 7,425 52,713 Deferred revenue - long-term 214,790 10,477 225,267 Stockholders' Equity Accumulated deficit (298,825 ) (16,156 ) (314,981 ) Three Months Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Revenue $ 10,022 $ 1,449 $ 11,471 Loss from Operations (27,260 ) 1,449 (25,811 ) Loss before income taxes (24,770 ) 1,449 (23,321 ) Provision for income taxes 11,566 (2,654 ) 8,912 Net loss (36,336 ) 4,103 (32,233 ) Net loss per share, basic and diluted (0.81 ) 0.09 (0.72 ) Year Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Revenue $ 65,966 $ (6,464 ) $ 59,502 Loss from Operations (71,410 ) (6,464 ) (77,874 ) Loss before income taxes (63,837 ) (6,464 ) (70,301 ) Provision for income taxes 16,049 (1,746 ) 14,303 Net loss (79,886 ) (4,718 ) (84,604 ) Net loss per share, basic and diluted (1.92 ) (0.11 ) (2.03 ) Year Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Cash flows from operating activities: Net loss $ (79,886 ) $ (4,718 ) $ (84,604 ) Changes in operating assets and liabilities: Accrued liabilities, income tax payable and other long-term liabilities 26,579 (1,746 ) 24,833 Deferred revenue (44,659 ) 6,464 (38,195 ) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash, Statement of Cash Flows (Topic 230) In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company has elected the package of practical expedients permitted under ASC 842. Accordingly, the Company continues to account for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASC 842, (b) whether classification of the operating leases would be different in accordance with ASC 842, or (c) whether the unamortized initial direct costs before transition adjustments would have met the definition of initial direct costs in ASC 842 at lease commencement. In addition, the Company also elected the short-term lease practical expedients allowed under the standard. As a result of the adoption of ASC 842, the Company expects to recognize on January 1, 2019 on its balance sheet a right-of-use asset and a lease liability of approximately $27 million to $32 million. This standard will not have material impact on the Company’s results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40) In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the interaction between Topic 808 and Topic 606 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Customers and Collaboration Partners who Represent 10% or More of Total Revenue During Each Period Presented or Net Accounts Receivable Balance | Customers and collaboration partners who represent 10% or more of the Company’s total revenue during each period presented or accounts receivable balance at each respective balance sheet date are as follows (in thousands): Revenue Accounts Receivable, net Year Ended December 31, December 31, 2018 2017 2016 2018 2017 AbbVie Ireland Unlimited Company $ 18,997 $ 19,434 $ 3,268 — ** Bristol-Myers Squibb Company 32,780 36,492 9,577 97 10,126 ImmunoGen, Inc. * 12,503 — — — Pfizer Inc. * * 2,198 — ** Total revenue from customers who represent 10% or more of the Company's total revenue $ 51,777 $ 68,429 $ 15,043 $ 97 $ 10,126 * Revenue from the customer was less than 10% of the Company’s total revenue for the respective periods presented. ** Accounts receivable balance from the customer was less than 10% of the Company’s total accounts receivable as of the respective periods presented. |
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 statement of cash flows (in thousands): December 31 2018 2017 Cash and cash equivalents $ 247,577 $ 177,548 Restricted cash 917 917 $ 248,494 $ 178,465 |
Schedule of Useful Lives of Property and Equipment | The useful lives of property and equipment are as follows: Machinery and equipment 5 years Computer equipment and software 3 years Furniture and fixtures 3 years Leasehold improvements Shorter of remaining lease term or estimated life of the assets |
Adopted and Recent Accounting_2
Adopted and Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
ASC 606 | |
Summary Impact of Adopting ASC 606 on Select Financial Statement Line Items | The following table summarizes the impact of adopting ASC 606 on select balance sheet line items (in thousands): As of December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Liabilities Income tax payable $ 14,886 $ (1,547 ) $ 13,339 Other long-term liabilities 3,249 (199 ) 3,050 Deferred revenue - current 45,288 7,425 52,713 Deferred revenue - long-term 214,790 10,477 225,267 Stockholders' Equity Accumulated deficit (298,825 ) (16,156 ) (314,981 ) Three Months Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Revenue $ 10,022 $ 1,449 $ 11,471 Loss from Operations (27,260 ) 1,449 (25,811 ) Loss before income taxes (24,770 ) 1,449 (23,321 ) Provision for income taxes 11,566 (2,654 ) 8,912 Net loss (36,336 ) 4,103 (32,233 ) Net loss per share, basic and diluted (0.81 ) 0.09 (0.72 ) Year Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Revenue $ 65,966 $ (6,464 ) $ 59,502 Loss from Operations (71,410 ) (6,464 ) (77,874 ) Loss before income taxes (63,837 ) (6,464 ) (70,301 ) Provision for income taxes 16,049 (1,746 ) 14,303 Net loss (79,886 ) (4,718 ) (84,604 ) Net loss per share, basic and diluted (1.92 ) (0.11 ) (2.03 ) Year Ended December 31, 2018 Balances Under ASC 605 Adjustments As Reported Under ASC 606 Cash flows from operating activities: Net loss $ (79,886 ) $ (4,718 ) $ (84,604 ) Changes in operating assets and liabilities: Accrued liabilities, income tax payable and other long-term liabilities 26,579 (1,746 ) 24,833 Deferred revenue (44,659 ) 6,464 (38,195 ) |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 were excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive: Year Ended December 31, 2018 2017 2016 Options to purchase common stock 7,478,755 6,891,123 6,086,939 |
Fair Value Measurements and S_2
Fair Value Measurements and Short-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Subject to Fair Value Measurements on a Recurring Basis | The following tables set forth the fair value of the Company’s financial instruments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements (in thousands): December 31, 2018 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets Money market funds Level I $ 226,979 $ — $ — $ 226,979 Restricted cash (money market funds) Level I 917 — — 917 U.S. Government bonds Level I 188,616 — (66 ) 188,550 Total Securities $ 416,512 $ — $ (66 ) $ 416,446 December 31, 2017 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets Money market funds Level I $ 164,440 $ — $ — $ 164,440 Restricted cash (money market funds) Level I 917 — — 917 U.S. Government bonds Level I 196,629 — (67 ) 196,562 Total Securities $ 361,986 $ — $ (67 ) $ 361,919 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31 2018 2017 Machinery and equipment $ 10,498 $ 7,162 Computer equipment and software 955 897 Furniture and fixtures 749 643 Leasehold improvements 893 701 Construction in progress 785 23 13,880 9,426 Less: accumulated depreciation and amortization (6,946 ) (5,208 ) $ 6,934 $ 4,218 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill and intangible assets consisted of the following (in thousands): Goodwill December 31, 2018 2017 Goodwill $ 949 $ 949 Intangible assets December 31, 2018 2017 In-process research and development $ 1,750 $ 1,750 Less accumulated amortization (292 ) (146 ) $ 1,458 $ 1,604 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): December 31, 2018 2017 Research and clinical expenses $ 18,520 $ 10,068 Payroll and related expenses 6,585 4,526 Legal and professional expenses 830 1,523 Other accrued expenses 789 265 Total $ 26,724 $ 16,382 |
Research and Collaboration Ag_2
Research and Collaboration Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Revenue by Collaboration Partner | The following table summarizes the revenue by collaboration partner (in thousands): Year Ended December 31, 2018 2017 2016 AbbVie $ 18,997 $ 19,434 $ 3,268 Amgen 4,899 1,311 — BMS 32,780 36,492 9,577 ImmunoGen 1,471 12,503 — Pfizer 1,355 1,883 2,198 Total Revenue $ 59,502 $ 71,623 $ 15,043 |
Summary of Contract Liabilities | The following table presents changes in the Company ’ Additions Deductions Balance at 12/31/2017 ASC 606 Adoption Adjustment Adjustment to Transaction Price from Performance Obligation Satisfied Revenue Recognized from an Adjustment to Transaction Price During the Period Revenue Recognized from Amounts Included in Contract Liability at the Beginning of the Period Balance at 12/31/2018 Contract liabilities: Deferred revenue $ 305,263 $ 10,912 $ 21,000 $ (11,718 ) $ (47,477 ) $ 277,980 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease payments for all of the Company’s facility leases are as follows (in thousands): Year Ending December 31: 2019 $ 4,854 2020 4,990 2021 5,129 2022 5,273 2023 and beyond 21,109 Total $ 41,355 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule Reserved Shares of Common Stock Issuance on Converted Basis | The Company had reserved shares of common stock for issuance, as follows: December 31, 2018 2017 Options issued and outstanding 7,803,773 6,503,458 Shares available for future stock option grants 1,884,494 2,324,793 Shares available for future employee stock purchase plan 1,301,254 980,389 Total 10,989,521 9,808,640 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Activity Under Company's Stock Option Plans | Activity under the Company’s stock option plans is set forth below: Options Outstanding Options Available for Grant Number of Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Balances at December 31, 2015 2,401,406 5,270,751 1.197 Options authorized 1,441,328 — — Options granted (1,367,546 ) 1,356,546 13.234 Options exercised — (414,396 ) 1.549 Options forfeited 18,000 (54,155 ) 4.578 Balances at December 31, 2016 2,493,188 6,158,746 3.694 Options authorized 1,459,606 — — Options granted (2,138,620 ) 2,138,620 13.566 Options exercised — (764,576 ) 4.140 Options forfeited 510,619 (1,029,332 ) 9.118 Balances at December 31, 2017 2,324,793 6,503,458 8.157 Options authorized 1,539,142 — Options granted (2,127,400 ) 2,127,400 24.654 Options exercised — (673,382 ) 6.172 Options forfeited 147,959 (153,703 ) 14.293 Balances at December 31, 2018 1,884,494 7,803,773 12.622 7.3 $ 40,901 Options Exercisable—December 31, 2018 4,520,806 7.853 6.3 $ 36,017 Options vested and expected to vest—December 31, 2018 7,803,773 12.622 7.3 $ 40,901 |
Schedule of Stock Option Outstanding and Exercisable | Information with respect to stock options outstanding and exercisable as of December 31, 2018 is as follows: Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted-Average Remaining Contractual Life (Years) Number Exercisable Weighted- Average Exercise Price $0.945 - $1.386 820,235 3.4 820,235 $ 1.174 $1.449 - $1.575 920,347 5.9 915,120 $ 1.545 $4.473 - $4.473 119,531 6.4 119,531 $ 4.473 $6.615 - $6.615 1,171,404 6.6 910,002 $ 6.615 $10.170 - $11.640 497,541 7.7 298,494 $ 10.715 $11.940 - $11.940 842,500 8.1 403,695 $ 11.940 $12.000 - $14.460 1,073,581 7.5 648,933 $ 14.172 $14.620 - $25.670 846,434 9.1 157,099 $ 18.574 $25.820 - $25.820 885,000 9.1 202,809 $ 25.820 $26.300 - $29.710 627,200 9.0 44,888 $ 26.740 7,803,773 7.3 4,520,806 $ 7.853 |
Total Stock-based Compensation Recognized | Total stock-based compensation recorded related to options granted to employees and non-employees and employee stock purchase plan was as follows (in thousands): Year Ended December 31, 2018 2017 2016 Research and development $ 8,313 $ 5,161 $ 4,925 General and administrative 8,565 6,126 5,170 Total stock-based compensation expense $ 16,878 $ 11,287 $ 10,095 |
Schedule of Estimated Fair Value of Employee Stock Options and ESPP Using Black-Scholes Valuation Model | The Company estimated the fair value of employee stock options and ESPP using the Black-Scholes valuation model based on the date of grant with the following assumptions: Options ESPP Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 Expected volatility 65.6%-69.3% 69.1%-72.4% 76.4% – 83.5% 46.4%-70.5% 52.3%-63.8% 50.4% – 75.6% Risk-free interest rate 2.5%-3.0% 1.7%-2.2% 1.2% – 2.1% 2.1%-2.6% 1.1%-1.5% 0.5% – 0.6% Dividend yield — % — % — % — % — % — % Expected term (in years) 4.7-4.9 4.9-5.3 5.3 – 5.9 0.5 0.5 0.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for (Benefit from) Income Taxes | The Company derives its income only from the United States. The components of the provision for (benefit from) income taxes are as follows (in thousands): Years Ended December 31, 2018 2017 2016 Current: Federal $ 14,302 $ — $ — State 1 1 1 Total current 14,303 1 1 Deferred: Federal — (514 ) (20 ) State — — — Total deferred — (514 ) (20 ) Provision for (benefit from) income taxes $ 14,303 $ (513 ) $ (19 ) |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows: Years Ended December 31, 2018 2017 2016 U.S. federal taxes at statutory rate 21.0 % 34.0 % 34.0 % State tax, net of federal benefit 0.7 % 7.6 % 0.8 % Stock compensation 1.7 % 2.3 % (0.6 )% Tax attributes subject to 382 limitation 0.0 % 27.5 % 0.0 % Tax credits 6.2 % 2.7 % 2.2 % Change in valuation allowance (49.5 )% (9.3 )% (35.6 )% Change in deferreds due to rate change 0.0 % (58.6 )% 0.0 % Other (0.5 )% (5.0 )% (0.8 )% Total (20.4 )% 1.2 % 0.0 % |
Schedule of Deferred Income Tax Liabilities | The types of temporary differences that give rise to significant portions of the Company’s deferred income tax liabilities are set out below (in thousands): Year Ended December 31, 2018 2017 2016 Net operating loss carryforwards $ 15,468 $ 24,682 $ 24,528 Research and development credits 7,514 5,757 2,683 Intangible—in-process R&D — — 81 Deferred revenue 56,881 15,631 13,857 Accruals and deferred rent 1,955 1,256 1,335 Stock-based compensation 5,746 3,831 3,963 Other 39 32 1 Total gross deferred income tax assets 87,603 51,189 46,448 Less: valuation allowance (86,466 ) (50,791 ) (46,137 ) Deferred tax assets, net of valuation allowance 1,137 398 311 Fixed assets (854 ) (282 ) (229 ) In-process R&D — — (595 ) Intangible assets (108 ) (116 ) — Prepaid Expenses (175 ) — — Deferred tax liabilities (1,137 ) (398 ) (824 ) Net deferred income tax liabilities $ — $ — $ (513 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Balance at the beginning of the year $ 4,320 $ 1,182 $ 666 Additions based on tax positions related to current year 1,166 521 23 Adjustment based on tax positions related to prior years (1,730 ) 2,617 493 Balance at end of the year $ 3,756 $ 4,320 $ 1,182 |
Supplementary Data - Quarterl_2
Supplementary Data - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Financial Information | The following table represents certain unaudited financial information for each of the quarters ended December 31, 2018 and 2017: Three Months Ended (in thousands, except per share data) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenue $ 11,471 $ 12,509 $ 21,338 $ 14,184 Net income (loss) $ (32,233 ) $ (23,431 ) $ (13,447 ) $ (15,493 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.72 ) $ (0.53 ) $ (0.35 ) $ (0.40 ) Three Months Ended (in thousands, except per share data) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenue $ 27,074 $ 24,144 $ 8,752 $ 11,653 Net income (loss) $ 621 $ (10,247 ) $ (25,216 ) $ (8,257 ) Net loss per share attributable to common stockholders, basic and diluted $ 0.02 $ (0.28 ) $ (0.69 ) $ (0.23 ) |
Description of the Business - A
Description of the Business - Additional Information (Detail) - Common Stock - USD ($) $ / shares in Units, $ in Millions | Jul. 31, 2018 | Oct. 04, 2017 | Dec. 31, 2018 |
Description Of Business [Line Items] | |||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 5,867,347 | ||
Net proceeds from sale of common stock | $ 134.6 | ||
Underwriting discounts and commissions and offering expenses | $ 9.2 | ||
Amgen Inc | |||
Description Of Business [Line Items] | |||
Common stock, aggregate cash purchase price | $ 20 | ||
Underwritten Public Offering | |||
Description Of Business [Line Items] | |||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 5,867,347 | ||
Common stock price, per share | $ 24.50 | ||
Underwriters | |||
Description Of Business [Line Items] | |||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 765,306 | ||
Private Placement | Amgen Inc | |||
Description Of Business [Line Items] | |||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 1,156,069 | ||
Common stock price, per share | $ 17.30 | ||
Period used to calculate weighted average price per share | 20 days |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Customers and Collaboration Partners who Represent 10% or More of Total Revenue During Each Period Presented or Net Accounts Receivable Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 11,471 | $ 12,509 | $ 21,338 | $ 14,184 | $ 27,074 | $ 24,144 | $ 8,752 | $ 11,653 | $ 59,502 | $ 71,623 | $ 12,845 |
Accounts Receivable, net | 97 | 10,139 | 97 | 10,139 | |||||||
AbbVie Ireland Unlimited Company | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 19,000 | 19,400 | 3,300 | ||||||||
Major Customer | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 51,777 | 68,429 | 15,043 | ||||||||
Accounts Receivable, net | 97 | 10,126 | 97 | 10,126 | |||||||
Major Customer | AbbVie Ireland Unlimited Company | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 18,997 | 19,434 | 3,268 | ||||||||
Major Customer | Bristol Myers Squibb Company | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 32,780 | 36,492 | 9,577 | ||||||||
Accounts Receivable, net | $ 97 | $ 10,126 | $ 97 | 10,126 | |||||||
Major Customer | Immuno Gen Inc | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 12,503 | ||||||||||
Major Customer | Pfizer Inc | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 2,198 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)ActivitySegment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |||
Number of business activities | Activity | 1 | ||
Number of operating segments | Segment | 1 | ||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 247,577 | $ 177,548 | ||
Restricted cash | 917 | 917 | ||
Cash, cash equivalents, and restricted cash | $ 248,494 | $ 178,465 | $ 105,562 | $ 60,739 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Machinery and equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of property and equipment | 5 years |
Computer equipment and software | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of property and equipment | 3 years |
Furniture and fixtures | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of property and equipment | 3 years |
Leasehold improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of leasehold improvements, description | Shorter of remaining lease term or estimated life of the assets |
Adopted and Recent Accounting_3
Adopted and Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase in accumulated deficit balance | $ (314,981) | $ (219,465) | ||
ASC 842 | Subsequent Event | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use asset and lease liability | $ 27,000 | |||
ASC 842 | Subsequent Event | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use asset and lease liability | $ 32,000 | |||
Adjustments | ASC 606 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase in accumulated deficit balance | $ (16,156) | $ (10,900) |
Adopted and Recent Accounting_4
Adopted and Recent Accounting Pronouncements - Summary Impact of Adopting ASC 606 on Select Condensed Balance Sheet Line Items (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Liabilities | |||
Income tax payable | $ 13,339 | $ 1 | |
Deferred revenue - current | 52,713 | 40,559 | |
Deferred revenue - long-term | 225,267 | 264,704 | |
Other long-term liabilities | 3,050 | 1,897 | |
Stockholders' Equity | |||
Accumulated deficit | (314,981) | $ (219,465) | |
ASC 606 | Balances Under ASC 605 | |||
Liabilities | |||
Income tax payable | 14,886 | ||
Deferred revenue - current | 45,288 | ||
Deferred revenue - long-term | 214,790 | ||
Other long-term liabilities | 3,249 | ||
Stockholders' Equity | |||
Accumulated deficit | (298,825) | ||
ASC 606 | Adjustments | |||
Liabilities | |||
Income tax payable | (1,547) | ||
Deferred revenue - current | 7,425 | ||
Deferred revenue - long-term | 10,477 | ||
Other long-term liabilities | (199) | ||
Stockholders' Equity | |||
Accumulated deficit | $ (16,156) | $ (10,900) |
Adopted and Recent Accounting_5
Adopted and Recent Accounting Pronouncements - Summary Impact of Adopting ASC 606 on Select Condensed Statement of Operations Line Items (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Other long-term liabilities | $ 3,050 | $ 1,897 | $ 3,050 | $ 1,897 | |||||||
Revenue | 11,471 | 59,502 | 71,623 | $ 15,043 | |||||||
Loss from Operations | (25,811) | (77,874) | (46,259) | (59,586) | |||||||
Loss before income taxes | (23,321) | (70,301) | (43,612) | (58,919) | |||||||
Provision for income taxes | 8,912 | 14,303 | (513) | (19) | |||||||
Net loss | $ (32,233) | $ (23,431) | $ (13,447) | $ (15,493) | $ 621 | $ (10,247) | $ (25,216) | $ (8,257) | $ (84,604) | $ (43,099) | $ (58,900) |
Net loss per share, basic and diluted | $ (0.72) | $ (0.53) | $ (0.35) | $ (0.40) | $ 0.02 | $ (0.28) | $ (0.69) | $ (0.23) | $ (2.03) | $ (1.16) | $ (1.63) |
ASC 606 | Balances Under ASC 605 | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Other long-term liabilities | $ 3,249 | $ 3,249 | |||||||||
Revenue | 10,022 | 65,966 | |||||||||
Loss from Operations | (27,260) | (71,410) | |||||||||
Loss before income taxes | (24,770) | (63,837) | |||||||||
Provision for income taxes | 11,566 | 16,049 | |||||||||
Net loss | $ (36,336) | $ (79,886) | |||||||||
Net loss per share, basic and diluted | $ (0.81) | $ (1.92) | |||||||||
ASC 606 | Adjustments | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Other long-term liabilities | $ (199) | $ (199) | |||||||||
Revenue | 1,449 | (6,464) | |||||||||
Loss from Operations | 1,449 | (6,464) | |||||||||
Loss before income taxes | 1,449 | (6,464) | |||||||||
Provision for income taxes | (2,654) | (1,746) | |||||||||
Net loss | $ 4,103 | $ (4,718) | |||||||||
Net loss per share, basic and diluted | $ 0.09 | $ (0.11) |
Adopted and Recent Accounting_6
Adopted and Recent Accounting Pronouncements - Summary Impact of Adopting ASC 606 on Select Condensed Statement of Cash Flows Line Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Other long-term liabilities | $ 3,050 | $ 1,897 | $ 3,050 | $ 1,897 | |||||||
Cash flows from operating activities: | |||||||||||
Net loss | (32,233) | $ (23,431) | $ (13,447) | $ (15,493) | $ 621 | $ (10,247) | $ (25,216) | $ (8,257) | (84,604) | (43,099) | $ (58,900) |
Changes in operating assets and liabilities | |||||||||||
Accrued liabilities, income tax payable and other long-term liabilities | 24,833 | ||||||||||
Deferred revenue | (38,195) | $ 189,913 | $ 43,317 | ||||||||
ASC 606 | Balances Under ASC 605 | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Other long-term liabilities | 3,249 | 3,249 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | (36,336) | (79,886) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accrued liabilities, income tax payable and other long-term liabilities | 26,579 | ||||||||||
Deferred revenue | (44,659) | ||||||||||
ASC 606 | Adjustments | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Other long-term liabilities | (199) | (199) | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ 4,103 | (4,718) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accrued liabilities, income tax payable and other long-term liabilities | (1,746) | ||||||||||
Deferred revenue | $ 6,464 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options to purchase common stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 7,478,755 | 6,891,123 | 6,086,939 |
Fair Value Measurements and S_3
Fair Value Measurements and Short-Term Investments - Schedule of Financial Instruments Subject to Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 416,512 | $ 361,986 |
Gross Unrealized Holding Losses | (66) | (67) |
Aggregate Fair Value | 416,446 | 361,919 |
Level I | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 226,979 | 164,440 |
Aggregate Fair Value | 226,979 | 164,440 |
Level I | Restricted cash (money market funds) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 917 | 917 |
Aggregate Fair Value | 917 | 917 |
Level I | U. S. Government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 188,616 | 196,629 |
Gross Unrealized Holding Losses | (66) | (67) |
Aggregate Fair Value | $ 188,550 | $ 196,562 |
Fair Value Measurements and S_4
Fair Value Measurements and Short-Term Investments - Additional Information (Details) | Dec. 31, 2018USD ($) |
Fair Value Disclosures [Abstract] | |
Contractual maturities of longer than one year | $ 0 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Machinery and equipment | $ 10,498 | $ 7,162 |
Computer equipment and software | 955 | 897 |
Furniture and fixtures | 749 | 643 |
Leasehold improvements | 893 | 701 |
Construction in progress | 785 | 23 |
Total property and equipment | 13,880 | 9,426 |
Less: accumulated depreciation and amortization | (6,946) | (5,208) |
Property and equipment, net | $ 6,934 | $ 4,218 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 1.7 | $ 1.5 | $ 1.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - IPR&D [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||
Average estimated lives of patents | 12 years | |
Amortization of intangible assets | $ 0.1 | $ 0.1 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill | ||
Goodwill | $ 949 | $ 949 |
In-Process Research and Development | ||
Intangible assets | ||
Intangible assets, gross | 1,750 | 1,750 |
Less accumulated amortization | (292) | (146) |
Intangible assets, net | $ 1,458 | $ 1,604 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities Current [Abstract] | ||
Research and clinical expenses | $ 18,520 | $ 10,068 |
Payroll and related expenses | 6,585 | 4,526 |
Legal and professional expenses | 830 | 1,523 |
Other accrued expenses | 789 | 265 |
Total | $ 26,724 | $ 16,382 |
Research and Collaboration Ag_3
Research and Collaboration Agreements - Schedule of Revenue by Collaboration Partner (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 11,471 | $ 59,502 | $ 71,623 | $ 15,043 |
AbbVie | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 18,997 | 19,434 | 3,268 | |
Amgen | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 4,899 | 1,311 | ||
BMS | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 32,780 | 36,492 | 9,577 | |
ImmunoGen | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | 1,471 | 12,503 | ||
Pfizer | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 1,355 | $ 1,883 | $ 2,198 |
Research and Collaboration Ag_4
Research and Collaboration Agreements - AbbVie Ireland Unlimited Company - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
May 31, 2018USD ($) | Jul. 31, 2017USD ($) | Apr. 30, 2016USD ($)AgreementTargetAccountingUnit | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)Target | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Revenue recognized from collaborative arrangement | $ 11,471,000 | $ 12,509,000 | $ 21,338,000 | $ 14,184,000 | $ 27,074,000 | $ 24,144,000 | $ 8,752,000 | $ 11,653,000 | $ 59,502,000 | $ 71,623,000 | $ 12,845,000 | |||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||
Deferred revenue | 277,980,000 | 305,263,000 | $ 277,980,000 | $ 305,263,000 | ||||||||||
Seattle Genetics Agreement | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Sublicense fees paid | $ 4,000,000 | 4,000,000 | ||||||||||||
AbbVie Ireland Unlimited Company | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Milestone payment received | 21,000,000 | |||||||||||||
Revenue adjustment of milestone payment recognized | $ 9,900,000 | |||||||||||||
Revenue recognized from collaborative arrangement | $ 19,000,000 | $ 19,400,000 | $ 3,300,000 | |||||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||
AbbVie Ireland Unlimited Company | ASC 606 | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Upfront payment received | $ 30,000,000 | |||||||||||||
Milestone payment received | 14,000,000 | |||||||||||||
Total transaction price | 39,800,000 | |||||||||||||
Estimated sublicense fees | $ 4,200,000 | |||||||||||||
Number of accounting units | AccountingUnit | 2 | |||||||||||||
AbbVie Ireland Unlimited Company | Collaborative Arrangement | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Number of collaboration agreements | Agreement | 2 | |||||||||||||
Percentage of net profits or net losses related to development costs | 35.00% | |||||||||||||
Amount due from agreement | 0 | 0 | $ 0 | $ 0 | ||||||||||
AbbVie Ireland Unlimited Company | CD71 Agreement | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Upfront payment received | $ 20,000,000 | |||||||||||||
Milestone payment received | 21,000,000 | $ 14,000,000 | ||||||||||||
Sublicense fees paid | $ 1,000,000 | |||||||||||||
Accrued sublicense fees | 1,100,000 | 500,000 | 1,100,000 | 500,000 | ||||||||||
Deferred revenue | 23,200,000 | 11,200,000 | $ 23,200,000 | 11,200,000 | ||||||||||
AbbVie Ireland Unlimited Company | CD71 Agreement | ASC 606 | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Upfront payment received | 20,000,000 | |||||||||||||
Total transaction price | 29,800,000 | |||||||||||||
Milestone payment received | $ 14,000,000 | |||||||||||||
AbbVie Ireland Unlimited Company | CD71 Agreement | U.S | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Profit split on U.S. sales and royalties on ex U.S. sales | 35.00% | |||||||||||||
AbbVie Ireland Unlimited Company | CD71 Agreement | Maximum | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Contingent payments receivable upon achieving development, regulatory and commercial milestones | $ 470,000,000 | |||||||||||||
AbbVie Ireland Unlimited Company | Seattle Genetics Agreement | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Sublicense fees paid | $ 4,000,000 | |||||||||||||
AbbVie Ireland Unlimited Company | Seattle Genetics Agreement | ASC 606 | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Sublicense fees paid | 1,000,000 | |||||||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Upfront payment received | 10,000,000 | |||||||||||||
Number of targets selected | Target | 1 | |||||||||||||
Revenue recognition upon performance obligation | 10,000,000 | |||||||||||||
Estimated research service period | 5 years | |||||||||||||
Deferred revenue | $ 4,700,000 | $ 6,800,000 | $ 4,700,000 | $ 6,800,000 | ||||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | ASC 606 | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Upfront payment received | $ 10,000,000 | |||||||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | Maximum | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Number of targets | Target | 2 | |||||||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | Maximum | Development, Regulatory and Commercial Milestone Payments | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Contingent milestone payments receivable | $ 275,000,000 | |||||||||||||
AbbVie Ireland Unlimited Company | Sublicense Agreement | UC Regents | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Royalty payment percentage | 5.00% |
Research and Collaboration Ag_5
Research and Collaboration Agreements - AbbVie Ireland Unlimited Company - Additional Information (Details1) | Dec. 31, 2018 |
AbbVie Ireland Unlimited Company | CD71 Agreement | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Revenue recognition upon performance obligation, service period | 5 years |
Research and Collaboration Ag_6
Research and Collaboration Agreements - Amgen, Inc - Additional Information (Details) | Sep. 29, 2017USD ($)Target | Oct. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Common stock, value of shares issued in connection with agreement | $ 134,596,000 | $ 19,957,000 | |||||||||||
Accrued liabilities | $ 26,724,000 | $ 16,382,000 | 26,724,000 | 16,382,000 | |||||||||
Revenue recognized from collaborative arrangement | 11,471,000 | $ 12,509,000 | $ 21,338,000 | $ 14,184,000 | 27,074,000 | $ 24,144,000 | $ 8,752,000 | $ 11,653,000 | $ 59,502,000 | $ 71,623,000 | $ 12,845,000 | ||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | ||||||||||
Deferred revenue | 277,980,000 | 305,263,000 | $ 277,980,000 | $ 305,263,000 | |||||||||
Amgen Inc | EGFR Products | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue | 40,700,000 | 40,700,000 | |||||||||||
Amgen Inc | Amgen Other Products | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue | 3,800,000 | 3,800,000 | |||||||||||
Collaboration and License Agreement | Amgen Inc | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Upfront payment received | $ 40,000,000 | ||||||||||||
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 | $ 20,000,000 | ||||||||||||
Period used to calculate weighted average price per share | 20 days | ||||||||||||
Lock-up period for share disposal | 6 months | ||||||||||||
Estimated premium on the stock sold | $ 500,000 | ||||||||||||
Number of targets selected | Target | 1 | ||||||||||||
Number of additional collaboration target | Target | 2 | ||||||||||||
Total transaction price | $ 51,200,000 | ||||||||||||
Portion of transaction price allocated to premium on sale of common stock | 500,000 | ||||||||||||
Estimated fair value of products | 10,700,000 | ||||||||||||
Revenue recognized from collaborative arrangement | $ 4,900,000 | $ 1,300,000 | $ 0 | ||||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||
Amount due from agreement | 0 | 0 | $ 0 | $ 0 | |||||||||
Collaboration and License Agreement | Amgen Inc | EGFR Products | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Total transaction price | 46,400,000 | $ 46,400,000 | |||||||||||
Estimated projected costs and research service period | 7 years | ||||||||||||
Revenue recognition upon performance obligation | 4,800,000 | $ 4,800,000 | |||||||||||
Estimated research service period | 6 years | ||||||||||||
Deferred revenue | 40,700,000 | 45,300,000 | $ 40,700,000 | 45,300,000 | |||||||||
Collaboration and License Agreement | Amgen Inc | Amgen Other Products | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue | 3,800,000 | 4,600,000 | 3,800,000 | 4,600,000 | |||||||||
Collaboration and License Agreement | Amgen Inc | Maximum | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Contingent milestone payments receivable | $ 950,000,000 | ||||||||||||
Number of targets | Target | 3 | ||||||||||||
Contingent payments payable | $ 203,000,000 | ||||||||||||
Collaboration and License Agreement | Amgen Inc | Maximum | EGFR Products | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Contingent milestone payments receivable | $ 455,000,000 | ||||||||||||
Percentage share of profit and losses | 50.00% | ||||||||||||
Sublicense Agreement | Amgen Inc | UC Regents | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Royalty payment percentage | 15.00% | ||||||||||||
Accrued liabilities | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 |
Research and Collaboration Ag_7
Research and Collaboration Agreements - Bristol-Myers Squibb Company - Additional Information (Details) | Apr. 25, 2017USD ($)TargetSaleIndicator | Jul. 07, 2014USD ($)TargetTermResearchTargetSaleIndicator | May 23, 2014USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2017USD ($) | Mar. 17, 2017Target | Jan. 31, 2016USD ($) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Revenue recognized from collaborative arrangement | $ 11,471,000 | $ 12,509,000 | $ 21,338,000 | $ 14,184,000 | $ 27,074,000 | $ 24,144,000 | $ 8,752,000 | $ 11,653,000 | $ 59,502,000 | $ 71,623,000 | $ 12,845,000 | |||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||||||
Deferred revenue | 277,980,000 | 305,263,000 | $ 277,980,000 | $ 305,263,000 | $ 277,980,000 | |||||||||||||
Bristol Myers Squibb Company | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Deferred revenue | 205,600,000 | $ 205,600,000 | 205,600,000 | |||||||||||||||
Collaborative Arrangement | Bristol Myers Squibb Company | ||||||||||||||||||
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 has a two-year research term and the two additional targets must be nominated by BMS within five years of the effective date of the BMS Agreement. The research term for each collaboration target can be extended in one year increments up to three times. | |||||||||||||||||
Extension of research term for each collaboration target | 1 year | |||||||||||||||||
Upfront payment received | $ 200,000,000 | $ 50,000,000 | $ 250,000,000 | |||||||||||||||
Contingent milestone payments receivable | $ 15,000,000 | $ 10,000,000 | ||||||||||||||||
Revenue recognition upon performance obligation | 272,800,000 | |||||||||||||||||
Upfront payment received | $ 10,800,000 | |||||||||||||||||
Milestone payment received | 12,000,000 | |||||||||||||||||
Estimated research service termination date | Apr. 25, 2023 | |||||||||||||||||
Revenue recognized from collaborative arrangement | $ 32,800,000 | $ 36,500,000 | $ 9,600,000 | |||||||||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||||||
Deferred revenue | 205,600,000 | 235,000,000 | $ 205,600,000 | $ 235,000,000 | 205,600,000 | |||||||||||||
Amount due from agreement | $ 100,000 | $ 10,100,000 | $ 100,000 | $ 10,100,000 | $ 100,000 | |||||||||||||
Collaborative Arrangement | Bristol Myers Squibb Company | Clinical Candidate | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Contingent milestone payments receivable | $ 2,000,000 | |||||||||||||||||
Collaborative Arrangement | Bristol Myers Squibb Company | New Drug Application for CTLA-4 | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Contingent milestone payments receivable | $ 10,000,000 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | ||||||||||||||||||
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 | |||||||||||||||||
Aggregate future contingent milestone payment | $ 1,217,000,000 | $ 3,586,000,000 | ||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Each Of Two Additional Targets | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | 25,000,000 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achievement Of Development Milestones For Each Research Target Program | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | 116,000,000 | 114,000,000 | ||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achievement Of Development Milestones If Four Research Targets Selected By Counterparty | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 456,000,000 | |||||||||||||||||
Number of research targets selected | ResearchTarget | 4 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving First Commercial Sale In Various Territories | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 124,000,000 | $ 124,000,000 | ||||||||||||||||
Number of sales indicators | SaleIndicator | 3 | 3 | ||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving First Commercial Sale If Four Research Targets Selected By Counterparty | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 496,000,000 | |||||||||||||||||
Number of research targets selected | ResearchTarget | 4 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Sales Milestones For Each Research Target Program | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 60,000,000 | $ 60,000,000 | ||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Sales Milestones If Four Research Targets Selected By Counterparty | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 240,000,000 | |||||||||||||||||
Number of research targets selected | ResearchTarget | 4 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achievement of Development Milestones if Eight Research Targets Selected by Counterparty | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 928,000,000 | |||||||||||||||||
Number of research targets selected | Target | 8 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Eight Targets Selected for the First Product Modality | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 992,000,000 | |||||||||||||||||
Number of research targets selected | Target | 8 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Sales Milestones if Eight Research Targets Selected for First Product Modality | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 480,000,000 | |||||||||||||||||
Number of research targets selected | Target | 8 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Development Milestone Payments | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 56,300,000 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Development Milestone Payment if Eight Targets are Selected for Second Product Modality | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 450,000,000 | |||||||||||||||||
Number of research targets selected | Target | 8 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Milestone Payments for First Commercial Sale in Various Territories for Up to Three Indication | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 62,000,000 | |||||||||||||||||
Number of sales indicators | SaleIndicator | 3 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Development Milestone Payment if Eight Targets are Selected for Second Product Modality | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 496,000,000 | |||||||||||||||||
Number of research targets selected | Target | 8 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Sales Milestone Payments | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 30,000,000 | |||||||||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Achieving Sales Milestone Payment if Eight Research Target are selected for Second Product Modality | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Aggregate future contingent milestone payment | $ 240,000,000 | |||||||||||||||||
Number of research targets selected | Target | 8 | |||||||||||||||||
Collaboration and License Agreement | Bristol Myers Squibb Company | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Number of non-oncology target | Target | 2 | |||||||||||||||||
Collaboration and License Agreement | Maximum | Bristol Myers Squibb Company | ||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||||||
Number of oncology target | Target | 6 |
Research and Collaboration Ag_8
Research and Collaboration Agreements - ImmunoGen, Inc - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Aug. 31, 2017 | Jan. 31, 2014 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Estimated total fair value consideration recorded as deferred revenue | $ 277,980,000 | $ 305,263,000 | $ 277,980,000 | $ 305,263,000 | |||||||||
Revenue recognized from collaborative arrangement | 11,471,000 | $ 12,509,000 | $ 21,338,000 | $ 14,184,000 | 27,074,000 | $ 24,144,000 | $ 8,752,000 | $ 11,653,000 | $ 59,502,000 | $ 71,623,000 | $ 12,845,000 | ||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | ||||||||||
Collaborative Arrangement | Immuno Gen Inc | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Upfront cash payment | $ 0 | ||||||||||||
Milestones payments made during period | $ 1,000,000 | ||||||||||||
Milestone payments accrued | 0 | $ 0 | |||||||||||
Estimated total fair value consideration recorded as deferred revenue | 13,200,000 | 0 | 700,000 | 0 | $ 700,000 | ||||||||
Estimated fair value of assets and services | 13,200,000 | ||||||||||||
Revenue recognized from collaborative arrangement | $ 1,500,000 | $ 12,500,000 | $ 0 | ||||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||
Amount due from agreement | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Collaborative Arrangement | Immuno Gen Inc | Licenses Received | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Estimated fair value of assets and services | 12,700,000 | ||||||||||||
Collaborative Arrangement | Immuno Gen Inc | Research Services, Joint Research Committee Participation and Technology Improvements | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Estimated fair value of assets and services | 500,000 | ||||||||||||
Collaborative Arrangement | Immuno Gen Inc | Maximum | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Contingent payments receivable upon achieving development and regulatory milestones | 30,000,000 | ||||||||||||
Contingent payments receivable upon achieving sales milestones | 50,000,000 | ||||||||||||
Contingent payments payable upon achieving development and regulatory milestones | 60,000,000 | ||||||||||||
Contingent payments payable upon achieving sales milestones | $ 100,000,000 |
Research and Collaboration Ag_9
Research and Collaboration Agreements - MD Anderson - Additional Information (Details) | Nov. 02, 2015 |
MD Anderson | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Option expiration date | Nov. 1, 2018 |
Research and Collaboration A_10
Research and Collaboration Agreements - Pfizer Inc - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 68 Months Ended | ||||||||||
Dec. 31, 2014USD ($) | May 31, 2013USD ($)Target | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Additional target as deferred revenue | $ 31,900,000 | |||||||||||||
Remaining deferred revenue recognized | 47,477,000 | |||||||||||||
Revenue recognized from collaborative arrangement | $ 11,471,000 | $ 12,509,000 | $ 21,338,000 | $ 14,184,000 | $ 27,074,000 | $ 24,144,000 | $ 8,752,000 | $ 11,653,000 | $ 59,502,000 | $ 71,623,000 | $ 12,845,000 | |||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||
Deferred revenue | 277,980,000 | 305,263,000 | $ 277,980,000 | $ 305,263,000 | $ 277,980,000 | |||||||||
Collaborative Arrangement | Pfizer Inc | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Number of research targets | Target | 2 | |||||||||||||
Nominated number of additional research targets | Target | 2 | |||||||||||||
Additional target as deferred revenue | $ 1,500,000 | |||||||||||||
Remaining deferred revenue recognized | $ 1,100,000 | |||||||||||||
Upfront payment received | $ 6,000,000 | |||||||||||||
Adjusted amortization period of deferred revenue | 5 years 6 months | |||||||||||||
Revenue recognized from collaborative arrangement | $ 1,400,000 | $ 1,900,000 | $ 2,200,000 | |||||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||
Deferred revenue | 0 | 1,600,000 | $ 0 | $ 1,600,000 | $ 0 | |||||||||
Amount due from agreement | $ 0 | $ 13,000 | $ 0 | $ 13,000 | $ 0 |
Research and Collaboration A_11
Research and Collaboration Agreements - Summary of Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance as of December 31, 2017 | $ 305,263 |
ASC 606 Adoption Adjustment | 10,912 |
Additions, Adjustment to Transaction Price from Performance Obligation Satisfied | 21,000 |
Deductions to Revenue Recognized from an Adjustment to Transaction Price During the Period | (11,718) |
Deductions to Revenue Recognized from Amounts Included in Contract Liability at the Beginning of the Period | (47,477) |
Balance as of December 31, 2018 | $ 277,980 |
Research and Collaboration A_12
Research and Collaboration Agreements - Contract Liabilities - Additional Information (Details) - USD ($) $ in Thousands | May 31, 2018 | May 31, 2018 | Jul. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Additional target as deferred revenue | $ 31,900 | ||||
ASC 606 Adoption Adjustment | 10,912 | ||||
Revenue recognized based on estimated percentage completed to-date | 11,718 | ||||
Deductions to deferred revenue recognized during the period | 47,477 | ||||
Deferred revenue | 277,980 | $ 305,263 | |||
Amgen Inc | EGFR Products | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 40,700 | ||||
Deferred revenue recognition maturity date | Sep. 30, 2024 | ||||
Amgen Inc | Amgen Other Products | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 3,800 | ||||
Deferred revenue recognition maturity date | Sep. 30, 2023 | ||||
Bristol Myers Squibb Company | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 205,600 | ||||
Deferred revenue recognition maturity date | Apr. 30, 2025 | ||||
CD71 Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
ASC 606 Adoption Adjustment | $ 10,900 | ||||
Adjustment to transaction price from performance obligation satisfied | $ 21,000 | 21,000 | |||
Revenue recognized based on estimated percentage completed to-date | 11,700 | ||||
CD71 Agreement | AbbVie Ireland Unlimited Company | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Sublicense fees paid | $ 1,000 | ||||
Deferred revenue | $ 23,200 | 11,200 | |||
Deferred revenue recognition maturity date | Apr. 30, 2021 | ||||
Seattle Genetics Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Sublicense fees paid | $ 4,000 | $ 4,000 | |||
Seattle Genetics Agreement | AbbVie Ireland Unlimited Company | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Sublicense fees paid | $ 4,000 | ||||
Discovery Agreement | AbbVie Ireland Unlimited Company | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 4,700 | $ 6,800 | |||
Deferred revenue recognition maturity date | Apr. 30, 2021 |
License Agreement - Additional
License Agreement - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | |
License Agreement [Line Items] | ||||
Common stock, shares issued | 45,083,209 | 38,478,560 | ||
Accrued amounts included in current liabilities | $ 26,724,000 | $ 16,382,000 | ||
Annual minimum royalty obligations | $ 150,000 | |||
License termination period | 60 days | |||
UCSB | ||||
License Agreement [Line Items] | ||||
Common stock, shares issued | 157,332 | |||
Milestone and minimum annual royalty provision paid | $ 600,000 | 13,500,000 | $ 2,100,000 | |
Accrued amounts included in current liabilities | $ 3,200,000 | $ 2,600,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Dec. 10, 2015USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | ||||
Rent expense | $ 4,200,000 | $ 4,200,000 | $ 1,800,000 | |
Letter of Credit | ||||
Operating Leased Assets [Line Items] | ||||
Letter of credit outstanding, amount | 900,000 | |||
Restricted cash | $ 900,000 | $ 900,000 | ||
New Lease Agreement | ||||
Operating Leased Assets [Line Items] | ||||
Area of rentable office and laboratory space | ft² | 76,000 | |||
Lease term description | The term of the Lease commenced on October 1, 2016. The 2016 Lease has an initial term of ten years from the commencement date, 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 | |||
Extended lease term | 5 years | |||
Maximum one-time improvement allowance | $ 12,600,000 | |||
Improvement allowance from recoverable rent | 2,300,000 | |||
New Lease Agreement | First year of lease term | ||||
Operating Leased Assets [Line Items] | ||||
Annual lease rent | 3,100,000 | |||
New Lease Agreement | Second twelve months of lease term | ||||
Operating Leased Assets [Line Items] | ||||
Annual lease rent | 4,300,000 | |||
New Lease Agreement | Tenth year of lease term | ||||
Operating Leased Assets [Line Items] | ||||
Annual lease rent | $ 5,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,019 | $ 4,854 |
2,020 | 4,990 |
2,021 | 5,129 |
2,022 | 5,273 |
2023 and beyond | 21,109 |
Total | $ 41,355 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 14, 2015 | |
Equity [Abstract] | |||
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 |
Common stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock, par value | $ 0.00001 | ||
Dividends on common stock | $ 0 | $ 0 |
Common Stock - Reserved Shares
Common Stock - Reserved Shares of Common Stock Issuance on Converted Basis (Details) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Options issued and outstanding | 7,803,773 | 6,503,458 |
Shares available for future stock option grants | 1,884,494 | 2,324,793 |
Shares available for future employee stock purchase plan | 1,301,254 | 980,389 |
Total | 10,989,521 | 9,808,640 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 10,989,521 | 9,808,640 | |||
Stock option expiration period | 10 years | ||||
Aggregate intrinsic value of stock options exercised | $ 14,600 | $ 10,500 | $ 4,600 | ||
Weighted average grant date fair value, options granted | $ 14.205 | $ 8.207 | $ 8.936 | ||
Unrecognized compensation expense, options granted to employees | $ 34,600 | ||||
Number of shares issued during period | 63,920 | 67,746 | |||
Stock-based compensation expense | $ 16,878 | $ 11,287 | $ 10,095 | ||
Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 1,301,254 | ||||
Estimated fair value of the shares on the date of grant | 85.00% | ||||
Unrecognized stock-based compensation cost, period for recognition | 5 months | ||||
Plan maximum percentage of eligible compensation to purchase shares | 15.00% | ||||
Stock-based compensation expense | $ 500 | 200 | 100 | ||
Unrecognized stock-based compensation cost | $ 300 | 100 | |||
Employee Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation cost, period for recognition | 2 years 4 months 24 days | ||||
Stock-based compensation expense | $ 16,700 | 11,000 | 9,400 | ||
Non-employees | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 200 | $ 300 | $ 900 | ||
Vesting per Month After First Anniversary | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted generally vest percent | 2.08% | ||||
2015 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 1,884,494 | 2,444,735 | |||
Increase in number of shares available for issuance, as proportion of issued and outstanding shares of common stock, percentage | 4.00% | ||||
Stock option expiration period | 10 years | ||||
Employees holding voting rights of all classes of stock, percentage | 10.00% | ||||
2015 Plan | Share Based Compensation Award Tranche One | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted generally vest period | 4 years | ||||
Options granted generally vest percent | 25.00% | ||||
Early Exercise of Employee Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted generally vest period | 36 months | ||||
Early Exercise of Employee Options | Share Based Compensation Award Tranche One | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted generally vest percent | 25.00% | ||||
Minimum | 2015 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Estimated fair value of the shares on the date of grant | 110.00% |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Activity Under Company's Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options Available for Grant | |||
Balances, beginning of the period | 2,324,793 | ||
Balances, end of the period | 1,884,494 | 2,324,793 | |
Number of Options | |||
Balances, beginning of the period | 6,503,458 | 6,158,746 | 5,270,751 |
Options granted | 2,127,400 | 2,138,620 | 1,356,546 |
Options exercised | (673,382) | (764,576) | (414,396) |
Options forfeited | (153,703) | (1,029,332) | (54,155) |
Balances, end of the period | 7,803,773 | 6,503,458 | 6,158,746 |
Options Exercisable, end of the period | 4,520,806 | ||
Options vested and expected to vest, end of the period | 7,803,773 | ||
Options Outstanding, Weighted-Average Exercise Price Per Share | |||
Balances, beginning of the period | $ 8.157 | $ 3.694 | $ 1.197 |
Options granted | 24.654 | 13.566 | 13.234 |
Options exercised | 6.172 | 4.140 | 1.549 |
Options forfeited | 14.293 | 9.118 | 4.578 |
Balances, end of the period | 12.622 | $ 8.157 | $ 3.694 |
Options Exercisable, end of the period | 7.853 | ||
Options vested and expected to vest, end of the period | $ 12.622 | ||
Options Outstanding, Weighted- Average Remaining Contractual Life (years) | |||
Balances, end of the period | 7 years 3 months 18 days | ||
Options Exercisable, end of the period | 6 years 3 months 18 days | ||
Options vested and expected to vest, end of the period | 7 years 3 months 18 days | ||
Aggregate Intrinsic Value | |||
Balances, end of the period | $ 40,901 | ||
Options Exercisable—December 31, 2018 | 36,017 | ||
Options vested and expected to vest—December 31, 2018 | $ 40,901 | ||
Employee Stock Option | |||
Options Available for Grant | |||
Balances, beginning of the period | 2,324,793 | 2,493,188 | 2,401,406 |
Options authorized | 1,539,142 | 1,459,606 | 1,441,328 |
Options granted | (2,127,400) | (2,138,620) | (1,367,546) |
Options forfeited | 147,959 | 510,619 | 18,000 |
Balances, end of the period | 1,884,494 | 2,324,793 | 2,493,188 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Stock Option Outstanding and Exercisable (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options Outstanding, Number | shares | 7,803,773 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 7 years 3 months 18 days |
Options Exercisable, Number | shares | 4,520,806 |
Options Exercisable, Weighted- Average Exercise Price | $ 7.853 |
$0.945 - $1.386 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 0.945 |
Range of Exercise Price, upper limit | $ 1.386 |
Options Outstanding, Number | shares | 820,235 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 3 years 4 months 24 days |
Options Exercisable, Number | shares | 820,235 |
Options Exercisable, Weighted- Average Exercise Price | $ 1.174 |
$1.449 - $1.575 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 1.449 |
Range of Exercise Price, upper limit | $ 1.575 |
Options Outstanding, Number | shares | 920,347 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 10 months 24 days |
Options Exercisable, Number | shares | 915,120 |
Options Exercisable, Weighted- Average Exercise Price | $ 1.545 |
$4.473 - $4.473 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 4.473 |
Range of Exercise Price, upper limit | $ 4.473 |
Options Outstanding, Number | shares | 119,531 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 4 months 24 days |
Options Exercisable, Number | shares | 119,531 |
Options Exercisable, Weighted- Average Exercise Price | $ 4.473 |
$6.615 - $6.615 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 6.615 |
Range of Exercise Price, upper limit | $ 6.615 |
Options Outstanding, Number | shares | 1,171,404 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 7 months 6 days |
Options Exercisable, Number | shares | 910,002 |
Options Exercisable, Weighted- Average Exercise Price | $ 6.615 |
$10.170 - $11.640 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 10.170 |
Range of Exercise Price, upper limit | $ 11.640 |
Options Outstanding, Number | shares | 497,541 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 7 years 8 months 12 days |
Options Exercisable, Number | shares | 298,494 |
Options Exercisable, Weighted- Average Exercise Price | $ 10.715 |
$11.940 - $11.940 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 11.940 |
Range of Exercise Price, upper limit | $ 11.940 |
Options Outstanding, Number | shares | 842,500 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 8 years 1 month 6 days |
Options Exercisable, Number | shares | 403,695 |
Options Exercisable, Weighted- Average Exercise Price | $ 11.940 |
$12.000 - $14.460 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 12 |
Range of Exercise Price, upper limit | $ 14.460 |
Options Outstanding, Number | shares | 1,073,581 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 7 years 6 months |
Options Exercisable, Number | shares | 648,933 |
Options Exercisable, Weighted- Average Exercise Price | $ 14.172 |
$14.620 - $25.670 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 14.620 |
Range of Exercise Price, upper limit | $ 25.670 |
Options Outstanding, Number | shares | 846,434 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 9 years 1 month 6 days |
Options Exercisable, Number | shares | 157,099 |
Options Exercisable, Weighted- Average Exercise Price | $ 18.574 |
$25.820 - $25.820 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 25.820 |
Range of Exercise Price, upper limit | $ 25.820 |
Options Outstanding, Number | shares | 885,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 9 years 1 month 6 days |
Options Exercisable, Number | shares | 202,809 |
Options Exercisable, Weighted- Average Exercise Price | $ 25.820 |
$26.300 - $29.710 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Price, lower limit | 26.300 |
Range of Exercise Price, upper limit | $ 29.710 |
Options Outstanding, Number | shares | 627,200 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 9 years |
Options Exercisable, Number | shares | 44,888 |
Options Exercisable, Weighted- Average Exercise Price | $ 26.740 |
Stock-based Compensation - Tota
Stock-based Compensation - Total Stock-based Compensation Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock-based compensation expense: | |||
Stock-based compensation expense | $ 16,878 | $ 11,287 | $ 10,095 |
Research and development | |||
Stock-based compensation expense: | |||
Stock-based compensation expense | 8,313 | 5,161 | 4,925 |
General and administrative | |||
Stock-based compensation expense: | |||
Stock-based compensation expense | $ 8,565 | $ 6,126 | $ 5,170 |
Stock-based Compensation - Sc_3
Stock-based Compensation - Schedule of Estimated Fair Value of Employee Stock Options and ESPP Using Black-Scholes Valuation Model (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 65.60% | 69.10% | 76.40% |
Expected volatility, maximum | 69.30% | 72.40% | 83.50% |
Risk-free interest rate, minimum | 2.50% | 1.70% | 1.20% |
Risk-free interest rate, maximum | 3.00% | 2.20% | 2.10% |
Employee Stock Option | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 4 years 8 months 12 days | 4 years 10 months 24 days | 5 years 3 months 18 days |
Employee Stock Option | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 4 years 10 months 24 days | 5 years 3 months 18 days | 5 years 10 months 24 days |
Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 46.40% | 52.30% | 50.40% |
Expected volatility, maximum | 70.50% | 63.80% | 75.60% |
Risk-free interest rate, minimum | 2.10% | 1.10% | 0.50% |
Risk-free interest rate, maximum | 2.60% | 1.50% | 0.60% |
Expected term (in years) | 6 months | 6 months | 6 months |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | ||||
Federal | $ 14,302 | |||
State | 1 | $ 1 | $ 1 | |
Total current | 14,303 | 1 | 1 | |
Deferred: | ||||
Federal | (514) | (20) | ||
Total deferred | (514) | (20) | ||
Provision for (benefit from) income taxes | $ 8,912 | $ 14,303 | $ (513) | $ (19) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
U.S. federal taxes at statutory rate | 21.00% | 34.00% | 34.00% |
State tax, net of federal benefit | 0.70% | 7.60% | 0.80% |
Stock compensation | 1.70% | 2.30% | (0.60%) |
Tax attributes subject to 382 limitation | 0.00% | 27.50% | 0.00% |
Tax credits | 6.20% | 2.70% | 2.20% |
Change in valuation allowance | (49.50%) | (9.30%) | (35.60%) |
Change in deferreds due to rate change | 0.00% | (58.60%) | 0.00% |
Other | (0.50%) | (5.00%) | (0.80%) |
Total | (20.40%) | 1.20% | 0.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | |||
Net operating loss carryforwards | $ 15,468 | $ 24,682 | $ 24,528 |
Research and development credits | 7,514 | 5,757 | 2,683 |
Intangible—in-process R&D | 81 | ||
Deferred revenue | 56,881 | 15,631 | 13,857 |
Accruals and deferred rent | 1,955 | 1,256 | 1,335 |
Stock-based compensation | 5,746 | 3,831 | 3,963 |
Other | 39 | 32 | 1 |
Total gross deferred income tax assets | 87,603 | 51,189 | 46,448 |
Less: valuation allowance | (86,466) | (50,791) | (46,137) |
Deferred tax assets, net of valuation allowance | 1,137 | 398 | 311 |
Fixed assets | (854) | (282) | (229) |
In-process R&D | (595) | ||
Intangible assets | (108) | (116) | |
Prepaid Expenses | (175) | ||
Deferred tax liabilities | $ (1,137) | $ (398) | (824) |
Net deferred income tax liabilities | $ (513) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Deferred tax asset, net change in total valuation allowance increase during period | $ 35,700,000 | $ 4,700,000 | $ 21,100,000 | |
Federal statutory income tax rate | 21.00% | 34.00% | 34.00% | |
Change in deferred tax asset due to tax cuts and jobs act of 2017 | $ 25,700,000 | |||
Impact of adoption of new accounting pronouncements | (10,912,000) | |||
Unrecognized tax benefits | 3,756,000 | $ 4,320,000 | $ 1,182,000 | $ 666,000 |
Unrecognized tax benefits would affect company's effective tax rate | 1,000,000 | 0 | ||
Interest and penalties accrued | 0 | $ 0 | $ 0 | |
Accumulated Deficit | ||||
Income Tax Contingency [Line Items] | ||||
Impact of adoption of new accounting pronouncements | (10,912,000) | |||
Accumulated Deficit | ASC 606 | ||||
Income Tax Contingency [Line Items] | ||||
Impact of adoption of new accounting pronouncements | 10,900,000 | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Federal statutory income tax rate | 35.00% | |||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Percentage of change in ownership | 50.00% | |||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 65,600,000 | |||
Operating loss carryforwards expiration year | 2,034 | |||
Open tax year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 | |||
Federal | Research and Development Tax Credits | ||||
Income Tax Contingency [Line Items] | ||||
Reduction to tax credit carryforwards | $ 5,700,000 | |||
Tax credit carryforward, expiration | 2,031 | |||
State | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 24,200,000 | |||
Operating loss carryforwards expiration year | 2,033 | |||
Open tax year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 | |||
State | Research and Development Tax Credits | ||||
Income Tax Contingency [Line Items] | ||||
Reduction to tax credit carryforwards | $ 5,500,000 |
Income Taxes- Schedule of Recon
Income Taxes- Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at the beginning of the year | $ 4,320 | $ 1,182 | $ 666 |
Additions based on tax positions related to current year | 1,166 | 521 | 23 |
Adjustment based on tax positions related to prior years | (1,730) | 2,617 | 493 |
Balance at end of the year | $ 3,756 | $ 4,320 | $ 1,182 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)BoardMember | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)BoardMember | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |||||||||||
Revenue recognized | $ 11,471,000 | $ 12,509,000 | $ 21,338,000 | $ 14,184,000 | $ 27,074,000 | $ 24,144,000 | $ 8,752,000 | $ 11,653,000 | $ 59,502,000 | $ 71,623,000 | $ 12,845,000 |
Collaborative Arrangement | Pfizer Inc | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Threshold limit to be qualified as related party | 10.00% | ||||||||||
Revenue recognized | $ 1,400,000 | $ 1,900,000 | 2,200,000 | ||||||||
Deferred revenue | 3,400,000 | ||||||||||
Amount due from agreement | 100,000 | ||||||||||
Third Rock Ventures | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Threshold limit to be qualified as related party | 10.00% | ||||||||||
Number of board members affiliated with related party | BoardMember | 1 | 1 | |||||||||
General and administrative expense from transactions with related party | $ 35,000 | 48,000 | |||||||||
Accounts payable, related parties | $ 0 | $ 0 | $ 12,000 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Company contributions to defined contribution plan | $ 590,000 | $ 255,000 | $ 201,000 |
Supplementary Data - Quarterl_3
Supplementary Data - Quarterly Financial Data (Unaudited) - Unaudited Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 11,471 | $ 12,509 | $ 21,338 | $ 14,184 | $ 27,074 | $ 24,144 | $ 8,752 | $ 11,653 | $ 59,502 | $ 71,623 | $ 12,845 |
Net income (loss) | $ (32,233) | $ (23,431) | $ (13,447) | $ (15,493) | $ 621 | $ (10,247) | $ (25,216) | $ (8,257) | $ (84,604) | $ (43,099) | $ (58,900) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.72) | $ (0.53) | $ (0.35) | $ (0.40) | $ 0.02 | $ (0.28) | $ (0.69) | $ (0.23) | $ (2.03) | $ (1.16) | $ (1.63) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
License termination period | 60 days |