Editas Medicine (EDIT) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
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		82,237,974
Entity Central Index Key	0001650664
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 69,227	$ 123,652
Marketable securities	226,944	199,459
Accounts receivable	245	10,187
Prepaid expenses and other current assets	9,139	7,531
Total current assets	305,555	340,829
Marketable securities	80,605	104,024
Property and equipment, net	13,257	12,032
Right-of-use assets	31,443	33,680
Restricted cash and other non-current assets	9,487	8,588
Total assets	440,347	499,153
Current liabilities:
Accounts payable	7,966	8,269
Accrued expenses	31,481	34,563
Deferred revenue, current	14,684	8,221
Operating lease liabilities	12,356	12,164
Total current liabilities	66,487	63,217
Operating lease liabilities, net of current portion	21,783	24,372
Deferred revenue, net of current portion	54,204	60,667
Other non-current liabilities	3,473	1,800
Total liabilities	145,947	150,056
Stockholders’ equity
Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.0001 par value per share: 195,000,000 shares authorized; 82,234,951 and 81,767,263 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	8	8
Additional paid-in capital	1,588,018	1,580,241
Accumulated other comprehensive (loss) income	(326)	198
Accumulated deficit	(1,293,300)	(1,231,350)
Total stockholders’ equity	294,400	349,097
Total liabilities and stockholders’ equity	$ 440,347	$ 499,153

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	195,000,000	195,000,000
Common stock, shares issued (in shares)	82,234,951	81,767,263
Common stock, shares outstanding (in shares)	82,234,951	81,767,263

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Collaboration and other research and development revenues	$ 1,135	$ 9,851
Revenue type	Service [Member]	Service [Member]
Operating expenses:
Research and development	$ 48,787	$ 37,804
General and administrative	19,339	23,008
Total operating expenses	68,126	60,812
Operating loss	(66,991)	(50,961)
Other income, net:
Other income (expense), net	6	(1,584)
Interest income, net	5,035	3,509
Total other income, net	5,041	1,925
Net loss	$ (61,950)	$ (49,036)
Net loss per share, basic (in dollars per share)	$ (0.76)	$ (0.71)
Net loss per share, diluted (in dollars per share)	$ (0.76)	$ (0.71)
Weighted-average common shares outstanding, basic (in shares)	81,938,839	68,924,180
Weighted-average common shares outstanding, diluted (in shares)	81,938,839	68,924,180

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net loss	$ (61,950)	$ (49,036)
Other comprehensive loss:
Unrealized (loss) gain on marketable debt securities	(524)	1,322
Comprehensive loss	$ (62,474)	$ (47,714)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning of period (in shares) at Dec. 31, 2022		68,847,382
Balance, beginning of period at Dec. 31, 2022	$ 360,680	$ 7	$ 1,442,405	$ (3,601)	$ (1,078,131)
Statement of Stockholders' Equity (Deficit)
Exercise of stock options (in shares)		0
Exercise of stock options	0
Vesting of restricted common stock awards (in shares)		146,209
Vesting of restricted common stock awards	0
Stock-based compensation expense	4,507		4,507
Unrealized loss on marketable debt securities	1,322			1,322
Net loss	(49,036)				(49,036)
Balance, end of period (in shares) at Mar. 31, 2023		68,993,591
Balance, end of period at Mar. 31, 2023	317,473	$ 7	1,446,912	(2,279)	(1,127,167)
Balance, beginning of period (in shares) at Dec. 31, 2023		81,767,263
Balance, beginning of period at Dec. 31, 2023	349,097	$ 8	1,580,241	198	(1,231,350)
Statement of Stockholders' Equity (Deficit)
Exercise of stock options (in shares)		21,975
Exercise of stock options	192		192
Vesting of restricted common stock awards (in shares)		445,713
Vesting of restricted common stock awards	0
Stock-based compensation expense	7,585		7,585
Unrealized loss on marketable debt securities	(524)			(524)
Net loss	(61,950)				(61,950)
Balance, end of period (in shares) at Mar. 31, 2024		82,234,951
Balance, end of period at Mar. 31, 2024	$ 294,400	$ 8	$ 1,588,018	$ (326)	$ (1,293,300)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flow from operating activities
Net loss	$ (61,950)	$ (49,036)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,585	4,507
Depreciation	1,409	1,544
Loss on disposal of fixed assets	0	1,583
Net amortization of premiums and discounts on marketable securities	(1,716)	(693)
Changes in operating assets and liabilities:
Accounts receivable	9,942	4,903
Prepaid expenses and other current assets	(1,607)	1,558
Right-of-use assets	2,237	7,304
Other non-current assets	(899)	(1,500)
Accounts payable	(1,456)	(557)
Accrued expenses	(2,694)	1,427
Operating lease liabilities	(2,396)	(6,808)
Other current and non-current liabilities, net	1,673	0
Net cash used in operating activities	(49,872)	(35,768)
Cash flow from investing activities
Purchases of property and equipment	(1,871)	(1,840)
Purchases of marketable securities	(86,224)	(40,798)
Proceeds from maturities of marketable securities	83,350	65,905
Net cash (used in) provided by investing activities	(4,745)	23,267
Cash flow from financing activities
Proceeds from exercise of stock options	192	0
Net cash provided by financing activities	192	0
Net decrease in cash, cash equivalents, and restricted cash	(54,425)	(12,501)
Cash, cash equivalents, and restricted cash, beginning of period	127,529	145,399
Cash, cash equivalents, and restricted cash, end of period	73,104	132,898
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	69,227	129,021
Restricted cash	3,877	3,877
Cash, cash equivalents, and restricted cash, end of period	73,104	132,898
Supplemental disclosure of cash and non-cash activities:
Fixed asset additions included in accounts payable and accrued expenses	1,644	370
Cash paid in connection with operating lease liabilities	3,847	3,897
Remeasurement of operating lease liabilities and right-of-use assets due to lease modification	$ 794	$ (3,781)

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Editas Medicine, Inc. (the “Company”) is a clinical stage gene editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. The Company was incorporated in the state of Delaware in September 2013. Its principal offices are in Cambridge, Massachusetts. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital. The Company has primarily financed its operations through various equity financings, payments received under a research collaboration with Juno Therapeutics, a wholly-owned subsidiary of the Bristol-Myers Squibb Company (“BMS”), payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”) and payments received in conjunction with the Company’s license agreement with Vertex Pharmaceuticals, Inc. (“Vertex”). 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. 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”). The Company amended the common stock sales agreement with Cowen in February 2024 in connection with filing a new registration statement. As of March 31, 2024, the Company has not sold any shares of its common stock under the ATM Facility. The Company has incurred annual net operating losses in every year since its inception. As of May 8, 2024, the issuance date of the consolidated financial statements, the Company expects that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the issuance date of the consolidated financial statements. The Company had an accumulated deficit of $1.3 billion at March 31, 2024, 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, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, 2023 (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 March 31, 2024 and 2023 are referred to as the first quarter of 2024 and 2023, 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

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities Cash equivalents and marketable securities consisted of the following at March 31, 2024 (in thousands): Amortized Allowance Gross Gross Fair Cash equivalents and marketable securities: Government agency securities $ 59,302 $ — $ — $ (202) $ 59,100 U.S. Treasuries 223,583 — 66 (136) 223,513 Money market funds 69,227 — — — 69,227 Corporate notes/bonds 24,990 — — (54) 24,936 Commercial paper — — — — — Total $ 377,102 $ — $ 66 $ (392) $ 376,776 Cash equivalents and marketable securities consisted of the following at December 31, 2023 (in thousands): Amortized Allowance Gross Gross Fair Cash equivalents and marketable securities: Government agency securities $ 103,507 $ — $ — $ (327) $ 103,180 Money market funds 123,652 — — — 123,652 Corporate notes/bonds 30,920 — — (86) 30,834 U.S. Treasuries 168,858 — 611 — 169,469 Commercial paper — — — — — Total $ 426,937 $ — $ 611 $ (413) $ 427,135 As of March 31, 2024, 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 securities. As of March 31, 2024, the Company holds 13 securities with an aggregate fair value of $80.6 million that had remaining maturities greater than one year. There were no realized gains or losses on available-for-sale securities during the three months ended March 31, 2024 or 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets measured at fair value on a recurring basis as of March 31, 2024 were as follows (in thousands): March 31, Quoted Prices Significant Significant Cash equivalents: Money market funds $ 69,227 $ 69,227 $ — $ — Marketable securities: Government agency securities 59,100 — 59,100 — Corporate notes/bonds 24,936 — 24,936 — U.S. Treasuries 223,513 223,513 — — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 380,653 $ 296,617 $ 84,036 $ — Assets measured at fair value on a recurring basis as of December 31, 2023 were as follows (in thousands): December 31, Quoted Prices Significant Significant Cash equivalents: Money market funds $ 123,652 $ 123,652 $ — $ — Marketable securities: Government agency securities 103,180 — 103,180 — Corporate notes/bonds 30,834 — 30,834 — U.S. Treasuries 169,469 169,469 — — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 431,012 $ 296,998 $ 134,014 $ —

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, External research and development expenses $ 19,122 $ 16,204 Employee related expenses 8,649 11,280 Sublicense and license fees 486 5,063 Intellectual property and patent related fees 2,174 983 Professional service expenses 432 750 Other expenses 618 283 Total accrued expenses $ 31,481 $ 34,563

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, December 31, Laboratory and manufacturing equipment $ 25,791 $ 25,043 Leasehold improvements 9,773 9,648 Computer equipment 1,076 1,062 Construction-in-progress 3,655 2,060 Furniture and office equipment 264 264 Software 272 215 Total property and equipment 40,831 38,292 Less: accumulated depreciation (27,574) (26,260) Property and equipment, net $ 13,257 $ 12,032

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the second quarter of 2023 , the Company entered into a license and service agreement pursuant to which it will lease manufacturing space for its continued research and development activities. As of March 31, 2024, the lease has not commenced for accounting purposes and it is not expected to commence until the second quarter of 2024. The license and service agreement provides for total remaining lease payments of up to $85.4 million over a 10-year lease term. The Company may terminate the license and service agreement in its discretion upon twelve months' prior written notice. The Company is a party to a number of license agreements under which the Company licenses patents, patent applications and other intellectual property from third parties. As such, the Company is obligated to pay licensors for various costs including upfront licenses fees, annual license fees, certain licensor expense reimbursements, success payments, research funding payments, and milestones triggerable upon certain development, regulatory, and commercial events as well as royalties on future products. These contracts are generally cancellable, with notice, at the Company’s option and do not have significant cancellation penalties. The terms and conditions as well as the accounting analysis for the Company’s significant commitments and contingencies are described in Note 8, “Commitments and Contingencies” 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. 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 $2.0 million and $3.0 million in expense during the three months ended March 31, 2024 and 2023, respectively, for such reimbursement.

Collaboration Agreements

Collaboration Agreements	3 Months Ended
	Mar. 31, 2024
Collaboration Agreements
Collaboration Agreements	Collaboration 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 Agreements” to the consolidated financial statements included in the Annual Report. There have been no other material changes to the terms and conditions, or the accounting conclusions, previously disclosed in the Annual Report. Collaboration Revenue As of March 31, 2024, 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, 2024 (in thousands): Balance at December 31, 2023 Additions Deductions Balance at March 31, 2024 Accounts receivable $ 10,187 $ 58 $ (10,000) $ 245 Contract liabilities: Deferred revenue $ 68,888 $ — $ — $ 68,888 Amendment to BMS Collaboration Agreement In March 2024, the Company entered into an amendment (“2024 Amendment”) to extend the collaboration to November 2026, with options to extend the collaboration for up to an additional two years, and provided BMS the ability to select up to three new gene targets for research. Accounting Assessment The Company evaluated the 2024 Amendment and concluded that the agreement qualifies as a contract with a customer under Accounting Standards Codification 606 (“ASC 606”). The contract modification was accounted for on a prospective basis as if it were a termination of the existing contract and the creation of a new contract since the promised goods and services were distinct from the goods and services that were transferred on or before the effective date of the amendment. The Company has identified the following performance obligations under the 2024 Amendment: eighteen material rights for additional development and commercialization licenses for other gene editing tools specific to a gene target and enzyme combination (or a “Program”). As of the amendment date and March 31, 2024, the total transaction price was appropriately $56.7 million comprised of the remaining deferred revenue balance that was not recognized pursuant to the 2019 Amended Collaboration Agreement. The Company utilized the most likely amount method to estimate any development and regulatory milestone payments to be received as well extension term fees. As of March 31, 2024, there were no milestone or extension term fees included in the transaction price. The Company considers the stage of development and the risks associated with the remaining development required to achieve the milestone, as well as whether the achievement of the milestone is outside the control of the Company or BMS. The outstanding milestone payments and extension term fees were fully constrained as of March 31, 2024, as a result of the uncertainty of whether any of the milestones will be achieved or the term would be extended. The Company has determined that any commercial milestones and sales-based royalties will be recognized when the related sales occur. The Company reevaluates the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company concluded that rights and attributes of each of the development and commercialization licenses are identical for both the license granted at inception and the licenses that may be issued in the future upon exercise of the associated option. Each development and commercialization license is differentiated only by the Program to which it relates. The Company has considered the early stage of the science and the uncertainty of success and concluded that the probability of scientific success and opt-in is equal amongst all Programs. In addition, each Program is multi-functional, and a combination of Programs can be utilized in the development of a product candidate. As such, the Company concluded that the standalone selling price of each material right is the same. The Company will recognize the transaction price allocated to each material right when the material right is exercised, lapsed or expired.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	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 2024 2023 Research and development $ 2,908 $ 2,086 General and administrative 4,677 2,421 Total stock-based compensation expense $ 7,585 $ 4,507 Restricted Stock Unit Awards The following is a summary of restricted stock unit awards activity for the three months ended March 31, 2024: Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock unit awards as of December 31, 2023 2,107,147 $ 11.96 Issued 1,300,125 $ 9.85 Vested (445,713) $ 12.66 Forfeited (232,725) $ 15.31 Unvested restricted stock unit awards as of March 31, 2024 2,728,834 $ 10.55 The restricted stock units issued in the three months ended March 31, 2024 include 392,100 units granted to certain employees that contain performance-based vesting provisions. The expense related to the performance-based vesting of restricted stock units was $3.4 million for the three months ended March 31, 2024. There was no expense related to the performance-based vesting of restricted stock units for the three months ended March 31, 2023. The Company recognizes the fair value of the performance-based units through the expected achievement date if the performance-based vesting provisions are deemed probable. As of March 31, 2024, total unrecognized compensation expense related to unvested restricted stock unit awards was $3.3 million, which the Company expects to recognize over a remaining weighted-average period of 2.94 years. Stock Options The following is a summary of stock option activity for the three months ended March 31, 2024: Shares Weighted Average Remaining Aggregate Intrinsic Outstanding at December 31, 2023 6,149,645 $ 16.47 6.89 $ 3,195 Granted 1,982,225 $ 9.73 Exercised (21,975) $ 8.72 Cancelled (318,532) $ 14.95 Outstanding at March 31, 2024 7,791,363 $ 14.84 7.64 $ 296 Exercisable at March 31, 2024 2,912,017 $ 21.76 5.18 $ 241 As of March 31, 2024, total unrecognized compensation expense related to stock options was $1.2 million, which the Company expects to recognize over a remaining weighted-average period of 2.99 years.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share	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: March 31, 2024 2023 Unvested restricted stock unit awards 2,728,834 1,989,201 Outstanding stock options 7,791,363 6,159,208 Total 10,520,197 8,148,409

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (61,950)	$ (49,036)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash Equivalents and Marketable Securities	Cash equivalents and marketable securities consisted of the following at March 31, 2024 (in thousands): Amortized Allowance Gross Gross Fair Cash equivalents and marketable securities: Government agency securities $ 59,302 $ — $ — $ (202) $ 59,100 U.S. Treasuries 223,583 — 66 (136) 223,513 Money market funds 69,227 — — — 69,227 Corporate notes/bonds 24,990 — — (54) 24,936 Commercial paper — — — — — Total $ 377,102 $ — $ 66 $ (392) $ 376,776 Cash equivalents and marketable securities consisted of the following at December 31, 2023 (in thousands): Amortized Allowance Gross Gross Fair Cash equivalents and marketable securities: Government agency securities $ 103,507 $ — $ — $ (327) $ 103,180 Money market funds 123,652 — — — 123,652 Corporate notes/bonds 30,920 — — (86) 30,834 U.S. Treasuries 168,858 — 611 — 169,469 Commercial paper — — — — — Total $ 426,937 $ — $ 611 $ (413) $ 427,135

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	Assets measured at fair value on a recurring basis as of March 31, 2024 were as follows (in thousands): March 31, Quoted Prices Significant Significant Cash equivalents: Money market funds $ 69,227 $ 69,227 $ — $ — Marketable securities: Government agency securities 59,100 — 59,100 — Corporate notes/bonds 24,936 — 24,936 — U.S. Treasuries 223,513 223,513 — — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 380,653 $ 296,617 $ 84,036 $ — Assets measured at fair value on a recurring basis as of December 31, 2023 were as follows (in thousands): December 31, Quoted Prices Significant Significant Cash equivalents: Money market funds $ 123,652 $ 123,652 $ — $ — Marketable securities: Government agency securities 103,180 — 103,180 — Corporate notes/bonds 30,834 — 30,834 — U.S. Treasuries 169,469 169,469 — — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 431,012 $ 296,998 $ 134,014 $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): March 31, December 31, External research and development expenses $ 19,122 $ 16,204 Employee related expenses 8,649 11,280 Sublicense and license fees 486 5,063 Intellectual property and patent related fees 2,174 983 Professional service expenses 432 750 Other expenses 618 283 Total accrued expenses $ 31,481 $ 34,563

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, December 31, Laboratory and manufacturing equipment $ 25,791 $ 25,043 Leasehold improvements 9,773 9,648 Computer equipment 1,076 1,062 Construction-in-progress 3,655 2,060 Furniture and office equipment 264 264 Software 272 215 Total property and equipment 40,831 38,292 Less: accumulated depreciation (27,574) (26,260) Property and equipment, net $ 13,257 $ 12,032

Collaboration Agreements (Table

Collaboration Agreements (Tables)	3 Months Ended
	Mar. 31, 2024
Collaboration 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, 2024 (in thousands): Balance at December 31, 2023 Additions Deductions Balance at March 31, 2024 Accounts receivable $ 10,187 $ 58 $ (10,000) $ 245 Contract liabilities: Deferred revenue $ 68,888 $ — $ — $ 68,888

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
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 2024 2023 Research and development $ 2,908 $ 2,086 General and administrative 4,677 2,421 Total stock-based compensation expense $ 7,585 $ 4,507
Schedule of Changes in Unvested Restricted Stock	The following is a summary of restricted stock unit awards activity for the three months ended March 31, 2024: Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock unit awards as of December 31, 2023 2,107,147 $ 11.96 Issued 1,300,125 $ 9.85 Vested (445,713) $ 12.66 Forfeited (232,725) $ 15.31 Unvested restricted stock unit awards as of March 31, 2024 2,728,834 $ 10.55
Schedule of Stock Option Activity	The following is a summary of stock option activity for the three months ended March 31, 2024: Shares Weighted Average Remaining Aggregate Intrinsic Outstanding at December 31, 2023 6,149,645 $ 16.47 6.89 $ 3,195 Granted 1,982,225 $ 9.73 Exercised (21,975) $ 8.72 Cancelled (318,532) $ 14.95 Outstanding at March 31, 2024 7,791,363 $ 14.84 7.64 $ 296 Exercisable at March 31, 2024 2,912,017 $ 21.76 5.18 $ 241

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
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: March 31, 2024 2023 Unvested restricted stock unit awards 2,728,834 1,989,201 Outstanding stock options 7,791,363 6,159,208 Total 10,520,197 8,148,409

Nature of Business (Details)

Nature of Business (Details) - USD ($) $ in Thousands	1 Months Ended	35 Months Ended
	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	May 31, 2021
Liquidity
Accumulated deficit		$ 1,293,300	$ 1,231,350
June 2023 Offering
Liquidity
Number of common stock issued (in shares)	12,500,000
Net proceeds from issuance of shares	$ 117,100
At The Market Offering
Liquidity
Number of common stock issued (in shares)		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 - Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash Equivalents and Marketable Securities
Amortized Cost	$ 377,102	$ 426,937
Allowance for Credit Losses	0	0
Gross Unrealized Gains	66	611
Gross Unrealized Losses	(392)	(413)
Fair Value	376,776	427,135
Government agency securities
Cash Equivalents and Marketable Securities
Amortized Cost	59,302	103,507
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(202)	(327)
Fair Value	59,100	103,180
U.S. Treasuries
Cash Equivalents and Marketable Securities
Amortized Cost	223,583	168,858
Allowance for Credit Losses	0	0
Gross Unrealized Gains	66	611
Gross Unrealized Losses	(136)	0
Fair Value	223,513	169,469
Money market funds
Cash Equivalents and Marketable Securities
Amortized Cost	69,227	123,652
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	69,227	123,652
Corporate notes/bonds
Cash Equivalents and Marketable Securities
Amortized Cost	24,990	30,920
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(54)	(86)
Fair Value	24,936	30,834
Commercial paper
Cash Equivalents and Marketable Securities
Amortized Cost	0	0
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 0	$ 0

Cash Equivalents and Marketab_4

Cash Equivalents and Marketable Securities - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) security	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Number of securities in an unrealized loss position for more than 12 months | security	0
Number of noncurrent securities | security	13
Noncurrent marketable securities | $	$ 80,605,000		$ 104,024,000
Marketable securities remaining maturity term	1 year
Realized gains (losses) on available-for-sale securities | $	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Assets
Marketable securities:	$ 376,776	$ 427,135
Government agency securities
Financial Assets
Marketable securities:	59,100	103,180
Corporate notes/bonds
Financial Assets
Marketable securities:	24,936	30,834
U.S. Treasuries
Financial Assets
Marketable securities:	223,513	169,469
Fair Value, Recurring
Financial Assets
Total financial assets	380,653	431,012
Fair Value, Recurring | Government agency securities
Financial Assets
Marketable securities:	59,100	103,180
Fair Value, Recurring | Corporate notes/bonds
Financial Assets
Marketable securities:	24,936	30,834
Fair Value, Recurring | U.S. Treasuries
Financial Assets
Marketable securities:	223,513	169,469
Fair Value, Recurring | Money market funds
Financial Assets
Cash equivalents:	69,227	123,652
Restricted cash and other non-current assets:	3,877	3,877
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Total financial assets	296,617	296,998
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government agency securities
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate notes/bonds
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasuries
Financial Assets
Marketable securities:	223,513	169,469
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Financial Assets
Cash equivalents:	69,227	123,652
Restricted cash and other non-current assets:	3,877	3,877
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Financial Assets
Total financial assets	84,036	134,014
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Government agency securities
Financial Assets
Marketable securities:	59,100	103,180
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Corporate notes/bonds
Financial Assets
Marketable securities:	24,936	30,834
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasuries
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Money market funds
Financial Assets
Cash equivalents:	0	0
Restricted cash and other non-current assets:	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Financial Assets
Total financial assets	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Government agency securities
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Corporate notes/bonds
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasuries
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Money market funds
Financial Assets
Cash equivalents:	0	0
Restricted cash and other non-current assets:	$ 0	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
External research and development expenses	$ 19,122	$ 16,204
Employee related expenses	8,649	11,280
Sublicense and license fees	486	5,063
Intellectual property and patent related fees	2,174	983
Professional service expenses	432	750
Other expenses	618	283
Total accrued expenses	$ 31,481	$ 34,563

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, net
Total property and equipment	$ 40,831	$ 38,292
Less: accumulated depreciation	(27,574)	(26,260)
Property and equipment, net	13,257	12,032
Laboratory and manufacturing equipment
Property and equipment, net
Total property and equipment	25,791	25,043
Leasehold improvements
Property and equipment, net
Total property and equipment	9,773	9,648
Computer equipment
Property and equipment, net
Total property and equipment	1,076	1,062
Construction-in-progress
Property and equipment, net
Total property and equipment	3,655	2,060
Furniture and office equipment
Property and equipment, net
Total property and equipment	264	264
Software
Property and equipment, net
Total property and equipment	$ 272	$ 215

Commitments and Contingencies -

Commitments and Contingencies - Lease Agreement (Details) - License and Service Agreement $ in Millions	Mar. 31, 2024 USD ($)
Leases
Remaining lease payments	$ 85.4
Lease term	10 years

Commitments and Contingencies_2

Commitments and Contingencies - Licensor Expense Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Licensor Expense Reimbursements
Commitments and contingencies
Expense for prosecution and maintenance of patent rights	$ 2	$ 3

Collaboration Agreements - Sche

Collaboration Agreements - Schedule of Accounts Receivable and Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accounts receivable:
Accounts receivable, balance at beginning of period	$ 10,187
Accounts receivable, Additions	58
Accounts receivable, Deductions	(10,000)
Accounts receivable, balance at end of period	245
Contract liabilities:
Deferred revenue, balance at beginning of period	68,888
Deferred revenue, Additions	0
Deferred revenue, Deductions	0
Deferred revenue, balance at end of period	$ 68,888

Collaboration Agreements - Narr

Collaboration Agreements - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Short-term deferred revenue	$ 14,684	$ 14,684	$ 8,221
Long-term deferred revenue	$ 54,204	54,204	$ 60,667
Bristol Myers Squibb Company ("BMS") | Amended Collaboration Agreement 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement extension period, options to extend	2 years
Transaction price		56,700
Short-term deferred revenue	$ 6,500	6,500
Long-term deferred revenue	$ 50,200	$ 50,200

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,585	$ 4,507
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	2,908	2,086
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,677	$ 2,421

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, 2024	Mar. 31, 2023	Dec. 31, 2023
Shares
Total stock-based compensation expense	$ 7,585	$ 4,507
Restricted Stock Unit Awards
Shares
Unvested restricted stock unit awards, beginning of period (in shares)	2,107,147
Issued (in shares)	1,300,125
Vested (in shares)	(445,713)
Forfeited (in shares)	(232,725)
Unvested restricted stock unit awards, end of period (in shares)	2,728,834		2,107,147
Weighted Average Grant Date Fair Value Per Share
Balance, beginning of period (in dollars per share)	$ 11.96
Issued (in dollars per share)	9.85
Vested (in dollars per share)	12.66
Forfeited (in dollars per share)	15.31
Balance, ending of period (in dollars per share)	$ 10.55		$ 11.96
Unrecognized stock-based compensation expense	$ 3,300
Period for recognition	2 years 11 months 8 days
Performance Shares | Share-Based Payment Arrangement, Employee
Shares
Issued (in shares)	392,100
Total stock-based compensation expense	$ 3,400	$ 0
Stock Options
Weighted Average Grant Date Fair Value Per Share
Unrecognized stock-based compensation expense	$ 1,200
Period for recognition	2 years 11 months 26 days
Shares
Outstanding, beginning of period (in shares)	6,149,645
Granted (in shares)	1,982,225
Exercised (in shares)	(21,975)
Cancelled (in shares)	(318,532)
Outstanding, end of period (in shares)	7,791,363		6,149,645
Exercisable (in shares)	2,912,017
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 16.47
Granted (in dollars per share)	9.73
Exercised (in dollars per share)	8.72
Cancelled (in dollars per share)	14.95
Outstanding, end of period (in dollars per share)	14.84		$ 16.47
Exercisable (in dollar per share)	$ 21.76
Stock Options Additional Disclosures
Remaining contractual life (years)	7 years 7 months 20 days		6 years 10 months 20 days
Exercisable, remaining contractual life	5 years 2 months 4 days
Aggregate intrinsic value	$ 296		$ 3,195
Exercisable, aggregate intrinsic value	$ 241

Net Loss per Share (Details)

Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Potentially dilutive securities
Anti-dilutive common stock equivalent shares (in shares)	10,520,197	8,148,409
Unvested restricted stock unit awards
Potentially dilutive securities
Anti-dilutive common stock equivalent shares (in shares)	2,728,834	1,989,201
Outstanding stock options
Potentially dilutive securities
Anti-dilutive common stock equivalent shares (in shares)	7,791,363	6,159,208