Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 82,476,436 | |
Entity Central Index Key | 0001650664 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 64,441 | $ 123,652 |
Marketable securities | 214,671 | 199,459 |
Accounts receivable | 244 | 10,187 |
Prepaid expenses and other current assets | 6,998 | 7,531 |
Total current assets | 286,354 | 340,829 |
Marketable securities | 39,195 | 104,024 |
Property and equipment, net | 14,156 | 12,032 |
Right-of-use assets | 36,951 | 33,680 |
Restricted cash and other non-current assets | 8,145 | 8,588 |
Total assets | 384,801 | 499,153 |
Current liabilities: | ||
Accounts payable | 13,769 | 8,269 |
Accrued expenses | 27,669 | 34,563 |
Deferred revenue, current | 14,684 | 8,221 |
Operating lease liabilities | 18,184 | 12,164 |
Total current liabilities | 74,306 | 63,217 |
Operating lease liabilities, net of current portion | 20,514 | 24,372 |
Deferred revenue, net of current portion | 54,204 | 60,667 |
Other non-current liabilities | 3,768 | 1,800 |
Total liabilities | 152,792 | 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; 82,429,514 and 81,767,263 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 8 | 8 |
Additional paid-in capital | 1,593,350 | 1,580,241 |
Accumulated other comprehensive (loss) income | (442) | 198 |
Accumulated deficit | (1,360,907) | (1,231,350) |
Total stockholders’ equity | 232,009 | 349,097 |
Total liabilities and stockholders’ equity | $ 384,801 | $ 499,153 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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) | 82,429,514 | 81,767,263 |
Common stock, shares outstanding (in shares) | 82,429,514 | 81,767,263 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Collaboration and other research and development revenues | $ 513 | $ 2,887 | $ 1,649 | $ 12,738 |
Revenue type | Service [Member] | Service [Member] | ||
Operating expenses: | ||||
Research and development | $ 54,210 | $ 29,779 | 102,997 | 67,583 |
General and administrative | 18,206 | 17,202 | 37,545 | 40,211 |
Total operating expenses | 72,416 | 46,981 | 140,542 | 107,794 |
Operating loss | (71,903) | (44,094) | (138,893) | (95,056) |
Other income, net: | ||||
Other (expense) income, net | (1) | (7) | 5 | (1,590) |
Interest income, net | 4,297 | 3,811 | 9,331 | 7,320 |
Total other income, net | 4,296 | 3,804 | 9,336 | 5,730 |
Net loss | $ (67,607) | $ (40,290) | $ (129,557) | $ (89,326) |
Net loss per share, basic (in dollars per share) | $ (0.82) | $ (0.56) | $ (1.58) | $ (1.27) |
Net loss per share, diluted (in dollars per share) | $ (0.82) | $ (0.56) | $ (1.58) | $ (1.27) |
Weighted-average common shares outstanding, basic (in shares) | 82,310,368 | 71,376,678 | 82,124,603 | 70,157,204 |
Weighted-average common shares outstanding, diluted (in shares) | 82,310,368 | 71,376,678 | 82,124,603 | 70,157,204 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net loss | $ (67,607) | $ (40,290) | $ (129,557) | $ (89,326) |
Other comprehensive loss: | ||||
Unrealized (loss) gain on marketable debt securities | (116) | (6) | (640) | 1,316 |
Comprehensive loss | $ (67,723) | $ (40,296) | $ (130,197) | $ (88,010) |
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) | |||||
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, 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) | |||||
Unrealized loss on marketable debt securities | 1,316 | ||||
Net loss | (89,326) | ||||
Balance, end of period (in shares) at Jun. 30, 2023 | 81,616,909 | ||||
Balance, end of period at Jun. 30, 2023 | 399,917 | $ 8 | 1,569,651 | (2,285) | (1,167,457) |
Balance, beginning of period (in shares) at Mar. 31, 2023 | 68,993,591 | ||||
Balance, beginning of period at Mar. 31, 2023 | 317,473 | $ 7 | 1,446,912 | (2,279) | (1,127,167) |
Statement of Stockholders' Equity (Deficit) | |||||
Exercise of stock options (in shares) | 3,122 | ||||
Exercise of stock options | 11 | 11 | |||
Vesting of restricted common stock awards (in shares) | 64,492 | ||||
Vesting of restricted common stock awards | 0 | ||||
Stock-based compensation expense | 5,215 | 5,215 | |||
Issuance of common stock from public offering, net commissions, underwriting discounts and offering costs (in shares) | 12,500,000 | ||||
Issuance of common stock from public offering, net commissions, underwriting discounts and offering costs | 117,079 | $ 1 | 117,078 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 55,704 | ||||
Issuance of common stock under employee stock purchase plan | 435 | 435 | |||
Unrealized loss on marketable debt securities | (6) | (6) | |||
Net loss | (40,290) | (40,290) | |||
Balance, end of period (in shares) at Jun. 30, 2023 | 81,616,909 | ||||
Balance, end of period at Jun. 30, 2023 | 399,917 | $ 8 | 1,569,651 | (2,285) | (1,167,457) |
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) |
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) | |||||
Unrealized loss on marketable debt securities | (640) | ||||
Net loss | (129,557) | ||||
Balance, end of period (in shares) at Jun. 30, 2024 | 82,429,514 | ||||
Balance, end of period at Jun. 30, 2024 | 232,009 | $ 8 | 1,593,350 | (442) | (1,360,907) |
Balance, beginning of period (in shares) at Mar. 31, 2024 | 82,234,951 | ||||
Balance, beginning of period at Mar. 31, 2024 | 294,400 | $ 8 | 1,588,018 | (326) | (1,293,300) |
Statement of Stockholders' Equity (Deficit) | |||||
Vesting of restricted common stock awards (in shares) | 121,643 | ||||
Vesting of restricted common stock awards | 0 | ||||
Stock-based compensation expense | 5,010 | 5,010 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 72,920 | ||||
Issuance of common stock under employee stock purchase plan | 322 | 322 | |||
Unrealized loss on marketable debt securities | (116) | (116) | |||
Net loss | (67,607) | (67,607) | |||
Balance, end of period (in shares) at Jun. 30, 2024 | 82,429,514 | ||||
Balance, end of period at Jun. 30, 2024 | $ 232,009 | $ 8 | $ 1,593,350 | $ (442) | $ (1,360,907) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flow from operating activities | ||
Net loss | $ (129,557) | $ (89,326) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 12,595 | 9,722 |
Depreciation | 2,829 | 3,084 |
Loss on disposal of fixed assets | 0 | 1,583 |
Net amortization of premiums and discounts on marketable securities | (3,596) | (1,473) |
Other non-cash items | (415) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 9,943 | 2,859 |
Prepaid expenses and other current assets | 535 | 611 |
Right-of-use assets | (3,271) | 8,837 |
Other non-current assets | 443 | 0 |
Accounts payable | 5,967 | (1,256) |
Accrued expenses | (6,538) | (2,360) |
Operating lease liabilities | 2,162 | (6,760) |
Other non-current liabilities | 1,969 | 0 |
Net cash used in operating activities | (106,934) | (74,479) |
Cash flow from investing activities | ||
Purchases of property and equipment | (5,365) | (3,173) |
Purchases of marketable securities | (86,221) | (68,183) |
Proceeds from maturities of marketable securities | 138,795 | 107,605 |
Net cash provided by investing activities | 47,209 | 36,249 |
Cash flow from financing activities | ||
Proceeds from offering of common stock, net of issuance costs | 0 | 117,079 |
Proceeds from exercise of stock options | 192 | 11 |
Proceeds from issuance of common stock under employee stock purchase plan | 322 | 435 |
Net cash provided by financing activities | 514 | 117,525 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (59,211) | 79,295 |
Cash, cash equivalents, and restricted cash, beginning of period | 127,529 | 145,399 |
Cash, cash equivalents, and restricted cash, end of period | 68,318 | 224,694 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | 64,441 | 220,817 |
Restricted cash | 3,877 | 3,877 |
Cash, cash equivalents, and restricted cash, end of period | 68,318 | 224,694 |
Supplemental disclosure of cash and non-cash activities: | ||
Fixed asset additions included in accounts payable and accrued expenses | 54 | 212 |
Offering expenses included in accounts payable and accrued expenses | 0 | 230 |
Cash paid in connection with operating lease liabilities | 7,683 | 5,738 |
Remeasurement of operating lease liabilities and right-of-use assets due to lease modification | 794 | 1,069 |
Commencement of right-of-use asset | $ 7,844 | $ 0 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 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, Inc., 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 connection 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 June 30, 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 August 7, 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 $1.4 billion at June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and 2023 are referred to as the second 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 (in thousands): Amortized Allowance Gross Gross Fair Cash equivalents and marketable securities: Government agency securities $ 39,937 $ — $ — $ (117) $ 39,820 U.S. Treasuries 205,360 — 18 (309) 205,069 Money market funds 64,441 — — — 64,441 Corporate notes/bonds 9,011 — — (34) 8,977 Total $ 318,749 $ — $ 18 $ (460) $ 318,307 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 Total $ 426,937 $ — $ 611 $ (413) $ 427,135 As of June 30, 2024, the Company held 15 marketable securities that were in a continuous unrealized loss position that amounted to $0.04 million. The Company neither intends to sell these marketable securities, nor does it believe that it is more-likely-than-not to conclude that the Company will have to sell the securities before recovery of their carrying values. The Company also believes that it will be able to collect, in full, both principal and interest amounts due at maturity. Furthermore, the Company has determined that there were no material changes in the credit risk of the securities. As of June 30, 2024, the Company holds 5 securities with an aggregate fair value of $39.2 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, 2024 or 2023. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets measured at fair value on a recurring basis as of June 30, 2024 were as follows (in thousands): June 30, Quoted Prices Significant Significant Cash equivalents: Money market funds $ 64,441 $ 64,441 $ — $ — Marketable securities: Government agency securities 39,820 — 39,820 — Corporate notes/bonds 8,977 — 8,977 — U.S. Treasuries 205,069 205,069 — — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 322,184 $ 273,387 $ 48,797 $ — 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 | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, December 31, External research and development expenses $ 15,879 $ 16,204 Employee related expenses 8,130 11,280 Sublicense and license fees 540 5,063 Intellectual property and patent related fees 1,975 983 Professional service expenses 530 750 Other expenses 615 283 Total accrued expenses $ 27,669 $ 34,563 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following (in thousands): June 30, December 31, Laboratory and manufacturing equipment $ 28,635 $ 25,043 Leasehold improvements 11,715 9,648 Computer equipment 1,426 1,062 Construction-in-progress 807 2,060 Furniture and office equipment 264 264 Software 271 215 Total property and equipment 43,118 38,292 Less: accumulated depreciation (28,962) (26,260) Property and equipment, net $ 14,156 $ 12,032 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 $2.5 million and $4.6 million in expense during the three and six months ended June 30, 2024, respectively, for such reimbursement. 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. |
Collaboration Agreements
Collaboration Agreements | 6 Months Ended |
Jun. 30, 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 June 30, 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 six months ended June 30, 2024 (in thousands): Balance at December 31, 2023 Additions Deductions Balance at June 30, 2024 Accounts receivable $ 10,187 $ 271 $ (10,214) $ 244 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 the Second Amended and Restated Collaboration and License Agreement, dated as of November 11 2019, by and between the Company and June (the “2019 Collaboration Agreement”) 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. The 2019 Collaboration Agreement, as amended by the 2024 Amendment, is herein referred to as the 2019 Amended Collaboration Agreement. 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 June 30, 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 as extension term fees. As of June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2024 2023 2024 2023 Research and development $ 2,125 $ 2,525 $ 5,033 $ 4,611 General and administrative 2,885 2,690 7,562 5,111 Total stock-based compensation expense $ 5,010 $ 5,215 $ 12,595 $ 9,722 Restricted Stock Unit Awards The following is a summary of restricted stock unit awards activity for the six months ended June 30, 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 1,407,339 $ 9.53 Vested (567,356) $ 12.54 Forfeited (328,769) $ 15.12 Unvested restricted stock unit awards as of June 30, 2024 2,618,361 $ 10.13 The restricted stock units issued in the six months ended June 30, 2024 include 422,000 units granted to certain employees that contain performance-based vesting provisions. The expense related to the performance-based vesting of restricted stock units was $3.5 million for the six months ended June 30, 2024. There was no expense related to the performance-based vesting of restricted stock units for the six months ended June 30, 2023. As of June 30, 2024, total unrecognized compensation expense related to unvested restricted stock unit awards was $2.8 million, which the Company expects to recognize over a remaining weighted-average period of 2.78 years. Stock Options The following is a summary of stock option activity for the six months ended June 30, 2024: Shares Weighted Average Remaining Aggregate Intrinsic Outstanding at December 31, 2023 6,149,645 $ 16.47 6.89 $ 3,195 Granted 2,530,273 $ 8.78 Exercised (21,975) $ 8.72 Cancelled (389,153) $ 26.41 Outstanding at June 30, 2024 8,268,790 $ 15.26 7.62 $ 68 Exercisable at June 30, 2024 3,607,857 $ 22.07 5.74 $ 68 As of June 30, 2024, total unrecognized compensation expense related to stock options was $1.6 million, which the Company expects to recognize over a remaining weighted-average period of 2.9 years. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 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: June 30, 2024 2023 Unvested restricted stock unit awards 2,618,361 2,083,088 Outstanding stock options 8,268,790 6,188,331 Total 10,887,151 8,271,419 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (67,607) | $ (61,950) | $ (40,290) | $ (49,036) | $ (129,557) | $ (89,326) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash Equivalents and Marketable Securities | Cash equivalents and marketable securities consisted of the following at June 30, 2024 (in thousands): Amortized Allowance Gross Gross Fair Cash equivalents and marketable securities: Government agency securities $ 39,937 $ — $ — $ (117) $ 39,820 U.S. Treasuries 205,360 — 18 (309) 205,069 Money market funds 64,441 — — — 64,441 Corporate notes/bonds 9,011 — — (34) 8,977 Total $ 318,749 $ — $ 18 $ (460) $ 318,307 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 Total $ 426,937 $ — $ 611 $ (413) $ 427,135 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 were as follows (in thousands): June 30, Quoted Prices Significant Significant Cash equivalents: Money market funds $ 64,441 $ 64,441 $ — $ — Marketable securities: Government agency securities 39,820 — 39,820 — Corporate notes/bonds 8,977 — 8,977 — U.S. Treasuries 205,069 205,069 — — Restricted cash and other non-current assets: Money market funds 3,877 3,877 — — Total financial assets $ 322,184 $ 273,387 $ 48,797 $ — 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) | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): June 30, December 31, External research and development expenses $ 15,879 $ 16,204 Employee related expenses 8,130 11,280 Sublicense and license fees 540 5,063 Intellectual property and patent related fees 1,975 983 Professional service expenses 530 750 Other expenses 615 283 Total accrued expenses $ 27,669 $ 34,563 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): June 30, December 31, Laboratory and manufacturing equipment $ 28,635 $ 25,043 Leasehold improvements 11,715 9,648 Computer equipment 1,426 1,062 Construction-in-progress 807 2,060 Furniture and office equipment 264 264 Software 271 215 Total property and equipment 43,118 38,292 Less: accumulated depreciation (28,962) (26,260) Property and equipment, net $ 14,156 $ 12,032 |
Collaboration Agreements (Table
Collaboration Agreements (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2024 (in thousands): Balance at December 31, 2023 Additions Deductions Balance at June 30, 2024 Accounts receivable $ 10,187 $ 271 $ (10,214) $ 244 Contract liabilities: Deferred revenue $ 68,888 $ — $ — $ 68,888 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2024 2023 2024 2023 Research and development $ 2,125 $ 2,525 $ 5,033 $ 4,611 General and administrative 2,885 2,690 7,562 5,111 Total stock-based compensation expense $ 5,010 $ 5,215 $ 12,595 $ 9,722 |
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, 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 1,407,339 $ 9.53 Vested (567,356) $ 12.54 Forfeited (328,769) $ 15.12 Unvested restricted stock unit awards as of June 30, 2024 2,618,361 $ 10.13 |
Schedule of Stock Option Activity | The following is a summary of stock option activity for the six months ended June 30, 2024: Shares Weighted Average Remaining Aggregate Intrinsic Outstanding at December 31, 2023 6,149,645 $ 16.47 6.89 $ 3,195 Granted 2,530,273 $ 8.78 Exercised (21,975) $ 8.72 Cancelled (389,153) $ 26.41 Outstanding at June 30, 2024 8,268,790 $ 15.26 7.62 $ 68 Exercisable at June 30, 2024 3,607,857 $ 22.07 5.74 $ 68 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2024 2023 Unvested restricted stock unit awards 2,618,361 2,083,088 Outstanding stock options 8,268,790 6,188,331 Total 10,887,151 8,271,419 |
Nature of Business (Details)
Nature of Business (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 38 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | May 31, 2021 | |
Liquidity | ||||||
Net proceeds from issuance of shares | $ 0 | $ 117,079 | ||||
Accumulated deficit | $ 1,360,907 | $ 1,360,907 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Cash Equivalents and Marketable Securities | ||
Amortized Cost | $ 318,749 | $ 426,937 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 18 | 611 |
Gross Unrealized Losses | (460) | (413) |
Fair Value | 318,307 | 427,135 |
Government agency securities | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 39,937 | 103,507 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (117) | (327) |
Fair Value | 39,820 | 103,180 |
U.S. Treasuries | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 205,360 | 168,858 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 18 | 611 |
Gross Unrealized Losses | (309) | 0 |
Fair Value | 205,069 | 169,469 |
Money market funds | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 64,441 | 123,652 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 64,441 | 123,652 |
Corporate notes/bonds | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 9,011 | 30,920 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (34) | (86) |
Fair Value | $ 8,977 | $ 30,834 |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Cash and Cash Equivalents [Abstract] | |||
Number of securities in an unrealized loss position for more than 12 months | security | 15 | ||
Unrealized losses in a continuous loss position | $ 40,000 | ||
Number of noncurrent securities | security | 5 | ||
Noncurrent marketable securities | $ 39,195,000 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Financial Assets | ||
Marketable securities: | $ 318,307 | $ 427,135 |
Government agency securities | ||
Financial Assets | ||
Marketable securities: | 39,820 | 103,180 |
Corporate notes/bonds | ||
Financial Assets | ||
Marketable securities: | 8,977 | 30,834 |
U.S. Treasuries | ||
Financial Assets | ||
Marketable securities: | 205,069 | 169,469 |
Fair Value, Recurring | ||
Financial Assets | ||
Total financial assets | 322,184 | 431,012 |
Fair Value, Recurring | Government agency securities | ||
Financial Assets | ||
Marketable securities: | 39,820 | 103,180 |
Fair Value, Recurring | Corporate notes/bonds | ||
Financial Assets | ||
Marketable securities: | 8,977 | 30,834 |
Fair Value, Recurring | U.S. Treasuries | ||
Financial Assets | ||
Marketable securities: | 205,069 | 169,469 |
Fair Value, Recurring | Money market funds | ||
Financial Assets | ||
Cash equivalents: | 64,441 | 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 | 273,387 | 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: | 205,069 | 169,469 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Financial Assets | ||
Cash equivalents: | 64,441 | 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 | 48,797 | 134,014 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Government agency securities | ||
Financial Assets | ||
Marketable securities: | 39,820 | 103,180 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Corporate notes/bonds | ||
Financial Assets | ||
Marketable securities: | 8,977 | 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
External research and development expenses | $ 15,879 | $ 16,204 |
Employee related expenses | 8,130 | 11,280 |
Sublicense and license fees | 540 | 5,063 |
Intellectual property and patent related fees | 1,975 | 983 |
Professional service expenses | 530 | 750 |
Other expenses | 615 | 283 |
Total accrued expenses | $ 27,669 | $ 34,563 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property and equipment, net | ||
Total property and equipment | $ 43,118 | $ 38,292 |
Less: accumulated depreciation | (28,962) | (26,260) |
Property and equipment, net | 14,156 | 12,032 |
Laboratory and manufacturing equipment | ||
Property and equipment, net | ||
Total property and equipment | 28,635 | 25,043 |
Leasehold improvements | ||
Property and equipment, net | ||
Total property and equipment | 11,715 | 9,648 |
Computer equipment | ||
Property and equipment, net | ||
Total property and equipment | 1,426 | 1,062 |
Construction-in-progress | ||
Property and equipment, net | ||
Total property and equipment | 807 | 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 | $ 271 | $ 215 |
Commitments and Contingencies -
Commitments and Contingencies - Licensor Expense Reimbursements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Licensor Expense Reimbursements | ||||
Commitments and contingencies | ||||
Expense for prosecution and maintenance of patent rights | $ 2.5 | $ 1.6 | $ 4.6 | $ 4.6 |
Collaboration Agreements - Sche
Collaboration Agreements - Schedule of Accounts Receivable and Contract Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Accounts receivable: | |
Accounts receivable, balance at beginning of period | $ 10,187 |
Accounts receivable, Additions | 271 |
Accounts receivable, Deductions | (10,214) |
Accounts receivable, balance at end of period | 244 |
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) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2024 USD ($) right | Jun. 30, 2024 USD ($) right | Dec. 31, 2023 USD ($) | |
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 | |||
Number of material rights | right | 18 | 18 | ||
Transaction price | $ 56,700 | $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 5,010 | $ 5,215 | $ 12,595 | $ 9,722 |
Research and development | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 2,125 | 2,525 | 5,033 | 4,611 |
General and administrative | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,885 | $ 2,690 | $ 7,562 | $ 5,111 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock and Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Shares | |||||
Total stock-based compensation expense | $ 5,010 | $ 5,215 | $ 12,595 | $ 9,722 | |
Restricted Stock Unit Awards | |||||
Shares | |||||
Unvested restricted stock unit awards, beginning of period (in shares) | 2,107,147 | ||||
Issued (in shares) | 1,407,339 | ||||
Vested (in shares) | (567,356) | ||||
Forfeited (in shares) | (328,769) | ||||
Unvested restricted stock unit awards, end of period (in shares) | 2,618,361 | 2,618,361 | 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) | 9.53 | ||||
Vested (in dollars per share) | 12.54 | ||||
Forfeited (in dollars per share) | 15.12 | ||||
Balance, ending of period (in dollars per share) | $ 10.13 | $ 10.13 | $ 11.96 | ||
Unrecognized stock-based compensation expense | $ 2,800 | $ 2,800 | |||
Period for recognition | 2 years 9 months 10 days | ||||
Performance Shares | Share-Based Payment Arrangement, Employee | |||||
Shares | |||||
Issued (in shares) | 422,000 | ||||
Total stock-based compensation expense | $ 3,500 | $ 0 | |||
Stock Options | |||||
Weighted Average Grant Date Fair Value Per Share | |||||
Unrecognized stock-based compensation expense | $ 1,600 | $ 1,600 | |||
Period for recognition | 2 years 10 months 24 days | ||||
Shares | |||||
Outstanding, beginning of period (in shares) | 6,149,645 | ||||
Granted (in shares) | 2,530,273 | ||||
Exercised (in shares) | (21,975) | ||||
Cancelled (in shares) | (389,153) | ||||
Outstanding, end of period (in shares) | 8,268,790 | 8,268,790 | 6,149,645 | ||
Exercisable (in shares) | 3,607,857 | 3,607,857 | |||
Weighted Average Exercise Price | |||||
Outstanding, beginning of period (in dollars per share) | $ 16.47 | ||||
Granted (in dollars per share) | 8.78 | ||||
Exercised (in dollars per share) | 8.72 | ||||
Cancelled (in dollars per share) | 26.41 | ||||
Outstanding, end of period (in dollars per share) | $ 15.26 | 15.26 | $ 16.47 | ||
Exercisable (in dollar per share) | $ 22.07 | $ 22.07 | |||
Stock Options Additional Disclosures | |||||
Remaining contractual life (years) | 7 years 7 months 13 days | 6 years 10 months 20 days | |||
Exercisable, remaining contractual life | 5 years 8 months 26 days | ||||
Aggregate intrinsic value | $ 68 | $ 68 | $ 3,195 | ||
Exercisable, aggregate intrinsic value | $ 68 | $ 68 |
Net Loss per Share (Details)
Net Loss per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Potentially dilutive securities | ||
Anti-dilutive common stock equivalent shares (in shares) | 10,887,151 | 8,271,419 |
Unvested restricted stock unit awards | ||
Potentially dilutive securities | ||
Anti-dilutive common stock equivalent shares (in shares) | 2,618,361 | 2,083,088 |
Outstanding stock options | ||
Potentially dilutive securities | ||
Anti-dilutive common stock equivalent shares (in shares) | 8,268,790 | 6,188,331 |