Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ATRA | |
Entity Registrant Name | ATARA BIOTHERAPEUTICS, INC. | |
Entity Central Index Key | 0001604464 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 58,952,045 | |
Entity File Number | 001-36548 | |
Entity Tax Identification Number | 46-0920988 | |
Entity Address, Address Line One | 611 Gateway Blvd. | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 278-8930 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 70,203 | $ 74,317 |
Short-term investments | 144,428 | 184,792 |
Restricted cash - short-term | 194 | 194 |
Prepaid expenses and other current assets | 14,392 | 13,689 |
Total current assets | 229,217 | 272,992 |
Property and equipment, net | 54,442 | 54,176 |
Operating lease assets | 13,691 | 14,007 |
Restricted cash - long-term | 1,200 | 1,200 |
Other assets | 997 | 567 |
Total assets | 299,547 | 342,942 |
Current liabilities: | ||
Accounts payable | 8,079 | 7,963 |
Accrued compensation | 9,676 | 14,706 |
Accrued research and development expenses | 7,827 | 8,341 |
Other current liabilities | 5,938 | 5,733 |
Total current liabilities | 31,520 | 36,743 |
Operating lease liabilities - long-term | 13,809 | 14,136 |
Other long-term liabilities | 1,396 | 1,282 |
Total liabilities | 46,725 | 52,161 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock—$0.0001 par value, 500,000 shares authorized as of March 31, 2020 and December 31, 2019; 58,940 and 56,806 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 6 | 6 |
Additional paid-in capital | 1,144,082 | 1,108,516 |
Accumulated other comprehensive income | 204 | 220 |
Accumulated deficit | (891,470) | (817,961) |
Total stockholders’ equity | 252,822 | 290,781 |
Total liabilities and stockholders’ equity | $ 299,547 | $ 342,942 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 58,940,000 | 56,806,000 |
Common stock, shares outstanding | 58,940,000 | 56,806,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 57,659 | $ 48,668 |
General and administrative | 17,038 | 19,223 |
Total operating expenses | 74,697 | 67,891 |
Loss from operations | (74,697) | (67,891) |
Interest and other income, net | 1,188 | 1,634 |
Net loss | (73,509) | (66,257) |
Other comprehensive (loss) gain: | ||
Unrealized (loss) gain on available-for-sale securities | (16) | 378 |
Comprehensive loss | $ (73,525) | $ (65,879) |
Net loss per common share: | ||
Basic and diluted net loss per common share | $ (1.20) | $ (1.44) |
Weighted-average shares outstanding used to calculate basic and diluted net loss per common share | 61,208 | 46,124 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | At The Market Offering | Common Stock | Common StockAt The Market Offering | Additional Paid-in Capital | Additional Paid-in CapitalAt The Market Offering | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 338,857 | $ 5 | $ 866,541 | $ (340) | $ (527,349) | |||
Beginning balance (in shares) at Dec. 31, 2018 | 45,951 | |||||||
Effect of the adoption of ASC topic 842 (Leases) at Dec. 31, 2018 | 364 | 364 | ||||||
Beginning balance, as adjusted at Dec. 31, 2018 | 339,221 | $ 5 | 866,541 | (340) | (526,985) | |||
RSU settlements, net of shares withheld | (4,575) | (4,575) | ||||||
RSU settlements, net of shares withheld, shares | 197 | |||||||
Issuance of common stock pursuant to employee stock awards | 2,898 | 2,898 | ||||||
Issuance of common stock pursuant to employee stock awards, shares | 159 | |||||||
Stock-based compensation expense | 12,269 | 12,269 | ||||||
Net loss | (66,257) | (66,257) | ||||||
Unrealized (loss) gain on available-for-sale securities | 378 | 378 | ||||||
Ending balance at Mar. 31, 2019 | 283,934 | $ 5 | 877,133 | 38 | (593,242) | |||
Ending balance (in shares) at Mar. 31, 2019 | 46,307 | |||||||
Beginning balance at Dec. 31, 2019 | 290,781 | $ 6 | 1,108,516 | 220 | (817,961) | |||
Beginning balance (in shares) at Dec. 31, 2019 | 56,806 | |||||||
Issuance of common stock, net of commissions and offering costs, value | $ 22,987 | $ 22,987 | ||||||
Issuance of common stock, net of commissions and offering costs, shares | 1,528 | |||||||
Exercise of pre-funded warrants, shares | 57 | |||||||
RSU settlements, net of shares withheld | (1,395) | (1,395) | ||||||
RSU settlements, net of shares withheld, shares | 455 | |||||||
Issuance of common stock pursuant to employee stock awards | 1,330 | 1,330 | ||||||
Issuance of common stock pursuant to employee stock awards, shares | 94 | |||||||
Stock-based compensation expense | 12,644 | 12,644 | ||||||
Net loss | (73,509) | (73,509) | ||||||
Unrealized (loss) gain on available-for-sale securities | (16) | (16) | ||||||
Ending balance at Mar. 31, 2020 | $ 252,822 | $ 6 | $ 1,144,082 | $ 204 | $ (891,470) | |||
Ending balance (in shares) at Mar. 31, 2020 | 58,940 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
At The Market Offering | Common Stock | |
Stock issuance, discounts, commissions and offering costs | $ 704 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net loss | $ (73,509) | $ (66,257) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 12,644 | 12,269 |
Depreciation and amortization expense | 1,949 | 1,648 |
Amortization (accretion) of investment premiums (discounts) | 42 | (458) |
Non-cash operating lease expense | 364 | 331 |
Asset retirement obligation accretion expense | 19 | 17 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,888) | (1,434) |
Other assets | (209) | 38 |
Accounts payable | (590) | 2,672 |
Accrued compensation | (5,030) | (3,177) |
Accrued research and development expenses | (514) | (13,016) |
Other current liabilities | (169) | (2,572) |
Operating lease liabilities | (153) | (261) |
Net cash used in operating activities | (67,044) | (70,200) |
Investing activities | ||
Purchases of short-term investments | (56,851) | (7,427) |
Proceeds from maturities and sales of short-term investments | 97,157 | 75,819 |
Purchases of property and equipment | (1,333) | (796) |
Net cash provided by investing activities | 38,973 | 67,596 |
Financing activities | ||
Proceeds from issuance of common stock through ATM facilities, net | 24,277 | 0 |
Proceeds from employee stock awards | 1,330 | 2,747 |
Taxes paid related to net share settlement of restricted stock units | (1,395) | (4,575) |
Principal payments on finance lease obligations | (90) | (98) |
Other financing activities, net | (165) | 0 |
Net cash provided by (used in) financing activities | 23,957 | (1,926) |
Decrease in cash, cash equivalents and restricted cash | (4,114) | (4,530) |
Cash, cash equivalents and restricted cash at beginning of period | 75,711 | 62,092 |
Cash, cash equivalents and restricted cash at end of period | 71,597 | 57,562 |
Non-cash investing and financing activities | ||
Property and equipment purchases included in accounts payable and other accrued liabilities | 1,098 | 666 |
Finance lease assets obtained in exchange for lease obligations | 281 | 0 |
Accrued costs related to ATM facilities | 112 | 0 |
Receivable for options exercised | 0 | 151 |
Supplemental cash flow disclosure | ||
Cash paid for interest | 17 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [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 pioneer in T-cell immunotherapy, leveraging its novel allogeneic EBV T-cell platform to cancers 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. 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 Moffitt Cancer Center, and rights to know-how and technology from the Council of the Queensland Institute of Medical Research |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited 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 condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, except for the adoption of accounting pronouncements relating to credit losses on financial instruments, implementation of cloud computing arrangements, and simplification of income tax accounting, effective January 1, 2020, as discussed below. Liquidity and Going Concern In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the accompanying financial statements are issued. We have incurred significant operating losses since inception and have relied on public and private equity financings to fund our operations. As of March 31, 2020, we had an accumulated deficit of $891.5 million. 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 profitability, and unless and until we do, we will need to continue to raise additional capital. We expect that our cash, cash equivalents and short-term investments as of March 31, 2020 will be sufficient to fund our planned operations into the second quarter of 2021. However, the uncertainties inherent in the Company’s future operations and in our ability to obtain additional funding raise substantial doubt about our ability to continue as a going concern beyond one year from the date these financial statements are issued. The interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. We currently plan to raise additional funding as required, based on the status of our development programs and our projected cash flows. We may also need to pursue the sale or sublicense of rights to the Company’s programs and assets on terms potentially unfavorable to us. If we are unable to obtain additional funding, we will be forced to delay, limit, reduce or terminate preclinical studies, clinical studies or other development activities for one or more of our product candidates. 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 clinical trial and other accruals, stock-based compensation expense and income taxes. Actual results could differ materially from those estimates. Recent Accounting Pronouncements The Company considers the applicability and impact of any Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Other than the ASUs we adopted effective January 1, 2020 and listed below, all other ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. Adoption of New Accounting Pronouncements We adopted ASU No. 2016-13 (as amended by ASUs 2018-19, 2019-04, 2019-05 and 2019-11), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments We adopted ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract We adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 3. Basic net loss per common share is calculated by dividing net loss 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 per common share is computed by dividing net loss 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 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 per common share when their effect is dilutive. Potential dilutive securities, which include unvested restricted stock units (“RSUs”), unvested performance-based RSUs 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 loss per share as the effect is antidilutive. Therefore, the denominator used to calculate both basic and diluted net loss per common share is the same in all periods presented. 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 per common share, as their inclusion would have an antidilutive effect: As of March 31, 2020 2019 Unvested RSUs 3,630,713 1,860,374 Vested and unvested options 8,096,471 6,842,443 ESPP share purchase rights 178,397 37,538 Total 11,905,581 8,740,355 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 4. Our financial assets are measured at fair value on a recurring basis using the following hierarchy to prioritize valuation inputs, 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 March 31, 2020: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 42,382 $ — $ — $ 42,382 U.S. Treasury obligations Level 2 58,993 318 — 59,311 Government agency obligations Level 2 6,686 9 (2 ) 6,693 Corporate debt obligations Level 2 85,121 92 (210 ) 85,003 Commercial paper Level 2 14,471 — — 14,471 Asset-backed securities Level 2 5,269 2 (4 ) 5,267 Total available-for-sale securities 212,922 421 (216 ) 213,127 Less: amounts classified as cash equivalents (68,689 ) (10 ) — (68,699 ) Amounts classified as short-term investments $ 144,233 $ 411 $ (216 ) $ 144,428 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2019: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 63,554 $ — $ — $ 63,554 U.S. Treasury obligations Level 2 52,805 46 (1 ) 52,850 Government agency obligations Level 2 6,151 1 (1 ) 6,151 Corporate debt obligations Level 2 100,512 180 (10 ) 100,682 Commercial paper Level 2 26,290 — — 26,290 Asset-backed securities Level 2 7,266 6 7,272 Certificates of deposit Level 2 500 — — 500 Total available-for-sale securities 257,078 233 (12 ) 257,299 Less: amounts classified as cash equivalents (72,507 ) — — (72,507 ) Amounts classified as short-term investments $ 184,571 $ 233 $ (12 ) $ 184,792 The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows: As of March 31, 2020 As of December 31, 2019 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 174,851 $ 174,853 $ 214,085 $ 214,199 Maturing in one to five years 38,071 38,274 42,993 43,100 Total available-for-sale securities $ 212,922 $ 213,127 $ 257,078 $ 257,299 As of March 31, 2020, 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 the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. We considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that our investments were not significantly impacted. 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 immaterial and non-credit related, and therefore no allowance for losses has been recorded. During , 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 prepaid expenses and other current assets, separate from short-term investments on our condensed consolidated balance sheet. As of March 31, 2020 and December 31, 2019, accrued interest receivable was $0.8 million and $0.9 million, respectively. Our accounting policy is to not measure an allowance for credit losses for accrued interest receivables and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. We have not written off any accrued interest receivables for the three months ended March 31, 2020 and 2019. 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. As of March 31, 2020 and December 31, 2019, restricted cash was $1.4 million. 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: March 31, December 31, 2020 2019 (in thousands) Cash and cash equivalents $ 70,203 $ 74,317 Restricted cash - short term 194 194 Restricted cash - long term 1,200 1,200 Total cash, cash equivalents and restricted cash $ 71,597 $ 75,711 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consisted of the following as of each period end: March 31, December 31, 2020 2019 (in thousands) Leasehold improvements $ 49,703 $ 49,028 Lab equipment 7,060 6,815 Machinery and equipment 4,074 3,832 Computer equipment and software 3,797 3,299 Furniture and fixtures 2,019 1,764 Construction in progress 1,356 1,116 Property and equipment, gross 68,009 65,854 Less: accumulated depreciation and amortization (13,567 ) (11,678 ) Property and equipment, net $ 54,442 $ 54,176 Depreciation and amortization expense was $1.9 million and $1.6 million for the three months ended March 31, 2020 and 2019. |
License and Collaboration Agree
License and Collaboration Agreements | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Collaboration Agreements | 6. License and Collaboration Agreements MSK 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 additional payments of up to $33.0 million 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 later 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 2018 and December 2018, we licensed additional technology from MSK. In connection with the effectiveness of the December 2018 license agreement, we made upfront cash payments of $12.5 million in the first quarter of 2019, which were recorded as research and development expense in our consolidated statement of operations and comprehensive loss in the fourth quarter of 2018. We are obligated to make additional milestone payments based on achievement of specified development, regulatory and sales-related milestones, as well as future sales of products resulting from the development of the licensed product candidates, if any QIMR Berghofer 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. In September 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. We exercised this option in June 2018. We further amended and restated our license agreement and research and development collaboration agreements with QIMR Berghofer in August 2019 to eliminate our license to certain rights related to cytomegalovirus. 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. From time to time, we have entered into other license and collaboration agreements with other parties. For example, we licensed additional rights related to our MSK-partnered next-generation CAR T programs from MSK in May 2018 and 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 it is probable that the milestones will be achieved or royalties are due. As of March 31, 2020 and December 31, 2019, there were no outstanding obligations for milestones and royalties under our license and collaboration agreements. Cognate Agreement - In December 2019, we entered into a Commercial Manufacturing Services Agreement (the “Manufacturing Agreement”) with Cognate BioServices, Inc. (“Cognate”) to supersede the Development and Manufacturing Agreement that was entered into with Cognate in August 2015 and amended in December 2017, May 2018, November 2018, June 2019 and November 2019. Pursuant to the Manufacturing Agreement, Cognate provides manufacturing services for certain of our product candidates. The initial term of the Manufacturing Agreement is from January 1, 2020 until December 31, 2021 and is renewable with Cognate’s approval for an additional one-year period. We may terminate the Manufacturing Agreement for convenience on six months’ written notice to Cognate, or immediately if Cognate is unable to perform the services under the Manufacturing Agreement or fails to obtain or maintain certain necessary approvals. The Manufacturing Agreement includes standard mutual termination rights for uncured breach or insolvency, or a force majeure event preventing the performance of services for at least ninety days. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7 . Commitments and Contingencies License and Collaboration Agreements Potential payments related to our license and collaboration agreements, including milestone and royalty payments, are detailed in Note 6. Other Research and Development Agreements We may enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing clinical supplies, and with other vendors for pre-clinical studies, supplies and other services for our operating purposes. These contracts generally provide for termination on 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 believe the fair value of these indemnification agreements is minimal. Accordingly, we did not record liabilities for these agreements as of March 31, 2020 and December 31, 2019. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | 8 . 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 March 31 As part of our July 2019 underwritten public offering, we issued and sold pre-funded warrants to purchase shares of common stock. 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%. As of March 31, 2020, 2,888,526 pre-funded warrants were outstanding. ATM Facilities In February 2019, we entered into a sales agreement (the “2019 ATM Facility”) with Cowen and Company, LLC (“Cowen”), which provides for the sale, in our sole discretion, of shares of our common stock, in the 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 2019 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. In February 2020, we entered into a new sales agreement (the “2020 ATM Facility”) with 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 2020 ATM Facility is separate from and does not replace the 2019 ATM Facility in any way. The issuance and sale of these shares by us pursuant to the 2020 ATM Facility are deemed “at the market” offerings and are registered under the Securities Act of 1933, as amended. We will pay a commission of up to 3.0% of gross sales proceeds of any common stock sold under the 2020 ATM Facility. During the three months ended March 31, 2020, we sold an aggregate of 1,528,216 shares of common stock under the 2019 ATM Facility, at an average price of $15.50 per share, for gross proceeds of $23.7 million and net proceeds of $23.1 million, after deducting commissions and other offering expenses payable by us. Additionally, on January 3, 2020, we received net proceeds of approximately $1.2 million from sales of shares of common stock under the 2019 ATM Facility that occurred during 2019. As of March 31, 2020, $25.9 million and $100.0 million of common stock remained available to be sold under the 2019 ATM Facility and 2020 ATM Facility, respectively, subject to certain conditions as specified in the agreement. Equity Incentive Plans Under the terms of the 2014 Equity Incentive Plan, as amended (“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 four years. In the first quarter of 2020, we 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, when 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 four years and expire in seven to ten years . As of March 31 , 2020 , a total of shares of common stock were reserved for issuance under the 2014 EIP, of which shares were available for future grant and shares were subject to outstanding options and RSUs , including performance-based RSUs . In February 2018, we adopted the 2018 Inducement Plan (“Inducement Plan”), under which we may grant options, stock appreciation rights, RSAs and RSUs to new employees. As of March 31, 2020, 1,196,086 shares of common stock were reserved for issuance under the Inducement Plan, of which 272,336 shares were available for future grant and 923,750 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 Average Grant Date Fair Value Unvested as of December 31, 2019 1,910,764 $ 26.93 Granted 3,387,890 $ 12.15 Forfeited (85,851 ) $ 18.66 Vested (552,498 ) $ 25.04 Unvested as of March 31, 2020 4,660,305 $ 16.56 As of March 31, 2020, there was $63.9 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted average period of 2.9 years. This excludes unrecognized stock-based compensation expense for performance-based RSUs that were deemed not probable of vesting in accordance with U.S GAAP. Stock Options The following is a summary of stock option activity under our 2014 EIP and Inducement Plan. The table below also includes the activity relating to options for 275,000 shares of our common stock which were issued in 2017 outside of these plans: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2019 6,934,262 $ 28.25 Granted 1,489,925 12.91 Exercised (93,719 ) 14.19 Forfeited or expired (233,997 ) 32.28 Outstanding as of March 31, 2020 8,096,471 $ 25.47 6.5 $ - Aggregate intrinsic value represents the difference between the closing stock price of our common stock on March 31, 2020 and the exercise price of outstanding, in-the-money options. As of March 31, 2020, there was $71.1 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 3.0 years. Reserved Shares The following shares of common stock were reserved for future issuance under our equity incentive plans as of March 31, 2020: Total Shares Reserved 2014 Equity Incentive Plan 14,316,451 2018 Inducement Plan 1,196,086 2014 Employee Stock Purchase Plan 1,233,317 Total reserved shares of common stock 16,745,854 Stock-based Compensation Expense Total stock-based compensation expense related to all employee and non-employee stock awards was as follows: Three Months Ended March 31, 2020 2019 (in thousands) Research and development $ 7,650 $ 6,065 General and administrative 4,994 6,204 Total stock-based compensation expense $ 12,644 $ 12,269 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited 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 condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, except for the adoption of accounting pronouncements relating to credit losses on financial instruments, implementation of cloud computing arrangements, and simplification of income tax accounting, effective January 1, 2020, as discussed below. |
Liquidity and Going Concern | Liquidity and Going Concern In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the accompanying financial statements are issued. We have incurred significant operating losses since inception and have relied on public and private equity financings to fund our operations. As of March 31, 2020, we had an accumulated deficit of $891.5 million. 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 profitability, and unless and until we do, we will need to continue to raise additional capital. We expect that our cash, cash equivalents and short-term investments as of March 31, 2020 will be sufficient to fund our planned operations into the second quarter of 2021. However, the uncertainties inherent in the Company’s future operations and in our ability to obtain additional funding raise substantial doubt about our ability to continue as a going concern beyond one year from the date these financial statements are issued. The interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. We currently plan to raise additional funding as required, based on the status of our development programs and our projected cash flows. We may also need to pursue the sale or sublicense of rights to the Company’s programs and assets on terms potentially unfavorable to us. If we are unable to obtain additional funding, we will be forced to delay, limit, reduce or terminate preclinical studies, clinical studies or other development activities for one or more of our product candidates. |
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 clinical trial and other accruals, stock-based compensation expense and income taxes. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of any Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Other than the ASUs we adopted effective January 1, 2020 and listed below, all other ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. Adoption of New Accounting Pronouncements We adopted ASU No. 2016-13 (as amended by ASUs 2018-19, 2019-04, 2019-05 and 2019-11), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments We adopted ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract We adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
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 per common share, as their inclusion would have an antidilutive effect: As of March 31, 2020 2019 Unvested RSUs 3,630,713 1,860,374 Vested and unvested options 8,096,471 6,842,443 ESPP share purchase rights 178,397 37,538 Total 11,905,581 8,740,355 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 42,382 $ — $ — $ 42,382 U.S. Treasury obligations Level 2 58,993 318 — 59,311 Government agency obligations Level 2 6,686 9 (2 ) 6,693 Corporate debt obligations Level 2 85,121 92 (210 ) 85,003 Commercial paper Level 2 14,471 — — 14,471 Asset-backed securities Level 2 5,269 2 (4 ) 5,267 Total available-for-sale securities 212,922 421 (216 ) 213,127 Less: amounts classified as cash equivalents (68,689 ) (10 ) — (68,699 ) Amounts classified as short-term investments $ 144,233 $ 411 $ (216 ) $ 144,428 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2019: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 63,554 $ — $ — $ 63,554 U.S. Treasury obligations Level 2 52,805 46 (1 ) 52,850 Government agency obligations Level 2 6,151 1 (1 ) 6,151 Corporate debt obligations Level 2 100,512 180 (10 ) 100,682 Commercial paper Level 2 26,290 — — 26,290 Asset-backed securities Level 2 7,266 6 7,272 Certificates of deposit Level 2 500 — — 500 Total available-for-sale securities 257,078 233 (12 ) 257,299 Less: amounts classified as cash equivalents (72,507 ) — — (72,507 ) Amounts classified as short-term investments $ 184,571 $ 233 $ (12 ) $ 184,792 |
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 March 31, 2020 As of December 31, 2019 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 174,851 $ 174,853 $ 214,085 $ 214,199 Maturing in one to five years 38,071 38,274 42,993 43,100 Total available-for-sale securities $ 212,922 $ 213,127 $ 257,078 $ 257,299 |
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: March 31, December 31, 2020 2019 (in thousands) Cash and cash equivalents $ 70,203 $ 74,317 Restricted cash - short term 194 194 Restricted cash - long term 1,200 1,200 Total cash, cash equivalents and restricted cash $ 71,597 $ 75,711 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following as of each period end: March 31, December 31, 2020 2019 (in thousands) Leasehold improvements $ 49,703 $ 49,028 Lab equipment 7,060 6,815 Machinery and equipment 4,074 3,832 Computer equipment and software 3,797 3,299 Furniture and fixtures 2,019 1,764 Construction in progress 1,356 1,116 Property and equipment, gross 68,009 65,854 Less: accumulated depreciation and amortization (13,567 ) (11,678 ) Property and equipment, net $ 54,442 $ 54,176 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of RSU Activity | The following is a summary of RSU activity under our 2014 EIP and Inducement Plan: RSUs Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2019 1,910,764 $ 26.93 Granted 3,387,890 $ 12.15 Forfeited (85,851 ) $ 18.66 Vested (552,498 ) $ 25.04 Unvested as of March 31, 2020 4,660,305 $ 16.56 |
Summary of Stock Option Activity | The following is a summary of stock option activity under our 2014 EIP and Inducement Plan. The table below also includes the activity relating to options for 275,000 shares of our common stock which were issued in 2017 outside of these plans: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2019 6,934,262 $ 28.25 Granted 1,489,925 12.91 Exercised (93,719 ) 14.19 Forfeited or expired (233,997 ) 32.28 Outstanding as of March 31, 2020 8,096,471 $ 25.47 6.5 $ - |
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 March 31, 2020: Total Shares Reserved 2014 Equity Incentive Plan 14,316,451 2018 Inducement Plan 1,196,086 2014 Employee Stock Purchase Plan 1,233,317 Total reserved shares of common stock 16,745,854 |
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 March 31, 2020 2019 (in thousands) Research and development $ 7,650 $ 6,065 General and administrative 4,994 6,204 Total stock-based compensation expense $ 12,644 $ 12,269 |
Description of Business (Detail
Description of Business (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Entity incorporation state | DE |
Entity incorporation date | Aug. 1, 2012 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Accumulated Deficit | $ 891,470 | $ 817,961 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 11,905,581 | 8,740,355 |
Unvested RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 3,630,713 | 1,860,374 |
Vested and Unvested Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 8,096,471 | 6,842,443 |
ESPP Share Purchase Rights | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 178,397 | 37,538 |
Financial Instruments - Summary
Financial Instruments - Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Fair Value | $ 213,127 | $ 257,299 |
Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 212,922 | 257,078 |
Total Unrealized Gain | 421 | 233 |
Total Unrealized Loss | (216) | (12) |
Total Fair Value | 213,127 | 257,299 |
Fair Value, Measurements, Recurring | Money Market Funds | Level 1 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 42,382 | 63,554 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 42,382 | 63,554 |
Fair Value, Measurements, Recurring | U.S. Treasury Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 58,993 | 52,805 |
Total Unrealized Gain | 318 | 46 |
Total Unrealized Loss | 0 | (1) |
Total Fair Value | 59,311 | 52,850 |
Fair Value, Measurements, Recurring | Government Agency Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 6,686 | 6,151 |
Total Unrealized Gain | 9 | 1 |
Total Unrealized Loss | (2) | (1) |
Total Fair Value | 6,693 | 6,151 |
Fair Value, Measurements, Recurring | Corporate Debt Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 85,121 | 100,512 |
Total Unrealized Gain | 92 | 180 |
Total Unrealized Loss | (210) | (10) |
Total Fair Value | 85,003 | 100,682 |
Fair Value, Measurements, Recurring | Commercial Paper | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 14,471 | 26,290 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 14,471 | 26,290 |
Fair Value, Measurements, Recurring | Asset-Backed Securities | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 5,269 | 7,266 |
Total Unrealized Gain | 2 | 6 |
Total Unrealized Loss | (4) | |
Total Fair Value | 5,267 | 7,272 |
Fair Value, Measurements, Recurring | Certificates of Deposit | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 500 | |
Total Unrealized Gain | 0 | |
Total Unrealized Loss | 0 | |
Total Fair Value | 500 | |
Fair Value, Measurements, Recurring | Amounts Classified As Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | (68,689) | (72,507) |
Total Unrealized Gain | (10) | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | (68,699) | (72,507) |
Fair Value, Measurements, Recurring | Amounts Classified As Short-Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 144,233 | 184,571 |
Total Unrealized Gain | 411 | 233 |
Total Unrealized Loss | (216) | (12) |
Total Fair Value | $ 144,428 | $ 184,792 |
Financial Instruments - Amortiz
Financial Instruments - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized cost | ||
Maturing within one year, Amortized cost | $ 174,851 | $ 214,085 |
Maturing in one to five years, Amortized cost | 38,071 | 42,993 |
Total available-for-sale securities, Amortized cost | 212,922 | 257,078 |
Estimated Fair value | ||
Maturing within one year, Estimated fair value | 174,853 | 214,199 |
Maturing in one to five years, Estimated fair value | 38,274 | 43,100 |
Total available-for-sale securities, Estimated fair value | $ 213,127 | $ 257,299 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments Disclosure [Abstract] | ||
Accrued interest receivable | $ 800,000 | $ 900,000 |
Write off, of accrued interest receivable | 0 | 0 |
Restricted Cash | $ 1,400,000 | $ 1,400,000 |
Financial Instruments - Reconci
Financial Instruments - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financial Instruments Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 70,203 | $ 74,317 | ||
Restricted cash - short-term | 194 | 194 | ||
Restricted cash - long-term | 1,200 | 1,200 | ||
Total cash, cash equivalents and restricted cash | $ 71,597 | $ 75,711 | $ 57,562 | $ 62,092 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 68,009 | $ 65,854 |
Less: accumulated depreciation and amortization | (13,567) | (11,678) |
Property and equipment, net | 54,442 | 54,176 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 49,703 | 49,028 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,060 | 6,815 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,074 | 3,832 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,797 | 3,299 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,019 | 1,764 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,356 | $ 1,116 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property Plant And Equipment Net By Type [Abstract] | ||
Depreciation and amortization expense | $ 1,949 | $ 1,648 |
License and Collaboration Agr_2
License and Collaboration Agreements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
License Collaboration And Manufacturing Agreements [Line Items] | |||
Contractual obligations due to MSK and QIMR | $ 0 | $ 0 | |
MSK Agreements | |||
License Collaboration And Manufacturing Agreements [Line Items] | |||
Potential milestone payments payable | $ 33,000,000 | ||
Payments for research and development | $ 12,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Accrued termination charges | $ 0 | $ 0 |
Liabilities related to indemnification agreements | $ 0 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 28, 2020 | Jan. 03, 2020 | Jul. 18, 2019 | Feb. 25, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Authorized capital stock | 520,000,000 | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||||
Preferred stock, par value | $ 0.0001 | |||||||
Preferred stock, shares authorized | 20,000,000 | |||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Proceeds from sale of common stock, net | $ 24,277,000 | $ 0 | ||||||
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 four years and expire in seven to ten years. | |||||||
Ownership percent | 10.00% | |||||||
Shares of common stock, reserved for issuance | 16,745,854 | |||||||
2014 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock, reserved for issuance | 14,316,451 | |||||||
Aggregate number of awards available for grant to be issued | 2,483,425 | |||||||
Outstanding options and RSUs | 11,833,026 | |||||||
Inducement Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock, reserved for issuance | 1,196,086 | |||||||
Aggregate number of awards available for grant to be issued | 272,336 | |||||||
Outstanding options and RSUs | 923,750 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized stock-based compensation expense | $ 63,900,000 | |||||||
Unrecognized stock-based compensation weighted average recognition period | 2 years 10 months 24 days | |||||||
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 | |||||||
Employees And Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation, vesting period | 4 years | |||||||
Vested and Unvested Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized stock-based compensation weighted average recognition period | 3 years | |||||||
Stock options, issued | 275,000 | |||||||
Unrecognized stock-based compensation | $ 71,100,000 | |||||||
Maximum | Employees And Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation award expiration period | 10 years | |||||||
Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of employees purchase price of common stock | 100.00% | |||||||
Minimum | 10% Shareholder | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of employees purchase price of common stock | 110.00% | |||||||
Minimum | Employees And Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation award expiration period | 7 years | |||||||
Underwritten Public Offering | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Warrants outstanding | 2,888,526,000 | |||||||
Underwritten Public Offering | Warrant | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
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 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Maximum ownership Percentage | 19.99% | |||||||
Underwritten Public Offering | Warrant | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Prior notice period | 61 days | |||||||
At The Market Offering | Cowen | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, shares issued | 1,528,216 | |||||||
Common stock average price | $ 15.50 | |||||||
Proceeds from sale of common stock, gross | $ 23,700,000 | |||||||
Proceeds from sale of common stock, net | $ 1,200,000 | 23,100,000 | ||||||
At The Market Offering | Maximum | 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 | 3.00% | 3.00% | ||||||
2019 ATM Facility | Cowen | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock value remaining to be sold | 25,900,000 | |||||||
2020 ATM Facility | Cowen | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock value remaining to be sold | $ 100,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of RSU Activity (Detail) - Unvested RSUs | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested as of December 31, 2019 | shares | 1,910,764 |
Shares, Granted | shares | 3,387,890 |
Shares, Forfeited | shares | (85,851) |
Shares, Vested | shares | (552,498) |
Shares, Outstanding as of March 31, 2020 | shares | 4,660,305 |
Weighted Average Grant Date Fair Value, Unvested as of December 31, 2019 | $ / shares | $ 26.93 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 12.15 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 18.66 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 25.04 |
Weighted Average Grant Date Fair Value, Outstanding as of March 31, 2020 | $ / shares | $ 16.56 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) - 2014 EIP and Inducement Plan $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding, Shares, beginning balance | shares | 6,934,262 |
Granted, Shares | shares | 1,489,925 |
Exercised, Shares | shares | (93,719) |
Forfeited or expired, Shares | shares | (233,997) |
Outstanding, Shares, ending balance | shares | 8,096,471 |
Outstanding, Weighted Average Exercise Price, beginning balance | $ / shares | $ 28.25 |
Granted, Weighted Average Exercise Price | $ / shares | 12.91 |
Exercised, Weighted Average Exercise Price | $ / shares | 14.19 |
Forfeited or expired, Weighted Average Exercise price | $ / shares | 32.28 |
Outstanding, Weighted Average Exercise Price, ending balance | $ / shares | $ 25.47 |
Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months |
Aggregate intrinsic value | $ | $ 0 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance Under Equity Incentive Plans (Detail) | Mar. 31, 2020shares |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 16,745,854 |
2014 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 14,316,451 |
2018 Inducement Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 1,196,086 |
2014 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 1,233,317 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 12,644 | $ 12,269 |
Research and development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 7,650 | 6,065 |
General and administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 4,994 | $ 6,204 |