Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 02, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CTMX | ||
Entity Registrant Name | CytomX Therapeutics, Inc. | ||
Entity Central Index Key | 0001501989 | ||
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 | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity File Number | 001-37587 | ||
Entity Tax Identification Number | 27-3521219 | ||
Entity Address, Address Line One | 151 Oyster Point Boulevard, | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 515-3185 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, $0.00001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 379.4 | ||
Entity Common Stock, Shares Outstanding | 64,784,355 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement to be filed for its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III hereof. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K. |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 191,859 | $ 188,425 |
Short-term investments | 124,260 | 107,720 |
Accounts receivable | 798 | 13 |
Prepaid expenses and other current assets | 7,096 | 7,177 |
Total current assets | 324,013 | 303,335 |
Property and equipment, net | 6,950 | 7,372 |
Intangible assets, net | 1,167 | 1,312 |
Goodwill | 949 | 949 |
Restricted cash | 917 | 917 |
Operating lease right-of-use asset | 22,495 | 25,382 |
Other assets | 2,172 | 2,015 |
Total assets | 358,663 | 341,282 |
Current liabilities: | ||
Accounts payable | 2,996 | 4,158 |
Accrued liabilities | 23,059 | 30,051 |
Deferred revenues, current portion | 74,869 | 51,381 |
Total current liabilities | 100,924 | 85,590 |
Deferred revenue, net of current portion | 186,261 | 178,858 |
Operating lease liabilities - long term | 21,675 | 24,871 |
Other long-term liabilities | 850 | |
Total liabilities | 308,860 | 290,169 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity | ||
Common stock, $0.00001 par value; 150,000,000 and 75,000,000 shares authorized at December 31, 2020 and 2019, respectively; 48,251,819 and 45,523,088 shares issued and outstanding at December 31, 2020 and 2019, respectively | 1 | 1 |
Additional paid-in capital | 499,964 | 468,285 |
Accumulated other comprehensive income (loss) | (47) | 57 |
Accumulated deficit | (450,115) | (417,230) |
Total stockholders' equity | 49,803 | 51,113 |
Total liabilities and stockholders' equity | 358,663 | 341,282 |
Convertible Preferred Stock | ||
Stockholders' equity | ||
Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2020 and 2019 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 150,000,000 | 75,000,000 |
Common stock, shares issued | 48,251,819 | 45,523,088 |
Common stock, shares outstanding | 48,251,819 | 45,523,088 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Revenues | $ 100,362 | $ 57,489 | $ 59,502 |
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |
Operating expenses: | |||
Research and development | 112,936 | $ 131,619 | $ 103,866 |
General and administrative | 36,031 | 36,765 | 33,510 |
Total operating expenses | 148,967 | 168,384 | 137,376 |
Loss from operations | (48,605) | (110,895) | (77,874) |
Interest income | 1,836 | 8,365 | 7,641 |
Other expense, net | (27) | (135) | (68) |
Loss before income taxes | (46,796) | (102,665) | (70,301) |
Provision for (benefit from) income taxes | (13,911) | (427) | 14,303 |
Net loss | $ (32,885) | $ (102,238) | $ (84,604) |
Net loss per share, basic and diluted | $ (0.71) | $ (2.26) | $ (2.03) |
Shares used to compute net loss per share, basic and diluted | 46,145,563 | 45,335,927 | 41,664,382 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on short-term investments, net of tax | $ (104) | $ 139 | $ 1 |
Impact of adoption of new accounting pronouncement | 11 | ||
Total comprehensive loss | $ (32,989) | $ (102,088) | $ (84,603) |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Beginning balance at Dec. 31, 2017 | $ 69,896 | $ (10,912) | $ 1 | $ 289,454 | $ (94) | $ (219,465) | $ (10,912) | |
Beginning balance, shares at Dec. 31, 2017 | 38,478,560 | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201409Member | |||||||
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 | |||||||
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 | |||||||
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) | $ 11 | (314,981) | $ (11) | |
Ending balance, shares at Dec. 31, 2018 | 45,083,209 | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | |||||||
Issuance of common stock in follow-on offering, net of issuance costs | $ 1,602 | 1,602 | ||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 150,000 | |||||||
Exercise of stock options | 633 | 633 | ||||||
Exercise of stock options, shares | 146,930 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan | $ 994 | 994 | ||||||
Issuance of common stock under the Employee Stock Purchase Plan, shares | 142,949 | 142,949 | ||||||
Stock-based compensation | $ 19,100 | 19,100 | ||||||
Other comprehensive income (loss) | 139 | 139 | ||||||
Net loss | (102,238) | (102,238) | ||||||
Ending balance at Dec. 31, 2019 | 51,113 | $ 1 | 468,285 | 57 | (417,230) | |||
Ending balance, shares at Dec. 31, 2019 | 45,523,088 | |||||||
Issuance of common stock in follow-on offering, net of issuance costs | 11,288 | 11,288 | ||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 1,535,217 | |||||||
Exercise of stock options | $ 4,876 | 4,876 | ||||||
Exercise of stock options, shares | 1,064,830 | 1,064,830 | ||||||
Issuance of common stock under the Employee Stock Purchase Plan | $ 729 | 729 | ||||||
Issuance of common stock under the Employee Stock Purchase Plan, shares | 128,684 | 128,684 | ||||||
Stock-based compensation | $ 14,786 | 14,786 | ||||||
Other comprehensive income (loss) | (104) | (104) | ||||||
Net loss | (32,885) | (32,885) | ||||||
Ending balance at Dec. 31, 2020 | $ 49,803 | $ 1 | $ 499,964 | $ (47) | $ (450,115) | |||
Ending balance, shares at Dec. 31, 2020 | 48,251,819 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (32,885) | $ (102,238) | $ (84,604) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Amortization of intangible assets | 146 | 146 | 146 |
Depreciation and amortization | 2,427 | 2,459 | 1,738 |
Accretion of discount on investments | (236) | (2,228) | (1,701) |
Stock-based compensation expense | 14,786 | 19,100 | 16,878 |
Non-cash lease expense | 2,887 | 2,672 | |
Issuance of common stock in connection with UCSB sublicense fee | 1,602 | ||
Changes in operating assets and liabilities | |||
Accounts receivable | (785) | 84 | 10,042 |
Prepaid expenses and other current assets | 81 | 2,074 | (4,899) |
Other assets | (157) | (640) | (20) |
Accounts payable | (857) | (374) | 261 |
Accrued liabilities, income tax payable and other long-term liabilities | (11,039) | (15,396) | 24,833 |
Deferred revenue | 30,891 | (47,741) | (38,195) |
Net cash provided by (used in) operating activities | 5,259 | (140,480) | (75,521) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (2,309) | (3,497) | (3,788) |
Purchases of short-term investments | (199,108) | (174,992) | (204,601) |
Maturities of short-term investments | 182,699 | 258,190 | 214,315 |
Net cash provided by (used in) investing activities | (18,718) | 79,701 | 5,926 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock, net of issuance costs | 11,288 | 134,596 | |
Proceeds from employee stock purchase plan and exercise of stock options | 5,605 | 1,627 | 5,028 |
Net cash provided by financing activities | 16,893 | 1,627 | 139,624 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,434 | (59,152) | 70,029 |
Cash, cash equivalents and restricted cash, beginning of year | 189,342 | 248,494 | 178,465 |
Cash, cash equivalents and restricted cash, end of year | 192,776 | 189,342 | 248,494 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | 13,061 | ||
Supplemental disclosures of noncash investing items: | |||
Purchases of property and equipment in accounts payable and accrued liabilities | $ 122 | 428 | $ 1,027 |
Right of use assets obtained in exchange for operating lease obligations | $ 28,054 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block [Abstract] | |
Description of the Business | 1. Description of the Business CytomX Therapeutics, Inc. (the “ ” |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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: Revenue Accounts Receivable, net Year Ended December 31, December 31, 2020 2019 2018 2020 2019 (in thousands) (in thousands) AbbVie Ireland Unlimited Company $ 38,192 $ 5,878 $ 18,997 $ — $ — Astellas Pharma Inc. 13,931 — — 798 — Bristol-Myers Squibb Company 39,630 47,740 32,780 — 13 Total revenue from customers who represent 10% or more of the Company's total revenue $ 91,753 $ 53,618 $ 51,777 $ 798 $ 13 The Company’s customers are located in the United States of America, Ireland and Japan. 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: December 31 2020 2019 (in thousands) Cash and cash equivalents $ 191,859 $ 188,425 Restricted cash 917 917 $ 192,776 $ 189,342 Short-term Investments All investments have been classified as available-for-sale (“AFS”) 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 less than 12 months are considered short-term investments. 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. The Company assesses impairment of its AFS debt securities investments at each reporting period. Unrealized gains resulting from the excess of the fair value over the amortized cost basis of an investment are reported as a component of accumulated other comprehensive income (loss), net of tax. Unrealized losses or impairments resulting from the fair value of the AFS debt security being below the amortized cost basis are evaluated, using the discounted cash flow model, for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the security, limited to the difference between the fair value and the amortized cost basis of the security. Any difference between the fair value of the security and the amortized cost basis, less the allowance for credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for credit losses subject to the total allowance previously recognized. In the event of impairment of any security, if management (i) has the intent to sell such security or (ii) will more-likely-than-not be required to sell such security before recovery of its amortized cost basis, such AFS debt security’s amortized cost basis will be written down to its fair value through earnings along with any existing allowance for credit losses. 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, 2020, 2019 and 2018. 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, 2020, 2019 and 2018. 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 as distinct performance obligations that should be accounted for separately. Judgment is required to determine whether the license to the Company ’ The Company ’ The Company ’ The transaction price in each arrangement is allocated to the identified performance obligations based on the relative standalone selling price ( “ ” ’ In certain cases, the Company’s performance creates an asset that does not have an alternative use to the customer and the Company has an enforceable right to payment at all times for performance completed to date. In these cases, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. AbbVie Ireland Unlimited Company ( “ ” ’ “ ” ’ Comprehensive Loss Comprehensive loss represents all changes in stockholders’ equity except those resulting from distributions to stockholders. The Company’s non-credit related unrealized gains and losses on short-term investments and impact of adoption of new accounting pronouncements during the period represent the components 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 satisfies its performance 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. Forfeitures are recognized as they occur. On January 2019, the Company adopted ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. related Prior to the adoption of ASU 2018-07, such stock-based compensation expense was measured on the date of performance at the fair value of the consideration received or the fair value 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, 2020, 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. Research and Development Expenses 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. In January 2019, the Company acquired certain technology know-how that is complementary to the Company’s proprietary Probody technology from a third party for $5.0 million. The Company plans to use this technology in certain of the Company’s discovery stage projects, and has concluded that the technology acquired does not have an alternative future use. Accordingly, the $5.0 million has been recorded as research and development expense for 2019. Leases The Company adopted the Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) . |
Adopted and Recent Accounting P
Adopted and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Adopted and Recent Accounting Pronouncements | 3. Adopted and Recent Accounting Pronouncements Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than reducing the carrying amount under the previous other-than-temporary-impairment model. Simplification of the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Fair Value Measurement Disclosure Requirements Modification In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Internal Use Software Guidance for Cloud Computing Arrangement In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40) Collaborative Arrangements and Revenue Recognition In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the interaction between Topic 808 and Topic 606 Share-Based Payment to Customer In November 2019, the FASB issued ASU 2019-08, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements – Share-Based Consideration Payable to a Customer. The amendments in this ASU require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. Under ASC 606, these awards are considered a reduction of the transaction price, unless the awards are payment for a distinct good or service received from the customer and should be recorded as a reduction of the transaction price. However, the ASU requires these awards to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718 and should be recognized at the later of when the award is promised and when the entity recognizes revenue for the transfer of the related goods or services in accordance with ASC 606. The ASU is effective for the Company on January 1, 2020, and there was no material impact on its financial statements upon adoption of this ASU. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 4. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding, plus potential dilutive common stock during the period. Diluted net loss per share is the same as basic net loss per share since the effect of the potentially dilutive securities is anti-dilutive. The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive: Year Ended December 31, 2020 2019 2018 Options and ESPP to purchase common stock 11,388,691 9,687,844 7,478,755 |
Fair Value Measurements and Sho
Fair Value Measurements and Short-Term Investments | 12 Months Ended |
Dec. 31, 2020 | |
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 assets which consist primarily of highly liquid money market funds, some of which are 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 short-term investments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements: December 31, 2020 Valuation Hierarchy Amortized Cost Allowance for Credit Losses Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value (in thousands) Assets Money market funds Level I $ 131,121 $ — $ — $ — $ 131,121 Restricted cash (money market funds) Level I 917 — — — 917 U.S. Government bonds Level I 124,254 — 6 — 124,260 Total Securities $ 256,292 $ — $ 6 $ — $ 256,298 December 31, 2019 Valuation Hierarchy Amortized Cost Allowance for Credit Losses Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value (in thousands) Assets Money market funds Level I $ 170,757 $ — $ — $ — $ 170,757 Restricted cash (money market funds) Level I 917 — — — 917 U.S. Government bonds Level I 107,610 — 110 — 107,720 Total securities $ 279,284 $ — $ 110 $ — $ 279,394 No securities have contractual maturities of greater than twelve months. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment, net consisted of the following: December 31 2020 2019 (in thousands) Machinery and equipment $ 13,772 $ 12,124 Computer equipment and software 1,600 1,555 Furniture and fixtures 1,024 1,024 Leasehold improvements 1,728 1,483 Construction in progress 252 236 18,376 16,422 Less: accumulated depreciation and amortization (11,426 ) (9,050 ) $ 6,950 $ 7,372 Depreciation and amortization expense was $2.4 million, $2.5 million and $1.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
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 was related 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 expense for the years ended December 31, 2020, 2019 and 2018 was $0.1 million, $0.1 million and $0.1 million, respectively. Goodwill and intangible assets consisted of the following: Goodwill December 31, 2020 2019 (in thousands) Goodwill $ 949 $ 949 Intangible assets December 31, 2020 2019 (in thousands) In-process research and development $ 1,750 $ 1,750 Less accumulated amortization (583 ) (438 ) $ 1,167 $ 1,312 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | 8. Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2020 2019 (in thousands) Research and clinical expenses $ 10,092 $ 19,006 Payroll and related expenses 8,362 6,721 Legal and professional expenses 815 1,062 Operating lease liabilities - short term 3,195 2,810 Other accrued expenses 595 452 Total $ 23,059 $ 30,051 |
Research and Collaboration Agre
Research and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2020 | |
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 partners: Year Ended December 31, 2020 2019 2018 (in thousands) AbbVie $ 38,192 $ 5,878 $ 18,997 Amgen 8,609 3,871 4,899 Astellas 13,931 — — Bristol Myers Squibb 39,630 47,740 32,780 ImmunoGen — — 1,471 Pfizer — — 1,355 Total revenue $ 100,362 $ 57,489 $ 59,502 AbbVie Ireland Unlimited Company In April 2016, the Company and AbbVie entered into two agreements, a CD71 Co-Development and Licensing Agreement (the “ ” “ ” “ ” “A ” Under the CD71 Agreement, the Company received an upfront payment of $20.0 million in April 2016, and was eligible to initially 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 at percentages in the high teens to low twenties if the Company participates in the co-development of the CD71 conditionally activated ADC 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 conditionally activated ADC. The Company ’ ’ “ ” Under the terms of the Discovery Agreement, AbbVie receives exclusive worldwide rights to develop and commercialize conditionally activated ADCs 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 conditionally activated ADCs 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 conditionally activated ADCs ( “ ” Under the Discovery Agreement, the Company received an upfront payment of $10.0 million in April 2016 and subsequently earned an additional $10.0 million milestone payment triggered by selection of the second target by AbbVie in June 2019. The Company is also eligible to receive up to $265.0 million for each target, in development, regulatory and commercial milestone payments and royalties at percentages in the high single to low teens from commercial sales of any resulting conditionally activated ADCs. The second target was selected under the Discovery Agreement that allows AbbVie to select a target for developing a conditionally activated ADC or a Probody. The Company has determined that the AbbVie Agreements 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 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 for the Discovery Agreement and CD71 Agreement, collectively, upon adoption of ASC 606 on January 1, 2018 of $39.8 million consists of $30.0 million in upfront payments, and a $14.0 million milestone payment received under the CD71 Agreement (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 the estimated sublicense fees of $4.2 million are allocated to the CD71 Agreement performance obligation as they are directly related to the development of the CX-2029. Therefore, of the $39.8 million total initial transaction price discussed above, the Company allocated $29.8 million to the CD71 Agreement performance obligation and recognized revenue using a cost-based input measure, the common measure of progress for the performance obligation. 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 for completing its combined performance obligation over the estimated service period. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. During 2019, as a result of ongoing dose escalation in the continued development program, there was a change in estimate of the research service period as well as an increase in the projected FTE hours-to-completion. The research service period for the CD71 Agreement performance obligation was extended from April 2021 to March 2022 in 2019. During the second quarter of 2020, the Company further increased the projected FTE hours-to-completion and extended the research service period for the CD71 Agreement performance obligation from March 2022 to September 2022 in response to the reduced rate of operation as impacted by the COVID-19 pandemic. The remaining $10.0 million of the total initial transaction price of $39.8 million allocated to the Discovery Agreement performance obligation represents an obligation to continuously make the Company ’ 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) under the CD71 Agreement. 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. In June 2019, the Company earned a $10.0 million milestone payment for the second target selected by AbbVie under the Discovery Agreement. It is recognized also using the time-elapse measure of progress of the related obligation and straight line over the estimated research service period of five years through June 2024. The $40.0 million milestone payment earned in March 2020 for satisfying the CD71 dose escalation success criteria under the CD71 Agreement was included as part of the transaction price as it was unconstrained during the first quarter of 2020 and $26.6 million was recognized as revenue related to this milestone reflecting the percentage completed to-date on the project. The Company determined that the remaining potential milestone payments of both agreements are probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company ’ The Company recognized revenue of $38.2 million, $5.9 million and $19.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to the AbbVie Agreements. As of December 31, 2020 and 2019, deferred revenue related to the CD71 Agreement performance obligation was $25.2 million and $20.0 million, respectively, and deferred revenue related to the Discovery Agreement performance obligation was $8.0 million and $11.6 million, respectively. No amounts were due from AbbVie as of December 31, 2020 and 2019. Amgen, Inc. On September 29, 2017, the Company and Amgen, Inc. ( “ ” “ ” “ ” ’ six-month Under the terms of the Amgen Agreement, the Company and Amgen will co-develop a conditionally activated T-cell engaging bi-specific therapeutic targeting epidermal growth factor receptor (the “ ” “ ” Amgen also has the right to select a total of up to three targets, including the two additional targets discussed below. The Company and Amgen collaborate in the research and development of conditionally activated T-cell engaging 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 conditionally activated 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. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. 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 UCSB, that is exclusively licensed to the Company under the UCSB Agreement covering Probody antibodies and other pro-proteins in the fields of therapeutics, in vivo diagnostics and prophylactics. This sublicense was incremental to the patents, patent applications and know-how covering conditionally activated T-cell engaging bispecific molecules that were developed and owned by the Company and licensed to Amgen. Under the UCSB Agreement, as amended, the Company is obligated to make a sublicense payment to UCSB equal to up to 7.5% of certain upfront and milestone payments owed to or received by the Company. There were no sublicense fees payable to UCSB as of December 31, 2020 and 2019. 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 ’ ’ Of the $51.2 million total transaction price, the Company allocated $46.4 million to the EGFR Products performance obligation and $4.8 million to the Amgen Other Product performance obligations. The transaction price of the EGFR Product performance obligation was recognized using a cost-based input measure. In applying the cost-based input method of revenue recognition, the Company uses actual FTE hours incurred relative to estimated total FTE hours expected to be incurred for the combined performance obligation over the research service period. At the end of the second quarter of 2019, the Company determined that it will undertake additional testing and assessment of the molecules being evaluated under the EGFR project. As a result, the estimated FTE hours-to-completion and research service period were increased to eight years. In the second quarter of 2020, the Company completed the clinical candidate characterization phase and has moved into the IND-enabling phase earlier than planned . As a result, the estimated FTE hours-to-completion and research service period were decreased from eight to seven years . The $4.8 million transaction price allocated to the Amgen Other Product performance obligation represents an obligation to continuously make the Probody therapeutic technology platform available to Amgen, which 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 $8.6 million, $3.9 million and $4.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to the Amgen Agreement. As of December 31, 2020 and 2019, deferred revenue related to the EGFR Products performance obligation was $29.8 million and $37.6 million, respectively. As of December 31, 2020 and 2019, deferred revenue related to the Amgen Other Products performance obligation was $2.2 million and $3.0 million, respectively. No amounts were due from Amgen as of December 31, 2020 and 2019. Astellas Pharma Inc. The Company and Astellas Pharma, Inc. (“Astellas”) entered into a Collaboration and License Agreement (the “Astellas Agreement”) on March 23, 2020, the effective date, to collaborate on preclinical research activities to discover and develop certain antibody compounds for the treatment of cancer using the Company’s Probody therapeutic technology. Under the terms of the Astellas Agreement, the Company granted Astellas an exclusive, worldwide, rights to develop and commercialize Probody therapeutics for up to four collaboration targets including one initial target and three additional targets (“Additional Targets”). In addition, Astellas has the right to expand the number of Additional Targets from three up to five (the “Expansion Option”) before the third anniversary of the effective date. Furthermore, for a specified number of targets, at a pre-specified time prior to the initiation of the first pivotal study of a product against such target, the Company may elect to participate in certain development costs and share in the profits generated in the United States with respect to such product (“Cost Share Option”). The Cost Share Option, if exercised, will also provide the option for the Company to co-commercialize such product in the United States. The Company does not consider the Cost Share Option as a performance obligation at the inception of the agreement as the participation is at the Company’s discretion. Pursuant to the Astellas Agreement, the consideration from Astellas is comprised of an upfront fee of $80.0 million and contingent payments for development, regulatory and sales milestones of up to an aggregate of approximately $1.6 billion. If Astellas exercises its Expansion Option for the two Additional Targets, the Company would be eligible to receive additional upfront and milestone payments aggregating to approximately $0.9 billion. The Company identified the following performance obligations at the inception of the Astellas 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 research services and expertise related to the development of the product candidates should be combined with the research services and participation in the joint research committee as one combined performance obligation. The Company concluded, that at the inception of the agreement, Astellas’ Expansion Option for two Additional Targets were not material rights and therefore not considered performance obligations. As such, each option will be accounted for as a separate arrangement upon exercise. The initial transaction price of $90.0 million consists of the upfront fee of $80.0 million and research and development service fees of $10.0 million. The Company determined that the potential development and regulatory milestone payments were probable of significant revenue reversal as their achievement was highly dependent on factors outside the Company ’ The upfront fee of $80.0 million for the combined obligation to continuously make the Probody therapeutic technology platform available to Astellas is recognized on a straight-line basis for the entire performance obligation over the estimated research service period of five years, which ends in March 2025. The research and development service fees, estimated to be $10.0 million, will be recognized when services are provided based on the prescribed FTE rate. The Company recognized revenue of $13.9 million for the year ended December 31, 2020, which included the research and development service fee of $1.5 million. As of December 31, 2020, deferred revenue relating to the Astellas Agreement was $67.6 million. The amount due from Astellas under the Astellas Agreement was $0.8 million as of December 31, 2020. 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 Bristol Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to four oncology targets. Bristol Myers Squibb had additional rights to substitute up to two collaboration targets within three years of the effective date of the BMS Agreement. These rights expired in May 2017. Each collaboration target had a two-year Pursuant to the BMS Agreement, the financial consideration from Bristol Myers Squibb was comprised of an upfront payment of $50.0 million, and the Company was initially entitled to receive contingent payments of up to $25.0 million for additional targets and up to an aggregate of $1,192.0 million for development, regulatory and sales milestones. In addition, 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 Bristol Myers Squibb in July 2014. In January and December 2016, Bristol Myers Squibb 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, Bristol Myers Squibb 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 Bristol Myers Squibb upon approval of the investigational new drug application for the CTLA-4-directed Probody therapeutic. On March 17, 2017, the Company and Bristol Myers Squibb entered into Amendment Number 1 to Extend Collaboration and License Agreement ( “ ” “ ” Pursuant to Amendment 1, the financial consideration from Bristol Myers Squibb was comprised of an upfront payment of $200.0 million and the Company was initially eligible to receive contingent payments for development, regulatory and sales milestones of up to an aggregate of $3,586.0 million for the eight targets. The Company was also entitled to tiered mid-single to low double-digit percentage royalties from potential future sales. Amendment 1 did not change the term of the Bristol Myers Squibb’s royalty obligation under the BMS Agreement. Bristol Myers Squibb ’ The initial transaction price for the BMS Agreement and Amendment 1, collectively, was $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 ’ During the first quarter of 2019, Bristol Myers Squibb terminated pre-clinical activities on three of the first four collaboration targets selected under the original 2014 BMS Agreement. The first and second targets under the BMS Agreement were combined into a single performance obligation. The Company determined that termination of pre-clinical activities on the second target does not impact the Company’s continuing obligation to Bristol Myers Squibb for the first target, CTLA-4, as it is still being actively developed by Bristol Myers Squibb. Therefore, the Company concluded that it will continue to amortize the related deferred revenue over the original performance period. The Company has determined that upon the termination of pre-clinical activities on the third and the fourth collaboration targets selected by Bristol Myers Squibb in January and December of 2016, respectively, under the BMS Agreement, it has no further obligations. As a result of termination of three of the four collaboration targets, the Company is no longer eligible to receive up to an aggregate of $894.0 million contingent payments for development, regulatory and sales milestones as well as the related royalty payments for such targets. As a result, the Company recognized $18.1 million of revenue for the third and fourth targets in the first quarter of 2019, of which $17.4 million represented the accelerated recognition of all of the related deferred revenue upon the effective date of termination. The Company continues to be obligated to perform research work under Amendment 1 executed in March 2017. In February 2020, Bristol Myers Squibb dosed the first patient in the Part 2 cohort expansion portion of its ongoing BMS-986249 clinical study for the CTLA-4 program, which triggered a $10.0 million milestone payment to the Company ’ In February 2021, the Company and Bristol Myers Squibb entered into Amendment Number 2 to amend the Collaboration and License Agreement (“Amendment 2”), as amended by Amendment 1. Subsequent to Amendment 2, Bristol Myers Squibb has the exclusive worldwide rights to develop and commercialize Probody therapeutics for up to five oncology targets. Under the terms of Amendment 2, the period for target selection has been extended and the Company will continue to collaborate with Bristol Myers Squibb to discover and conduct preclinical development of Probody therapeutics against targets selected by Bristol Myers Squibb. Pursuant to Amendment 2, the Company is eligible to receive contingent payments for development, regulatory and sales milestones of up to an aggregate of $1,779.0 million. It is also entitled to tiered mid-single to low double-digit percentage of royalties from potential future sales. The Company recognized revenue of $39.6 million, $47.7 million and $32.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020 and 2019, deferred revenue relating to the BMS Agreement was $128.3 million and $158.0 million, respectively. The amounts due from Bristol Myers Squibb under the BMS Agreement were $0 and $13,000 as of December 31, 2020 and 2019, respectively. ImmunoGen, Inc. In January 2014, the Company and ImmunoGen, Inc. ( “ ” “ ” ’ “ ” ’ worldwide development and commercialization license to use ImmunoGen ’ s ADC technology to develop and commercialize such conditionally activ at e d A DCs. The Company made no upfront cash payment in connection with the execution of the agreement. Instead, the Company provided ImmunoGen with the rights to CytomX ’ s Probody therapeutic technology to create conditionally activ at e d A DCs directed at two targets under the ImmunoGen Research Agreement and to subsequently obtain exclusive, worldwide development and commercialization licenses to develop and commercialize such conditionally activ at e d A DCs. In February 2016, the Company exercised its option to obtain a development and commercialization license for praluzatamab ravtansine (CX-2009) pursuant to the terms of the ImmunoGen Research Agreement (the “ CX-2009 License ” ). In February 2017, ImmunoGen exercised its first option to obtain a development and commercialization license for one of the two targets. Substitution rights for this first target selection program terminated in February 2017 and ImmunoGen discontinued the program in July 2017. The Company recognized the remaining deferred revenue related to the discontinued program upon the termination of the program. ImmunoGen exercised its second option to obtain a development and commercialization license pursuant to the ImmunoGen Research Agreement (the “ ” 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. In December 2017, the Company entered into the ImmunoGen 2017 License arrangement and extended the Company ’ In February 2020, the Company dosed the first patient in the praluzatamab ravtansine Phase 2 clinical trial and triggered a $3.0 million milestone payment to ImmunoGen pursuant to the CX-2009 License which continued to remain in effect following the termination of the ImmunoGen 2017 License in December 2019. The Company recorded a $3.0 million charge to research and development expense in the first quarter of 2020, in connection with this milestone payment to ImmunoGen. Pfizer Inc. In May 2013, the Company and Pfizer Inc. ( “ ” “ ” “ ” Contract Liabilities The following table presents changes in the Company ’ Balance at 12/31/2019 Additions Deductions Balance at 12/31/2020 (in thousands) Contract liabilities: Deferred revenue $ 230,239 $ 120,000 $ 89,109 $ 261,130 There were $120.0 million of additions to deferred revenue during the year ended December 31,2020. Of such amount, $40.0 million was related to the milestone payment triggered by AbbVie’s CD71 dose escalation success criteria which was achieved in March 2020, and an $80.0 million addition was related to the upfront fee payable under the Astellas Agreement entered into in March 2020. Deductions of $89.1 million related to revenue recognized included in the contract liability balance at the beginning of the period plus the revenue recognized related to the $120.0 million additions during the year ended December 31, 2020. The Company expects that the $261.1 million of deferred revenue related to the following contracts as of December 31, 2020 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 $25.2 million of deferred revenue related to the CD71 Agreement as of December 31, 2020 is expected to be recognized based on actual FTE effort and program progress until approximately September 2022. • The $1.0 million of deferred revenue related to the first target under the Discovery Agreement as of December 31, 2020 is expected to be recognized ratably until approximately April 2022. • The $7.0 million of deferred revenue related to the second target under the Discovery Agreement as of December 31, 2020 is expected to be recognized ratably until approximately June 2024. • The $29.8 million of deferred revenue related to the Amgen EGFR Products as of December 31, 2020 is expected to be recognized based on actual FTE effort and program progress until approximately September 2024. • The $2.2 million of deferred revenue related to the Amgen Other Products as of December 31, 2020 is expected to be recognized ratably until approximately September 2023. • The $67.6 million of deferred revenue related to the Astellas Agreement as of December 31, 2020 is expected to be recognized ratably until approximately March 2025. • The $128.3 million of deferred revenue related to the BMS Agreement as of December 31, 2020 is expected to be recognized ratably until approximately April 2025. |
License Agreement
License Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Research And Development [Abstract] | |
License Agreement | 10. License Agreement UCSB The Company has an exclusive, worldwide license agreement with UCSB (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. As part of the UCSB Agreement, the Company has annual minimum royalty obligations of $0.2 million 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. 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 April 2019, the Company entered into Amendment No.3 to the UCSB Agreement to adjust and clarify certain sublicense terms (“Amendment No.3”). In connection with the amendment, the Company issued to UCSB 150,000 shares of CytomX common stock with a fair value of $10.68 per share. Under the terms of Amendment No.3, the Company and UCSB agreed to modify the determination of sublicense revenues payable by the Company to UCSB on certain existing collaboration agreements and on collaboration agreements executed subsequent to Amendment No.3. In exchange, the Company agreed to make an upfront payment of $1.0 million as well as additional annual license maintenance fees of $0.8 million through 2031. In the event that the Company terminates the agreement due to material concern of the safety or efficacy of the related technology, 50% of all remaining maintenance fees will become due immediately. Otherwise, all remaining maintenance fees will become due immediately upon early termination of the agreement unless there is a material breach by UCSB. Pursuant to Amendment No.3, the Company recorded in research and development expense a charge of $3.4 million relating to sublicense and maintenance fees representing the 150,000 shares issued with a fair value of $1.6 million, the upfront payment of $1.0 million and the additional annual maintenance fee of $0.8 million during the second quarter of 2019. In June 2019, the Company incurred an additional $0.8 million of sublicense fees related to the $10.0 million milestone payment for the second target selected by AbbVie under the Discovery Agreement. In February 2020, the Company recorded $0.8 million of sublicense fees triggered by the $10.0 million milestone payment from Bristol Myers Squibb’s dosing of the first patient in the Part 2 cohort expansion portion of its ongoing BMS-986249 clinical study for the CTLA-4 program. In March 2020, the Company incurred additional sublicense fees of $6.0 million and $1.4 million related to the $80.0 million upfront fee received pursuant to the Astellas Agreement entered into in March 2020, and the $40.0 million milestone payment from AbbVie for satisfying the CD71 dose escalation success criteria under the CD71 Agreement, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company incurred sublicense expenses of $9.1 million, $4.3 million and $0.6 million, respectively, under the provisions of the UCSB Agreement. As of December 31, 2020 and 2019, there was $0 and $0.2 million sublicense fee payable to UCSB, respectively. ImmunoGen In December 2019, the Company entered into a License Agreement (the “ImmunoGen 2019 License”) with ImmunoGen, Inc. to obtain an exclusive license with respect to epithelial cell adhesion molecule (“EPCAM”). The upfront license fee of $7.5 million was recorded as research and development expense in December 2019 and included in accrued liabilities as of December 31, 2019. The upfront license fee was paid in January 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal Proceedings On March 4, 2020, Vytacera Bio, LLC filed a patent infringement lawsuit against the Company in the U.S. District Court for the District of Delaware. The lawsuit alleges that the Company’s use, offers to sell, and/or sales of the Probody® technology platform for basic research applications constitutes infringement. The complaint seeks unspecified monetary damages. The Company filed an Answer, Affirmative Defenses, and Counterclaims on May 26, 2020. Vytacera Bio, LLC filed its Answer to CytomX Therapeutics Inc.’s Counterclaims on June 5, 2020. The parties have agreed to a case schedule, which is pending Court approval. Discovery is in the initial phases. The Company believes that the lawsuit is without merit and intends to vigorously defend itself and has not recorded any amount for claims associated with this lawsuit as of December 31, 2020. On May 21, 2020, a putative securities class action lawsuit was commenced in the U.S. District Court for the Northern District of California naming as defendants the Company and three current and former officers. The complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material fact related to the product candidates praluzatamab ravtansine (CX-2009) and pacmilimab (CX-072). The plaintiff sought to represent all persons who purchased or otherwise acquired CytomX securities between May 17, 2018, and May 13, 2020. On January 14, 2021, the class action was dismissed without prejudice. 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 12. Leases Operating Lease On December 10, 2015, the Company entered into a lease (the “2016 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 provided 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 was 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 as non-current restricted cash on its balance sheet as of December 31, 2020 and 2019. 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 against the operating lease ROU asset. Rent expense during the years ended December 31, 2020, 2019 and 2018 was $5.1 million, $4.8 million and $4.2 million, respectively. Supplemental information related to leases are as follows: Year Ended December 31, 2020 December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,990 $ 4,855 December 31, 2020 December 31, 2019 (in thousands) Supplemental balance sheet information related to leases: Operating lease right-of-use assets $ 22,495 $ 25,382 Current operating lease liabilities 3,195 2,810 Non-current operating lease liabilities 21,675 24,871 Total operating lease liabilities $ 24,870 $ 27,681 Weighted-average remaining lease term (in years) Operating lease 5.75 6.85 Weighted-average discount rate Operating lease 8.25 % 8.25 % December 31, 2020 (in thousands) Maturity of operating lease liabilities 2021 5,129 2022 5,273 2023 5,420 2024 5,572 2025 and beyond 10,116 Total lease payments 31,510 Less imputed interest (6,640 ) Present value of lease liabilities $ 24,870 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common Stock | 13. Common Stock In October 2015, the Company’s board of directors and stockholders approved the amendment and restatement of the Company’s certificate of incorporation. The Amended and Restated Certificate of Incorporation was effective as of October 14, 2015, which provided 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. In June 2020, the board of directors and stockholders of the Company approved an increase in the authorized shares of common stock from 75,000,000 to 150,000,000. 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, 2020 and 2019, no dividends on common stock had been declared by the Board of Directors. 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 ’ In February 2020, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”), to sell shares of the Company’s common stock, par value $0.00001 per share, with aggregate gross sales proceeds of up to $75,000,000, from time to time upon the Company’s request, through an at the market offering under which Jefferies will act as sales agent. Pursuant to the Sales Agreement, Jefferies as the sales agent will receive a commission of 3.0% of the gross sales price for shares of common stock sold under the Sales Agreement. During December 2020, the Company sold 1,535,217 shares at an average price of $7.62 per shares and received net proceeds of approximately $11.3 million after deducting the 3.0% sales commission and related issuance cost. The Company had reserved shares of common stock for issuance, as follows: December 31, 2020 2019 Options issued and outstanding 10,929,530 9,936,168 Shares available for future stock option grants 2,903,398 3,145,266 Shares available for future employee stock purchase plan 1,935,683 1,609,137 Total 15,768,611 14,690,571 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 14. Stock-based Compensation The 2010 Plan and 2011 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 2015 Plan 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 Company’s common stock 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 under the 2015 Plan generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48 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, 2020 and 2019, 2,698,798 shares and 1,808,066 shares of common stock were available for future issuance under the 2015 Plan. The 2019 Plan In September 2019, the Board of Directors adopted the 2019 Employment Inducement Incentive Plan (the “2019 Plan”) which provides for the grant of stock options and other equity awards to any employee who has not previously been an employee or director of the Company or who is commencing employment with the Company following a bona fide period of nonemployment by the Company. Awards granted under the 2019 Plan are intended to constitute “employment inducement awards” under Nasdaq Listing Rule 5635(c)(4). Options granted under the 2019 Plan are nonqualified stock options (“NSOs”) which may be exercisable for periods of up to ten years and the options shall be granted at an exercise price of not less than 100% of the fair market value of the Company’s common stock on the date of grant. The initial number of shares of common stock available for future issuance under the 2019 Plan was 1,815,000. As of December 31, 2020 and 2019, 204,600 shares and 1,337,200 shares, respectively, of common stock were available for future issuance under the 2019 Plan. 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, 2019 3,145,266 9,936,168 12.26 Options authorized 1,820,923 — — Options granted (4,219,044 ) 4,219,044 7.23 Options exercised — (1,064,830 ) 4.58 Options cancelled 2,156,253 (2,160,852 ) 13.75 Balances at December 31, 2020 2,903,398 10,929,530 $ 10.77 6.4 $ 6,844 Options Exercisable—December 31, 2020 6,145,652 $ 11.69 4.7 $ 6,031 Options vested and expected to vest—December 31, 2020 10,929,530 $ 10.77 6.4 $ 6,844 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, 2020. The aggregate intrinsic value of stock options exercised in the years ended December 31, 2020, 2019 and 2018 was $4.4 million, $0.9 million and $14.6 million, respectively. The options granted in the years ended December 31, 2020, 2019 and 2018 had weighted-average per share grant-date fair values of $3.94, $7.03 and $14.21, respectively. As of December 31, 2020, the unrecognized compensation expense with respect to options granted was $23.2 million and is expected to be recognized over 2.8 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 128,684 shares and 142,949 shares of common stock under the ESPP in 2020 and 2019, respectively. Shares available for future purchase under the ESPP were 1,935,683 shares and 1,609,137 shares at December 31, 2020 and 2019, respectively. The compensation expense related to the ESPP was $0.4 million, $0.6 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $0.2 million 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, 2020 2019 2018 Research and development $ 6,825 $ 9,226 $ 8,313 General and administrative 7,961 9,874 8,565 Total stock-based compensation expense $ 14,786 $ 19,100 $ 16,878 Stock-based compensation expense for employees was $14.7 million, $18.9 million and $16.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Stock-based compensation expense for non-employees was $0.1 million, $0.2 million and $0.2 million for the years ended December 31, 2020, 2019 and 2018, 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, 2020 2019 2018 2020 2019 2018 Expected volatility 64.4% - 73.3% 64.4% - 68.6% 65.6% - 69.3% 47.3% - 122.1% 60.8% - 71.9% 46.4% - 70.5% Risk-free interest rate 0.2% - 1.3% 1.4% - 2.5% 2.5% - 3.0% 0.1% - 0.2% 1.6% - 2.4% 2.1% - 2.6% Dividend yield — % — % — % — % — % — % Expected term (in years) 4.7 - 4.9 4.9 - 5.0 4.7 - 4.9 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 is based on the historical stock price volatility which is commensurate with the estimated expected term of the stock awards. Volatility for ESPP shares is equal to the Company’s historical volatility over a six-month offering period. Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the stock options in effect at the time of grant. Dividend yield. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plan to pay any dividends on its common stock. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. 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, 2020 2019 2018 Current: Federal $ (13,912 ) $ (390 ) $ 14,302 State 1 — 1 Total current (13,911 ) (390 ) 14,303 Deferred: Federal — (37 ) — State — — — Total deferred — (37 ) — Provision for (benefit from) income taxes $ (13,911 ) $ (427 ) $ 14,303 A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows: Years Ended December 31, 2020 2019 2018 U.S. federal taxes at statutory rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 3.3 % 1.3 % 0.7 % Stock compensation (2.2 )% (1.2 )% 1.7 % Tax credits 11.0 % 2.5 % 6.2 % Change in valuation allowance (31.2 )% (22.8 )% (49.5 )% Net operating loss carryback 27.9 % 0.0 % 0.0 % Return to provision adjustment 0.0 % (0.3 )% 0.0 % Other (0.1 )% (0.1 )% (0.5 )% Total 29.7 % 0.4 % (20.4 )% The types of temporary differences that give rise to significant portions of the Company’s deferred income tax assets and liabilities are set out below (in thousands): Year Ended December 31, 2020 2019 2018 Net operating loss carryforwards $ 37,099 $ 38,967 $ 15,468 Research and development credits 16,803 10,940 7,514 Lease liability 5,223 5,813 — Intangible assets 3,923 3,320 — Deferred revenue 38,832 47,180 56,881 Accruals and deferred rent 1,512 1,296 1,955 Stock-based compensation 8,578 7,837 5,746 Other 20 — 39 Total gross deferred income tax assets 111,990 115,353 87,603 Less: valuation allowance (106,448 ) (109,174 ) (86,466 ) Deferred tax assets, net of valuation allowance 5,542 6,179 1,137 Fixed assets (433 ) (591 ) (854 ) Right-of-use assets (4,724 ) (5,330 ) — Intangible assets — — (108 ) Prepaid expenses (385 ) (243 ) (175 ) Other — (15 ) — Deferred tax liabilities (5,542 ) (6,179 ) (1,137 ) Net deferred income tax liabilities $ — $ — $ — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The tax relief measures under the CARES Act for businesses include a five-year The Company recognized income tax benefit of $13.9 million for the year ended December 31, 2020, through the net operating loss carryback under the CARES Act which generated a refund of income taxes paid for 2018. 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, 2020, 2019 and 2018 was an increase(decrease) of $(2.7) million, $22.7 million and $35.7 million, respectively. The Company had net operating loss carryforwards for federal and state income tax purposes of approximately $168.6 million and $24.2 million, respectively, as of December 31, 2020, available to reduce future taxable income. Of the federal net operating loss carryforwards, $65.6 million will begin to expire in 2034, if not utilized and $103 million will carryforward indefinitely. The state net operating loss carryforwards will begin to expire in 2032, if not utilized. The Company also has federal and state research and development tax credits carryforwards of $15.6 million and $9.0 million, respectively, as of December 31, 2020 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. 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. 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 $6.5 million, $5.2 million and $3.8 million of unrecognized tax benefits as of December 31, 2020, 2019 and 2018, respectively, and approximately $0, $0.9 million and $1.0 million, 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, 2020 2019 2018 Balance at the beginning of the year $ 5,249 $ 3,756 $ 4,320 Additions based on tax positions related to current year 1,205 1,403 1,166 Adjustment based on tax positions related to prior years — 90 (1,730 ) Balance at end of the year $ 6,454 $ 5,249 $ 3,756 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 2020, 2019 and 2018. The Company files income tax returns in the United States, including California state jurisdiction. The tax years 2010 to 2019 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, 2020 |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, the Company made contributions to the plan of $0.8 million, $0.8 million and $0.6 million, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events In January 2021, the Company completed an underwritten public offering of 14,285,714 shares of common stock at a price of $7.00 per share. The aggregate net proceeds received by the Company from the offering were approximately $93.6 million, after deducting underwriting discounts and commissions and estimated offering expenses of $6.4 million. The Company also granted the underwriters the option, for 30 days, to purchase up to 2,142,857 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. In February 2021, the underwriters exercised the option in full which resulted in additional net proceeds of $14.1 million to the Company, after deducting the underwriting discounts and commissions of $0.9 million. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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: Revenue Accounts Receivable, net Year Ended December 31, December 31, 2020 2019 2018 2020 2019 (in thousands) (in thousands) AbbVie Ireland Unlimited Company $ 38,192 $ 5,878 $ 18,997 $ — $ — Astellas Pharma Inc. 13,931 — — 798 — Bristol-Myers Squibb Company 39,630 47,740 32,780 — 13 Total revenue from customers who represent 10% or more of the Company's total revenue $ 91,753 $ 53,618 $ 51,777 $ 798 $ 13 The Company’s customers are located in the United States of America, Ireland and Japan. |
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: December 31 2020 2019 (in thousands) Cash and cash equivalents $ 191,859 $ 188,425 Restricted cash 917 917 $ 192,776 $ 189,342 |
Short-term Investments | Short-term Investments All investments have been classified as available-for-sale (“AFS”) 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 less than 12 months are considered short-term investments. 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. The Company assesses impairment of its AFS debt securities investments at each reporting period. Unrealized gains resulting from the excess of the fair value over the amortized cost basis of an investment are reported as a component of accumulated other comprehensive income (loss), net of tax. Unrealized losses or impairments resulting from the fair value of the AFS debt security being below the amortized cost basis are evaluated, using the discounted cash flow model, for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the security, limited to the difference between the fair value and the amortized cost basis of the security. Any difference between the fair value of the security and the amortized cost basis, less the allowance for credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for credit losses subject to the total allowance previously recognized. In the event of impairment of any security, if management (i) has the intent to sell such security or (ii) will more-likely-than-not be required to sell such security before recovery of its amortized cost basis, such AFS debt security’s amortized cost basis will be written down to its fair value through earnings along with any existing allowance for credit losses. |
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, 2020, 2019 and 2018. |
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, 2020, 2019 and 2018. |
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 as distinct performance obligations that should be accounted for separately. Judgment is required to determine whether the license to the Company ’ The Company ’ The Company ’ The transaction price in each arrangement is allocated to the identified performance obligations based on the relative standalone selling price ( “ ” ’ In certain cases, the Company’s performance creates an asset that does not have an alternative use to the customer and the Company has an enforceable right to payment at all times for performance completed to date. In these cases, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. 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 non-credit related unrealized gains and losses on short-term investments and impact of adoption of new accounting pronouncements during the period represent the components 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 satisfies its performance 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. Forfeitures are recognized as they occur. On January 2019, the Company adopted ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. related Prior to the adoption of ASU 2018-07, such stock-based compensation expense was measured on the date of performance at the fair value of the consideration received or the fair value |
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, 2020, 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. |
Research and Development Expenses | Research and Development Expenses 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. In January 2019, the Company acquired certain technology know-how that is complementary to the Company’s proprietary Probody technology from a third party for $5.0 million. The Company plans to use this technology in certain of the Company’s discovery stage projects, and has concluded that the technology acquired does not have an alternative future use. Accordingly, the $5.0 million has been recorded as research and development expense for 2019. |
Leases | Leases The Company adopted the Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) . |
Adopted Accounting Pronouncements and Recent Accounting Pronouncements | Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than reducing the carrying amount under the previous other-than-temporary-impairment model. Simplification of the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Fair Value Measurement Disclosure Requirements Modification In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Internal Use Software Guidance for Cloud Computing Arrangement In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40) Collaborative Arrangements and Revenue Recognition In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the interaction between Topic 808 and Topic 606 Share-Based Payment to Customer In November 2019, the FASB issued ASU 2019-08, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements – Share-Based Consideration Payable to a Customer. The amendments in this ASU require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. Under ASC 606, these awards are considered a reduction of the transaction price, unless the awards are payment for a distinct good or service received from the customer and should be recorded as a reduction of the transaction price. However, the ASU requires these awards to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718 and should be recognized at the later of when the award is promised and when the entity recognizes revenue for the transfer of the related goods or services in accordance with ASC 606. The ASU is effective for the Company on January 1, 2020, and there was no material impact on its financial statements upon adoption of this ASU. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: Revenue Accounts Receivable, net Year Ended December 31, December 31, 2020 2019 2018 2020 2019 (in thousands) (in thousands) AbbVie Ireland Unlimited Company $ 38,192 $ 5,878 $ 18,997 $ — $ — Astellas Pharma Inc. 13,931 — — 798 — Bristol-Myers Squibb Company 39,630 47,740 32,780 — 13 Total revenue from customers who represent 10% or more of the Company's total revenue $ 91,753 $ 53,618 $ 51,777 $ 798 $ 13 |
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: December 31 2020 2019 (in thousands) Cash and cash equivalents $ 191,859 $ 188,425 Restricted cash 917 917 $ 192,776 $ 189,342 |
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 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 for the periods presented, because including them would have been anti-dilutive: Year Ended December 31, 2020 2019 2018 Options and ESPP to purchase common stock 11,388,691 9,687,844 7,478,755 |
Fair Value Measurements and S_2
Fair Value Measurements and Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Short-Term Investments Subject to Fair Value Measurements on a Recurring Basis | The following tables set forth the fair value of the Company’s short-term investments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements: December 31, 2020 Valuation Hierarchy Amortized Cost Allowance for Credit Losses Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value (in thousands) Assets Money market funds Level I $ 131,121 $ — $ — $ — $ 131,121 Restricted cash (money market funds) Level I 917 — — — 917 U.S. Government bonds Level I 124,254 — 6 — 124,260 Total Securities $ 256,292 $ — $ 6 $ — $ 256,298 December 31, 2019 Valuation Hierarchy Amortized Cost Allowance for Credit Losses Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value (in thousands) Assets Money market funds Level I $ 170,757 $ — $ — $ — $ 170,757 Restricted cash (money market funds) Level I 917 — — — 917 U.S. Government bonds Level I 107,610 — 110 — 107,720 Total securities $ 279,284 $ — $ 110 $ — $ 279,394 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31 2020 2019 (in thousands) Machinery and equipment $ 13,772 $ 12,124 Computer equipment and software 1,600 1,555 Furniture and fixtures 1,024 1,024 Leasehold improvements 1,728 1,483 Construction in progress 252 236 18,376 16,422 Less: accumulated depreciation and amortization (11,426 ) (9,050 ) $ 6,950 $ 7,372 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill and intangible assets consisted of the following: Goodwill December 31, 2020 2019 (in thousands) Goodwill $ 949 $ 949 Intangible assets December 31, 2020 2019 (in thousands) In-process research and development $ 1,750 $ 1,750 Less accumulated amortization (583 ) (438 ) $ 1,167 $ 1,312 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2020 2019 (in thousands) Research and clinical expenses $ 10,092 $ 19,006 Payroll and related expenses 8,362 6,721 Legal and professional expenses 815 1,062 Operating lease liabilities - short term 3,195 2,810 Other accrued expenses 595 452 Total $ 23,059 $ 30,051 |
Research and Collaboration Ag_2
Research and Collaboration Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Revenue by Collaboration Partners | The following table summarizes the revenue by collaboration partners: Year Ended December 31, 2020 2019 2018 (in thousands) AbbVie $ 38,192 $ 5,878 $ 18,997 Amgen 8,609 3,871 4,899 Astellas 13,931 — — Bristol Myers Squibb 39,630 47,740 32,780 ImmunoGen — — 1,471 Pfizer — — 1,355 Total revenue $ 100,362 $ 57,489 $ 59,502 |
Summary of Contract Liabilities | The following table presents changes in the Company ’ Balance at 12/31/2019 Additions Deductions Balance at 12/31/2020 (in thousands) Contract liabilities: Deferred revenue $ 230,239 $ 120,000 $ 89,109 $ 261,130 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Supplemental Information Related to Leases | Supplemental information related to leases are as follows: Year Ended December 31, 2020 December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,990 $ 4,855 December 31, 2020 December 31, 2019 (in thousands) Supplemental balance sheet information related to leases: Operating lease right-of-use assets $ 22,495 $ 25,382 Current operating lease liabilities 3,195 2,810 Non-current operating lease liabilities 21,675 24,871 Total operating lease liabilities $ 24,870 $ 27,681 Weighted-average remaining lease term (in years) Operating lease 5.75 6.85 Weighted-average discount rate Operating lease 8.25 % 8.25 % |
Schedule of Maturity of Operating Lease Liabilities | December 31, 2020 (in thousands) Maturity of operating lease liabilities 2021 5,129 2022 5,273 2023 5,420 2024 5,572 2025 and beyond 10,116 Total lease payments 31,510 Less imputed interest (6,640 ) Present value of lease liabilities $ 24,870 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Options issued and outstanding 10,929,530 9,936,168 Shares available for future stock option grants 2,903,398 3,145,266 Shares available for future employee stock purchase plan 1,935,683 1,609,137 Total 15,768,611 14,690,571 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2019 3,145,266 9,936,168 12.26 Options authorized 1,820,923 — — Options granted (4,219,044 ) 4,219,044 7.23 Options exercised — (1,064,830 ) 4.58 Options cancelled 2,156,253 (2,160,852 ) 13.75 Balances at December 31, 2020 2,903,398 10,929,530 $ 10.77 6.4 $ 6,844 Options Exercisable—December 31, 2020 6,145,652 $ 11.69 4.7 $ 6,031 Options vested and expected to vest—December 31, 2020 10,929,530 $ 10.77 6.4 $ 6,844 |
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, 2020 2019 2018 Research and development $ 6,825 $ 9,226 $ 8,313 General and administrative 7,961 9,874 8,565 Total stock-based compensation expense $ 14,786 $ 19,100 $ 16,878 |
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, 2020 2019 2018 2020 2019 2018 Expected volatility 64.4% - 73.3% 64.4% - 68.6% 65.6% - 69.3% 47.3% - 122.1% 60.8% - 71.9% 46.4% - 70.5% Risk-free interest rate 0.2% - 1.3% 1.4% - 2.5% 2.5% - 3.0% 0.1% - 0.2% 1.6% - 2.4% 2.1% - 2.6% Dividend yield — % — % — % — % — % — % Expected term (in years) 4.7 - 4.9 4.9 - 5.0 4.7 - 4.9 0.5 0.5 0.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Current: Federal $ (13,912 ) $ (390 ) $ 14,302 State 1 — 1 Total current (13,911 ) (390 ) 14,303 Deferred: Federal — (37 ) — State — — — Total deferred — (37 ) — Provision for (benefit from) income taxes $ (13,911 ) $ (427 ) $ 14,303 |
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, 2020 2019 2018 U.S. federal taxes at statutory rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 3.3 % 1.3 % 0.7 % Stock compensation (2.2 )% (1.2 )% 1.7 % Tax credits 11.0 % 2.5 % 6.2 % Change in valuation allowance (31.2 )% (22.8 )% (49.5 )% Net operating loss carryback 27.9 % 0.0 % 0.0 % Return to provision adjustment 0.0 % (0.3 )% 0.0 % Other (0.1 )% (0.1 )% (0.5 )% Total 29.7 % 0.4 % (20.4 )% |
Schedule of Deferred Income Tax Assets and Liabilities | The types of temporary differences that give rise to significant portions of the Company’s deferred income tax assets and liabilities are set out below (in thousands): Year Ended December 31, 2020 2019 2018 Net operating loss carryforwards $ 37,099 $ 38,967 $ 15,468 Research and development credits 16,803 10,940 7,514 Lease liability 5,223 5,813 — Intangible assets 3,923 3,320 — Deferred revenue 38,832 47,180 56,881 Accruals and deferred rent 1,512 1,296 1,955 Stock-based compensation 8,578 7,837 5,746 Other 20 — 39 Total gross deferred income tax assets 111,990 115,353 87,603 Less: valuation allowance (106,448 ) (109,174 ) (86,466 ) Deferred tax assets, net of valuation allowance 5,542 6,179 1,137 Fixed assets (433 ) (591 ) (854 ) Right-of-use assets (4,724 ) (5,330 ) — Intangible assets — — (108 ) Prepaid expenses (385 ) (243 ) (175 ) Other — (15 ) — Deferred tax liabilities (5,542 ) (6,179 ) (1,137 ) Net deferred income tax liabilities $ — $ — $ — |
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, 2020 2019 2018 Balance at the beginning of the year $ 5,249 $ 3,756 $ 4,320 Additions based on tax positions related to current year 1,205 1,403 1,166 Adjustment based on tax positions related to prior years — 90 (1,730 ) Balance at end of the year $ 6,454 $ 5,249 $ 3,756 |
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 | ||
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||||
Revenue | $ 100,362 | $ 57,489 | $ 59,502 | |
Accounts Receivable, net | 798 | 13 | ||
AbbVie Ireland Unlimited Company | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 9,900 | 38,200 | 5,900 | 19,000 |
Major Customer | ||||
Concentration Risk [Line Items] | ||||
Revenue | 91,753 | 53,618 | 51,777 | |
Accounts Receivable, net | 798 | 13 | ||
Major Customer | AbbVie Ireland Unlimited Company | ||||
Concentration Risk [Line Items] | ||||
Revenue | 38,192 | 5,878 | 18,997 | |
Major Customer | Bristol Myers Squibb Company | ||||
Concentration Risk [Line Items] | ||||
Revenue | 39,630 | 47,740 | $ 32,780 | |
Accounts Receivable, net | $ 13 | |||
Major Customer | Astellas Pharma Inc. | ||||
Concentration Risk [Line Items] | ||||
Revenue | 13,931 | |||
Accounts Receivable, net | $ 798 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2019USD ($) | Dec. 31, 2020USD ($)ActivitySegment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
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 | |||
Increase in accumulated deficit balance | (450,115,000) | (417,230,000) | ||||
Research and development expense | 112,936,000 | 131,619,000 | $ 103,866,000 | |||
Right-of-use asset | 22,495,000 | 25,382,000 | ||||
Lease liability | $ 24,870,000 | 27,681,000 | ||||
Probody technology | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Acquired, technology know-how | $ 5,000,000 | |||||
Research and development expense | $ 5,000,000 | |||||
ASC 842 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Right-of-use asset | $ 28,000,000 | |||||
Lease liability | $ 30,100,000 | |||||
Adjustments | ASC 606 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Increase in accumulated deficit balance | $ (10,900,000) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 191,859 | $ 188,425 | ||
Restricted cash | 917 | 917 | ||
Cash, cash equivalents, and restricted cash | $ 192,776 | $ 189,342 | $ 248,494 | $ 178,465 |
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, 2020 | |
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_2
Adopted and Recent Accounting Pronouncements - Additional Information (Details) | Dec. 31, 2020 |
ASU 2016-13 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
ASU 2017-04 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
ASU 2018-13 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
ASU 2018-15 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
ASU 2018-18 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
ASU 2019-08 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
ASU 2019-12 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, adopted [true false] | false |
Change in accounting principle, accounting standards update, immaterial effect [true false] | false |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options and ESPP 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 | 11,388,691 | 9,687,844 | 7,478,755 |
Fair Value Measurements and S_3
Fair Value Measurements and Short-Term Investments - Schedule of Short-Term Investments Subject to Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 256,292 | $ 279,284 |
Gross Unrealized Holding Gains | 6 | 110 |
Aggregate Fair Value | 256,298 | 279,394 |
Cash and cash equivalents | 191,859 | 188,425 |
Level I | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 131,121 | 170,757 |
Level I | Restricted cash (money market funds) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Restricted cash | 917 | 917 |
Level I | U. S. Government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term Investments, Amortized Cost | 124,254 | 107,610 |
Short-term Investments, Gross Unrealized Holding Gains | 6 | 110 |
Short-term Investments, Aggregate Fair Value | $ 124,260 | $ 107,720 |
Fair Value Measurements and S_4
Fair Value Measurements and Short-Term Investments - Additional Information (Details) | Dec. 31, 2020USD ($) |
Fair Value Disclosures [Abstract] | |
Contractual maturities of greater than twelve months | $ 0 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Machinery and equipment | $ 13,772 | $ 12,124 |
Computer equipment and software | 1,600 | 1,555 |
Furniture and fixtures | 1,024 | 1,024 |
Leasehold improvements | 1,728 | 1,483 |
Construction in progress | 252 | 236 |
Total property and equipment | 18,376 | 16,422 |
Less: accumulated depreciation and amortization | (11,426) | (9,050) |
Property and equipment, net | $ 6,950 | $ 7,372 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 2.4 | $ 2.5 | $ 1.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 146 | $ 146 | $ 146 |
IPR&D [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Average estimated lives of patents | 12 years | ||
Amortization expense of intangible assets | $ 100 | $ 100 | $ 100 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | ||
Goodwill | $ 949 | $ 949 |
In-Process Research and Development | ||
Intangible assets | ||
Intangible assets, gross | 1,750 | 1,750 |
Less accumulated amortization | (583) | (438) |
Intangible assets, net | $ 1,167 | $ 1,312 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities Current [Abstract] | ||
Research and clinical expenses | $ 10,092 | $ 19,006 |
Payroll and related expenses | 8,362 | 6,721 |
Legal and professional expenses | 815 | 1,062 |
Operating lease liabilities - short term | 3,195 | 2,810 |
Other accrued expenses | 595 | 452 |
Total | $ 23,059 | $ 30,051 |
Research and Collaboration Ag_3
Research and Collaboration Agreements - Schedule of Revenue by Collaboration Partners (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue | $ 100,362 | $ 57,489 | $ 59,502 |
AbbVie | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue | 38,192 | 5,878 | 18,997 |
Amgen | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue | 8,609 | 3,871 | 4,899 |
Bristol Myers Squibb Company | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue | 39,630 | $ 47,740 | 32,780 |
Astellas | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue | $ 13,931 | ||
ImmunoGen | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue | 1,471 | ||
Pfizer | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue | $ 1,355 |
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 | |||||||
Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | May 31, 2018USD ($) | Jul. 31, 2017USD ($) | Apr. 30, 2016USD ($)AgreementTargetAccountingUnit | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2017Target | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Revenue recognized from collaborative arrangement | $ 100,362,000 | $ 57,489,000 | $ 59,502,000 | |||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | ||||||||
Deferred revenue | 261,130,000 | $ 230,239,000 | ||||||||
AbbVie Ireland Unlimited Company | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Milestone payment received | $ 21,000,000 | |||||||||
Revenue recognized from collaborative arrangement | $ 9,900,000 | $ 38,200,000 | $ 5,900,000 | $ 19,000,000 | ||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | 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 and commercialization costs | 35.00% | |||||||||
Amount due from agreement | $ 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 | $ 40,000,000 | 21,000,000 | $ 14,000,000 | |||||||
Milestone payment received | 21,000,000 | |||||||||
Deferred revenue | 25,200,000 | 20,000,000 | ||||||||
AbbVie Ireland Unlimited Company | CD71 Agreement | Transferred over Time | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Revenue recognized from collaborative arrangement | $ 26,600,000 | |||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | |||||||||
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 | |||||||||
Estimated sublicense fees | 4,200,000 | |||||||||
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 | 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 | $ 1,000,000 | ||||||||
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 | |||||||||
Deferred revenue | $ 8,000,000 | $ 11,600,000 | ||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | ASC 606 | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Upfront payment received | 10,000,000 | |||||||||
Total transaction price | $ 10,000,000 | |||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | Second Target | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Milestone payments received | $ 10,000,000 | |||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | Second Target | ASC 606 | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Total transaction price | $ 10,000,000 | |||||||||
Estimated research service period | 5 years | |||||||||
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 | $ 265,000,000 |
Research and Collaboration Ag_5
Research and Collaboration Agreements - AbbVie Ireland Unlimited Company - Additional Information (Details 1) | Apr. 30, 2016 |
AbbVie Ireland Unlimited Company | Discovery Agreement | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2016-04-01 | |
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 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Common stock, value of shares issued in connection with agreement | $ 11,288,000 | $ 134,596,000 | |||||
Accrued liabilities | 23,059,000 | $ 30,051,000 | |||||
Revenue recognized from collaborative arrangement | 100,362,000 | $ 57,489,000 | $ 59,502,000 | ||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||
Deferred revenue | 261,130,000 | $ 230,239,000 | |||||
Amgen Inc | EGFR Products | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Deferred revenue | 29,800,000 | ||||||
Amgen Inc | Amgen Other Products | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Deferred revenue | 2,200,000 | ||||||
Collaboration and License Agreement | Amgen Inc | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Upfront payment received | $ 40,000,000 | $ 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 | $ 8,600,000 | $ 3,900,000 | $ 4,900,000 | ||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | ||||
Amount due from agreement | $ 0 | $ 0 | |||||
Collaboration and License Agreement | Amgen Inc | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Contingent payments payable | 203,000,000 | ||||||
Collaboration and License Agreement | Amgen Inc | EGFR Products | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Total transaction price | 46,400,000 | ||||||
Estimated research service period | 8 years | 7 years | |||||
Deferred revenue | 29,800,000 | 37,600,000 | |||||
Collaboration and License Agreement | Amgen Inc | EGFR Products | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Contingent milestone payments receivable | $ 455,000,000 | ||||||
Percentage share of profit and losses | 50.00% | ||||||
Collaboration and License Agreement | Amgen Inc | Amgen Products | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Contingent milestone payments receivable | $ 950,000,000 | ||||||
Number of targets | Target | 3 | ||||||
Collaboration and License Agreement | Amgen Inc | Amgen Other Products | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Total transaction price | $ 4,800,000 | ||||||
Estimated research service period | 6 years | ||||||
Revenue recognition upon performance obligation | $ 4,800,000 | ||||||
Deferred revenue | 2,200,000 | 3,000,000 | |||||
Sublicense Agreement | Amgen Inc | UC Regents | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Accrued liabilities | $ 0 | $ 0 | |||||
Sublicense Agreement | Amgen Inc | Maximum | UC Regents | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Sublicense payment percentage | 7.50% |
Research and Collaboration Ag_7
Research and Collaboration Agreements - Astellas Pharma Inc - Additional Information (Details) $ in Thousands | Mar. 23, 2020USD ($)Target | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue recognized from collaborative arrangement | $ 100,362 | $ 57,489 | $ 59,502 | ||
Deferred revenue | 261,130 | $ 230,239 | |||
Astellas Pharma Inc. | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | 67,600 | ||||
Collaboration and License Agreement | Astellas Pharma Inc. | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of targets selected | Target | 1 | ||||
Number of additional collaboration target | Target | 3 | ||||
Upfront payment received | $ 80,000 | $ 80,000 | |||
Total transaction price | 90,000 | ||||
Research and development service fees | $ 10,000 | 1,500 | |||
Estimated research service period | 5 years | ||||
Estimated research service termination month & year | 2025-03 | ||||
Revenue recognized from collaborative arrangement | 13,900 | ||||
Deferred revenue | 67,600 | ||||
Amount due from customer | $ 800 | ||||
Collaboration and License Agreement | Astellas Pharma Inc. | Additional Contingent Payments | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Contingent milestone payments receivable | $ 900,000 | ||||
Collaboration and License Agreement | Astellas Pharma Inc. | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of targets | Target | 4 | ||||
Right to expand the number of additional collaboration target | Target | 5 | ||||
Contingent milestone payments receivable | $ 1,600,000 | ||||
Collaboration and License Agreement | Astellas Pharma Inc. | Minimum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Right to expand the number of additional collaboration target | Target | 3 |
Research and Collaboration Ag_8
Research and Collaboration Agreements - Bristol-Myers Squibb Company - Additional Information (Details) | Apr. 25, 2017USD ($)Target | Jul. 07, 2014USD ($)TargetTerm | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 28, 2021USD ($) | Feb. 29, 2020USD ($) | Nov. 30, 2017USD ($) | Mar. 17, 2017Target | Dec. 31, 2016USD ($) | Jan. 31, 2016USD ($) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Revenue recognized from collaborative arrangement | $ 100,362,000 | $ 57,489,000 | $ 59,502,000 | ||||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||||||||||
Deferred revenue | 261,130,000 | $ 230,239,000 | |||||||||||
Bristol Myers Squibb Company | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Deferred revenue | $ 128,300,000 | ||||||||||||
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 had a two-year research term and the two additional targets had to be nominated by Bristol Myers Squibb within five years of the effective date of the BMS Agreement. The research term for each collaboration target could be extended in one year increments up to three times. | ||||||||||||
Extension of research term for each collaboration target | 1 year | ||||||||||||
Upfront payment received | $ 200,000,000 | $ 50,000,000 | |||||||||||
Contingent milestone payments receivable | $ 10,000,000 | $ 15,000,000 | $ 10,000,000 | ||||||||||
Number of research targets selected | Target | 8 | ||||||||||||
Total transaction price | 272,800,000 | ||||||||||||
Upfront payment received | 250,000,000 | ||||||||||||
Research and development service fees | 10,800,000 | ||||||||||||
Milestone payment received | $ 12,000,000 | $ 10,000,000 | |||||||||||
Estimated research service termination date | Apr. 25, 2025 | ||||||||||||
Revenue recognized from collaborative arrangement | $ 39,600,000 | $ 47,700,000 | $ 32,800,000 | ||||||||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | ||||||||||
Deferred revenue | $ 128,300,000 | $ 158,000,000 | |||||||||||
Amount due from agreement | $ 0 | $ 13,000 | |||||||||||
Collaborative Arrangement | Bristol Myers Squibb Company | Forecast | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Contingent milestone payments receivable | $ 1,779,000,000 | ||||||||||||
Collaborative Arrangement | Bristol Myers Squibb Company | Pre 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 | Bristol Myers Squibb Company | Third And Fourth Immuno-Oncology Targets | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Revenue recognized from collaborative arrangement | $ 18,100,000 | ||||||||||||
Contingent milestone payments, no longer eligible to receive | 894,000,000 | ||||||||||||
Collaborative Arrangement | Bristol Myers Squibb Company | Accelerated Recognition of Deferred Revenue | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Revenue recognized from collaborative arrangement | $ 17,400,000 | ||||||||||||
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 | ||||||||||||
Contingent milestone payments receivable | $ 3,586,000,000 | $ 1,192,000,000 | |||||||||||
Collaborative Arrangement | Maximum | Bristol Myers Squibb Company | Each Of Two Additional Targets | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Contingent milestone payments receivable | $ 25,000,000 | ||||||||||||
Collaboration and License Agreement | Maximum | Bristol Myers Squibb Company | |||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||
Number of additional collaboration target | Target | 8 |
Research and Collaboration Ag_9
Research and Collaboration Agreements - ImmunoGen, Inc - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2014USD ($)Target | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 29, 2020USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Estimated total fair value consideration recorded as deferred revenue | $ 261,130,000 | $ 230,239,000 | ||||
Revenue recognized from collaborative arrangement | 100,362,000 | 57,489,000 | $ 59,502,000 | |||
Charge to research and development expense | $ 112,936,000 | $ 131,619,000 | 103,866,000 | |||
Collaborative Arrangement | Immuno Gen Inc | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront cash payment | $ 0 | |||||
Number of research targets selected | Target | 2 | |||||
Estimated total fair value consideration recorded as deferred revenue | $ 13,200,000 | |||||
Revenue recognized from collaborative arrangement | $ 1,500,000 | |||||
Milestone payments payable | $ 3,000,000 | |||||
Charge to research and development expense | $ 3,000,000 |
Research and Collaboration A_10
Research and Collaboration Agreements - Pfizer Inc - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2014USD ($) | May 31, 2013Target | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Additional target as deferred revenue | $ 120,000 | ||||
Revenue recognized from collaborative arrangement | $ 100,362 | $ 57,489 | $ 59,502 | ||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | |||
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 | ||||
Revenue recognized from collaborative arrangement | $ 1,400 | ||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember |
Research and Collaboration A_11
Research and Collaboration Agreements - Summary of Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at 12/31/2019 | $ 230,239 |
Additions | 120,000 |
Deductions | 89,109 |
Balance at 12/31/2020 | $ 261,130 |
Research and Collaboration A_12
Research and Collaboration Agreements - Contract Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Additions to deferred revenue | $ 120,000 | |
Deductions to deferred revenue recognized during the period | 89,109 | |
Deferred revenue | 261,130 | $ 230,239 |
AbbVie Ireland Unlimited Company | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Additions to deferred revenue | 40,000 | |
AbbVie Ireland Unlimited Company | CD71 Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Deferred revenue | $ 25,200 | $ 20,000 |
Deferred revenue recognition maturity month and year | 2022-09 | |
AbbVie Ireland Unlimited Company | First Target under Discovery Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Deferred revenue | $ 1,000 | |
Deferred revenue recognition maturity month and year | 2022-04 | |
AbbVie Ireland Unlimited Company | Second Target under Discovery Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Deferred revenue | $ 7,000 | |
Deferred revenue recognition maturity month and year | 2024-06 | |
Astellas Pharma Inc. | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Additions to deferred revenue | $ 80,000 | |
Deferred revenue | $ 67,600 | |
Deferred revenue recognition maturity month and year | 2025-03 | |
Amgen Inc | EGFR Products | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Deferred revenue | $ 29,800 | |
Deferred revenue recognition maturity month and year | 2024-09 | |
Amgen Inc | Amgen Other Products | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Deferred revenue | $ 2,200 | |
Deferred revenue recognition maturity month and year | 2023-09 | |
Bristol Myers Squibb Company | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Deferred revenue | $ 128,300 | |
Deferred revenue recognition maturity month and year | 2025-04 |
License Agreement - Additional
License Agreement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 23, 2020 | Apr. 25, 2017 | Jul. 07, 2014 | Mar. 31, 2020 | Feb. 29, 2020 | Jun. 30, 2019 | Apr. 30, 2019 | May 31, 2018 | Jul. 31, 2017 | Apr. 30, 2016 | Mar. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 |
License Agreement [Line Items] | ||||||||||||||||
Annual minimum royalty obligations | $ 200 | |||||||||||||||
License termination period | 60 days | |||||||||||||||
Common stock, shares issued | 48,251,819 | 45,523,088 | ||||||||||||||
Research and development | $ 112,936 | $ 131,619 | $ 103,866 | |||||||||||||
Accrued liabilities | 23,059 | 30,051 | ||||||||||||||
AbbVie | Discovery Agreement | Second Target | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Additional sublicense fees | $ 800 | |||||||||||||||
Milestone payment receivable | $ 10,000 | |||||||||||||||
Bristol Myers Squibb Company | Collaboration and License Agreement | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Milestone payment receivable | $ 10,000 | |||||||||||||||
Sublicense fees | $ 800 | |||||||||||||||
Bristol Myers Squibb Company | Collaborative Arrangement | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Upfront payment received | $ 200,000 | $ 50,000 | ||||||||||||||
Milestone payment received | $ 12,000 | $ 10,000 | ||||||||||||||
Astellas Pharma Inc. | Collaboration and License Agreement | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Additional sublicense fees | $ 6,000 | |||||||||||||||
Upfront payment received | $ 80,000 | 80,000 | ||||||||||||||
AbbVie Ireland Unlimited Company | Discovery Agreement | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Upfront payment received | $ 10,000 | |||||||||||||||
AbbVie Ireland Unlimited Company | CD71 Agreement | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Additional sublicense fees | 1,400 | |||||||||||||||
Upfront payment received | $ 20,000 | |||||||||||||||
Milestone payment received | $ 40,000 | $ 21,000 | $ 14,000 | |||||||||||||
Immuno Gen Inc | Collaborative Arrangement | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Research and development | $ 3,000 | |||||||||||||||
Upfront license payment | 7,500 | |||||||||||||||
UCSB | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Common stock, shares issued | 150,000 | 157,332 | ||||||||||||||
Fair value of common stock price per share | $ 10.68 | |||||||||||||||
Payment of upfront fees | $ 1,000 | $ 1,000 | ||||||||||||||
Annual license maintenance fees | $ 800 | $ 800 | ||||||||||||||
License payment term | 2031 | |||||||||||||||
Percentage of remaining maintenance fees outstanding | 50.00% | |||||||||||||||
Fair value of common stock issued | $ 1,600 | |||||||||||||||
Sublicense fees | 9,100 | 4,300 | $ 600 | |||||||||||||
Accrued liabilities | $ 0 | $ 200 | ||||||||||||||
UCSB | Sublicense and Maintenance Fees | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Research and development | $ 3,400 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | May 21, 2020Defendant | Mar. 04, 2020USD ($) | Dec. 31, 2020 |
Patent Infringement Lawsuit | |||
Loss Contingencies [Line Items] | |||
Lawsuit filed date | March 4, 2020 | ||
Name of plaintiff | Vytacera Bio, LLC | ||
Loss contingency, answer, affirmative defenses and counterclaims filing date | May 26, 2020 | ||
Loss contingency, answer and counterclaims by plaintiff filing date | Jun. 5, 2020 | ||
Loss contingency claim amount | $ | $ 0 | ||
Securities Class Action Lawsuit | |||
Loss Contingencies [Line Items] | |||
Number of current and former officers named as defendants | Defendant | 3 |
Leases - Additional Information
Leases - Additional Information (Details) | Dec. 10, 2015USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | ||||
Restricted cash | $ 917,000 | $ 917,000 | ||
Rent expense | 5,100,000 | 4,800,000 | $ 4,200,000 | |
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 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 4,990 | $ 4,855 |
Supplemental balance sheet information related to leases: | ||
Right-of-use asset | 22,495 | 25,382 |
Current operating lease liabilities | 3,195 | 2,810 |
Non-current operating lease liabilities | 21,675 | $ 24,871 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | |
Total operating lease liabilities | $ 24,870 | $ 27,681 |
Weighted-average remaining lease term (in years) | ||
Operating lease | 5 years 9 months | 6 years 10 months 6 days |
Weighted-average discount rate | ||
Operating lease | 8.25% | 8.25% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Maturity of operating lease liabilities | ||
2021 | $ 5,129 | |
2022 | 5,273 | |
2023 | 5,420 | |
2024 | 5,572 | |
2025 and beyond | 10,116 | |
Total lease payments | 31,510 | |
Less imputed interest | (6,640) | |
Present value of lease liabilities | $ 24,870 | $ 27,681 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) | Jul. 31, 2018 | Dec. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | Oct. 14, 2015 |
Class Of Stock [Line Items] | ||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 75,000,000 | 150,000,000 | 75,000,000 | |||
Common stock, par value | $ 0.00001 | $ 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 | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 11,288,000 | $ 134,596,000 | ||||||
Jefferies LLC | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock, par value | $ 0.00001 | |||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 1,535,217 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 11,300,000 | |||||||
Percentage of sales commission | 3.00% | |||||||
Average price | $ 7.62 | |||||||
Percentage of sales commission and issuance cost | 3.00% | 3.00% | ||||||
Jefferies LLC | Maximum | ||||||||
Class Of Stock [Line Items] | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 75,000,000 | |||||||
Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 1,535,217 | 150,000 | 5,867,347 | |||||
Proceeds from issuance of common stock, net of issuance costs | $ 134,600,000 | |||||||
Underwriting discounts and commissions and offering expenses | $ 9,200,000 | |||||||
Common Stock | Underwritten Public Offering | ||||||||
Class Of Stock [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 | |||||||
Common Stock | Underwriters | ||||||||
Class Of Stock [Line Items] | ||||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 765,306 |
Common Stock - Reserved Shares
Common Stock - Reserved Shares of Common Stock Issuance on Converted Basis (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Options issued and outstanding | 10,929,530 | 9,936,168 |
Shares available for future stock option grants | 2,903,398 | 3,145,266 |
Shares available for future employee stock purchase plan | 1,935,683 | 1,609,137 |
Total | 15,768,611 | 14,690,571 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock option expiration period | 10 years | |||||
Common stock, capital shares reserved for future issuance | 15,768,611 | 14,690,571 | ||||
Aggregate intrinsic value of stock options exercised | $ 4,400 | $ 900 | $ 14,600 | |||
Weighted average grant date fair value, options granted | $ 3.94 | $ 7.03 | $ 14.21 | |||
Unrecognized compensation expense, options granted | $ 23,200 | |||||
Number of shares issued during period | 128,684 | 142,949 | ||||
Stock-based compensation expense | $ 14,786 | $ 19,100 | $ 16,878 | |||
Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized stock-based compensation cost, period for recognition | 2 years 9 months 18 days | |||||
Stock-based compensation expense | $ 14,700 | $ 18,900 | 16,700 | |||
Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Estimated fair value of the shares on the date of grant | 85.00% | |||||
Common stock, capital shares reserved for future issuance | 1,935,683 | 1,609,137 | ||||
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 | $ 400 | $ 600 | 500 | |||
Unrecognized stock-based compensation cost | 200 | |||||
Non-employees | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 100 | $ 200 | $ 200 | |||
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] | ||||||
Stock option expiration period | 10 years | |||||
Employees holding voting rights of all classes of stock, percentage | 10.00% | |||||
Common stock, capital shares reserved for future issuance | 2,698,798 | 1,808,066 | 2,444,735 | |||
Increase in number of shares available for issuance, as proportion of issued and outstanding shares of common stock, percentage | 4.00% | |||||
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% | |||||
2019 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 204,600 | 1,337,200 | 1,815,000 | |||
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% | |||||
Minimum | 2019 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Estimated fair value of the shares on the date of grant | 100.00% | |||||
Maximum | 2019 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock option expiration period | 10 years |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options Available for Grant | |||
Balances, beginning of the period | 3,145,266 | ||
Balances, end of the period | 2,903,398 | 3,145,266 | |
Number of Options | |||
Balances, beginning of the period | 9,936,168 | ||
Options granted | 4,219,044 | ||
Options exercised | (1,064,830) | ||
Options cancelled | (2,160,852) | ||
Balances, end of the period | 10,929,530 | 9,936,168 | |
Options Exercisable, end of the period | 6,145,652 | ||
Options vested and expected to vest, end of the period | 10,929,530 | ||
Options Outstanding, Weighted-Average Exercise Price Per Share | |||
Balances, beginning of the period | $ 12.26 | ||
Options granted | 7.23 | ||
Options exercised | 4.58 | ||
Options cancelled | 13.75 | ||
Balances, end of the period | 10.77 | $ 12.26 | |
Options Exercisable, end of the period | 11.69 | ||
Options vested and expected to vest, end of the period | $ 10.77 | ||
Options Outstanding, Weighted- Average Remaining Contractual Life (years) | |||
Balances, end of the period | 6 years 4 months 24 days | ||
Options Exercisable, end of the period | 4 years 8 months 12 days | ||
Options vested and expected to vest, end of the period | 6 years 4 months 24 days | ||
Aggregate Intrinsic Value | |||
Options exercised | $ 4,400 | $ 900 | $ 14,600 |
Balances at December 31, 2020 | 6,844 | ||
Options Exercisable—December 31, 2020 | 6,031 | ||
Options vested and expected to vest—December 31, 2020 | $ 6,844 | ||
Employee Stock Option | |||
Options Available for Grant | |||
Balances, beginning of the period | 3,145,266 | ||
Options authorized | 1,820,923 | ||
Options granted | (4,219,044) | ||
Options cancelled | 2,156,253 | ||
Balances, end of the period | 2,903,398 | 3,145,266 |
Stock-based Compensation - Tota
Stock-based Compensation - Total Stock-based Compensation Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation expense: | |||
Stock-based compensation expense | $ 14,786 | $ 19,100 | $ 16,878 |
Research and development | |||
Stock-based compensation expense: | |||
Stock-based compensation expense | 6,825 | 9,226 | 8,313 |
General and administrative | |||
Stock-based compensation expense: | |||
Stock-based compensation expense | $ 7,961 | $ 9,874 | $ 8,565 |
Stock-based Compensation - Sc_2
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 64.40% | 64.40% | 65.60% |
Expected volatility, maximum | 73.30% | 68.60% | 69.30% |
Risk-free interest rate, minimum | 0.20% | 1.40% | 2.50% |
Risk-free interest rate, maximum | 1.30% | 2.50% | 3.00% |
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 | 4 years 8 months 12 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 | 4 years 10 months 24 days |
Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 47.30% | 60.80% | 46.40% |
Expected volatility, maximum | 122.10% | 71.90% | 70.50% |
Risk-free interest rate, minimum | 0.10% | 1.60% | 2.10% |
Risk-free interest rate, maximum | 0.20% | 2.40% | 2.60% |
Expected term (in years) | 6 months | 6 months | 6 months |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Mar. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Contingency [Line Items] | |||||
Net operating loss carryback | 5 years | ||||
Percentage of taxable income from net operating losses for suspension of annual deduction limitation | 80.00% | ||||
Deferred tax asset, net change in total valuation allowance increase during period | $ (2,700,000) | $ 22,700,000 | $ 35,700,000 | ||
Unrecognized tax benefits | 6,454,000 | 5,249,000 | 3,756,000 | $ 4,320,000 | |
Unrecognized tax benefits would affect company's effective tax rate | 0 | 900,000 | 1,000,000 | ||
Income tax expense (benefit) | (13,911,000) | (427,000) | 14,303,000 | ||
Interest and penalties accrued | 0 | $ 0 | $ 0 | ||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Percentage of change in ownership | 50.00% | ||||
Federal | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | $ 168,600,000 | ||||
Operating loss carryforwards expiration year | 2034 | ||||
Operating loss carryforwards to expire if not utilized | $ 65,600,000 | ||||
Operating loss carryforwards not subject to expiration | $ 103,000,000 | ||||
Open tax year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 | ||||
Federal | Research and Development Tax Credits | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit carry forwards | $ 15,600,000 | ||||
Tax credit carryforward, expiration | 2031 | ||||
State | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | $ 24,200,000 | ||||
Operating loss carryforwards expiration year | 2032 | ||||
Open tax year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 | ||||
State | Research and Development Tax Credits | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit carry forwards | $ 9,000,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (13,912) | $ (390) | $ 14,302 |
State | 1 | 1 | |
Total current | (13,911) | (390) | 14,303 |
Deferred: | |||
Federal | (37) | ||
Total deferred | (37) | ||
Provision for (benefit from) income taxes | $ (13,911) | $ (427) | $ 14,303 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
U.S. federal taxes at statutory rate | 21.00% | 21.00% | 21.00% |
State tax, net of federal benefit | 3.30% | 1.30% | 0.70% |
Stock compensation | (2.20%) | (1.20%) | 1.70% |
Tax credits | 11.00% | 2.50% | 6.20% |
Change in valuation allowance | (31.20%) | (22.80%) | (49.50%) |
Net operating loss carryback | 27.90% | 0.00% | 0.00% |
Return to provision adjustment | (0.00%) | (0.30%) | (0.00%) |
Other | (0.10%) | (0.10%) | (0.50%) |
Total | 29.70% | 0.40% | (20.40%) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | |||
Net operating loss carryforwards | $ 37,099 | $ 38,967 | $ 15,468 |
Research and development credits | 16,803 | 10,940 | 7,514 |
Lease liability | 5,223 | 5,813 | |
Intangible assets | 3,923 | 3,320 | |
Deferred revenue | 38,832 | 47,180 | 56,881 |
Accruals and deferred rent | 1,512 | 1,296 | 1,955 |
Stock-based compensation | 8,578 | 7,837 | 5,746 |
Other | 20 | 39 | |
Total gross deferred income tax assets | 111,990 | 115,353 | 87,603 |
Less: valuation allowance | (106,448) | (109,174) | (86,466) |
Deferred tax assets, net of valuation allowance | 5,542 | 6,179 | 1,137 |
Fixed assets | (433) | (591) | (854) |
Right-of-use assets | (4,724) | (5,330) | |
Intangible assets | (108) | ||
Prepaid expenses | (385) | (243) | (175) |
Other | (15) | ||
Deferred tax liabilities | $ (5,542) | $ (6,179) | $ (1,137) |
Income Taxes- Schedule of Recon
Income Taxes- Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at the beginning of the year | $ 5,249 | $ 3,756 | $ 4,320 |
Additions based on tax positions related to current year | 1,205 | 1,403 | 1,166 |
Adjustment based on tax positions related to prior years | 90 | (1,730) | |
Balance at end of the year | $ 6,454 | $ 5,249 | $ 3,756 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Company contributions to defined contribution plan | $ 0.8 | $ 0.8 | $ 0.6 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2018 | Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 11,288 | $ 134,596 | ||||
Underwriters | Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 14,100 | |||||
Subsequent Event | Underwritten Public Offering | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 93,600 | |||||
Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 1,535,217 | 150,000 | 5,867,347 | |||
Proceeds from issuance of common stock, net of issuance costs | $ 134,600 | |||||
Underwriting discounts and commissions and offering expenses | $ 9,200 | |||||
Common Stock | Underwritten Public Offering | ||||||
Subsequent Event [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 | |||||
Common Stock | Underwritten Public Offering | Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Underwriting discounts and commissions and offering expenses | $ 900 | |||||
Common Stock | Underwriters | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 765,306 | |||||
Common Stock | Subsequent Event | Underwritten Public Offering | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 14,285,714 | |||||
Common stock price, per share | $ 7 | |||||
Underwriting discounts and commissions and offering expenses | $ 6,400 | |||||
Common Stock | Subsequent Event | Underwriters | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock in follow-on offering, net of issuance costs, shares | 2,142,857 | |||||
Period granted to underwriters to purchase additional shares | 30 days |