Mirati Therapeutics (MRTX) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Entity Central Index Key	0001576263
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35921
Entity Registrant Name	Mirati Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2693615
Entity Address, Address Line One	3545 Cray Court,
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	332-3410
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MRTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,526,877

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Mirati Therapeutics, Inc. (“Mirati” or the “Company”) is a clinical-stage oncology company developing product candidates to address the genetic and immunological promoters of cancer. The Company was incorporated under the laws of the State of Delaware on April 29, 2013 as Mirati Therapeutics, Inc. and is located in San Diego, California. The Company has a wholly owned subsidiary in Canada, MethylGene, Inc. (“MethylGene”), a wholly owned subsidiary in the Netherlands (“Mirati Therapeutics B.V.”) and operates in one business segment, primarily in the United States. The Company’s common stock has been listed on the Nasdaq Global Select Market since June 5, 2018, and was previously listed on the Nasdaq Capital Market since July 15, 2013, under the ticker symbol “MRTX.”

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 304,696	$ 413,083
Short-term investments	1,021,778	1,078,257
Other current assets	16,643	16,643
Total current assets	1,343,117	1,507,983
Property and equipment, net	17,177	15,824
Long-term investment	3,141	8,218
Right-of-use asset	37,229	37,700
Other long-term assets	20,635	19,049
Total assets	1,421,299	1,588,754
Current liabilities
Accounts payable	27,938	35,163
Accrued liabilities	95,633	108,495
Total current liabilities	123,571	143,658
Lease liability	45,829
Other liabilities	2,617	2,179
Total liabilities	172,017	191,716
Commitments and contingencies (see Note 9)
Shareholders' equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized; none issued and outstanding at both March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 100,000,000 authorized; 55,511,476 and 55,356,904 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	56	55
Additional paid-in capital	3,145,368	3,099,937
Accumulated other comprehensive income	4,266	9,068
Accumulated deficit	(1,900,408)	(1,712,022)
Total shareholders' equity	1,249,282	1,397,038
Total liabilities and shareholders' equity	$ 1,421,299	$ 1,588,754

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.001	$ 0.001
Preferred stock authorized (shares)	10,000,000	10,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.001	$ 0.001
Common stock authorized (shares)	100,000,000	100,000,000
Common stock issued (shares)	55,511,476	55,356,904
Common stock outstanding (shares)	55,511,476	55,356,904

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Total revenue	$ 709	$ 0
Expenses
Research and development	130,976	104,071
General and administrative	53,951	28,350
Total operating expenses	184,927	132,421
Loss from operations	(184,218)	(132,421)
Other expense, net	(4,168)	(3,259)
Net loss	(188,386)	(135,680)
Unrealized loss on available-for-sale investments	(4,802)	(303)
Comprehensive loss	$ (193,188)	$ (135,983)
Basic net loss per share (USD per share)	$ (3.40)	$ (2.67)
Diluted net loss per share (USD per share)	$ (3.40)	$ (2.67)
Weighted average common shares outstanding, basic (shares)	55,468,851	50,779,364
Weighted average common shares outstanding, diluted (shares)	55,468,851	50,779,364

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive income	Accumulated deficit
Balance at beginning of period (shares) at Dec. 31, 2020		50,439,069
Balance at beginning of period at Dec. 31, 2020	$ 1,360,789	$ 50	$ 2,481,218	$ 9,759	$ (1,130,238)
Increase (Decrease) in Stockholders' Equity
Net loss	(135,680)				(135,680)
Share-based compensation expense	24,722		24,722
Issuance of common stock under equity incentive plans (shares)		312,903
Issuance of common stock under equity incentive plans	$ 9,885	$ 0	9,885
Net exercise of warrants (shares)	623,814	623,814
Net exercise of warrants		$ 1	(1)
Unrealized loss on investments	$ (303)			(303)
Balance at end of period (shares) at Mar. 31, 2021		51,375,786
Balance at end of period at Mar. 31, 2021	$ 1,259,413	$ 51	2,515,824	9,456	(1,265,918)
Balance at beginning of period (shares) at Dec. 31, 2021	55,356,904	55,356,904
Balance at beginning of period at Dec. 31, 2021	$ 1,397,038	$ 55	3,099,937	9,068	(1,712,022)
Increase (Decrease) in Stockholders' Equity
Net loss	(188,386)				(188,386)
Share-based compensation expense	42,905		42,905
Issuance of common stock under equity incentive plans (shares)		154,572
Issuance of common stock under equity incentive plans	2,527	$ 1	2,526
Unrealized loss on investments	$ (4,802)			(4,802)
Balance at end of period (shares) at Mar. 31, 2022	55,511,476	55,511,476
Balance at end of period at Mar. 31, 2022	$ 1,249,282	$ 56	$ 3,145,368	$ 4,266	$ (1,900,408)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net loss	$ (188,386)	$ (135,680)
Non-cash adjustments reconciling net loss to operating cash flows
Change in fair value on long-term investment	5,077	3,953
Depreciation of property and equipment	629	294
Amortization of premium and accretion of discounts on investments	982	1,001
Share-based compensation expense	42,905	24,722
Changes in operating assets and liabilities:
Other current assets	0	(2,810)
Other long-term assets	(1,584)	(8,149)
Increase (Decrease) in Right-of-use Assets	451	612
Increase (Decrease) in Operating Lease Liability	1,431	1,270
Increase (Decrease) in Accounts Payable and Accrued Liabilities	(21,974)	4,371
Cash flows used in operating activities	(160,469)	(110,416)
Investing activities:
Purchases of short-term investments	(212,545)	(621,661)
Sales and maturities of short-term investments	263,240	167,240
Purchases of property and equipment	(1,140)	(1,107)
Cash flows provided by (used in) investing activities	49,555	(455,528)
Financing activities:
Proceeds from issuance of common stock under equity incentive plans	2,527	9,885
Cash flows provided by financing activities	2,527	9,885
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(108,387)	(556,059)
Cash, cash equivalents and restricted cash, beginning of period	413,703	886,182
Cash, cash equivalents and restricted cash, end of period	305,316	330,123
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	304,696	329,503
Restricted cash included in other long-term assets	620	620
Total cash, cash equivalents and restricted cash	305,316	330,123
Supplemental disclosures of non-cash investing activities:
Accrued capital expenditures	$ 842	$ 439

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation The unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Reported amounts and footnote disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Cash, Cash Equivalents and Short-term Investments Cash and cash equivalents consist of cash and highly liquid securities with original maturities at the date of acquisition of ninety days or less. Investments with an original maturity of more than ninety days are considered short-term investments and have been classified by management as available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current consolidated balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary. Such investments are carried at fair value, and the unrealized gains and losses are reported as a component of accumulated other comprehensive income in shareholders’ equity until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. Concentration of Credit Risk The Company invests its excess cash in accordance with its investment policy. The Company’s investments are comprised primarily of commercial paper and debt instruments of financial institutions, corporations, U.S. government-sponsored agencies and the U.S. Treasury. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity and investment type. Financial instruments that potentially subject the Company to significant credit risk consist principally of cash equivalents and short-term investments. Revenue Recognition The Company recognizes revenue in connection with certain collaboration and license agreements in accordance with the guidance of Revenue From Contracts With Customers, Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). Under Topic 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements the Company determines are within the scope of 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 Company satisfies a performance obligation. The Company only applies the five-step model to contracts 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 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. Leases The Company determines if an arrangement is a lease at inception. Lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. For operating leases with an initial term greater than 12 months, the Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of lease payments over the lease term at the commencement date. Operating lease right-of-use assets are comprised of the lease liability plus any lease payments made and excludes lease incentives. Lease terms include options to renew or terminate the lease when the Company is reasonably certain that the renewal option will be exercised or when it is reasonably certain that the termination option will not be exercised. For the Company’s operating leases, if the interest rate used to determine the present value of future lease payments it not readily determinable, the Company estimates its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to not separate lease and non-lease components. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for common share equivalents as they are anti-dilutive. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents outstanding for the period, as well as certain shares that are contingently issuable. Common share equivalents outstanding, determined using the treasury stock method, are comprised of shares that may be issued under the Company’s stock option and warrant agreements, as well as restricted stock units and performance stock units. The following table presents the weighted-average number of common share equivalents, calculated using the treasury stock method, as well as certain shares that are contingently issuable, not included in the calculation of diluted net loss per share due to the anti-dilutive effect of the securities: Three Months Ended March 31, 2022 2021 Common stock options 1,531,327 2,758,415 Common stock warrants 7,605,737 8,043,004 Unvested restricted stock units and performance stock units 1,066,872 526,319 Total 10,203,936 11,327,738 Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	The following tables summarize the Company’s short-term investments (in thousands): As of March 31, 2022 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 2 years or less $ 191,505 $ 2 $ (1,416) $ 190,091 Commercial paper 1 year or less 548,407 — (1,623) 546,784 U.S. Agency bonds 1 years or less 21,000 — (6) 20,994 U.S. Treasury bills 2 years or less 266,120 — (2,211) 263,909 $ 1,027,032 $ 2 $ (5,256) $ 1,021,778 As of December 31, 2021 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 2 years or less $ 236,170 $ 36 $ (248) $ 235,958 Commercial paper 1 year or less 621,947 127 (95) 621,979 U.S. Agency bonds 1 years or less 58,092 — — 58,092 U.S. Treasury bills 2 years or less 162,500 — (272) 162,228 $ 1,078,709 $ 163 $ (615) $ 1,078,257 The Company has classified all of its short-term investments as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and accordingly, these investments are carried at fair value. As of March 31, 2022 and December 31, 2021, the unrealized losses for available-for-sale investments were non-credit related, and the Company does not intend to sell the investments before recovery of their amortized cost basis, which may be at the time of maturity. As of March 31, 2022 and December 31, 2021, no allowance for credit losses was recorded. During the three months ended March 31, 2022 and 2021, the Company did not recognize any impairment losses related to investments. The long-term investment balance of $3.1 million and $8.2 million as of March 31, 2022 and December 31, 2021, respectively, is comprised of 588,235 shares of ORIC Pharmaceuticals, Inc. (“ORIC”) common stock. As of March 31, 2022 the investment is carried at fair value which is based on the closing price of ORIC’s common stock on the last trading day of the reporting period; unrealized gains and losses are recorded in other expense, net on the Company’s condensed consolidated statements of operations and comprehensive loss. As of December 31, 2021, the fair value was based on the last trading day of the reporting period and was adjusted for a discount for lack of marketability due to an eighteen-month lock-up period which expired during the first quarter of 2022. The Company currently does not intend to sell ORIC shares within 12 months from March 31, 2022. See Note 4 - Fair Value Measurements .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy: • Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2- Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3- Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. The following tables summarize the assets measured at fair value on a recurring basis (in thousands): March 31, 2022 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 11,279 $ 11,279 $ — $ — Money market funds 293,417 293,417 — — Total cash and cash equivalents 304,696 304,696 — — Short-term investments: U.S. Treasury bills 263,909 263,909 — — Corporate debt securities 190,091 — 190,091 — Commercial paper 546,784 — 546,784 — U.S. Agency bonds 20,994 — 20,994 — Total short-term investments 1,021,778 263,909 757,869 — Long-term investment: ORIC Pharmaceuticals, Inc. 3,141 3,141 — — Total $ 1,329,615 $ 571,746 $ 757,869 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 19,347 $ 19,347 $ — $ — Money market funds 393,736 393,736 — — Total cash and cash equivalents 413,083 413,083 — — Short-term investments: U.S. Treasury bills 162,228 162,228 — — Corporate debt securities 235,958 — 235,958 — Commercial paper 621,979 — 621,979 — U.S. Agency bonds 58,092 — 58,092 — Total short-term investments 1,078,257 162,228 916,029 — Long-term investment: ORIC Pharmaceuticals, Inc. 8,218 — — 8,218 Total $ 1,499,558 $ 575,311 $ 916,029 $ 8,218 The Company’s investments in Level 1 assets are valued based on publicly available quoted market prices for identical securities as of March 31, 2022 and December 31, 2021. The Company determines the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. The Company’s long-term investment in ORIC as of December 31, 2021 was considered a Level 3 fair value measurement and utilized a combination of the Asian Protective Put Option and Finnerty Put Option fair value techniques with unobservable inputs of 69% volatility and an expected term of 0.1 years to determine the discount for lack of marketability of 5.0%. During the three months ended March 31, 2022, the eighteen-month lock-up period expired, and because ORIC common stock is quoted in an active market, it meets the criteria of a Level 1 investment. The Company transferred the investment in ORIC from a Level 3 fair value measurement to a Level 1 fair value measurement. There were no transfers between fair value measurement levels during the year ended December 31, 2021. The following table represents the change in estimated fair value of the Company’s Level 3 investment during the period: March 31, 2022 Fair value of Level 3 investment - December 31, 2021 $ 8,218 Change in fair value (5,077) Transfer out of Level 3 to Level 1 (3,141) Fair value of Level 3 investment - March 31, 2022 $ —

Other Current Assets and Other

Other Current Assets and Other Long-Term Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets and Other Long-Term Assets	Other current assets consisted of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 11,797 $ 11,895 Deposits and other receivables 3,036 2,235 Interest receivables 1,810 2,513 $ 16,643 $ 16,643 The other long-term assets balance of $20.6 million as of March 31, 2022 consisted of $20.0 million in deposits paid in connection with the Company's research and development activities, and $0.6 million for a letter of credit secured by restricted cash in connection with the lease of the Company's corporate headquarters. The other long-term assets balance of $19.0 million as of December 31, 2021 consisted of $18.4 million in deposits paid in conjunction with the Company's research and development activities, and $0.6 million for a letter of credit secured by restricted cash in connection with the lease of the Company's corporate headquarters.

Accrued Liabilities and Other L

Accrued Liabilities and Other Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued clinical expense $ 30,411 $ 29,038 Accrued manufacturing expense 33,318 34,153 Accrued development expense 7,282 10,910 Accrued compensation and benefits 15,559 25,845 Other accrued expenses 9,063 8,549 $ 95,633 $ 108,495 The long-term liabilities balance of $2.6 million as of March 31, 2022, and $2.2 million as of December 31, 2021, consisted primarily of clinical trial-related liabilities.

License and Collaboration Agree

License and Collaboration Agreements	3 Months Ended
	Mar. 31, 2022
Research and Development [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements BeiGene Agreement Terms of Agreement On January 7, 2018, the Company and BeiGene Ltd. (“BeiGene”) entered into a Collaboration and License Agreement (the “BeiGene Agreement”), pursuant to which the Company and BeiGene agreed to collaboratively develop sitravatinib in Asia (excluding Japan and certain other countries), Australia and New Zealand (collectively, the “BeiGene Licensed Territory”). Under the BeiGene Agreement, the Company granted BeiGene an exclusive license to develop, manufacture and commercialize sitravatinib in the BeiGene Licensed Territory, with the Company retaining exclusive rights for the development, manufacture and commercialization of sitravatinib outside the BeiGene Licensed Territory. As consideration for the rights granted to BeiGene under the BeiGene Agreement, BeiGene paid the Company a non-refundable, non-creditable up-front fee of $10.0 million. BeiGene is also required to make milestone payments to the Company of up to an aggregate of $123.0 million upon the first achievement of specified clinical, regulatory and sales milestones. The BeiGene Agreement additionally provides that BeiGene is obligated to pay the Company royalties at tiered percentage rates ranging from mid-single digits to twenty percent on annual net sales of licensed products in the BeiGene Licensed Territory, subject to reduction under specified circumstances. The BeiGene Agreement also provides that the Company will supply BeiGene with sitravatinib for use in BeiGene’s development activities in the BeiGene Licensed Territory. The BeiGene Agreement will terminate upon the expiration of the last royalty term for the licensed products, which is the latest of (i) the date of expiration of the last valid patent claim related to the licensed products under the BeiGene Agreement, (ii) ten years after the first commercial sale of a licensed product and (iii) the expiration of any regulatory exclusivity as to a licensed product. BeiGene may terminate the BeiGene Agreement at any time by providing 60 days prior written notice to the Company. Either party may terminate the BeiGene Agreement upon a material breach by the other party that remains uncured following 60 days after the date of written notice of such breach or upon certain bankruptcy events. In addition, the Company may terminate the BeiGene Agreement upon written notice to BeiGene under specified circumstances if BeiGene challenges the licensed patent rights. Revenue Recognition The Company evaluated the BeiGene Agreement under Topic 606. At the time it entered into the BeiGene Agreement, the Company determined the transaction price was equal to the up-front fee of $10.0 million. The transaction price was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success and costs for manufacturing clinical supplies. As such, of the up-front fee, the Company allocated $9.5 million to the license to the Company’s intellectual property, bundled with the associated know-how, and the remaining $0.5 million to the initial obligation to supply sitravatinib for clinical development in the BeiGene Licensed Territory. Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represents a distinct performance obligation. The license and associated know-how was transferred to BeiGene during the three months ended March 31, 2018 and, therefore during 2018, the Company recognized the full revenue amount of $9.5 million related to this performance obligation as license and collaboration revenues in its condensed consolidated statements of operations and comprehensive loss. Manufacturing Supply Services. The Company’s initial obligation to supply sitravatinib for clinical development in the BeiGene Licensed Territory represents a distinct performance obligation, and the initial obligation was satisfied in 2020 and, therefore, this $0.5 million initial supply obligation was fully recognized as license and collaboration revenues as of December 31, 2020. Although the initial performance obligation was satisfied, BeiGene may request additional sitravatinib in the future for clinical development in the BeiGene Licensed Territory. The Company recognized revenue when BeiGene obtained control of the goods, over the period of the obligation. No revenue related to this performance obligation was recognized for the three months ended March 31, 2022 and March 31, 2021, respectively. Milestone Payments. The Company is entitled to development milestones under the BeiGene Agreement and certain regulatory milestone payments which are paid upon receipt of regulatory approvals within the BeiGene Licensed Territory. No milestone payments were earned during the three months ended March 31, 2022 and March 31, 2021, respectively. The Company evaluated whether the remaining milestones are considered probable of being reached and determined that their achievement is highly dependent on factors outside of the Company’s control. Therefore, these payments have been fully constrained and are not included in the transaction price. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint, and if necessary, adjust its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect the reported amount of license and collaboration revenues in the period of adjustment. Royalties. As the license is deemed to be the predominant item to which sales-based royalties relate, the Company will recognize revenue when the related sales occur. No royalty revenue was recognized during the three months ended March 31, 2022 or 2021. Pfizer Agreement In October 2014, the Company entered into a drug discovery collaboration and option agreement with Array BioPharma, Inc. (“Array,” acquired by Pfizer Inc. (“Pfizer”) in July 2019) whereby Array provided services to facilitate the discovery, optimization and development of small molecule compounds that bind and specifically inhibit KRAS G12C. In June 2017, the two parties entered into a second, separate discovery collaboration and option agreement whereby Array provided services to facilitate the discovery, optimization and development of small molecule compounds that bind and specifically inhibit KRAS G12D. Both agreements established an option mechanism which enabled the Company to elect an exclusive worldwide license under the technology for the development and commercialization of certain products based on these compounds. Under these agreements, following the joint discovery periods, which have since concluded, the Company exercised its options to retain exclusive worldwide licenses to develop, manufacture and commercialize inhibitors of KRAS G12C and KRAS G12D, including, but not limited to, MRTX849 (adagrasib is the provisionally filed name for MRTX849) and MRTX1133. Under each agreement, Pfizer is entitled to potential development milestone payments of up to $9.3 million from the Company, and tiered sales milestone payments of up to $337.0 million based upon worldwide net sales, and tiered royalties in the high single digits to mid-teens on worldwide net sales of products arising from the collaborations. Under the agreements, the Company has incurred $9.5 million in development milestone payments from inception through March 31, 2022. The royalty term for each agreement is payable on a country-by-country and product-by-product basis, and separately will terminate at the later of (i) the date of expiration of the last valid patent claim within the collaboration patent rights or the Pfizer background technology covering such product in the country in which such product is sold at the time of such sale, or (ii) ten years after the first commercial sale of such product in such country. The Company may terminate each agreement at any time by providing 60 days prior written notice to Pfizer. Either party may terminate each agreement upon a material breach by the other party that remains uncured following 60 days after the date of written notice of such breach or upon certain bankruptcy events. ORIC Pharmaceuticals Agreement Terms of Agreement On August 3, 2020, the Company entered into a license agreement with ORIC Pharmaceuticals, Inc. (“ORIC”) pursuant to which the Company granted to ORIC an exclusive, worldwide license to develop and commercialize the Company’s allosteric polycomb repressive complex 2 (“PRC2”) inhibitors for all indications (the “ORIC Agreement”). In accordance with the terms of the ORIC Agreement, in exchange for such license, ORIC issued 588,235 shares of its common stock (the “Shares”) to the Company on August 3, 2020. The Shares were issued under a stock issuance agreement entered into between ORIC and the Company, dated August 3, 2020. During the eighteen-month period following the date of the stock issuance agreement, the Company was subject to certain transfer restrictions. ORIC is not obligated to pay the Company milestone payments or royalty payments under the ORIC Agreement. Unless terminated earlier, the ORIC Agreement will continue in effect on a country-by-country and licensed product-by-licensed product basis until the later (a) the expiration of the last valid claim of a licensed patent covering such licensed product in such country or (b) ten years after the first commercial sale of such licensed product in such country. Following the expiration of the ORIC Agreement, ORIC will retain its licenses under the intellectual property the Company licensed to ORIC on a royalty-free basis. The Company and ORIC may each terminate the ORIC Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. The Company may terminate this agreement if ORIC challenges any of the patent rights licensed to ORIC by the Company or if ORIC discontinues development of licensed products for a specified period of time. ORIC also has the right to terminate the ORIC Agreement without cause by providing prior written notice to the Company. Revenue Recognition The Company accounted for the ORIC Agreement under Topic 606 and identified the granting of an exclusive, worldwide license to develop and commercialize the Company’s allosteric PRC2 inhibitors for all indications as a distinct performance obligation since ORIC can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In determining the transaction price, the Company received the Shares as non-cash consideration. The Company allocated the entire transaction price to the distinct performance obligation described above, and the license and related know-how was transferred to ORIC during the third quarter of 2020. Therefore, the Company recognized the entire transaction price of $11.4 million during 2020 and classified the amount as license and collaboration revenues in its condensed consolidated statements of operations and comprehensive loss. The Shares are carried at fair value and are recorded on the condensed consolidated balance sheet as a long-term investment. Any change in fair value is recorded within other expense, net on the condensed consolidated statements of operations and comprehensive loss. Zai Agreement Terms of Agreement On May 28, 2021, the Company and Zai Lab Ltd. (“Zai”) entered into a Collaboration and License Agreement (the “Zai Agreement”), pursuant to which the Company and Zai agreed to collaboratively develop adagrasib in China, Hong Kong, Macau and Taiwan (collectively, the “Zai Licensed Territory”). Under the Zai Agreement, the Company granted Zai the rights to research, develop, manufacture and exclusively commercialize adagrasib in all indications in the Zai Licensed Territory, with the Company retaining exclusive rights for the development, manufacture and commercialization of adagrasib outside the Zai Licensed Territory and certain co-commercialization, manufacture, and development rights in the Zai Licensed Territory. Zai is obligated to participate in selected global, registration-enabling clinical trials and enroll patients in the Zai Licensed Territory at Zai’s expense. As consideration for the rights granted to Zai under the Zai Agreement, Zai agreed to pay the Company a non-refundable, non-creditable up-front fee of $65.0 million. Under the Zai Agreement, the Company is entitled to potential development and regulatory-based milestone payments of up to $93.0 million, and tiered sales milestone payments of up to $180.0 million based on net sales in the Zai Licensed Territory. The Zai Agreement additionally provides that Zai is obligated to pay to the Company royalties at tiered percentage rates ranging from the high-teens to the low-twenties on annual net sales of licensed products in the Zai Licensed Territory, subject to reduction under specified circumstances. The Zai Agreement also provides that the Company will supply Zai with adagrasib for use in Zai’s development activities in the Zai Licensed Territory at Zai's expense. The Zai Agreement will terminate on a licensed product-by-licensed product basis and on a region-by-region basis in the Zai Licensed Territory, upon the later to occur of (i) the date of expiration of the last valid claim covering such licensed product in such region, (ii) the date that is ten years after the date of the first commercial sale in such region and (iii) the expiration date of any regulatory exclusivity for such licensed product in such region, or for a co-commercialized product on the date the parties agree to terminate such co-commercialization, or in its entirety upon the expiration of all payment obligations under the Zai Agreement. Zai may terminate the Zai Agreement at any time by providing 12 months’ notice to the Company. Either party may terminate the Zai Agreement upon a material breach by the other party that remains uncured or upon certain bankruptcy events. In addition, the Company may terminate the Zai Agreement if Zai challenges the licensed patent rights. Revenue Recognition The Company evaluated the Zai Agreement under Topic 606. The Company determined that two performance obligations existed: (1) the license to intellectual property, bundled with the associated know-how and (2) the Company's initial obligation to supply adagrasib for clinical development in the Zai Licensed Territory. At the time it entered into the Zai Agreement, the Company determined the transaction price was equal to $66.6 million, which includes the up-front fee and other incidental amounts. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success, forecasted costs for manufacturing clinical supplies and cost savings related to Zai's participation in selected trials. The Company allocated the full transaction price to the license to the Company’s intellectual property, bundled with the associated know-how. The Company concluded the variable payments related to the Company’s initial obligation to supply adagrasib for clinical development in the Zai Licensed Territory relate specifically to the Company’s efforts to satisfy this performance obligation and the obligation to provide the initial clinical supply approximates the stand-alone selling price. Payments under the Zai Agreement are subject to foreign tax withholdings. Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represents a distinct performance obligation. The license and associated know-how was transferred to Zai during the three months ended September 30, 2021 and, therefore during 2021, the Company recognized the full revenue amount of $66.6 million as license and collaboration revenues and $3.3 million as income tax expense in its condensed consolidated statements of operations and comprehensive loss. Manufacturing Supply Services. The Company’s initial obligation to supply adagrasib for clinical development in the Zai Licensed Territory represents a distinct performance obligation. As such, the Company will recognize revenue when Zai obtains control of the goods. The Company recognized $0.7 million revenue related to this performance obligation for the three months ended March 31, 2022. The Company may also become responsible for manufacturing adagrasib for commercial supply and will receive reimbursement that approximates stand-alone selling prices. Milestone Payments. The Company is entitled to development milestone payments and certain regulatory and sales milestone payments which are paid upon achievement of the development milestones, upon receipt of regulatory approvals and annual net sales thresholds within the Zai Licensed Territory under the Zai Agreement. No milestone payments were earned during the three months ended March 31, 2022. The Company evaluated whether or not the milestones are considered probable of being reached and determined that their achievement is highly dependent on factors outside of the Company’s control. These payments have been fully constrained and therefore are not included in the transaction price. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint and, if necessary, adjust its estimate of the overall transaction price. Any such adjustments will be recorded on a cumulative catch-up basis, which would affect the reported amount of license and collaboration revenues in the period of adjustment. Royalties. As the license is deemed to be the predominant item to which sales-based royalties relate, the Company will recognize revenue when the related sales occur. No royalty revenue was recognized during the three months ended March 31, 2022.

Warrants

Warrants	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Warrants	As of March 31, 2022, the following warrants for common stock were issued and outstanding: Issue date Expiration date Exercise price Number of warrants outstanding January 11, 2017 None $ 0.001 3,578,036 November 20, 2017 None $ 0.001 3,669,360 June 11, 2018 None $ 0.001 358,415 7,605,811 Sale of Common Stock In November 2021, the Company sold 3,448,275 shares of its common stock at a public offering price of $145.00 per share. After deducting underwriter discounts, commissions and estimated offering expenses, the Company received net proceeds from the transaction of $474.7 million. At the Market Facility On July 2, 2020, the Company entered into a sales agreement pursuant to which the Company may, from time to time, sell shares of the Company's common stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million. On July 2, 2021, the Company entered into an amended and restated sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $500.0 million. As of March 31, 2022, the Company has not offered or sold any shares of common stock pursuant to this sales agreement. Share-based Compensation Total share-based compensation expense by statement of operations and comprehensive loss classification is presented below (in thousands): Three Months Ended March 31, 2022 2021 Research and development expense $ 26,260 $ 14,534 General and administrative expense 16,645 10,188 $ 42,905 $ 24,722

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesOn June 30, 2020, the Company entered into an amended and restated lease agreement (the “Amended and Restated Lease”) for office and laboratory space located in San Diego, California, for the Company’s corporate headquarters. The Amended and Restated Lease supersedes in its entirety the original lease agreement for the Company’s future corporate headquarters dated as of August 22, 2019. The Amended and Restated Lease has a lease term of 12 years (“Lease Term”), unless terminated earlier. The Lease Term has an initial abatement period, and the initial base rent payable will be approximately $0.6 million per month following the abatement period, which amount will increase by 3% per year over the Lease Term. The Company also received incentives from the landlord for tenant improvements. During 2020, the underlying asset was available for use by the Company to construct tenant improvements and therefore, the Lease Term was considered to have commenced.The Amended and Restated Lease is considered to be an operating lease, and the Amended and Restated Lease indicates the interest rate applicable to the lease is 12% and, therefore, the Company used a discount rate of 12% to calculate the value of its lease payments over the Lease Term. As of March 31, 2022, the condensed consolidated balance sheet includes an operating right-of-use asset of $37.2 million and a total operating lease liability of $48.7 million, of which $2.9 million is considered a current lease liability and included in other accrued expenses, and $45.8 million is included in non-current lease liability. As of December 31, 2021, the consolidated balance sheet includes an operating right-of-use asset of $37.7 million and an operating lease liability of $47.2 million, of which $1.3 million is considered a current lease liability and included in other accrued expenses, and $45.9 million is included in non-current lease liability. For the three months ended March 31, 2022 and 2021, the Company recorded $1.9 million and $2.0 million in operating lease expense, respectively. As of March 31, 2022, the approximate future minimum lease payments under the Amended and Restated Lease are as follows (in thousands): Operating Lease 2022 - remainder $ 1,681 2023 7,844 2024 8,080 2025 8,322 2026 8,572 Thereafter 59,685 Total operating lease payments (†) 94,184 Less: Amount representing interest (45,533) Total lease liability $ 48,651 ____________________ † The Company has an early termination right in 2028 in which the total contractual obligation would be reduced by $41.1 million. On June 24, 2014, the Company entered into a lease agreement for office and laboratory space located in San Diego, California. The office space under the lease was the Company’s corporate headquarters. The lease commenced in two phases (in July 2014 and March 2015) at a combined total initial monthly rent of $24,100 per month and was subject to a 3% annual rent increase following availability. In addition to such base monthly rent, the Company was obligated to pay certain customary amounts for its share of operating expenses and facility amenities. The original lease provided for expiration on January 31, 2018, and the Company entered into subsequent amendments to the original lease to extend the lease term to July 2021. All other terms and covenants from the original lease agreement remained unchanged.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Shareholders' Equity	As of March 31, 2022, the following warrants for common stock were issued and outstanding: Issue date Expiration date Exercise price Number of warrants outstanding January 11, 2017 None $ 0.001 3,578,036 November 20, 2017 None $ 0.001 3,669,360 June 11, 2018 None $ 0.001 358,415 7,605,811 Sale of Common Stock In November 2021, the Company sold 3,448,275 shares of its common stock at a public offering price of $145.00 per share. After deducting underwriter discounts, commissions and estimated offering expenses, the Company received net proceeds from the transaction of $474.7 million. At the Market Facility On July 2, 2020, the Company entered into a sales agreement pursuant to which the Company may, from time to time, sell shares of the Company's common stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million. On July 2, 2021, the Company entered into an amended and restated sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $500.0 million. As of March 31, 2022, the Company has not offered or sold any shares of common stock pursuant to this sales agreement. Share-based Compensation Total share-based compensation expense by statement of operations and comprehensive loss classification is presented below (in thousands): Three Months Ended March 31, 2022 2021 Research and development expense $ 26,260 $ 14,534 General and administrative expense 16,645 10,188 $ 42,905 $ 24,722

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Reported amounts and footnote disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
Cash and Cash Equivalents	Cash and cash equivalents consist of cash and highly liquid securities with original maturities at the date of acquisition of ninety days or less.
Short-term Investments	Investments with an original maturity of more than ninety days are considered short-term investments and have been classified by management as available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current consolidated balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary.
Concentration of Credit Risk	Concentration of Credit Risk The Company invests its excess cash in accordance with its investment policy. The Company’s investments are comprised primarily of commercial paper and debt instruments of financial institutions, corporations, U.S. government-sponsored agencies and the U.S. Treasury. The Company mitigates credit risk by maintaining a diversified portfolio and
Revenue Recognition	Revenue Recognition The Company recognizes revenue in connection with certain collaboration and license agreements in accordance with the guidance of Revenue From Contracts With Customers, Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). Under Topic 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements the Company determines are within the scope of 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 Company satisfies a performance obligation. The Company only applies the five-step model to contracts 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 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.
Leases	Leases The Company determines if an arrangement is a lease at inception. Lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. For operating leases with an initial term greater than 12 months, the Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of lease payments over the lease term at the commencement date. Operating lease right-of-use assets are comprised of the lease liability plus any lease payments made and excludes lease incentives. Lease terms include options to renew or terminate the lease when the Company is reasonably certain that the renewal option will be exercised or when it is reasonably certain that the termination option will not be exercised. For the Company’s operating leases, if the interest rate used to determine the present value of future lease payments it not readily determinable, the Company estimates its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to not separate lease and non-lease components.
Net Loss per Share	Net Loss per ShareBasic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for common share equivalents as they are anti-dilutive. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents outstanding for the period, as well as certain shares that are contingently issuable. Common share equivalents outstanding, determined using the treasury stock method, are comprised of shares that may be issued under the Company’s stock option and warrant agreements, as well as restricted stock units and performance stock units.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Potentially Dilutive Securities not included in the Calculation of Diluted Net Loss per Share	The following table presents the weighted-average number of common share equivalents, calculated using the treasury stock method, as well as certain shares that are contingently issuable, not included in the calculation of diluted net loss per share due to the anti-dilutive effect of the securities: Three Months Ended March 31, 2022 2021 Common stock options 1,531,327 2,758,415 Common stock warrants 7,605,737 8,043,004 Unvested restricted stock units and performance stock units 1,066,872 526,319 Total 10,203,936 11,327,738

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-Term Investments	The following tables summarize the Company’s short-term investments (in thousands): As of March 31, 2022 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 2 years or less $ 191,505 $ 2 $ (1,416) $ 190,091 Commercial paper 1 year or less 548,407 — (1,623) 546,784 U.S. Agency bonds 1 years or less 21,000 — (6) 20,994 U.S. Treasury bills 2 years or less 266,120 — (2,211) 263,909 $ 1,027,032 $ 2 $ (5,256) $ 1,021,778 As of December 31, 2021 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 2 years or less $ 236,170 $ 36 $ (248) $ 235,958 Commercial paper 1 year or less 621,947 127 (95) 621,979 U.S. Agency bonds 1 years or less 58,092 — — 58,092 U.S. Treasury bills 2 years or less 162,500 — (272) 162,228 $ 1,078,709 $ 163 $ (615) $ 1,078,257

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables summarize the assets measured at fair value on a recurring basis (in thousands): March 31, 2022 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 11,279 $ 11,279 $ — $ — Money market funds 293,417 293,417 — — Total cash and cash equivalents 304,696 304,696 — — Short-term investments: U.S. Treasury bills 263,909 263,909 — — Corporate debt securities 190,091 — 190,091 — Commercial paper 546,784 — 546,784 — U.S. Agency bonds 20,994 — 20,994 — Total short-term investments 1,021,778 263,909 757,869 — Long-term investment: ORIC Pharmaceuticals, Inc. 3,141 3,141 — — Total $ 1,329,615 $ 571,746 $ 757,869 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 19,347 $ 19,347 $ — $ — Money market funds 393,736 393,736 — — Total cash and cash equivalents 413,083 413,083 — — Short-term investments: U.S. Treasury bills 162,228 162,228 — — Corporate debt securities 235,958 — 235,958 — Commercial paper 621,979 — 621,979 — U.S. Agency bonds 58,092 — 58,092 — Total short-term investments 1,078,257 162,228 916,029 — Long-term investment: ORIC Pharmaceuticals, Inc. 8,218 — — 8,218 Total $ 1,499,558 $ 575,311 $ 916,029 $ 8,218
Schedule of Changes in Estimated Fair Value of Assets with Unobservable Inputs	March 31, 2022 Fair value of Level 3 investment - December 31, 2021 $ 8,218 Change in fair value (5,077) Transfer out of Level 3 to Level 1 (3,141) Fair value of Level 3 investment - March 31, 2022 $ —

Other Current Assets and Othe_2

Other Current Assets and Other Long-Term Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 11,797 $ 11,895 Deposits and other receivables 3,036 2,235 Interest receivables 1,810 2,513 $ 16,643 $ 16,643 The other long-term assets balance of $20.6 million as of March 31, 2022 consisted of $20.0 million in deposits paid in connection with the Company's research and development activities, and $0.6 million for a letter of credit secured by restricted cash in connection with the lease of the Company's corporate headquarters. The other long-term assets balance of $19.0 million as of December 31, 2021 consisted of $18.4 million in deposits paid in conjunction with the Company's research and development activities, and $0.6 million for a letter of credit secured by restricted cash in connection with the lease of the Company's corporate headquarters.

Accrued Liabilities and Other_2

Accrued Liabilities and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued clinical expense $ 30,411 $ 29,038 Accrued manufacturing expense 33,318 34,153 Accrued development expense 7,282 10,910 Accrued compensation and benefits 15,559 25,845 Other accrued expenses 9,063 8,549 $ 95,633 $ 108,495

Warrants (Tables)

Warrants (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Warrants Issued and Outstanding	As of March 31, 2022, the following warrants for common stock were issued and outstanding: Issue date Expiration date Exercise price Number of warrants outstanding January 11, 2017 None $ 0.001 3,578,036 November 20, 2017 None $ 0.001 3,669,360 June 11, 2018 None $ 0.001 358,415 7,605,811

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments	As of March 31, 2022, the approximate future minimum lease payments under the Amended and Restated Lease are as follows (in thousands): Operating Lease 2022 - remainder $ 1,681 2023 7,844 2024 8,080 2025 8,322 2026 8,572 Thereafter 59,685 Total operating lease payments (†) 94,184 Less: Amount representing interest (45,533) Total lease liability $ 48,651 ____________________ † The Company has an early termination right in 2028 in which the total contractual obligation would be reduced by $41.1 million.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Employee Service Share-based Compensation Allocation	Total share-based compensation expense by statement of operations and comprehensive loss classification is presented below (in thousands): Three Months Ended March 31, 2022 2021 Research and development expense $ 26,260 $ 14,534 General and administrative expense 16,645 10,188 $ 42,905 $ 24,722

Description of Business - Narra

Description of Business - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2022
Marketable Securities
Minimum original maturity period of marketable securities	90 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (shares)	10,203,936	11,327,738
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (shares)	1,531,327	2,758,415
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (shares)	7,605,737	8,043,004
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (shares)	1,066,872	526,319

Investments - Summary (Details)

Investments - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	$ 1,027,032	$ 1,078,709
Gross unrealized gains	2	163
Gross unrealized losses	(5,256)	(615)
Estimated fair value	1,021,778	1,078,257
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	191,505	236,170
Gross unrealized gains	2	36
Gross unrealized losses	(1,416)	(248)
Estimated fair value	$ 190,091	$ 235,958
Corporate debt securities | Maximum
Debt Securities, Available-for-sale [Line Items]
Maturity	2 years	2 years
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	$ 548,407	$ 621,947
Gross unrealized gains	0	127
Gross unrealized losses	(1,623)	(95)
Estimated fair value	$ 546,784	$ 621,979
Commercial paper | Maximum
Debt Securities, Available-for-sale [Line Items]
Maturity	1 year	1 year
U.S. Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	$ 21,000	$ 58,092
Gross unrealized gains	0	0
Gross unrealized losses	(6)	0
Estimated fair value	$ 20,994	$ 58,092
U.S. Agency bonds | Maximum
Debt Securities, Available-for-sale [Line Items]
Maturity	1 year	1 year
U.S. Treasury bills
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost, Total	$ 266,120	$ 162,500
Gross unrealized gains	0	0
Gross unrealized losses	(2,211)	(272)
Estimated fair value	$ 263,909	$ 162,228
U.S. Treasury bills | Maximum
Debt Securities, Available-for-sale [Line Items]
Maturity	2 years	2 years

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Allowance for credit losses on available-for-sale investments	$ 0	$ 0
Investments	(1,021,778,000)	(1,078,257,000)
Long-term Investments
Schedule of Investments [Line Items]
Investments	$ (3,141,000)	$ (8,218,000)
ORIC
Schedule of Investments [Line Items]
Stock held in investment (shares)	588,235	588,235

Fair Value Measurements - Summa

Fair Value Measurements - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	$ 304,696	$ 413,083
Investments	1,021,778	1,078,257
Total	1,329,615	1,499,558
U.S. Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	263,909	162,228
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	190,091	235,958
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	546,784	621,979
U.S. Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	20,994	58,092
Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,141	8,218
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	11,279	19,347
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	293,417	393,736
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	304,696	413,083
Investments	263,909	162,228
Total	571,746	575,311
Level 1 | U.S. Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	263,909	162,228
Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | U.S. Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,141	0
Level 1 | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	11,279	19,347
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	293,417	393,736
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Investments	757,869	916,029
Total	757,869	916,029
Level 2 | U.S. Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	190,091	235,958
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	546,784	621,979
Level 2 | U.S. Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	20,994	58,092
Level 2 | Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Investments	0	0
Total	0	8,218
Level 3 | U.S. Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | U.S. Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	8,218
Level 3 | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Dec. 31, 2021
Volatility
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input of investment	0.69
Expected Term
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input of investment	0.1
Discount for Lack of Marketability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input of investment	0.050

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Estimated Fair Value of Assets with Unobservable Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at end of period	$ 0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	8,218
Change in fair value	(5,077)
Transfer out of Level 3 to Level 1	$ 3,141

Other Current Assets and Othe_3

Other Current Assets and Other Long-Term Assets - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 11,797	$ 11,895
Deposits and other receivables	3,036	2,235
Interest receivables	1,810	2,513
Other current assets	$ 16,643	$ 16,643

Other Current Assets and Othe_4

Other Current Assets and Other Long-Term Assets - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other long-term assets	$ 20,635	$ 19,049
Deposits paid for research and development	20,000	18,400
Security Deposit	$ 600	$ 600

Accrued Liabilities and Other_3

Accrued Liabilities and Other Liabilities - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued clinical expense	$ 30,411	$ 29,038
Accrued manufacturing expense	33,318	34,153
Accrued development expense	7,282	10,910
Accrued compensation and benefits	15,559	25,845
Other accrued expenses	9,063	8,549
Accrued liabilities, current	$ 95,633	$ 108,495

Accrued Liabilities and Other_4

Accrued Liabilities and Other Liabilities - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Other liabilities	$ 2,617	$ 2,179

License and Collaboration Agr_2

License and Collaboration Agreements - Narrative (Details)	May 28, 2021USD ($)	Aug. 03, 2020USD ($)shares	Jan. 07, 2018USD ($)	Oct. 31, 2014	Mar. 31, 2022USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Oct. 01, 2014USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Expenses related to collaboration agreement					$ 130,976,000		$ 104,071,000
Milestone Payments
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Expenses related to collaboration agreement					0		0
BeiGene Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Termination of contract, period after first commercial sale of product			10 years
Period required for notice of termination of contract			60 days
Performance obligation, compensation to be earned			$ 500,000
Royalty revenue					0		0
Research and Development Arrangement, Up-Front Fee Received			10,000,000
Research and Development Arrangement, Contract to Perform for Others, Compensation Expected to be Earned			$ 123,000,000
BeiGene Agreement | Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage rate (up to)			0.20
BeiGene Agreement | Licenses of Intellectual Property
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Performance obligation, compensation to be earned			$ 9,500,000
Milestone payments earned					0		0
BeiGene Agreement | Manufacturing Supply Services
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue recognized					0		$ 0
Pfizer Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Termination of contract, period after first commercial sale of product				10 years
Period required for notice of termination of contract				60 days
Pfizer Agreement | Development Milestone Payments
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and Development Arrangement, Discovery and Collaboration Agreement, Compensation Expected to be Paid									$ 9,300,000
Research and Development Arrangement, Discovery and Collaboration Agreement, Milestone Payments Paid								$ 9,500,000
Pfizer Agreement | Sales Milestone Payments
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and Development Arrangement, Discovery and Collaboration Agreement, Compensation Expected to be Paid									$ 337,000,000
ORIC Pharmaceuticals Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Stock received as part of stock issuance and license agreements (shares) | shares		588,235
License agreement, period of transfer restrictions		18 months
License agreement, period of agreement after first commercial sale		10 years
ORIC Pharmaceuticals Agreement | Level 3
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License Agreement, One-Time Non-Cash Payment		$ 11,400,000
Zai Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Up-front fee received	$ 65,000,000
Period required for notice of termination of contract	12 months
Transaction price of arrangement	$ 66,600,000
Milestone payments earned					0
Termination of contract, period after first commercial sale of product	10 years
Zai Agreement | Licenses of Intellectual Property
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue recognized						$ 66,600,000
Unrealized loss on available-for-sale investments						$ 3,300,000
Zai Agreement | Manufacturing Supply Services
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue recognized					700,000
Zai Agreement | Sales Milestone Payments
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue from performance obligation expected to be earned	$ 180,000,000
Zai Agreement | Development and Regulatory Milestone Payments
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue from performance obligation expected to be earned	$ 93,000,000
Zai Agreement | Royalties
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty revenue					$ 0

Warrants - Summary (Details)

Warrants - Summary (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 11, 2018	Nov. 20, 2017	Jan. 11, 2017
Class of Warrant or Right [Line Items]
Number of warrants outstanding (shares)	7,605,811
Warrants exercised via cashless exercises (shares)	0	623,821
Common stock issued from exercise of warrants (shares)		623,814
January 11, 2017 Warrants | Private Placement
Class of Warrant or Right [Line Items]
Exercise price of warrants (USD per share)					$ 0.001
Number of warrants outstanding (shares)	3,578,036
November 20, 2017 Warrants | Private Placement
Class of Warrant or Right [Line Items]
Exercise price of warrants (USD per share)				$ 0.001
Number of warrants outstanding (shares)	3,669,360
June 11, 2018 Warrants | Private Placement
Class of Warrant or Right [Line Items]
Exercise price of warrants (USD per share)			$ 0.001
Number of warrants outstanding (shares)	358,415

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Right-of-use asset	$ 37,229,000		$ 37,700,000
Total lease liability			47,200,000
Operating lease liability, noncurrent	$ 45,829,000
Current Headquarters
Lessee, Lease, Description [Line Items]
Discount rate (as a percent)	12.00%
Right-of-use asset			37,680,000
Total lease liability	$ 48,651,000
Operating lease liability, current	2,900,000		1,300,000
Operating lease liability, noncurrent	45,800,000		$ 45,879,000
Operating lease cost	$ 1,900,000	$ 2,000,000
Building | Future Headquarters
Lessee, Lease, Description [Line Items]
Lease term	12 years
Annual rent increase (as a percent)	3.00%
Operating Lease, Future Monthly Rent Payment	$ 600,000
Building | Current Headquarters
Lessee, Lease, Description [Line Items]
Annual rent increase (as a percent)	3.00%
Minimum monthly rental expense	$ 24,100

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Total lease liability		$ 47,200
Current Headquarters
Lessee, Lease, Description [Line Items]
2022 - remainder	$ 1,681
2023	7,844
2024	8,080
2025	8,322
2026	8,572
Thereafter	59,685
Total operating lease payments	94,184
Less: Amount representing interest	(45,533)
Total lease liability	48,651
Reduction of lease liability, amount	$ 41,100

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 02, 2021	Jul. 02, 2020
Class of Stock [Line Items]
Stock issued in transaction (shares)	3,448,275
Sale price of common stock (USD per share)	$ 145
Proceeds from sale of stock	$ 474.7
Common stock, par value (USD per share)		$ 0.001		$ 0.001
Common Stock
Class of Stock [Line Items]
Proceeds from stock options exercised		$ 2.5	$ 9.9
Issuance of common stock under equity incentive plans (shares)		154,572	312,903
At the Market Facility
Class of Stock [Line Items]
Common stock, par value (USD per share)						$ 0.001
Aggregate offering price						$ 200
Amended and Restated At the Market Facility
Class of Stock [Line Items]
Common stock, par value (USD per share)					$ 0.001
Aggregate offering price					$ 500

Shareholders' Equity - Summary

Shareholders' Equity - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 42,905	$ 24,722
Research and development expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	26,260	14,534
General and administrative expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 16,645	$ 10,188