Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | ATARA BIOTHERAPEUTICS, INC. | |
Entity Central Index Key | 0001604464 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-36548 | |
Entity Tax Identification Number | 46-0920988 | |
Entity Address, Address Line One | 2380 Conejo Spectrum Street | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Thousand Oaks | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91320 | |
City Area Code | 805 | |
Local Phone Number | 623-4211 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | ATRA | |
Security Exchange Name | NASDAQ | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 101,102,152 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 45,898 | $ 92,942 |
Short-term investments | 107,744 | 149,877 |
Restricted cash | 146 | 146 |
Accounts receivable | 507 | 40,221 |
Inventories | 7,861 | 1,586 |
Other current assets | 10,164 | 10,308 |
Total current assets | 172,320 | 295,080 |
Property and equipment, net | 5,349 | 6,300 |
Operating lease assets | 62,195 | 68,022 |
Other assets | 6,575 | 7,018 |
Total assets | 246,439 | 376,420 |
Current liabilities: | ||
Accounts payable | 4,138 | 6,871 |
Accrued compensation | 12,556 | 17,659 |
Accrued research and development expenses | 20,737 | 24,992 |
Deferred revenue | 11,949 | 8,000 |
Other current liabilities | 25,172 | 21,394 |
Total current liabilities | 74,552 | 78,916 |
Deferred revenue - long-term | 75,565 | 77,000 |
Operating lease liabilities - long-term | 51,754 | 58,064 |
Liability related to the sale of future revenues - long-term | 32,091 | 30,236 |
Other long-term liabilities | 5,023 | 5,564 |
Total liabilities | 238,985 | 249,780 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock-$0.0001 par value, 500,000 shares authorized as of June 30, 2023 and December 31, 2022; 101,102 and 95,927 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 10 | 10 |
Additional paid-in capital | 1,847,280 | 1,821,721 |
Accumulated other comprehensive (loss) income | (933) | (2,067) |
Accumulated deficit | (1,838,903) | (1,693,024) |
Total stockholders’ equity | 7,454 | 126,640 |
Total liabilities and stockholders’ equity | $ 246,439 | $ 376,420 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 101,102,000 | 95,927,000 |
Common stock, shares outstanding | 101,102,000 | 95,927,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Commercialization revenue | $ 793 | $ 0 | $ 1,677 | $ 0 |
License and collaboration revenue | 164 | 51,579 | 506 | 58,893 |
Total revenue | 957 | 51,579 | 2,183 | 58,893 |
Costs and operating expenses: | ||||
Cost of commercialization revenue | 2,895 | 0 | 3,111 | 0 |
Research and development expenses | 56,141 | 64,898 | 118,297 | 139,861 |
General and administrative expenses | 13,335 | 18,813 | 27,207 | 39,384 |
Total costs and operating expenses | 72,371 | 83,711 | 148,615 | 179,245 |
Loss from operations | (71,414) | (32,132) | (146,432) | (120,352) |
Other income (expense), net: | ||||
Interest income | 1,695 | 704 | 3,497 | 932 |
Interest expense | (1,378) | (129) | (2,714) | (133) |
Gain on sale of ATOM Facility | 0 | 50,237 | 0 | 50,237 |
Other income (expense), net | (10) | (214) | (207) | (323) |
Total other income (expense), net | 307 | 50,598 | 576 | 50,713 |
(Loss) income before provision for income taxes | (71,107) | 18,466 | (145,856) | (69,639) |
Provision for income taxes | 1 | 0 | 23 | 0 |
Net (loss) income | (71,108) | 18,466 | (145,879) | (69,639) |
Other comprehensive gain (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | 304 | (726) | 1,134 | (2,250) |
Comprehensive (loss) income | $ (70,804) | $ 17,740 | $ (144,745) | $ (71,889) |
Basic (loss) earnings per common share | $ (0.68) | $ 0.18 | $ (1.40) | $ (0.69) |
Diluted (loss) earnings per common share | $ (0.68) | $ 0.18 | $ (1.40) | $ (0.69) |
Basic weighted-average shares outstanding | 105,091 | 101,601 | 104,533 | 101,166 |
Diluted weighted-average shares outstanding | 105,091 | 101,866 | 104,533 | 101,166 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common Stock At The Market Offering | Additional Paid-in Capital | Additional Paid-in Capital At The Market Offering | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2021 | $ 279,614 | $ 9 | $ 1,744,695 | $ (368) | $ (1,464,722) | ||
Beginning balance (in shares) at Dec. 31, 2021 | 91,671,000 | ||||||
Issuance of common stock, net of commissions and offering costs, value | 20,516 | $ 20,516 | |||||
Issuance of common stock, net of commissions and offering costs, shares | 1,320,000 | ||||||
RSU settlements, net of shares withheld | (616) | (616) | |||||
RSU settlements, net of shares withheld, shares | 405,000 | ||||||
Issuance of common stock pursuant to employee stock awards | 96 | 96 | |||||
Issuance of common stock pursuant to employee stock awards, shares | 10,000 | ||||||
Stock-based compensation expense | 14,335 | 14,335 | |||||
Net loss | (88,105) | (88,105) | |||||
Unrealized gain (loss) on available-for-sale securities | (1,524) | (1,524) | |||||
Ending balance at Mar. 31, 2022 | 224,316 | $ 9 | 1,779,026 | (1,892) | (1,552,827) | ||
Ending balance (in shares) at Mar. 31, 2022 | 93,406,000 | ||||||
Beginning balance at Dec. 31, 2021 | 279,614 | $ 9 | 1,744,695 | (368) | (1,464,722) | ||
Beginning balance (in shares) at Dec. 31, 2021 | 91,671,000 | ||||||
Net loss | (69,639) | ||||||
Unrealized gain (loss) on available-for-sale securities | (2,250) | ||||||
Ending balance at Jun. 30, 2022 | 257,479 | $ 9 | 1,794,449 | (2,618) | (1,534,361) | ||
Ending balance (in shares) at Jun. 30, 2022 | 94,356,000 | ||||||
Beginning balance at Mar. 31, 2022 | 224,316 | $ 9 | 1,779,026 | (1,892) | (1,552,827) | ||
Beginning balance (in shares) at Mar. 31, 2022 | 93,406,000 | ||||||
RSU settlements, net of shares withheld | (3) | (3) | |||||
RSU settlements, net of shares withheld, shares | 647,000 | ||||||
Issuance of common stock pursuant to employee stock awards | 1,309 | 1,309 | |||||
Issuance of common stock pursuant to employee stock awards, shares | 303,000 | ||||||
Stock-based compensation expense | 14,117 | 14,117 | |||||
Net loss | 18,466 | 18,466 | |||||
Unrealized gain (loss) on available-for-sale securities | (726) | (726) | |||||
Ending balance at Jun. 30, 2022 | 257,479 | $ 9 | 1,794,449 | (2,618) | (1,534,361) | ||
Ending balance (in shares) at Jun. 30, 2022 | 94,356,000 | ||||||
Beginning balance at Dec. 31, 2022 | 126,640 | $ 10 | 1,821,721 | (2,067) | (1,693,024) | ||
Beginning balance (in shares) at Dec. 31, 2022 | 95,927,000 | ||||||
Issuance of common stock, net of commissions and offering costs, value | 590 | $ 590 | |||||
Issuance of common stock, net of commissions and offering costs, shares | 148,000 | ||||||
RSU settlements, net of shares withheld | (93) | (93) | |||||
RSU settlements, net of shares withheld, shares | 463,000 | ||||||
Stock-based compensation expense | 11,764 | 11,764 | |||||
Net loss | (74,771) | (74,771) | |||||
Unrealized gain (loss) on available-for-sale securities | 830 | 830 | |||||
Ending balance at Mar. 31, 2023 | 64,960 | $ 10 | 1,833,982 | (1,237) | (1,767,795) | ||
Ending balance (in shares) at Mar. 31, 2023 | 96,538,000 | ||||||
Beginning balance at Dec. 31, 2022 | 126,640 | $ 10 | 1,821,721 | (2,067) | (1,693,024) | ||
Beginning balance (in shares) at Dec. 31, 2022 | 95,927,000 | ||||||
Net loss | (145,879) | ||||||
Unrealized gain (loss) on available-for-sale securities | 1,134 | ||||||
Ending balance at Jun. 30, 2023 | 7,454 | $ 10 | 1,847,280 | (933) | (1,838,903) | ||
Ending balance (in shares) at Jun. 30, 2023 | 101,102,000 | ||||||
Beginning balance at Mar. 31, 2023 | 64,960 | $ 10 | 1,833,982 | (1,237) | (1,767,795) | ||
Beginning balance (in shares) at Mar. 31, 2023 | 96,538,000 | ||||||
Exercise of pre-funded warrants | 2,916,000 | ||||||
RSU settlements, net of shares withheld | (1) | (1) | |||||
RSU settlements, net of shares withheld, shares | 1,074,000 | ||||||
Issuance of common stock pursuant to employee stock awards | 747 | 747 | |||||
Issuance of common stock pursuant to employee stock awards, shares | 574,000 | ||||||
Stock-based compensation expense | 12,552 | 12,552 | |||||
Net loss | (71,108) | (71,108) | |||||
Unrealized gain (loss) on available-for-sale securities | 304 | 304 | |||||
Ending balance at Jun. 30, 2023 | $ 7,454 | $ 10 | $ 1,847,280 | $ (933) | $ (1,838,903) | ||
Ending balance (in shares) at Jun. 30, 2023 | 101,102,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
At The Market Offering | Common Stock | ||
Stock issuance, discounts, commissions and offering costs | $ 97 | $ 419 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net loss | $ (145,879) | $ (69,639) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sale of ATOM Facility | 0 | (50,237) |
Stock-based compensation expense | 24,316 | 28,452 |
Depreciation and amortization expense | 2,415 | 3,029 |
Accretion of liability related to sale of future revenues | 2,456 | 0 |
Amortization (accretion) of investment premiums (discounts) | (1,106) | 811 |
Non-cash operating lease expense | 5,827 | 3,355 |
Other non-cash items, net | 100 | 46 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 39,714 | 349 |
Inventories | (6,275) | 0 |
Prepaid expenses and other current assets | 169 | (1,546) |
Other assets | (110) | 76 |
Accounts payable | (2,780) | (3,384) |
Accrued compensation | (5,103) | (8,833) |
Accrued research and development expenses | (4,255) | 1,674 |
Other current liabilities | 3,685 | 2,891 |
Deferred revenue | 2,514 | (51,468) |
Operating lease liabilities | (7,021) | (4,211) |
Other long-term liabilities | 108 | 142 |
Net cash used in operating activities | (91,225) | (148,493) |
Investing activities | ||
Purchases of short-term investments | (83,647) | (165,090) |
Proceeds from maturities and sales of short-term investments | 128,020 | 166,390 |
Purchases of property and equipment | (898) | (4,024) |
Net proceeds from sale of ATOM Facility | 0 | 94,765 |
Net cash (used in) provided by investing activities | 43,475 | 92,041 |
Financing activities | ||
Proceeds from issuance of common stock through ATM facilities, net | 590 | 20,516 |
Proceeds from employee stock awards | 747 | 1,405 |
Taxes paid related to net share settlement of restricted stock units | (94) | (619) |
Principal payments on finance lease obligations | (524) | (190) |
Other financing activities, net | (13) | (104) |
Net cash provided by financing activities | 706 | 21,008 |
Decrease in cash, cash equivalents and restricted cash | (47,044) | (35,444) |
Cash, cash equivalents and restricted cash at beginning of period | 93,088 | 107,478 |
Cash, cash equivalents and restricted cash at end of period | 46,044 | 72,034 |
Non-cash investing and financing activities | ||
Property and equipment purchases included in accounts payable and other accrued liabilities | 108 | 132 |
Supplemental cash flow disclosure | ||
Cash paid for interest | 218 | 133 |
Cash paid for income taxes | $ 2 | $ 19 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Description Of Business [Abstract] | |
Description of Business | 1. Description of Business Atara Biotherapeutics, Inc. (Atara, we, our or the Company) was incorporated in August 2012 in Delaware . Atara is a leader in T-cell immunotherapy, leveraging its novel allogeneic Epstein-Barr Virus (EBV) T-cell platform to develop transformative therapies for patients with cancer and autoimmune disease. We have several T-cell immunotherapies in clinical development and are progressing multiple next-generation allogeneic chimeric antigen receptor T-cell (CAR T) programs. Our most advanced T-cell immunotherapy program, tab-cel ® (tabelecleucel), has received marketing authorization approval under the proprietary name Ebvallo by the European Commission (EC) for commercial sale and use in the European Union (EU) and by the Medicines and Healthcare products Regulatory Agency (MHRA) for commercial sale and use in the United Kingdom (UK). Tab-cel is currently in Phase 3 development in the US. In October 2021, we entered into a commercialization agreement (Pierre Fabre Commercialization Agreement) with Pierre Fabre Medicament (Pierre Fabre), as amended in September 2022, pursuant to which we granted to Pierre Fabre an exclusive, field-limited license to commercialize and distribute Ebvallo in Europe and select emerging markets in the Middle East, Africa, Eastern Europe and Central Asia (the Territory), following regulatory approval. In December 2022, we sold a portion of our right to receive royalties and certain milestones in Ebvallo under the Pierre Fabre Commercialization Agreement to HCR Molag Fund L.P. (HCRx) for a total investment amount of $ 31.0 million, subject to a cap between 185 % and 250 % of the total investment amount by HCRx. We retain full rights to tab-cel in other major markets, including North America, Asia Pacific and Latin America. See Notes 5 and 6 for further information. We have licensed rights to T-cell product candidates from Memorial Sloan Kettering Cancer Center (MSK), rights related to our next-generation CAR T programs from MSK and from H. Lee Moffitt Cancer Center (Moffitt), and rights to know-how and technology from the Council of the Queensland Institute of Medical Research (QIMR Berghofer). See Note 8 for further information. In January 2022, we entered into an asset purchase agreement with FUJIFILM Diosynth Biotechnologies California, Inc. (FDB) and, for certain limited purposes, FUJIFILM Holdings America Corporation, to sell all of the Company’s right, title and interest in and to certain assets related to the Atara T-Cell Operations and Manufacturing facility (ATOM Facility) located in Thousand Oaks, California for $ 100 million in cash, subject to potential post-closing adjustments pursuant to the asset purchase agreement (the Fujifilm Transaction). The closing of the Fujifilm Transaction occurred on April 4, 2022, at which time 136 of our ATOM Facility employees transitioned to FDB as part of the transaction. We also entered into a Master Services and Supply Agreement and related Statements of Work with FDB (collectively, the Fujifilm MSA) which became effective upon the closing and could extend for up to ten years. Pursuant to the Fujifilm MSA, FDB will supply us with specified quantities of our cell therapy product candidates and any products approved by regulatory authorities, manufactured in accordance with cGMP standards. See Note 8 for further information. Certain prior year amounts, which are not material, have been reclassified to conform to current year presentation in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), Condensed Consolidated Statements of Cash Flows and Notes to Condensed Consolidated Financial Statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Atara and its wholly owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 8, 2023. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s condensed consolidated financial statements. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or any other future period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements. Liquidity and Going Concern We have incurred significant operating losses since inception and have relied primarily on public and private equity financings and receipts from license and collaboration agreements to fund our operations. As we continue to incur losses, our transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support our cost structure. We may never achieve sustained operating cash inflows or profitability. We expect that existing cash, cash equivalents and short-term investments as of June 30, 2023, will not be sufficient to fund our planned operations for at least the next twelve months from the date of issuance of these condensed consolidated financial statements. These conditions raise substantial doubt about our ability to continue as a going concern for at least 12 months after the date these condensed consolidated financial statements are issued. The interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, we plan to secure additional capital, potentially through a combination of public or private security offerings; use of our existing 2021 ATM Facility, under which we have $ 55.2 million of our common stock remaining and available for sale; and/or strategic transactions, including, but not limited to, seeking a commercialization partner for tab-cel in the U.S. We may also need to raise additional funding as required based on the status of our development programs and our projected cash flows. Although we have been successful in raising capital in the past, and expect to continue to raise capital as required, there is no assurance that we will be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all, or identify and enter into any strategic transactions that will provide the capital that we will require. If we are unable to obtain sufficient funding on acceptable terms, we could be forced to delay, limit, reduce or terminate preclinical studies, clinical studies or other development activities for one or more of our product candidates, which could have a material adverse effect on our business, results of operations, and financial condition. Accordingly, we have concluded that substantial doubt exists with respect to our ability to continue as a going concern for at least 12 months after the issuance of the accompanying condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Significant estimates relied upon in preparing these financial statements include estimates related to revenue recognition, accrued research and development expenses, stock-based compensation expense, income taxes and the liability related to the sale of future revenues. Actual results could differ materially from those estimates. Recent Accounting Pronouncements We consider the applicability and impact of any recent Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). Based on our assessment, the ASUs were determined to be either not applicable or are expected to have minimal impact on our condensed consolidated financial statements. |
Net Loss per Common Share
Net Loss per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 3. Net (Loss) Earnings per Common Share Basic net (loss) earnings per common share is calculated by dividing net (loss) income by the weighted-average number of shares of common stock and pre-funded warrants outstanding during the period, without consideration of common share equivalents. Diluted net (loss) earnings per common share is computed by dividing net (loss) income by the weighted-average number of shares of common stock, pre-funded warrants and common share equivalents outstanding for the period. The pre-funded warrants are included in the computation of basic and diluted net (loss) earnings per common share as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Common share equivalents are only included in the calculation of diluted net (loss) earnings per common share when their effect is dilutive. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Weighted average shares outstanding – Basic 105,091 101,601 104,533 101,166 Effect of dilutive securities — 265 — — Weighted average shares outstanding – Diluted 105,091 101,866 104,533 101,166 Potential dilutive securities, which include unvested restricted stock units (RSUs), unvested performance-based RSUs and performance-based options to purchase common stock for which established performance criteria have been achieved as of the end of the respective periods, vested and unvested options to purchase common stock and shares to be issued under our employee stock purchase plan (ESPP), have been excluded from the computation of diluted net earnings (loss) per common share if the effect is antidilutive. Therefore, the denominator used to calculate both basic and diluted net (loss) earnings per common share is the same in all periods for which we record a net loss. The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted net (loss) earnings per common share, as their inclusion would have an antidilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Unvested RSUs 9,772,616 7,483,684 9,772,616 7,483,684 Vested and unvested options 13,495,065 11,364,001 13,495,065 11,490,929 ESPP share purchase rights 114,133 — 114,133 55,598 Total 23,381,814 18,847,685 23,381,814 19,030,211 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 4. Financial Instruments Our financial assets are measured at fair value on a recurring basis using the following hierarchy to prioritize valuation inputs, in accordance with applicable U.S. GAAP: Level 1: Quoted prices in active markets for identical assets or liabilities that we have the ability to access Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves Level 3: Inputs that are unobservable data points that are not corroborated by market data We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. We recognize transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs. There have been no transfers between Level 1, Level 2 and Level 3 in any periods presented. Financial assets and liabilities are considered Level 2 when their fair values are determined using inputs that are observable in the market or can be derived principally from or corroborated by observable market data such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, Level 2 financial instruments are valued using comparisons to like-kind financial instruments and models that use readily observable market data as their basis. U.S. Treasury, government agency and corporate debt obligations, commercial paper and asset-backed securities are valued primarily using market prices of comparable securities, bid/ask quotes, interest rate yields and prepayment spreads and are included in Level 2. Financial assets and liabilities are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. We have no Level 3 financial assets or liabilities. The following tables summarize the estimated fair value and related valuation input hierarchy of our available-for-sale securities as of each period end: Total Total Total Total Amortized Unrealized Unrealized Estimated As of June 30, 2023: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 32,120 $ — $ — $ 32,120 U.S. Treasury obligations Level 2 72,159 8 ( 42 ) $ 72,125 Government agency obligations Level 2 1,451 — ( 33 ) $ 1,418 Corporate debt obligations Level 2 40,287 1 ( 801 ) $ 39,487 Commercial paper Level 2 3,995 — — $ 3,995 Asset-backed securities Level 2 3,953 — ( 66 ) $ 3,887 Total available-for-sale securities 153,965 9 ( 942 ) 153,032 Less: amounts classified as cash equivalents ( 45,284 ) ( 4 ) — ( 45,288 ) Amounts classified as short-term investments $ 108,681 $ 5 $ ( 942 ) $ 107,744 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2022: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 78,033 $ — $ — $ 78,033 U.S. Treasury obligations Level 2 63,013 3 ( 394 ) 62,622 Government agency obligations Level 2 8,086 — ( 48 ) 8,038 Corporate debt obligations Level 2 82,598 4 ( 1,513 ) 81,089 Commercial paper Level 2 996 — — 996 Asset-backed securities Level 2 6,343 — ( 119 ) 6,224 Total available-for-sale securities 239,069 7 ( 2,074 ) 237,002 Less: amounts classified as cash equivalents ( 87,122 ) ( 3 ) — ( 87,125 ) Amounts classified as short-term investments $ 151,947 $ 4 $ ( 2,074 ) $ 149,877 The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows: As of June 30, 2023 As of December 31, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 144,636 $ 143,906 $ 202,323 $ 201,359 Maturing in one to five years 9,329 9,126 36,746 35,643 Total available-for-sale securities $ 153,965 $ 153,032 $ 239,069 $ 237,002 We considered the current and expected future global economic and market conditions, including, but not limited to, the recent Silicon Valley Bank, Signature Bank and First Republic Bank collapses, the war in Ukraine, and increased tensions between the U.S. and China, and determined that our investments have not been significantly impacted. As of June 30, 2023, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the available-for-sale securities we hold, and we have no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. For all securities with a fair value less than its amortized cost basis, we determined the decline in fair value below amortized cost basis to be non-credit related and no allowance for losses has been recorded. During the three and six months ended June 30, 2023 and 2022, we did not recognize any impairment losses on our investments. We have elected the practical expedient to exclude the applicable accrued interest from both the fair value and the amortized cost basis of our available-for-sale securities for purposes of identifying and measuring an impairment. We present accrued interest receivable related to our available-for-sale securities in other current assets, separate from short-term investments, on our condensed consolidated balance sheet. As of June 30, 2023 and December 31, 2022 , accrued interest receivable was $ 0.4 million and $ 0.8 million, respectively. We have no t written off any accrued interest receivables during the three and six months ended June 30, 2023 and 2022. In addition, restricted cash collateralized by money market funds is a financial asset measured at fair value and is a Level 1 financial instrument under the fair value hierarchy. The following table provides a reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets that sum to the total of the same such amounts in the condensed consolidated statement of cash flows: June 30, December 31, 2023 2022 (in thousands) Cash and cash equivalents $ 45,898 $ 92,942 Restricted cash – short term 146 146 Total cash, cash equivalents and restricted cash $ 46,044 $ 93,088 |
Out-license Agreements
Out-license Agreements | 6 Months Ended |
Jun. 30, 2023 | |
License Collaboration And Manufacturing Agreements [Abstract] | |
Out-license Agreements | 5. Out-license Agreements Pierre Fabre Agreements In October 2021, we entered into the Pierre Fabre Commercialization Agreement, pursuant to which we granted to Pierre Fabre an exclusive, field-limited license to commercialize and distribute Ebvallo in Europe and select emerging markets in the Territory following regulatory approval. Atara retains full rights to Ebvallo in other major markets, including North America, Asia Pacific and Latin America. In September 2022, we entered into Amendment No. 1 to the Pierre Fabre Commercialization Agreement (the PF Amendment). Under the terms of the PF Amendment, following European Commission approval of Ebvallo for EBV+ PTLD and subsequent filing of the Marketing Authorization Application (MAA) transfer to Pierre Fabre, we received an additional $ 30 million milestone payment in exchange for, among other things, a reduction in: (i) royalties we are eligible to receive as a percentage of net sales of Ebvallo in the Territory, and (ii) the supply price mark up on Ebvallo purchased by Pierre Fabre. Additionally, we also agreed to extend the time period for provision of certain services to Pierre Fabre under the Pierre Fabre Commercialization Agreement. In December 2022, we sold a portion of our right to receive royalties and certain milestones in Ebvallo under the Pierre Fabre Commercialization Agreement to HCR Molag Fund L.P. (HCRx) for a total investment amount of $ 31.0 million, subject to a cap between 185 % and 250 % of the total investment amount by HCRx. See Note 6 for further information. We are responsible at our cost for the conclusion of the ongoing Phase 3 ALLELE clinical study and the Phase 2 multi-cohort clinical study. We are also responsible at our cost for certain other activities directed to obtaining regulatory approval for Ebvallo for EBV-positive lymphoproliferative disease pursuant to the terms of the Pierre Fabre Commercialization Agreement in Europe. Pierre Fabre is responsible at its cost for obtaining and maintaining all other regulatory approvals and for commercialization and distribution of Ebvallo in the Territory. We will own any intellectual property rights developed solely by us under the Pierre Fabre Commercialization Agreement. We have formed a joint steering committee (JSC) with Pierre Fabre that provides oversight, decision making and implementation guidance regarding the commercialization activities covered under the Pierre Fabre Commercialization Agreement. Pierre Fabre paid us an upfront cash payment of $ 45.0 million for the exclusive license grant in the fourth quarter of 2021. In December 2022, we met the contractual right to receive $ 40.0 million in milestone payments upon certain regulatory milestones, for which the cash was received in January 2023. Subject to the terms of the royalty purchase agreement with HCRx, as described in Note 6, we are entitled to receive an aggregate of up to $ 308.0 million in remaining milestone payments upon achieving certain regulatory and commercial milestones in addition to double-digit tiered royalties as a percentage of net sales of Ebvallo, until the later of 12 years after the first commercial sale in each such country, the expiration of specified patent rights, or the expiration of all regulatory exclusivity for such product on a country-by-country basis. We have entered into a separate manufacturing and supply agreement with Pierre Fabre for us to manufacture Ebvallo for Pierre Fabre to use in the Territory based on a fixed price through December 31, 2023 and at a price equal to cost plus a margin for orders placed after December 31, 2023. At Pierre Fabre’s cost, we are responsible for manufacturing and supplying Pierre Fabre’s optional purchases of Ebvallo for commercialization in the Territory for a minimum of seven years from the first commercial sale, as defined in the Pierre Fabre Commercialization Agreement, of Ebvallo in the Territory. At any time following this period, we have the option to transfer the manufacturing responsibility and related manufacturing technology to a third party contract manufacturing organization (CMO), and Pierre Fabre may also elect to directly assume the manufacturing responsibility and receive the related manufacturing technology. Without transfer of the manufacturing technology, no other party can perform this obligation. We are also responsible for cell selection services for Pierre Fabre at our cost for a certain period of time unless the parties agree to transfer the related cell selection technology to Pierre Fabre prior to this date. Cell selection is the process of identifying the appropriate cell line from available inventory to be used for a patient. Without transfer of the cell selection technology, no other party can provide such services. After this period of time, if we agree to continue to provide cell selection services, it shall be at the sole expense of Pierre Fabre. We assessed this arrangement in accordance with ASC 606 and concluded that the promises in the Pierre Fabre Commercialization Agreement represent transactions with a customer. We concluded that the Pierre Fabre Commercialization Agreement includes promises related to the transfer of intellectual property rights in the form of a license, the obligation to participate in the JSC and a material right for optional purchases associated with the manufacture and supply of Ebvallo and the performance of cell-selection services. We concluded that the individual promises are not distinct because Pierre Fabre cannot benefit from the license without the other services and vice versa, since Pierre Fabre is not capable of carrying out the manufacturing and supply and cell selection services on their own, until, and if, the transfer of the related technologies occur. Consequently, the license, the participation in the JSC and the material right related to the manufacture and supply of Ebvallo and related cell selection represents a single performance obligation. Under the Pierre Fabre Commercialization Agreement, we determined that the $ 45.0 million upfront payment constituted the entire consideration to be included in the transaction price at the outset of the arrangement. The $ 40.0 million in development milestones met in December 2022 were added to the transaction price upon meeting the related milestone criteria. The associated commercialization revenue will be recognized over the period during which the material right to these services exists, which would end if the option to transfer the manufacturing technology, once contractually available, is executed. Based on these considerations and our forecast of the timing and associated costs of the optional purchases related to the manufacture and supply of Ebvallo, we estimate the material right related to these services will exist for approximately 12 years. We reassess this evaluation each reporting period. The remaining potential development and commercial milestone payments that we are eligible to receive were excluded from the transaction price, as the milestone amounts were fully constrained based on the probability of achievement or have not been earned. None of the future royalty and sales-based milestone payments were included in the transaction price, as the potential payments represent sales-based consideration. We reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust our estimate of the transaction price. In January 2023, the first order of Ebvallo was shipped to Pierre Fabre. Commercialization revenue associated with shipments of Ebvallo to Pierre Fabre is deferred until we have performed the associated cell selection services. Deferred revenue activity related to commercialization revenue for the six months ended June 30, 2023 was as follows: (in thousands) Deferred revenue, December 31, 2022 $ 85,000 Additions 4,168 Recognized into commercialization revenue ( 1,654 ) Deferred revenue June 30, 2023 87,514 Less: deferred revenue – current portion ( 11,949 ) Deferred revenue – long-term, June 30, 2023 $ 75,565 During the six months ended June 30, 2023, we recognized $ 1.3 million of revenue that was included in the deferred revenue balance as of December 31, 2022. Cost of commercialization revenue consists primarily of expenses associated with cell selection services performed for Pierre Fabre, in-license sales-related milestone costs, period manufacturing expenses and the lower of cost or net realizable value adjustments to inventories. All Ebvallo sold to Pierre Fabre to date had been produced prior to receiving regulatory approval of Ebvallo. Costs incurred to produce Ebvallo prior to regulatory approval, referred to as zero cost inventories, have been recorded as research and development expense in our condensed consolidated statement of operations and comprehensive income (loss). Once we begin selling Ebvallo produced after receiving regulatory approval and in a qualified manufacturing facility, and as revenue is recognized on such Ebvallo shipments, cost of commercialization revenue will also include direct and indirect costs related to the production of Ebvallo. Such costs include, but are not limited to, CMO costs, quality testing and validation, materials used in production, and an allocation of compensation, benefits and overhead costs associated with employees involved with production . Under the Pierre Fabre Commercialization Agreement, we conduct an early access program observational study at the sole cost and expense of Pierre Fabre. We recognize the costs incurred associated with this study within research and development expenses, which is directly offset by revenue recorded within license and collaboration revenue. The license and collaboration revenue associated with the early access program for the three and six months ended June 30, 2023 was $ 0.2 million and $ 0.5 million, respectively, as compared to $ 0.6 million and $ 1.3 million for the three and six months ended June 30, 2022, respectively. Bayer Agreements In December 2020, we entered into a research, development and license agreement (Bayer License Agreement) with Bayer AG (Bayer) pursuant to which we granted to Bayer an exclusive, field-limited license under the applicable patents and know-how owned or controlled by us and our affiliates covering or related to ATA2271 and ATA3271 (the Licensed Products). Under the terms of the Bayer License Agreement, we were responsible at our cost for all mutually agreed preclinical and clinical activities for ATA2271 through the first in human Phase 1 clinical study in collaboration with MSK, following which Bayer was responsible for the further development of ATA2271 at its cost. Bayer was responsible for the development of ATA3271, except for certain mutually agreed preclinical, translational, manufacturing and supply chain activities to be performed by us relating to ATA3271, in each case at Bayer’s cost. Bayer was also solely responsible for commercializing the Licensed Products at its cost. In March 2021, we entered into a Technology Transfer Agreement with Bayer (the Bayer Tech Transfer Agreement), which was contemplated as part of the Bayer License Agreement, to transfer to Bayer the ATA3271 manufacturing process being developed as part of the CMC services in the Bayer License Agreement. In March 2021, we also entered into a Manufacturing and Supply Agreement with Bayer (the Bayer Manufacturing Agreement), which was contemplated as part of the Bayer License Agreement, to manufacture Phase 1 and 2 allogeneic mesothelin-directed CAR T-cell therapies for Bayer to use in clinical trials at a price based on our costs plus a reasonable margin, which is consistent with our standalone selling price. Collectively, the Bayer License Agreement, the Manufacturing and Supply Agreement and the Technology Transfer Agreement are referred to as “the Bayer Agreements”. In May 2022, Bayer notified us of its decision to terminate the Bayer Agreements, and on August 2, 2022, we entered into the Termination, Amendment and Program Transfer Agreement with which terminated the Bayer Agreements (the Bayer Termination Agreement) with an effective date of July 31, 2022. Upon the termination effective date, full product development and commercialization rights related to ATA2271 and ATA3271 reverted to Atara. In return for certain activities performed by Atara prior to the termination effective date, Bayer paid Atara $ 4.2 million in September 2022. Utilizing the cost-based input method, we recognized license and collaboration revenue of $ 50.9 million and $ 57.6 million for the three and six months ended June 30, 2022 , respectively, under the Bayer Agreements. As a result of the termination, no license and collaboration revenue related to the Bayer Agreements was recognized for the three and six months ended June 30, 2023 , and there was no deferred revenue related to the Bayer Agreements as of June 30, 2023 or December 31, 2022 . |
Liability Related to the Sale o
Liability Related to the Sale of Future Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Liability for Future Policy Benefit, after Reinsurance [Abstract] | |
Liability Related to the Sale of Future Revenues | 6. Liability Related to the Sale of Future Revenues In December 2022, we entered into a Purchase and Sale Agreement (the HCRx Agreement) with HCR Molag Fund, L.P., a Delaware limited partnership, (HCRx). In exchange for a payment of $ 31.0 million (the Investment Amount), net of certain transaction expenses, to Atara, HCRx obtained the right to receive certain Ebvallo royalties and milestone payments payable by Pierre Fabre under the Pierre Fabre Commercialization Agreement up to an agreed upon multiple of the Investment Amount. We received the Investment Amount, net of certain transaction costs, from HCRx on December 30, 2022. Under the HCRx Agreement, HCRx is entitled to receive tiered royalties on net sales of Ebvallo in the Territory (as defined in the Pierre Fabre Commercialization Agreement) in amounts ranging from the mid-single digits to double digits based on annual net sales. HCRx is also entitled to certain milestone payments due to Atara from Pierre Fabre. The total royalties and milestones payable to HCRx are capped between 185 % and 250 % of the Investment Amount, depending upon the timing of such royalties and milestones. Upon meeting the cap amount, HCRx’s right to receive royalties and milestone payments will terminate and all rights will revert to Atara. To the extent a certain milestone within the Pierre Fabre Commercialization Agreement is not achieved on or prior to June 30, 2026, we will be required to make a one-time cash payment in the amount of $ 9.0 million to HCRx, and HCRx shall transfer all of its right, title and interest in this certain $ 9.0 million milestone payment to Atara. This payment, if required, would be included in the calculation of aggregate payments made to HCRx. The gross proceeds of the Investment Amount of $ 31.0 million were recorded as a liability related to the sale of future revenues, net of transaction costs of $ 0.4 million, and will be amortized using the effective interest method over the life of the arrangement. To determine the amortization of the recorded liability, we are required to estimate the total amount of future payments to be received by HCRx. The sum of these amounts less the $ 31.0 million proceeds we received will be recorded as interest expense over the life of the HCRx Agreement. We estimate the effective interest rate used to record non-cash interest expense under the HCRx Agreement based on the estimate of future payments to be received by HCRx. At June 30, 2023 , the annual effective interest rate was approximately 16 %. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and timing of the actual and forecasted royalty and milestone payments to HCRx. At each reporting date, we will reassess our estimate of the timing and amounts of future payments made to HCRx, and prospectively adjust the effective interest rate and amortization of the liability as necessary. The following table presents the changes in the liability related to the sale of future revenues under the HCRx Agreement for the six months ended June 30, 2023: (in thousands) Liability related to sale of future revenues as of December 31, 2022 $ 30,236 Accretion of interest expense on liability related to sale of future revenues 2,456 Amortization of debt discount and debt issuance costs 40 Repayment of the liability — Liability related to sale of future revenues as of June 30, 2023 32,732 Less: current portion classified within other accrued liabilities ( 641 ) Long-term liability related to sale of future revenues $ 32,091 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 7. Restructuring In August 2022, we announced a reduction in workforce of approximately 20 % to focus our activities as an organization centered on research and development. The workforce reduction included total restructuring charges of $ 6.0 million, comprised primarily of severance payments, wages for the 60-day notice period in accordance with the California Worker Adjustment and Retraining Notification Act and continuing health care coverage for a period of time after separation. In most cases, the severance payments were paid as a lump sum in October 2022. Certain of the notified employees had employment agreements which provided for separation benefits in the form of salary continuation; these benefits are being paid between October 2022 and November 2023. All of the costs are cash expenditures and primarily represent one-time termination benefits. We recorded the following restructuring charges associated with the reduction in force: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) (in thousands) Research and development expense $ — $ — $ — $ — General and administrative expense — — 45 — Total restructuring charges $ — $ — $ 45 $ — The following restructuring liability activity was recorded in connection with the reduction in force for the six months ended June 30, 2023: (in thousands) Liability balance, December 31, 2022 $ 1,545 Restructuring charges 45 Cash payments ( 1,084 ) Liability balance, June 30, 2023 $ 506 The liability balance as of June 30, 2023 and December 31, 2023 is recorded within other current liabilities on the accompanying condensed consolidated balance sheet. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies MSK In-license Agreements In June 2015, we entered into an exclusive license agreement with MSK for three clinical stage T-cell therapies. We are required to make payments to MSK based on achievement of specified regulatory and sales-related milestones, as well as mid-single-digit percentage tiered royalty payments based on future sales of products resulting from the development of the licensed product candidates, if any. In addition, under certain circumstances, we are required to make certain minimum annual royalty payments to MSK, which are creditable against earned royalties owed for the same annual period. We are also required to pay a low double-digit percentage of any consideration we receive for sublicensing the licensed rights. The license agreement expires on a product-by-product and country-by-country basis on the latest of: (i) expiration of the last licensed patent rights related to each licensed product, (ii) expiration of any market exclusivity period granted by law with respect to each licensed product, and (iii) a specified number of years after the first commercial sale of the licensed product in each country. Upon expiration of the license agreement, Atara will retain non-exclusive rights to the licensed products. In May and December 2018, we licensed additional technology from MSK. We are obligated to make additional milestone payments based on achievement of specified development, regulatory and sales-related milestones, as well as mid-single-digit percentage tiered royalty payments based on future sales of products resulting from the development of the licensed product candidates, if any. In March 2021, we amended and restated our license agreement with MSK to terminate our license to certain rights and license additional know-how rights not otherwise covered by our existing agreements. QIMR Berghofer In-license Agreements In October 2015, we entered into an exclusive license agreement and a research and development collaboration agreement with QIMR Berghofer. Under the terms of the license agreement, we obtained an exclusive, worldwide license to develop and commercialize allogeneic T-cell therapy programs utilizing technology and know-how developed by QIMR Berghofer. On September 19, 2016, the exclusive license agreement and research and development collaboration agreement were amended and restated. Under the amended and restated agreements, we obtained an exclusive, worldwide license to develop and commercialize additional T-cell programs, as well as the option to license additional technology that we exercised in June 2018. We further amended and restated our license agreement and research and development collaboration agreements with QIMR Berghofer in August 2019, August 2020, and in December 2021, in each case, to terminate our license to certain rights. Our current license agreement also provides for various milestone and royalty payments to QIMR Berghofer based on future product sales, if any. Under the terms of our current research and development collaboration agreement, we are also required to reimburse the cost of agreed-upon development activities related to programs developed under the collaboration. These payments are expensed on a straight-line basis over the related development periods. The agreement also provides for various milestone payments to QIMR Berghofer based on achievement of certain developmental and regulatory milestones. Other In-license and Collaboration Agreements From time to time, we have entered into other license and collaboration agreements with other parties. For example, we licensed rights related to our next-generation CAR T programs from Moffitt Cancer Center in August 2018, and we agreed to collaborate through sponsored research in connection with each of these licenses. We also licensed rights related to our MSK-partnered next-generation CAR T programs from the National Institutes of Health in December 2018. Milestones and royalties under each of the above agreements are contingent upon future events and will be recorded as expense when the underlying milestones are achieved or royalties are earned. Sales related milestone and royalty costs related to Ebvallo are recorded in cost of commercialization revenue, whereas regulatory milestone costs are recorded in research and development expense. As of June 30, 2023 and December 31, 2022 , there were no material outstanding obligations for milestones and royalties under our license and collaboration agreements. CRL Manufacturing Agreement In December 2019, we entered into a Commercial Manufacturing Services Agreement (the CRL MSA) with Cognate BioServices, Inc., which was acquired by Charles River Laboratories Inc. (CRL) in March 2021. Pursuant to the CRL MSA, CRL provides manufacturing services for our product and certain of our product candidates. In February 2023, we amended the CRL MSA to extend the term until the earlier of September 30, 2023 or receipt of certain batches of our product and product candidates. Fujifilm Master Services and Supply Agreement In January 2022, we entered into the Fujifilm MSA, which became effective upon the closing of the sale of the ATOM Facility on April 4, 2022 and could extend for up to ten years . Pursuant to the Fujifilm MSA, FDB will supply us with specified quantities of our cell therapy products and product candidates, manufactured in accordance with cGMP standards. We have certain non-cancellable minimum commitments to purchase products and services over the first five years of the Fujifilm MSA. The Fujifilm MSA does not obligate us to purchase products and product candidates exclusively from FDB. Other Research, Development and Manufacturing Agreements We may enter into other contracts in the normal course of business with clinical research organizations for clinical trials, with CMOs for clinical supplies, and with other vendors for preclinical studies, supplies and other services for our operating purposes. These contracts generally provide for termination on notice. As of June 30, 2023 and December 31, 2022 , there were no material amounts accrued related to contract termination charges. Minimum Commitments We have non-cancellable minimum commitments for products and services, subject to agreements with a term of greater than one year with clinical research organizations and CMOs. We have incurred $ 3.8 million and $ 13.3 million against the minimum commitments for the three and six months ended June 30, 2023, respectively. As of June 30, 2023, and December 31, 2022, we have accrued $ 10.0 million and $ 9.2 million, respectively, in research and development expenses related to minimum purchase commitments. Indemnification Agreements In the normal course of business, we enter into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against us in the future but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. We also have indemnification obligations to our directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at our request in such capacities. There have been no claims to date and we consider the fair value of these indemnification agreements to be minimal. Accordingly, we did no t record liabilities for these agreements as of June 30, 2023 and December 31, 2022. Contingencies From time to time, we may be involved in legal proceedings, as well as demands, claims and threatened litigation, which arise in the normal course of our business or otherwise. The ultimate outcome of any litigation is uncertain and unfavorable outcomes could have a negative impact on our results of operations and financial condition. Regardless of outcome, litigation can have an adverse impact on us because of the defense costs, diversion of management resources and other factors. We are not currently involved in any material legal proceedings. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Our authorized capital stock consists of 520,000,000 shares, all with a par value of $ 0.0001 per share, of which 500,000,000 shares are designated as common stock and 20,000,000 shares are designated as preferred stock. There were no shares of preferred stock outstanding as of June 30, 2023 and December 31, 2022. Equity Offerings As part of our July 2019 underwritten public offering, we issued and sold pre-funded warrants to purchase 2,945,026 shares of common stock in an underwritten public offering pursuant to a shelf registration on Form S-3. Each pre-funded warrant entitles the holder to purchase one share of common stock at an exercise price of $ 0.0001 per share and expires seven years from the date of issuance. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital. Per the terms of the warrant agreement, a holder of the outstanding warrants is not entitled to exercise any portion of any pre-funded warrant if, upon exercise of the warrant, the holder’s ownership (together with its affiliates) of our common stock or combined voting power of our securities beneficially owned by such holder (together with its affiliates) would exceed 9.99 % after giving effect to the exercise (Maximum Ownership Percentage). Upon at least 61 days’ prior notice to us by the holder, any holder may increase or decrease the Maximum Ownership Percentage to any other percentage not to exceed 19.99 %. During the three and six months ended June 30, 2023 , 361,260 of the July 2019 pre-funded warrants were exercised and as of June 30, 2023 pre-funded warrants to purchase 2,527,266 shares of our common stock from the July 2019 underwritten public offering were outstanding. As part of the May 2020 underwritten public offering, we issued and sold pre-funded warrants to purchase 2,866,961 shares of common stock in an underwritten public offering pursuant to a shelf registration on Form S-3. Additionally, as part of the December 2020 underwritten public offering, we issued and sold pre-funded warrants to purchase 2,040,816 shares of common stock in an underwritten public offering pursuant to a shelf registration on Form S-3. The terms of the pre-funded warrants issued and sold as part of the 2020 public offerings were similar to those issued and sold in 2019. During the three and six months ended June 30, 2023, 1,898,578 and 656,107 of the May 2020 and December 2020 pre-funded warrants, respectively, were exercised. As of June 30, 2023 , 968,383 and 1,384,709 of the pre-funded warrants to purchase shares of our common stock issued and sold as part of the May 2020 and December 2020 underwritten public offerings, respectively, were outstanding. ATM Facility In November 2021, we entered into a sales agreement (the 2021 ATM Facility) with Cowen and Company, LLC (Cowen), which provides for the sale, in our sole discretion, of shares of our common stock having an aggregate offering price of up to $ 100.0 million through Cowen, as our sales agent. The issuance and sale of these shares by us pursuant to the 2021 ATM Facility are deemed “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the Securities Act), and are registered under the Securities Act. We pay a commission of up to 3.0 % of gross sales proceeds of any common stock sold under the 2021 ATM Facility. During the six months ended June 30, 2023 , we sold an aggregate of 147,930 shares of common stock under the 2021 ATM Facility, at an average price of $ 4.64 per share, for gross proceeds of $ 0.7 million and net proceeds of $ 0.6 million, after deducting commissions and other offering expenses payable by us. As of June 30, 2023 , $ 55.2 million of common stock remained available to be sold under the 2021 ATM Facility, subject to certain conditions as specified in the sales agreements. Equity Incentive Plans Under the terms of the 2014 Equity Incentive Plan, as amended (the 2014 EIP), we may grant stock options, restricted stock awards (RSAs) and RSUs to employees, directors, consultants and other service providers. RSUs generally vest over three or four years . We have granted performance-based RSUs to certain of our employees that provide for the issuance of common stock if specified Company performance criteria related to our clinical programs are achieved. The number of performance-based RSUs that ultimately vests depends upon if and which performance criteria are achieved, as well as the employee’s continuous service, as defined in the 2014 EIP, through the date of vesting. The fair value of performance-based RSUs is determined as the closing stock price on the date of grant. Stock options are granted at prices no less than 100 % of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided, however, that the exercise price of an option granted to a 10% shareholder cannot be less than 110% of the estimated fair value of the shares on the date of grant. Options granted generally vest over three or four years and expire in seven to ten years . We have granted performance-based stock options to certain of our employees that provide for the issuance of a right to purchase a share of common stock if specified Company performance criteria related to product candidate partnerships are achieved. The vesting of performance-based stock options depends upon if and when the performance criteria are achieved, as well as the employee’s continuous service as defined in the 2014 EIP, through the date of vesting. As of June 30, 2023 , a total of 22,259,975 shares of common stock were reserved for issuance under the 2014 EIP, of which 1,927,307 shares were available for future grant and 20,332,668 shares were subject to outstanding options and RSUs, including performance-based awards. In February 2018, we adopted the 2018 Inducement Plan (the Inducement Plan), under which we may grant options, stock appreciation rights, RSAs and RSUs to new employees. In November 2020, September 2021 and June 2022 we amended the Inducement Plan to reserve an additional 1,500,000 shares of the Company’s common stock for issuance under the Inducement Plan in each case. As of June 30, 2023 , 4,971,721 shares of common stock were reserved for issuance under the Inducement Plan, of which 1,725,231 shares were available for future grant and 3,246,490 shares were subject to outstanding options and RSUs. Restricted Stock Units The following is a summary of RSU activity under our 2014 EIP and Inducement Plan: RSUs Shares Weighted Balance as of December 31, 2022 6,708,608 $ 10.61 Granted 5,278,116 $ 3.71 Forfeited ( 669,390 ) $ 8.63 Vested ( 1,554,968 ) $ 10.74 Balance as of June 30, 2023 9,762,366 $ 6.99 As of June 30, 2023 , there was $ 62.1 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted average period of 2.4 years. Stock Options The following is a summary of stock option activity under our 2014 EIP and Inducement Plan: Shares Weighted Average Weighted Average Aggregate Intrinsic Balance as of December 31, 2022 10,645,555 $ 16.88 6.4 $ 42 Granted 4,693,897 3.64 — — Exercised — — — — Forfeited or expired ( 1,522,660 ) 20.95 — — Balance as of June 30, 2023 13,816,792 $ 11.93 7.6 $ 38 Aggregate intrinsic value represents the difference between the closing stock price of our common stock on June 30, 2023 and the exercise price of outstanding, in-the-money options. As of June 30, 2023 , there was $ 31.4 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.3 years. This excludes unrecognized stock-based compensation expense for performance-based stock options that were deemed not probable of vesting in accordance with U.S. GAAP. Reserved Shares The following shares of common stock were reserved for future issuance under our equity incentive plans as of June 30, 2023: Total Shares 2014 Equity Incentive Plan 22,259,975 2018 Inducement Plan 4,971,721 2014 Employee Stock Purchase Plan 332,735 Total reserved shares of common stock 27,564,431 Stock-based Compensation Expense Total stock-based compensation expense related to all employee and non-employee stock awards was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Research and development $ 7,195 $ 8,993 $ 13,965 $ 17,499 General and administrative 5,357 5,124 10,351 10,953 Total stock-based compensation expense $ 12,552 $ 14,117 $ 24,316 $ 28,452 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Information | 10. Supplemental Balance Sheet Information Inventories Inventories consisted of the following as of each period end: June 30, December 31, 2023 2022 (in thousands) Raw Materials $ 2,750 $ 1,214 Work-in-process 5,111 372 Total inventories $ 7,861 $ 1,586 Property and equipment, net Property and equipment consisted of the following as of each period end: June 30, December 31, 2023 2022 (in thousands) Leasehold improvements $ 904 $ 875 Lab equipment 14,930 14,797 Machinery and equipment 572 572 Computer equipment and software 1,154 1,149 Furniture and fixtures 1,258 1,297 Construction in progress 708 32 Property and equipment, gross 19,526 18,722 Less: accumulated depreciation and amortization ( 14,177 ) ( 12,422 ) Property and equipment, net $ 5,349 $ 6,300 Depreciation expense was $ 0.9 million and $ 1.4 million for the three months ended June 30, 2023 and 2022, respectively, and $ 1.8 million and $ 3.0 million for the six months ended June 30, 2023 and 2022, respectively. Other current liabilities Other current liabilities consisted of the following as of each period end: June 30, December 31, 2023 2022 (in thousands) Accrued operating expenses $ 10,646 $ 7,435 Current portion of operating lease liabilities 12,095 12,806 Current portion of finance lease liabilities 859 834 Interest payable 641 — Other accrued liabilities 931 319 Total other current liabilities $ 25,172 $ 21,394 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Atara and its wholly owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 8, 2023. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s condensed consolidated financial statements. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or any other future period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements. |
Liquidity | Liquidity and Going Concern We have incurred significant operating losses since inception and have relied primarily on public and private equity financings and receipts from license and collaboration agreements to fund our operations. As we continue to incur losses, our transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support our cost structure. We may never achieve sustained operating cash inflows or profitability. We expect that existing cash, cash equivalents and short-term investments as of June 30, 2023, will not be sufficient to fund our planned operations for at least the next twelve months from the date of issuance of these condensed consolidated financial statements. These conditions raise substantial doubt about our ability to continue as a going concern for at least 12 months after the date these condensed consolidated financial statements are issued. The interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, we plan to secure additional capital, potentially through a combination of public or private security offerings; use of our existing 2021 ATM Facility, under which we have $ 55.2 million of our common stock remaining and available for sale; and/or strategic transactions, including, but not limited to, seeking a commercialization partner for tab-cel in the U.S. We may also need to raise additional funding as required based on the status of our development programs and our projected cash flows. Although we have been successful in raising capital in the past, and expect to continue to raise capital as required, there is no assurance that we will be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all, or identify and enter into any strategic transactions that will provide the capital that we will require. If we are unable to obtain sufficient funding on acceptable terms, we could be forced to delay, limit, reduce or terminate preclinical studies, clinical studies or other development activities for one or more of our product candidates, which could have a material adverse effect on our business, results of operations, and financial condition. Accordingly, we have concluded that substantial doubt exists with respect to our ability to continue as a going concern for at least 12 months after the issuance of the accompanying condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Significant estimates relied upon in preparing these financial statements include estimates related to revenue recognition, accrued research and development expenses, stock-based compensation expense, income taxes and the liability related to the sale of future revenues. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We consider the applicability and impact of any recent Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). Based on our assessment, the ASUs were determined to be either not applicable or are expected to have minimal impact on our condensed consolidated financial statements. |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Diluted net (loss) earnings per common share | The pre-funded warrants are included in the computation of basic and diluted net (loss) earnings per common share as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Common share equivalents are only included in the calculation of diluted net (loss) earnings per common share when their effect is dilutive. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Weighted average shares outstanding – Basic 105,091 101,601 104,533 101,166 Effect of dilutive securities — 265 — — Weighted average shares outstanding – Diluted 105,091 101,866 104,533 101,166 |
Antidilutive Securities Excluded From Computation of Diluted Net Loss per Common Share | The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted net (loss) earnings per common share, as their inclusion would have an antidilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Unvested RSUs 9,772,616 7,483,684 9,772,616 7,483,684 Vested and unvested options 13,495,065 11,364,001 13,495,065 11,490,929 ESPP share purchase rights 114,133 — 114,133 55,598 Total 23,381,814 18,847,685 23,381,814 19,030,211 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments Disclosure [Abstract] | |
Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities | The following tables summarize the estimated fair value and related valuation input hierarchy of our available-for-sale securities as of each period end: Total Total Total Total Amortized Unrealized Unrealized Estimated As of June 30, 2023: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 32,120 $ — $ — $ 32,120 U.S. Treasury obligations Level 2 72,159 8 ( 42 ) $ 72,125 Government agency obligations Level 2 1,451 — ( 33 ) $ 1,418 Corporate debt obligations Level 2 40,287 1 ( 801 ) $ 39,487 Commercial paper Level 2 3,995 — — $ 3,995 Asset-backed securities Level 2 3,953 — ( 66 ) $ 3,887 Total available-for-sale securities 153,965 9 ( 942 ) 153,032 Less: amounts classified as cash equivalents ( 45,284 ) ( 4 ) — ( 45,288 ) Amounts classified as short-term investments $ 108,681 $ 5 $ ( 942 ) $ 107,744 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2022: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 78,033 $ — $ — $ 78,033 U.S. Treasury obligations Level 2 63,013 3 ( 394 ) 62,622 Government agency obligations Level 2 8,086 — ( 48 ) 8,038 Corporate debt obligations Level 2 82,598 4 ( 1,513 ) 81,089 Commercial paper Level 2 996 — — 996 Asset-backed securities Level 2 6,343 — ( 119 ) 6,224 Total available-for-sale securities 239,069 7 ( 2,074 ) 237,002 Less: amounts classified as cash equivalents ( 87,122 ) ( 3 ) — ( 87,125 ) Amounts classified as short-term investments $ 151,947 $ 4 $ ( 2,074 ) $ 149,877 |
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows: As of June 30, 2023 As of December 31, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 144,636 $ 143,906 $ 202,323 $ 201,359 Maturing in one to five years 9,329 9,126 36,746 35,643 Total available-for-sale securities $ 153,965 $ 153,032 $ 239,069 $ 237,002 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets that sum to the total of the same such amounts in the condensed consolidated statement of cash flows: June 30, December 31, 2023 2022 (in thousands) Cash and cash equivalents $ 45,898 $ 92,942 Restricted cash – short term 146 146 Total cash, cash equivalents and restricted cash $ 46,044 $ 93,088 |
Out-license Agreements (Tables)
Out-license Agreements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
License Collaboration And Manufacturing Agreements [Abstract] | |
Schedule of Deferred Revenue Activity | Deferred revenue activity related to commercialization revenue for the six months ended June 30, 2023 was as follows: (in thousands) Deferred revenue, December 31, 2022 $ 85,000 Additions 4,168 Recognized into commercialization revenue ( 1,654 ) Deferred revenue June 30, 2023 87,514 Less: deferred revenue – current portion ( 11,949 ) Deferred revenue – long-term, June 30, 2023 $ 75,565 During the six months ended June 30, 2023, we recognized $ 1.3 million of revenue that was included in the deferred revenue balance as of December 31, 2022. Cost of commercialization revenue consists primarily of expenses associated with cell selection services performed for Pierre Fabre, in-license sales-related milestone costs, period manufacturing expenses and the lower of cost or net realizable value adjustments to inventories. All Ebvallo sold to Pierre Fabre to date had been produced prior to receiving regulatory approval of Ebvallo. Costs incurred to produce Ebvallo prior to regulatory approval, referred to as zero cost inventories, have been recorded as research and development expense in our condensed consolidated statement of operations and comprehensive income (loss). Once we begin selling Ebvallo produced after receiving regulatory approval and in a qualified manufacturing facility, and as revenue is recognized on such Ebvallo shipments, cost of commercialization revenue will also include direct and indirect costs related to the production of Ebvallo. Such costs include, but are not limited to, CMO costs, quality testing and validation, materials used in production, and an allocation of compensation, benefits and overhead costs associated with employees involved with production |
Liability Related to the Sale_2
Liability Related to the Sale of Future Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Liability for Future Policy Benefit, after Reinsurance [Abstract] | |
Schedule of Liability Related to the Sale of Future Royalties | The following table presents the changes in the liability related to the sale of future revenues under the HCRx Agreement for the six months ended June 30, 2023: (in thousands) Liability related to sale of future revenues as of December 31, 2022 $ 30,236 Accretion of interest expense on liability related to sale of future revenues 2,456 Amortization of debt discount and debt issuance costs 40 Repayment of the liability — Liability related to sale of future revenues as of June 30, 2023 32,732 Less: current portion classified within other accrued liabilities ( 641 ) Long-term liability related to sale of future revenues $ 32,091 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following as of each period end: June 30, December 31, 2023 2022 (in thousands) Leasehold improvements $ 904 $ 875 Lab equipment 14,930 14,797 Machinery and equipment 572 572 Computer equipment and software 1,154 1,149 Furniture and fixtures 1,258 1,297 Construction in progress 708 32 Property and equipment, gross 19,526 18,722 Less: accumulated depreciation and amortization ( 14,177 ) ( 12,422 ) Property and equipment, net $ 5,349 $ 6,300 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summarizes of future termination benefit payments | We recorded the following restructuring charges associated with the reduction in force: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) (in thousands) Research and development expense $ — $ — $ — $ — General and administrative expense — — 45 — Total restructuring charges $ — $ — $ 45 $ — |
Restructuring of Labiality Activity | The following restructuring liability activity was recorded in connection with the reduction in force for the six months ended June 30, 2023: (in thousands) Liability balance, December 31, 2022 $ 1,545 Restructuring charges 45 Cash payments ( 1,084 ) Liability balance, June 30, 2023 $ 506 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSU Activity | The following is a summary of RSU activity under our 2014 EIP and Inducement Plan: RSUs Shares Weighted Balance as of December 31, 2022 6,708,608 $ 10.61 Granted 5,278,116 $ 3.71 Forfeited ( 669,390 ) $ 8.63 Vested ( 1,554,968 ) $ 10.74 Balance as of June 30, 2023 9,762,366 $ 6.99 |
Summary of Stock Option Activity | The following is a summary of stock option activity under our 2014 EIP and Inducement Plan: Shares Weighted Average Weighted Average Aggregate Intrinsic Balance as of December 31, 2022 10,645,555 $ 16.88 6.4 $ 42 Granted 4,693,897 3.64 — — Exercised — — — — Forfeited or expired ( 1,522,660 ) 20.95 — — Balance as of June 30, 2023 13,816,792 $ 11.93 7.6 $ 38 |
Schedule of Common Stock Reserved for Future Issuance Under Equity Incentive Plans | The following shares of common stock were reserved for future issuance under our equity incentive plans as of June 30, 2023: Total Shares 2014 Equity Incentive Plan 22,259,975 2018 Inducement Plan 4,971,721 2014 Employee Stock Purchase Plan 332,735 Total reserved shares of common stock 27,564,431 |
Schedule of Stock-based Compensation, Related to Employee and Nonemployee Stock Awards | Total stock-based compensation expense related to all employee and non-employee stock awards was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Research and development $ 7,195 $ 8,993 $ 13,965 $ 17,499 General and administrative 5,357 5,124 10,351 10,953 Total stock-based compensation expense $ 12,552 $ 14,117 $ 24,316 $ 28,452 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Balance Sheet Information [Abstract] | |
Schedule of Inventories | Inventories consisted of the following as of each period end: June 30, December 31, 2023 2022 (in thousands) Raw Materials $ 2,750 $ 1,214 Work-in-process 5,111 372 Total inventories $ 7,861 $ 1,586 |
Schedule of Property and Equipment | Property and equipment consisted of the following as of each period end: June 30, December 31, 2023 2022 (in thousands) Leasehold improvements $ 904 $ 875 Lab equipment 14,930 14,797 Machinery and equipment 572 572 Computer equipment and software 1,154 1,149 Furniture and fixtures 1,258 1,297 Construction in progress 708 32 Property and equipment, gross 19,526 18,722 Less: accumulated depreciation and amortization ( 14,177 ) ( 12,422 ) Property and equipment, net $ 5,349 $ 6,300 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following as of each period end: June 30, December 31, 2023 2022 (in thousands) Accrued operating expenses $ 10,646 $ 7,435 Current portion of operating lease liabilities 12,095 12,806 Current portion of finance lease liabilities 859 834 Interest payable 641 — Other accrued liabilities 931 319 Total other current liabilities $ 25,172 $ 21,394 |
Description of Business (Detail
Description of Business (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Jan. 31, 2022 | |
License Collaboration And Manufacturing Agreements [Line Items] | |||
Entity incorporation state | DE | ||
Entity incorporation date | Aug. 01, 2012 | ||
Cash consideration pursuant to asset purchase agreement | $ 100 | ||
HCRx Agreement [Member] | |||
License Collaboration And Manufacturing Agreements [Line Items] | |||
Investment amount | $ 31 | ||
HCRx Agreement [Member] | Maximum [Member] | |||
License Collaboration And Manufacturing Agreements [Line Items] | |||
Received tiered royalties on net sales, percentage | 250% | ||
HCRx Agreement [Member] | Minimum [Member] | |||
License Collaboration And Manufacturing Agreements [Line Items] | |||
Received tiered royalties on net sales, percentage | 185% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Additional Information) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Accounting Policies [Abstract] | |
Common stock, reserved for future issuance value | $ 55.2 |
Net (Loss) Earnings per Common
Net (Loss) Earnings per Common Share - Calculation of Diluted net (loss) earning per share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding | 105,091 | 101,601 | 104,533 | 101,166 |
Effect of dilutive securities | $ 0 | $ 265 | $ 0 | $ 0 |
Diluted weighted-average shares outstanding | 105,091 | 101,866 | 104,533 | 101,166 |
Net Loss per Common Share - Ant
Net Loss per Common Share - Antidilutive Securities Excluded From Computation of Diluted Net Loss per Common Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 23,381,814 | 18,847,685 | 23,381,814 | 19,030,211 |
Unvested RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 9,772,616 | 7,483,684 | 9,772,616 | 7,483,684 |
Vested and Unvested Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 13,495,065 | 11,364,001 | 13,495,065 | 11,490,929 |
ESPP Share Purchase Rights | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 114,133 | 0 | 114,133 | 55,598 |
Financial Instruments - Summary
Financial Instruments - Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Fair Value | $ 153,032 | $ 237,002 |
Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 153,965 | 239,069 |
Total Unrealized Gain | 9 | 7 |
Total Unrealized Loss | (942) | (2,074) |
Total Fair Value | 153,032 | 237,002 |
Money Market Funds | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 32,120 | 78,033 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 32,120 | 78,033 |
U.S. Treasury Obligations | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 72,159 | 63,013 |
Total Unrealized Gain | 8 | 3 |
Total Unrealized Loss | (42) | (394) |
Total Fair Value | 72,125 | 62,622 |
Government Agency Obligations | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 1,451 | 8,086 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | (33) | (48) |
Total Fair Value | 1,418 | 8,038 |
Corporate Debt Obligations | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 40,287 | 82,598 |
Total Unrealized Gain | 1 | 4 |
Total Unrealized Loss | (801) | (1,513) |
Total Fair Value | 39,487 | 81,089 |
Amounts Classified As Cash Equivalents | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | (45,284) | (87,122) |
Total Unrealized Gain | (4) | (3) |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | (45,288) | (87,125) |
Asset-Backed Securities | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 3,953 | 6,343 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | (66) | (119) |
Total Fair Value | 3,887 | 6,224 |
Commercial Paper | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 3,995 | 996 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 3,995 | 996 |
Amounts Classified As Short-Term Investments | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 108,681 | 151,947 |
Total Unrealized Gain | 5 | 4 |
Total Unrealized Loss | (942) | (2,074) |
Total Fair Value | $ 107,744 | $ 149,877 |
Financial Instruments - Amortiz
Financial Instruments - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost | ||
Maturing within one year, Amortized cost | $ 144,636 | $ 202,323 |
Maturing in one to five years, Amortized cost | 9,329 | 36,746 |
Total available-for-sale securities, Amortized cost | 153,965 | 239,069 |
Estimated Fair value | ||
Maturing within one year, Estimated fair value | 143,906 | 201,359 |
Maturing in one to five years, Estimated fair value | 9,126 | 35,643 |
Total available-for-sale securities, Estimated fair value | $ 153,032 | $ 237,002 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financial Instruments Disclosure [Abstract] | |||||
Accrued interest receivable | $ 400 | $ 400 | $ 800 | ||
Write off, of accrued interest receivable | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Instruments - Reconci
Financial Instruments - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Instruments Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 45,898 | $ 92,942 | ||
Restricted cash - short term | 146 | 146 | ||
Total cash, cash equivalents and restricted cash | $ 46,044 | $ 93,088 | $ 72,034 | $ 107,478 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 19,526 | $ 18,722 |
Less: accumulated depreciation and amortization | (14,177) | (12,422) |
Property and equipment, net | 5,349 | 6,300 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 904 | 875 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 572 | 572 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,258 | 1,297 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 708 | $ 32 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Depreciation and amortization expense | $ 2,415 | $ 3,029 |
Out-license Agreements - Schedu
Out-license Agreements - Schedule of Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
License Collaboration And Manufacturing Agreements [Line Items] | ||
Deferred revenue - long-term, June 30, 2023 | $ 75,565 | $ 77,000 |
Commercialization Revenue [Member] | ||
License Collaboration And Manufacturing Agreements [Line Items] | ||
Deferred revenue, December 31, 2022 | 85,000 | |
Addition | 4,168 | |
Recognized into commercialization revenue | (1,654) | |
Deferred revenue June 30, 2023 | 87,514 | |
Less: deferred revenue - current portion | (11,949) | |
Deferred revenue - long-term, June 30, 2023 | $ 75,565 |
Out-license Agreements - Additi
Out-license Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Oct. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
License Collaboration And Manufacturing Agreements [Line Items] | |||||||
License and collaboration revenue | $ 164 | $ 51,579 | $ 506 | $ 58,893 | |||
Deferred revenue, revenue recognized | $ 1,300 | ||||||
Pierre Fabre Commercialization Agreement | |||||||
License Collaboration And Manufacturing Agreements [Line Items] | |||||||
Payment exchange reduction amount | $ 30,000 | ||||||
Upfront cash payment received | $ 45,000 | ||||||
Milestone payments | $ 40,000 | ||||||
Royalty eligible to receive term after first commercial sale | 12 years | ||||||
Years of manufacturing and supplying cost | 7 years | ||||||
Determined upfront payment constituted entire consideration included in transaction price | $ 45,000 | ||||||
Development or sales-based milestone payments earned or received | $ 40,000 | ||||||
Material rights, term | 12 years | ||||||
License and collaboration revenue | 200 | 600 | $ 500 | 1,300 | |||
Pierre Fabre Commercialization Agreement | Maximum [Member] | |||||||
License Collaboration And Manufacturing Agreements [Line Items] | |||||||
Aggregate milestone payments entitle to receive upon achieving certain regulatory and commercial milestones | $ 308,000 | ||||||
Bayer Manufacturing Agreement | |||||||
License Collaboration And Manufacturing Agreements [Line Items] | |||||||
License and collaboration revenue | 0 | $ 50,900 | 0 | $ 57,600 | |||
Agreement early termination liability | $ 4,200 | ||||||
Deferred revenue | $ 0 | 0 | 0 | ||||
HCRx Agreement [Member] | |||||||
License Collaboration And Manufacturing Agreements [Line Items] | |||||||
Proceeds from sale of future royalties, gross | $ 31,000 | ||||||
Investment amount | $ 31,000 | ||||||
HCRx Agreement [Member] | Maximum [Member] | |||||||
License Collaboration And Manufacturing Agreements [Line Items] | |||||||
Received tiered royalties on net sales, percentage | 250% | ||||||
HCRx Agreement [Member] | Minimum [Member] | |||||||
License Collaboration And Manufacturing Agreements [Line Items] | |||||||
Received tiered royalties on net sales, percentage | 185% |
Liability Related to the Sale_3
Liability Related to the Sale of Future Revenues - Schedule of Liability Related to the Sale of Future Royalties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liability for Future Policy Benefit, after Reinsurance [Abstract] | ||
Liability related to sale of future revenues as of December 31, 2022 | $ 30,236 | |
Accretion of interest expense on liability related to sale of future revenues | 2,456 | $ 0 |
Amortization of debt discount and debt issuance costs | 40 | |
Repayment of the liability | 0 | |
Liability related to sale of future revenues as of June 30, 2023 | 32,732 | |
Less: current portion classified within other accrued liabilities | (641) | |
Long-term liability related to sale of future revenues | $ 32,091 |
Liability Related to the Sale_4
Liability Related to the Sale of Future Revenues (Additional Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Payments for royalties | $ 0 | |
Liability related to sale of future royalties | 32,732 | $ 30,236 |
HCRx Agreement [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Payments to acquire lease receivables | $ 31,000 | |
Cash Payment | 9,000 | |
Liability related to sale of future royalties | 9,000 | |
Proceeds from sale of future royalties, gross | 31,000 | |
Net of transaction costs | 400 | |
Proceeds from royalties | $ 31,000 | |
Interest rate of royalties, percentage | 16% | |
HCRx Agreement [Member] | Maximum [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Received tiered royalties on net sales, percentage | 250% | |
HCRx Agreement [Member] | Minimum [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Received tiered royalties on net sales, percentage | 185% |
Sale of ATOM Facility - Summary
Sale of ATOM Facility - Summary of assets and gain sales (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds from sale of ATOM Facility | $ 0 | $ 94,765 |
Sale of ATOM Facility - Additio
Sale of ATOM Facility - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash consideration pursuant to asset purchase agreement | $ 100,000 | ||||
Cash received on closing of Fujifilm Transaction | $ 0 | $ 94,765 | |||
Pre-tax gain on sale of business | $ 0 | $ 50,237 | $ 0 | $ 50,237 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Other current liabilities | $ 12,095 | $ 12,806 |
Operating lease liabilities - long-term | 51,754 | 58,064 |
Other current liabilities | $ 859 | $ 834 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesAbstract | ||
Financing cash flows for finance leases | $ 524 | $ 190 |
Restructuring (Additional Infor
Restructuring (Additional Information) (Details) $ in Millions | Aug. 08, 2022 USD ($) |
Restructuring and Related Activities [Abstract] | |
Reduction in current workforce | 20% |
Supplemental Unemployment Benefits, Severance Benefits | $ 6 |
Restructuring - Summary of futu
Restructuring - Summary of future termination benefit payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 0 | $ 0 | $ 45 | $ 0 |
General and administrative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 0 | 0 | 45 | 0 |
Research and development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 0 | $ 0 | $ 0 | $ 0 |
Restructuring - Restructuring l
Restructuring - Restructuring liability activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | ||||
Liability balance, Beginning Balance | $ 1,545 | |||
Restructuring Charges | $ 0 | $ 0 | 45 | $ 0 |
Cash payments | (1,084) | |||
Liability balance, Ending Balance | $ 506 | $ 506 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Apr. 04, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||||
Contractual obligations due to Bayer, MSK and QIMR | $ 0 | $ 0 | $ 0 | |
Supply agreement maximum extension term | 10 years | |||
Minimum commitments Expense | 3,800 | 13,300 | ||
Accrued termination charges | 0 | 0 | 0 | |
Liabilities related to indemnification agreements | $ 0 | 0 | 0 | |
Research and development expenses related to minimum purchase commitments | $ 10,000 | $ 9,200 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Apr. 25, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Nov. 30, 2020 | May 31, 2020 | Jul. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Authorized capital stock | 520,000,000 | 520,000,000 | 520,000,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | |||||
Preferred stock, par value | $ 0.0001 | |||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||
Common stock value remaining to be sold | $ 55,200,000 | $ 55,200,000 | ||||||
Shares of common stock, reserved for issuance | 27,564,431 | 27,564,431 | ||||||
2014 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock, reserved for issuance | 22,259,975 | 22,259,975 | ||||||
Outstanding options and RSUs | 20,332,668 | 20,332,668 | ||||||
Aggregate number of awards available for grant to be issued | 1,927,307 | 1,927,307 | ||||||
Inducement Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock, reserved for issuance | 4,971,721 | 4,971,721 | ||||||
Outstanding options and RSUs | 3,246,490 | 3,246,490 | ||||||
Aggregate number of awards available for grant to be issued | 1,725,231 | 1,725,231 | ||||||
Additional shares of common stock, reserved for issuance | 1,500,000 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized stock-based compensation expense | $ 62,100 | $ 62,100 | ||||||
Unrecognized stock-based compensation weighted average recognition period | 2 years 4 months 24 days | |||||||
Vested and Unvested Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized stock-based compensation weighted average recognition period | 2 years 3 months 18 days | |||||||
Unrecognized stock-based compensation | $ 31,400,000 | $ 31,400,000 | ||||||
Maximum [Member] | Restricted Stock Units (RSUs) | From Date Of Grant | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation, vesting period | 4 years | |||||||
Maximum [Member] | Employees And Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation, vesting period | 4 years | |||||||
Share based compensation award expiration period | 10 years | |||||||
Minimum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of employees purchase price of common stock | 100% | |||||||
Minimum [Member] | Restricted Stock Units (RSUs) | From Date Of Grant | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation, vesting period | 3 years | |||||||
Minimum [Member] | Employees And Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation, vesting period | 3 years | |||||||
Stock option granted description terms | the exercise price of an option granted to a 10% shareholder cannot be less than 110% of the estimated fair value of the shares on the date of grant. Options granted generally vest over three or four years and expire in seven to ten years. | |||||||
Share based compensation award expiration period | 7 years | |||||||
Underwritten Public Offering | 2019 Warrants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Exercise of pre-funded warrants, shares | 361,260 | 361,260 | ||||||
Warrants outstanding | 2,527,266 | 2,527,266 | ||||||
Underwritten Public Offering | Warrant | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of warrants issued | 2,945,026 | |||||||
Number of securities called by each warrant | 1 | |||||||
Warrants, exercise price | $ 0.0001 | |||||||
Warrants, term | 7 years | |||||||
Maximum ownership Percentage | 9.99% | |||||||
Underwritten Public Offering | Warrant | Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Maximum ownership Percentage | 19.99% | |||||||
Underwritten Public Offering | Warrant | Minimum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Prior notice period | 61 days | |||||||
Underwritten Public Offering | Warrant | December 2020 Warrants [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of warrants issued | 2,040,816 | |||||||
Exercise of pre-funded warrants, shares | 656,107 | |||||||
Warrants outstanding | 1,384,709 | 1,384,709 | ||||||
Underwritten Public Offering | Warrant | May 2020 Warrants [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of warrants issued | 2,866,961 | |||||||
Exercise of pre-funded warrants, shares | 1,898,578 | |||||||
Warrants outstanding | 968,383 | 968,383 | ||||||
At The Market Offering | Cowen | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock aggregate offering price | $ 100,000,000 | $ 100,000,000 | ||||||
Percentage of commission to be paid on gross sales proceeds of common stock sold | 3% | |||||||
Common stock, shares issued | 147,930 | |||||||
Common stock average price | $ 4.64 | |||||||
Proceeds from sale of common stock, gross | $ 700,000 | |||||||
Proceeds from sale of common stock, net | $ 600,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of RSU Activity (Detail) - Unvested RSUs | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance as of December 31, 2021 | shares | 6,708,608 |
Shares, Granted | shares | 5,278,116 |
Shares, Forfeited | shares | (669,390) |
Shares, Vested | shares | (1,554,968) |
Balance as of June 30, 2023 | shares | 9,762,366 |
Balance as of December 31, 2022 | $ / shares | $ 10.61 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 3.71 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 8.63 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 10.74 |
Balance as of June 30, 2023 | $ / shares | $ 6.99 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) - 2014 EIP and Inducement Plan - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Shares, beginning balance | 10,645,555 | |
Granted, Shares | 4,693,897 | |
Exercised, Shares | 0 | |
Forfeited or expired, Shares | (1,522,660) | |
Outstanding, Shares, ending balance | 13,816,792 | 10,645,555 |
Outstanding, Weighted Average Exercise Price, beginning balance | $ 16.88 | |
Granted, Weighted Average Exercise Price | 3.64 | |
Exercised, Weighted Average Exercise Price | 0 | |
Forfeited or expired, Weighted Average Exercise price | 20.95 | |
Outstanding, Weighted Average Exercise Price, ending balance | $ 11.93 | $ 16.88 |
Outstanding, Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | 6 years 4 months 24 days |
Aggregate intrinsic value | $ 38 | $ 42 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance Under Equity Incentive Plans (Detail) | Jun. 30, 2023 shares |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 27,564,431 |
2014 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 22,259,975 |
2018 Inducement Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 4,971,721 |
2014 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 332,735 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock-based Compensation Related to All Employee And Non-employee Stock Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 12,552 | $ 14,117 | $ 24,316 | $ 28,452 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 7,195 | 8,993 | 13,965 | 17,499 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 5,357 | $ 5,124 | $ 10,351 | $ 10,953 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Balance Sheet Information [Abstract] | ||||
Depreciation expense | $ 0.9 | $ 1.4 | $ 1.8 | $ 3 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Supplemental Balance Sheet Information [Abstract] | ||
Raw Materials | $ 2,750 | $ 1,214 |
Work-in-process | 5,111 | 372 |
Total inventories | $ 7,861 | $ 1,586 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Supplemental Balance Sheet Information [Line Items] | ||
Property and equipment, gross | $ 19,526 | $ 18,722 |
Less: accumulated depreciation and amortization | (14,177) | (12,422) |
Property and equipment, net | 5,349 | 6,300 |
Leasehold Improvements | ||
Supplemental Balance Sheet Information [Line Items] | ||
Property and equipment, gross | 904 | 875 |
Lab equipment | ||
Supplemental Balance Sheet Information [Line Items] | ||
Property and equipment, gross | 14,930 | 14,797 |
Machinery and Equipment | ||
Supplemental Balance Sheet Information [Line Items] | ||
Property and equipment, gross | 572 | 572 |
Computer equipment and software | ||
Supplemental Balance Sheet Information [Line Items] | ||
Property and equipment, gross | 1,154 | 1,149 |
Furniture and Fixtures | ||
Supplemental Balance Sheet Information [Line Items] | ||
Property and equipment, gross | 1,258 | 1,297 |
Construction in Progress | ||
Supplemental Balance Sheet Information [Line Items] | ||
Property and equipment, gross | $ 708 | $ 32 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Supplemental Balance Sheet Information [Abstract] | ||
Accrued operating expenses | $ 10,646 | $ 7,435 |
Current portion of operating lease liabilities | 12,095 | 12,806 |
Current portion of finance lease liabilities | 859 | 834 |
Interest payable | 641 | 0 |
Other accrued liabilities | 931 | 319 |
Total other current liabilities | $ 25,172 | $ 21,394 |