Editas Medicine (EDIT) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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		68,641,116
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001650664
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 210,881	$ 203,519
Marketable securities	277,481	296,326
Accounts receivable	1,371	267
Prepaid expenses and other current assets	7,298	7,198
Total current assets	497,031	507,310
Marketable securities	78,046	120,071
Property and equipment, net	17,258	17,118
Right-of-use assets	23,457	26,173
Restricted cash and other non-current assets	7,316	6,811
Total assets	623,108	677,483
Current liabilities:
Accounts payable	4,693	5,050
Accrued expenses	15,787	20,192
Deferred revenue, current	5,817	11,333
Operating lease liabilities	10,206	10,309
Total current liabilities	36,503	46,884
Operating lease liabilities, net of current portion	12,957	16,069
Deferred revenue, net of current portion	60,888	60,888
Total liabilities	110,348	123,841
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; 68,638,664 and 68,489,257 shares issued, and 68,602,664 and 68,435,257 shares outstanding at March 31, 2022 and December 31, 2021, respectively	7	7
Additional paid-in capital	1,423,476	1,411,827
Accumulated other comprehensive loss	(2,509)	(493)
Accumulated deficit	(908,214)	(857,699)
Total stockholders' equity	512,760	553,642
Total liabilities and stockholders' equity	$ 623,108	$ 677,483

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	68,638,664	68,489,257
Common stock, shares outstanding	68,602,664	68,435,257

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Operations
Collaboration and other research and development revenues	$ 6,771	$ 6,499
Revenue type	us-gaap:ServiceMember	us-gaap:ServiceMember
Operating expenses:
Research and development	$ 37,976	$ 41,937
General and administrative	19,545	21,445
Total operating expenses	57,521	63,382
Operating loss	(50,750)	(56,883)
Other income, net:
Other (expense) income, net	(234)	21
Interest income, net	469	134
Total other income, net	235	155
Net loss	$ (50,515)	$ (56,728)
Net loss per share, basic (in dollars per share)	$ (0.74)	$ (0.86)
Net loss per share, diluted (in dollars per share)	$ (0.74)	$ (0.86)
Weighted-average common shares outstanding, basic (in shares)	68,484,978	65,992,395
Weighted-average common shares outstanding, diluted (in shares)	68,484,978	65,992,395

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net loss	$ (50,515)	$ (56,728)
Other comprehensive loss:
Unrealized loss on marketable debt securities	(2,016)	(27)
Comprehensive loss	$ (52,531)	$ (56,755)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Other Accumulated Deficit	At The Market Offering	Total
Balance, beginning of period at Dec. 31, 2020	$ 6	$ 1,058,823	$ (46)	$ (665,197)		$ 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
Vesting of restricted common stock awards (in shares)	79,397
Stock-based compensation expense		12,204				12,204
Unrealized loss on marketable debt securities			(27)			(27)
Net loss				(56,728)		(56,728)
Balance, end of period at Mar. 31, 2021	$ 7	1,359,987	(73)	(721,925)		637,996
Balance, end of period (in shares) at Mar. 31, 2021	67,472,615
Balance, beginning of period at Dec. 31, 2021	$ 7	1,411,827	(493)	(857,699)		553,642
Balance, beginning of period (in shares) at Dec. 31, 2021	68,435,257
Statement of Stockholders' Equity (Deficit)
Issuance of common stock for public offering (in shares)					0
Exercise of stock options		218				218
Exercise of stock options (in shares)	12,573
Vesting of restricted common stock awards (in shares)	154,834
Stock-based compensation expense		11,431				11,431
Unrealized loss on marketable debt securities			(2,016)			(2,016)
Net loss				(50,515)		(50,515)
Balance, end of period at Mar. 31, 2022	$ 7	$ 1,423,476	$ (2,509)	$ (908,214)		$ 512,760
Balance, end of period (in shares) at Mar. 31, 2022	68,602,664

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities
Net loss	$ (50,515)	$ (56,728)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	11,431	12,204
Depreciation	1,558	1,163
Other non-cash items, net	234	401
Changes in operating assets and liabilities:
Accounts receivable	(1,105)	5,376
Prepaid expenses and other current assets	(99)	4,618
Right-of-use assets	2,716	(4,177)
Other non-current assets	(505)	(1,985)
Accounts payable	(229)	2,017
Accrued expenses	(3,982)	(9,563)
Deferred revenue	(5,516)	(5,555)
Operating lease liabilities	(3,215)	2,750
Net cash used in operating activities	(49,227)	(49,479)
Cash flow from investing activities
Purchases of property and equipment	(2,248)	(84)
Purchases of marketable securities	(60,381)	(127,422)
Proceeds from maturities of marketable securities	119,000	130,750
Net cash provided by investing activities	56,371	3,244
Cash flow from financing activities
Proceeds from offering of common stock, net of issuance costs		249,469
Proceeds from exercise of stock options	218	12,002
Net cash provided by financing activities	218	261,471
Net increase in cash, cash equivalents, and restricted cash	7,362	215,236
Cash, cash equivalents, and restricted cash, beginning of period	207,396	143,559
Cash, cash equivalents, and restricted cash, end of period	214,758	358,795
Supplemental disclosure of cash and non-cash activities:
Fixed asset additions included in accounts payable and accrued expenses	199	467
Cash paid in connection with operating lease liabilities	$ 3,746	4,248
Offering costs included in accounts payable and accrued expenses		$ 10

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2022
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, Inc. a wholly-owned subsidiary of the Bristol-Myers Squibb Company (“BMS”), 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 March 31, 2022, 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 March 31, 2022 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements into early 2024. The Company had an accumulated deficit of $908.2 million at March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
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, 2021 (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 March 31, 2022 and 2021 are referred to as the first quarter of 2022 and 2021, 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair March 31, 2022 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 210,881 ​ $ — ​ ​ $ — ​ $ — ​ $ 210,881 U.S. Treasuries ​ ​ 91,947 ​ ​ — ​ ​ ​ 12 ​ ​ (287) ​ ​ 91,672 Government agency securities ​ ​ 134,433 ​ ​ — ​ ​ ​ — ​ ​ (1,529) ​ ​ 132,904 Commercial paper ​ ​ 63,179 ​ ​ — ​ ​ ​ — ​ ​ (37) ​ ​ 63,142 Corporate notes/bonds ​ ​ 68,477 ​ ​ — ​ ​ ​ — ​ ​ (668) ​ ​ 67,809 Total ​ $ 568,917 ​ $ — ​ ​ $ 12 ​ $ (2,521) ​ $ 566,408 ​ Cash equivalents and marketable securities consisted of the following at December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair December 31, 2021 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 203,519 ​ $ — ​ ​ $ — ​ $ — ​ $ 203,519 U.S. Treasuries ​ ​ 124,016 ​ ​ — ​ ​ ​ 1 ​ ​ (84) ​ ​ 123,933 Government agency securities ​ ​ 126,927 ​ ​ — ​ ​ ​ — ​ ​ (228) ​ ​ 126,699 Commercial paper ​ ​ 89,699 ​ ​ — ​ ​ ​ 1 ​ ​ (13) ​ ​ 89,687 Corporate notes/bonds ​ ​ 76,248 ​ ​ — ​ ​ ​ — ​ ​ (170) ​ ​ 76,078 Total ​ $ 620,409 ​ $ — ​ ​ $ 2 ​ $ (495) ​ $ 619,916 ​ As of March 31, 2022, 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 March 31, 2022, the Company holds 38 securities with an aggregate fair value of $78.0 million that had remaining maturities between one ​ There were no realized gains or losses on available-for-sale securities during the three months ended March 31, 2022 or 2021.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements ​ Assets measured at fair value on a recurring basis as of March 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ March 31, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 210,881 ​ $ 210,881 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ 91,672 ​ ​ 91,672 ​ ​ — ​ ​ — Government agency securities ​ ​ 132,904 ​ ​ — ​ ​ 132,904 ​ ​ — Commercial paper ​ ​ 63,142 ​ ​ — ​ ​ 63,142 ​ ​ — Corporate notes/bonds ​ ​ 67,809 ​ ​ — ​ ​ 67,809 ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 570,285 ​ $ 306,430 ​ $ 263,855 ​ $ — ​ Assets measured at fair value on a recurring basis as of December 31, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 203,519 ​ $ 203,519 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ 123,933 ​ ​ 123,933 ​ ​ — ​ ​ — Government agency securities ​ ​ 126,699 ​ ​ — ​ ​ 126,699 ​ ​ — Commercial paper ​ ​ 89,687 ​ ​ — ​ ​ 89,687 ​ ​ — Corporate notes/bonds ​ ​ 76,078 ​ ​ — ​ ​ 76,078 ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 623,793 ​ $ 331,329 ​ $ 292,464 ​ $ — ​

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Accrued Expenses	5. Accrued Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ March 31, ​ December 31, ​ 2022 2021 Employee related expenses ​ $ 5,581 ​ $ 10,159 External research and development expenses ​ ​ 5,392 ​ ​ 5,614 Intellectual property and patent related fees ​ ​ 2,967 ​ ​ 1,408 Professional service expenses ​ ​ 1,037 ​ ​ 2,345 Other expenses ​ ​ 810 ​ ​ 666 Total accrued expenses ​ $ 15,787 ​ $ 20,192 ​ ​ ​ ​ ​ ​ ​ ​

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2022
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 ​ ​ March 31, ​ December 31, ​ 2022 2021 Laboratory equipment ​ $ 23,466 ​ $ 21,579 Leasehold improvements ​ ​ 8,257 ​ ​ 8,162 Construction-in-progress ​ 1,244 ​ 1,529 Computer equipment ​ ​ 876 ​ ​ 876 Furniture and office equipment ​ ​ 264 ​ ​ 264 Software ​ 215 ​ 215 Total property and equipment ​ 34,322 ​ 32,625 Less: accumulated depreciation ​ (17,064) ​ (15,507) Property and equipment, net ​ $ 17,258 ​ $ 17,118 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 $2.1 million and $3.8 million in expense during the three months ended March 31, 2022 and 2021, respectively, for such reimbursement.

Collaboration and Profit-Sharin

Collaboration and Profit-Sharing Agreements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company’s contract liabilities were primarily related to the Company’s collaboration with BMS. The following table presents changes in the Company’s accounts receivable and contract liabilities for the three months ended March 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2022 Balance at December 31, 2021 ​ Additions ​ Deductions ​ Balance at March 31, 2022 Accounts receivable $ 267 ​ $ 1,104 ​ $ — ​ $ 1,371 Contract liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred revenue $ 72,221 ​ $ 150 ​ $ (5,666) ​ $ 66,705 ​ During the three months ended March 31, 2022, the Company recognized the following collaboration revenue (in thousands): ​ ​ ​ ​ Three Months Ended Revenue recognized in the period from: March 31, 2022 Amounts included in deferred revenue at the beginning of the period $ 5,666 Performance obligations satisfied in previous periods $ — ​

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
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 ​ ​ March 31, ​ ​ 2022 ​ 2021 Research and development ​ $ 3,695 ​ $ 3,966 General and administrative ​ 7,736 ​ 8,238 Total stock-based compensation expense ​ $ 11,431 ​ $ 12,204 ​ Restricted Stock and Restricted Stock Unit Awards ​ The following is a summary of restricted stock and restricted stock unit awards activity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Unvested restricted stock and restricted stock unit awards as of December 31, 2021 628,732 ​ $ 41.28 Issued 815,627 ​ $ 17.30 Vested (154,834) ​ $ 52.88 Forfeited ​ (56,307) ​ $ 33.23 Unvested restricted stock and restricted stock unit awards as of March 31, 2022 1,233,218 ​ $ 24.33 ​ ​ As of March 31, 2022, total unrecognized compensation expense related to unvested restricted stock and restricted stock unit awards was $19.1 million, which the Company expects to recognize over a remaining weighted-average period of 2.9 years. ​ Stock Options ​ The following is a summary of stock option activity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Remaining Aggregate Intrinsic ​ ​ Shares ​ Exercise Price ​ Contractual Life (years) ​ Value (in thousands) Outstanding at December 31, 2021 3,016,085 ​ $ 34.24 ​ 7.5 ​ $ 5,052,469 Granted ​ 1,136,614 ​ $ 17.29 ​ ​ ​ ​ ​ Exercised ​ (12,573) ​ $ 17.31 ​ ​ ​ ​ ​ Cancelled ​ (220,043) ​ $ 30.30 ​ ​ ​ ​ ​ Outstanding at March 31, 2022 3,920,083 ​ $ 29.60 ​ 7.9 ​ $ 3,954,769 Exercisable at March 31, 2022 1,483,822 ​ $ 29.34 ​ 6.5 ​ $ 2,023,433 ​ As of March 31, 2022, total unrecognized compensation expense related to stock options was $34.4 million, which the Company expects to recognize over a remaining weighted-average period of 3.1 years.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2022
Net Loss per Share
Net (Loss) Income per Share	10. Net Loss per Share ​ Basic net loss per common share is calculated by dividing the net loss 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 per share is computed by dividing the net loss 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 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 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. ​ For purposes of the diluted net loss per share calculation, stock options are considered to be common stock equivalents, but they were excluded from the Company’s calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders were the same for all periods presented. ​ The following common stock equivalents were excluded from the calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2022 ​ 2021 Unvested restricted stock and restricted stock unit awards 1,233,218 ​ 798,034 Outstanding stock options 3,920,083 ​ 3,836,319 Total 5,153,301 ​ 4,634,353 ​

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Cash Equivalents and Marketable Securities
Schedule of cash equivalents and marketable securities	Cash equivalents and marketable securities consisted of the following at March 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair March 31, 2022 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 210,881 ​ $ — ​ ​ $ — ​ $ — ​ $ 210,881 U.S. Treasuries ​ ​ 91,947 ​ ​ — ​ ​ ​ 12 ​ ​ (287) ​ ​ 91,672 Government agency securities ​ ​ 134,433 ​ ​ — ​ ​ ​ — ​ ​ (1,529) ​ ​ 132,904 Commercial paper ​ ​ 63,179 ​ ​ — ​ ​ ​ — ​ ​ (37) ​ ​ 63,142 Corporate notes/bonds ​ ​ 68,477 ​ ​ — ​ ​ ​ — ​ ​ (668) ​ ​ 67,809 Total ​ $ 568,917 ​ $ — ​ ​ $ 12 ​ $ (2,521) ​ $ 566,408 ​ Cash equivalents and marketable securities consisted of the following at December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair December 31, 2021 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 203,519 ​ $ — ​ ​ $ — ​ $ — ​ $ 203,519 U.S. Treasuries ​ ​ 124,016 ​ ​ — ​ ​ ​ 1 ​ ​ (84) ​ ​ 123,933 Government agency securities ​ ​ 126,927 ​ ​ — ​ ​ ​ — ​ ​ (228) ​ ​ 126,699 Commercial paper ​ ​ 89,699 ​ ​ — ​ ​ ​ 1 ​ ​ (13) ​ ​ 89,687 Corporate notes/bonds ​ ​ 76,248 ​ ​ — ​ ​ ​ — ​ ​ (170) ​ ​ 76,078 Total ​ $ 620,409 ​ $ — ​ ​ $ 2 ​ $ (495) ​ $ 619,916

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ March 31, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 210,881 ​ $ 210,881 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ 91,672 ​ ​ 91,672 ​ ​ — ​ ​ — Government agency securities ​ ​ 132,904 ​ ​ — ​ ​ 132,904 ​ ​ — Commercial paper ​ ​ 63,142 ​ ​ — ​ ​ 63,142 ​ ​ — Corporate notes/bonds ​ ​ 67,809 ​ ​ — ​ ​ 67,809 ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 570,285 ​ $ 306,430 ​ $ 263,855 ​ $ — ​ Assets measured at fair value on a recurring basis as of December 31, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 203,519 ​ $ 203,519 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ 123,933 ​ ​ 123,933 ​ ​ — ​ ​ — Government agency securities ​ ​ 126,699 ​ ​ — ​ ​ 126,699 ​ ​ — Commercial paper ​ ​ 89,687 ​ ​ — ​ ​ 89,687 ​ ​ — Corporate notes/bonds ​ ​ 76,078 ​ ​ — ​ ​ 76,078 ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 623,793 ​ $ 331,329 ​ $ 292,464 ​ $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ March 31, ​ December 31, ​ 2022 2021 Employee related expenses ​ $ 5,581 ​ $ 10,159 External research and development expenses ​ ​ 5,392 ​ ​ 5,614 Intellectual property and patent related fees ​ ​ 2,967 ​ ​ 1,408 Professional service expenses ​ ​ 1,037 ​ ​ 2,345 Other expenses ​ ​ 810 ​ ​ 666 Total accrued expenses ​ $ 15,787 ​ $ 20,192 ​ ​ ​ ​ ​ ​ ​

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2022
Property and Equipment, net
Schedule of property and equipment, net	Property and equipment, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ March 31, ​ December 31, ​ 2022 2021 Laboratory equipment ​ $ 23,466 ​ $ 21,579 Leasehold improvements ​ ​ 8,257 ​ ​ 8,162 Construction-in-progress ​ 1,244 ​ 1,529 Computer equipment ​ ​ 876 ​ ​ 876 Furniture and office equipment ​ ​ 264 ​ ​ 264 Software ​ 215 ​ 215 Total property and equipment ​ 34,322 ​ 32,625 Less: accumulated depreciation ​ (17,064) ​ (15,507) Property and equipment, net ​ $ 17,258 ​ $ 17,118

Collaboration and Profit-Shar_2

Collaboration and Profit-Sharing Agreements (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2022 Balance at December 31, 2021 ​ Additions ​ Deductions ​ Balance at March 31, 2022 Accounts receivable $ 267 ​ $ 1,104 ​ $ — ​ $ 1,371 Contract liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred revenue $ 72,221 ​ $ 150 ​ $ (5,666) ​ $ 66,705
Schedule of change in contract assets and contract liabilities	During the three months ended March 31, 2022, the Company recognized the following collaboration revenue (in thousands): ​ ​ ​ ​ Three Months Ended Revenue recognized in the period from: March 31, 2022 Amounts included in deferred revenue at the beginning of the period $ 5,666 Performance obligations satisfied in previous periods $ —

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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 ​ ​ March 31, ​ ​ 2022 ​ 2021 Research and development ​ $ 3,695 ​ $ 3,966 General and administrative ​ 7,736 ​ 8,238 Total stock-based compensation expense ​ $ 11,431 ​ $ 12,204
Schedule of changes in unvested restricted stock	The following is a summary of restricted stock and restricted stock unit awards activity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Unvested restricted stock and restricted stock unit awards as of December 31, 2021 628,732 ​ $ 41.28 Issued 815,627 ​ $ 17.30 Vested (154,834) ​ $ 52.88 Forfeited ​ (56,307) ​ $ 33.23 Unvested restricted stock and restricted stock unit awards as of March 31, 2022 1,233,218 ​ $ 24.33
Schedule of stock option activity	The following is a summary of stock option activity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Remaining Aggregate Intrinsic ​ ​ Shares ​ Exercise Price ​ Contractual Life (years) ​ Value (in thousands) Outstanding at December 31, 2021 3,016,085 ​ $ 34.24 ​ 7.5 ​ $ 5,052,469 Granted ​ 1,136,614 ​ $ 17.29 ​ ​ ​ ​ ​ Exercised ​ (12,573) ​ $ 17.31 ​ ​ ​ ​ ​ Cancelled ​ (220,043) ​ $ 30.30 ​ ​ ​ ​ ​ Outstanding at March 31, 2022 3,920,083 ​ $ 29.60 ​ 7.9 ​ $ 3,954,769 Exercisable at March 31, 2022 1,483,822 ​ $ 29.34 ​ 6.5 ​ $ 2,023,433

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Net Loss per Share
Schedule of anti-dilutive common stock equivalents	The following common stock equivalents were excluded from the calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2022 ​ 2021 Unvested restricted stock and restricted stock unit awards 1,233,218 ​ 798,034 Outstanding stock options 3,920,083 ​ 3,836,319 Total 5,153,301 ​ 4,634,353

Nature of Business (Details)

Nature of Business (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	May 31, 2021
Liquidity
Accumulated deficit			$ 908,214	$ 857,699
At The 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	3 Months Ended
	Mar. 31, 2022USD ($)securityitem	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Cash Equivalents and Marketable Securities
Amortized Cost	$ 568,917		$ 620,409
Gross Unrealized Gains	12		2
Gross Unrealized Losses	(2,521)		(495)
Fair Value	$ 566,408		619,916
Number of securities in an unrealized loss position for more than 12 months | item	0
Number of noncurrent securities | security	38
Noncurrent marketable securities	$ 78,046		120,071
Realized gains (losses) on available-for-sale securities	$ 0	$ 0
Minimum
Cash Equivalents and Marketable Securities
Remaining maturity term	1 year
Maximum
Cash Equivalents and Marketable Securities
Remaining maturity term	2 years
Money market funds
Cash Equivalents and Marketable Securities
Amortized Cost	$ 210,881		203,519
Fair Value	210,881		203,519
U.S. Treasuries
Cash Equivalents and Marketable Securities
Amortized Cost	91,947		124,016
Gross Unrealized Gains	12		1
Gross Unrealized Losses	(287)		(84)
Fair Value	91,672		123,933
Government agency securities.
Cash Equivalents and Marketable Securities
Amortized Cost	134,433		126,927
Gross Unrealized Losses	(1,529)		(228)
Fair Value	132,904		126,699
Commercial paper
Cash Equivalents and Marketable Securities
Amortized Cost	63,179		89,699
Gross Unrealized Gains			1
Gross Unrealized Losses	(37)		(13)
Fair Value	63,142		89,687
Corporate notes/bonds
Cash Equivalents and Marketable Securities
Amortized Cost	68,477		76,248
Gross Unrealized Losses	(668)		(170)
Fair Value	$ 67,809		$ 76,078

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Assets
Marketable securities	$ 566,408	$ 619,916
Money market funds
Financial Assets
Marketable securities	210,881	203,519
U.S. Treasuries
Financial Assets
Marketable securities	91,672	123,933
Commercial paper
Financial Assets
Marketable securities	63,142	89,687
Corporate notes/bonds
Financial Assets
Marketable securities	67,809	76,078
Recurring
Financial Assets
Total financial assets	570,285	623,793
Recurring | Money market funds
Financial Assets
Cash and cash equivalents	210,881	203,519
Restricted cash	3,877	3,877
Recurring | U.S. Treasuries
Financial Assets
Marketable securities	91,672	123,933
Recurring | Government agency securities
Financial Assets
Marketable securities	132,904	126,699
Recurring | Commercial paper
Financial Assets
Marketable securities	63,142	89,687
Recurring | Corporate notes/bonds
Financial Assets
Marketable securities	67,809	76,078
Recurring | Level 1
Financial Assets
Total financial assets	306,430	331,329
Recurring | Level 1 | Money market funds
Financial Assets
Cash and cash equivalents	210,881	203,519
Restricted cash	3,877	3,877
Recurring | Level 1 | U.S. Treasuries
Financial Assets
Marketable securities	91,672	123,933
Recurring | Level 2
Financial Assets
Total financial assets	263,855	292,464
Recurring | Level 2 | Government agency securities
Financial Assets
Marketable securities	132,904	126,699
Recurring | Level 2 | Commercial paper
Financial Assets
Marketable securities	63,142	89,687
Recurring | Level 2 | Corporate notes/bonds
Financial Assets
Marketable securities	$ 67,809	$ 76,078

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses
Employee related expenses	$ 5,581	$ 10,159
External research and development expenses	5,392	5,614
Intellectual property and patent related fees	2,967	1,408
Professional service expenses	1,037	2,345
Other expenses	810	666
Total accrued expenses	$ 15,787	$ 20,192

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property and equipment disclosures
Total property and equipment	$ 34,322	$ 32,625
Less: accumulated depreciation	(17,064)	(15,507)
Property and equipment, net	17,258	17,118
Laboratory equipment
Property and equipment disclosures
Total property and equipment	23,466	21,579
Leasehold improvements
Property and equipment disclosures
Total property and equipment	8,257	8,162
Construction-in-progress
Property and equipment disclosures
Total property and equipment	1,244	1,529
Computer equipment
Property and equipment disclosures
Total property and equipment	876	876
Furniture and office equipment
Property and equipment disclosures
Total property and equipment	264	264
Software
Property and equipment disclosures
Total property and equipment	$ 215	$ 215

Commitments and Contingencies -

Commitments and Contingencies - Licensor Expense Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Licensor Expense Reimbursements
Commitments and contingencies
Expense for prosecution and maintenance of patent rights	$ 2.1	$ 3.8

Collaboration and Profit-Shar_3

Collaboration and Profit-Sharing Agreements - Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Accounts receivable
Accounts receivable, Balance at Beginning of Period	$ 267
Accounts Receivable, Additions	1,104
Accounts receivable, Balance at End of Period	1,371
Contract liabilities:
Deferred Revenue, Balance at Beginning of Period	72,221
Deferred revenue, Additions	150
Deferred revenue, Deductions	(5,666)
Deferred Revenue, Balance at End of Period	$ 66,705

Collaboration and Profit-Shar_4

Collaboration and Profit-Sharing Agreements - Contract Assets and Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Change in contract asset and contract liability balances
Amounts included in deferred revenue at the beginning of the period	$ 5,666

Stock-based Compensation - Expe

Stock-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation disclosures
Compensation expense	$ 11,431	$ 12,204
Research and development
Stock-based compensation disclosures
Compensation expense	3,695	3,966
General and administrative
Stock-based compensation disclosures
Compensation expense	$ 7,736	$ 8,238

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock and Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Weighted Average Grant Date Fair Value
Compensation expense	$ 11,431	$ 12,204
Restricted Stock
Changes in unvested restricted stock
Unvested restricted shares, beginning of period (in shares)	628,732
Issued (in shares)	815,627
Vested (in shares)	(154,834)
Forfeited (in shares)	(56,307)
Unvested restricted shares, end of period(in shares)	1,233,218		628,732
Weighted Average Grant Date Fair Value
Balance, beginning of period	$ 41.28
Issued (in dollars per share)	17.30
Vested (in dollars per share)	52.88
Forfeited (in dollars per share)	33.23
Balance, ending of period	$ 24.33		$ 41.28
Unrecognized stock-based compensation expense	$ 19,100
Period for recognition	2 years 10 months 24 days
Performance based awards | Employees
Changes in unvested restricted stock
Issued (in shares)	259,367
Stock options
Weighted Average Grant Date Fair Value
Unrecognized stock-based compensation expense	$ 34,400
Period for recognition	3 years 1 month 6 days
Changes in unvested stock options
Outstanding, beginning of period (in shares)	3,016,085
Granted (in shares)	1,136,614
Exercised (in shares)	(12,573)
Cancelled (in shares)	(220,043)
Outstanding, end of period (in shares)	3,920,083		3,016,085
Exercisable (in shares)	1,483,822
Outstanding, beginning of period (in dollars per share)	$ 34.24
Granted (in dollars per share)	17.29
Exercised (in dollars per share)	17.31
Cancelled (in dollars per share)	30.30
Outstanding, end of period (in dollars per share)	29.60		$ 34.24
Exercisable (in dollar per share)	$ 29.34
Remaining contractual life	7 years 10 months 24 days		7 years 6 months
Exercisable, remaining contractual life	6 years 6 months
Aggregate intrinsic value	$ 3,954,769		$ 5,052,469
Exercisable, aggregated intrinsic value	$ 2,023,433

Net Loss per Share - Anti-dilut

Net Loss per Share - Anti-dilutive (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	5,153,301	4,634,353
Restricted Stock
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	1,233,218	798,034
Stock options
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	3,920,083	3,836,319