Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40631 | |
Entity Registrant Name | Caribou Biosciences, Inc. | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 45-3728228 | |
Entity Address Address Line1 | 2929 7th Street | |
Entity Address, Address Line Two | Suite 105 | |
Entity Address City Or Town | Berkeley | |
Entity Address, State and Province | CA | |
Entity Address Postal Zip Code | 94710 | |
City Area Code | 510 | |
Local Phone Number | 982-6030 | |
Security12b Title | Common Stock, par value $0.0001 per share | |
Trading Symbol | CRBU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 61,363,713 | |
Entity Central Index Key | 0001619856 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 52,744 | $ 58,338 |
Marketable securities, short-term | 175,794 | 189,325 |
Accounts receivable | 1,533 | 202 |
Contract assets | 1,639 | 2,247 |
Other receivables | 1,670 | 2,215 |
Prepaid expenses and other current assets | 6,110 | 7,921 |
Total current assets | 239,490 | 260,248 |
NON-CURRENT ASSETS | ||
Investments in equity securities | 7,683 | 7,698 |
Marketable securities, long-term | 62,452 | 69,373 |
Property and equipment, net | 12,646 | 10,678 |
Operating lease, right of use assets | 23,715 | 24,230 |
Other assets | 1,476 | 1,538 |
TOTAL ASSETS | 347,462 | 373,765 |
CURRENT LIABILITIES | ||
Accounts payable | 2,651 | 1,146 |
Accrued expenses and other current liabilities | 12,544 | 16,079 |
Lease liabilities, current | 1,022 | 966 |
Deferred revenue ($150 and $150 from related party, respectively) | 10,883 | 9,937 |
Total current liabilities | 27,100 | 28,128 |
LONG-TERM LIABILITIES | ||
Deferred revenue, net of current portion | 13,911 | 15,954 |
MSKCC success payments liability | 1,396 | 1,651 |
Lease liabilities, non-current | 26,401 | 26,780 |
Deferred tax liabilities | 382 | 381 |
Total liabilities | 69,190 | 72,894 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock, par value $0.0001 per share, 300,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; 61,323,523 and 61,029,184 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 6 | 6 |
Additional paid-in-capital | 504,255 | 499,598 |
Accumulated other comprehensive loss | (730) | (1,518) |
Accumulated deficit | (225,259) | (197,215) |
Total stockholders’ equity | 278,272 | 300,871 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 347,462 | $ 373,765 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Deferred revenue from related party | $ 150 | $ 150 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares outstanding (in shares) | 61,323,523 | 61,029,184 |
Common stock, shares issued (in shares) | 61,323,523 | 61,029,184 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Licensing and collaboration revenue | $ 3,502 | $ 2,664 |
Operating expenses: | ||
Research and development | 25,709 | 13,924 |
General and administrative | 8,909 | 9,593 |
Total operating expenses | 34,618 | 23,517 |
Loss from operations | (31,116) | (20,853) |
Other income (expense): | ||
Change in fair value of equity securities | (15) | (88) |
Change in fair value of the MSKCC success payments liability | 255 | 1,596 |
Other income, net | 2,832 | 257 |
Total other income | 3,072 | 1,765 |
Net loss | (28,044) | (19,088) |
Other comprehensive income (loss): | ||
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax | 788 | (954) |
Net comprehensive loss | $ (27,256) | $ (20,042) |
Net loss per share, basic (in dollars per share) | $ (0.46) | $ (0.32) |
Net loss per share, diluted (in dollars per share) | $ (0.46) | $ (0.32) |
Weighted-average common shares outstanding, basic (in shares) | 61,186,514 | 60,546,170 |
Weighted-average common shares outstanding, diluted (in shares) | 61,186,514 | 60,546,170 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 60,263,158 | ||||
Beginning balance at Dec. 31, 2021 | $ 387,825 | $ 6 | $ 485,748 | $ (135) | $ (97,794) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under employee stock plans (in shares) | 36,596 | ||||
Issuance of common stock under employee stock plans | 361 | 361 | |||
Issuance of common stock on exercise of stock options (in shares) | 389,855 | ||||
Issuance of common stock on exercise of options | 629 | 629 | |||
Stock-based compensation expense | 3,024 | 3,024 | |||
Net loss | (19,088) | (19,088) | |||
Other comprehensive income | (954) | (954) | 0 | ||
Ending balance (in shares) at Mar. 31, 2022 | 60,689,609 | ||||
Ending balance at Mar. 31, 2022 | 371,797 | $ 6 | 489,762 | (1,089) | (116,882) |
Beginning balance (in shares) at Dec. 31, 2022 | 61,029,184 | ||||
Beginning balance at Dec. 31, 2022 | 300,871 | $ 6 | 499,598 | (1,518) | (197,215) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under employee stock plans (in shares) | 70,271 | ||||
Issuance of common stock under employee stock plans | $ 404 | 404 | |||
Issuance of common stock on exercise of stock options (in shares) | 40,433 | 55,433 | |||
Issuance of common stock on exercise of options | $ 115 | 115 | |||
Issuance of common stock in connection with at-the-market offering, net of offering expenses (in shares) | 168,635 | ||||
Issuance of common stock in connection with at-the-market offering, net of offering expenses | 1,007 | 1,007 | |||
Stock-based compensation expense | 3,131 | 3,131 | |||
Net loss | (28,044) | (28,044) | |||
Other comprehensive income | 788 | 788 | |||
Ending balance (in shares) at Mar. 31, 2023 | 61,323,523 | ||||
Ending balance at Mar. 31, 2023 | $ 278,272 | $ 6 | $ 504,255 | $ (730) | $ (225,259) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (28,044) | $ (19,088) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 589 | 308 |
Gain on disposal of fixed assets | (34) | 0 |
Non-cash consideration for licensing and collaboration revenue | 0 | (128) |
Change in fair value of equity securities | 15 | 88 |
Stock-based compensation expense | 3,131 | 3,024 |
Change in fair value of MSKCC success payments liability | (255) | (1,596) |
Amortization of investment premiums | (1,494) | 327 |
Non-cash lease expense | 515 | 500 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,331) | 779 |
Contract assets | 607 | (6) |
Other receivables | 545 | 1,313 |
Prepaid expenses and other current assets | 1,811 | (1,296) |
Other assets | 62 | (487) |
Accounts payable | 1,502 | (1,915) |
Accrued expenses and other current liabilities | (4,138) | (2,831) |
Deferred revenue, current and long-term | (1,097) | (572) |
Operating lease liabilities | (323) | (85) |
Other liabilities | 0 | (8) |
Net cash used in operating activities | (27,939) | (21,673) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales and maturities of marketable securities | 98,665 | 39,300 |
Purchases of marketable securities | (75,931) | (110,684) |
Purchases of property and equipment | (2,031) | (723) |
Net cash provided by (used in) investing activities | 20,703 | (72,107) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options and purchases of common stock under employee stock purchase plan | 519 | 990 |
Proceeds from issuance of common stock related to at-the-market offering, net of offering expenses | 1,123 | 0 |
Net cash provided by financing activities | 1,642 | 990 |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (5,594) | (92,790) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — BEGINNING OF PERIOD | 58,384 | 240,466 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — END OF PERIOD | 52,790 | 147,676 |
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||
Cash and cash equivalents | 52,744 | 147,630 |
Restricted cash | 46 | 46 |
TOTAL CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 52,790 | 147,676 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 1,714 | 981 |
Offering costs included in accrued expenses | 116 | 0 |
Right-of-use-assets obtained in exchange for new operating lease liabilities | $ 0 | $ 26,249 |
Description of the Business, Or
Description of the Business, Organization, and Liquidity | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business, Organization, and Liquidity | Description of the Business, Organization, and Liquidity Business and Organization Caribou Biosciences, Inc. (the “Company” or “we”) is a clinical-stage C lustered R egularly I nterspaced S hort P alindromic R epeats (“CRISPR”) genome-editing biopharmaceutical company dedicated to developing transformative therapies for patients with devastating diseases. Our genome-editing platform, including our novel chRDNA ( C RISPR h ybrid R NA- DNA , or “chRDNA,” pronounced “chardonnay”) technologies, enables superior editing precision to develop cell therapies that are armored to improve antitumor activity. We are advancing a pipeline of allogeneic, or off-the-shelf, cell therapies from our chimeric antigen receptor (“CAR”) T (“CAR-T”) cell and CAR-natural killer (“CAR-NK”) cell platforms as readily available therapeutic treatments for patients. We incorporated in October 2011 as a Delaware corporation and are headquartered in Berkeley, California. We have four wholly owned subsidiaries: Antler Holdco, LLC, incorporated in Delaware in April 2019; Microbe Holdco, LLC, incorporated in Delaware in June 2020; Arboreal Holdco, LLC, incorporated in Delaware in November 2020; and Biloba Holdco, LLC, incorporated in Delaware in April 2021. Our wholly owned subsidiaries hold interests in our equity investments and do not have operating activities. Liquidity We have incurred net losses and negative cash flows from operations since our inception and we had an accumulated deficit of $225.3 million as of March 31, 2023. During the three months ended March 31, 2023, we incurred a net loss of $28.0 million and used $27.9 million of cash in operating activities. We expect to continue to incur substantial losses, and our ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of our product candidates and on our achievement of sufficient revenue 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. Our management expects that existing cash, cash equivalents, and marketable securities of $291.0 million as of March 31, 2023, will be sufficient to fund our current operating plan for at least the next 12 months from the date of issuance of our condensed consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies There have been no changes to the significant accounting policies disclosed in Note 2 to the annual consolidated financial statements for the year ended December 31, 2022 included in our Annual Report on Form 10-K (“Form 10-K”). Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Caribou Biosciences, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements; and the reported amounts of revenue, income, and expenses during the applicable reporting period. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, common stock valuation, stock-based compensation expense, accrued expenses related to research and development activities, valuation of the Memorial Sloan Kettering Cancer Center (“MSKCC”) success payments liability, and income taxes. Our management bases its estimates on historical experience and on various other assumptions that they believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Segments We operate and manage our business as one reportable operating segment, which is the business of developing a pipeline of allogeneic CAR-T and CAR-NK cell therapies. Our president and chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in the United States. Concentrations of Credit Risk and Other Uncertainties Financial instruments that potentially subject us to concentration of credit risk consist of cash and cash equivalents, accounts receivable, contract assets, other receivables, and investments in marketable securities and equity securities. Substantially all of our cash and cash equivalents are deposited in accounts at two financial institutions, and account balances may at times exceed federally insured limits. We mitigate the risks by investing in high-grade instruments, limiting our exposure to one issuer, and we monitor the ongoing creditworthiness of the financial institutions and issuers. Licensees that represent 10% or more of our revenue and accounts receivable and contract assets were as follows: Revenue Accounts Receivable and Contract Assets Three Months Ended As of As of March 31, 2023 March 31, 2022 Licensee A 17.6 % 23.1 % 17.4 % * Licensee B 22.0 % 19.6 % 24.4 % 23.8 % Licensee C 45.9 % 35.0 % 45.7 % 36.6 % Total 85.5 % 77.7 % 87.5 % 60.4 % *Less than 10% We monitor economic conditions to identify facts or circumstances that may indicate if any of our accounts receivable are not collectible or if the contract assets should be impaired. No allowance for credit losses or contract asset impairment was recorded as of March 31, 2023 or December 31, 2022. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). This ASU provides guidance on the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the current incurred loss impairment approach with a methodology to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. This ASU is to be applied on a modified retrospective approach and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, and interim reporting periods within fiscal years beginning after December 15, 2023. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, and interim periods therein. We adopted ASU 2016-13 on January 1, 2023. The impact on our financial statements and related disclosures was not material. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | Fair Value Measurements and Fair Value of Financial Instruments The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entireties based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires our management to make judgments and consider factors specific to the asset or liability. Our financial instruments consist of Level 1, Level 2, and Level 3 financial instruments. We generally classify our marketable securities as Level 2. Instruments are classified as Level 2 when observable market prices for identical securities that are traded in less active markets are used. When observable market prices for identical securities are not available, such instruments are priced using benchmark curves, benchmarking of like securities, sector groupings, matrix pricing, and valuation models. These valuation models are proprietary to the pricing providers or brokers and incorporate a number of inputs, including in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. For certain security types, additional inputs may be used, or some of the standard inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on any given day. 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. No such transfers occurred during the three months ended March 31, 2023. Level 1 financial instruments are comprised of money market fund investments and U.S. Treasury bills. Level 2 financial instruments are comprised of commercial paper, corporate debt securities, and U.S. government agency bonds. 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. Level 3 financial instruments consist of the MSKCC success payments liability. The following table sets forth our financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements as of March 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury bills ($18,946 included in cash and cash equivalents) $ 139,072 $ 139,072 $ — $ — U.S. government agency bonds 57,330 — 57,330 — Commercial paper ($1,811 included in cash and cash equivalents) 43,886 — 43,886 — Money market fund investments (included in cash and cash equivalents) 31,987 31,987 — — Corporate debt securities 18,715 — 18,715 — Total fair value of assets $ 290,990 $ 171,059 $ 119,931 $ — Liabilities: MSKCC success payments liability $ 1,396 $ — $ — $ 1,396 Total fair value of liabilities $ 1,396 $ — $ — $ 1,396 Fair Value Measurements as of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Commercial paper ($26,669 included in cash and cash equivalents) $ 96,899 $ — $ 96,899 $ — U.S. Treasury bills 91,966 91,966 — — U.S. government agency bonds ($3,976 included in cash and cash equivalents) 63,659 — 63,659 — Corporate debt securities 36,819 — 36,819 — Money market fund investments (included in cash and cash equivalents) 27,693 27,693 — — Total fair value of assets $ 317,036 $ 119,659 $ 197,377 $ — Liabilities: MSKCC success payments liability $ 1,651 $ — $ — $ 1,651 Total fair value of liabilities $ 1,651 $ — $ — $ 1,651 The fair value and amortized cost of cash equivalents and available-for-sale marketable securities by major security type as of March 31, 2023 and December 31, 2022 are presented in the following tables (in thousands): As of March 31, 2023 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value U.S. Treasury bills ($18,946 included in cash and cash equivalents) $ 139,537 $ 65 $ (530) $ 139,072 U.S. government agency bonds 57,475 53 (198) 57,330 Commercial paper ($1,811 included in cash and cash equivalents) 43,950 4 (68) 43,886 Money market investments (included in cash equivalents) 31,987 — — 31,987 Corporate debt securities 18,772 4 (61) 18,715 Total cash equivalents and marketable securities $ 291,721 $ 126 $ (857) $ 290,990 Classified as: Cash and cash equivalents $ 52,744 Marketable securities, short-term 175,794 Marketable securities, long-term 62,452 Total cash equivalents and marketable securities $ 290,990 As of December 31, 2022 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value Commercial paper ($26,669 included in cash equivalents) $ 97,024 $ 6 $ (131) $ 96,899 U.S. Treasury bills 92,910 1 (945) 91,966 U.S. government agency bonds ($3,976 included in cash and cash equivalents) 63,926 25 (292) 63,659 Corporate debt securities 37,002 — (183) 36,819 Money market investments (included in cash equivalents) 27,693 — — 27,693 Total cash equivalents and marketable securities $ 318,555 $ 32 $ (1,551) $ 317,036 Classified as: Cash and cash equivalents $ 58,338 Marketable securities, short-term 189,325 Marketable securities, long-term 69,373 Total cash equivalents and marketable securities $ 317,036 The following table sets forth a summary of the changes in the fair value of our Level 3 financial liability (in thousands): MSKCC Success Payments Balance at December 31, 2022 $ 1,651 Change in fair value (255) Balance at March 31, 2023 $ 1,396 Our liability for the MSKCC success payments is carried at fair value and changes are recognized as expense or income as part of other income (expense) until the success payments liability is paid or expires (Note 4). We recorded a $0.3 million and $1.6 million change in the fair value of the MSKCC success payments liability as a gain in other income (expense) in our condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022, respectively. As of December 31, 2022, we utilized a Monte Carlo simulation model that models the future movement of stock prices based on several key variables. This model requires significant estimates and assumptions in determining the estimated fair value of the MSKCC success payments liability at each balance sheet date. The assumptions used to calculate the fair value of the MSKCC success payments are subject to a significant amount of judgment including the expected volatility that was estimated using available information about the historical volatility of stocks of publicly traded companies that are similar to us, the estimated term, and the estimated number and timing of valuation measurement dates. The table below summarizes key assumptions used in the valuation of MSKCC success payments liability: As of Fair value of common stock $ 6.28 Risk-free interest rate 3.88% Expected volatility 79% Probability of achieving multiple of Initial Share Price 3.0% to 10.6% Expected term (years) 4.6 to 6.0 The computation of expected volatility was estimated using a combination of available information about the historical volatility of stocks of similar publicly traded companies for a period matching the expected term assumption and the historical and implied volatility of our stock. The risk-free interest rate, expected volatility, and expected term assumptions depend on the estimated timing of our phase 1 clinical trial for our CB-012 product candidate utilizing the know-how, biological materials, and intellectual property licensed under the Exclusive License Agreement, dated November 13, 2020, with MSKCC (the “MSKCC Agreement”) and the estimated timing of marketing approval for this product candidate from the U.S. Food and Drug Administration (“FDA”). In addition, we incorporated the estimated number and timing of valuation measurement dates in the calculation of the MSKCC success payments liability. As of March 31, 2023 we did not note any significant changes to the inputs used in the MSKCC success payments liability fair value calculation, other than a change in the fair value of our common stock to $5.31 per share. |
Significant Agreements
Significant Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Significant Agreements [Abstract] | |
Significant Agreements | Significant Agreements Since December 31, 2022, there have been no material changes to the key terms of our significant agreements. For further information regarding our significant agreements, please see Note 4 to the consolidated financial statements included in our Form 10-K. On February 9, 2021, we entered into a Collaboration and License Agreement (as amended the “AbbVie Agreement”) with AbbVie Manufacturing Management Unlimited Company (“AbbVie”). We received an upfront cash payment of $30.0 million from AbbVie during the year ended December 31, 2021. We recognized short-term deferred revenue in the amount of $10.4 million and long-term deferred revenue in the amount of $11.3 million related to this upfront cash payment in our condensed consolidated balance sheets as of March 31, 2023. We recognized short-term deferred revenue in the amount of $9.4 million and long-term deferred revenue in the amount of $13.3 million related to this upfront cash payment in our consolidated balance sheets as of December 31, 2022. We recognized $1.6 million and $0.9 million in revenue for the three months ended March 31, 2023 and 2022, respectively, relating to the AbbVie Agreement. As of March 31, 2023, we recorded $0.9 million in accounts receivable and as of December 31, 2022, we had recorded no amounts in accounts receivable in our condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022 we had $0.6 million and $0.9 million, respectively, in contract assets in our condensed consolidated balance sheets. We enter into agreements with third parties to in-license intellectual property and related materials and know-how. These agreements may include non-refundable, upfront payments; annual license maintenance fees; sublicensing fees; obligations to reimburse for patent prosecution and maintenance fees; success payments; regulatory clinical and commercial milestones; and royalty payments. Our obligation to make such payments is contingent upon milestones being achieved, licensed products being commercialized, and the agreements remaining in effect. For the three months ended March 31, 2023 and 2022, we recorded $0.4 million and $0.3 million, respectively, as research and development expense in our condensed consolidated statements of operations related to our license agreements. For the three months ended March 31, 2023 and 2022, we recorded $0.8 million and $2.6 million, respectively, as general and administrative expense for patent prosecution and maintenance costs in our condensed consolidated statements of operations and comprehensive loss, which includes reimbursements of patent prosecution and maintenance costs of $0.4 million and $1.4 million, respectively, from CRISPR Therapeutics AG and Intellia Therapeutics, Inc. As of March 31, 2023, certain license and assignment agreements included potential future payments from us for development, regulatory, and sales milestones totaling approximately $161.2 million. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue We disaggregate revenue by geographical market based on the location of research and development activities of our licensees and collaborators. The following table is a summary of revenue by geographic location for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 United States $ 3,385 $ 2,612 Rest of world 117 52 Total $ 3,502 $ 2,664 During the three months ended March 31, 2023, we recognized $1.9 million of revenue related to performance obligations satisfied at a point in time, and we recognized $1.6 million of revenue related to performance obligations satisfied over time. During the three months ended March 31, 2022, we recognized $1.7 million of revenue related to performance obligations satisfied at a point in time, and we recognized $0.9 million of revenue related to performance obligations satisfied over time. Contract Balances Accounts receivable relate to our right to consideration for performance obligations completed (or partially completed) for which we have an unconditional right to consideration. Our accounts receivable balances represent amounts that we billed to our licensees with invoices outstanding as of the end of a reporting period. Contract assets are rights to consideration in exchange for a license that we have granted to a licensee when the right is conditional on something other than the passage of time. Our contract asset balances represent research costs related to the AbbVie Agreement, as well as royalties and milestone payments from our other license agreements that are unbilled as of the end of a reporting period. Contract liabilities consist of deferred revenue and relate to amounts invoiced to, or advance consideration received from, licensees that precede our satisfaction of the associated performance obligations. Our deferred revenue primarily results from the upfront payment received relating to the performance obligation that is satisfied over time under the AbbVie Agreement. The remaining deferred revenue relates to upfront payments received under license agreements that also include non-refundable annual license fees, which are accounted for as material rights for license renewals and are recognized at the point in time annual license fees are paid by the licensees and the renewal periods begin. The following table presents changes in our contract assets and liabilities during the three months ended March 31, 2023 (in thousands): Balance as of Additions Deductions Balance as of Accounts receivable $ 202 $ 3,003 $ (1,672) $ 1,533 Contract assets: Unbilled accounts receivable $ 2,247 $ 1,618 $ (2,226) $ 1,639 Contract liabilities: Deferred revenue, current and long-term $ 25,891 $ 1,246 $ (2,343) $ 24,794 Unbilled accounts receivable decreased $0.6 million during the three months ended March 31, 2023, primarily due to the decrease in unbilled research costs under the AbbVie Agreement. Deferred revenue decreased during the three months ended March 31, 2023, primarily due to a higher amount of revenue recognized compared to the amount of additional billings during the three months ended March 31, 2023. During the three months ended March 31, 2023 and 2022, we recognized $1.1 million and $0.6 million of revenue, respectively, which were included in the opening contract liabilities balances at the beginning of the respective periods. Transaction Prices Allocated to Remaining Performance Obligations Remaining performance obligations represent in aggregate the amount of a transaction price that has been allocated to performance obligations not delivered as of the end of a reporting period. The value of transaction prices allocated to remaining unsatisfied performance obligations as of March 31, 2023 was approximately $38.3 million. We expect to recognize approximately $10.9 million of remaining performance obligations as revenue in the next 12 months and to recognize the remainder thereafter. Capitalized Contract Acquisition Costs and Fulfillment Costs We did not incur any expenses to obtain license and collaboration agreements, and costs to fulfill those contracts do not generate or enhance our resources. As such, no costs to obtain or fulfill a contract have been capitalized in any period. |
Balance Sheet Items
Balance Sheet Items | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Items | Balance Sheet Items Other receivables consisted of the following (in thousands): March 31, December 31, Patent cost reimbursements $ 1,338 $ 1,638 Accrued interest on marketable securities 332 570 Other — 7 Total $ 1,670 $ 2,215 Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid contract manufacturing and clinical costs $ 3,538 $ 4,803 Prepaid insurance 907 1,568 Prepaid income taxes 431 431 Other 1,234 1,119 Total $ 6,110 $ 7,921 Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Lab equipment $ 13,553 $ 12,588 Leasehold improvements 1,933 1,876 Computer equipment 754 709 Furniture and equipment 161 161 Construction in progress 2,454 993 Total property and equipment, gross 18,855 16,327 Less: accumulated depreciation and amortization (6,209) (5,649) Property and equipment, net $ 12,646 $ 10,678 Depreciation and amortization expenses related to property and equipment were $0.6 million and $0.3 million, respectively, for the three months ended March 31, 2023 and 2022. Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued employee compensation and related expenses $ 3,220 $ 5,752 Accrued research and development expenses 6,183 6,731 Accrued patent expenses 828 1,331 Accrued expenses related to sublicensing revenues 656 596 Other 1,657 1,669 Total $ 12,544 $ 16,079 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Private Company, Related Party On May 15, 2020, we entered into an Exclusive License Agreement, as amended, with a private company, related party (the “Private Company License Agreement”), under which we granted the private company an exclusive worldwide license to certain CRISPR intellectual property rights and know-how in a defined field. As consideration for the exclusive license, the private company issued to us 7,500,000 shares of convertible preferred stock with an estimated fair value of $7.5 million, which was the price paid for similar shares by another investor, and which was an arm’s length transaction. This represents a material voting interest in the private company and entitles us to hold one of the four private company’s board of director seats and to jointly vote with another stockholder on a second board of director seat. As of March 31, 2023, we have appointed one of the four directors of the private company. We concluded that the private company is a variable interest entity and that we are not its primary beneficiary based on our representation on its board of directors. As the private company’s convertible preferred stock is not in substance common stock, we record this investment using the measurement alternative in accordance with ASC 321, Investments–Equity Securities. Under the measurement alternative, our investment in the private company’s convertible preferred stock was initially recorded at its estimated fair value, but the carrying value may be adjusted through earnings upon an impairment or when there is an observable price change involving the same or a similar investment with the private company. As of each of March 31, 2023 and December 31, 2022, the carrying value of the investment was $7.5 million. There have been no changes to the carrying value of the investment during the three months ended March 31, 2023. We did not recognize any revenue in connection with the Private Company License Agreement for the three months ended March 31, 2023 and 2022. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Leases | Leases Operating Lease Obligations As of March 31, 2023 we had operating leases for our laboratory and office space in Berkeley, California, consisting of approximately 75,000 square feet, with remaining lease terms up to 9.3 years. Certain of our laboratory and office space lease agreements include options to extend the terms for a period of five years and contain provisions for future rent increases. In addition to base rent, we pay our share of operating expenses and taxes. The components of lease costs, which are included in our statements of operations and comprehensive loss, were as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost (1) $ 1,884 $ 1,799 Short-term lease cost 63 63 Total lease cost $ 1,947 $ 1,862 (1) Includes $0.6 million and $0.5 million of variable lease cost related to operating expenses and taxes for the three months ended March 31, 2023 and 2022, respectively. Supplemental information related to our leases was as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,093 $ 871 The weighted-average remaining lease term and the weighted-average discount rate for our laboratory and office leases were as follows: March 31, December 31, Weighted-average remaining lease term (years) 8.1 8.3 Weighted-average discount rate 11.3 % 11.3 % The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of March 31, 2023 (in thousands): Remainder of 2023 (1) $ 2,241 2024 (2) 3,883 2025 4,474 2026 5,720 2027 5,922 Thereafter 22,115 Total undiscounted lease payments 44,355 Less: imputed interest (16,932) Total discounted lease payments 27,423 Less: current portion of lease liability (1,022) Noncurrent portion of lease liability $ 26,401 (1) Reflects an offset of $1.1 million related to incentives expected to be received in 2023. (2) Reflects an offset of $0.6 million related to incentives expected to be received in 2024. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Research and Development Agreements We enter into various agreements in the ordinary course of business, such as those with suppliers, contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), clinical trial sites, and the like. These agreements provide for termination at the request of either party, generally with less than one-year notice and are, therefore, cancellable contracts and, if cancelled, are not anticipated to have a material effect on our condensed consolidated financial condition, results of operations, or cash flows. Guarantees and Indemnifications In the normal course of business, we enter into agreements that contain a variety of representations and warranties and provide for certain indemnifications by us. Our exposure under these agreements is unknown because claims may be made against us in the future. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. As of March 31, 2023 and December 31, 2022, we did not have any material indemnification claims that were probable or reasonably possible, and consequently, we have not recorded related liabilities. Litigation From time to time, we may become involved in litigation arising in the ordinary course of business. We record a liability for such litigation when it is probable that future losses will be incurred and if such losses can be reasonably estimated. Significant judgment by us is required to determine both probability and the estimated amount. On February 10, 2023, a putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against our company and certain of our officers and current and former members of our board of directors, Greenhalgh v. Caribou Biosciences, Inc., et al., Case Number 3:23-cv-00609-VC (the “Greenhalgh Case”). The Greenhalgh Case was voluntarily dismissed on March 16, 2023. On April 11, 2023, a putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against our company and certain of our officers and current and former members of our board of directors, Bergman v. Caribou Biosciences, Inc., et al., Case Number 4:23-cv-01742-YGR (the “Bergman Case”). The Bergman complaint challenges disclosures regarding our company’s business, operations, and prospects, specifically with respect to the alleged durability of CB-010’s therapeutic effect and the product candidate’s clinical and commercial prospects, in alleged violation of Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”) and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended. The allegations and claims asserted in the Bergman Case are the same allegations and claims asserted in the Greenhalgh Case. Plaintiff in the Bergman Case has filed a motion to consolidate the Bergman Case with the Greenhalgh case, and that motion is pending. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Common Stock | Common Stock Common stock reserved for future issuance consisted of the following: As of As of Stock options, issued and outstanding 9,102,960 6,733,074 Stock options, authorized for future issuance 6,495,096 5,833,979 Stock available under our employee stock purchase plan 1,584,538 1,044,518 Unvested restricted stock units and performance-based restricted stock units 236,169 256,146 17,418,763 13,867,717 Shelf Registration Statement On August 9, 2022, we filed a shelf registration statement on Form S-3 (“Shelf Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”). The Shelf Registration Statement allows us to sell from time to time up to $400.0 million of common stock, preferred stock, debt securities, warrants, rights, or units comprised of any combination of these securities, for our own account in one or more offerings (including the $100.0 million of common stock reserved for our at-the-market equity offering program described below). The SEC declared the Shelf Registration Statement effective on August 16, 2022. The terms of any offering under the Shelf Registration Statement will be established at the time of such offering and will be described in a prospectus supplement to the Shelf Registration Statement filed with the SEC prior to the completion of any such offering. At-the-market Equity Offering Program On August 9, 2022, we also entered into an Open Market Sale Agreement SM (the “ATM Sales Agreement”) with Jefferies LLC (“Jefferies”) with respect to an at-the-market (“ATM”) equity offering program, pursuant to which, through Jefferies as sales agent, we may from time to time, sell shares of our common stock having an aggregate offering price of up to $100.0 million in gross proceeds under the Shelf Registration Statement. As of March 31, 2023, we have sold 168,635 shares of our common stock under the ATM Sales Agreement at an average price per share of $7.32 for aggregate gross proceeds of $1.2 million ($1.0 million net of offering expenses). |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock-Based Compensation Equity Incentive Plans In July 2021, our board of directors adopted and our stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”) that became effective on July 22, 2021. As of March 31, 2023, we had 6,495,096 shares available for issuance under the 2021 Plan. The following table summarizes stock option activity under our equity incentive plans during the three months ended March 31, 2023: Stock Options Weighted- Weighted- Aggregate Outstanding at December 31, 2022 6,733,074 $ 9.01 8.2 $ 8,203 Options granted 2,536,340 6.06 Options exercised (40,433) 2.84 Options cancelled or forfeited (126,021) 10.12 Outstanding at March 31, 2023 9,102,960 $ 8.20 8.5 $ 4,824 Exercisable at March 31, 2023 3,019,066 $ 7.30 7.2 $ 3,551 Vested and expected to vest at March 31, 2023 9,102,960 $ 8.20 8.5 $ 4,824 *The aggregate intrinsic value is calculated as the difference between the stock option exercise price and the estimated fair value of the underlying common stock at the end of each reporting period referenced above. Grant Date Fair Value During the three months ended March 31, 2023 and 2022, we granted 2,536,340 and 339,030 stock options to employees with a weighted average grant date fair value of $4.13 and $6.68, respectively. We estimated the fair value of each employee and non-employee stock option award on the grant date using the Black-Scholes option-pricing model based on the following assumptions: Three Months Ended March 31, 2023 2022 Volatility 74.9% to 75.0% 71.7% to 72.0% Expected term (in years) 5.0 to 6.0 5.5 to 6.0 Risk-free interest rate 3.5% to 4.1% 1.7% to 2.3% Expected dividend yield 0.0% 0.0% As of March 31, 2023, there was $34.2 million of unrecognized stock-based compensation expense related to employee and non-employee stock options that is expected to be recognized over a weighted-average period of 2.9 years. Restricted Stock Units During the three months ended March 31, 2023, we did not grant any restricted stock units (“RSUs”) or performance-based RSUs (“PSUs”) under the 2021 Plan. A summary of the status of and change in unvested RSUs and PSUs as of March 31, 2023 was as follows: Number of Shares Underlying Outstanding RSUs and PSUs Weighted-Average Grant Date Fair Value per RSU and PSU Unvested, January 1, 2023 256,146 $ 10.07 Vested (15,000) 10.64 Forfeited (4,977) 9.90 Unvested, March 31, 2023 236,169 $ 10.04 The PSUs were granted to our executive officers and will vest contingent upon the achievement of a clinical milestone for CB-010 during a performance period ending December 31, 2024 and the executive officer’s continued employment during the performance period. As of March 31, 2023, the achievement of this milestone was not considered probable and, therefore, no stock-based compensation was recorded. As of March 31, 2023, the total unrecognized stock-based compensation expense related to unvested RSUs was $0.9 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.7 years. As of March 31, 2023, there was approximately $0.6 million of unrecognized stock-based compensation expense related to unvested PSUs. Employee Stock Purchase Plan (“ESPP”) In July 2021, our board of directors adopted and our stockholders approved the ESPP, which became effective on July 22, 2021. We have issued 139,384 shares of common stock under the ESPP as of March 31, 2023. We recorded $0.1 million in accrued liabilities related to contributions withheld as of March 31, 2023. Stock-Based Compensation Expense We recorded stock-based compensation expense related to employee and non-employee equity-based awards grants in our condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 1,310 $ 1,100 General and administrative 1,821 1,924 Total $ 3,131 $ 3,024 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2023 2022 Stock options $ 2,798 $ 2,930 ESPP 142 63 RSUs 191 31 Total $ 3,131 $ 3,024 Stock-based compensation expense related to employees was $3.1 million and $2.9 million for the three months ended March 31, 2023 and 2022, respectively. There was no stock-based compensation expense related to non-employees for the three months ended March 31, 2023, and $0.1 million for the three months ended March 31, 2022. |
401(k) Savings Plan
401(k) Savings Plan | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
401(K) Savings plan | 401(k) Savings PlanIn 2017, we established a defined-contribution savings plan under Section 401(k) of the Tax Code. Our 401(k) plan is available to all employees and allows participants to defer a portion of their annual compensation on a pretax basis subject to applicable laws. We also provide a 4% match for employee contributions up to a certain limit. During the three months ended March 31, 2023 and 2022, we contributed $0.3 million and $0.2 million, respectively, to our 401(k) plan. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesNo income tax expense was recorded during each of the three-month periods ended March 31, 2023 and 2022 due to our operating losses. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended 2023 2022 Numerator: Net loss $ (28,044) $ (19,088) Denominator: Weighted-average common shares outstanding used to compute net loss per share, basic and diluted 61,186,514 60,546,170 Net loss per share, basic and diluted $ (0.46) $ (0.32) Because we were in a net loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods, as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of As of Stock options outstanding 9,102,960 6,286,542 RSUs and PSUs issued and outstanding 236,169 60,000 Shares committed under ESPP 149,350 51,687 9,488,479 6,398,229 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We did not have any subsequent events as of the filing date of this Quarterly Report on Form 10-Q. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Caribou Biosciences, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Use Of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements; and the reported amounts of revenue, income, and expenses during the applicable reporting period. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, common stock valuation, stock-based compensation expense, accrued expenses related to research and development activities, valuation of the Memorial Sloan Kettering Cancer Center (“MSKCC”) success payments liability, and income taxes. Our management bases its estimates on historical experience and on various other assumptions that they believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. |
Segments | Segments We operate and manage our business as one reportable operating segment, which is the business of developing a pipeline of allogeneic CAR-T and CAR-NK cell therapies. Our president and chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in the United States. |
Concentration of Credit Risk and Other Uncertainties | Concentrations of Credit Risk and Other Uncertainties Financial instruments that potentially subject us to concentration of credit risk consist of cash and cash equivalents, accounts receivable, contract assets, other receivables, and investments in marketable securities and equity securities. Substantially all of our cash and cash equivalents are deposited in accounts at two financial institutions, and account balances may at times exceed federally insured limits. We mitigate the risks by investing in high-grade instruments, limiting our exposure to one issuer, and we monitor the ongoing creditworthiness of the financial institutions and issuers. Licensees that represent 10% or more of our revenue and accounts receivable and contract assets were as follows: Revenue Accounts Receivable and Contract Assets Three Months Ended As of As of March 31, 2023 March 31, 2022 Licensee A 17.6 % 23.1 % 17.4 % * Licensee B 22.0 % 19.6 % 24.4 % 23.8 % Licensee C 45.9 % 35.0 % 45.7 % 36.6 % Total 85.5 % 77.7 % 87.5 % 60.4 % *Less than 10% We monitor economic conditions to identify facts or circumstances that may indicate if any of our accounts receivable are not collectible or if the contract assets should be impaired. No allowance for credit losses or contract asset impairment was recorded as of March 31, 2023 or December 31, 2022. |
Recent Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). This ASU provides guidance on the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the current incurred loss impairment approach with a methodology to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. This ASU is to be applied on a modified retrospective approach and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, and interim reporting periods within fiscal years beginning after December 15, 2023. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, and interim periods therein. We adopted ASU 2016-13 on January 1, 2023. The impact on our financial statements and related disclosures was not material. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Provision For Credit Losses and other Uncertainties | Licensees that represent 10% or more of our revenue and accounts receivable and contract assets were as follows: Revenue Accounts Receivable and Contract Assets Three Months Ended As of As of March 31, 2023 March 31, 2022 Licensee A 17.6 % 23.1 % 17.4 % * Licensee B 22.0 % 19.6 % 24.4 % 23.8 % Licensee C 45.9 % 35.0 % 45.7 % 36.6 % Total 85.5 % 77.7 % 87.5 % 60.4 % *Less than 10% |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured on Recurring Basis | The following table sets forth our financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements as of March 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury bills ($18,946 included in cash and cash equivalents) $ 139,072 $ 139,072 $ — $ — U.S. government agency bonds 57,330 — 57,330 — Commercial paper ($1,811 included in cash and cash equivalents) 43,886 — 43,886 — Money market fund investments (included in cash and cash equivalents) 31,987 31,987 — — Corporate debt securities 18,715 — 18,715 — Total fair value of assets $ 290,990 $ 171,059 $ 119,931 $ — Liabilities: MSKCC success payments liability $ 1,396 $ — $ — $ 1,396 Total fair value of liabilities $ 1,396 $ — $ — $ 1,396 Fair Value Measurements as of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Commercial paper ($26,669 included in cash and cash equivalents) $ 96,899 $ — $ 96,899 $ — U.S. Treasury bills 91,966 91,966 — — U.S. government agency bonds ($3,976 included in cash and cash equivalents) 63,659 — 63,659 — Corporate debt securities 36,819 — 36,819 — Money market fund investments (included in cash and cash equivalents) 27,693 27,693 — — Total fair value of assets $ 317,036 $ 119,659 $ 197,377 $ — Liabilities: MSKCC success payments liability $ 1,651 $ — $ — $ 1,651 Total fair value of liabilities $ 1,651 $ — $ — $ 1,651 |
Schedule of Fair Value and Amortized Cost of Cash Equivalents and Available-for-Sale Marketable Securities | The fair value and amortized cost of cash equivalents and available-for-sale marketable securities by major security type as of March 31, 2023 and December 31, 2022 are presented in the following tables (in thousands): As of March 31, 2023 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value U.S. Treasury bills ($18,946 included in cash and cash equivalents) $ 139,537 $ 65 $ (530) $ 139,072 U.S. government agency bonds 57,475 53 (198) 57,330 Commercial paper ($1,811 included in cash and cash equivalents) 43,950 4 (68) 43,886 Money market investments (included in cash equivalents) 31,987 — — 31,987 Corporate debt securities 18,772 4 (61) 18,715 Total cash equivalents and marketable securities $ 291,721 $ 126 $ (857) $ 290,990 Classified as: Cash and cash equivalents $ 52,744 Marketable securities, short-term 175,794 Marketable securities, long-term 62,452 Total cash equivalents and marketable securities $ 290,990 As of December 31, 2022 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value Commercial paper ($26,669 included in cash equivalents) $ 97,024 $ 6 $ (131) $ 96,899 U.S. Treasury bills 92,910 1 (945) 91,966 U.S. government agency bonds ($3,976 included in cash and cash equivalents) 63,926 25 (292) 63,659 Corporate debt securities 37,002 — (183) 36,819 Money market investments (included in cash equivalents) 27,693 — — 27,693 Total cash equivalents and marketable securities $ 318,555 $ 32 $ (1,551) $ 317,036 Classified as: Cash and cash equivalents $ 58,338 Marketable securities, short-term 189,325 Marketable securities, long-term 69,373 Total cash equivalents and marketable securities $ 317,036 |
Schedule of Change in Fair Value of Financial Liability | The following table sets forth a summary of the changes in the fair value of our Level 3 financial liability (in thousands): MSKCC Success Payments Balance at December 31, 2022 $ 1,651 Change in fair value (255) Balance at March 31, 2023 $ 1,396 |
Schedule of Assumptions Used in Valuation of MSKCC Success Payments Liability | The table below summarizes key assumptions used in the valuation of MSKCC success payments liability: As of Fair value of common stock $ 6.28 Risk-free interest rate 3.88% Expected volatility 79% Probability of achieving multiple of Initial Share Price 3.0% to 10.6% Expected term (years) 4.6 to 6.0 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table is a summary of revenue by geographic location for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 United States $ 3,385 $ 2,612 Rest of world 117 52 Total $ 3,502 $ 2,664 |
Schedule of Changes in Company's Contract Assets and Liabilities | The following table presents changes in our contract assets and liabilities during the three months ended March 31, 2023 (in thousands): Balance as of Additions Deductions Balance as of Accounts receivable $ 202 $ 3,003 $ (1,672) $ 1,533 Contract assets: Unbilled accounts receivable $ 2,247 $ 1,618 $ (2,226) $ 1,639 Contract liabilities: Deferred revenue, current and long-term $ 25,891 $ 1,246 $ (2,343) $ 24,794 |
Balance Sheet Items (Tables)
Balance Sheet Items (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Receivables | Other receivables consisted of the following (in thousands): March 31, December 31, Patent cost reimbursements $ 1,338 $ 1,638 Accrued interest on marketable securities 332 570 Other — 7 Total $ 1,670 $ 2,215 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid contract manufacturing and clinical costs $ 3,538 $ 4,803 Prepaid insurance 907 1,568 Prepaid income taxes 431 431 Other 1,234 1,119 Total $ 6,110 $ 7,921 |
Schedule of Property and Equipment | Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Lab equipment $ 13,553 $ 12,588 Leasehold improvements 1,933 1,876 Computer equipment 754 709 Furniture and equipment 161 161 Construction in progress 2,454 993 Total property and equipment, gross 18,855 16,327 Less: accumulated depreciation and amortization (6,209) (5,649) Property and equipment, net $ 12,646 $ 10,678 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued employee compensation and related expenses $ 3,220 $ 5,752 Accrued research and development expenses 6,183 6,731 Accrued patent expenses 828 1,331 Accrued expenses related to sublicensing revenues 656 596 Other 1,657 1,669 Total $ 12,544 $ 16,079 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Components Lease Cost | The components of lease costs, which are included in our statements of operations and comprehensive loss, were as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost (1) $ 1,884 $ 1,799 Short-term lease cost 63 63 Total lease cost $ 1,947 $ 1,862 (1) Includes $0.6 million and $0.5 million of variable lease cost related to operating expenses and taxes for the three months ended March 31, 2023 and 2022, respectively. |
Schedule Of Supplemental Information Related To Leases | Supplemental information related to our leases was as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,093 $ 871 The weighted-average remaining lease term and the weighted-average discount rate for our laboratory and office leases were as follows: March 31, December 31, Weighted-average remaining lease term (years) 8.1 8.3 Weighted-average discount rate 11.3 % 11.3 % |
Summary of Future Minimum Lease Payment Under Leases | The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of March 31, 2023 (in thousands): Remainder of 2023 (1) $ 2,241 2024 (2) 3,883 2025 4,474 2026 5,720 2027 5,922 Thereafter 22,115 Total undiscounted lease payments 44,355 Less: imputed interest (16,932) Total discounted lease payments 27,423 Less: current portion of lease liability (1,022) Noncurrent portion of lease liability $ 26,401 (1) Reflects an offset of $1.1 million related to incentives expected to be received in 2023. (2) Reflects an offset of $0.6 million related to incentives expected to be received in 2024. |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following: As of As of Stock options, issued and outstanding 9,102,960 6,733,074 Stock options, authorized for future issuance 6,495,096 5,833,979 Stock available under our employee stock purchase plan 1,584,538 1,044,518 Unvested restricted stock units and performance-based restricted stock units 236,169 256,146 17,418,763 13,867,717 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes stock option activity under our equity incentive plans during the three months ended March 31, 2023: Stock Options Weighted- Weighted- Aggregate Outstanding at December 31, 2022 6,733,074 $ 9.01 8.2 $ 8,203 Options granted 2,536,340 6.06 Options exercised (40,433) 2.84 Options cancelled or forfeited (126,021) 10.12 Outstanding at March 31, 2023 9,102,960 $ 8.20 8.5 $ 4,824 Exercisable at March 31, 2023 3,019,066 $ 7.30 7.2 $ 3,551 Vested and expected to vest at March 31, 2023 9,102,960 $ 8.20 8.5 $ 4,824 *The aggregate intrinsic value is calculated as the difference between the stock option exercise price and the estimated fair value of the underlying common stock at the end of each reporting period referenced above. |
Schedule of Estimated Fair Value of Stock Options on the Grant Date Using Black-Scholes Option-Pricing Model | We estimated the fair value of each employee and non-employee stock option award on the grant date using the Black-Scholes option-pricing model based on the following assumptions: Three Months Ended March 31, 2023 2022 Volatility 74.9% to 75.0% 71.7% to 72.0% Expected term (in years) 5.0 to 6.0 5.5 to 6.0 Risk-free interest rate 3.5% to 4.1% 1.7% to 2.3% Expected dividend yield 0.0% 0.0% |
Schedule of Restricted Stock Units Activity (RSUs) | A summary of the status of and change in unvested RSUs and PSUs as of March 31, 2023 was as follows: Number of Shares Underlying Outstanding RSUs and PSUs Weighted-Average Grant Date Fair Value per RSU and PSU Unvested, January 1, 2023 256,146 $ 10.07 Vested (15,000) 10.64 Forfeited (4,977) 9.90 Unvested, March 31, 2023 236,169 $ 10.04 |
Schedule of Stock-Based Compensation Expenses Recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss | We recorded stock-based compensation expense related to employee and non-employee equity-based awards grants in our condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 1,310 $ 1,100 General and administrative 1,821 1,924 Total $ 3,131 $ 3,024 |
Schedule of Stock-Based Compensation Expense Related to Equity-Based Awards | The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2023 2022 Stock options $ 2,798 $ 2,930 ESPP 142 63 RSUs 191 31 Total $ 3,131 $ 3,024 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended 2023 2022 Numerator: Net loss $ (28,044) $ (19,088) Denominator: Weighted-average common shares outstanding used to compute net loss per share, basic and diluted 61,186,514 60,546,170 Net loss per share, basic and diluted $ (0.46) $ (0.32) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Because we were in a net loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods, as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of As of Stock options outstanding 9,102,960 6,286,542 RSUs and PSUs issued and outstanding 236,169 60,000 Shares committed under ESPP 149,350 51,687 9,488,479 6,398,229 |
Description of the Business, _2
Description of the Business, Organization, and Liquidity - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) subsidiary | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 225,259 | $ 197,215 | |
Net loss | (28,044) | $ (19,088) | |
Cash generated in operating activities | (27,939) | $ (21,673) | |
Cash, cash equivalents and short term marketable securities | $ 291,000 | ||
Number of Subsidiaries | subsidiary | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Accounting Policies [Abstract] | ||
Number of operating segment | 1 | |
Number of reportable segment | 1 | |
Allowance for doubtful accounts | $ | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Concentration of Credit Risk and other Uncertainties (Details) - Customer Concentration Risk | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue Benchmark | Major Customers | |||
Concentration Risk [Line Items] | |||
Total | 85.50% | 77.70% | |
Revenue Benchmark | Licensee A | |||
Concentration Risk [Line Items] | |||
Total | 17.60% | 23.10% | |
Revenue Benchmark | Licensee B | |||
Concentration Risk [Line Items] | |||
Total | 22% | 19.60% | |
Revenue Benchmark | Licensee C | |||
Concentration Risk [Line Items] | |||
Total | 45.90% | 35% | |
Accounts Receivable | Major Customers | |||
Concentration Risk [Line Items] | |||
Total | 87.50% | 60.40% | |
Accounts Receivable | Licensee A | |||
Concentration Risk [Line Items] | |||
Total | 17.40% | ||
Accounts Receivable | Licensee B | |||
Concentration Risk [Line Items] | |||
Total | 24.40% | 23.80% | |
Accounts Receivable | Licensee C | |||
Concentration Risk [Line Items] | |||
Total | 45.70% | 36.60% |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Liabilities: | |||
Cash and cash equivalents | $ 52,744 | $ 58,338 | $ 147,630 |
Available-for-sale marketable securities and cash and cash equivalents, Amortized Cost Basis | 291,721 | ||
Unrealized Gains | 126 | 32 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (857) | (1,551) | |
Available-for-sale marketable securities and cash and cash equivalents, Estimated Fair Value | 290,990 | 317,036 | |
U.S. Government Agency Bonds | |||
Liabilities: | |||
Available-for-sale marketable securities and cash and cash equivalents, Amortized Cost Basis | 63,926 | ||
Unrealized Gains | 53 | 25 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (198) | (292) | |
Available-for-sale marketable securities and cash and cash equivalents, Estimated Fair Value | 63,659 | ||
U.S. government agency bonds | |||
Liabilities: | |||
Cash and cash equivalents | 3,976 | ||
Commercial paper | |||
Liabilities: | |||
Cash and cash equivalents | 1,811 | 26,669 | |
Fair Value, Recurring | |||
Assets: | |||
Assets fair value | 290,990 | 317,036 | |
Liabilities: | |||
Liabilities fair value | 1,396 | 1,651 | |
Fair Value, Recurring | US Treasury bills | |||
Assets: | |||
Assets fair value | 139,072 | 91,966 | |
Fair Value, Recurring | U.S. government agency bonds | |||
Assets: | |||
Assets fair value | 57,330 | 63,659 | |
Fair Value, Recurring | Commercial paper | |||
Assets: | |||
Assets fair value | 43,886 | 96,899 | |
Fair Value, Recurring | Money market fund investments (included in cash and cash equivalents) | |||
Assets: | |||
Assets fair value | 31,987 | 27,693 | |
Fair Value, Recurring | Corporate debt securities | |||
Assets: | |||
Assets fair value | 18,715 | 36,819 | |
Fair Value, Recurring | MSKCC success payments liability | |||
Liabilities: | |||
Liabilities fair value | 1,396 | 1,651 | |
Fair Value, Recurring | Level 1 | |||
Assets: | |||
Assets fair value | 171,059 | 119,659 | |
Liabilities: | |||
Liabilities fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | US Treasury bills | |||
Assets: | |||
Assets fair value | 139,072 | 91,966 | |
Fair Value, Recurring | Level 1 | U.S. government agency bonds | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | Commercial paper | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | Money market fund investments (included in cash and cash equivalents) | |||
Assets: | |||
Assets fair value | 31,987 | 27,693 | |
Fair Value, Recurring | Level 1 | Corporate debt securities | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 1 | MSKCC success payments liability | |||
Liabilities: | |||
Liabilities fair value | 0 | 0 | |
Fair Value, Recurring | Level 2 | |||
Assets: | |||
Assets fair value | 119,931 | 197,377 | |
Liabilities: | |||
Liabilities fair value | 0 | 0 | |
Fair Value, Recurring | Level 2 | US Treasury bills | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 2 | U.S. government agency bonds | |||
Assets: | |||
Assets fair value | 57,330 | 63,659 | |
Fair Value, Recurring | Level 2 | Commercial paper | |||
Assets: | |||
Assets fair value | 43,886 | 96,899 | |
Fair Value, Recurring | Level 2 | Money market fund investments (included in cash and cash equivalents) | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 2 | Corporate debt securities | |||
Assets: | |||
Assets fair value | 18,715 | 36,819 | |
Fair Value, Recurring | Level 2 | MSKCC success payments liability | |||
Liabilities: | |||
Liabilities fair value | 0 | 0 | |
Fair Value, Recurring | Level 3 | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Liabilities: | |||
Liabilities fair value | 1,396 | 1,651 | |
Fair Value, Recurring | Level 3 | US Treasury bills | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 3 | U.S. government agency bonds | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 3 | Commercial paper | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 3 | Money market fund investments (included in cash and cash equivalents) | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 3 | Corporate debt securities | |||
Assets: | |||
Assets fair value | 0 | 0 | |
Fair Value, Recurring | Level 3 | MSKCC success payments liability | |||
Liabilities: | |||
Liabilities fair value | $ 1,396 | $ 1,651 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Fair Value and Amortized Cost of Cash Equivalents and Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | |||
Available-for-sale marketable securities and cash and cash equivalents, Amortized Cost Basis | $ 291,721 | ||
Available-for-sale marketable securities, Amortized Cost Basis | $ 318,555 | ||
Cash and cash equivalents, Amortized Cost Basis | 52,744 | 58,338 | $ 147,630 |
Unrealized Gains | 126 | 32 | |
Unrealized Losses | (857) | (1,551) | |
Available-for-sale marketable securities and cash and cash equivalents, Estimated Fair Value | 290,990 | 317,036 | |
Available-for-sale marketable securities, Estimated Fair Value | 317,036 | ||
Marketable securities, short-term | 175,794 | 189,325 | |
Marketable securities, long-term | 62,452 | 69,373 | |
Commercial paper | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Cash and cash equivalents, Amortized Cost Basis | 1,811 | 26,669 | |
Money market fund investments (included in cash and cash equivalents) | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Cash and cash equivalents, Amortized Cost Basis | 31,987 | 27,693 | |
Cash and cash equivalents, Estimated Fair Value | 31,987 | 27,693 | |
US Treasury bills | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Available-for-sale marketable securities and cash and cash equivalents, Amortized Cost Basis | 139,537 | ||
Available-for-sale marketable securities, Amortized Cost Basis | 92,910 | ||
Cash and cash equivalents, Amortized Cost Basis | 18,946 | ||
Unrealized Gains | 65 | 1 | |
Unrealized Losses | (530) | (945) | |
Available-for-sale marketable securities and cash and cash equivalents, Estimated Fair Value | 139,072 | ||
Available-for-sale marketable securities, Estimated Fair Value | 91,966 | ||
U.S. Government Agency Bonds | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Available-for-sale marketable securities and cash and cash equivalents, Amortized Cost Basis | 63,926 | ||
Available-for-sale marketable securities, Amortized Cost Basis | 57,475 | ||
Unrealized Gains | 53 | 25 | |
Unrealized Losses | (198) | (292) | |
Available-for-sale marketable securities and cash and cash equivalents, Estimated Fair Value | 63,659 | ||
Available-for-sale marketable securities, Estimated Fair Value | 57,330 | ||
Commercial paper | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Available-for-sale marketable securities and cash and cash equivalents, Amortized Cost Basis | 43,950 | 97,024 | |
Unrealized Gains | 4 | 6 | |
Unrealized Losses | (68) | (131) | |
Available-for-sale marketable securities and cash and cash equivalents, Estimated Fair Value | 43,886 | 96,899 | |
Corporate debt securities | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Available-for-sale marketable securities, Amortized Cost Basis | 18,772 | 37,002 | |
Unrealized Gains | 4 | 0 | |
Unrealized Losses | (61) | (183) | |
Available-for-sale marketable securities, Estimated Fair Value | $ 18,715 | $ 36,819 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Change in Fair Value of Financial Liability (Details) - MSKCC success payments liability - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Change in fair value | $ 300 | $ 1,600 |
Level 3 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at December 31, 2022 | 1,651 | |
Change in fair value | (255) | |
Balance at March 31, 2023 | $ 1,396 |
Fair Value Measurements and F_6
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
MSKCC success payments liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Change in fair value | $ 0.3 | $ 1.6 |
Fair Value Measurements and F_7
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Assumptions Used in Valuation of MSKCC Success Payments Liability (Details) | 12 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2023 | |
Fair value of common stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Success payment liability interest | 6.28 | 5.31 |
Risk-free interest rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Success payment liability interest | 0.000388 | |
Expected volatility | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Success payment liability interest | 0.0079 | |
Probability of achieving multiple of Initial Share Price | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Success payment liability interest | 0.030 | |
Probability of achieving multiple of Initial Share Price | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Success payment liability interest | 0.106 | |
Expected term (years) | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Success payment liability assumptions term | 4 years 7 months 6 days | |
Expected term (years) | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Success payment liability assumptions term | 6 years |
Significant Agreements - Additi
Significant Agreements - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Deferred revenue, current | $ 10,883,000 | $ 9,937,000 | ||
Deferred revenue, net of current portion | 13,911,000 | 15,954,000 | ||
Accounts receivable | 1,533,000 | 202,000 | ||
Contract assets | 1,639,000 | 2,247,000 | ||
Research and development | 25,709,000 | $ 13,924,000 | ||
General and administrative | 8,909,000 | 9,593,000 | ||
Collaboration and License Agreement with AbbVie | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Upfront cash payment received | $ 30,000,000 | |||
Deferred revenue, net of current portion | 10,400,000 | |||
Deferred revenue, net of current portion | 11,300,000 | |||
Deferred revenue, current | 9,400,000 | |||
Deferred revenue, net of current portion | 13,300,000 | |||
Revenues | 1,600,000 | 900,000 | ||
Accounts receivable | 900,000 | 0 | ||
Contract assets | 600,000 | $ 900,000 | ||
Intellia Therapeutics, Inc. | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Future payments for milestones | 161,200,000 | |||
Intellia Therapeutics, Inc. | Patents | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Reduction in general and administrative expenses | 400,000 | 1,400,000 | ||
Intellia Therapeutics, Inc. | Research and development | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research and development | 400,000 | 300,000 | ||
Intellia Therapeutics, Inc. | General and administrative | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
General and administrative | $ 800,000 | $ 2,600,000 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Licensing and collaboration revenue | $ 3,502 | $ 2,664 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Licensing and collaboration revenue | 3,385 | 2,612 |
Rest of world | ||
Disaggregation Of Revenue [Line Items] | ||
Licensing and collaboration revenue | $ 117 | $ 52 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Increase in unbilled accounts receivable | $ (607) | $ 6 |
Revenue recognized included in the opening contract liabilities balance | 1,100 | 600 |
Transaction price allocated to the remaining performance obligations | 38,300 | |
Point in Time | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue recognized, performance obligation, amount | 1,900 | 1,700 |
Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue recognized, performance obligation, amount | $ 1,600 | $ 900 |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Company's Contract Assets and Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounts receivable | |
Accounts receivable, Beginning Balance | $ 202 |
Accounts receivable, Additions | 3,003 |
Accounts receivable, Deductions | (1,672) |
Accounts receivable, Ending Balance | 1,533 |
Contract assets: | |
Unbilled accounts receivable, Beginning Balance | 2,247 |
Unbilled accounts receivable, Additions | 1,618 |
Unbilled accounts receivable, Deductions | (2,226) |
Unbilled accounts receivable, Ending Balance | 1,639 |
Contract liabilities: | |
Deferred revenue, current and long-term, Beginning Balance | 25,891 |
Deferred revenue, current and long-term, Additions | 1,246 |
Deferred revenue, current and long-term, Deductions | (2,343) |
Deferred revenue, current and long-term, Ending Balance | $ 24,794 |
Revenue - Additional Informat_2
Revenue - Additional Information (Details1) $ in Millions | Mar. 31, 2023 USD ($) |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligations | $ 38.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligations | $ 10.9 |
Remaining performance obligation, expected timing of satisfaction, period | 12 months |
Balance Sheet Items - Schedule
Balance Sheet Items - Schedule of Other Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Patent cost reimbursements | $ 1,338 | $ 1,638 |
Accrued interest on marketable securities | 332 | 570 |
Other | 0 | 7 |
Total | $ 1,670 | $ 2,215 |
Balance Sheet Items - Schedul_2
Balance Sheet Items - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid contract manufacturing and clinical costs | $ 3,538 | $ 4,803 |
Prepaid insurance | 907 | 1,568 |
Prepaid income taxes | 431 | 431 |
Other | 1,234 | 1,119 |
Total | $ 6,110 | $ 7,921 |
Balance Sheet Items - Schedul_3
Balance Sheet Items - Schedule of Property And Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 18,855 | $ 16,327 |
Less: accumulated depreciation and amortization | (6,209) | (5,649) |
Property and equipment, net | 12,646 | 10,678 |
Lab equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 13,553 | 12,588 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,933 | 1,876 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 754 | 709 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 161 | 161 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 2,454 | $ 993 |
Balance Sheet Items - Additiona
Balance Sheet Items - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation and amortization expense related to property and equipment | $ 0.6 | $ 0.3 |
Balance Sheet Items - Summary o
Balance Sheet Items - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued employee compensation and related expenses | $ 3,220 | $ 5,752 |
Accrued research and development expenses | 6,183 | 6,731 |
Accrued patent expenses | 828 | 1,331 |
Accrued expenses related to sublicensing revenues | 656 | 596 |
Other | 1,657 | 1,669 |
Total | $ 12,544 | $ 16,079 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | May 15, 2020 | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | |||
Carrying value of investment | $ 7,683 | $ 7,698 | |
Convertible Preferred Stock | Private Company License Agreement | |||
Related Party Transaction [Line Items] | |||
Convertible preferred stock issued (in shares) | 7,500,000 | ||
Fair value of convertible preferred stock | $ 7,500 | ||
Carrying value of investment | $ 7,500 | $ 7,500 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2023 ft² |
Commitments and Contingencies Disclosure [Abstract] | |
Are of real estate property | 75,000 |
Remaining lease term (in years) | 9 years 3 months 18 days |
Lease renewal term (in years) | 5 years |
Leases - Schedule Of Components
Leases - Schedule Of Components Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 1,884 | $ 1,799 |
Short-term lease cost | 63 | 63 |
Total lease cost | 1,947 | 1,862 |
Variable lease cost | $ 600 | $ 500 |
Leases - Schedule Of Supplement
Leases - Schedule Of Supplemental Information Related To Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating cash flows from operating leases | $ 1,093 | $ 871 | |
Operating lease, weighted average remaining lease term | 8 years 1 month 6 days | 8 years 3 months 18 days | |
Operating lease, weighted average discount rate, percent | 11.30% | 11.30% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Commitments Under Lease Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2023 | $ 2,241 | |
2024 | 3,883 | |
2025 | 4,474 | |
2026 | 5,720 | |
2027 | 5,922 | |
Thereafter | 22,115 | |
Total undiscounted lease payments | 44,355 | |
Less: imputed interest | (16,932) | |
Total discounted lease payments | 27,423 | |
Less: current portion of lease liability | (1,022) | $ (966) |
Lease liabilities, non-current | 26,401 | $ 26,780 |
Expected incentive offset in first year | 1,100 | |
Expected incentive offset in second year | $ 600 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Aug. 09, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 17,418,763 | 13,867,717 | |
Authorized amount under shelf registration | $ 400 | ||
At The Market ATM Offering | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate offering price (up to) | $ 1 | ||
Common stock shares sold (in shares) | 168,635 | ||
Public offering price (in dollars per share) | $ 7.32 | ||
Aggregate gross proceeds | $ 1.2 | ||
At The Market ATM Offering | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate offering price (up to) | $ 100 | ||
Stock options, issued and outstanding | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 9,102,960 | 6,733,074 | |
Stock options, authorized for future issuance | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 6,495,096 | 5,833,979 | |
Stock available under our employee stock purchase plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 1,584,538 | 1,044,518 | |
Unvested restricted stock units and performance-based restricted stock units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 236,169 | 256,146 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 20 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock reserved for future issuance (in shares) | 17,418,763 | 17,418,763 | 13,867,717 | |
Stock options granted during period (in shares) | 2,536,340 | |||
Unrecognized stock based-compensation expenses | $ 34,200 | $ 34,200 | ||
Weighted-average period | 2 years 10 months 24 days | |||
Accrued liabilities | $ 100 | $ 100 | ||
Stock-based compensation expense | $ 3,131 | $ 3,024 | ||
Employee | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted during period (in shares) | 2,536,340 | 339,030 | ||
Stock-based compensation expense | $ 3,100 | $ 2,900 | ||
Non-Employee | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 100 | ||
Employee and Non-Employee | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted average grant date fair value (in dollars per share) | $ 4.13 | $ 6.68 | ||
2021 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock reserved for future issuance (in shares) | 6,495,096 | 6,495,096 | ||
ESPP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Issuance of common stock in connection with at-the-market offering, net of offering expenses (in shares) | 139,384 | |||
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average period | 1 year 8 months 12 days | |||
Unrecognized stock-based compensation expense | $ 900 | $ 900 | ||
Stock-based compensation expense | 191 | $ 31 | ||
Performance Restricted Stock Units (PRSU) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 600 | $ 600 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Stock Options | ||
Outstanding, Beginning Balance (in shares) | 6,733,074 | |
Granted (in shares) | 2,536,340 | |
Exercised (in shares) | (40,433) | |
Cancelled or forfeited (in shares) | (126,021) | |
Outstanding, Ending Balance (in shares) | 9,102,960 | 6,733,074 |
Exercisable (in shares) | 3,019,066 | |
Vested and expected to vest (in shares) | 9,102,960 | |
Weighted- Average Exercise Price | ||
Outstanding, Beginning Balance (in dollars per share) | $ 9.01 | |
Granted (in dollars per share) | 6.06 | |
Exercised (in dollars per share) | 2.84 | |
Cancelled or forfeited (in dollars per share) | 10.12 | |
Outstanding, Ending Balance (in dollars per share) | 8.20 | $ 9.01 |
Exercisable (in dollars per share) | 7.30 | |
Vested and expected to vest (in dollars per share) | $ 8.20 | |
Weighted- Average Remaining Contractual Term (years) | ||
Outstanding (in years) | 8 years 6 months | 8 years 2 months 12 days |
Exercisable (in years) | 7 years 2 months 12 days | |
Vested and expected to vest (in years) | 8 years 6 months | |
Aggregate Intrinsic Value | ||
Outstanding | $ 4,824 | $ 8,203 |
Exercisable | 3,551 | |
Vested and expected to vest | $ 4,824 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Estimated Fair Value of Stock Options on the Grant Date Using Black-Scholes Option-Pricing Model (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend yield | 0% | 0% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility | 74.90% | 71.70% |
Expected term (in years) | 5 years | 5 years 6 months |
Risk-free interest rate | 3.50% | 1.70% |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility | 75% | 72% |
Expected term (in years) | 6 years | 6 years |
Risk-free interest rate | 4.10% | 2.30% |
Stock Based Compensation - Sc_3
Stock Based Compensation - Schedule of Restricted Stock Units Activity (RSUs) (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of Shares Underlying Outstanding RSUs and PSUs | |
Vested (in shares) | shares | (15,000) |
Weighted-Average Grant Date Fair Value per RSU and PSU | |
Vested, Weighted-Average Grant Date Fair Value per RSU and PRSU (in dollars per share) | $ / shares | $ 10.64 |
Restricted Stock Units RSU and Performance-Based RSUs | |
Number of Shares Underlying Outstanding RSUs and PSUs | |
Unvested, Beginning Balance (in shares) | shares | 256,146 |
Forfeited (in shares) | shares | (4,977) |
Unvested, Ending Balance (in shares) | shares | 236,169 |
Weighted-Average Grant Date Fair Value per RSU and PSU | |
Unvested, Weighted-Average Grant Date Fair Value per RSU, Beginning Balance (in dollars per share) | $ / shares | $ 10.07 |
Forfeited, Weighted-Average Grant Date Fair Value per RSU and PRSU (in dollars per share) | $ / shares | 9.90 |
Unvested, Weighted-Average Grant Date Fair Value per RSU, Ending Balance (in dollars per share) | $ / shares | $ 10.04 |
Stock Based Compensation - Sc_4
Stock Based Compensation - Schedule of Stock Option Expenses Related to Employee and Non-Employee Stock Options Granted (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | $ 3,131 | $ 3,024 |
Research and development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 1,310 | 1,100 |
General and administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | $ 1,821 | $ 1,924 |
Stock Based Compensation - Sc_5
Stock Based Compensation - Schedule of Stock-based Compensation Expense Related to Equity-Based Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | $ 3,131 | $ 3,024 |
Stock options | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 2,798 | 2,930 |
ESPP | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 142 | 63 |
RSUs | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | $ 191 | $ 31 |
401(k) Savings Plan - Additiona
401(k) Savings Plan - Additional Information (Details) - 2017 Plan - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution plan, Employer matching contribution percent of match | 4% | |
Employer contribution | $ 0.3 | $ 0.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 0 | $ 0 |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss | $ (28,044) | $ (19,088) |
Denominator: | ||
Weighted-average common shares outstanding, basic (in shares) | 61,186,514 | 60,546,170 |
Weighted-average common shares outstanding, diluted (in shares) | 61,186,514 | 60,546,170 |
Net loss per share, basic (in dollars per share) | $ (0.46) | $ (0.32) |
Net loss per share, diluted (in dollars per share) | $ (0.46) | $ (0.32) |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of the Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 9,488,479 | 6,398,229 |
Restricted Stock Units RSU and Performance-Based RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 236,169 | 60,000 |
Stock options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 9,102,960 | 6,286,542 |
Shares Committed Under ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 149,350 | 51,687 |