Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Entity Central Index Key | 0001567514 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2021 | |
Entity Registrant Name | Intra-Cellular Therapies, Inc. | |
Trading Symbol | ITCI | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36274 | |
Entity Tax Identification Number | 36-4742850 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 430 East 29th Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10016 | |
City Area Code | 646 | |
Local Phone Number | 440-9333 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 81,202,226 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 129,979,888 | $ 60,045,933 |
Investment securities, available-for-sale | 481,984,786 | 597,402,126 |
Restricted cash | 1,400,000 | 1,400,000 |
Accounts receivable, net of $120,000 allowance at March 31, 2021 and December 31, 2020 | 13,661,992 | 10,764,583 |
Inventory | 7,579,393 | 7,056,385 |
Prepaid expenses and other current assets | 14,494,384 | 14,235,455 |
Total current assets | 649,100,443 | 690,904,482 |
Property and equipment, net | 1,871,338 | 1,998,346 |
Right of use assets, net | 23,430,703 | 24,324,762 |
Other assets | 86,084 | 86,084 |
Total assets | 674,488,568 | 717,313,674 |
Current liabilities: | ||
Accounts payable | 8,720,957 | 5,501,825 |
Accrued and other current liabilities | 13,491,620 | 10,902,117 |
Lease liabilities, short-term | 5,573,240 | 5,541,802 |
Accrued employee benefits | 11,915,893 | 14,907,479 |
Total current liabilities | 39,701,710 | 36,853,223 |
Lease liabilities | 22,637,100 | 23,600,347 |
Total liabilities | 62,338,810 | 60,453,570 |
Stockholders' equity: | ||
Common stock, $0.0001 par value: 100,000,000 shares authorized; 81,133,849 and 80,463,089 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 8,113 | 8,046 |
Additional paid-in capital | 1,601,739,075 | 1,593,475,506 |
Accumulated deficit | (989,843,975) | (937,104,032) |
Accumulated comprehensive income | 246,545 | 480,584 |
Total stockholders' equity | 612,149,758 | 656,860,104 |
Total liabilities and stockholders' equity | $ 674,488,568 | $ 717,313,674 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable | $ 120,000 | $ 120,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 81,133,849 | 80,463,089 |
Common stock, shares outstanding | 81,133,849 | 80,463,089 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 15,878,329 | $ 1,083,479 |
Operating expenses: | ||
Cost of product sales | 1,455,215 | 69,311 |
Research and development | 15,058,168 | 16,003,326 |
Selling, general and administrative | 52,583,639 | 34,096,366 |
Total operating expenses | 69,097,022 | 50,169,003 |
Loss from operations | (53,218,693) | (49,085,524) |
Interest income | 483,750 | 1,678,203 |
Loss before provision for income taxes | (52,734,943) | (47,407,321) |
Income tax expense | 5,000 | 3,281 |
Net loss | $ (52,739,943) | $ (47,410,602) |
Net loss per common share: | ||
Basic & Diluted | $ (0.65) | $ (0.73) |
Weighted average number of common shares: | ||
Basic & Diluted | 80,946,450 | 65,106,103 |
Product sales, net [Member] | ||
Revenue | $ 15,578,905 | $ 882,516 |
Grant revenue [Member] | ||
Revenue | $ 299,424 | $ 200,963 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (52,739,943) | $ (47,410,602) |
Other comprehensive (loss): | ||
Unrealized loss on investment securities | (234,039) | (273,516) |
Comprehensive loss | $ (52,973,982) | $ (47,684,118) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | January 2020 [Member] | Common Stock [Member] | Common Stock [Member]January 2020 [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]January 2020 [Member] | Accumulated Deficit [Member] | Accumulated Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2019 | $ 195,007,271 | $ 5,551 | $ 904,971,772 | $ (710,098,369) | $ 128,317 | |||
Balance, shares at Dec. 31, 2019 | 55,507,497 | |||||||
Common shares issued | $ 276,978,186 | $ 1,000 | $ 276,977,186 | |||||
Common shares issued, shares | 10,000,000 | |||||||
Exercise of stock options and issuances of restricted stock (Value) | 589,161 | $ 69 | 589,092 | |||||
Exercise of stock options and issuances of restricted stock (Shares) | 689,781 | |||||||
Stock issued for services | 53,533 | 53,533 | ||||||
Stock issued for services, shares | 3,483 | |||||||
Share-based compensation | 5,504,297 | 5,504,297 | ||||||
Net loss | (47,410,602) | (47,410,602) | ||||||
Other comprehensive loss | (273,516) | (273,516) | ||||||
Balance at Mar. 31, 2020 | 430,448,330 | $ 6,620 | 1,188,095,880 | (757,508,971) | (145,199) | |||
Balance, shares at Mar. 31, 2020 | 66,200,761 | |||||||
Balance at Dec. 31, 2020 | 656,860,104 | $ 8,046 | 1,593,475,506 | (937,104,032) | 480,584 | |||
Balance, shares at Dec. 31, 2020 | 80,463,089 | |||||||
Exercise of stock options and issuances of restricted stock (Value) | 1,431,658 | $ 67 | 1,431,591 | |||||
Exercise of stock options and issuances of restricted stock (Shares) | 669,182 | |||||||
Stock issued for services | 53,542 | 53,542 | ||||||
Stock issued for services, shares | 1,578 | |||||||
Share-based compensation | 6,778,436 | 6,778,436 | ||||||
Net loss | (52,739,943) | (52,739,943) | ||||||
Other comprehensive loss | (234,039) | (234,039) | ||||||
Balance at Mar. 31, 2021 | $ 612,149,758 | $ 8,113 | $ 1,601,739,075 | $ (989,843,975) | $ 246,545 | |||
Balance, shares at Mar. 31, 2021 | 81,133,849 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows used in operating activities | ||
Net loss | $ (52,739,943) | $ (47,410,602) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 127,008 | 148,802 |
Share-based compensation | 6,778,436 | 5,504,297 |
Stock issued for services | 53,542 | 53,533 |
Amortization of premiums and discounts on investment securities, net | (1,085,948) | (298,210) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (2,897,409) | (1,351,013) |
Inventory | (523,008) | (1,391,124) |
Prepaid expenses and other assets | (258,929) | (1,562,620) |
Long term deferred tax asset, net | 264,609 | |
Accounts payable | 3,219,132 | 3,569,058 |
Accrued liabilities and other | (402,083) | (8,740,512) |
Lease liabilities, net | (37,750) | (12,436) |
Net cash used in operating activities | (47,766,952) | (51,226,218) |
Cash flows provided by (used in) investing activities | ||
Purchases of investments | (34,147,683) | (210,466,633) |
Maturities of investments | 150,416,932 | 57,503,736 |
Purchases of property and equipment | 0 | (22,049) |
Net cash provided by (used) in investing activities | 116,269,249 | (152,984,946) |
Cash flows provided by financing activities | ||
Proceeds from exercise of stock options | 1,431,658 | 589,161 |
Proceeds of public offering, net | 276,978,186 | |
Net cash provided by financing activities | 1,431,658 | 277,567,347 |
Net increase in cash, cash equivalents, and restricted cash | 69,933,955 | 73,356,183 |
Cash, cash equivalents, and restricted cash at beginning of period | 61,445,933 | 107,636,849 |
Cash, cash equivalents, and restricted cash at end of period | 131,379,888 | 180,993,032 |
Non-cash investing and financing activities | ||
Right of use assets under operating leases | $ 9,179,216 | $ 97,234 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 129,979,888 | $ 60,045,933 | $ 179,593,032 | |
Restricted cash | 1,400,000 | 1,400,000 | 1,400,000 | |
Total cash, cash equivalents and restricted cash | $ 131,379,888 | $ 61,445,933 | $ 180,993,032 | $ 107,636,849 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Intra-Cellular Therapies, Inc. (the “Company”), through its wholly-owned operating subsidiaries, ITI, Inc. (“ITI”) and ITI Limited, is a biopharmaceutical company focused on the discovery, clinical development and commercialization of innovative, small molecule drugs that address underserved medical needs primarily in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system (“CNS”). In December 2019, the Company announced that CAPLYTA TM On January 10, 2020, the Company completed a public offering of common stock in which the Company sold 10,000,000 shares of common stock at an offering price of $29.50 per share for aggregate gross proceeds of $295.0 million. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $277.0 million. On September 15, 2020, the Company completed a public offering of common stock in which the Company sold 12,666,667 shares of common stock at an offering price of $30.00 per share for aggregate gross proceeds of $380.0 million. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $357.8 million. In order to further its commercial activities and research projects and support its collaborations, the Company will require additional financing until such time, if ever, that revenue streams are sufficient to generate consistent positive cash flow from operations. The Company currently projects that its cash, cash equivalents and investments will be sufficient to fund operating expenses and capital expenditures for at least one year from the date that these financial statements are filed with the Securities and Exchange Commission (the “SEC”). Possible sources of funds include public or private sales of the Company’s equity securities, sales of debt securities, the incurrence of debt from commercial lenders, strategic collaborations, licensing a portion or all of the Company’s product candidates and technology and, to a lesser extent, grant funding. On August 30, 2019, the Company filed a universal shelf registration statement on Form S-3, “at-the-market” “at-the-market” “at-the-market” In addition, on January 6, 2020, the Company filed an automatic shelf registration statement on Form S-3 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly own subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP set forth in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is discovering, developing and commercializing drugs primarily for the treatment of neurological and psychiatric disorders. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market mutual funds, and certificates of deposit with a maturity date of three months or less. The carrying values of cash and cash equivalents approximate the fair market value. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the condensed consolidated balance sheets. Investment Securities Investment securities consisted of the following (in thousands): March 31, 2021 Amortized Unrealized Unrealized Estimated (Unaudited) U.S. Government Agency Securities $ 188,996 $ 10 $ (47 ) $ 188,959 Certificates of Deposit 10,500 — — 10,500 Commercial Paper 90,426 13 (4 ) 90,435 Corporate Notes/Bonds 191,816 378 (103 ) 192,091 $ 481,738 $ 401 $ (154 ) $ 481,985 December 31, 2020 Amortized Unrealized Unrealized Estimated U.S. Government Agency Securities $ 259,304 $ 3 $ (31 ) $ 259,276 Certificates of Deposit 10,500 — — 10,500 Commercial Paper 124,368 23 (21 ) 124,370 Corporate Notes/Bonds 202,749 624 (117 ) 203,256 $ 596,921 $ 650 $ (169 ) $ 597,402 The Company has classified all of its investment securities as available-for-sale, available-for-sale The Company monitors its investment portfolio for overall risk, specifically credit risk loss, quarterly or more frequently if circumstances warrant. The Company would estimate the expected credit loss over the lifetime of the asset and record an allowance for the portion of the amortized cost basis of the financial asset that the Company does not expect to collect. The aggregate related fair value of investments with unrealized losses as of March 31, 2021 was $243.2 million, which consisted of $99.8 million from U.S. government agency securities, $25.9 million of commercial paper, and $117.4 million of corporate notes/bonds. The aggregate amount of unrealized losses as of March 31, 2021 was approximately $154,000, which consisted of $47,000 from U.S. government agency securities, $4,000 from commercial paper, and $103,000 from corporate notes/bonds. The $243.2 million aggregate fair value of investments with unrealized losses as of March 31, 2021 has been held in a continuous unrealized loss position for less than 12 months. As of December 31, 2020, the aggregate related fair value of investments with unrealized losses was $372.3 million and the aggregate amount of unrealized losses was approximately $169,000. The $372.3 million aggregate fair value of investments with unrealized losses as of December 31, 2020 had been held in a continuous unrealized loss position for less than 12 months. The Company reviewed all of the investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. The Company has analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk. Fair Value Measurements The Company applies the fair value method under ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. • Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. • Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity—e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy. The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of March 31, 2021 or December 31, 2020. The carrying value of cash held in money market funds of approximately $83.6 million as of March 31, 2021 and $27.9 million as of December 31, 2020 is included in cash and cash equivalents on the condensed consolidated balance sheet and approximates market value based on quoted market prices or Level 1 inputs. The fair value measurements of the Company’s cash equivalents and available-for-sale Fair Value Measurements at March 31, Quoted Prices Significant Significant Money Market Funds $ 83,602 $ 83,602 $ — $ — U.S. Government Agency Securities 188,959 — 188,959 — Certificates of Deposit 10,500 — 10,500 — Commercial Paper 90,435 — 90,435 — Fair Value Measurements at March 31, Quoted Prices Significant Significant Corporate Notes/Bonds 192,091 — 192,091 — $ 565,587 $ 83,602 $ 481,985 $ 0 Fair Value Measurements at Reporting Date Using December 31, Quoted Prices Significant Significant Money Market Funds $ 27,917 $ 27,917 $ — $ — U.S. Government Agency Securities 259,276 — 259,276 — Certificates of Deposit 10,500 — 10,500 — Commercial Paper 124,370 — 124,370 — Corporate Notes/Bonds 203,256 — 203,256 — $ 625,319 $ 27,917 $ 597,402 $ — Financial Instruments The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, restricted cash, accounts receivable, prepaid expenses, right of use asset, net, other assets, accounts payable, accrued liabilities, accrued employee benefits and lease liabilities, short-term, to approximate their fair value because of their relatively short maturities at March 31, 2021 and December 31, 2020. Management believes that the risks associated with its financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing. Restricted Cash Restricted cash is collateral used under the letter of credit arrangement for the vehicle lease agreement. The Company adopted ASU No. 2016-18, 2016-18”) Accounts Receivable, net The Company’s accounts receivable, net, primarily arise from product sales. They are generally stated at the invoiced amount and do not bear interest. Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from chargebacks, prompt pay discounts, and distribution fees. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in the customers’ credit profiles. The Company reserves against accounts receivable for estimated losses that may arise from a customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated collectability losses was not significant as of March 31, 2021 and December 31, 2020, respectively. We are also subject to credit risk from our accounts receivable related to our product sales. We monitor our exposure within accounts receivable and record a credit loss reserve against uncollectible accounts receivable as necessary. We extend credit primarily to pharmaceutical wholesale distributors. Customer creditworthiness is monitored and collateral is not required. Historically, we have not experienced credit losses on our accounts receivable and as of March 31, 2021 and December 31, 2020, respectively, our credit loss reserve on receivables was not material. Cash equivalents are held with major financial institutions in the United States. Certificates of deposit, cash and cash equivalents held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. Inventory The Company values its inventories at the lower of cost or estimated net realizable value. Inventories consist of raw materials (active pharmaceutical ingredients (API)), drug product, and packaged product in saleable condition. The consumption of raw materials during production is classified as work in process until saleable. Once it is determined to be in saleable condition, inventory is classified as finished goods. The Company determines the cost of its inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out The Company capitalizes inventory costs associated with the Company’s products after regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Inventory acquired and manufactured prior to receipt of regulatory approval of a product candidate is expensed as research and development expense as incurred. Inventory that can be used in either the production of clinical or commercial product is expensed as research and development expense when selected for use in a clinical manufacturing campaign. Inventory that is used in the production of sample product is reclassified to prepaid and other current assets and is then expensed to selling, general and administrative expenses when the sample product is distributed. Shipping and handling costs for product shipments to customers are recorded as incurred in cost of product sales along with costs associated with manufacturing the product, and any inventory write-downs. Property and Equipment Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC Topic 360, Property, Plant and Equipment Revenue Recognition Effective January 1, 2018, the Company adopted FASB ASC Topic 606, Revenue from Contracts with Customers To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to arrangements that meet the definition of a contract under ASC Topic 606, including when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. For additional discussion of accounting for product sales, see Product Sales, net To date, the Company’s only source of product sales has been from sales of CAPLYTA in the United States, which the Company began shipping to customers in March 2020. Product Sales, net The Company sells CAPLYTA to a limited number of customers which include a number of national and select regional distributors. These customers subsequently resell the Company’s products to specialty pharmacy providers, as well as other retail pharmacies and certain medical centers or hospitals. In addition to distribution agreements with customers, the Company enters into arrangements with health care providers and payers that provide for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. The Company recognizes revenue on product sales when the Customer obtains control of the Company’s product, which occurs at a point in time (upon delivery). Product revenues are recorded net of applicable reserves for variable consideration, including rebates, discounts and allowances, among others. If taxes should be collected from customers relating to product sales and remitted to governmental authorities, they will be excluded from revenue. Reserves for Variable Consideration Revenues are calculated based on the wholesale acquisition cost that the Company charges to distributors for CAPLYTA less variable consideration for which reserves are established. Components of variable consideration may include trade discounts and allowances, product returns, provider chargebacks and discounts, government rebates, payer rebates, and other incentives, such as voluntary patient assistance, and other allowances that are offered within contracts between the Company and its customers, payers, and other indirect customers relating to the Company’s sales of its product. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, include estimates that take into consideration a range of possible outcomes which are considered more likely in accordance with the expected value method in ASC Topic 606 for relevant factors such as current contractual and statutory requirements, specific known market events and trends, forecasted customer buying and payment patterns. The Company’s estimates regarding the payer mix for CAPLYTA and historical industry information regarding the payer mix for comparable pharmaceutical products and product portfolios, in particular, historical information related to similar products in their initial launch stages and through the use of historical information experienced in this launch period. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts after considering whether revenue should be constrained under ASC 606. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. The Company’s analyses also contemplated application of the constraint in accordance with the guidance, under which it determined a material reversal of revenue would not occur in a future period for the estimates detailed below as of March 31, 2021 and 2020, and, therefore, the transaction price was not reduced further during the three-month periods ended March 31, 2021 and 2020. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product sales and earnings in the period such variances become known. Trade Discounts and Allowances Product Returns Provider Chargebacks and Discounts period-end Government Rebates Payer Rebates Other Incentives co-pay co-payments co-pay The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. Chargebacks, discounts, fees, and returns are recorded as reductions of trade receivables, net on the condensed consolidated balance sheets. Government and other rebates are recorded as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. Cost of Product Sales Our cost of product sales relates to sales of CAPLYTA. Cost of product sales primarily includes product royalty fees, overhead, and direct costs (inclusive of material, shipping, and manufacturing costs). For the product royalty fees, the Company entered into an exclusive License Agreement with Bristol-Myers Squibb Company (“BMS”), for which the Company is obliged to make tiered single digit percentage royalty payments ranging between 5 – 9% on sales of licensed products. The related royalties are recorded within cost of product sales on the condensed statement of operations. Prior to FDA approval of CAPLYTA, the Company expensed all costs associated with the manufacturing of lumateperone as part of research and development expenses. From December 20, 2019, the date of approval of CAPLYTA, through December 31, 2019 there was no production of inventory and therefore, no inventory costs were incurred. Therefore, at December 31, 2019, no inventory costs had been capitalized. The cost of product sales in the three-month periods ended March 31, 2021 and 2020, are lower than incurred because of previously expensed inventory. Research and Development, Including Clinical Trial Expenses Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include preclinical analytical testing, manufacturing of drug product for use in clinical and nonclinical trials, outside services, providers, materials and consulting fees. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred, among other factors. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the condensed consolidated balance sheets as prepaid or accrued research and development expense, as the case may be. As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate clinical trial expenses in its condensed consolidated statement of operations by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the progress of the clinical trial as measured by subject progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models taking into account various clinical information provided by vendors and discussion with applicable personnel and external service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations, clinical sites and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. Advertising Expense In connection with the FDA approval of CAPLYTA in 2019, the Company began to incur advertising costs in connection with the subsequent commercial launch of CAPLYTA in 2020. Advertising costs are expensed when services are rendered. The Company incurred $10.6 million and $1.4 million in advertising costs for the three months ended March 31, 2021 and 2020, respectively, related to its marketed product, CAPLYTA. Income Taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to 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 year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48, The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was approximately 0%. This effective tax rate is substantially lower than the U.S. statutory rate of 21% due to valuation allowances recorded on current year losses where the Company is not more-likely than not to recognize a future tax benefit. On March 27, 2020, the United States enacted The Coronavirus Aid, Relief and Economic Security (CARES) Act which includes several significant business tax provisions, of which the immediate relevance to the Company is the acceleration of refunds of previously generated corporate Alternative Minimum Tax (“AMT”) credits. The CARES Act also adds an employee retention credit to encourage employers to maintain headcounts even if employees cannot report to work because of issues related to the coronavirus, and a temporary provision allowing companies to defer remitting to the government the employee share of some payroll taxes, among other things. The Company reviewed the provisions and there was not a material tax impact on its financial statements for the year ended December 31, 2020. The Company did reclassify its deferred tax asset related to the AMT tax credit carryforward of $265,000 to a current tax receivable in the first quarter of 2020 upon the filing of its tax return for year ended December 31, 2019 and received the refund in July 2020. On March 11, 2021, the American Rescue Plan Act of 2021 (“ARPA 2021”) was signed into law. ARPA 2021 included various income and payroll tax provisions. The Company has analyzed the tax provisions of ARPA 2021 and determined they have no significant financial impact to the Company’s condensed financial stat e Comprehensive Income (Loss) All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner Share-Based Compensation Share-based payments are accounted for in accordance with the provisions of ASC Topic 718, Compensation—Stock Compensation For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. Share-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 accounts for forfeitures as they occur. The Company utilizes the Black-Scholes model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. Expected volatility rates for quarterly periods prior to December 31, 2019 were based on a combination of the historical volatility of the common stock of comparable publicly traded entities and the limited historical information about the Company’s common stock. Beginning in the fourth quarter of 2019, expected volatility rates have been based entirely on the historical volatility of the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the limited historical exercise data, the expected life is determined using the “simplified method,” which defines expected life as the midpoint between the vesting date and the end of the contractual term. The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero. For stock options granted, the exercise price was determined by using the closing market price of the Company’s common stock on the date of grant. A restricted stock unit (“RSU”) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the fair market value of the Company’s common stock on the date of grant. The Company has granted RSUs that vest in three In the first quarter of 2020, the Company granted performance-based RSUs for 86,000 shares of common stock, which vest based on the achievement of certain milestones that include (i) the approval of a planned NDA by the FDA (the “2020 Milestone RSUs”) and (ii) the achievement of certain comparative shareholder returns against the Company’s peers (the “2020 TSR RSUs”). The 2020 TSR RSUs were valued using the Monte Carlo Simulation method and will be amortized over the life of the RSUs based on the agreements. In the first quarter of 2021, the Company granted performance-based RSUs for 64,518 shares of common stock, which vest based on the achievement of certain milestones that include (i) certain operational milestones (the “2021 Milestone RSUs”, and collectively with the 2020 Milestone RSUs, the “Milestone RSUs”) and (ii) the achievement of certain comparative shareholder returns against the Company’s peers (the “2021 TSR RSUs,” and collectively with the 2020 TSR RSUs, the “TSR RSUs”). The 2021 TSR RSUs were valued using the Monte Carlo Simulation method and will be amortized over the life of the RSUs based on the agreements. Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law is considered to be a deductible difference in applying ASC Topic 740, Income Taxes Equity instruments issued to non-employees 505-50, Equity/Equity-Based Payments to Non-Employees In June 2018, the Company’s stockholders approved the Company’s 2018 Equity Incentive Plan pursuant to which 4,750,000 additional shares of common stock were reserved for future equity grants. In May 2020, the Company’s stockholders approved the Company’s 2018 Amended and Restated Equity Incentive Plan pursuant to which 6,500,000 additional shares of common stock were reserved for future equity grants. In December 2019, the Company adopted the Intra-Cellular Therapies, Inc. 2019 Inducement Award Plan (the “2019 Inducement Plan”) without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Pursuant to the 2019 Inducement Plan, the Company may grant stock options, RSUs, stock awards and other share-based awards for up to a total of 1,000,000 shares of common stock to new employees of the Company. As of March 31, 2021, stock options and RSUs for 314,138 shares have been granted under the 2019 Inducement Plan. The Company does not intend to make additional grants under the 2019 Inducement Plan. Loss Per Share Basic net loss per common share is determined by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and RSUs. The following awards were excluded in the calculation of diluted loss per share because their effect could be anti-dilutive as applied to the loss from operations for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Stock options 5,929,884 6,408,389 RSUs 1,669,434 1,695,397 TSR RSUs 68,598 86,044 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 3. Inventory Inventory consists of the following: March 31, December 31, Raw materials $ 2,949,990 $ 2,483,801 Work in process 1,189,535 1,781,101 Finished goods 3,439,868 2,791,483 $ 7,579,393 $ 7,056,385 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consist of the following: March 31, December 31, Computer equipment $ 243,532 $ 243,532 Furniture and fixtures 423,097 423,097 Scientific equipment 4,127,951 4,127,951 Leasehold improvements 1,240,315 1,240,315 6,034,895 6,034,895 Less accumulated depreciation (4,163,557 ) (4,036,549 ) $ 1,871,338 $ 1,998,346 Depreciation expense for the three months ended March 31, 2021 was $127,008, as compared to $148,802 for the three months ended March 31, 2020. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of March 31, 2021 and December 31, 2020 consisted of the following: March 31, December 31, Accrued expenses $ 9,340,951 $ 7,896,942 Sales allowances 3,656,291 2,619,650 Medicaid rebates 494,378 385,525 Total accrued expenses and other current liabilities $ 13,491,620 $ 10,902,117 |
Right of Use Assets and Lease L
Right of Use Assets and Lease Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Right of Use Assets and Lease Liabilities | 6. Right of Use Assets and Lease Liabilities Real Estate Leases In 2014, the Company entered into a long-term lease with a related party which, as amended, provided for a lease of useable laboratory and office space located in New York, New York. A member of the Company’s board of directors is the Executive Chairman of the parent company to the landlord under this lease. Concurrent with this lease, the Company entered into a license agreement to occupy certain vivarium related space in the same facility for the same term and rent escalation provisions as the lease. This license has the primary characteristics of a lease and is characterized as a lease in accordance with ASU 2016-02 non-lease In adopting ASU 2016-02 non-lease assets at present value using its applicable incremental borrowing rates of its two long-term leases of 7.2% for the Company’s Maryland lease of 3.2 years and 9.1% for the Company’s New York leases of 14.3 years. On January 1, 2019, upon adoption of ASU 2016-02, non-cash Maturity analysis under the lease agreements are as follows: Nine months ending December 31, 2021 $ 2,592,270 Year ending December 31, 2022 3,491,166 Year ending December 31, 2023 3,566,466 Year ending December 31, 2024 3,675,196 Year ending December 31, 2025 3,787,248 Thereafter 13,839,791 Total 30,952,137 Less: Present value discount (9,467,757 ) Total Lease liability 21,484,380 Less: Current portion (3,309,063 ) Long-term lease liabilities $ 18,175,317 Lease expense for the three months ended March 31, 2021 and 2020 was approximately $0.8 million and $0.8 million, respectively. Vehicle Fleet Lease On May 17, 2019, the Company entered into an agreement (the “Vehicle Lease”) with a company (the “Lessor”) to acquire motor vehicles for certain employees. The Vehicle Lease provides for individual leases for the vehicles, which at each lease commencement was determined to qualify for operating lease treatment. The Company began leasing vehicles under the Vehicle Lease in March 2020. The contractual period of each lease is 12 months, followed by month-to-month The nature of the lease is one commonly referred to as “TRAC” lease, as it contains a terminal rental adjustment clause, or “TRAC clause.” The TRAC clause limits lessee 12-month Right of use asset and lease liability for the vehicle fleet lease were approximately $6.7 million and $0.1 million, respectively, as of March 31, 2021 and March 31, 2020. The vehicle leases entered into since March 2020 represent non-cash The following table presents the Vehicle Lease balances within the condensed consolidated balance sheet, weighted average remaining fleet lease term, and the weighted average discount rates related to the Vehicle Lease as of March 31, 2021 and 2020: Lease Assets and Liabilities – Fleet Classification March 31, 2021 March 31, 2020 Assets Right of use assets, net Operating lease right of use assets $ 6,725,876 $ 94,092 $ 6,725,876 $ 94,092 Liabilities Current Lease Assets and Liabilities – Fleet Classification March 31, 2021 March 31, 2020 Lease liabilities, short-term Operating lease liabilities $ 2,264,183 $ — Non-Current Lease liabilities Non-current operating lease liabilities 4,461,693 94,092 Total lease liabilities $ 6,725,876 94,092 Weighted average remaining lease term 1.8 years 2.4 Weighted average discount rate 1.73 % 1.80 % The following table presents the maturity of the Company’s fleet lease liability as of March 31, 2021: Time Period Nine months ending December 31, 2021 $ 1,772,477 Year ending December 31, 2022 3,458.694 Year ending December 31, 2023 1,640,640 Thereafter — Total 6,871,811 Less: Present value discount (145,935 ) Total operating lease liabilities 6,725,876 Less: Current portion (2,264,183 ) Long-term lease liabilities $ 4,461,693 Right of use assets and lease liabilities for all operating leases were approximately $23.4 million and $28.2 million, respectively, as of March 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies License and Royalty Commitments On May 31, 2005, the Company entered into a worldwide, exclusive License Agreement with Bristol-Myers Squibb Company (“BMS”), pursuant to which the Company holds a license to certain patents and know-how Under the agreement, the Company made an upfront payment of $1.0 million to BMS in 2005, a milestone payment of $1.25 million in December 2013, and a milestone payment of $1.5 million in December 2014 following the initiation of the Company’s first Phase 3 clinical trial for lumateperone for patients with exacerbated schizophrenia. Upon FDA acceptance of an NDA filing for lumateperone, the Company was obligated to pay BMS a $2.0 million milestone payment, which was paid in January 2019. The FDA approved the NDA filing on December 23, 2019 and as a result the Company accrued an additional milestone liability of $5.0 million in the fourth quarter of 2019 which was paid in January 2020. Possible milestone payments remaining total $5.0 million. Under the agreement, the Company may be obliged to make other milestone payments to BMS for each licensed product of up to an aggregate of approximately $14.75 million. The Company is also obliged to make tiered single digit percentage royalty payments ranging between 5 – 9% on sales of licensed products. The Company is obliged to pay to BMS a percentage of non-royalty The agreement extends, and royalties are payable, on a country-by-country product-by-product In September 2016, the Company transferred certain of its rights under the BMS agreement to its wholly owned subsidiary, ITI Limited. In connection with the transfer, the Company guaranteed ITI Limited’s performance of its obligations under the BMS agreement. For the three-month periods ended March 31, 2021 and 2020, the Company expensed approximately $780 thousand and $44 thousand, respectively, in cost of product sales to satisfy its obligation under the BMS agreement. Research and Other Commitments As of March 31, 2021, the Company has committed to purchasing a production campaign for active pharmaceutical ingredients (“API”) from each of its supply vendors – Siegfried Evionnaz SA (“Siegfried”) and Lonza Ltd. (“Lonza”). Both campaigns are expected to be received into inventory during 2022. The Company has a total commitment of $16.4 million related to these two agreements. As of March 31, 2021, the Company had paid a deposit of $3.0 million for the Siegfried campaign, which is recorded within prepaid expenses and other current assets. Over the course of the vendors’ manufacturing period, the Company will remit payment to each vendor based on the payment plan within the executed agreement. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation On June 18, 2018, the Company’s stockholders approved the 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provided for the granting of share-based awards, such as stock options, restricted common stock, RSUs and stock appreciation rights to employees, directors and consultants as determined by the Board of Directors. On May 27, 2020, the Company’s stockholders approved the Amended and Restated 2018 Equity Incentive Plan (the “Amended 2018 Plan”), which amended and restated the 2018 Plan. The Amended 2018 Plan provides for the granting of up to 6,500,000 additional share-based awards, such as stock options, restricted common stock, RSUs and stock appreciation rights to employees, directors and consultants as determined by the Board of Directors. In December 2019, the Company adopted the 2019 Inducement Award Plan (the “2019 Inducement Plan”) for the grant of equity awards of up to 1,000,000 shares of common stock to newly hired employees. As of December 31, 2020, the total number of shares reserved under all equity plans was 17,787,390 and the Company had 7,459,117 shares available for future issuance under the Amended 2018 Plan and the 2019 Inducement Plan. Stock options granted under the 2018 Plan and the 2019 Inducement Plan may be either incentive stock options (“ISOs”) as defined by the Internal Revenue Code of 1986, as amended, or non-qualified one Total share-based compensation expense related to all of the Company’s share-based awards, including stock options and RSUs to employees, directors and consultants, recognized during the three months ended March 31, 2021 and 2020, was comprised of the following: Three Months Ended 2021 2020 Inventoriable costs $ 361,744 $ 293,384 Research and development 1,960,564 2,006,855 Selling, general and administrative 4,456,128 3,204,058 Total share-based compensation expense $ 6,778,436 $ 5,504,297 The following table describes the weighted-average assumptions used for calculating the value of options granted during the three months ended March 31, 2021 and 2020: 2021 2020 Dividend yield 0% 0% Expected volatility 94.8%-94.9% 91.6%-92.5% Weighted-average risk-free interest rate 0.82% 1.42% Expected term (in years) 6.0 6.0 Information regarding stock option awards under the 2019 Inducement Plan, including with respect to grants to employees as of March 31, 2021, and changes during the three-month period then ended, are summarized as follows: Number of Weighted- Weighted- Outstanding at December 31, 2020 39,728 $ 17.18 9.2 years Options granted in 2021 — $ — Outstanding at March 31, 2021 39,728 $ 17.18 9.2 years Vested or expected to vest at March 31, 2021 39,728 $ 17.18 Exercisable at March 31, 2021 13,243 $ 17.18 Information regarding RSU awards under the 2019 Inducement Plan during the three-month period ended March 31, 2021 are summarized as follows: Number of Weighted- Weighted- Outstanding at December 31, 2020 251,867 $ 16.03 2.2 years Time based RSUs vested in 2021 (82,538 ) $ 16.03 2.0 years Time based RSUs cancelled in 2021 (3,985 ) $ 15.81 2.0 years Outstanding at March 31, 2021 165,344 $ 16.03 2.0 years Vested or expected to vest at March 31, 2021 165,344 $ 16.03 Exercisable at March 31, 2021 — $ — As of March 31, 2021, the Company granted options and time based RSUs totaling 314,138 shares under the the 2019 Inducement Plan. These grants were made in the first quarter of 2020 and the Company does not intend to grant any additional equity awards under the 2019 Inducement Plan. Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of March 31, 2021, and changes during the three-month period then ended, are summarized as follows: Number of Weighted- Weighted- Outstanding at December 31, 2020 5,477,894 $ 18.43 6.6 years Options granted 2021 511,932 $ 36.73 9.9 years Options exercised 2021 (78,983 ) $ 17.82 6.7 years Options canceled or expired 2021 (20,717 ) $ 16.30 8.4 years Outstanding at March 31, 2021 5,890,156 $ 20.03 6.6 years Vested or expected to vest at March 31, 2021 5,890,156 $ 20.03 Exercisable at March 31, 2021 4,083,592 $ 18.72 5.7 years The fair value of the time based RSUs and the Milestone RSUs is based on the closing price of the Company’s common stock on the date of grant. The fair value of the TSR RSUs was determined using the Monte Carlo simulation method. Information regarding the time based RSU activity and changes during the three-month period ended March 31, 2021 are summarized as follows: Number of Weighted-Average Weighted- Outstanding at December 31, 2020 1,311,877 $ 18.77 1.7 years Time based RSUs granted in 2021 702,830 $ 35.63 2.9 years Time based RSUs vested in 2021 (574,516 ) $ 17.41 1.0 years Time based RSUs cancelled in 2021 (4,699 ) $ 23.94 1.9 years Outstanding at March 31, 2021 1,435,492 $ 27.56 2.3 years Information related to the Company’s Milestone RSUs and TSR RSUs during the three-month period ended March 31, 2021 are summarized as follows: Number of Weighted-Average Weighted- Outstanding at December 31, 2020 72,678 $ 28.25 2.1 years Milestone RSUs and TSR RSUs granted in 2021 64,518 $ 38.45 2.9 years Milestone RSUs and TSR RSUs vested in 2021 — $ — 0.0 years Outstanding at March 31, 2021 137,196 $ 33.04 5.7 years The weighted average estimated fair value per share of the 2020 TSR RSUs granted was $32.56, and the 2021 TSR RSUs granted was $51.18, which were derived from a Monte Carlo simulation. Significant assumptions utilized in estimating the value of the 2020 awards granted include an expected dividend yield of 0%, a risk-free rate of 1.4%, and expected volatility of 91.3%. Significant assumptions utilized in estimating the value of the 2021 awards granted include an expected dividend yield of 0%, a risk-free rate of 0.2%, and expected volatility of 95.8%. The 2020 TSR RSUs granted will entitle the grantee to receive a number of shares of the Company’s common stock determined over a three-year performance period ending and vesting after December 31, 2022 but before February 18, 2023, provided the grantee remained in the service of the Company on the settlement date. Similarly, the 2021 TSR RSUs granted will entitle the grantee to receive a number of shares of the Company’s common stock determined over a three-year performance period ending and vesting after December 31, 2023 but before February 23, 2024, provided the grantee remained in the service of the Company on the settlement date. The Company is expensing the cost of these awards ratably over the requisite service period. The number of shares for which the TSR RSUs will be settled is a percentage of shares for which the award is targeted and depends on the Company’s total shareholder returns, expressed as a percentile ranking of the Company’s total shareholder return as compared to the Company’s peer group. The number of shares for which the TSR RSUs will be settled will vary depending on the level of achievement of the goal. Total shareholder return will be determined by dividing the average share value of the Company’s common stock over the 30 trading days preceding the settlement date by the average share value of the Company’s common stock over the 30 trading days beginning on January 1, 2020 and 2021, accordingly, with a deemed reinvestment of any dividends declared during the performance period. The Company’s peer group included companies that compromised the Nasdaq Biotechnology Index at December 31, 2019 and 2020, respectively. The Company recognized non-cash |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly own subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP set forth in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is discovering, developing and commercializing drugs primarily for the treatment of neurological and psychiatric disorders. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market mutual funds, and certificates of deposit with a maturity date of three months or less. The carrying values of cash and cash equivalents approximate the fair market value. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the condensed consolidated balance sheets. |
Investment Securities | Investment Securities Investment securities consisted of the following (in thousands): March 31, 2021 Amortized Unrealized Unrealized Estimated (Unaudited) U.S. Government Agency Securities $ 188,996 $ 10 $ (47 ) $ 188,959 Certificates of Deposit 10,500 — — 10,500 Commercial Paper 90,426 13 (4 ) 90,435 Corporate Notes/Bonds 191,816 378 (103 ) 192,091 $ 481,738 $ 401 $ (154 ) $ 481,985 December 31, 2020 Amortized Unrealized Unrealized Estimated U.S. Government Agency Securities $ 259,304 $ 3 $ (31 ) $ 259,276 Certificates of Deposit 10,500 — — 10,500 Commercial Paper 124,368 23 (21 ) 124,370 Corporate Notes/Bonds 202,749 624 (117 ) 203,256 $ 596,921 $ 650 $ (169 ) $ 597,402 The Company has classified all of its investment securities as available-for-sale, available-for-sale The Company monitors its investment portfolio for overall risk, specifically credit risk loss, quarterly or more frequently if circumstances warrant. The Company would estimate the expected credit loss over the lifetime of the asset and record an allowance for the portion of the amortized cost basis of the financial asset that the Company does not expect to collect. The aggregate related fair value of investments with unrealized losses as of March 31, 2021 was $243.2 million, which consisted of $99.8 million from U.S. government agency securities, $25.9 million of commercial paper, and $117.4 million of corporate notes/bonds. The aggregate amount of unrealized losses as of March 31, 2021 was approximately $154,000, which consisted of $47,000 from U.S. government agency securities, $4,000 from commercial paper, and $103,000 from corporate notes/bonds. The $243.2 million aggregate fair value of investments with unrealized losses as of March 31, 2021 has been held in a continuous unrealized loss position for less than 12 months. As of December 31, 2020, the aggregate related fair value of investments with unrealized losses was $372.3 million and the aggregate amount of unrealized losses was approximately $169,000. The $372.3 million aggregate fair value of investments with unrealized losses as of December 31, 2020 had been held in a continuous unrealized loss position for less than 12 months. The Company reviewed all of the investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. The Company has analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk. |
Fair Value Measurements | Fair Value Measurements The Company applies the fair value method under ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. • Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. • Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity—e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy. The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of March 31, 2021 or December 31, 2020. The carrying value of cash held in money market funds of approximately $83.6 million as of March 31, 2021 and $27.9 million as of December 31, 2020 is included in cash and cash equivalents on the condensed consolidated balance sheet and approximates market value based on quoted market prices or Level 1 inputs. The fair value measurements of the Company’s cash equivalents and available-for-sale Fair Value Measurements at March 31, Quoted Prices Significant Significant Money Market Funds $ 83,602 $ 83,602 $ — $ — U.S. Government Agency Securities 188,959 — 188,959 — Certificates of Deposit 10,500 — 10,500 — Commercial Paper 90,435 — 90,435 — Fair Value Measurements at March 31, Quoted Prices Significant Significant Corporate Notes/Bonds 192,091 — 192,091 — $ 565,587 $ 83,602 $ 481,985 $ 0 Fair Value Measurements at Reporting Date Using December 31, Quoted Prices Significant Significant Money Market Funds $ 27,917 $ 27,917 $ — $ — U.S. Government Agency Securities 259,276 — 259,276 — Certificates of Deposit 10,500 — 10,500 — Commercial Paper 124,370 — 124,370 — Corporate Notes/Bonds 203,256 — 203,256 — $ 625,319 $ 27,917 $ 597,402 $ — |
Financial Instruments | Financial Instruments The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, restricted cash, accounts receivable, prepaid expenses, right of use asset, net, other assets, accounts payable, accrued liabilities, accrued employee benefits and lease liabilities, short-term, to approximate their fair value because of their relatively short maturities at March 31, 2021 and December 31, 2020. Management believes that the risks associated with its financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing. |
Restricted Cash | Restricted Cash Restricted cash is collateral used under the letter of credit arrangement for the vehicle lease agreement. The Company adopted ASU No. 2016-18, 2016-18”) |
Accounts Receivable, net | Accounts Receivable, net The Company’s accounts receivable, net, primarily arise from product sales. They are generally stated at the invoiced amount and do not bear interest. Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from chargebacks, prompt pay discounts, and distribution fees. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in the customers’ credit profiles. The Company reserves against accounts receivable for estimated losses that may arise from a customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated collectability losses was not significant as of March 31, 2021 and December 31, 2020, respectively. We are also subject to credit risk from our accounts receivable related to our product sales. We monitor our exposure within accounts receivable and record a credit loss reserve against uncollectible accounts receivable as necessary. We extend credit primarily to pharmaceutical wholesale distributors. Customer creditworthiness is monitored and collateral is not required. Historically, we have not experienced credit losses on our accounts receivable and as of March 31, 2021 and December 31, 2020, respectively, our credit loss reserve on receivables was not material. |
Concentration of Credit Risk | Cash equivalents are held with major financial institutions in the United States. Certificates of deposit, cash and cash equivalents held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. |
Inventory | Inventory The Company values its inventories at the lower of cost or estimated net realizable value. Inventories consist of raw materials (active pharmaceutical ingredients (API)), drug product, and packaged product in saleable condition. The consumption of raw materials during production is classified as work in process until saleable. Once it is determined to be in saleable condition, inventory is classified as finished goods. The Company determines the cost of its inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out The Company capitalizes inventory costs associated with the Company’s products after regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Inventory acquired and manufactured prior to receipt of regulatory approval of a product candidate is expensed as research and development expense as incurred. Inventory that can be used in either the production of clinical or commercial product is expensed as research and development expense when selected for use in a clinical manufacturing campaign. Inventory that is used in the production of sample product is reclassified to prepaid and other current assets and is then expensed to selling, general and administrative expenses when the sample product is distributed. Shipping and handling costs for product shipments to customers are recorded as incurred in cost of product sales along with costs associated with manufacturing the product, and any inventory write-downs. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC Topic 360, Property, Plant and Equipment |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted FASB ASC Topic 606, Revenue from Contracts with Customers To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to arrangements that meet the definition of a contract under ASC Topic 606, including when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. For additional discussion of accounting for product sales, see Product Sales, net To date, the Company’s only source of product sales has been from sales of CAPLYTA in the United States, which the Company began shipping to customers in March 2020. Product Sales, net The Company sells CAPLYTA to a limited number of customers which include a number of national and select regional distributors. These customers subsequently resell the Company’s products to specialty pharmacy providers, as well as other retail pharmacies and certain medical centers or hospitals. In addition to distribution agreements with customers, the Company enters into arrangements with health care providers and payers that provide for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. The Company recognizes revenue on product sales when the Customer obtains control of the Company’s product, which occurs at a point in time (upon delivery). Product revenues are recorded net of applicable reserves for variable consideration, including rebates, discounts and allowances, among others. If taxes should be collected from customers relating to product sales and remitted to governmental authorities, they will be excluded from revenue. Reserves for Variable Consideration Revenues are calculated based on the wholesale acquisition cost that the Company charges to distributors for CAPLYTA less variable consideration for which reserves are established. Components of variable consideration may include trade discounts and allowances, product returns, provider chargebacks and discounts, government rebates, payer rebates, and other incentives, such as voluntary patient assistance, and other allowances that are offered within contracts between the Company and its customers, payers, and other indirect customers relating to the Company’s sales of its product. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, include estimates that take into consideration a range of possible outcomes which are considered more likely in accordance with the expected value method in ASC Topic 606 for relevant factors such as current contractual and statutory requirements, specific known market events and trends, forecasted customer buying and payment patterns. The Company’s estimates regarding the payer mix for CAPLYTA and historical industry information regarding the payer mix for comparable pharmaceutical products and product portfolios, in particular, historical information related to similar products in their initial launch stages and through the use of historical information experienced in this launch period. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts after considering whether revenue should be constrained under ASC 606. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. The Company’s analyses also contemplated application of the constraint in accordance with the guidance, under which it determined a material reversal of revenue would not occur in a future period for the estimates detailed below as of March 31, 2021 and 2020, and, therefore, the transaction price was not reduced further during the three-month periods ended March 31, 2021 and 2020. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product sales and earnings in the period such variances become known. Trade Discounts and Allowances Product Returns Provider Chargebacks and Discounts period-end Government Rebates Payer Rebates Other Incentives co-pay co-payments co-pay The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. Chargebacks, discounts, fees, and returns are recorded as reductions of trade receivables, net on the condensed consolidated balance sheets. Government and other rebates are recorded as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. |
Cost of Product Sales | Cost of Product Sales Our cost of product sales relates to sales of CAPLYTA. Cost of product sales primarily includes product royalty fees, overhead, and direct costs (inclusive of material, shipping, and manufacturing costs). For the product royalty fees, the Company entered into an exclusive License Agreement with Bristol-Myers Squibb Company (“BMS”), for which the Company is obliged to make tiered single digit percentage royalty payments ranging between 5 – 9% on sales of licensed products. The related royalties are recorded within cost of product sales on the condensed statement of operations. Prior to FDA approval of CAPLYTA, the Company expensed all costs associated with the manufacturing of lumateperone as part of research and development expenses. From December 20, 2019, the date of approval of CAPLYTA, through December 31, 2019 there was no production of inventory and therefore, no inventory costs were incurred. Therefore, at December 31, 2019, no inventory costs had been capitalized. The cost of product sales in the three-month periods ended March 31, 2021 and 2020, are lower than incurred because of previously expensed inventory. |
Research and Development, including Clinical trial expenses | Research and Development, Including Clinical Trial Expenses Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include preclinical analytical testing, manufacturing of drug product for use in clinical and nonclinical trials, outside services, providers, materials and consulting fees. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred, among other factors. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the condensed consolidated balance sheets as prepaid or accrued research and development expense, as the case may be. As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate clinical trial expenses in its condensed consolidated statement of operations by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the progress of the clinical trial as measured by subject progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models taking into account various clinical information provided by vendors and discussion with applicable personnel and external service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations, clinical sites and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. |
Advertising Expense | Advertising Expense In connection with the FDA approval of CAPLYTA in 2019, the Company began to incur advertising costs in connection with the subsequent commercial launch of CAPLYTA in 2020. Advertising costs are expensed when services are rendered. The Company incurred $10.6 million and $1.4 million in advertising costs for the three months ended March 31, 2021 and 2020, respectively, related to its marketed product, CAPLYTA. |
Income Taxes | Income Taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to 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 year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48, The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was approximately 0%. This effective tax rate is substantially lower than the U.S. statutory rate of 21% due to valuation allowances recorded on current year losses where the Company is not more-likely than not to recognize a future tax benefit. On March 27, 2020, the United States enacted The Coronavirus Aid, Relief and Economic Security (CARES) Act which includes several significant business tax provisions, of which the immediate relevance to the Company is the acceleration of refunds of previously generated corporate Alternative Minimum Tax (“AMT”) credits. The CARES Act also adds an employee retention credit to encourage employers to maintain headcounts even if employees cannot report to work because of issues related to the coronavirus, and a temporary provision allowing companies to defer remitting to the government the employee share of some payroll taxes, among other things. The Company reviewed the provisions and there was not a material tax impact on its financial statements for the year ended December 31, 2020. The Company did reclassify its deferred tax asset related to the AMT tax credit carryforward of $265,000 to a current tax receivable in the first quarter of 2020 upon the filing of its tax return for year ended December 31, 2019 and received the refund in July 2020. On March 11, 2021, the American Rescue Plan Act of 2021 (“ARPA 2021”) was signed into law. ARPA 2021 included various income and payroll tax provisions. The Company has analyzed the tax provisions of ARPA 2021 and determined they have no significant financial impact to the Company’s condensed financial stat e |
Comprehensive Income (Loss) | Comprehensive Income (Loss) All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner |
Share-Based Compensation | Share-Based Compensation Share-based payments are accounted for in accordance with the provisions of ASC Topic 718, Compensation—Stock Compensation For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. Share-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 accounts for forfeitures as they occur. The Company utilizes the Black-Scholes model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. Expected volatility rates for quarterly periods prior to December 31, 2019 were based on a combination of the historical volatility of the common stock of comparable publicly traded entities and the limited historical information about the Company’s common stock. Beginning in the fourth quarter of 2019, expected volatility rates have been based entirely on the historical volatility of the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the limited historical exercise data, the expected life is determined using the “simplified method,” which defines expected life as the midpoint between the vesting date and the end of the contractual term. The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero. For stock options granted, the exercise price was determined by using the closing market price of the Company’s common stock on the date of grant. A restricted stock unit (“RSU”) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the fair market value of the Company’s common stock on the date of grant. The Company has granted RSUs that vest in three In the first quarter of 2020, the Company granted performance-based RSUs for 86,000 shares of common stock, which vest based on the achievement of certain milestones that include (i) the approval of a planned NDA by the FDA (the “2020 Milestone RSUs”) and (ii) the achievement of certain comparative shareholder returns against the Company’s peers (the “2020 TSR RSUs”). The 2020 TSR RSUs were valued using the Monte Carlo Simulation method and will be amortized over the life of the RSUs based on the agreements. In the first quarter of 2021, the Company granted performance-based RSUs for 64,518 shares of common stock, which vest based on the achievement of certain milestones that include (i) certain operational milestones (the “2021 Milestone RSUs”, and collectively with the 2020 Milestone RSUs, the “Milestone RSUs”) and (ii) the achievement of certain comparative shareholder returns against the Company’s peers (the “2021 TSR RSUs,” and collectively with the 2020 TSR RSUs, the “TSR RSUs”). The 2021 TSR RSUs were valued using the Monte Carlo Simulation method and will be amortized over the life of the RSUs based on the agreements. Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law is considered to be a deductible difference in applying ASC Topic 740, Income Taxes Equity instruments issued to non-employees 505-50, Equity/Equity-Based Payments to Non-Employees In June 2018, the Company’s stockholders approved the Company’s 2018 Equity Incentive Plan pursuant to which 4,750,000 additional shares of common stock were reserved for future equity grants. In May 2020, the Company’s stockholders approved the Company’s 2018 Amended and Restated Equity Incentive Plan pursuant to which 6,500,000 additional shares of common stock were reserved for future equity grants. In December 2019, the Company adopted the Intra-Cellular Therapies, Inc. 2019 Inducement Award Plan (the “2019 Inducement Plan”) without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Pursuant to the 2019 Inducement Plan, the Company may grant stock options, RSUs, stock awards and other share-based awards for up to a total of 1,000,000 shares of common stock to new employees of the Company. As of March 31, 2021, stock options and RSUs for 314,138 shares have been granted under the 2019 Inducement Plan. The Company does not intend to make additional grants under the 2019 Inducement Plan. |
Loss Per Share | Loss Per Share Basic net loss per common share is determined by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and RSUs. The following awards were excluded in the calculation of diluted loss per share because their effect could be anti-dilutive as applied to the loss from operations for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Stock options 5,929,884 6,408,389 RSUs 1,669,434 1,695,397 TSR RSUs 68,598 86,044 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Investment Securities | Investment Securities Investment securities consisted of the following (in thousands): March 31, 2021 Amortized Unrealized Unrealized Estimated (Unaudited) U.S. Government Agency Securities $ 188,996 $ 10 $ (47 ) $ 188,959 Certificates of Deposit 10,500 — — 10,500 Commercial Paper 90,426 13 (4 ) 90,435 Corporate Notes/Bonds 191,816 378 (103 ) 192,091 $ 481,738 $ 401 $ (154 ) $ 481,985 December 31, 2020 Amortized Unrealized Unrealized Estimated U.S. Government Agency Securities $ 259,304 $ 3 $ (31 ) $ 259,276 Certificates of Deposit 10,500 — — 10,500 Commercial Paper 124,368 23 (21 ) 124,370 Corporate Notes/Bonds 202,749 624 (117 ) 203,256 $ 596,921 $ 650 $ (169 ) $ 597,402 |
Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities | The fair value measurements of the Company’s cash equivalents and available-for-sale Fair Value Measurements at March 31, Quoted Prices Significant Significant Money Market Funds $ 83,602 $ 83,602 $ — $ — U.S. Government Agency Securities 188,959 — 188,959 — Certificates of Deposit 10,500 — 10,500 — Commercial Paper 90,435 — 90,435 — Fair Value Measurements at March 31, Quoted Prices Significant Significant Corporate Notes/Bonds 192,091 — 192,091 — $ 565,587 $ 83,602 $ 481,985 $ 0 Fair Value Measurements at Reporting Date Using December 31, Quoted Prices Significant Significant Money Market Funds $ 27,917 $ 27,917 $ — $ — U.S. Government Agency Securities 259,276 — 259,276 — Certificates of Deposit 10,500 — 10,500 — Commercial Paper 124,370 — 124,370 — Corporate Notes/Bonds 203,256 — 203,256 — $ 625,319 $ 27,917 $ 597,402 $ — |
Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share | The following awards were excluded in the calculation of diluted loss per share because their effect could be anti-dilutive as applied to the loss from operations for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Stock options 5,929,884 6,408,389 RSUs 1,669,434 1,695,397 TSR RSUs 68,598 86,044 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventory consists of the following: March 31, December 31, Raw materials $ 2,949,990 $ 2,483,801 Work in process 1,189,535 1,781,101 Finished goods 3,439,868 2,791,483 $ 7,579,393 $ 7,056,385 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: March 31, December 31, Computer equipment $ 243,532 $ 243,532 Furniture and fixtures 423,097 423,097 Scientific equipment 4,127,951 4,127,951 Leasehold improvements 1,240,315 1,240,315 6,034,895 6,034,895 Less accumulated depreciation (4,163,557 ) (4,036,549 ) $ 1,871,338 $ 1,998,346 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of March 31, 2021 and December 31, 2020 consisted of the following: March 31, December 31, Accrued expenses $ 9,340,951 $ 7,896,942 Sales allowances 3,656,291 2,619,650 Medicaid rebates 494,378 385,525 Total accrued expenses and other current liabilities $ 13,491,620 $ 10,902,117 |
Right of Use Assets and Lease_2
Right of Use Assets and Lease Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule Of Maturity Analysis Under Lease Agreements | Maturity analysis under the lease agreements are as follows: Nine months ending December 31, 2021 $ 2,592,270 Year ending December 31, 2022 3,491,166 Year ending December 31, 2023 3,566,466 Year ending December 31, 2024 3,675,196 Year ending December 31, 2025 3,787,248 Thereafter 13,839,791 Total 30,952,137 Less: Present value discount (9,467,757 ) Total Lease liability 21,484,380 Less: Current portion (3,309,063 ) Long-term lease liabilities $ 18,175,317 |
Vehicle Fleet Lease [Member] | |
Schedule Of Quantitative Information About Operating Leases | The following table presents the Vehicle Lease balances within the condensed consolidated balance sheet, weighted average remaining fleet lease term, and the weighted average discount rates related to the Vehicle Lease as of March 31, 2021 and 2020: Lease Assets and Liabilities – Fleet Classification March 31, 2021 March 31, 2020 Assets Right of use assets, net Operating lease right of use assets $ 6,725,876 $ 94,092 $ 6,725,876 $ 94,092 Liabilities Current Lease Assets and Liabilities – Fleet Classification March 31, 2021 March 31, 2020 Lease liabilities, short-term Operating lease liabilities $ 2,264,183 $ — Non-Current Lease liabilities Non-current operating lease liabilities 4,461,693 94,092 Total lease liabilities $ 6,725,876 94,092 Weighted average remaining lease term 1.8 years 2.4 Weighted average discount rate 1.73 % 1.80 % |
Schedule Of Maturity Analysis Under Lease Agreements | The following table presents the maturity of the Company’s fleet lease liability as of March 31, 2021: Time Period Nine months ending December 31, 2021 $ 1,772,477 Year ending December 31, 2022 3,458.694 Year ending December 31, 2023 1,640,640 Thereafter — Total 6,871,811 Less: Present value discount (145,935 ) Total operating lease liabilities 6,725,876 Less: Current portion (2,264,183 ) Long-term lease liabilities $ 4,461,693 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Total Stock-Based Compensation Expense | Total share-based compensation expense related to all of the Company’s share-based awards, including stock options and RSUs to employees, directors and consultants, recognized during the three months ended March 31, 2021 and 2020, was comprised of the following: Three Months Ended 2021 2020 Inventoriable costs $ 361,744 $ 293,384 Research and development 1,960,564 2,006,855 Selling, general and administrative 4,456,128 3,204,058 Total share-based compensation expense $ 6,778,436 $ 5,504,297 |
Assumptions Used for Calculating Value of Options Granted | The following table describes the weighted-average assumptions used for calculating the value of options granted during the three months ended March 31, 2021 and 2020: 2021 2020 Dividend yield 0% 0% Expected volatility 94.8%-94.9% 91.6%-92.5% Weighted-average risk-free interest rate 0.82% 1.42% Expected term (in years) 6.0 6.0 |
Stock Option Activity | Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of March 31, 2021, and changes during the three-month period then ended, are summarized as follows: Number of Weighted- Weighted- Outstanding at December 31, 2020 5,477,894 $ 18.43 6.6 years Options granted 2021 511,932 $ 36.73 9.9 years Options exercised 2021 (78,983 ) $ 17.82 6.7 years Options canceled or expired 2021 (20,717 ) $ 16.30 8.4 years Outstanding at March 31, 2021 5,890,156 $ 20.03 6.6 years Vested or expected to vest at March 31, 2021 5,890,156 $ 20.03 Exercisable at March 31, 2021 4,083,592 $ 18.72 5.7 years |
Time Based Restricted Stock Units [Member] | |
Summary of Information Regarding RSU Activity | Information regarding the time based RSU activity and changes during the three-month period ended March 31, 2021 are summarized as follows: Number of Weighted-Average Weighted- Outstanding at December 31, 2020 1,311,877 $ 18.77 1.7 years Time based RSUs granted in 2021 702,830 $ 35.63 2.9 years Time based RSUs vested in 2021 (574,516 ) $ 17.41 1.0 years Time based RSUs cancelled in 2021 (4,699 ) $ 23.94 1.9 years Outstanding at March 31, 2021 1,435,492 $ 27.56 2.3 years |
Milestone and Total Shareholder Return Restricted Stock Units [Member] | |
Summary of Information Regarding RSU Activity | Information related to the Company’s Milestone RSUs and TSR RSUs during the three-month period ended March 31, 2021 are summarized as follows: Number of Weighted-Average Weighted- Outstanding at December 31, 2020 72,678 $ 28.25 2.1 years Milestone RSUs and TSR RSUs granted in 2021 64,518 $ 38.45 2.9 years Milestone RSUs and TSR RSUs vested in 2021 — $ — 0.0 years Outstanding at March 31, 2021 137,196 $ 33.04 5.7 years |
Inducement Award Plan [Member] | |
Stock Option Activity | Information regarding stock option awards under the 2019 Inducement Plan, including with respect to grants to employees as of March 31, 2021, and changes during the three-month period then ended, are summarized as follows: Number of Weighted- Weighted- Outstanding at December 31, 2020 39,728 $ 17.18 9.2 years Options granted in 2021 — $ — Outstanding at March 31, 2021 39,728 $ 17.18 9.2 years Vested or expected to vest at March 31, 2021 39,728 $ 17.18 Exercisable at March 31, 2021 13,243 $ 17.18 |
Summary of Information Regarding RSU Activity | Information regarding RSU awards under the 2019 Inducement Plan during the three-month period ended March 31, 2021 are summarized as follows: Number of Weighted- Weighted- Outstanding at December 31, 2020 251,867 $ 16.03 2.2 years Time based RSUs vested in 2021 (82,538 ) $ 16.03 2.0 years Time based RSUs cancelled in 2021 (3,985 ) $ 15.81 2.0 years Outstanding at March 31, 2021 165,344 $ 16.03 2.0 years Vested or expected to vest at March 31, 2021 165,344 $ 16.03 Exercisable at March 31, 2021 — $ — |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | Sep. 15, 2020 | Jan. 10, 2020 | Sep. 12, 2019 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Initial public offering, Number of shares | 12,666,667 | 10,000,000 | ||||
Initial public offering, Price per share | $ 30 | $ 29.50 | ||||
Common stock, shares issued | 80,463,089 | 81,133,849 | ||||
Net proceeds from the sale of common stock | $ 276,978,186 | $ 17,900,000 | ||||
Common Stock [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Common stock, shares issued | 742,791 | |||||
IPO [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Initial public offering, Gross proceeds | $ 380,000,000 | $ 295,000,000 | ||||
Initial public offering, Net proceeds | $ 357,800,000 | $ 277,000,000 | ||||
Maximum [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Universal shelf registration statement, effective date value | $ 350,000,000 | |||||
Net proceeds from the sale of common stock | 75,000,000 | |||||
Maximum [Member] | Common Stock [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Universal shelf registration statement, effective date value | $ 75,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021USD ($)Segmentshares | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2020USD ($) | May 31, 2020shares | Mar. 27, 2020USD ($) | Jun. 30, 2018shares | |
Significant Accounting Policies [Line Items] | |||||||
Number of operating segments | Segment | 1 | ||||||
Maturity of highly liquid investments | 3 months | ||||||
Maturity of certificates of deposit, commercial paper, corporate notes and corporate bonds | more than three months | ||||||
Investment securities, available-for-sale | $ 481,984,786 | $ 597,402,126 | |||||
Aggregate related fair value of investments with unrealized losses | 243,200,000 | 372,300,000 | |||||
Investment securities aggregate amount of unrealized loss | 154,000 | 169,000 | |||||
Investment securities, held in continuous unrealized loss position for less than 12 months | 372,300,000 | ||||||
Carrying value of cash held in money market funds | 83,600,000 | 27,900,000 | |||||
Impairment losses recognized | $ 0 | ||||||
Manufacturing Costs | $ 0 | ||||||
Inventory Costs | $ 0 | ||||||
Effective tax rate | 0.00% | 0.00% | |||||
US statutory rate | 21.00% | ||||||
Assumed expected dividend rate | 0.00% | 0.00% | |||||
AMT Tax Credit [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Deferred Tax Assets, Gross | $ 265,000 | ||||||
CAPLYTA [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Advertising costs | $ 10,600,000 | $ 1,400,000 | |||||
Accounts Receivable [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 96.00% | 96.00% | |||||
Accounts Receivable [Member] | Customer one [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 40.00% | ||||||
Accounts Receivable [Member] | Customer two [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 29.00% | ||||||
Accounts Receivable [Member] | Customer three [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 27.00% | ||||||
U.S. Government Agency Securities [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Investment securities, available-for-sale | $ 188,959,000 | 259,276,000 | |||||
Aggregate related fair value of investments with unrealized losses | 99,800,000 | ||||||
Investment securities aggregate amount of unrealized loss | 47,000 | ||||||
Commercial Paper [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Investment securities, available-for-sale | 90,435,000 | 124,370,000 | |||||
Aggregate related fair value of investments with unrealized losses | 25,900,000 | ||||||
Investment securities aggregate amount of unrealized loss | 4,000 | ||||||
Corporate Notes/Bonds [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Investment securities, available-for-sale | 192,091,000 | 203,256,000 | |||||
Aggregate related fair value of investments with unrealized losses | 117,400,000 | ||||||
Investment securities aggregate amount of unrealized loss | 103,000 | ||||||
Significant Unobservable Inputs (Level 3) [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Assets measured using quoted prices | 0 | 0 | |||||
Liabilities measured using quoted prices | 0 | 0 | |||||
Contractual Maturity Dates More Than One Year and Less Than Two Years [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Investment securities, available-for-sale | $ 129,100,000 | $ 188,500,000 | |||||
2018 Equity Incentive Plan [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Additional shares of common stock reserved for future equity grants | shares | 6,500,000 | 4,750,000 | |||||
Inducement Award Plan [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Issuance of shares, Inducement Award Plan | shares | 1,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 314,138 | ||||||
Performance Based Restricted Stock Units [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 64,518 | 86,000 | |||||
Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful life | 3 years | ||||||
Minimum [Member] | Product [Member] | Bristol-Myers Squibb Company [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Royalty payment, percentage | 5.00% | ||||||
Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful life | 5 years | ||||||
Maximum [Member] | Product [Member] | Bristol-Myers Squibb Company [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Royalty payment, percentage | 9.00% | ||||||
Maximum [Member] | Inducement Award Plan [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Issuance of shares, Inducement Award Plan | shares | 1,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Investment Securities (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 481,738,000 | $ 596,921,000 |
Unrealized Gains | 401,000 | 650,000 |
Unrealized (Losses) | (154,000) | (169,000) |
Estimated Fair Value | 481,984,786 | 597,402,126 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 188,996,000 | 259,304,000 |
Unrealized Gains | 10,000 | 3,000 |
Unrealized (Losses) | (47,000) | (31,000) |
Estimated Fair Value | 188,959,000 | 259,276,000 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,500,000 | 10,500,000 |
Estimated Fair Value | 10,500,000 | 10,500,000 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 90,426,000 | 124,368,000 |
Unrealized Gains | 13,000 | 23,000 |
Unrealized (Losses) | (4,000) | (21,000) |
Estimated Fair Value | 90,435,000 | 124,370,000 |
Corporate Notes/Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 191,816,000 | 202,749,000 |
Unrealized Gains | 378,000 | 624,000 |
Unrealized (Losses) | (103,000) | (117,000) |
Estimated Fair Value | $ 192,091,000 | $ 203,256,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | $ 565,587,000 | $ 625,319,000 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 83,602,000 | 27,917,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 188,959,000 | 259,276,000 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,500,000 | 10,500,000 |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 90,435,000 | 124,370,000 |
Fair Value, Measurements, Recurring [Member] | Corporate Notes/Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 192,091,000 | 203,256,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 83,602,000 | 27,917,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 83,602,000 | 27,917,000 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 481,985,000 | 597,402,000 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 188,959,000 | 259,276,000 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,500,000 | 10,500,000 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 90,435,000 | 124,370,000 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Notes/Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 192,091,000 | 203,256,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Available-for-sale investment securities | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive securities excluded from computation of earnings per share | 5,929,884 | 6,408,389 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive securities excluded from computation of earnings per share | 1,669,434 | 1,695,397 |
Total Shareholder Return Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive securities excluded from computation of earnings per share | 68,598 | 86,044 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory, Current (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,949,990 | $ 2,483,801 |
Work in process | 1,189,535 | 1,781,101 |
Finished goods | 3,439,868 | 2,791,483 |
Total inventories | $ 7,579,393 | $ 7,056,385 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 6,034,895 | $ 6,034,895 |
Less accumulated depreciation | (4,163,557) | (4,036,549) |
Property Plant and Equipment Net | 1,871,338 | 1,998,346 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 243,532 | 243,532 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 423,097 | 423,097 |
Scientific Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 4,127,951 | 4,127,951 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,240,315 | $ 1,240,315 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 127,008 | $ 148,802 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
AccruedLiabilitiesAndOtherLiabilities [Line Items] | ||
Total accrued expenses and other current liabilities | $ 13,491,620 | $ 10,902,117 |
Accrued expenses | ||
AccruedLiabilitiesAndOtherLiabilities [Line Items] | ||
Total accrued expenses and other current liabilities | 9,340,951 | 7,896,942 |
Sales allowances | ||
AccruedLiabilitiesAndOtherLiabilities [Line Items] | ||
Total accrued expenses and other current liabilities | 3,656,291 | 2,619,650 |
Medicaid rebates | ||
AccruedLiabilitiesAndOtherLiabilities [Line Items] | ||
Total accrued expenses and other current liabilities | $ 494,378 | $ 385,525 |
Right of Use Assets and Lease_3
Right of Use Assets and Lease Liabilities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Feb. 28, 2019 | Jan. 01, 2019 | Sep. 30, 2018 | |
Right of use assets, net | $ 23,430,703 | $ 24,324,762 | |||||
Net lease liabilities | 28,200,000 | ||||||
Operating lease expense | 800,000 | $ 800,000 | |||||
Right of use assets obtained in exchange for operating lease liability | 9,179,216 | $ 97,234 | $ 200,000 | ||||
Operating Lease, Cost | $ 585,259 | ||||||
Vehicle Fleet Lease [Member] | |||||||
Operating lease discount rate | 1.73% | 1.80% | |||||
Right of use assets, net | $ 6,725,876 | $ 94,092 | |||||
Net lease liabilities | $ 6,725,876 | $ 94,092 | |||||
Term of long term lease | 12 years | ||||||
Weighted average remaining lease term | 1 month 24 days | 2 months 12 days | |||||
Operating lease cash outflows | $ 585,259 | $ 3,335 | |||||
Restricted Cash | $ 1,400,000 | ||||||
Percentage Of Minimum Net Proceeds Of Capitalized Costs In First Twelve Months | 20.00% | ||||||
Percentage Of Minimum Net Proceeds Of Capitalized Costs Later Than Twelve Months | 30.00% | ||||||
Vehicle Fleet Lease [Member] | Financial Standby Letter of Credit [Member] | |||||||
Guarantee Obligations | $ 1,400,000 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Right of use assets, net | $ 20,200,000 | ||||||
Net lease liabilities | 23,400,000 | ||||||
Eliminated deferred rent | $ 3,200,000 | ||||||
NEW YORK | |||||||
Term of long term lease | 14 years 3 months 18 days | ||||||
NEW YORK | Accounting Standards Update 2016-02 [Member] | |||||||
Operating lease discount rate | 7.20% | ||||||
Weighted average remaining lease term | 3 years 2 months 12 days | ||||||
MARYLAND | |||||||
Term of long term lease | 3 years 2 months 12 days | ||||||
MARYLAND | Accounting Standards Update 2016-02 [Member] | |||||||
Operating lease discount rate | 9.10% | ||||||
Weighted average remaining lease term | 14 years 3 months 18 days |
Right of Use Assets and Lease_4
Right of Use Assets and Lease Liabilities - Maturity analysis under the lease agreements (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Total Lease liability | $ 28,200,000 | |
Less: Current portion | (5,573,240) | $ (5,541,802) |
Long-term lease liabilities | 22,637,100 | $ 23,600,347 |
Real Estates Leases [Member] | ||
Nine months ending December 31, 2021 | 2,592,270 | |
Year ending December 31, 2022 | 3,491,166 | |
Year ending December 31, 2023 | 3,566,466 | |
Year ending December 31, 2024 | 3,675,196 | |
Year ending December 31, 2025 | 3,787,248 | |
Thereafter | 13,839,791 | |
Total | 30,952,137 | |
Less: Present value discount | (9,467,757) | |
Total Lease liability | 21,484,380 | |
Less: Current portion | (3,309,063) | |
Long-term lease liabilities | $ 18,175,317 |
Right Of Use Assets and Lease_5
Right Of Use Assets and Lease Liabilities - Schedule Of Quantitative Information About Operating Leases (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Lessee, Lease, Description [Line Items] | |||
Right of use assets, net | $ 23,430,703 | $ 24,324,762 | |
Lease liabilities, short-term | 5,573,240 | 5,541,802 | |
Lease liabilities | 22,637,100 | $ 23,600,347 | |
Total Lease liability | 28,200,000 | ||
Vehicle Fleet Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Right of use assets, net | 6,725,876 | $ 94,092 | |
Lease liabilities, short-term | 2,264,183 | 0 | |
Lease liabilities | 4,461,693 | 94,092 | |
Total Lease liability | $ 6,725,876 | $ 94,092 | |
Weighted average remaining lease term | 1 month 24 days | 2 months 12 days | |
Weighted average discount rate | 1.73% | 1.80% |
Right Of Use Assets and Lease_6
Right Of Use Assets and Lease Liabilities - Maturity analysis of the Company's fleet lease liability (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Lessee, Lease, Description [Line Items] | |||
Total Lease liability | $ 28,200,000 | ||
Less: Current portion | (5,573,240) | $ (5,541,802) | |
Long-term lease liabilities | 22,637,100 | $ 23,600,347 | |
Vehicle Fleet Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Nine months ending December 31, 2021 | 1,772,477 | ||
Year ending December 31, 2022 | 3,458.694 | ||
Year ending December 31, 2023 | 1,640,640 | ||
Thereafter | 0 | ||
Total | 6,871,811 | ||
Less: Present value discount | (145,935) | ||
Total Lease liability | 6,725,876 | $ 94,092 | |
Less: Current portion | (2,264,183) | 0 | |
Long-term lease liabilities | $ 4,461,693 | $ 94,092 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 23, 2019 | May 31, 2005 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 31, 2019 |
Purchase Commitment [Member] | ||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||
Commitments | $ 16,400,000 | |||||||
Cash paid | 3,000,000 | |||||||
Product [Member] | Bristol-Myers Squibb Company [Member] | ||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||
Company made an upfront payment | $ 1,000,000 | |||||||
Company made milestone payment | $ 1,500,000 | $ 1,250,000 | ||||||
Obliged to make milestone payments | $ 14,750,000 | $ 2,000,000 | ||||||
License expiration period | through the later of 10 years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product | |||||||
Cost of product sales | $ 780,000 | $ 44,000 | ||||||
Product [Member] | Bristol-Myers Squibb Company [Member] | Minimum [Member] | ||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||
Royalty payment, percentage | 5.00% | |||||||
Product [Member] | Bristol-Myers Squibb Company [Member] | Maximum [Member] | ||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||
Royalty payment, percentage | 9.00% | |||||||
Product [Member] | Bristol-Myers Squibb Company [Member] | National Democratic Alliance [Member] | ||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||
Company remaining milestone payment | $ 5,000,000 | |||||||
Product [Member] | Bristol-Myers Squibb Company [Member] | ITCI National Democratic Alliance Member [Member] | ||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||
Payment of milestone amount | $ 5,000,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock reserved for issuance | 17,787,390 | |||
Expected dividend yield | 0.00% | 0.00% | ||
Risk free interest rate | 0.82% | 1.42% | ||
2018 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock reserved for issuance | 7,459,117 | |||
Additional Stock- based awards, grant | 6,500,000 | |||
Time Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs related to unvested RSUs | $ 39.1 | |||
Non-cash stock-based compensation expense recognized | 3.4 | $ 2.4 | ||
RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash stock-based compensation expense recognized | $ 3.5 | $ 2.5 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, maximum term | 10 years | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, vesting term | 1 year | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, vesting term | 3 years | |||
Inducement Award Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, Inducement Award Plan | 1,000,000 | |||
Awards granted | 314,138 | |||
Inducement Award Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, Inducement Award Plan | 1,000,000 | |||
Total Shareholder Return Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, vesting term | 3 years | |||
Weighted average grant date fair value of stock options granted | $ 51.18 | $ 32.56 | ||
Unrecognized compensation costs related to unvested RSUs | $ 1.9 | |||
Expected dividend yield | 0.00% | 0.00% | ||
Risk free interest rate | 0.20% | 1.40% | ||
Expected volatility | 95.80% | 91.30% | ||
Terms of award | Total shareholder return will be determined by dividing the average share value of the Company’s common stock over the 30 trading days preceding the settlement date by the average share value of the Company’s common stock over the 30 trading days beginning on January 1, 2020 and 2021, accordingly, with a deemed reinvestment of any dividends declared during the performance period. | |||
Milestone And Total Shareholder Return Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs related to unvested RSUs | $ 2.1 |
Share-Based Compensation - Tota
Share-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation expense | $ 6,778,436 | $ 5,504,297 |
Inventoriable costs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation expense | 361,744 | 293,384 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation expense | 1,960,564 | 2,006,855 |
Selling, General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation expense | $ 4,456,128 | $ 3,204,058 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used for Calculating Value of Options Granted (Detail) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 94.80% | 91.60% |
Expected volatility, maximum | 94.90% | 92.50% |
Weighted-average risk-free interest rate | 0.82% | 1.42% |
Expected term (in years) | 6 years | 6 years |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options Activity of Inducement Plan (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period, Number of Shares | 5,477,894 | |
Options granted, Number of Shares | 511,932 | |
Outstanding at end of period, Number of Shares | 5,890,156 | 5,477,894 |
Vested or expected to vest at end of period, Number of Shares | 5,890,156 | |
Exercisable at end of period, Number of Shares | 4,083,592 | |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 18.43 | |
Options granted, exercise price | 36.73 | |
Outstanding at end of period, Weighted-Average Exercise Price | 20.03 | $ 18.43 |
Vested or expected to vest at end of period, Weighted-Average Exercise Price | 20.03 | |
Exercisable at end of period, Weighted-Average Exercise Price | $ 18.72 | |
Options granted, Weighted-Average Contractual Life | 9 years 10 months 24 days | |
Outstanding at end of period, Weighted-Average Contractual Life | 6 years 7 months 6 days | 6 years 7 months 6 days |
Inducement Award Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period, Number of Shares | 39,728 | |
Options granted, Number of Shares | 0 | |
Outstanding at end of period, Number of Shares | 39,728 | 39,728 |
Vested or expected to vest at end of period, Number of Shares | 39,728 | |
Exercisable at end of period, Number of Shares | 13,243 | |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 17.18 | |
Options granted, exercise price | 0 | |
Outstanding at end of period, Weighted-Average Exercise Price | 17.18 | $ 17.18 |
Vested or expected to vest at end of period, Weighted-Average Exercise Price | 17.18 | |
Exercisable at end of period, Weighted-Average Exercise Price | $ 17.18 | |
Options granted, Weighted-Average Contractual Life | 9 years 2 months 12 days | |
Outstanding at end of period, Weighted-Average Contractual Life | 9 years 2 months 12 days |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Information Regarding the Time Based RSU Activity and Changes Under the Inducement Plan (Detail) - Inducement Award Plan [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year, Number of Shares | 251,867 | |
Time based RSU's vested, Number of Shares | (82,538) | |
Time based RSU's cancelled, Number of Shares | (3,985) | |
Outstanding at end of year, Number of Shares | 165,344 | 251,867 |
Vested or expected to vest, Number of Shares | 165,344 | |
Exercisable, Number of Shares | 0 | |
Outstanding at beginning of year, Weighted-Average Grant Date Fair Value | $ 16.03 | |
Time based RSU's vested, Weighted-Average Grant Date Fair Value | 16.03 | |
Time based RSU's cancelled, Weighted-Average Grant Date Fair Value | 15.81 | |
Outstanding at end of year, Weighted-Average Grant Date Fair Value | 16.03 | $ 16.03 |
Vested or expected to vest, Weighted- Average Exercise Price | 16.03 | |
Exercisable, Weighted- Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years | 2 years 2 months 12 days |
Share Based Compensation by Share Based Payment Arrangement Other Than Options Vested Weighted Average Contractual Term of Instruments | 2 years | |
Share Based Compensation By Share Based Payment Arrangement Other Than Options Weighted Average Contractual Term Of Instruments Forefeited | 2 years |
Share-Based Compensation - St_2
Share-Based Compensation - Stock Options Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding at beginning of period, Number of Shares | 5,477,894 | |
Options granted, Number of Shares | 511,932 | |
Options exercised, Number of Shares | (78,983) | |
Options canceled or expired, Number of Shares | (20,717) | |
Outstanding at end of period, Number of Shares | 5,890,156 | 5,477,894 |
Vested or expected to vest at end of period, Number of Shares | 5,890,156 | |
Exercisable at end of period, Number of Shares | 4,083,592 | |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 18.43 | |
Options granted, Weighted-Average Exercise Price | 36.73 | |
Options exercised, Weighted-Average Exercise Price | 17.82 | |
Options canceled or expired, Weighted-Average Exercise Price | 16.30 | |
Outstanding at end of period, Weighted-Average Exercise Price | 20.03 | $ 18.43 |
Vested or expected to vest at end of period, Weighted-Average Exercise Price | 20.03 | |
Exercisable at end of period, Weighted-Average Exercise Price | $ 18.72 | |
Options granted, Weighted-Average Contractual Life | 9 years 10 months 24 days | |
Options exercised, Weighted-Average Contractual Life | 6 years 8 months 12 days | |
Options canceled or expired, Weighted-Average Contractual Life | 8 years 4 months 24 days | |
Outstanding at end of period, Weighted-Average Contractual Life | 6 years 7 months 6 days | 6 years 7 months 6 days |
Exercisable at end of period, Weighted-Average Contractual Life | 5 years 8 months 12 days |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Information Regarding the Time Based RSU Activity and Changes (Detail) - RSUs [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year, Number of Shares | 1,311,877 | |
Time based RSU's granted, Number of Shares | 702,830 | |
Time based RSU's vested, Number of Shares | (574,516) | |
Time based RSU's cancelled, Number of Shares | (4,699) | |
Outstanding at end of year, Number of Shares | 1,435,492 | 1,311,877 |
Outstanding at beginning of year, Weighted-Average Grant Date Fair Value | $ 18.77 | |
Time based RSU's granted, Weighted-Average Grant Date Fair Value | 35.63 | |
Time based RSU's vested, Weighted-Average Grant Date Fair Value | 17.41 | |
Time based RSU's cancelled, Weighted-Average Grant Date Fair Value | 23.94 | |
Outstanding at end of year, Weighted-Average Grant Date Fair Value | $ 27.56 | $ 18.77 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 3 months 18 days | 1 year 8 months 12 days |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted Average Remaining Contractual Terms | 2 years 10 months 24 days | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Remaining Contractual Terms | 1 year | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Average Remaining Contractual Terms | 1 year 10 months 24 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Information Regarding Milestone RSU grants and TSR RSU grants (Detail) - Milestone and Total Shareholder Return Restricted Stock Units [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year, Number of Shares | 72,678 | |
Milestone RSUs and TSR RSUs granted, Number of Shares | 64,518 | |
Time based RSU's vested, Number of Shares | 0 | |
Outstanding at end of year, Number of Shares | 137,196 | 72,678 |
Outstanding at beginning of year, Weighted-Average Grant Date Fair Value | $ 28.25 | |
Milestone RSUs and TSR RSUs granted, Weighted- Average Grant Date Fair Value | 38.45 | |
Time based RSU's vested, Weighted-Average Grant Date Fair Value | 0 | |
Outstanding at end of year, Weighted-Average Grant Date Fair Value | $ 33.04 | $ 28.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 5 years 8 months 12 days | 2 years 1 month 6 days |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Remaining Contractual Terms | 0 years | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Remaining Contractual Terms | 2 years 10 months 24 days |