Editas Medicine (EDIT) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
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		81,632,619
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001650664
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 220,817	$ 141,522
Marketable securities	211,151	202,752
Accounts receivable	2,286	5,145
Prepaid expenses and other current assets	6,724	7,335
Total current assets	440,978	356,754
Marketable securities	48,065	93,097
Property and equipment, net	12,846	15,569
Right-of-use assets	34,811	43,648
Restricted cash and other non-current assets	5,253	5,253
Total assets	541,953	514,321
Current liabilities:
Accounts payable	8,066	9,511
Accrued expenses	27,896	31,296
Deferred revenue, current	8,221	8,221
Operating lease liabilities	10,330	11,082
Total current liabilities	54,513	60,110
Operating lease liabilities, net of current portion	26,856	32,864
Deferred revenue, net of current portion	60,667	60,667
Total liabilities	142,036	153,641
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; 81,616,909 and 68,847,382 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	8	7
Additional paid-in capital	1,569,651	1,442,405
Accumulated other comprehensive loss	(2,285)	(3,601)
Accumulated deficit	(1,167,457)	(1,078,131)
Total stockholders' equity	399,917	360,680
Total liabilities and stockholders' equity	$ 541,953	$ 514,321

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	81,616,909	68,847,382
Common stock, shares outstanding	81,616,909	68,847,382

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Statements of Operations
Collaboration and other research and development revenues	$ 2,887	$ 6,362	$ 12,738	$ 13,134
Revenue type	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Operating expenses:
Research and development	$ 29,779	$ 43,659	$ 67,583	$ 81,635
General and administrative	17,202	16,937	40,211	36,483
Total operating expenses	46,981	60,596	107,794	118,118
Operating loss	(44,094)	(54,234)	(95,056)	(104,984)
Other income, net:
Other (expense) income, net	(7)	235	(1,590)	1
Interest income, net	3,811	546	7,320	1,015
Total other income, net	3,804	781	5,730	1,016
Net loss	$ (40,290)	$ (53,453)	$ (89,326)	$ (103,968)
Net loss per share, basic (in dollars per share)	$ (0.56)	$ (0.78)	$ (1.27)	$ (1.52)
Net loss per share, diluted (in dollars per share)	$ (0.56)	$ (0.78)	$ (1.27)	$ (1.52)
Weighted-average common shares outstanding, basic (in shares)	71,376,678	68,640,858	70,157,204	68,563,348
Weighted-average common shares outstanding, diluted (in shares)	71,376,678	68,640,858	70,157,204	68,563,348

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Statements of Comprehensive Loss
Net Income (Loss)	$ (40,290)	$ (53,453)	$ (89,326)	$ (103,968)
Other comprehensive loss:
Unrealized gain (loss) on marketable debt securities	(6)	(878)	1,316	(2,894)
Comprehensive loss	$ (40,296)	$ (54,331)	$ (88,010)	$ (106,862)

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, 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)
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 gain (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
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)
Net loss						(103,968)
Balance, end of period at Jun. 30, 2022	$ 7	1,430,461	(3,387)	(961,667)		465,414
Balance, end of period (in shares) at Jun. 30, 2022	68,718,434
Balance, beginning of period at Mar. 31, 2022	$ 7	1,423,476	(2,509)	(908,214)		512,760
Balance, beginning of period (in shares) at Mar. 31, 2022	68,602,664
Statement of Stockholders' Equity (Deficit)
Exercise of stock options (in shares)	20
Vesting of restricted common stock awards (in shares)	77,884
Issuance of common stock under employee stock purchase plan		367				367
Issuance of common stock under employee stock purchase plan (in shares)	37,866
Stock-based compensation expense		6,618				6,618
Unrealized gain (loss) on marketable debt securities			(878)			(878)
Net loss				(53,453)		(53,453)
Balance, end of period at Jun. 30, 2022	$ 7	1,430,461	(3,387)	(961,667)		465,414
Balance, end of period (in shares) at Jun. 30, 2022	68,718,434
Balance, beginning of period at Dec. 31, 2022	$ 7	1,442,405	(3,601)	(1,078,131)		360,680
Balance, beginning of period (in shares) at Dec. 31, 2022	68,847,382
Statement of Stockholders' Equity (Deficit)
Vesting of restricted common stock awards (in shares)	146,209
Stock-based compensation expense		4,507				4,507
Unrealized gain (loss) on marketable debt securities			1,322			1,322
Net loss				(49,036)		(49,036)
Balance, end of period at Mar. 31, 2023	$ 7	1,446,912	(2,279)	(1,127,167)		317,473
Balance, end of period (in shares) at Mar. 31, 2023	68,993,591
Balance, beginning of period at Dec. 31, 2022	$ 7	1,442,405	(3,601)	(1,078,131)		360,680
Balance, beginning of period (in shares) at Dec. 31, 2022	68,847,382
Statement of Stockholders' Equity (Deficit)
Issuance of common stock from public offering, net commissions, underwriting discounts and offering costs (in shares)					0
Net loss						(89,326)
Balance, end of period at Jun. 30, 2023	$ 8	1,569,651	(2,285)	(1,167,457)		399,917
Balance, end of period (in shares) at Jun. 30, 2023	81,616,909
Balance, beginning of period at Mar. 31, 2023	$ 7	1,446,912	(2,279)	(1,127,167)		317,473
Balance, beginning of period (in shares) at Mar. 31, 2023	68,993,591
Statement of Stockholders' Equity (Deficit)
Issuance of common stock from public offering, net commissions, underwriting discounts and offering costs	$ 1	117,078				117,079
Issuance of common stock from public offering, net commissions, underwriting discounts and offering costs (in shares)	12,500,000
Exercise of stock options		11				11
Exercise of stock options (in shares)	3,122
Vesting of restricted common stock awards (in shares)	64,492
Issuance of common stock under employee stock purchase plan		435				435
Issuance of common stock under employee stock purchase plan (in shares)	55,704
Stock-based compensation expense		5,215				5,215
Unrealized gain (loss) on marketable debt securities			(6)			(6)
Net loss				(40,290)		(40,290)
Balance, end of period at Jun. 30, 2023	$ 8	$ 1,569,651	$ (2,285)	$ (1,167,457)		$ 399,917
Balance, end of period (in shares) at Jun. 30, 2023	81,616,909

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities
Net loss	$ (89,326)	$ (103,968)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	9,722	18,049
Depreciation	3,084	3,156
Loss on disposal of fixed assets	1,583
Other non-cash items, net	(1,473)	57
Changes in operating assets and liabilities:
Accounts receivable	2,859	(446)
Prepaid expenses and other current assets	611	(908)
Right-of-use assets	8,837	5,507
Other non-current assets		(719)
Accounts payable	(1,256)	1,252
Accrued expenses	(2,360)	402
Deferred revenue		(3,333)
Operating lease liabilities	(6,760)	(6,121)
Net cash used in operating activities	(74,479)	(87,072)
Cash flow from investing activities
Purchases of property and equipment	(3,173)	(2,880)
Proceeds from the sale of equipment		18
Purchases of marketable securities	(68,183)	(183,519)
Proceeds from maturities of marketable securities	107,605	238,750
Net cash provided by investing activities	36,249	52,369
Cash flow from financing activities
Proceeds from offering of common stock, net of issuance costs	117,079
Proceeds from exercise of stock options	11	218
Proceeds from issuance of common stock under employee stock purchase plan	435	367
Net cash provided by financing activities	117,525	585
Net increase (decrease) in cash, cash equivalents, and restricted cash	79,295	(34,118)
Cash, cash equivalents, and restricted cash, beginning of period	145,399	207,396
Cash, cash equivalents, and restricted cash, end of period	224,694	173,278
Supplemental disclosure of cash and non-cash activities:
Fixed asset additions included in accounts payable and accrued expenses	212	127
Cash paid in connection with operating lease liabilities	5,738	$ 7,089
Offering costs included in accounts payable and accrued expenses	230
Right-of-use assets obtained in exchange of operating lease obligations	$ 1,069

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2023
Nature of Business
Nature of Business	1. Nature of Business ​ Editas Medicine, Inc. (the “Company”) is a 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, 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 June 2023, the Company completed a public offering in which it sold 12,500,000 shares of its common stock and received net proceeds of approximately $117.1 million after deducting underwriting discounts and commissions and other offering costs. ​ 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 June 30, 2023 will enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2025. The Company had an accumulated deficit of $1.2 billion at June 30, 2023, 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	6 Months Ended
	Jun. 30, 2023
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, 2022 (the “Annual Report”). ​ The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Editas Securities Corporation and Editas Medicine, LLC. All intercompany transactions and balances of the subsidiaries 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 June 30, 2023 and 2022 are referred to as the second quarter of 2023 and 2022, 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	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair June 30, 2023 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 220,817 ​ $ — ​ ​ $ — ​ $ — ​ $ 220,817 Government agency securities ​ ​ 182,221 ​ ​ — ​ ​ ​ — ​ ​ (1,829) ​ ​ 180,392 Corporate notes/bonds ​ ​ 49,454 ​ ​ — ​ ​ ​ — ​ ​ (413) ​ ​ 49,041 Commercial paper ​ ​ 22,402 ​ ​ — ​ ​ ​ — ​ ​ (32) ​ ​ 22,370 U.S. Treasuries ​ ​ 7,424 ​ ​ — ​ ​ ​ — ​ ​ (11) ​ ​ 7,413 Total ​ $ 482,318 ​ $ — ​ ​ $ — ​ $ (2,285) ​ $ 480,033 ​ Cash equivalents and marketable securities consisted of the following at December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair December 31, 2022 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency securities ​ $ 161,902 ​ $ — ​ ​ $ 11 ​ $ (2,556) ​ $ 159,357 Money market funds ​ ​ 141,522 ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 141,522 Corporate notes/bonds ​ ​ 57,575 ​ ​ — ​ ​ ​ 2 ​ ​ (694) ​ ​ 56,883 U.S. Treasuries ​ ​ 50,019 ​ ​ — ​ ​ ​ 3 ​ ​ (229) ​ ​ 49,793 Commercial paper ​ ​ 29,954 ​ ​ — ​ ​ ​ 3 ​ ​ (141) ​ ​ 29,816 Total ​ $ 440,972 ​ $ — ​ ​ $ 19 ​ $ (3,620) ​ $ 437,371 ​ As of June 30, 2023, 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 June 30, 2023, the Company holds 30 securities with an aggregate fair value of $48.1 million that had remaining maturities greater than one year. ​ There were no realized gains or losses on available-for-sale securities during the six months ended June 30, 2023 or 2022.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements ​ Assets measured at fair value on a recurring basis as of June 30, 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ June 30, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 220,817 ​ $ 220,817 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency securities ​ ​ 180,392 ​ ​ — ​ ​ 180,392 ​ ​ — Corporate notes/bonds ​ ​ 49,041 ​ ​ — ​ ​ 49,041 ​ ​ — Commercial paper ​ ​ 22,370 ​ ​ — ​ ​ 22,370 ​ ​ — U.S. Treasuries ​ ​ 7,413 ​ ​ 7,413 ​ ​ — ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 483,910 ​ $ 232,107 ​ $ 251,803 ​ $ — ​ Assets measured at fair value on a recurring basis as of December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 141,522 ​ $ 141,522 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency securities ​ ​ 159,357 ​ ​ — ​ ​ 159,357 ​ ​ — Corporate bonds ​ ​ 56,883 ​ ​ — ​ ​ 56,883 ​ ​ — U.S. Treasuries ​ ​ 49,793 ​ ​ 49,793 ​ ​ — ​ ​ — Commercial paper ​ ​ 29,816 ​ ​ — ​ ​ 29,816 ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 441,248 ​ $ 195,192 ​ $ 246,056 ​ $ — ​

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Accrued Expenses
Accrued Expenses	5. Accrued Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, ​ 2023 2022 External research and development expenses ​ $ 17,976 ​ $ 16,452 Employee related expenses ​ ​ 6,412 ​ ​ 10,140 Intellectual property and patent related fees ​ ​ 1,527 ​ ​ 1,809 Professional service expenses ​ ​ 1,903 ​ ​ 1,260 Other expenses ​ ​ 78 ​ ​ 1,635 Total accrued expenses ​ $ 27,896 ​ $ 31,296 ​ ​ ​ ​ ​ ​ ​ ​

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2023
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 ​ ​ June 30, ​ December 31, ​ 2023 2022 Laboratory equipment ​ $ 24,683 ​ $ 24,407 Leasehold improvements ​ ​ 9,648 ​ ​ 9,761 Computer equipment ​ 875 ​ 875 Construction-in-progress ​ ​ 653 ​ ​ 1,573 Furniture and office equipment ​ ​ 264 ​ ​ 264 Software ​ 215 ​ 215 Total property and equipment ​ 36,338 ​ 37,095 Less: accumulated depreciation ​ (23,492) ​ (21,526) Property and equipment, net ​ $ 12,846 ​ $ 15,569 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	7. Commitments and Contingencies ​ In the second quarter of 2023, we entered into a License and Service Agreement pursuant to which we will lease manufacturing space for our continued research and development activities. As of June 30, 2023, the lease has not commenced for accounting purposes and it is not expected to commence until the second quarter of 2024. The lease agreement provides for total remaining lease payments of $87.8 million over a 10-year lease term. ​ 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 $1.6 million and $4.6 million in expense during the three and six months ended June 30, 2023, respectively, for such reimbursement. The Company incurred an aggregate of $1.8 million and $3.9 million in expense during the three and six months ended June 30, 2022, respectively, for such reimbursement.

Collaboration and Profit-Sharin

Collaboration and Profit-Sharing Agreements	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, 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 six months ended June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2023 Balance at December 31, 2022 ​ Additions ​ Deductions ​ Balance at June 30, 2023 Accounts receivable $ 5,145 ​ $ 2,141 ​ $ (5,000) ​ $ 2,286 Contract liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred revenue $ 68,888 ​ $ — ​ $ — ​ $ 68,888 ​ During the three and six months ended June 30, 2023, the Company did not recognize any collaboration revenue that had been allocated to deferred revenue from BMS.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Research and development ​ $ 2,525 ​ $ 3,064 ​ $ 4,611 ​ $ 6,758 General and administrative ​ 2,690 ​ 3,554 ​ 5,111 ​ 11,291 Total stock-based compensation expense ​ $ 5,215 ​ $ 6,618 ​ $ 9,722 ​ $ 18,049 ​ Restricted Stock Unit Awards ​ The following is a summary of restricted stock unit awards activity for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Unvested restricted stock unit awards as of December 31, 2022 1,499,070 ​ $ 18.70 Issued 1,071,802 ​ $ 8.79 Vested (210,701) ​ $ 19.70 Forfeited ​ (277,083) ​ $ 20.98 Unvested restricted stock unit awards as of June 30, 2023 2,083,088 ​ $ 13.20 ​ ​ As of June 30, 2023, total unrecognized compensation expense related to unvested restricted stock unit awards was $14.7 million, which the Company expects to recognize over a remaining weighted-average period of 2.67 years. ​ Stock Options ​ The following is a summary of stock option activity for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Remaining Aggregate Intrinsic ​ ​ Shares ​ Exercise Price ​ Contractual Life (years) ​ Value Outstanding at December 31, 2022 5,276,148 ​ $ 23.99 ​ 8.0 ​ $ 401,529 Granted ​ 1,730,319 ​ $ 8.79 ​ ​ ​ ​ ​ Exercised ​ (3,122) ​ $ 3.38 ​ ​ ​ ​ ​ Cancelled ​ (815,014) ​ $ 29.66 ​ ​ ​ ​ ​ Outstanding at June 30, 2023 6,188,331 ​ $ 19.25 ​ 7.7 ​ $ 466,217 Exercisable at June 30, 2023 2,550,662 ​ $ 26.55 ​ 5.8 ​ $ 321,139 ​ As of June 30, 2023, total unrecognized compensation expense related to stock options was $31.5 million, which the Company expects to recognize over a remaining weighted-average period of 2.85 years.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2023
Net Loss per Share
Net Loss 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, unvested restricted stock unit awards and outstanding 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: ​ ​ ​ ​ ​ ​ ​ For the three and six months ended ​ ​ June 30, ​ 2023 ​ 2022 Unvested restricted stock unit awards 2,083,088 ​ 1,455,400 Outstanding stock options 6,188,331 ​ 5,025,062 Total 8,271,419 ​ 6,480,462 ​

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Cash Equivalents and Marketable Securities
Schedule of cash equivalents and marketable securities	Cash equivalents and marketable securities consisted of the following at June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair June 30, 2023 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 220,817 ​ $ — ​ ​ $ — ​ $ — ​ $ 220,817 Government agency securities ​ ​ 182,221 ​ ​ — ​ ​ ​ — ​ ​ (1,829) ​ ​ 180,392 Corporate notes/bonds ​ ​ 49,454 ​ ​ — ​ ​ ​ — ​ ​ (413) ​ ​ 49,041 Commercial paper ​ ​ 22,402 ​ ​ — ​ ​ ​ — ​ ​ (32) ​ ​ 22,370 U.S. Treasuries ​ ​ 7,424 ​ ​ — ​ ​ ​ — ​ ​ (11) ​ ​ 7,413 Total ​ $ 482,318 ​ $ — ​ ​ $ — ​ $ (2,285) ​ $ 480,033 ​ Cash equivalents and marketable securities consisted of the following at December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ for Credit ​ ​ Unrealized ​ Unrealized ​ Fair December 31, 2022 ​ Cost ​ Losses ​ ​ Gains ​ Losses ​ Value Cash equivalents and marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency securities ​ $ 161,902 ​ $ — ​ ​ $ 11 ​ $ (2,556) ​ $ 159,357 Money market funds ​ ​ 141,522 ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 141,522 Corporate notes/bonds ​ ​ 57,575 ​ ​ — ​ ​ ​ 2 ​ ​ (694) ​ ​ 56,883 U.S. Treasuries ​ ​ 50,019 ​ ​ — ​ ​ ​ 3 ​ ​ (229) ​ ​ 49,793 Commercial paper ​ ​ 29,954 ​ ​ — ​ ​ ​ 3 ​ ​ (141) ​ ​ 29,816 Total ​ $ 440,972 ​ $ — ​ ​ $ 19 ​ $ (3,620) ​ $ 437,371

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ June 30, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 220,817 ​ $ 220,817 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency securities ​ ​ 180,392 ​ ​ — ​ ​ 180,392 ​ ​ — Corporate notes/bonds ​ ​ 49,041 ​ ​ — ​ ​ 49,041 ​ ​ — Commercial paper ​ ​ 22,370 ​ ​ — ​ ​ 22,370 ​ ​ — U.S. Treasuries ​ ​ 7,413 ​ ​ 7,413 ​ ​ — ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 483,910 ​ $ 232,107 ​ $ 251,803 ​ $ — ​ Assets measured at fair value on a recurring basis as of December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs Financial Assets ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 141,522 ​ $ 141,522 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government agency securities ​ ​ 159,357 ​ ​ — ​ ​ 159,357 ​ ​ — Corporate bonds ​ ​ 56,883 ​ ​ — ​ ​ 56,883 ​ ​ — U.S. Treasuries ​ ​ 49,793 ​ ​ 49,793 ​ ​ — ​ ​ — Commercial paper ​ ​ 29,816 ​ ​ — ​ ​ 29,816 ​ ​ — Restricted cash and other non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 3,877 ​ ​ 3,877 ​ ​ — ​ ​ — Total financial assets ​ $ 441,248 ​ $ 195,192 ​ $ 246,056 ​ $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, ​ 2023 2022 External research and development expenses ​ $ 17,976 ​ $ 16,452 Employee related expenses ​ ​ 6,412 ​ ​ 10,140 Intellectual property and patent related fees ​ ​ 1,527 ​ ​ 1,809 Professional service expenses ​ ​ 1,903 ​ ​ 1,260 Other expenses ​ ​ 78 ​ ​ 1,635 Total accrued expenses ​ $ 27,896 ​ $ 31,296 ​ ​ ​ ​ ​ ​ ​

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
Property and Equipment, net
Schedule of property and equipment, net	Property and equipment, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, ​ 2023 2022 Laboratory equipment ​ $ 24,683 ​ $ 24,407 Leasehold improvements ​ ​ 9,648 ​ ​ 9,761 Computer equipment ​ 875 ​ 875 Construction-in-progress ​ ​ 653 ​ ​ 1,573 Furniture and office equipment ​ ​ 264 ​ ​ 264 Software ​ 215 ​ 215 Total property and equipment ​ 36,338 ​ 37,095 Less: accumulated depreciation ​ (23,492) ​ (21,526) Property and equipment, net ​ $ 12,846 ​ $ 15,569

Collaboration and Profit-Shar_2

Collaboration and Profit-Sharing Agreements (Tables)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2023 Balance at December 31, 2022 ​ Additions ​ Deductions ​ Balance at June 30, 2023 Accounts receivable $ 5,145 ​ $ 2,141 ​ $ (5,000) ​ $ 2,286 Contract liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred revenue $ 68,888 ​ $ — ​ $ — ​ $ 68,888

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Research and development ​ $ 2,525 ​ $ 3,064 ​ $ 4,611 ​ $ 6,758 General and administrative ​ 2,690 ​ 3,554 ​ 5,111 ​ 11,291 Total stock-based compensation expense ​ $ 5,215 ​ $ 6,618 ​ $ 9,722 ​ $ 18,049
Schedule of changes in unvested restricted stock	The following is a summary of restricted stock unit awards activity for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Unvested restricted stock unit awards as of December 31, 2022 1,499,070 ​ $ 18.70 Issued 1,071,802 ​ $ 8.79 Vested (210,701) ​ $ 19.70 Forfeited ​ (277,083) ​ $ 20.98 Unvested restricted stock unit awards as of June 30, 2023 2,083,088 ​ $ 13.20
Schedule of stock option activity	The following is a summary of stock option activity for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Remaining Aggregate Intrinsic ​ ​ Shares ​ Exercise Price ​ Contractual Life (years) ​ Value Outstanding at December 31, 2022 5,276,148 ​ $ 23.99 ​ 8.0 ​ $ 401,529 Granted ​ 1,730,319 ​ $ 8.79 ​ ​ ​ ​ ​ Exercised ​ (3,122) ​ $ 3.38 ​ ​ ​ ​ ​ Cancelled ​ (815,014) ​ $ 29.66 ​ ​ ​ ​ ​ Outstanding at June 30, 2023 6,188,331 ​ $ 19.25 ​ 7.7 ​ $ 466,217 Exercisable at June 30, 2023 2,550,662 ​ $ 26.55 ​ 5.8 ​ $ 321,139

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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: ​ ​ ​ ​ ​ ​ ​ For the three and six months ended ​ ​ June 30, ​ 2023 ​ 2022 Unvested restricted stock unit awards 2,083,088 ​ 1,455,400 Outstanding stock options 6,188,331 ​ 5,025,062 Total 8,271,419 ​ 6,480,462

Nature of Business (Details)

Nature of Business (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	May 31, 2021
Liquidity
Net proceeds from issuance of shares		$ 117,079
Accumulated deficit	$ 1,167,457	$ 1,167,457	$ 1,078,131
June 2023 Offering
Liquidity
Number of common stock issued	12,500,000
Net proceeds from issuance of shares	$ 117,100
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

Cash Equivalents and Marketab_3

Cash Equivalents and Marketable Securities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Cash Equivalents and Marketable Securities
Amortized Cost	$ 482,318		$ 440,972
Gross Unrealized Gains			19
Gross Unrealized Losses	(2,285)		(3,620)
Fair Value	$ 480,033		437,371
Number of securities in an unrealized loss position for more than 12 months | security	0
Number of noncurrent securities | security	30
Noncurrent marketable securities	$ 48,065		93,097
Realized gains (losses) on available-for-sale securities	0	$ 0
Money market funds
Cash Equivalents and Marketable Securities
Amortized Cost	220,817		141,522
Fair Value	220,817		141,522
Government agency securities.
Cash Equivalents and Marketable Securities
Amortized Cost	182,221		161,902
Gross Unrealized Gains			11
Gross Unrealized Losses	(1,829)		(2,556)
Fair Value	180,392		159,357
Corporate notes/bonds
Cash Equivalents and Marketable Securities
Amortized Cost	49,454		57,575
Gross Unrealized Gains			2
Gross Unrealized Losses	(413)		(694)
Fair Value	49,041		56,883
Commercial paper
Cash Equivalents and Marketable Securities
Amortized Cost	22,402		29,954
Gross Unrealized Gains			3
Gross Unrealized Losses	(32)		(141)
Fair Value	22,370		29,816
U.S. Treasuries
Cash Equivalents and Marketable Securities
Amortized Cost	7,424		50,019
Gross Unrealized Gains			3
Gross Unrealized Losses	(11)		(229)
Fair Value	$ 7,413		$ 49,793

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Assets
Marketable securities	$ 480,033	$ 437,371
Corporate notes/bonds
Financial Assets
Marketable securities	49,041	56,883
Commercial paper
Financial Assets
Marketable securities	22,370	29,816
U.S. Treasuries
Financial Assets
Marketable securities	7,413	49,793
Recurring
Financial Assets
Total financial assets	483,910	441,248
Recurring | Government agency securities
Financial Assets
Marketable securities	180,392	159,357
Recurring | Corporate notes/bonds
Financial Assets
Marketable securities	49,041	56,883
Recurring | Commercial paper
Financial Assets
Marketable securities	22,370	29,816
Recurring | U.S. Treasuries
Financial Assets
Marketable securities	7,413	49,793
Recurring | Money market funds
Financial Assets
Cash and cash equivalents	220,817	141,522
Restricted cash	$ 3,877	$ 3,877
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Recurring | Level 1
Financial Assets
Total financial assets	$ 232,107	$ 195,192
Recurring | Level 1 | U.S. Treasuries
Financial Assets
Marketable securities	7,413	49,793
Recurring | Level 1 | Money market funds
Financial Assets
Cash and cash equivalents	220,817	141,522
Restricted cash	$ 3,877	$ 3,877
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Recurring | Level 2
Financial Assets
Total financial assets	$ 251,803	$ 246,056
Recurring | Level 2 | Government agency securities
Financial Assets
Marketable securities	180,392	159,357
Recurring | Level 2 | Corporate notes/bonds
Financial Assets
Marketable securities	49,041	56,883
Recurring | Level 2 | Commercial paper
Financial Assets
Marketable securities	$ 22,370	$ 29,816

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses
External research and development expenses	$ 17,976	$ 16,452
Employee related expenses	6,412	10,140
Intellectual property and patent related fees	1,527	1,809
Professional service expenses	1,903	1,260
Other expenses	78	1,635
Total accrued expenses	$ 27,896	$ 31,296

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property and equipment, net
Total property and equipment	$ 36,338	$ 37,095
Less: accumulated depreciation	(23,492)	(21,526)
Property and equipment, net	12,846	15,569
Laboratory equipment
Property and equipment, net
Total property and equipment	24,683	24,407
Leasehold improvements
Property and equipment, net
Total property and equipment	9,648	9,761
Computer equipment
Property and equipment, net
Total property and equipment	875	875
Construction-in-progress
Property and equipment, net
Total property and equipment	653	1,573
Furniture and office equipment
Property and equipment, net
Total property and equipment	264	264
Software
Property and equipment, net
Total property and equipment	$ 215	$ 215

Commitments and Contingencies -

Commitments and Contingencies - Lease Agreement (Details) - License and Service Agreement $ in Millions	Jun. 30, 2023 USD ($)
Leases
Remaining lease payments	$ 87.8
Lease term	10 years

Commitments and Contingencies_2

Commitments and Contingencies - Licensor Expense Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Licensor Expense Reimbursements
Commitments and contingencies
Expense for prosecution and maintenance of patent rights	$ 1.6	$ 1.8	$ 4.6	$ 3.9

Collaboration and Profit-Shar_3

Collaboration and Profit-Sharing Agreements - Revenue Recognition (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Accounts receivable
Accounts receivable, Balance at Beginning of Period	$ 5,145
Accounts Receivable, Additions	2,141
Accounts Receivable, Deductions	(5,000)
Accounts receivable, Balance at End of Period	2,286
Contract liabilities:
Deferred Revenue, Balance at Beginning of Period	68,888
Deferred Revenue, Balance at End of Period	$ 68,888

Stock-based Compensation - Expe

Stock-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation disclosures
Compensation expense	$ 5,215	$ 6,618	$ 9,722	$ 18,049
Research and development
Stock-based compensation disclosures
Compensation expense	2,525	3,064	4,611	6,758
General and administrative
Stock-based compensation disclosures
Compensation expense	$ 2,690	$ 3,554	$ 5,111	$ 11,291

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock and Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Restricted Stock Units (RSUs)
Changes in unvested restricted stock
Unvested restricted shares, beginning of period (in shares)	1,499,070
Issued (in shares)	1,071,802
Vested (in shares)	(210,701)
Forfeited (in shares)	(277,083)
Unvested restricted shares, end of period(in shares)	2,083,088	1,499,070
Weighted Average Grant Date Fair Value
Balance, beginning of period | $ / shares	$ 18.70
Issued (in dollars per share) | $ / shares	8.79
Vested (in dollars per share) | $ / shares	19.70
Forfeited (in dollars per share) | $ / shares	20.98
Balance, ending of period | $ / shares	$ 13.20	$ 18.70
Unrecognized stock-based compensation expense | $	$ 14,700
Period for recognition	2 years 8 months 1 day
Performance based awards | Employees
Changes in unvested restricted stock
Issued (in shares)	331,000
Employee Stock Option [Member]
Weighted Average Grant Date Fair Value
Unrecognized stock-based compensation expense | $	$ 31,500
Period for recognition	2 years 10 months 6 days
Changes in unvested stock options
Outstanding, beginning of period (in shares)	5,276,148
Granted (in shares)	1,730,319
Exercised (in shares)	(3,122)
Cancelled (in shares)	(815,014)
Outstanding, end of period (in shares)	6,188,331	5,276,148
Exercisable (in shares)	2,550,662
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 23.99
Granted (in dollars per share) | $ / shares	8.79
Exercised (in dollars per share) | $ / shares	3.38
Cancelled (in dollars per share) | $ / shares	29.66
Outstanding, end of period (in dollars per share) | $ / shares	19.25	$ 23.99
Exercisable (in dollar per share) | $ / shares	$ 26.55
Remaining contractual life	7 years 8 months 12 days	8 years
Exercisable, remaining contractual life	5 years 9 months 18 days
Aggregate intrinsic value | $	$ 466,217	$ 401,529
Exercisable, aggregated intrinsic value | $	$ 321,139

Net Loss per Share - Anti-dilut

Net Loss per Share - Anti-dilutive (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	8,271,419	6,480,462	8,271,419	6,480,462
Restricted Stock Units (RSUs)
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	2,083,088	1,455,400	2,083,088	1,455,400
Employee Stock Option [Member]
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	6,188,331	5,025,062	6,188,331	5,025,062

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (40,290)	$ (49,036)	$ (53,453)	$ (50,515)	$ (89,326)	$ (103,968)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Erick Lucera [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarterly period covered by this report, Erick Lucera, our Chief Financial Officer, entered into a Rule 10b5-1 trading arrangement that is intended to qualify as an “eligible sell-to-cover transaction” (as described in Rule 10b5-1(c)(1)(ii)(D)(3) under the Exchange Act). This sell-to-cover arrangement, which was adopted on May 12, 2023, applies to restricted stock units (“RSUs”), whether vesting is based on the passage of time and/or the achievement of performance goals, granted on his start date, May 17, 2023, and any RSUs that may be granted from time to time thereafter (other than those which by their terms require us to withhold shares for tax withholding obligations in connection with vesting and settlement). This arrangement provides for the automatic sale of shares of our common stock that would otherwise be issuable on each settlement date of a covered RSU in an amount necessary to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to us in satisfaction of the applicable withholding obligation. The number of shares that will be sold under this arrangement is not currently determinable as the number will vary based on the extent to which vesting conditions are satisfied, the market price of our common stock at the time of settlement and the potential future grant of additional RSUs subject to this arrangement.
Name	Erick Lucera
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 17, 2023