Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-37687 | |
Entity Registrant Name | EDITAS MEDICINE, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4097528 | |
Entity Address, Address Line One | 11 Hurley Street | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02141 | |
City Area Code | 617 | |
Local Phone Number | 401-9000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | EDIT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,398,540 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001650664 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 259,884 | $ 139,682 |
Marketable securities | 297,957 | 262,428 |
Accounts receivable | 251 | 6,048 |
Prepaid expenses and other current assets | 9,516 | 10,929 |
Total current assets | 567,608 | 419,087 |
Marketable securities | 99,198 | 109,664 |
Property and equipment, net | 15,631 | 14,020 |
Right-of-use assets | 27,801 | 25,128 |
Restricted cash and other non-current assets | 6,781 | 4,703 |
Total assets | 717,019 | 572,602 |
Current liabilities: | ||
Accounts payable | 3,402 | 6,408 |
Accrued expenses | 14,575 | 24,046 |
Deferred revenue, current | 22,667 | 20,943 |
Operating lease liabilities | 10,263 | 6,811 |
Total current liabilities | 50,907 | 58,208 |
Operating lease liabilities, net of current portion | 18,430 | 19,324 |
Deferred revenue, net of current portion | 60,888 | 73,984 |
Other non-current liabilities | 27,500 | |
Total liabilities | 130,225 | 179,016 |
Stockholders' equity | ||
Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.0001 par value per share: 195,000,000 shares authorized; 68,392,659 and 62,689,457 shares issued, and 68,320,659 and 62,563,457 shares outstanding at September 30, 2021 and December 31, 2020, respectively | 7 | 6 |
Additional paid-in capital | 1,403,114 | 1,058,823 |
Accumulated other comprehensive loss | (64) | (46) |
Accumulated deficit | (816,263) | (665,197) |
Total stockholders' equity | 586,794 | 393,586 |
Total liabilities and stockholders' equity | $ 717,019 | $ 572,602 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 195,000,000 | 195,000,000 |
Common stock, shares issued | 68,392,659 | 62,689,457 |
Common stock, shares outstanding | 68,320,659 | 62,563,457 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Consolidated Statement of Operations | ||||
Collaboration and other research and development revenues | $ 6,197 | $ 62,841 | $ 13,075 | $ 79,313 |
Revenue type | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Operating expenses: | ||||
Research and development | $ 29,265 | $ 33,916 | $ 104,954 | $ 96,492 |
General and administrative | 16,185 | 19,936 | 59,657 | 51,789 |
Total operating expenses | 45,450 | 53,852 | 164,611 | 148,281 |
Operating (loss) income | (39,253) | 8,989 | (151,536) | (68,968) |
Other income (expense), net: | ||||
Other income (expense), net | 19 | (1,396) | 38 | 13,114 |
Interest income, net | 152 | 226 | 432 | 2,377 |
Total other income (expense), net | 171 | (1,170) | 470 | 15,491 |
Net (loss) income | $ (39,082) | $ 7,819 | $ (151,066) | $ (53,477) |
Net (loss) income per share, basic (in dollars per share) | $ (0.57) | $ 0.13 | $ (2.24) | $ (0.93) |
Net (loss) income per share, diluted (in dollars per share) | $ (0.57) | $ 0.12 | $ (2.24) | $ (0.93) |
Weighted-average common shares outstanding, basic (in shares) | 68,219,742 | 62,144,118 | 67,371,246 | 57,377,581 |
Weighted-average common shares outstanding, diluted (in shares) | 68,219,742 | 62,697,173 | 67,371,246 | 57,377,581 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Consolidated Statements of Comprehensive (Loss) Income | ||||
Net (loss) income | $ (39,082) | $ 7,819 | $ (151,066) | $ (53,477) |
Other comprehensive (loss) income: | ||||
Unrealized gain (loss) on marketable debt securities | 7 | (231) | (18) | (155) |
Comprehensive (loss) income | $ (39,075) | $ 7,588 | $ (151,084) | $ (53,632) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Balance, beginning of period at Dec. 31, 2019 | $ 5 | $ 811,546 | $ (549,221) | $ 107 | $ 262,437 |
Balance, beginning of period (in shares) at Dec. 31, 2019 | 54,355,798 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Exercise of stock options | 3,047 | 3,047 | |||
Exercise of stock options (in shares) | 233,208 | ||||
Stock-based compensation expense | 6,220 | 6,220 | |||
Vesting of restricted common stock awards (in shares) | 213,393 | ||||
Unrealized gain (loss) on marketable debt securities | 587 | 587 | |||
Net income (loss) | (37,724) | (37,724) | |||
Balance, end of period at Mar. 31, 2020 | $ 5 | 820,813 | (586,945) | 694 | 234,567 |
Balance, end of period (in shares) at Mar. 31, 2020 | 54,802,399 | ||||
Balance, beginning of period at Dec. 31, 2019 | $ 5 | 811,546 | (549,221) | 107 | 262,437 |
Balance, beginning of period (in shares) at Dec. 31, 2019 | 54,355,798 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Net income (loss) | (53,477) | ||||
Balance, end of period at Sep. 30, 2020 | $ 6 | 1,043,892 | (602,698) | (48) | 441,152 |
Balance, end of period (in shares) at Sep. 30, 2020 | 62,187,700 | ||||
Balance, beginning of period at Mar. 31, 2020 | $ 5 | 820,813 | (586,945) | 694 | 234,567 |
Balance, beginning of period (in shares) at Mar. 31, 2020 | 54,802,399 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Issuance of common stock for public offering | $ 1 | 203,681 | 203,682 | ||
Issuance of common stock for public offering (in shares) | 6,900,000 | ||||
Exercise of stock options | 6,839 | 6,839 | |||
Exercise of stock options (in shares) | 355,812 | ||||
Stock-based compensation expense | 5,417 | 5,417 | |||
Vesting of restricted common stock awards (in shares) | 30,194 | ||||
Purchase of common stock under benefit plans | 350 | 350 | |||
Purchase of common stock under benefit plans (in shares) | 15,244 | ||||
Unrealized gain (loss) on marketable debt securities | (511) | (511) | |||
Net income (loss) | (23,572) | (23,572) | |||
Balance, end of period at Jun. 30, 2020 | $ 6 | 1,037,100 | (610,517) | 183 | 426,772 |
Balance, end of period (in shares) at Jun. 30, 2020 | 62,103,649 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Exercise of stock options | 947 | 947 | |||
Exercise of stock options (in shares) | 48,312 | ||||
Stock-based compensation expense | 5,845 | 5,845 | |||
Vesting of restricted common stock awards (in shares) | 35,739 | ||||
Unrealized gain (loss) on marketable debt securities | (231) | (231) | |||
Net income (loss) | 7,819 | 7,819 | |||
Balance, end of period at Sep. 30, 2020 | $ 6 | 1,043,892 | (602,698) | (48) | 441,152 |
Balance, end of period (in shares) at Sep. 30, 2020 | 62,187,700 | ||||
Balance, beginning of period at Dec. 31, 2020 | $ 6 | 1,058,823 | (665,197) | (46) | 393,586 |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 62,563,457 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Issuance of common stock for public offering | $ 1 | 249,458 | 249,459 | ||
Issuance of common stock for public offering (in shares) | 4,025,000 | ||||
Issuance of common stock for success payment | 27,500 | 27,500 | |||
Issuance of common stock for success payment (in shares) | 303,599 | ||||
Exercise of stock options | 12,002 | 12,002 | |||
Exercise of stock options (in shares) | 501,162 | ||||
Stock-based compensation expense | 12,204 | 12,204 | |||
Vesting of restricted common stock awards (in shares) | 79,397 | ||||
Unrealized gain (loss) on marketable debt securities | (27) | (27) | |||
Net income (loss) | (56,728) | (56,728) | |||
Balance, end of period at Mar. 31, 2021 | $ 7 | 1,359,987 | (721,925) | (73) | 637,996 |
Balance, end of period (in shares) at Mar. 31, 2021 | 67,472,615 | ||||
Balance, beginning of period at Dec. 31, 2020 | $ 6 | 1,058,823 | (665,197) | (46) | 393,586 |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 62,563,457 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Net income (loss) | (151,066) | ||||
Balance, end of period at Sep. 30, 2021 | $ 7 | 1,403,114 | (816,263) | (64) | 586,794 |
Balance, end of period (in shares) at Sep. 30, 2021 | 68,320,659 | ||||
Balance, beginning of period at Mar. 31, 2021 | $ 7 | 1,359,987 | (721,925) | (73) | 637,996 |
Balance, beginning of period (in shares) at Mar. 31, 2021 | 67,472,615 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Exercise of stock options | 16,567 | 16,567 | |||
Exercise of stock options (in shares) | 629,973 | ||||
Stock-based compensation expense | 13,526 | 13,526 | |||
Vesting of restricted common stock awards (in shares) | 37,790 | ||||
Purchase of common stock under benefit plans | 526 | 526 | |||
Purchase of common stock under benefit plans (in shares) | 19,408 | ||||
Unrealized gain (loss) on marketable debt securities | 2 | 2 | |||
Net income (loss) | (55,256) | (55,256) | |||
Balance, end of period at Jun. 30, 2021 | $ 7 | 1,390,606 | (777,181) | (71) | 613,361 |
Balance, end of period (in shares) at Jun. 30, 2021 | 68,159,786 | ||||
Statement of Stockholders' Equity (Deficit) | |||||
Exercise of stock options | 2,496 | 2,496 | |||
Exercise of stock options (in shares) | 86,985 | ||||
Stock-based compensation expense | 10,012 | 10,012 | |||
Vesting of restricted common stock awards (in shares) | 73,888 | ||||
Unrealized gain (loss) on marketable debt securities | 7 | 7 | |||
Net income (loss) | (39,082) | (39,082) | |||
Balance, end of period at Sep. 30, 2021 | $ 7 | $ 1,403,114 | $ (816,263) | $ (64) | $ 586,794 |
Balance, end of period (in shares) at Sep. 30, 2021 | 68,320,659 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash flow from operating activities | |||
Net loss | $ (151,066) | $ (53,477) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation expense | 35,742 | 17,483 | |
Depreciation | 3,542 | 2,776 | |
Unrealized gain on corporate equity securities | (13,109) | ||
Other non-cash items, net | 1,332 | (285) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 5,797 | (637) | |
Prepaid expenses and other current assets | 1,414 | (4,181) | |
Right-of-use assets | 7,080 | 2,363 | |
Other non-current assets | (2,077) | 106 | |
Accounts payable | (2,978) | (447) | |
Accrued expenses | (9,439) | (2,391) | |
Deferred revenue | (11,372) | (86,026) | |
Operating lease liabilities | (7,196) | (2,371) | |
Other current and non-current liabilities | 453 | ||
Net cash used in operating activities | (129,221) | (139,743) | |
Cash flow from investing activities | |||
Purchases of property and equipment | (5,132) | (5,786) | |
Proceeds from the sale of equipment | 21 | ||
Purchases of marketable securities | (304,570) | (300,363) | |
Proceeds from maturities of marketable securities | 278,076 | 274,500 | |
Net cash used in investing activities | (31,626) | (31,628) | |
Cash flow from financing activities | |||
Proceeds from offering of common stock, net of issuance costs | 249,458 | 203,839 | |
Proceeds from exercise of stock options | 31,065 | 10,833 | |
Issuance of common stock under benefit plans | 526 | 350 | |
Net cash provided by financing activities | 281,049 | 215,022 | |
Net increase in cash, cash equivalents, and restricted cash | 120,202 | 43,651 | |
Cash, cash equivalents, and restricted cash, beginning of period | 143,559 | 239,802 | $ 239,802 |
Cash, cash equivalents, and restricted cash, end of period | 263,761 | 283,453 | $ 143,559 |
Supplemental disclosure of cash and non-cash activities: | |||
Fixed asset additions included in accounts payable and accrued expenses | 597 | 910 | |
Cash paid in connection with operating lease liabilities | 8,918 | 7,757 | |
Offering costs included in accounts payable and accrued expenses | $ 158 | ||
Right-of-use assets obtained in exchange of operating lease obligations | $ 9,753 |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Nature of Business | |
Nature of Business | 1. Nature of Business Editas Medicine, Inc. (the “Company”) is a leading, clinical stage genome editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. The Company was incorporated in the state of Delaware in September 2013. Its principal offices are in Cambridge, Massachusetts. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital. The Company has primarily financed its operations through various equity financings, payments received under a research collaboration with Juno Therapeutics, a wholly-owned subsidiary of the Bristol Myers Squibb Company (“Juno Therapeutics”), and payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”), which was terminated in August 2020. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and ability to transition from pilot-scale manufacturing to large-scale production of products. Liquidity In May 2021, the Company entered into a common stock sales agreement with Cowen and Company, LLC (“Cowen”), under which the Company from time to time can issue and sell shares of its common stock through Cowen in at-the-market offerings for aggregate gross sale proceeds of up to $300.0 million (the “ATM Facility”). As of September 30, 2021, the Company has not sold any shares of its common stock under the ATM Facility. In January 2021, the Company completed a public offering whereby it sold 3,500,000 shares of its common stock and received net proceeds of approximately $216.9 million. In February 2021, the underwriters in the public offering exercised their option to purchase an additional 525,000 shares, resulting in additional net proceeds to the Company of approximately $32.6 million. The Company has incurred annual net operating losses in every year since its inception. The Company expects that its existing cash, cash equivalents and marketable securities at September 30, 2021 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements well into 2023 . The Company had an accumulated deficit of $816.3 million at September 30, 2021, and will require substantial additional capital to fund its operations. The Company has never generated any product revenue. There can be no assurance that the Company will be able to obtain additional debt or equity financing or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Annual Report”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Editas Securities Corporation. All intercompany transactions and balances of the subsidiary have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The three months ended September 30, 2021 and 2020 are referred to as the third quarter of 2021 and 2020, respectively. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of significant accounting policies,” to the consolidated financial statements included in the Annual Report. There have been no material changes to the significant accounting policies previously disclosed in the Annual Report. |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Cash Equivalents and Marketable Securities | |
Cash Equivalents and Marketable Securities | 3. Cash Equivalents and Marketable Securities Cash equivalents and marketable securities consisted of the following at September 30, 2021 (in thousands): Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair September 30, 2021 Cost Losses Gains Losses Value Cash equivalents and marketable securities: Money market funds $ 259,884 $ — $ — $ — $ 259,884 U.S. Treasuries 109,060 — 4 (15) 109,049 Government agency securities 118,708 — 1 (17) 118,692 Commercial Paper 101,167 — 3 (6) 101,164 Corporate notes/bonds 68,284 — 2 (36) 68,250 Total $ 657,103 $ — $ 10 $ (74) $ 657,039 Cash equivalents and marketable securities consisted of the following at December 31, 2020 (in thousands): Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair December 31, 2020 Cost Losses Gains Losses Value Cash equivalents and marketable securities: Money market funds $ 139,682 $ — $ — $ — $ 139,682 U.S. Treasuries 180,376 — 8 (11) 180,373 Government agency securities 107,665 — — (20) 107,645 Commercial paper 41,912 — — (8) 41,904 Corporate notes/bonds 42,185 — 10 (25) 42,170 Total $ 511,820 $ — $ 18 $ (64) $ 511,774 As of September 30, 2021, the Company did not hold any marketable securities that had been in an unrealized loss position for more than twelve months. Furthermore, the Company has determined that there were no material changes in the credit risk of the debt securities. As of September 30, 2021, the Company holds 29 securities with an aggregate fair value of $99.2 million that had remaining maturities between one There were no realized gains or losses on available-for-sale securities during the nine months ended September 30, 2021 or 2020. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | 4. Fair Value Measurements Assets measured at fair value on a recurring basis as of September 30, 2021 were as follows (in thousands): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable September 30, Identical Assets Inputs Inputs Financial Assets 2021 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 259,884 $ 259,884 $ — $ — Marketable securities: U.S. Treasuries 109,049 109,049 — — Government agency securities 118,692 — 118,692 — Commercial paper 101,164 — 101,164 — Corporate notes/bonds 68,250 — 68,250 — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 660,916 $ 372,810 $ 288,106 $ — Assets measured at fair value on a recurring basis as of December 31, 2020 were as follows (in thousands): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Financial Assets 2020 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 139,682 $ 139,682 $ — $ — Marketable securities: U.S. Treasuries 180,373 180,373 — — Government agency securities 107,645 — 107,645 — Commercial paper 41,904 — 41,904 — Corporate bonds 42,170 — 42,170 — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 515,651 $ 323,932 $ 191,719 $ — |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Expenses | |
Accrued Expenses | 5. Accrued Expenses As of September 30, December 31, 2021 2020 Employee related expenses $ 9,639 $ 5,323 External research and development expenses 2,381 12,820 Intellectual property and patent related fees 1,606 4,240 Professional service expenses 640 533 Other expenses 271 359 Sublicensing expenses 38 771 Total accrued expenses $ 14,575 $ 24,046 |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Sep. 30, 2021 | |
Property and Equipment, net | |
Property and Equipment, net | 6. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): As of September 30, December 31, 2021 2020 Laboratory equipment $ 20,647 $ 18,433 Leasehold improvements 5,427 4,967 Construction-in-progress 2,360 500 Computer equipment 858 858 Furniture and office equipment 264 239 Software 118 118 Total property and equipment 29,674 25,115 Less: accumulated depreciation (14,043) (11,095) Property and equipment, net $ 15,631 $ 14,020 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 7. Commitments and Contingencies Licensor Expense Reimbursement The Company is obligated to reimburse The Broad Institute, Inc. (“Broad”) and the President and Fellows of Harvard College (“Harvard”) for expenses incurred by each of them associated with the prosecution and maintenance of the patent rights that the Company licenses from them pursuant to the license agreement by and among the Company, Broad and Harvard, including the interference and opposition proceedings involving patents licensed to the Company under the license agreement, and other license agreements between the Company and Broad. As such, the Company anticipates that it has a substantial commitment in connection with these proceedings until such time as these proceedings have been resolved, but the amount of such commitment is not determinable. The Company incurred an aggregate of $1.8 million and $9.0 million in expense during the three and nine months ended September 30, 2021, respectively, for such reimbursement. The Company incurred an aggregate of $2.6 million and $9.3 million in expense during the three and nine months ended September 30, 2020, respectively, for such reimbursement. |
Collaboration and Profit-Sharin
Collaboration and Profit-Sharing Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Collaboration and Profit-Sharing Agreements | |
Collaboration and Profit-Sharing Agreements | 8 Collaboration and Profit-Sharing Agreements The Company has entered into multiple collaborations, out-licenses and strategic alliances with third parties that typically involve payments to or from the Company, including up-front payments, payments for research and development services, option payments, milestone payments and royalty payments to or from the Company. The terms and conditions as well as the accounting analysis for the Company’s significant collaborations, out-licenses and strategic alliances are described in Note 9, “Collaboration and Profit-Sharing Agreements” to the consolidated financial statements included in the Annual Report. There have been no material changes to the terms and conditions, or the accounting conclusions, previously disclosed in the Annual Report. Collaboration Revenue As of September 30, 2021, the Company’s contract liabilities were primarily related to the Company’s collaboration with Juno Therapeutics. The following table presents changes in the Company’s accounts receivable and contract liabilities for the nine months ended September 30, 2021 (in thousands): For the nine months ended September 30, 2021 Balance at December 31, 2020 Additions Deductions Balance at September 30, 2021 Accounts receivable $ 6,048 $ 390 $ (6,187) $ 251 Contract liabilities: Deferred revenue $ 94,927 $ — $ (11,372) $ 83,555 During the three and nine months ended September 30, 2021, the Company recognized the following collaboration revenue (in thousands): Three Months Ended Nine Months Ended Revenue recognized in the period from: September 30, 2021 Amounts included in deferred revenue at the beginning of the period $ 5,666 $ 11,372 Performance obligations satisfied in previous periods $ — $ — |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation | |
Stock-Based Compensation | 9 Stock-based Compensation Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Research and development $ 4,552 $ 2,938 $ 12,689 $ 8,668 General and administrative 5,460 2,908 23,053 8,815 Total stock-based compensation expense $ 10,012 $ 5,846 $ 35,742 $ 17,483 Restricted Stock and Restricted Stock Unit Awards The following is a summary of restricted stock and restricted stock unit awards activity for the nine months ended September 30, 2021: Weighted Average Grant Date Fair Value Shares Per Share Unvested restricted stock and restricted stock unit awards as of December 31, 2020 507,450 $ 27.35 Issued 614,775 $ 48.12 Vested (191,075) $ 31.08 Forfeited (180,694) $ 38.70 Unvested restricted stock and restricted stock unit awards as of September 30, 2021 750,456 $ 41.33 As of September 30, 2021, total unrecognized compensation expense related to unvested restricted stock and restricted stock unit awards was $18.7 million, which the Company expects to recognize over a remaining weighted-average period of 2.1 years. Stock Options The following is a summary of stock option activity for the nine months ended September 30, 2021: Weighted Average Remaining Aggregate Intrinsic Shares Exercise Price Contractual Life (years) Value (in thousands) Outstanding at December 31, 2020 3,912,257 $ 27.26 7.9 $ 167,640 Granted 1,206,841 $ 45.58 Exercised (1,218,120) $ 25.50 Cancelled (817,563) $ 30.83 Outstanding at September 30, 2021 3,083,415 $ 34.18 7.8 $ 28,399 Exercisable at September 30, 2021 1,318,174 $ 28.58 7.0 $ 17,411 The stock options granted in the nine months ended September 30, 2021 include option grants to the Company’s Chief Executive Officer to purchase 196,637 and 341,978 shares of the Company’s common stock that contained market-based vesting provisions and performance-based vesting provisions, respectively. The Company recognizes the fair value of the market-based options over the earlier of the derived service period, valued using the Monte-Carlo simulation model, or when the market-based vesting conditions are met. The Company recognizes the fair value of the performance-based options through the expected achievement date if the performance-based vesting provisions are deemed probable. As of September 30, 2021, total unrecognized compensation expense related to stock options was $33.3 million, which the Company expects to recognize over a remaining weighted-average period of 2.5 years. |
Net (Loss) Income per Share
Net (Loss) Income per Share | 9 Months Ended |
Sep. 30, 2021 | |
Net (Loss) Income per Share | |
Net (Loss) Income per Share | 10. Net (Loss) Income per Share Basic net (loss) income per common share is calculated by dividing the net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net (loss) income per share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury stock and if converted methods. Contingently issuable shares are included in the calculation of basic (loss) income per share as of the beginning of the period in which all the necessary conditions have been satisfied. Contingently issuable shares are included in diluted (loss) income per share based on the number of shares, if any, that would be issuable under the terms of the arrangement if the end of the reporting period was the end of the contingency period, if the results are dilutive. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net (loss) income $ (39,082) $ 7,819 $ (151,066) $ (53,477) Weighted average common shares outstanding, basic 68,219,742 62,144,118 67,371,246 57,377,581 Dilutive effect of outstanding stock options — 414,640 — — Dilutive effect of unvested restricted stock and restricted stock unit awards — 138,415 — — Weighted average common shares outstanding, diluted 68,219,742 62,697,173 67,371,246 57,377,581 Net (loss) income per share, basic $ (0.57) $ 0.13 $ (2.24) $ (0.93) Net (loss) income per share, diluted $ (0.57) $ 0.12 $ (2.24) $ (0.93) The following common stock equivalents were excluded from the calculation of diluted net (loss) income per share allocable to common stockholders because their inclusion would have been anti-dilutive: Three months ended Nine months Ended September 30, September 30, 2021 2020 2021 2020 Unvested restricted stock and restricted stock unit awards 750,456 371,463 750,456 509,878 Outstanding stock options 3,083,415 3,626,151 3,083,415 4,040,791 Total 3,833,871 3,997,614 3,833,871 4,550,669 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash Equivalents and Marketable Securities | |
Schedule of cash equivalents and marketable securities | Cash equivalents and marketable securities consisted of the following at September 30, 2021 (in thousands): Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair September 30, 2021 Cost Losses Gains Losses Value Cash equivalents and marketable securities: Money market funds $ 259,884 $ — $ — $ — $ 259,884 U.S. Treasuries 109,060 — 4 (15) 109,049 Government agency securities 118,708 — 1 (17) 118,692 Commercial Paper 101,167 — 3 (6) 101,164 Corporate notes/bonds 68,284 — 2 (36) 68,250 Total $ 657,103 $ — $ 10 $ (74) $ 657,039 Cash equivalents and marketable securities consisted of the following at December 31, 2020 (in thousands): Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair December 31, 2020 Cost Losses Gains Losses Value Cash equivalents and marketable securities: Money market funds $ 139,682 $ — $ — $ — $ 139,682 U.S. Treasuries 180,376 — 8 (11) 180,373 Government agency securities 107,665 — — (20) 107,645 Commercial paper 41,912 — — (8) 41,904 Corporate notes/bonds 42,185 — 10 (25) 42,170 Total $ 511,820 $ — $ 18 $ (64) $ 511,774 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Schedule of assets measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis as of September 30, 2021 were as follows (in thousands): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable September 30, Identical Assets Inputs Inputs Financial Assets 2021 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 259,884 $ 259,884 $ — $ — Marketable securities: U.S. Treasuries 109,049 109,049 — — Government agency securities 118,692 — 118,692 — Commercial paper 101,164 — 101,164 — Corporate notes/bonds 68,250 — 68,250 — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 660,916 $ 372,810 $ 288,106 $ — Assets measured at fair value on a recurring basis as of December 31, 2020 were as follows (in thousands): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Financial Assets 2020 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 139,682 $ 139,682 $ — $ — Marketable securities: U.S. Treasuries 180,373 180,373 — — Government agency securities 107,645 — 107,645 — Commercial paper 41,904 — 41,904 — Corporate bonds 42,170 — 42,170 — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 515,651 $ 323,932 $ 191,719 $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Expenses | |
Schedule of accrued expenses | As of September 30, December 31, 2021 2020 Employee related expenses $ 9,639 $ 5,323 External research and development expenses 2,381 12,820 Intellectual property and patent related fees 1,606 4,240 Professional service expenses 640 533 Other expenses 271 359 Sublicensing expenses 38 771 Total accrued expenses $ 14,575 $ 24,046 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property and Equipment, net | |
Schedule of property and equipment, net | Property and equipment, net consisted of the following (in thousands): As of September 30, December 31, 2021 2020 Laboratory equipment $ 20,647 $ 18,433 Leasehold improvements 5,427 4,967 Construction-in-progress 2,360 500 Computer equipment 858 858 Furniture and office equipment 264 239 Software 118 118 Total property and equipment 29,674 25,115 Less: accumulated depreciation (14,043) (11,095) Property and equipment, net $ 15,631 $ 14,020 |
Collaboration and Profit-Shar_2
Collaboration and Profit-Sharing Agreements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Collaboration and Profit-Sharing Agreements | |
Schedule of accounts receivable and contract liabilities | The following table presents changes in the Company’s accounts receivable and contract liabilities for the nine months ended September 30, 2021 (in thousands): For the nine months ended September 30, 2021 Balance at December 31, 2020 Additions Deductions Balance at September 30, 2021 Accounts receivable $ 6,048 $ 390 $ (6,187) $ 251 Contract liabilities: Deferred revenue $ 94,927 $ — $ (11,372) $ 83,555 |
Schedule of change in contract assets and contract liabilities | During the three and nine months ended September 30, 2021, the Company recognized the following collaboration revenue (in thousands): Three Months Ended Nine Months Ended Revenue recognized in the period from: September 30, 2021 Amounts included in deferred revenue at the beginning of the period $ 5,666 $ 11,372 Performance obligations satisfied in previous periods $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation | |
Schedule of stock-based compensation expense | Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Research and development $ 4,552 $ 2,938 $ 12,689 $ 8,668 General and administrative 5,460 2,908 23,053 8,815 Total stock-based compensation expense $ 10,012 $ 5,846 $ 35,742 $ 17,483 |
Schedule of changes in unvested restricted stock | The following is a summary of restricted stock and restricted stock unit awards activity for the nine months ended September 30, 2021: Weighted Average Grant Date Fair Value Shares Per Share Unvested restricted stock and restricted stock unit awards as of December 31, 2020 507,450 $ 27.35 Issued 614,775 $ 48.12 Vested (191,075) $ 31.08 Forfeited (180,694) $ 38.70 Unvested restricted stock and restricted stock unit awards as of September 30, 2021 750,456 $ 41.33 |
Schedule of stock option activity | The following is a summary of stock option activity for the nine months ended September 30, 2021: Weighted Average Remaining Aggregate Intrinsic Shares Exercise Price Contractual Life (years) Value (in thousands) Outstanding at December 31, 2020 3,912,257 $ 27.26 7.9 $ 167,640 Granted 1,206,841 $ 45.58 Exercised (1,218,120) $ 25.50 Cancelled (817,563) $ 30.83 Outstanding at September 30, 2021 3,083,415 $ 34.18 7.8 $ 28,399 Exercisable at September 30, 2021 1,318,174 $ 28.58 7.0 $ 17,411 |
Net (Loss) Income per Share (Ta
Net (Loss) Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Net (Loss) Income per Share | |
Schedule of Basic and Diluted Net Income (Loss) Per Share | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net (loss) income $ (39,082) $ 7,819 $ (151,066) $ (53,477) Weighted average common shares outstanding, basic 68,219,742 62,144,118 67,371,246 57,377,581 Dilutive effect of outstanding stock options — 414,640 — — Dilutive effect of unvested restricted stock and restricted stock unit awards — 138,415 — — Weighted average common shares outstanding, diluted 68,219,742 62,697,173 67,371,246 57,377,581 Net (loss) income per share, basic $ (0.57) $ 0.13 $ (2.24) $ (0.93) Net (loss) income per share, diluted $ (0.57) $ 0.12 $ (2.24) $ (0.93) |
Schedule of anti-dilutive common stock equivalents | The following common stock equivalents were excluded from the calculation of diluted net (loss) income per share allocable to common stockholders because their inclusion would have been anti-dilutive: Three months ended Nine months Ended September 30, September 30, 2021 2020 2021 2020 Unvested restricted stock and restricted stock unit awards 750,456 371,463 750,456 509,878 Outstanding stock options 3,083,415 3,626,151 3,083,415 4,040,791 Total 3,833,871 3,997,614 3,833,871 4,550,669 |
Nature of Business (Details)
Nature of Business (Details) - USD ($) $ in Thousands | 1 Months Ended | 5 Months Ended | |||
Feb. 28, 2021 | Jan. 31, 2021 | Sep. 30, 2021 | May 31, 2021 | Dec. 31, 2020 | |
Liquidity | |||||
Accumulated deficit | $ 816,263 | $ 665,197 | |||
At Market Offering | |||||
Liquidity | |||||
Number of common stock issued | 0 | ||||
Sales agreement amount of aggregate sale proceeds of common stock agreed to be issued | $ 300,000 | ||||
Public Offering | |||||
Liquidity | |||||
Number of common stock issued | 3,500,000 | ||||
Aggregate net proceeds | $ 216,900 | ||||
Overallotment Option | |||||
Liquidity | |||||
Number of common stock issued | 525,000 | ||||
Aggregate net proceeds | $ 32,600 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($)securityitem | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Cash Equivalents and Marketable Securities | |||
Amortized Cost | $ 657,103 | $ 511,820 | |
Gross Unrealized Gains | 10 | 18 | |
Gross Unrealized Losses | (74) | (64) | |
Fair Value | $ 657,039 | 511,774 | |
Equity securities included in other non-current assets: | |||
Gross Unrealized Gains | $ 13,109 | ||
Number of securities in an unrealized loss position for more than 12 months | item | 0 | ||
Number of noncurrent securities | security | 29 | ||
Noncurrent marketable securities | $ 99,198 | 109,664 | |
Realized gains (losses) on available-for-sale securities | $ 0 | $ 0 | |
Minimum | |||
Equity securities included in other non-current assets: | |||
Remaining maturity term | 1 year | ||
Maximum | |||
Equity securities included in other non-current assets: | |||
Remaining maturity term | 2 years | ||
U.S. Treasuries | |||
Cash Equivalents and Marketable Securities | |||
Amortized Cost | $ 109,060 | 180,376 | |
Gross Unrealized Gains | 4 | 8 | |
Gross Unrealized Losses | (15) | (11) | |
Fair Value | 109,049 | 180,373 | |
Government agency securities. | |||
Cash Equivalents and Marketable Securities | |||
Amortized Cost | 118,708 | 107,665 | |
Gross Unrealized Gains | 1 | ||
Gross Unrealized Losses | (17) | (20) | |
Fair Value | 118,692 | 107,645 | |
Commercial paper | |||
Cash Equivalents and Marketable Securities | |||
Amortized Cost | 101,167 | 41,912 | |
Gross Unrealized Gains | 3 | ||
Gross Unrealized Losses | (6) | (8) | |
Fair Value | 101,164 | 41,904 | |
Corporate notes/bonds | |||
Cash Equivalents and Marketable Securities | |||
Amortized Cost | 68,284 | ||
Gross Unrealized Gains | 2 | ||
Gross Unrealized Losses | (36) | ||
Fair Value | 68,250 | ||
Equity securities included in other non-current assets: | |||
Amortized Cost | 42,185 | ||
Gross Unrealized Gains | 10 | ||
Gross Unrealized Losses | (25) | ||
Fair Value | 42,170 | ||
Money market funds | |||
Cash Equivalents and Marketable Securities | |||
Amortized Cost | 259,884 | 139,682 | |
Fair Value | $ 259,884 | $ 139,682 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Marketable securities | $ 657,039 | $ 511,774 |
U.S. Treasuries | ||
Financial Assets | ||
Marketable securities | 109,049 | 180,373 |
Commercial paper | ||
Financial Assets | ||
Marketable securities | 101,164 | 41,904 |
Corporate notes/bonds | ||
Financial Assets | ||
Equity securities | 42,185 | |
Marketable securities | 68,250 | |
Money market funds | ||
Financial Assets | ||
Marketable securities | 259,884 | 139,682 |
Recurring | ||
Financial Assets | ||
Total financial assets | 660,916 | 515,651 |
Recurring | Restricted cash and other non-current assets | ||
Financial Assets | ||
Restricted cash | 3,877 | 3,877 |
Recurring | U.S. Treasuries | ||
Financial Assets | ||
Marketable securities | 109,049 | 180,373 |
Recurring | Government agency securities | ||
Financial Assets | ||
Marketable securities | 118,692 | 107,645 |
Recurring | Commercial paper | ||
Financial Assets | ||
Marketable securities | 101,164 | 41,904 |
Recurring | Corporate notes/bonds | ||
Financial Assets | ||
Marketable securities | 68,250 | 42,170 |
Recurring | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 259,884 | 139,682 |
Recurring | Level 1 | ||
Financial Assets | ||
Total financial assets | 372,810 | 323,932 |
Recurring | Level 1 | Restricted cash and other non-current assets | ||
Financial Assets | ||
Restricted cash | 3,877 | 3,877 |
Recurring | Level 1 | U.S. Treasuries | ||
Financial Assets | ||
Marketable securities | 109,049 | 180,373 |
Recurring | Level 1 | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 259,884 | 139,682 |
Recurring | Level 2 | ||
Financial Assets | ||
Total financial assets | 288,106 | 191,719 |
Recurring | Level 2 | Government agency securities | ||
Financial Assets | ||
Marketable securities | 118,692 | 107,645 |
Recurring | Level 2 | Commercial paper | ||
Financial Assets | ||
Marketable securities | 101,164 | 41,904 |
Recurring | Level 2 | Corporate notes/bonds | ||
Financial Assets | ||
Marketable securities | $ 68,250 | $ 42,170 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Expenses | ||
Employee related expenses | $ 9,639 | $ 5,323 |
External research and development expenses | 2,381 | 12,820 |
Intellectual property and patent related fees | 1,606 | 4,240 |
Professional service expenses | 640 | 533 |
Other expenses | 271 | 359 |
Sublicensing expenses | 38 | 771 |
Total accrued expenses | $ 14,575 | $ 24,046 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property and equipment disclosures | ||
Total property and equipment | $ 29,674 | $ 25,115 |
Less: accumulated depreciation | (14,043) | (11,095) |
Property and equipment, net | 15,631 | 14,020 |
Laboratory equipment | ||
Property and equipment disclosures | ||
Total property and equipment | 20,647 | 18,433 |
Leasehold improvements | ||
Property and equipment disclosures | ||
Total property and equipment | 5,427 | 4,967 |
Construction-in-progress | ||
Property and equipment disclosures | ||
Total property and equipment | 2,360 | 500 |
Computer equipment | ||
Property and equipment disclosures | ||
Total property and equipment | 858 | 858 |
Furniture and office equipment | ||
Property and equipment disclosures | ||
Total property and equipment | 264 | 239 |
Software | ||
Property and equipment disclosures | ||
Total property and equipment | $ 118 | $ 118 |
Commitments and Contingencies -
Commitments and Contingencies - Licensor Expense Reimbursement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Licensor Expense Reimbursement | ||||
Commitments and contingencies | ||||
Expense for prosecution and maintenance of patent rights | $ 1.8 | $ 2.6 | $ 9 | $ 9.3 |
Collaboration and Profit-Shar_3
Collaboration and Profit-Sharing Agreements - Revenue Recognition (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Accounts receivable | |
Accounts receivable, Balance at Beginning of Period | $ 6,048 |
Accounts Receivable, Additions | 390 |
Accounts Receivable, Deductions | (6,187) |
Accounts receivable, Balance at End of Period | 251 |
Contract liabilities: | |
Deferred Revenue, Balance at Beginning of Period | 94,927 |
Deferred revenue, Deductions | (11,372) |
Deferred Revenue, Balance at End of Period | $ 83,555 |
Collaboration and Profit-Shar_4
Collaboration and Profit-Sharing Agreements - Contract Assets and Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Change in contract asset and contract liability balances | ||
Amounts included in deferred revenue at the beginning of the period | $ 5,666 | $ 11,372 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-based compensation disclosures | ||||
Compensation expense | $ 10,012 | $ 5,846 | $ 35,742 | $ 17,483 |
Research and development | ||||
Stock-based compensation disclosures | ||||
Compensation expense | 4,552 | 2,938 | 12,689 | 8,668 |
General and administrative | ||||
Stock-based compensation disclosures | ||||
Compensation expense | $ 5,460 | $ 2,908 | $ 23,053 | $ 8,815 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and Stock Options (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Restricted Stock | ||
Changes in unvested restricted stock | ||
Unvested restricted shares, beginning of period (in shares) | 507,450 | |
Issued (in shares) | 614,775 | |
Vested (in shares) | (191,075) | |
Forfeited (in shares) | (180,694) | |
Unvested restricted shares, end of period(in shares) | 750,456 | 507,450 |
Weighted Average Grant Date Fair Value | ||
Balance, beginning of period | $ / shares | $ 27.35 | |
Issued (in dollars per share) | $ / shares | 48.12 | |
Vested (in dollars per share) | $ / shares | 31.08 | |
Forfeited (in dollars per share) | $ / shares | 38.70 | |
Balance, ending of period | $ / shares | $ 41.33 | $ 27.35 |
Unrecognized stock-based compensation expense | $ | $ 18,700 | |
Period for recognition | 2 years 1 month 6 days | |
Performance based awards | ||
Changes in unvested restricted stock | ||
Issued (in shares) | 226,747 | |
Stock options | ||
Weighted Average Grant Date Fair Value | ||
Unrecognized stock-based compensation expense | $ | $ 33,300 | |
Period for recognition | 2 years 6 months | |
Changes in unvested stock options | ||
Outstanding, beginning of period (in shares) | 3,912,257 | |
Granted (in shares) | 1,206,841 | |
Exercised (in shares) | (1,218,120) | |
Cancelled (in shares) | (817,563) | |
Outstanding, end of period (in shares) | 3,083,415 | 3,912,257 |
Exercisable (in shares) | 1,318,174 | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 27.26 | |
Granted (in dollars per share) | $ / shares | 45.58 | |
Exercised (in dollars per share) | $ / shares | 25.50 | |
Cancelled (in dollars per share) | $ / shares | 30.83 | |
Outstanding, end of period (in dollars per share) | $ / shares | 34.18 | $ 27.26 |
Exercisable (in dollar per share) | $ / shares | $ 28.58 | |
Remaining contractual life | 7 years 9 months 18 days | 7 years 10 months 24 days |
Exercisable, remaining contractual life | 7 years | |
Aggregate intrinsic value | $ | $ 28,399 | $ 167,640 |
Exercisable, aggregated intrinsic value | $ | $ 17,411 | |
Stock options | Chief Executive Officer | Vesting Provision One | ||
Changes in unvested stock options | ||
Granted (in shares) | 196,637 | |
Stock options | Chief Executive Officer | Vesting Provision Two | ||
Changes in unvested stock options | ||
Granted (in shares) | 341,978 |
Net Income (Loss) per Share - B
Net Income (Loss) per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income (Loss) per share | ||||||||
Net (loss) income | $ (39,082) | $ (55,256) | $ (56,728) | $ 7,819 | $ (23,572) | $ (37,724) | $ (151,066) | $ (53,477) |
Weighted-average common shares outstanding, basic (in shares) | 68,219,742 | 62,144,118 | 67,371,246 | 57,377,581 | ||||
Weighted-average common shares outstanding, diluted (in shares) | 68,219,742 | 62,697,173 | 67,371,246 | 57,377,581 | ||||
Net (loss) income per share, basic (in dollars per share) | $ (0.57) | $ 0.13 | $ (2.24) | $ (0.93) | ||||
Net (loss) income per share, diluted (in dollars per share) | $ (0.57) | $ 0.12 | $ (2.24) | $ (0.93) | ||||
Stock options | ||||||||
Net Income (Loss) per share | ||||||||
Dilutive effect | 414,640 | |||||||
Restricted Stock | ||||||||
Net Income (Loss) per share | ||||||||
Dilutive effect | 138,415 |
Net Loss per Share - Anti-dilut
Net Loss per Share - Anti-dilutive (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Potentially dilutive securities | ||||
Anti-dilutive common stock equivalent shares | 3,833,871 | 3,997,614 | 3,833,871 | 4,550,669 |
Restricted Stock | ||||
Potentially dilutive securities | ||||
Anti-dilutive common stock equivalent shares | 750,456 | 371,463 | 750,456 | 509,878 |
Stock options | ||||
Potentially dilutive securities | ||||
Anti-dilutive common stock equivalent shares | 3,083,415 | 3,626,151 | 3,083,415 | 4,040,791 |