Karyopharm Therapeutics (KPTI) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Karyopharm Therapeutics Inc.
Trading Symbol	KPTI
Entity Central Index Key	0001503802
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		114,354,540
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-36167
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3931704
Entity Address, Address Line One	85 Wells Avenue, 2nd Floor
Entity Address, City or Town	Newton
Entity Address, Postal Zip Code	02459
City Area Code	617
Local Phone Number	658-0600
Document Quarterly Report	true
Document Transition Report	false
Entity Shell Company	false
Entity Address, State or Province	MA
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 80,894	$ 135,188
Investments	155,871	142,779
Accounts receivable, net	32,280	47,086
Inventory	3,672	4,224
Prepaid expenses and other current assets	18,097	19,821
Restricted cash	567	1,064
Total current assets	291,381	350,162
Property and equipment, net	766	1,139
Operating lease right-of-use assets	5,296	6,238
Restricted cash	387	633
Total assets	297,830	358,172
Current liabilities:
Accounts payable	2,287	2,773
Accrued expenses	51,808	58,415
Operating lease liabilities	3,084	2,872
Other current liabilities	1,749	1,848
Total current liabilities	58,928	65,908
Convertible senior notes	170,497	170,105
Deferred royalty obligation	132,718	132,718
Operating lease liabilities, net of current portion	4,500	6,097
Other liabilities	2,435	0
Total liabilities	369,078	374,828
Stockholders' deficit
Preferred stock, $0.0001 par value; 5,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value; 400,000 shares authorized, 114,340 shares issued and outstanding at June 30 2023; 200,000 shares authorized; 113,213 shares issued and outstanding at December 31,2022	12	12
Additional paid-in capital	1,340,218	1,327,909
Accumulated other comprehensive loss	(783)	(638)
Accumulated deficit	(1,410,695)	(1,343,939)
Total stockholders' deficit	(71,248)	(16,656)
Total liabilities and stockholders' deficit	$ 297,830	$ 358,172

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	200,000,000
Common stock, shares issued	114,340,000	113,213,000
Common stock, shares outstanding	114,340,000	113,213,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenue from contract with customer, license and other revenue	$ 37,579	$ 39,679	$ 76,277	$ 87,349
Operating expenses:
Research and development	31,477	44,309	63,816	86,371
Selling, general and administrative	34,481	37,339	70,388	76,107
Total operating expenses	67,152	82,587	136,749	164,843
Loss from operations	(29,573)	(42,908)	(60,472)	(77,494)
Other income (expense):
Interest income	2,824	293	5,673	367
Interest expense	(5,784)	(6,313)	(11,542)	(12,997)
Other income (expense), net	30	(13)	(234)	(86)
Total other expense, net	(2,930)	(6,033)	(6,103)	(12,716)
Loss before income taxes	(32,503)	(48,941)	(66,575)	(90,210)
Income tax provision	(127)	(121)	(181)	(251)
Net loss	$ (32,630)	$ (49,062)	$ (66,756)	$ (90,461)
Net loss per share-basic	$ (0.29)	$ (0.62)	$ (0.59)	$ (1.15)
Net loss per share-diluted	$ (0.29)	$ (0.62)	$ (0.59)	$ (1.15)
Weighted-average number of common shares outstanding used to compute net loss per share-basic	114,207,000	79,651,000	113,846,000	78,616,000
Weighted-average number of common shares outstanding used to compute net loss per share-diluted	114,207,000	79,651,000	113,846,000	78,616,000
Product [Member]
Revenues:
Revenue from contract with customer, license and other revenue	$ 28,460	$ 29,010	$ 56,748	$ 57,310
Operating expenses:
Cost of sales	1,194	939	2,545	2,365
License and Other [Member]
Revenues:
Revenue from contract with customer, license and other revenue	$ 9,119	$ 10,669	$ 19,529	$ 30,039

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (32,630)	$ (49,062)	$ (66,756)	$ (90,461)
Other comprehensive loss
Unrealized loss on investments	(297)	(170)	(264)	(184)
Foreign currency translation adjustment	(67)	(455)	119	(545)
Comprehensive loss	$ (32,994)	$ (49,687)	$ (66,901)	$ (91,190)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (66,756)	$ (90,461)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	11,449	22,429
Depreciation and amortization	373	326
Amortization of debt issuance costs	392	400
Net amortization of premiums and discounts on investments	(2,141)	(71)
Other	3	(4)
Changes in operating assets and liabilities:
Accounts receivable, net	14,806	(982)
Inventory	552	636
Prepaid expenses and other assets	1,724	(14,860)
Operating lease right-of-use assets	942	808
Accounts payable	(486)	91
Accrued expenses and other liabilities	(4,081)	(11,567)
Operating lease liabilities	(1,385)	(1,086)
Net cash used in operating activities	(44,608)	(94,341)
Investing activities
Purchases of property and equipment	0	(79)
Proceeds from sales and maturities of investments	85,308	48,468
Purchases of investments	(96,526)	(99,020)
Net cash used in investing activities	(11,218)	(50,631)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	0	29,294
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan	860	2,802
Net cash provided by financing activities	860	32,096
Effect of exchange rate on cash, cash equivalents and restricted cash	(71)	(544)
Net decrease in cash, cash equivalents and restricted cash	(55,037)	(113,420)
Cash, cash equivalents and restricted cash at beginning of period	136,885	197,445
Cash, cash equivalents and restricted cash at end of period	81,848	84,025
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets
Cash and cash equivalents	80,894	82,248
Short-term restricted cash	567	1,146
Long-term restricted cash	387	631
Total cash, cash equivalents and restricted cash	81,848	84,025
Supplemental disclosures:
Cash paid for interest on convertible debt	2,588	2,588
Cash paid for amounts included in the measurement of operating lease liabilities	1,847	1,682
Cash paid for interest on deferred royalty obligation	$ 8,192	$ 20,746

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive (loss) Income [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ (79,673)	$ 8	$ 1,098,776	$ 191	$ (1,178,648)
Beginning balance,Shares at Dec. 31, 2021		75,746,000
Vesting of restricted stock (in shares)		673,000
Exercise of stock options and shares issued under the employee stock purchase plan	2,802		2,802
Exercise of stock options and shares issued under the employee stock purchase plan, (shares)		438,000
Stock-based compensation expense	22,429		22,429
Issuance of common stock, net of issuance costs	29,294		29,294
Issuance of common stock, net of issuance costs (in Shares)		2,941,000
Unrealized loss on investments	(184)			(184)
Foreign currency translation adjustment	(545)			(545)
Net Income (Loss)	(90,461)				(90,461)
Ending balance at Jun. 30, 2022	(116,338)	$ 8	1,153,301	(538)	(1,269,109)
Ending balance,Shares at Jun. 30, 2022		79,798,000
Beginning balance at Mar. 31, 2022	(83,079)	$ 8	1,136,873	87	(1,220,047)
Beginning balance,Shares at Mar. 31, 2022		79,419,000
Vesting of restricted stock (in shares)		108,000
Exercise of stock options and shares issued under the employee stock purchase plan	1,335		1,335
Exercise of stock options and shares issued under the employee stock purchase plan, (shares)		271,000
Stock-based compensation expense	15,093		15,093
Unrealized loss on investments	(170)			(170)
Foreign currency translation adjustment	(455)			(455)
Net Income (Loss)	(49,062)				(49,062)
Ending balance at Jun. 30, 2022	(116,338)	$ 8	1,153,301	(538)	(1,269,109)
Ending balance,Shares at Jun. 30, 2022		79,798,000
Beginning balance at Dec. 31, 2022	(16,656)	$ 12	1,327,909	638	(1,343,939)
Beginning balance,Shares at Dec. 31, 2022		113,213,000
Vesting of restricted stock (in shares)		836,000
Exercise of stock options and shares issued under the employee stock purchase plan	860		860
Exercise of stock options and shares issued under the employee stock purchase plan, (shares)		291,000
Stock-based compensation expense	11,449		11,449
Unrealized loss on investments	(264)			(264)
Foreign currency translation adjustment	119			119
Net Income (Loss)	(66,756)				(66,756)
Ending balance at Jun. 30, 2023	(71,248)	$ 12	1,340,218	(783)	(1,410,695)
Ending balance,Shares at Jun. 30, 2023		114,340,000
Beginning balance at Mar. 31, 2023	(45,174)	$ 12	1,333,298	(419)	(1,378,065)
Beginning balance,Shares at Mar. 31, 2023		113,971,000
Vesting of restricted stock (in shares)		78,000
Exercise of stock options and shares issued under the employee stock purchase plan	860		860
Exercise of stock options and shares issued under the employee stock purchase plan, (shares)		291,000
Stock-based compensation expense	6,060		6,060
Unrealized loss on investments	(297)			(297)
Foreign currency translation adjustment	(67)			(67)
Net Income (Loss)	(32,630)				(32,630)
Ending balance at Jun. 30, 2023	$ (71,248)	$ 12	$ 1,340,218	$ (783)	$ (1,410,695)
Ending balance,Shares at Jun. 30, 2023		114,340,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (32,630)	$ (49,062)	$ (66,756)	$ (90,461)

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 12, 2023, Barry Greene , our lead independent director , entered into a 10b5-1 trading arrangement which provides for the exercise and associated sale of up to 3,030 shares of our common stock underlying a vested stock option award which will expire on September 30, 2023 . This trading arrangement will be in effect until September 29, 2023 or such earlier date upon which all transactions are completed or expire without execution. During the second quarter of 2023, none of our other directors or officers adopted a Rule 10b5-1 trading arrangement and none of our directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
Name		Barry Greene
Title		lead independent director
Rule 10b5-1 Arrangement Adopted	false	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date		September 30, 2023
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	3,030	3,030

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Nature of Business Karyopharm Therapeutics Inc., a Delaware corporation (collectively with its subsidiaries, the “Company,” “we,” “us,” or “our”), is a commercial-stage pharmaceutical company pioneering novel cancer therapies and dedicated to the discovery, development and commercialization of first-in-class drugs directed against nuclear export for the treatment of cancer and other diseases. We were incorporated in Delaware on December 22, 2008 and have a principal place of business in Newton, Massachusetts. Our scientific expertise is based upon an understanding of the regulation of intracellular communication between the nucleus and the cytoplasm. We have discovered and are developing and commercializing novel, small molecule Selective Inhibitor of Nuclear Export compounds that inhibit the nuclear export protein exportin 1. Our primary focus is on marketing XPOVIO ® (selinexor) in its currently approved indications, as well as developing and seeking regulatory approval of our product candidates as oral agents targeting multiple high unmet need cancer indications, including our core programs in endometrial cancer, multiple myeloma, myelodysplastic neoplasms and myelofibrosis. Our lead asset, XPOVIO, received its initial U.S. approval from the U.S. Food and Drug Administration (the “FDA”) in July 2019 and is currently approved and marketed for the following indications: (i) in combination with bortezomib and dexamethasone for the treatment of adult patients with multiple myeloma who have received at least one prior therapy; (ii) in combination with dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least four prior therapies and whose disease is refractory to at least two proteasome inhibitors, at least two immunomodulatory agents, and an anti-CD38 monoclonal antibody; and (iii) for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (“DLBCL”), not otherwise specified, including DLBCL arising from follicular lymphoma, after at least two lines of systemic therapy. The commercialization of XPOVIO and NEXPOVIO (the brand name for selinexor in Europe and the United Kingdom) outside of the U.S. is managed by our partners in their respective territories. XPOVIO/NEXPOVIO has received regulatory approval in various indications in approximately 40 countries outside the U.S., including the European Union, United Kingdom, Singapore, Hong Kong, Mainland China, South Korea, Australia, Canada, Taiwan and Israel, and is commercially available in a growing number of countries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on February 17, 2023 (“Annual Report”). Basis of Consolidation The condensed consolidated financial statements at June 30, 2023 include the accounts of Karyopharm Therapeutics Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Q are consistent with those discussed in Note 2, “ Summary of Significant Accounting Policies ,” in our Annual Report.

Product Revenue

Product Revenue	6 Months Ended
	Jun. 30, 2023
Product Revenue [Member]
Product Revenue	2. Product Revenue To date, our only source of product revenue has been from the U.S. sales of XPOVIO. Net product revenue, including provisions primarily consisting of distribution fees and cash discounts, as well as reserves for chargebacks, rebates and returns, were as follows (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Gross product revenue $ 36,341 $ 34,859 $ 73,406 $ 69,769 Provisions for product revenue ( 7,881 ) ( 5,849 ) ( 16,658 ) ( 12,459 ) Total product revenue, net $ 28,460 $ 29,010 $ 56,748 $ 57,310 As of June 30, 2023 and December 31, 2022, net product revenue of $ 23.2 million and $ 23.6 million, respectively, were included in accounts receivable. To date, we have had no bad debt write-offs and we do not currently have credit issues with any customers. There were no credit losses associated with accounts receivable as of June 30, 2023 and December 31, 2022.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory	3. Inventory The following table presents our inventory (in thousands), all of which was related to XPOVIO: As of June 30, 2023 As of December 31, 2022 Raw materials $ 1,124 $ 1,370 Work in process 1,700 1,878 Finished goods 848 976 Total inventory $ 3,672 $ 4,224 XPOVIO was initially approved by the FDA in July 2019 at which time we began to capitalize costs to manufacture XPOVIO. Prior to FDA approval of XPOVIO, all costs related to the manufacturing of XPOVIO and related material were charged to research and development expenses in the period incurred.

License and Asset Purchase Agre

License and Asset Purchase Agreements	6 Months Ended
	Jun. 30, 2023
License and Asset Purchase Agreements [Member]
License and Asset Purchase Agreements	4. License and Asset Purchase Agreements In prior periods, we entered into out-licensing and asset purchase agreements with Berlin-Chemie AG, an affiliate of the Menarini Group (“Menarini”) and Antengene Therapeutics Limited (“Antengene”), both of which are accounted for within the scope of Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”). For further details on the terms and accounting treatment considerations for these contracts, please refer to Note 5, “ License and Asset Purchase Agreements ,” to our consolidated financial statements contained in Item 8 of our Annual Report. The following table presents information about our license and other revenue (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Menarini $ 5,611 $ 6,531 $ 14,348 $ 13,617 Antengene 760 987 1,872 10,001 Other 2,748 3,151 3,309 6,421 Total license and other revenue $ 9,119 $ 10,669 $ 19,529 $ 30,039 During the three months ended June 30, 2023 , we recognized $ 4.9 million of revenue for the reimbursement of development-related expenses, $ 0.4 million of royalty revenue, and $ 0.3 million of other revenue from Menarini. We also recognized $ 0.7 million of royalty revenue from Antengene and $ 2.5 million of other milestone-related revenue. During the three months ended June 30, 2022, we recognized $ 6.5 million of revenue related to the reimbursement of development related expenses from Menarini, $ 1.0 million of royalty revenue from Antengene, $ 1.6 million of other royalty revenue, and $ 1.5 million of other milestone-related revenue. During the six months ended June 30, 2023 , we recognized $ 9.6 million of revenue for the reimbursement of development-related expenses, $ 3.5 million of license-related revenue, $ 0.7 million of royalty revenue, and $ 0.5 million of other revenue from Menarini. We also recognized $ 1.4 million of royalty revenue and $ 0.5 million of other revenue from Antengene, $ 2.5 million of other milestone-related revenue and $ 0.4 million of other royalty revenue. During the six months ended June 30, 2022, we recognized $ 13.6 million of revenue related to the reimbursement of development related expenses from Menarini. We also recognized $ 7.8 million of milestone-related revenue, $ 1.3 million of royalty revenue, and $ 0.9 million of other revenue from Antengene, $ 4.1 million of other royalty revenue and $ 2.3 million of other milestone-related revenue. At June 30, 2023, license and other revenue of $ 9.1 million and $ 6.0 million were included in accounts receivable and other current assets, respectively. At December 31, 2022, license and other revenue of $ 22.5 million and $ 7.8 million were included in accounts receivable and other current assets, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements Financial instruments, including cash, cash equivalents, accounts receivable, net, other current assets, restricted cash, accounts payable, and accrued expenses, are presented at amounts that approximate fair value at June 30, 2023 and December 31, 2022. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value and is not a measure of credit quality. The hierarchy defines three levels of valuation inputs: Level 1 inputs - Quoted prices in active markets for identical assets or liabilities Level 2 inputs - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 inputs - Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability Items classified as Level 2 consist of corporate debt securities, commercial paper and U.S. government and agency securities. We estimate the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. In certain cases where there is limited activity or less transparency around inputs to valuation, the related assets or liabilities are classified as Level 3. The embedded derivative liability associated with a Revenue Interest Financing Agreement (the “Revenue Interest Agreement”) we entered into with HealthCare Royalty Partners III, L.P. and HealthCare Royalty Partners IV, L.P. (“HCR”) in September 2019 and amended in June 2021 (as amended, the “Amended Revenue Interest Agreement”), as discussed further in Note 10, “ Long-Term Obligations ”, is measured at fair value and is included as a component of the deferred royalty obligation on our condensed consolidated balance sheet. The embedded derivative liability is subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of other income (expense), net on the condensed consolidated statements of operations. The valuation method incorporates certain unobservable Level 3 key inputs including: (i) the probability-weighted net sales of XPOVIO and any of our other future products, including worldwide net product sales, upfront payments, milestones and royalties; (ii) our risk-adjusted discount rate; and (iii) the probability of a change in control occurring during the term of the instrument. The following tables present information about our financial assets and liability that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description As of June 30, 2023 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 58,856 $ 58,856 $ — $ — Commercial paper 1,740 — 1,740 — U.S. government and agency securities 10,951 — 10,951 — Investments: Corporate debt securities 84,365 — 84,365 — Commercial paper 26,232 — 26,232 — U.S. government and agency securities 45,274 — 45,274 — $ 227,418 $ 58,856 $ 168,562 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 Description As of December 31, 2022 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 115,498 $ 115,498 $ — $ — Commercial paper 7,629 — 7,629 — Investments: Corporate debt securities 78,143 — 78,143 — Commercial paper 43,914 — 43,914 — U.S. government and agency securities 20,722 — 20,722 — $ 265,906 $ 115,498 $ 150,408 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	6. Investments The following tables summarize our investments, which are classified as available-for-sale and recorded at fair value (in thousands): As of June 30, 2023 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 84,741 $ — $ ( 376 ) $ 84,365 Commercial paper 26,275 — ( 43 ) 26,232 U.S. government and agency securities 45,465 1 ( 192 ) 45,274 Total $ 156,481 $ 1 $ ( 611 ) $ 155,871 As of December 31, 2022 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 78,411 $ 3 $ ( 271 ) $ 78,143 Commercial paper 43,944 1 ( 31 ) 43,914 U.S. government and agency securities 20,768 — ( 46 ) 20,722 Total $ 143,123 $ 4 $ ( 348 ) $ 142,779 We determine the appropriate classification of our investments at the time of purchase. All of our investments are reported as short-term as they are available for use during the normal cycle of business. We review any investment when its fair value is less than its amortized cost and when evidence indicates that the investment’s carrying amount is not recoverable within a reasonable period. We evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment is compared to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on our condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is no t related to a credit loss is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectability of an investment is confirmed or when either of the criteria regarding intent or requirement to sell is met. We held 69 and 60 investments at June 30, 2023 and December 31, 2022, respectively, that were in an unrealized loss position. The unrealized losses at June 30, 2023 and December 31, 2022 were attributable to changes in interest rates, and we do not believe any unrealized losses represent credit losses. We do not intend to sell the investments before recovery of their amortized cost bases, which may be at maturity. All of our investments mature within two years from June 30, 2023 . The following tables summarize our investments in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time in a continuous unrealized loss position (in thousands): As of June 30, 2023 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 77,264 $ ( 345 ) $ 3,361 $ ( 31 ) $ 80,625 $ ( 376 ) Commercial paper 26,232 ( 43 ) — — 26,232 ( 43 ) U.S. government and agency securities 43,318 ( 192 ) — — 43,318 ( 192 ) Total $ 146,814 $ ( 580 ) $ 3,361 $ ( 31 ) $ 150,175 $ ( 611 ) As of December 31, 2022 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 72,820 $ ( 271 ) $ — $ — $ 72,820 $ ( 271 ) Commercial paper 35,589 ( 31 ) — — 35,589 ( 31 ) U.S. government and agency securities 20,722 ( 46 ) — — 20,722 ( 46 ) Total $ 129,131 $ ( 348 ) $ — $ — $ 129,131 $ ( 348 )

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	7. Net Loss Per Share Basic net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per common share is calculated by dividing the diluted net loss by the weighted average number of common shares outstanding, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which we have reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not included if their effect is anti-dilutive. The following potentially dilutive securities were excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect (in thousands): As of June 30, 2023 2022 Outstanding stock options 11,204 13,581 Unvested restricted stock units 7,950 3,752 As discussed further in Note 10, “ Long-Term Obligations ”, we have the option to settle the conversion obligation for our 3.00 % convertible senior notes due 2025 (the “Notes”) in cash, shares or any combination of the two. Based on our net loss position, there was no impact on the calculation of dilutive loss per common share during the three and six months ended June 30, 2023 and 2022. As discussed further in Note 9, “ Stockholders’ Equity ”, on December 5, 2022, we issued warrants to purchase up to 9,537,563 shares of common stock to certain institutional investors. The warrants were excluded from the calculation of basic and diluted net loss per common share during the three and six months ended June 30, 2023 as the warrant holders do not have an obligation to share in our losses.

Stock-based Compensation Expens

Stock-based Compensation Expense	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation Expense	8. Stock-based Compensation Expense The following table summarizes stock-based compensation expense included in operating expenses (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Cost of sales $ 104 $ 55 $ 185 $ 110 Research and development 1,902 6,953 3,840 9,921 Selling, general and administrative 4,054 8,085 7,424 12,398 Total $ 6,060 $ 15,093 $ 11,449 $ 22,429 In 2023, we began granting performance-based restricted stock units (“PSUs”) to certain employees, which will vest only if challenging performance goals relating to revenue and relative total stockholder return are achieved over a three-year performance period and challenging performance goals relating to clinical milestones are achieved over a four year performance period. Stock-based compensation expense for all PSUs is determined using the grant date fair value, which is the quoted closing market price per share of our common stock on the Nasdaq Global Select Market on the grant date, except that the grant date fair value of PSUs related to relative total stockholder return includes a discount which was calculated using a Monte Carlo simulation and represents the likelihood that the related performance goals will not be achieved. Stock-based compensation expense for PSUs related to relative total stockholder return is recognized on a straight-line basis over the service period. Stock-based compensation expense for all other PSUs is not recognized until the achievement of the performance goal is deemed probable (the “Probable Date”), a determination that requires significant judgment by management, as the achievement of these goals have inherent risk and uncertainties. At the Probable Date, we record a cumulative catch-up expense for the portion of the grant date fair value attributable to the period from the grant date to the Probable Date. The remaining expense is recognized over the remaining service period on a straight-line basis. On May 19, 2022, our stockholders approved the 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock-based awards. On May 24, 2023, our stockholders approved an amendment to the 2022 Plan to increase the number of shares of our common stock available for issuance under the 2022 Plan by 5,000,000 shares. On May 24, 2023, our stockholders approved an amendment and restatement (the “Amended and Restated ESPP”) of our 2013 Employee Stock Purchase Plan (the “ESPP”). The Amended and Restated ESPP (1) eliminated the evergreen provision in the ESPP, which historically provided for an automatic annual increase in the ESPP’s share reserve and (2) increased the number of shares of common stock authorized for issuance under the ESPP from 2,508,923 shares to 4,008,923 shares.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity Authorized Common Shares On May 24, 2023, our stockholders approved an amendment to our Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of our common stock from 200,000,000 shares to 400,000,000 shares. Private Placement Offering On December 5, 2022, we entered into a securities purchase agreement with certain institutional investors pursuant to which we issued and sold, in a private placement offering of securities, an aggregate of (i) 31,791,908 shares of common stock and (ii) accompanying warrants to purchase up to 9,537,563 shares of common stock at an exercise price of $ 6.36 per share. We received aggregate net proceeds of approximately $ 154.7 million. The warrants are exercisable through December 7, 2027. As of June 30, 2023 , none of the warrants have been exercised. Open Market Sale Agreement On August 17, 2018, we entered into an Open Market Sale Agreement (the “2018 Open Market Sale Agreement”) with Jefferies LLC, as agent (“Jefferies”), pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $ 75.0 million from time to time through Jefferies (the “Open Market Offering”). On May 5, 2020, we entered into Amendment No. 1 to the 2018 Open Market Sale Agreement, pursuant to which we increased the maximum aggregate offering price of shares of our common stock that we may issue and sell from time to time through Jefferies, by $ 100.0 million, from $ 75.0 million to up to $ 175.0 million (the “Open Market Shares”). On February 17, 2023, we entered into an Open Market Sale Agreement (the “2023 Open Market Sale Agreement”) with Jefferies, as agent. Under the 2023 Open Market Sale Agreement, we may issue and sell shares of our common stock having an aggregate offering price of up to $ 100.0 million (the “Shares”) from time to time through Jefferies (the “2023 Open Market Offering”). Upon entry into the 2023 Open Market Sale Agreement, the 2018 Open Market Sale Agreement was terminated. Under the 2023 Open Market Sale Agreement, Jefferies may sell the Shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). We may sell the Shares in amounts and at times to be determined by us from time to time subject to the terms and conditions of the 2023 Open Market Sale Agreement, but we have no obligation to sell any of the Shares in the 2023 Open Market Offering. We or Jefferies may suspend or terminate the offering of Shares upon notice to the other party and subject to other conditions. We have agreed to pay Jefferies commissions for its services in acting as agent in the sale of the Shares in the amount of up to 3.0 % of gross proceeds from the sale of the Shares pursuant to the 2023 Open Market Sale Agreement. We have also agreed to provide Jefferies with customary indemnification and contribution rights. We did not sell any Open Market Shares under the 2018 Open Market Sale Agreement during the three months ended June 30, 2022. We sold an aggregate of 2,941,517 Open Market Shares under the 2018 Open Market Sale Agreement, for net proceeds of approximately $ 30.0 million, during the six months ended June 30, 2022. We did not sell any Open Market Shares under the 2018 Open Market Sale Agreement during the three months ended March 31, 2023 nor any Shares under the 2023 Open Market Sale Agreement during the three and six months ended June 30, 2023. As of June 30, 2023, $ 100.0 million of Shares was available for issuance and sale under the 2023 Open Market Sale Agreement.

Long-Term Obligations

Long-Term Obligations	6 Months Ended
	Jun. 30, 2023
Long-Term Obligations	10. Long-Term Obligation s 3.00% Convertible Senior Notes due 2025 On October 16, 2018, we completed an offering of $ 150.0 million aggregate principal amount of the Notes. In addition, on October 26, 2018, we issued an additional $ 22.5 million aggregate principal amount of the Notes pursuant to the full exercise of the option to purchase additional Notes granted to the initial purchasers in the offering. The Notes were sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act. In connection with the issuance of the Notes, we incurred approximately $ 5.6 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees. Debt issuance costs are being amortized to interest expense using the effective interest method over seven years . The Notes are senior unsecured obligations and bear interest at a rate of 3.00 % per year payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2019. Upon conversion, the Notes will be converted into cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. The Notes will be subject to redemption at our option, on or after October 15, 2022, in whole or in part, if the conditions described below are satisfied. The Notes will mature on October 15, 2025 , unless earlier converted, redeemed or repurchased in accordance with their terms. Subject to satisfaction of certain conditions and during the periods described below, the Notes may be converted at an initial conversion rate of 63.0731 shares of common stock per $ 1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $ 15.85 per share of common stock). Holders of the Notes may convert all or any portion of their Notes, in multiples of $ 1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding June 15, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2018 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price for the Notes on each applicable trading day; (2) during the five-business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price p er $ 1,000 principal amount o f Notes for each trading day of the Measurement Period was less than 98 % of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call the Notes for redemption, until the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events as described within the indenture governing the Notes. As of June 30, 2023, none of the above circumstances had occurred and as such, the Notes could not have been converted. As of October 15, 2022, we may redeem for cash all or part of the Notes at our option if the last reported sale price of our common stock equals or exceeds 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending within five trading days prior to the date on which we send any notice of redemption. The redemption price will be 100 % of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any. In addition, calling any convertible note for redemption will constitute a make-whole fundamental change with respect to that convertible note, in which case the conversion rate applicable to the conversion of that convertible note, if it is converted in connection with the redemption, will be increased in certain circumstances. We did not redeem any of the Notes as of June 30, 2023. The outstanding balances of the Notes consisted of the following (in thousands): As of June 30, 2023 As of December 31, 2022 Principal $ 172,500 $ 172,500 Less: debt issuance costs ( 2,003 ) ( 2,395 ) Net carrying amount $ 170,497 $ 170,105 We determined the expected life of the Notes was equal to its seven-year term and the effective interest rate was 3.53 % . As of June 30, 2023, the “if-converted value” did not exceed the remaining principal amount of the Notes. The fair value of the Notes was determined based on data points other than quoted prices that are observable, either directly or indirectly, and has been classified as Level 2 within the fair value hierarchy. The fair value of the Notes, which differs from their carrying value, is influenced by market interest rates, our stock price and stock price volatility. The estimated fair value of the Notes as of June 30, 2023 and December 31, 2022 was approximately $ 115.4 million and $ 133.1 million, respectively. The following table sets forth total interest expense recognized related to the Notes (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Contractual interest expense $ 1,294 $ 1,294 $ 2,588 $ 2,588 Amortization of debt issuance costs 191 202 392 400 Total $ 1,485 $ 1,496 $ 2,980 $ 2,988 Future minimum payments on the Notes as of June 30, 2023 were as follows (in thousands): Years ended December 31, Future Minimum 2023 $ 2,588 2024 5,175 2025 177,675 Total minimum payments $ 185,438 Less: interest expense and issuance costs ( 14,941 ) Convertible senior notes $ 170,497 Deferred Royalty Obligation In September 2019, we entered into the Revenue Interest Agreement with HCR. In June 2021, we entered into the Amended Revenue Interest Agreement with, among others, HCR. We received $ 75.0 million, less certain transaction expenses, upon closing of the Revenue Interest Agreement (the “First Investment Amount”) and $ 60.0 million upon closing of the Amended Revenue Interest Agreement (the “Second Investment Amount” and together with the First Investment Amount, the “Investment Amount”). In exchange for the above payments, HCR receives payments from us at a tiered percentage (the “Applicable Tiered Percentage”) of net revenues of selinexor and any of our other future products, including worldwide net product sales and upfront payments, milestones, and royalties. The Applicable Tiered Percentage is subject to reduction in the future if a target based on cumulative U.S. net sales of selinexor is met. Total payments to HCR are capped at 185 % of the Investment Amount (the “Payment Cap”). If HCR has not received 100 % of the First Investment Amount and 65 % of the Second Investment amount by December 31, 2024 (the “First Minimum Aggregate Payment”), or 100 % of both the First Investment Amount and the Second Investment Amount by September 30, 2026, we must make a cash payment sufficient to gross up the payments to such minimum amounts. As the repayment of the funded amount is contingent upon worldwide net product sales and upfront payments, milestones, and royalties, the repayment term may be shortened or extended depending on actual worldwide net product sales and upfront payments, milestones, and royalties. The repayment period commenced on October 1, 2019 for the First Investment Amount and on July 1, 2021 for the Second Investment Amount, and expires on the earlier of (i) the date in which HCR has received cash payments totaling an aggregate of 185 % of the Investment Amount or (ii) the legal maturity date of October 1, 2031. If HCR has not received payments equal to 185 % of the Investment Amount by the twelve-year anniversary of the initial closing date, we will be required to pay an amount equal to the Investment Amount plus a specific annual rate of return less payments previously paid to HCR. In the event of a change of control, we are obligated to pay HCR an amount equal to 185 % of the Investment Amount less payments previously paid to HCR. In addition, upon the occurrence of an event of default, including, among others, our failure to pay any amounts due to HCR, insolvency, our failure to pay indebtedness when due, the revocation of regulatory approval of XPOVIO in the U.S. or our breach of any covenant contained in the Amended Revenue Interest Agreement and our failure to cure the breach within the prescribed time frame, we are obligated to pay HCR an amount equal to 185 % of the Investment Amount less payments previously paid to HCR. In addition, upon an event of default, HCR may exercise all other rights and remedies available under the Amended Revenue Interest Agreement, including foreclosing on the collateral that was pledged to HCR, which consists of all of our present and future assets. As of June 30, 2023, we have made $ 53.8 million in payments to HCR. We have evaluated the terms of the Amended Revenue Interest Agreement and concluded that the features of both the First Investment Amount and Second Investment Amount are similar to those of a debt instrument. Accordingly, we have accounted for the transaction as long-term debt and presented it as a deferred royalty obligation on our condensed consolidated balance sheets. We have also determined that the repayment of 185 % of the Investment Amount, less any payments made to date, upon a change of control is an embedded derivative that requires bifurcation from the debt instrument and fair value recognition as further described in Note 5, “ Fair Value Measurements” to our condensed consolidated financial statements. The effective interest rate as of June 30, 2023 was approximately 14 % . In connection with the First Investment Amount, we incurred debt issuance costs totaling $ 1.4 million. Debt issuance costs have been netted against the debt and are being amortized over the estimated term of the debt using the effective interest method, adjusted on a prospective basis for changes in the underlying assumptions and inputs. The carrying value of the deferred royalty obligation at both June 30, 2023 and December 31, 2022 was $ 129.9 million based on $ 135.0 million of proceeds, net of the fair value of the bifurcated embedded derivative liability upon execution of the Revenue Interest Agreement and the Amended Revenue Interest Agreement, and debt issuance costs incurred. The carrying value of the deferred royalty obligation approximated fair value at June 30, 2023 and December 31, 2022 and is based on our current estimates of future payments to HCR over the life of the arrangement, which are considered Level 3 inputs. On August 1, 2023, we entered into a Second Amendment to Revenue Interest Financing Agreement (the “Second Amendment”) with HCR. The Second Amendment (i) increases the Payment Cap from 185% to 195% of the Investment Amount; (ii) extends by six months the payment date of the First Minimum Aggregate Payment from December 31, 2024 to June 30, 2025; and (iii) issues warrants to HCR for the purchase of up to 250,000 shares of our common stock with a termination date of August 1, 2030 and an exercise price of $2.25 per share. Except as set forth in the Second Amendment, all other terms and conditions of the Amended Revenue Interest Agreement remain in full force and effect.

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on February 17, 2023 (“Annual Report”).
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements at June 30, 2023 include the accounts of Karyopharm Therapeutics Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Q are consistent with those discussed in Note 2, “ Summary of Significant Accounting Policies ,” in our Annual Report.

Product Revenue (Tables)

Product Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
XPOVIO [Member]
Summary of Product Revenue	To date, our only source of product revenue has been from the U.S. sales of XPOVIO. Net product revenue, including provisions primarily consisting of distribution fees and cash discounts, as well as reserves for chargebacks, rebates and returns, were as follows (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Gross product revenue $ 36,341 $ 34,859 $ 73,406 $ 69,769 Provisions for product revenue ( 7,881 ) ( 5,849 ) ( 16,658 ) ( 12,459 ) Total product revenue, net $ 28,460 $ 29,010 $ 56,748 $ 57,310

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The following table presents our inventory (in thousands), all of which was related to XPOVIO: As of June 30, 2023 As of December 31, 2022 Raw materials $ 1,124 $ 1,370 Work in process 1,700 1,878 Finished goods 848 976 Total inventory $ 3,672 $ 4,224

License and Assets Purchase Agr

License and Assets Purchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2023
License and other revenue [Member]
Schedule of License and Other Revenue	The following table presents information about our license and other revenue (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Menarini $ 5,611 $ 6,531 $ 14,348 $ 13,617 Antengene 760 987 1,872 10,001 Other 2,748 3,151 3,309 6,421 Total license and other revenue $ 9,119 $ 10,669 $ 19,529 $ 30,039

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets That Have Been Measured at Fair Value	The following tables present information about our financial assets and liability that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description As of June 30, 2023 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 58,856 $ 58,856 $ — $ — Commercial paper 1,740 — 1,740 — U.S. government and agency securities 10,951 — 10,951 — Investments: Corporate debt securities 84,365 — 84,365 — Commercial paper 26,232 — 26,232 — U.S. government and agency securities 45,274 — 45,274 — $ 227,418 $ 58,856 $ 168,562 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 Description As of December 31, 2022 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 115,498 $ 115,498 $ — $ — Commercial paper 7,629 — 7,629 — Investments: Corporate debt securities 78,143 — 78,143 — Commercial paper 43,914 — 43,914 — U.S. government and agency securities 20,722 — 20,722 — $ 265,906 $ 115,498 $ 150,408 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Investments, Classified as Available-for-Sale	The following tables summarize our investments, which are classified as available-for-sale and recorded at fair value (in thousands): As of June 30, 2023 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 84,741 $ — $ ( 376 ) $ 84,365 Commercial paper 26,275 — ( 43 ) 26,232 U.S. government and agency securities 45,465 1 ( 192 ) 45,274 Total $ 156,481 $ 1 $ ( 611 ) $ 155,871 As of December 31, 2022 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 78,411 $ 3 $ ( 271 ) $ 78,143 Commercial paper 43,944 1 ( 31 ) 43,914 U.S. government and agency securities 20,768 — ( 46 ) 20,722 Total $ 143,123 $ 4 $ ( 348 ) $ 142,779
Debt Securities Available-For-Sale	The following tables summarize our investments in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time in a continuous unrealized loss position (in thousands): As of June 30, 2023 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 77,264 $ ( 345 ) $ 3,361 $ ( 31 ) $ 80,625 $ ( 376 ) Commercial paper 26,232 ( 43 ) — — 26,232 ( 43 ) U.S. government and agency securities 43,318 ( 192 ) — — 43,318 ( 192 ) Total $ 146,814 $ ( 580 ) $ 3,361 $ ( 31 ) $ 150,175 $ ( 611 ) As of December 31, 2022 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 72,820 $ ( 271 ) $ — $ — $ 72,820 $ ( 271 ) Commercial paper 35,589 ( 31 ) — — 35,589 ( 31 ) U.S. government and agency securities 20,722 ( 46 ) — — 20,722 ( 46 ) Total $ 129,131 $ ( 348 ) $ — $ — $ 129,131 $ ( 348 )

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Potentially Dilutive Securities were Excluded from the Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect	The following potentially dilutive securities were excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect (in thousands): As of June 30, 2023 2022 Outstanding stock options 11,204 13,581 Unvested restricted stock units 7,950 3,752

Stock-based Compensation Expe_2

Stock-based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards	The following table summarizes stock-based compensation expense included in operating expenses (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Cost of sales $ 104 $ 55 $ 185 $ 110 Research and development 1,902 6,953 3,840 9,921 Selling, general and administrative 4,054 8,085 7,424 12,398 Total $ 6,060 $ 15,093 $ 11,449 $ 22,429

Long-Term Obligations (Tables)

Long-Term Obligations (Tables) - 3% Convertible Senior Notes Due 2025 [Member]	6 Months Ended
	Jun. 30, 2023
Summary of Outstanding Balances of Convertible Notes	The outstanding balances of the Notes consisted of the following (in thousands): As of June 30, 2023 As of December 31, 2022 Principal $ 172,500 $ 172,500 Less: debt issuance costs ( 2,003 ) ( 2,395 ) Net carrying amount $ 170,497 $ 170,105
Schedule of Interest Expense Recognized Related to Convertible Notes	The following table sets forth total interest expense recognized related to the Notes (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Contractual interest expense $ 1,294 $ 1,294 $ 2,588 $ 2,588 Amortization of debt issuance costs 191 202 392 400 Total $ 1,485 $ 1,496 $ 2,980 $ 2,988
Summary of Future Minimum Payments on Convertible Notes	Future minimum payments on the Notes as of June 30, 2023 were as follows (in thousands): Years ended December 31, Future Minimum 2023 $ 2,588 2024 5,175 2025 177,675 Total minimum payments $ 185,438 Less: interest expense and issuance costs ( 14,941 ) Convertible senior notes $ 170,497

Product Revenue - Summary of Pr

Product Revenue - Summary of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total product revenue, net	$ 37,579	$ 39,679	$ 76,277	$ 87,349
Product [Member]
Gross product revenue	36,341	34,859	73,406	69,769
Provisions for product revenue	(7,881)	(5,849)	(16,658)	(12,459)
Total product revenue, net	$ 28,460	$ 29,010	$ 56,748	$ 57,310

Product Revenue - Additional In

Product Revenue - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 32,280,000	$ 47,086,000
Bad debt write-offs	0
Credit losses	0	0
Product Revenue [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 23,200,000	$ 23,600,000

Inventory - Schedule of Invento

Inventory - Schedule of Inventory Current (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,124	$ 1,370
Work in process	1,700	1,878
Finished goods	848	976
Total inventory	$ 3,672	$ 4,224

License and Asset Purchase Ag_2

License and Asset Purchase Agreements - Schedule of License and Other Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total license and other revenue	$ 9,119	$ 10,669	$ 19,529	$ 30,039
License and other revenue [Member] | Menarini [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total license and other revenue	5,611	6,531	14,348	13,617
License and other revenue [Member] | Antengene [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total license and other revenue	760	987	1,872	10,001
Other [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total license and other revenue	$ 2,748	$ 3,151	$ 3,309	$ 6,421

License and Asset Purchase Ag_3

License and Asset Purchase Agreements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty revenue recognized	$ 37,579	$ 39,679	$ 76,277	$ 87,349
Revenue from contract with customer, license and other revenue	37,579	39,679	76,277	87,349
Antengene [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License-related revenue	2,500			7,800
Other milestone method revenue recognized		1,500	2,500	2,300
Other revenue			500	900
Menarini [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Reimbursement of development related expenses	4,900	6,500	9,600	13,600
License-related revenue			3,500
Other revenue	300		500
License and other revenue [Member] | Other Current Assets [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty revenue recognized			6,000		$ 7,800
Revenue from contract with customer, license and other revenue			6,000		7,800
License and other revenue [Member] | Accounts Receivable 1 [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty revenue recognized			9,100		22,500
Revenue from contract with customer, license and other revenue			9,100		$ 22,500
Royalty [Member] | Antengene [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty revenue recognized	700	1,000	1,400	1,300
Revenue from contract with customer, license and other revenue	700	1,000	1,400	1,300
Royalty [Member] | Menarini [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty revenue recognized	400		700
Revenue from contract with customer, license and other revenue	$ 400		700
Other Royalty [Member] | Antengene [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty revenue recognized		1,600	400	4,100
Revenue from contract with customer, license and other revenue		$ 1,600	$ 400	$ 4,100

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets That Have Been Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 155,871	$ 142,779
Total	227,418	265,906
Financial liability
Embedded derivative liability	2,800	2,800
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	58,856	115,498
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	168,562	150,408
Level 3 [Member]
Financial liability
Embedded derivative liability	2,800	2,800
Short-Term Investments, Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	84,365	78,143
Short-Term Investments, Corporate debt securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	84,365	78,143
Short-Term Investments, Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	26,232
Short-Term Investments, Commercial Paper [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	26,232
Short-Term Investments, US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	45,274	20,722
Short-Term Investments, US Government Agencies Debt Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	45,274	20,722
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,740	7,629
Investments		43,914
Commercial Paper [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,740	7,629
Investments		43,914
U.S. government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10,951
Investments	45,274	20,722
U.S. government and agency securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10,951
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	58,856	115,498
Money Market Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 58,856	$ 115,498

Investments - Summary of Invest

Investments - Summary of Investments, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 156,481	$ 143,123
Gross Unrealized Gains	1	4
Total Unrealized Loss	(611)	(348)
Aggregate Fair Value	155,871	142,779
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	84,741	78,411
Gross Unrealized Gains	0	3
Total Unrealized Loss	(376)	(271)
Aggregate Fair Value	84,365	78,143
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,275	43,944
Gross Unrealized Gains	0	1
Total Unrealized Loss	(43)	(31)
Aggregate Fair Value	26,232	43,914
U.S. government and agency securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45,465	20,768
Gross Unrealized Gains	1	0
Total Unrealized Loss	(192)	(46)
Aggregate Fair Value	$ 45,274	$ 20,722

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	Jun. 30, 2023 USD ($) Security	Dec. 31, 2022 Security
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | Security	69	60
Unrealized losses, other-than-temporary impairments | $	$ 0

Investments - Debt Securities A

Investments - Debt Securities Available-For-Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Unrealized Losses, Less than 12 Months	$ (580)	$ (348)
Unrealized Losses,12 Months or Longer	(31)
Fair Value, Less than 12 Months	146,814	129,131
Fair Value, 12 Months or Longer	3,361
Unrealized Losses	(611)	(348)
Fair Value	150,175	129,131
Corporate Debt Securities [Member]
Unrealized Losses, Less than 12 Months	(345)	(271)
Unrealized Losses,12 Months or Longer	(31)
Fair Value, Less than 12 Months	77,264	72,820
Fair Value, 12 Months or Longer	3,361
Unrealized Losses	(376)	(271)
Fair Value	80,625	72,820
Commercial Paper [Member]
Unrealized Losses, Less than 12 Months	(43)	(31)
Fair Value, Less than 12 Months	26,232	35,589
Unrealized Losses	(43)	(31)
Fair Value	26,232	35,589
U.S. government and agency securities [Member]
Unrealized Losses, Less than 12 Months	(192)	(46)
Fair Value, Less than 12 Months	43,318	20,722
Unrealized Losses	(192)	(46)
Fair Value	$ 43,318	$ 20,722

Net Loss Per Share (Additional

Net Loss Per Share (Additional Information) (Details) - shares		6 Months Ended
	Dec. 05, 2022	Jun. 30, 2023
Warrant [Member] | Private Placement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares of common stock issued	9,537,563
Warrant [Member] | Maximum [Member] | Private Placement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares of common stock issued	9,537,563
3% Convertible Senior Notes Due 2025 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Notes, interest rate		3%

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities were Excluded from the Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Outstanding Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares)	11,204	13,581
Unvested Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares)	7,950	3,752

Stock-based Compensation Expe_3

Stock-based Compensation Expense - Additional Information (Detail) - shares	May 19, 2022	May 24, 2023
ESPP [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized		4,008,923
ESPP [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized		2,508,923
2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available under the 2022 plan	5,000,000

Stock-based Compensation Expe_4

Stock-based Compensation Expense - Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 6,060	$ 15,093	$ 11,449	$ 22,429
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	104	55	185	110
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,902	6,953	3,840	9,921
Selling,General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 4,054	$ 8,085	$ 7,424	$ 12,398

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)		6 Months Ended
	Dec. 05, 2022	Jun. 30, 2023	Jun. 30, 2022	May 24, 2023	Feb. 17, 2023	Dec. 31, 2022	May 05, 2020	May 04, 2020	Aug. 17, 2018
Equity Offering [Line Items]
Common Stock, Shares Authorized		400,000,000				200,000,000
Private Placement [Member]
Equity Offering [Line Items]
Net proceeds	$ 154,700,000
Common Stock [Member]
Equity Offering [Line Items]
Number of shares of common stock issued			2,941,000
Common Stock [Member] | Private Placement [Member]
Equity Offering [Line Items]
Number of shares of common stock issued and sold in Private Placement Offering	31,791,908
Warrant [Member] | Private Placement [Member]
Equity Offering [Line Items]
Number of shares of common stock issued	9,537,563
Sale of stock price per share	$ 6.36
Warrant Exercised		$ 0
Open Market Sale Agreement [Member] | Common Stock [Member]
Equity Offering [Line Items]
Net proceeds from sale of common stock		$ 100,000,000
Jefferies LLC [Member] | Open Market Sale Agreement [Member] | Common Stock [Member]
Equity Offering [Line Items]
Number of shares of common stock issued			2,941,517,000
Maximum [Member]
Equity Offering [Line Items]
Common Stock, Shares Authorized				400,000,000
Maximum [Member] | Warrant [Member] | Private Placement [Member]
Equity Offering [Line Items]
Number of shares of common stock issued	9,537,563
Maximum [Member] | Jefferies LLC [Member] | Open Market Sale Agreement [Member]
Equity Offering [Line Items]
Aggregate offering price					$ 100,000,000		$ 175,000,000	$ 75,000,000	$ 75,000,000
Percentage of commission of gross proceeds from the sale of Shares		3%
Net proceeds from sale of common stock			$ 30,000,000
Additional aggregate offering price							$ 100,000,000
Minimum [Member]
Equity Offering [Line Items]
Common Stock, Shares Authorized				200,000,000

Long-Term Obligations - Additio

Long-Term Obligations - Additional Information (Detail)		6 Months Ended	12 Months Ended
	Oct. 15, 2022 Days	Jun. 30, 2023 USD ($) Days $ / shares shares	Dec. 31, 2022 USD ($)	Oct. 26, 2018 USD ($)	Oct. 16, 2018 USD ($)
Subsequent Event [Line Items]
Debt instrument convertible threshold consecutive trading days | Days		5
Description of debt instrument convertible period		during the five-business day period immediately after any five consecutive trading day period
Principal amount of notes used in conversion rate		$ 1,000
Debt instrument convertible threshold maximum percentage of product of last reported sale price of common stock		98%
Fair Value of embeded derivative liability		$ 2,800,000	$ 2,800,000
Level 3 [Member]
Subsequent Event [Line Items]
Fair Value of embeded derivative liability		2,800,000	2,800,000
Deferred Royalty Obligation [Member] | Level 3 [Member]
Subsequent Event [Line Items]
Deferred royalty obligation at fair value		129,900,000	129,900,000
Revenue Interest Financing Agreement [Member]
Subsequent Event [Line Items]
Debt issuance costs		1,400,000
First investment amount		$ 75,000,000
Revenue Interest Financing Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On December 31, 2024 [Member]
Subsequent Event [Line Items]
Royalty Payable Percentage on First Investment Amount		100%
Revenue Interest Financing Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On September 30, 2026 [Member]
Subsequent Event [Line Items]
Royalty Payable Percentage on First Investment Amount		100%
Royalty Payable Percentage on Second Investment Amount		100%
Amended Revenue Interest Agreement [Member]
Subsequent Event [Line Items]
Second investment amount		$ 60,000,000
Amended Revenue Interest Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On December 31, 2024 [Member]
Subsequent Event [Line Items]
Royalty Payable Percentage on Second Investment Amount		65%
Revenue Interest Agreement And Amended Revenue Interest Agreement [Member]
Subsequent Event [Line Items]
First investment amount		$ 135,000,000	135,000,000
Debt Instrument Interest Rate		14%
Revenue Interest Agreement And Amended Revenue Interest Agreement [Member] | HealthCare Royalty Partners IV LP [Member]
Subsequent Event [Line Items]
Aggregate Royalties Percentage		185%
Cumulative payments		$ 53,800,000
Convertible Note Offering [Member]
Subsequent Event [Line Items]
Notes converted in to common stock, amount | shares		63.0731
Notes converted in to common stock, shares		$ 1,000
Notes, conversion price per share | $ / shares		$ 15.85
3% Convertible Senior Notes Due 2025 [Member]
Subsequent Event [Line Items]
Aggregate principal amount		$ 172,500,000	172,500,000	$ 22,500,000	$ 150,000,000
Debt issuance costs		$ 5,600,000
Debt discount and issuance costs amortized to interest expense, amortization period		7 years
Notes, interest rate		3%
Notes, maturity date		Oct. 15, 2025
Principal amount of notes used in conversion rate		$ 1,000
Debt instrument, convertible latest date		Jun. 15, 2025
Notes conversion price, percentage	130%	130%
Notes instrument, trading days | Days	20	20
Debt instrument convertible threshold consecutive trading days | Days	30	30
Notes, repurchase price	100%
Estimated fair value of convertible notes		$ 115,400,000	$ 133,100,000
Expected life of convertible notes		7 years
Debt Instrument Interest Rate		3.53%

Long-Term Obligations - Summary

Long-Term Obligations - Summary of Outstanding Balances of Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Oct. 26, 2018	Oct. 16, 2018
Liability component:
Principal	$ 172,500	$ 172,500	$ 22,500	$ 150,000
Less: debt discount costs	(2,003)	(2,395)
Net carrying amount	$ 170,497	$ 170,105

Long-Term Obligations - Schedul

Long-Term Obligations - Schedule of Interest Expense Recognized Related to Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 1,294	$ 1,294	$ 2,588	$ 2,588
Amortization of debt issuance cost	191	202	392	400
Total	$ 1,485	$ 1,496	$ 2,980	$ 2,988

Long-Term Obligations - Summa_2

Long-Term Obligations - Summary of Future Minimum Payments on Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 2,588
2024	5,175
2025	177,675
Total minimum payments	185,438
Less: interest and issuance costs	(14,941)
Convertible senior notes	$ 170,497