Intellia Therapeutics (NTLA) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	NTLA
Entity Registrant Name	INTELLIA THERAPEUTICS, INC.
Entity Central Index Key	0001652130
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		88,140,978
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-37766
Entity Tax Identification Number	36-4785571
Entity Address, Address Line One	40 Erie Street
Entity Address, Address Line Two	Suite 130
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	857
Local Phone Number	285-6200
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 294,150	$ 523,506
Marketable securities	639,392	669,116
Accounts receivable ($0.3 million each period from related party)	4,906	3,768
Prepaid expenses and other current assets	25,223	20,407
Total current assets	963,671	1,216,797
Marketable securities - noncurrent	225,038	69,338
Property and equipment, net	31,606	27,921
Operating lease right-of-use assets	128,265	133,076
Equity method investment	28,389	32,455
Investments and other assets	40,920	40,527
Total Assets	1,417,889	1,520,114
Current Liabilities:
Accounts payable	6,890	5,154
Accrued expenses ($0.7 million and $1.6 million from related party)	44,822	60,876
Current portion of operating lease liability	16,328	16,685
Current portion of deferred revenue ($11.4 million and $19.9 million from related party)	35,343	43,839
Total current liabilities	103,383	126,554
Deferred revenue, net of current portion	13,862	19,932
Long-term operating lease liability	109,801	114,018
Contingent consideration liability	0	24,026
Commitments and contingencies (Note 6)
Stockholders’ Equity:
Common stock, $0.0001 par value; 120,000,000 shares authorized; 88,095,779 and 87,103,007 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	9	9
Additional paid-in capital	2,473,825	2,420,223
Accumulated other comprehensive loss	(2,678)	(7,461)
Accumulated deficit	(1,280,313)	(1,177,187)
Total stockholders’ equity	1,190,843	1,235,584
Total Liabilities and Stockholders’ Equity	$ 1,417,889	$ 1,520,114

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, related party	$ 0.3	$ 0.3
Accrued expenses from related party	0.7	1.6
Current portion of deferred revenue, related party	$ 11.4	$ 19.9
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	88,095,779	87,103,007
Common stock, shares outstanding	88,095,779	87,103,007

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Collaboration revenue	$ 12,606	$ 11,252
Type of Revenue [Extensible List]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Operating expenses:
Research and development	$ 97,116	$ 133,095
General and administrative	27,448	22,403
Total operating expenses	124,564	155,498
Operating loss	(111,958)	(144,246)
Other income (expense), net:
Interest income	11,980	540
Loss from equity method investment	(3,048)	(2,745)
Change in fair value of contingent consideration	(100)	(421)
Total other income (expense), net	8,832	(2,626)
Net loss	$ (103,126)	$ (146,872)
Net loss per share, basic	$ (1.17)	$ (1.96)
Net loss per share, diluted	$ (1.17)	$ (1.96)
Weighted average shares outstanding, basic	87,772	74,751
Weighted average shares outstanding, diluted	87,772	74,751
Other comprehensive loss:
Unrealized gain (loss) on marketable securities	$ 2,989	$ (5,128)
Other comprehensive gain (loss) from equity method investment	1,794	(302)
Comprehensive loss	$ (98,343)	$ (152,302)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue from related party	$ 4,935	$ 5,384

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (103,126)	$ (146,872)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,050	1,754
Equity-based compensation	27,255	18,491
Amortization of investment premiums	(4,571)	2,426
Loss from equity method investment	3,048	2,745
Deferral of equity method investment intra-entity profit on sales	2,812	2,812
Change in fair value of contingent consideration	100	421
In-process research and development charge	0	55,990
Changes in operating assets and liabilities:
Accounts receivable	(1,138)	230
Prepaid expenses and other current assets	(4,815)	422
Operating lease right-of-use assets	4,658	2,671
Other assets	(393)	(918)
Accounts payable	1,170	(57)
Accrued expenses	(17,392)	(3,717)
Deferred revenue	(14,566)	(13,995)
Operating lease liabilities	(4,420)	(2,204)
Net cash used in operating activities	(109,328)	(79,801)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(3,832)	(1,429)
Purchases of marketable securities	(382,033)	0
Maturities of marketable securities	263,617	93,734
Acquired in-process research and development, net of cash acquired of $287	0	(44,832)
Net cash (used in) provided by investing activities	(122,248)	47,473
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from options exercised	755	8,435
Net cash provided by financing activities	2,221	47,320
Net (decrease) increase in cash and cash equivalents and restricted cash equivalents	(229,355)	14,992
Cash and cash equivalents and restricted cash equivalents, beginning of period	535,463	125,486	$ 125,486
Cash and cash equivalents and restricted cash equivalents, end of period	306,108	140,478	535,463
Reconciliation of cash and cash equivalents and restricted cash equivalents to condensed consolidated balance sheet:
Cash and cash equivalents	294,150	133,382	523,506
Restricted cash equivalents, included in investments and other assets	11,958	7,096
Total cash and cash equivalents and restricted cash equivalents	306,108	140,478	$ 535,463
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Purchases of property and equipment unpaid at period end	3,525	3,721
Shares issued for Rewrite research milestone liability	24,126	0
Contingent consideration liability assumed in asset acquisition	0	10,541
At The Market Offerings [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	$ 1,466	$ 38,885

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Net of cash acquired	$ 287

Overview and Basis of Presentat

Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Basis of Presentation	1. Overview and Basis of Presentation Intellia Therapeutics, Inc. (“Intellia” or the “Company”) is a leading clinical-stage genome editing company, focused on developing potentially curative therapeutics using CRISPR/Cas9-based technologies. CRISPR/Cas9, an acronym for C lustered, R egularly I nterspaced S hort P alindromic R epeats (“CRISPR”)/CRISPR associated 9 (“Cas9”), is a technology for genome editing, the process of altering selected sequences of genomic deoxyribonucleic acid (“DNA”). To fully realize the transformative potential of CRISPR/Cas9-based technologies, Intellia is building a full-spectrum genome editing company, by leveraging its modular platform, to advance in vivo and ex vivo therapies for diseases with high unmet need by pursuing two primary approaches. For in vivo applications to address genetic diseases, the Company deploys CRISPR/Cas9 as the therapy that targets cells within the body. In parallel, the Company is developing ex vivo applications to address immuno-oncology and autoimmune diseases, where the Company uses CRISPR/Cas9 as the tool to create the engineered cell therapy. The Company’s deep scientific, technical and clinical development experience, along with its robust intellectual property (“IP”) portfolio, have enabled it to unlock broad therapeutic applications of CRISPR/Cas9 and related technologies to create new classes of genetic medicine. 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 (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. 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 (“Annual Report”) for the year ended December 31, 2022. The unaudited condensed consolidated financial statements include the accounts of Intellia Therapeutics, Inc. and its wholly- owned subsidiary, Intellia Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. Comprehensive loss is comprised of net loss, unrealized gain/loss on marketable securities and other comprehensive loss from equity method investment. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses, valuation of equity and fair value method investments, contingent consideration and equity-based compensation expense. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances at the time such estimates are made. Actual results could differ from those estimates. The Company periodically reviews its estimates in light of changes in circumstances, facts and experience. The effects of material revisions in estimates are reflected in the condensed consolidated financial statements prospectively from the date of the change in estimate. 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 results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Liquidity Since its inception through March 31, 2023, the Company has raised an aggregate of approximately $ 2,400.1 million to fund its operations through its initial public offering (“IPO”) and concurrent private placements, follow-on public offerings, at-the-market offerings and the sale of convertible preferred stock, as well as through its collaboration agreements. The Company expects that its cash, cash equivalents and marketable securities as of March 31, 2023 will enable the Company to fund its ongoing operating expenses and capital expenditure requirements for at least the twelve-month period following the issuance of these condensed consolidated financial statements .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements included in the Annual Report for the year ended December 31, 2022. There have been no material changes to these policies during the three months ended March 31, 2023.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3. Marketable Securities The following table summarizes the Company’s available-for-sale marketable securities as of March 31, 2023 and December 31, 2022 at net book value: March 31, 2023 Amortized Gross Unrealized Gross Unrealized Estimated Fair (In thousands) Marketable securities: U.S. Treasury and other government securities $ 261,410 $ 587 $ ( 460 ) $ 261,537 Financial institution debt securities 460,173 69 ( 740 ) 459,502 Corporate debt securities 107,111 52 ( 140 ) 107,023 Other asset-backed securities 36,509 81 ( 222 ) 36,368 Total $ 865,203 $ 789 $ ( 1,562 ) $ 864,430 December 31, 2022 Amortized Gross Unrealized Gross Unrealized Estimated Fair (In thousands) Marketable securities: U.S. Treasury and other government securities $ 244,562 $ 62 $ ( 1,938 ) $ 242,686 Financial institution debt securities 380,891 - ( 1,030 ) 379,861 Corporate debt securities 102,059 - ( 509 ) 101,550 Other asset-backed securities 14,703 - ( 346 ) 14,357 Total $ 742,215 $ 62 $ ( 3,823 ) $ 738,454 The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At March 31, 2023 and December 31, 2022, the balance in the Company’s accumulated other comprehensive loss was composed of activity related to the Company’s available-for-sale marketable securities and equity method investment. There were no material realized gains or losses in the three months ended March 31, 2023 or for the year ended December 31, 2022. The Company did not reclassify any amounts out of accumulated other comprehensive loss during this period. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature. The Company’s available-for-sale securities that are classified as short-term marketable securities in the condensed consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the condensed consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At March 31, 2023 and December 31, 2022, the Company did no t hold any investments that matured beyond five years of the balance sheet date.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company classifies fair value-based measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices (unadjusted) in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. As of March 31, 2023 and December 31, 2022, the Company’s financial assets and liabilities recognized at fair value on a recurring basis consisted of the following: Fair Value as of March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Assets Cash equivalents and restricted cash equivalents $ 278,233 $ 278,233 $ - $ - Marketable securities: U.S. Treasury and other government securities 261,537 124,059 137,478 - Financial institution debt securities 459,502 - 459,502 - Corporate debt securities 107,023 - 107,023 - Other asset-backed securities 36,368 - 36,368 - Total marketable securities 864,430 124,059 740,371 - Total Assets $ 1,142,663 $ 402,292 $ 740,371 $ - Fair Value as of December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets Cash equivalents and restricted cash equivalents $ 534,581 $ 534,581 $ - $ - Marketable securities: U.S. Treasury and other government securities 242,686 172,939 69,747 - Financial institution debt securities 379,861 - 379,861 - Corporate debt securities 101,550 - 101,550 - Other asset-backed securities 14,357 - 14,357 - Total marketable securities 738,454 172,939 565,515 - Total Assets $ 1,273,035 $ 707,520 $ 565,515 $ - Certain of the Company’s financial assets, including cash equivalents, restricted cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third party pricing services or other observable market data. The pricing services utilize industry standard valuation models and observable market inputs to determine value. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of March 31, 2023 or December 31, 2022. Other financial instruments, including accounts receivable, accounts payable and accrued expense, are carried at cost, which approximates fair value due to the short duration and term to maturity. As discussed further in Note 9, under the Rewrite Merger Agreement, the Rewrite Holders received a $ 25.0 million research milestone payment in February of 2023, paid in a combination of $ 0.9 million in cash and the remainder in the Company’s common stock. The milestone payable in the Company’s common stock resulted in liability classification under ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). This contingent consideration liability was carried at fair value which was estimated by applying a probability-based model, which utilized inputs based on timing of achievement that were unobservable in the market. The contingent consideration liability was classified within Level 3 of the fair value hierarchy until it was settled in February of 2023. The following table reconciles the change in fair value of the contingent consideration liability based on the level 3 inputs listed below (in thousands): For the three months ended March 31, 2023 Balance at December 31, 2022 $ 24,026 Change in fair value 100 Payment of contingent consideration ( 24,126 ) Balance at March 31, 2023 $ - December 31, 2022 Discount rate 10.1 % Probability of achievement 100 % Projected year of achievement 2023

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following: March 31, December 31, 2023 2022 (In thousands) Accrued research and development $ 26,230 $ 32,684 Employee compensation and benefits 10,061 21,778 Accrued legal and professional expenses 2,833 1,457 Accrued other 5,698 4,957 Total accrued expenses $ 44,822 $ 60,876

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Litigation There have been no material changes to any outstanding litigation, nor is the Company a party to any new litigation, since December 31, 2022. For further information please see the notes to the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2022. License Agreements The Company is party to license agreements, which may include contingent payments. These payments will become payable if and when certain development, regulatory and commercial milestones are achieved. As of March 31, 2023, the satisfaction and timing of the contingent payments is uncertain and not reasonably estimable.

Collaborations and Other Arrang

Collaborations and Other Arrangements	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations and Other Arrangements	7. Collaborations and Other Arrangements To accelerate the development and commercialization of CRISPR/Cas9-based products in multiple therapeutic areas, the Company has formed, and intends to seek other opportunities to form, strategic alliances with collaborators who can augment its leadership in CRISPR/Cas9 therapeutic development. As of March 31, 2023, the Company’s accounts receivable were related to its collaborations with Regeneron Pharmaceuticals, Inc. (“Regeneron”), AvenCell Therapeutics, Inc. (“AvenCell”), SparingVision SAS (“SparingVision”) and ONK Therapeutics, Ltd. (“ONK”), and the Company’s contract liabilities were related to its collaborations with Regeneron, AvenCell and SparingVision. As of December 31, 2022, the Company’s accounts receivable were related to its collaborations with Regeneron, AvenCell, SparingVision and ONK and the Company’s contract liabilities were related to its collaborations with Regeneron, AvenCell, SparingVision and Kyverna Therapeutics, Inc. (“Kyverna”). The following table presents changes in the Company’s accounts receivable and contract liabilities during the three months ended March 31, 2023 and 2022 (in thousands): Balance at Additions Deductions Balance at End Three Months Ended March 31, 2023 Accounts receivable $ 3,768 $ 4,488 $ ( 3,350 ) $ 4,906 Contract liabilities - deferred revenue $ 63,771 $ - $ ( 14,566 ) $ 49,205 Balance at Additions Deductions Balance at End Three Months Ended March 31, 2022 Accounts receivable $ 2,031 $ 1,801 $ ( 2,031 ) $ 1,801 Contract liabilities - deferred revenue $ 127,235 $ - $ ( 13,995 ) $ 113,240 During the three months ended March 31, 2023 and 2022, the Company recognized the following revenues as a result of changes in the contract liability balance (in thousands): Three Months Ended March 31, Revenue recognized in the period from: 2023 2022 Amounts included in the contract liability at the beginning of the period $ 11,753 $ 11,183 Costs to obtain and fulfill a contract The Company did not incur any expenses to obtain collaboration agreements and costs to fulfill those contracts do not generate or enhance resources of the Company. As such, no costs to obtain or fulfill a contract have been capitalized in any period. Regeneron Pharmaceuticals, Inc. License and Collaboration Agreement In April 2016, the Company entered into a license and collaboration agreement with Regeneron (the “2016 Regeneron Agreement”). The 2016 Regeneron Agreement has two principal components: i) a product development component under which the parties will research, develop and commercialize CRISPR/Cas-based therapeutic products primarily focused on genome editing in the liver, and ii) a technology collaboration component, pursuant to which the Company and Regeneron will engage in research-related activities aimed at discovering and developing novel technologies and improvements to CRISPR/Cas technology to enhance the Company’s genome editing platform. Under this agreement, the Company also may access the Regeneron Genetics Center and proprietary mouse models to be provided by Regeneron for a limited number of the Company’s liver programs. At the inception of the 2016 Regeneron Agreement, Regeneron selected the first of its 10 targets, transthyretin (“ATTR”) amyloidosis, which is subject to a co-development and co-promotion agreement between the Company and Regeneron (the “ATTR Co/Co”). On May 30, 2020, the Company entered into (i) amendment no. 1 (the “2020 Regeneron Amendment”) to the 2016 Regeneron Agreement, (ii) co-development and co-funding agreements for the treatment of hemophilia A and hemophilia B (the “Hemophilia Co/Co”) agreements and (iii) a stock purchase agreement. The collaboration expansion builds upon the jointly developed targeted transgene insertion capabilities designed to durably restore missing therapeutic protein, and to overcome the limitations of traditional gene therapy. The collaboration was extended until April 2024, at which point Regeneron has an option to renew for an additional two years. The 2020 Regeneron Amendment also grants Regeneron exclusive rights to develop products for five additional in vivo CRISPR/Cas-based therapeutic liver targets and non-exclusive rights to independently develop and commercialize up to 10 ex vivo gene edited products made using certain defined cell types. Since December 31, 2022, there have been no material changes to the key terms of the 2016 Regeneron Agreement and the 2020 Regeneron Amendment (the “Amended Agreements”). For further information on the terms and conditions of these agreements, please see the notes to the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2022. Revenue Recognition – Collaboration Revenue. Through March 31, 2023, excluding amounts allocated to Regeneron’s purchase of the Company’s common stock, the Company recorded $ 145.0 million in upfront payments under the Amended Agreements and $ 40.7 million for research and development services, primarily under the ATTR Co/Co agreement. Through March 31, 2023 , the Company has recognized $ 179.9 million of collaboration revenue under all arrangements, including $ 6.8 million and $ 5.9 million during the three months ended March 31, 2023 and 2022, respectively , in the condensed consolidated statements of operations and comprehensive loss. This includes $ 4.2 million and $ 1.8 million during the three months ended March 31, 2023 and 2022, respectively, primarily representing payments due from Regeneron pursuant to the ATTR Co/Co agreement. These revenues are offset in part by contra-revenue related to the Hemophilia Co/Co agreements amounting to $ 2.9 million and $ 1.5 million during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, there was approximately $ 23.3 million of the aggregate transaction price of the Amended Agreements remaining to be recognized, which the Company expects to be recognized during the research term through April 2024. As of March 31, 2023 and December 31, 2022, the Company had accounts receivable of $ 4.2 million and $ 3.2 million, respectively, and deferred revenue of $ 23.3 million and $ 28.8 million respectively, related to the Amended Agreements. AvenCell Therapeutics, Inc. On July 30, 2021 (the “Effective Date”), the Company entered into two agreements with AvenCell, a privately held chimeric antigen receptor T (“CAR-T”) cell therapy company formed on that date in a joint venture between the Company, Cellex Cell Professionals GmbH (“Cellex”) and funds managed by Blackstone Life Sciences Advisors L.L.C. (“BXLS”): (i) a license and collaboration agreement (the “AvenCell LCA”), under which the Company will collaborate to develop allogeneic universal CAR-T cell therapies and which granted AvenCell a license to develop and commercialize genome edited universal CAR-T cell therapies (limited to its use with their switchable, universal CAR-T cell UniCAR and RevCAR platforms); and (ii) a co-development and co-funding agreement (the “AvenCell Co/Co”), under which the Company would co-develop and co-commercialize allogeneic universal CAR-T cell products for an immuno-oncology indication. In November 2022, the Company decided to re-prioritize its ex vivo programs and terminated the AvenCell Co/Co, effectively turning over control of the program to AvenCell. The Company expects that its obligations under the terminated agreement will be completed in the second quarter of 2023. The Company will also have one option to enter into an additional co-development and co-funding agreement for a payment of $ 30.0 million to AvenCell. Since December 31, 2022, there have been no other material changes to the key terms of the AvenCell LCA and AvenCell Co/Co agreements. For further information on the terms and conditions of these agreements, please see the notes to the consolidated financial statements included in the Company ’s Annual Report for the year ended December 31, 2022. Revenue Recognition – Collaboration Revenue. The Company recognized $ 5.6 million in revenue related to the AvenCell LCA for each of the three month periods ended March 31, 2023 and 2022, after eliminating $ 2.8 million in intra-entity profits during each of those respective periods. The elimination of intra-entity profits results in the deferral of revenue that will be recognized if and when AvenCell commercializes a product with the Company ’ s license or abandons the related project. Until such time, this revenue is indefinitely deferred and excluded from the results of operations of the Company. The Company recognized $ 0.7 million and $ 0.2 million in contra-revenue in the three months ended March 31, 2023 and 2022, respectively, related to the AvenCell Co/Co agreement. As of March 31, 2023, there was approximately $ 11.4 million of the aggregate transaction price of the AvenCell LCA remaining to be recognized, which the Company expects to recognize through July 2023. As of both March 31, 2023 and December 31, 2022, the Company had $ 0.3 million in accounts receivable related to the AvenCell agreements. The Company had deferred revenue of $ 11.4 million and $ 19.9 million as of March 31, 2023 and December 31, 2022, respectively, related to the AvenCell LCA. SparingVision SAS In October 2021, the Company and SparingVision, a genomic medicine company developing vision saving treatments for ocular diseases, entered into a license and collaboration agreement (the “SparingVision LCA”) to develop novel genomic medicines utilizing CRISPR/Cas9 technology for the treatment of ocular diseases. Since December 31, 2022, there have been no material changes to the key terms of the SparingVision LCA agreement. For further information on the terms and conditions of this agreement, please see the notes to the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2022. Revenue Recognition – Collaboration Revenue. The Company recognized $ 0.4 million in revenue related to the SparingVision LCA for the three months ended March 31, 2023. The Company did no t recognize collaboration revenue in the three months ended March 31, 2022 related to the SparingVision LCA. As of March 31, 2023 and December 31, 2022, the Company had $ 0.2 million and $ 0.1 million in accounts receivable, respectively, related to the SparingVision LCA. As of March 31, 2023 and December 31, 2022, the Company had deferred revenue of $ 14.5 million and $ 14.7 million related to the SparingVision LCA, which is expected to be recognized over a six to nine year period from the signing of the agreement. Kyverna Therapeutics, Inc. In December 2021, the Company and Kyverna, a cell therapy company engineering a new class of therapies for autoimmune and inflammatory diseases, entered into a license and collaboration agreement (the “Kyverna LCA”), for the development of an allogeneic CD19 CAR-T cell therapy for the treatment of a variety of B cell-mediated autoimmune diseases. Since December 31, 2022, there have been no material changes to the key terms of the Kyverna LCA agreement. For further information on the terms and conditions of this agreement, please see the notes to the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2022. Revenue Recognition – Collaboration Revenue. The Company recognized $ 0.4 million in revenue for the three months ended March 31, 2023 related to the Kyverna LCA. The Company did no t recognize collaboration revenue in the three months ended March 31, 2022 related to the Kyverna LCA. As of March 31, 2023 and December 31, 2022, the Company did no t have accounts receivable related to the Kyverna LCA. As of March 31, 2023, the Company had recognized all revenue related to the Kyverna LCA. As of December 31, 2022, the Company had deferred revenue of $ 0.4 million related to the Kyverna LCA. ONK Therapeutics, Ltd. On February 12, 2022 the Company entered into a license, collaboration and option agreement (the “ONK LCA”) with ONK, an innovative company dedicated to developing optimally engineered natural killer (“NK”) cell therapies to cure patients with cancer. Since December 31, 2022, there have been no material changes to the key terms of the ONK LCA agreement. For further information on the terms and conditions of this agreement, please see the notes to the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2022. Revenue Recognition – Collaboration Revenue. The Company recognized $ 0.1 million in revenue for the three months ended March 31, 2023 related to materials shipped in accordance with the ONK LCA. There was no revenue recognized in the three months ended March 31, 2022 related to the ONK LCA. T he Company had $ 0.1 million in accounts receivable related to the ONK LCA at March 31, 2023 and December 31, 2022.

Equity-Method Investment and Ot

Equity-Method Investment and Other Investments	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity-Method Investment and Other Investments	8. Equity-Method Investment and Other Investments On July 30, 2021, the Company finalized a transaction in which the Company, Cellex and BXLS established AvenCell, a joint venture and privately held company. In exchange for contributing an exclusive license to the joint venture, the Company entered into a Preferred Stock Purchase Agreement with AvenCell for a 33.33 % equity interest in AvenCell at the time of the initial closing. Cellex and BXLS each equally owned the remaining 66.67 % at that time. The Company has significant influence over, but does not control, AvenCell through its noncontrolling representation on AvenCell’s board of directors and the Company’s equity interest in AvenCell. The Company has determined that the preferred stock it owns is in-substance common stock. The Company is not the primary beneficiary as it does not have the power to direct the activities of AvenCell that most significantly impact AvenCell’s economic performance. Accordingly, the Company does not consolidate the financial statements of AvenCell and accounts for its investment using the equity method of accounting. The Company recorded the initial investment in AvenCell of $ 62.9 million in “Equity method investments” on its condensed consolidated balance sheet. Due to the timing and availability of AvenCell’s financial information, the Company is recording its share of losses from AvenCell on a quarterly basis on a one-quarter lag. During the first quarter of 2023, the Company recorded its share of the three months of AvenCell’s losses generated in the fourth quarter of 2022 in the Company’s operating results and other comprehensive loss, resulting in a reduction of the Company’ s investment by $ 1.3 million for the three months ended March 31, 2023. The elimination of the intra-entity profit component of $ 2.8 million (see Note 7) in the three months ended March 31, 2023 resulted in a further reduction in the balance of the investment in AvenCell, bringing the carrying value of the investment to $ 28.4 million as of March 31, 2023. The Company is not aware of any material events or transactions during the quarter ended March 31, 2023 that would warrant additional disclosure or recognition in the financial statements. At March 31, 2023, the maximum exposure to loss is limited to the Company’s equity investment in the joint venture. SparingVision SAS In connection with the SparingVision LCA (see Note 7), the Company received 83,316 shares of SparingVision Series A2 Preferred Stock (“Series A2”). Attached to each share of Series A2, the Company received three warrants for the right to purchase additional Series A2 shares at designated prices that are subject to certain vesting conditions (collectively referred to as the “SparingVision investments”). The Company accounts for the SparingVision investments using the measurement alternative as SparingVision is a private company and there is no readily observable transaction price. The Company recorded the initial investment in SparingVision of $ 14.8 million in “Investments and other assets” on its condensed consolidated balance sheet. There was no change in the observable price or impairment of the SparingVision investment as of March 31, 2023. Kyverna Therapeutics, Inc. In connection with the Kyverna LCA (see Note 7), the Company received 3,739,515 shares of Kyverna Series B Preferred Stock (“Series B”) with a fair value of $ 7.0 million. The Company separately made an additional investment in Kyverna, purchasing 1,602,649 shares of Series B in exchange for $ 3.0 million in cash (collectively referred to as the “Kyverna investments”). The Company accounts for the Kyverna investments using the measurement alternative as Kyverna is a private company and there is no readily observable transaction price. The Company recorded the initial investment in Kyverna of $ 10.0 million in “Investments and other assets” on its condensed consolidated balance sheet. There was no change in the observable price or impairment of the Kyverna investment as of March 31, 2023.

Rewrite Acquisition

Rewrite Acquisition	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Rewrite Acquisition	9. Rewrite Acquisition On February 2, 2022, the Company entered into an Agreement and Plan of Merger by and among the Company, Rewrite Therapeutics, Inc. (“Rewrite”), RW Acquisition Corp. and Shareholder Representative Services, LLC as Securityholder representative (the “Rewrite Merger Agreement”). Under the Rewrite Merger Agreement, the Company paid Company Securityholders (as defined in the Rewrite Merger Agreement) (the “Rewrite Holders”) upfront consideration in an aggregate amount of $ 45.0 million, excluding customary purchase price adjustments and closing costs, payable in cash. Pursuant to the Rewrite Merger Agreement, the Company acquired all of the issued and outstanding shares of Rewrite. The Rewrite transaction resulted in the acquisition of certain know-how and IP assets related to Rewrite’s proprietary DNA writing technology. The Company ’s management determined that the acquired assets do not meet the definition of a business pursuant to ASC 805, Business Combinations , as substantially all of the fair value of the acquired assets is concentrated into one identifiable asset, the DNA writing technology. As of the date of closing of the transactions contemplated by the Rewrite Merger Agreement (the “Rewrite Merger Agreement Date”), the asset acquired had no alternative future use and had not reached a stage of technological feasibility. As a result, all payment obligations were recorded as research and development expense in the condensed consolidated statements of operations and other comprehensive loss in the amount of $ 56.0 million. The total transaction price was allocated to the assets acquired and liabilities assumed on a relative fair value basis. In addition, the Rewrite Holders are eligible to receive up to an additional $ 155.0 million in milestone payments upon the achievement of certain pre-specified research and regulatory approval milestones, payable through a mixture of $ 130.0 million in cash and $ 25.0 million in a combination of cash and the Company’s common stock which would be valued using the volume-weighted average price of the Company’s Common Stock over the ten consecutive trading day period ending on and including the trading day that is two trading days immediately prior to the issuance of the consideration issued in connection with the applicable milestone. In September 2022, Rewrite Therapeutics, Inc. merged into Intellia, with Intellia the surviving entity. In January 2023, the $ 25.0 million research milestone noted above was achieved and, in February 2023, the Company paid the Rewrite Holders $ 0.9 million in cash and 567,045 shares of common stock in order to fulfill its obligation under the Rewrite Merger Agreement. The cash obligation was recorded as research and development expense in the condensed consolidated statement of operations and other comprehensive loss for the period ended March 31, 2023. The Company determined that the research milestone settled in the Company’s common stock would be classified as a contingent consideration liability under ASC 480 and, therefore, the Company recorded a liability for this milestone payment as of the Rewrite Merger Agreement Date at its fair value of $ 10.5 million. The contingent consideration liability has been remeasured at fair value each financial reporting period, with the resulting impact reflected in the Company’s condensed consolidated statements of operations and other comprehensive loss, presented within other income (expense). The milestones to be settled in cash would be recorded when the contingency is resolved and the consideration is paid or becomes payable. The transaction price on the Rewrite Merger Agreement Date was determined and allocated as follows (in thousands): Transaction Price Upfront cash consideration $ 43,730 Research contingent consideration liabilities 10,541 Transaction costs 1,838 Total transaction price $ 56,109 Transaction Price Allocated In-process research and development $ 55,990 Cash acquired 287 Other current assets acquired 153 Other liabilities assumed ( 321 ) Total transaction price $ 56,109

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	10. Leases I n January 2023, the Company performed a remeasurement of their lease for office and laboratory space located at 640 Memorial Drive, Cambridge, Massachusetts, as the Company’s rentable square footage had been modified. This remeasurement included an update to the incremental borrowing rate from 7.99 % to 8.4 %, and resulted in a decrease in the right of use asset and lease liability of $ 0.2 million. Also in January 2023, the Company executed a sublease for a portion of their leased office and laboratory space at 730 Main Street, Cambridge, Massachusetts. In February 2022, the Company entered into an agreement to lease approximately 140,000 square feet of manufacturing space located at 840 Winter Street, Waltham, Massachusetts (the “840 Winter Lease”), which will provide the Company with the ability to manufacture its own products in a good manufacturing practice (“GMP”) compliant facility as well as to supplement the Company’s current leased premises in Cambridge, Massachusetts. The 840 Winter Lease, including the obligation to pay rent, is expected to commence in 2024 for an initial term of twelve years . The base rent under the 840 Winter Lease is $ 73.50 per square foot per year during the first year of the term, which is subject to scheduled 3 % annual increases, plus certain operating expenses and taxes. The Company has the option to extend the 840 Winter Lease for two five-year terms. The Company did not record a right of use asset or liability related to the 840 Winter Lease under ASC 842, Leases (Topic 842) (“ASC 842”) during the three months ended March 31, 2023, as the Company had not taken control of the premises.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	11. Equity-Based Compensation Equity-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended March 31, 2023 2022 (In thousands) Research and development $ 16,931 $ 10,274 General and administrative 10,324 8,217 Total $ 27,255 $ 18,491 Amended and Restated 2015 Stock Option and Incentive Plan In April 2016, the Company adopted the Amended and Restated 2015 Stock Option and Incentive Plan (the “2015 Plan”). The 2015 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and other stock-based awards. Recipients of incentive stock options and non-qualified stock options are eligible to purchase shares of the Company’s common stock at an exercise price equal to the fair value of such stock on the grant date. The Company maintains a retirement policy for equity awards granted to all employees (the “Retirement Policy”), which applies to all equity awards granted after July 1, 2022 to employees who meet certain retirement eligibility criteria set forth in the Retirement Policy (the “Retirees”). Pursuant to the terms of the Retirement Policy, upon a Retiree’s eligible retirement: (i) all stock options held by the Retiree will continue to vest following the Retiree’s retirement date according to the original vesting schedule of the option until fully vested and all vested stock options held by such Retiree will remain exercisable until the earlier of the five-year anniversary of the Retiree’s retirement date or the original expiration date of the option, (ii) all unvested time-based RSUs held by the Retiree will vest in full on the Retiree’s retirement date and (iii) all unvested performance-based awards held by the Retiree will remain outstanding following the Retiree’s retirement date and the Retiree will remain eligible to earn a pro-rated portion of such performance-based awards at the end of the performance period based on actual performance during the performance period. As of March 31, 2023, there were 4,088,522 shares available for future issuance under the 2015 Plan. The number of shares reserved for issuance under the 2015 Plan will be cumulatively increased on each January 1 st by four percent of the number of shares of stock issued and outstanding on the immediately preceding December 31 or such lesser number of shares of stock as determined by the board of directors . Restricted Stock Units RSUs are measured at fair value based on the quoted price of the Company’s common stock. The following table summarizes the Company’s RSU activity for the three months ended March 31, 2023: Number of Weighted Unvested restricted stock units as of December 31, 2022 1,941,379 $ 70.70 Granted 2,482,686 42.78 Vested ( 342,025 ) 77.89 Cancelled ( 27,553 ) 59.57 Unvested restricted stock units as of March 31, 2023 4,054,487 $ 53.07 In March 2023, the Company granted 2,195,135 RSUs with a service condition to employees as part of their annual grant, which vest over a period of three years . The weighted average grant date fair value of these RSUs was $ 40.75 and the vesting start date for these RSUs was January 1, 2023. Also in March 2023, 181,743 RSUs were granted to senior executives as part of their annual grant . These RSUs have the potential to vest after a period of three years , with a vesting start date of January 1, 2023, and the number of shares to be delivered will depend on the Company ’s Total Shareholder Return (“TSR” ), a market condition, over that period relative to a defined group of biotechnology companies. The grant date fair value for these RSUs, calculated using a Monte Carlo valuation model, was $ 68.55 . The following assumptions were used to determine the grant date fair value: risk free interest rate: 4.60 %; expected dividend yield: 0.0 %; expected volatility: 84.34 %; expected term (in years): 2.84 . In March 2022, the Company granted 66,296 performance-based RSUs to certain non-executive employees that would vest upon obtaining certain scientific milestones. There were two separate tranches, each attached to a different set of milestones. The milestone related to the first tranche, made up of 21,878 RSUs, was achieved in the quarter ended March 31, 2023 and these RSUs vested. The remaining performance milestones were considered not probable of achievement as of March 31, 2023 and, therefore, no related stock-based compensation was recorded during the period then ending. The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2023 and 2022 was $ 42.78 and $ 83.64 , respectively. The total fair value of RSUs vested (measured on the date of vesting) for the three months ended March 31, 2023 and 2022 was $ 12.1 million and $ 6.5 million, respectively. As of March 31, 2023, there was $ 187.9 million of unrecognized equity-based compensation expense related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 2.3 years . Stock Options The weighted average grant date fair value of options, estimated as of the grant date using the Black-Scholes option pricing model, was $ 28.82 and $ 63.67 per option for those options granted during the three months ended March 31, 2023 and 2022 , respectively. The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of stock options exercised during the three months ended March 31, 2023 and 2022 was $ 1.1 million and $ 29.8 million, respectively. Weighted average assumptions used to apply this pricing model were as follows: Three Months Ended March 31, 2023 2022 Risk-free interest rate 4.4 % 1.6 % Expected life of options 6.0 years 6.0 years Expected volatility of underlying stock 78.7 % 75.9 % Expected dividend yield 0.0 % 0.0 % Risk-free Interest Rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with maturities approximately equal to the option’s expected term. Expected Term. The expected term represents the period that stock option awards are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate the expected term. Expected Volatility. The expected volatility was derived from a blend of the Company’s historical volatility and an average of the historical stock volatilities of several peer companies within the Company’s industry, both over a period equivalent to the expected term of the stock option grants. Expected Dividend Yield. The expected dividend yield assumption is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. Stock options granted under the 2015 Plan generally vest as to one-third on the first anniversary of the original vesting date, with the balance vesting monthly over the remaining two years, unless they contain specific performance-based vesting provisions. The maximum term of stock options granted under the 2015 Plan is ten years. The Company uses the market closing price of its common stock as reported on the Nasdaq Global Select Market to determine the fair value of the shares of common stock underlying stock options. The following is a summary of stock option activity for the three months ended March 31, 2023: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding at December 31, 2022 5,471,675 $ 49.86 Granted 513,605 40.75 Exercised ( 48,353 ) 15.61 Forfeited ( 31,838 ) 100.62 Outstanding at March 31, 2023 5,905,089 $ 49.08 7.37 $ 59,380 Exercisable at March 31, 2023 3,533,700 $ 39.25 6.70 $ 48,649 As of March 31, 2023, there was $ 94.8 million of unrecognized compensation cost related to stock options that have not yet vested. These costs are expected to be recognized over a weighted average remaining vesting period of 2.1 years. 2016 Employee Stock Purchase Plan In May 2016, the Company adopted the 2016 Employee Stock Purchase Plan (the “2016 Plan”). The 2016 Plan allows eligible employees to purchase shares of the Company’s common stock on the last day of each predetermined six-month offering period at 85 % of the lower of the fair market value per share at the beginning or end of the applicable offering period. The 2016 Plan provides for six-month offering periods beginning in January and July of each year. As of March 31, 2023, there were 1,219,584 shares available for future issuance under the 2016 Plan. The number of shares reserved for issuance under the 2016 Plan will be cumulatively increased on each January 1 st by the lesser of a) one percent of the number of shares of common stock issued and outstanding on the immediately preceding December 31, b) 500,000 shares of common stock, or c) such lesser number of shares of common stock as determined by the board of directors. During the three months ended March 31, 2023 and 2022 the Company did not issue any shares of common stock under the 2016 Plan. The fair value of the awards issued to employees under the 2016 Plan was estimated at the beginning of the offering period using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended March 31, 2023 2022 Risk-free interest rate 4.70 % 0.22 % Expected term (in years) 0.5 years 0.5 years Expected volatility of underlying stock 69.2 % 63.6 % Expected dividend yield 0.0 % 0.0 %

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Loss Per Share	12. Loss Per Share The Company calculates basic loss per share by dividing net loss for each respective period by the weighted average number of common shares outstanding for each respective period. The Company computes diluted loss per share after giving consideration to the dilutive effect of stock options and unvested restricted stock that are outstanding during the period, except where such securities would be anti-dilutive. Basic and diluted loss per share was calculated as follows: Three Months Ended March 31, 2023 2022 (In thousands) Net loss $ ( 103,126 ) $ ( 146,872 ) Weighted average shares outstanding, basic 87,772 74,751 Net loss per share, basic and diluted $ ( 1.17 ) $ ( 1.96 ) The following common stock equivalents were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive: Three Months Ended March 31, 2023 2022 (In thousands) Unvested restricted stock units 4,055 1,361 Stock options 5,905 5,939 9,960 7,300

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders’ Equity	13. Stockholders’ Equity The following tables present changes in stockholders’ equity for the three-month periods ended March 31, 2023 and 2022 (in thousands, except share data): Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital Loss Deficit Equity Balance at December 31, 2022 87,103,007 $ 9 $ 2,420,223 $ ( 7,461 ) $ ( 1,177,187 ) $ 1,235,584 Issuance of common stock through 62 35,349 - 1,466 - 1,466 Contingent consideration paid to Rewrite holders 567,045 - 24,126 - 24,126 Exercise of stock options 48,353 - 755 - 755 Vesting of restricted stock units 342,025 - - - - Equity-based compensation - - 27,255 - 27,255 Other comprehensive loss - unrealized gain on marketable securities - - - 2,989 2,989 Other comprehensive loss - equity method investment - - - 1,794 1,794 Net loss - - - ( 103,126 ) ( 103,126 ) Balance at March 31, 2023 88,095,779 $ 9 $ 2,473,825 $ ( 2,678 ) $ ( 1,280,313 ) $ 1,190,843 Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital Loss Deficit Equity Balance at December 31, 2021 74,485,883 $ 7 $ 1,745,870 $ ( 2,632 ) $ ( 703,001 ) $ 1,040,244 Issuance of common stock through 164 579,788 1 38,885 - - 38,886 Exercise of stock options 503,830 - 8,435 - - 8,435 Vesting of restricted stock units 54,666 - - - - - Equity-based compensation - - 18,491 - - 18,491 Other comprehensive loss - unrealized loss on marketable securities - - - ( 5,128 ) - ( 5,128 ) Other comprehensive loss - equity method investment - - - ( 302 ) - ( 302 ) Net loss - - - - ( 146,872 ) ( 146,872 ) Balance at March 31, 2022 75,624,167 $ 8 $ 1,811,681 $ ( 8,062 ) $ ( 849,873 ) $ 953,754 At-the-Market Offering Programs In August 2019, the Company entered into an Open Market Sale Agreement (the “2019 Sale Agreement”) with Jefferies LLC (“Jefferies”), under which Jefferies was able to offer and sell, from time to time in “at-the-market” offerings, common stock having aggregate gross proceeds of up to $ 150.0 million. The Company agreed to pay Jefferies cash commissions of 3.0 % of the gross proceeds of sales of common stock under the 2019 Sale Agreement. During the first quarter of 2022, the Company issued 579,788 shares of its common stock, in a series of sales, at an average price of $ 69.43 per share, in accordance with the 2019 Sale Agreement for aggregate net proceeds of $ 38.9 million, after payment of cash commissions to Jefferies and approximately $ 0.2 million related to legal, accounting and other fees in connection with the sales. The 2019 Sale Agreement expired in the third quarter of 2022. In March 2022, the Company entered into an Open Market Sale Agreement (the “2022 Sale Agreement”) with Jefferies, under which Jefferies will be able to offer and sell, from time to time in “at-the-market” offerings, shares of the Company’ s common stock having aggregate gross proceeds of up to $ 400.0 million. The Company agreed to pay Jefferies cash commissions of 3.0 % of the gross proceeds of sales of common stock under the 2022 Sale Agreement. During the year ended December 31, 2022, the Company issued 3,395,339 shares of its common stock, in a series of sales, at an average price of $ 57.43 per share, in accordance with the 2022 Sale Agreement for aggregate net proceeds of $ 189.0 million, after payment of cash commissions to Jefferies and approximately $ 0.1 million related to legal, accounting and other fees in connection with the sales. During the quarter ended March 31, 2023, the Company issued 35,349 shares of its common stock, in a series of sales, at an average price of $ 44.58 per share, in accordance with the 2022 Sale Agreement for aggregate net proceeds of $ 1.5 million, after payment of cash commissions to Jefferies and approximately $ 0.1 million related to legal, accounting and other fees in connection with the sales. As of March 31, 2023, $ 203.4 million in shares of common stock remain eligible for sale under the 2022 Sale Agreement.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions In the ordinary course of business, the Company may purchase materials or supplies from entities that are associated with a party that meets the criteria of a related party of the Company. These transactions are reviewed quarterly and to date have not been material to the Company’s condensed consolidated financial statements. The Company and AvenCell are parties to the AvenCell LCA and AvenCell Co/Co, as described in Note 7. The Company’s relationship with AvenCell is considered to be as a related party due to the Company’s 33.33 % investment in AvenCell being accounted for under the equity method. The Company recognized $ 5.6 million in revenue related to the AvenCell LCA for each of the three months ended March 31, 2023 and 2022, after eliminating $ 2.8 million during each of those respective periods in intra-entity profits, which will be deferred and recognized if and when AvenCell commercializes a product with the Company ’ s license or abandons the related project. Until such time, this revenue is indefinitely deferred and excluded from the results of operations of the Company. The Company recognized $ 0.7 million and $ 0.2 million in contra-revenue in the three months ended March 31, 2023 and 2022, respectively, related to the AvenCell Co/Co agreement. As of March 31, 2023 the Company had deferred revenue of $ 11.4 million, all of which is included in current deferred revenue, related to the AvenCell LCA.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-sale Marketable Securities	The following table summarizes the Company’s available-for-sale marketable securities as of March 31, 2023 and December 31, 2022 at net book value: March 31, 2023 Amortized Gross Unrealized Gross Unrealized Estimated Fair (In thousands) Marketable securities: U.S. Treasury and other government securities $ 261,410 $ 587 $ ( 460 ) $ 261,537 Financial institution debt securities 460,173 69 ( 740 ) 459,502 Corporate debt securities 107,111 52 ( 140 ) 107,023 Other asset-backed securities 36,509 81 ( 222 ) 36,368 Total $ 865,203 $ 789 $ ( 1,562 ) $ 864,430 December 31, 2022 Amortized Gross Unrealized Gross Unrealized Estimated Fair (In thousands) Marketable securities: U.S. Treasury and other government securities $ 244,562 $ 62 $ ( 1,938 ) $ 242,686 Financial institution debt securities 380,891 - ( 1,030 ) 379,861 Corporate debt securities 102,059 - ( 509 ) 101,550 Other asset-backed securities 14,703 - ( 346 ) 14,357 Total $ 742,215 $ 62 $ ( 3,823 ) $ 738,454

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Assets Recognized at Fair Value on Recurring Basis	As of March 31, 2023 and December 31, 2022, the Company’s financial assets and liabilities recognized at fair value on a recurring basis consisted of the following: Fair Value as of March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Assets Cash equivalents and restricted cash equivalents $ 278,233 $ 278,233 $ - $ - Marketable securities: U.S. Treasury and other government securities 261,537 124,059 137,478 - Financial institution debt securities 459,502 - 459,502 - Corporate debt securities 107,023 - 107,023 - Other asset-backed securities 36,368 - 36,368 - Total marketable securities 864,430 124,059 740,371 - Total Assets $ 1,142,663 $ 402,292 $ 740,371 $ - Fair Value as of December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets Cash equivalents and restricted cash equivalents $ 534,581 $ 534,581 $ - $ - Marketable securities: U.S. Treasury and other government securities 242,686 172,939 69,747 - Financial institution debt securities 379,861 - 379,861 - Corporate debt securities 101,550 - 101,550 - Other asset-backed securities 14,357 - 14,357 - Total marketable securities 738,454 172,939 565,515 - Total Assets $ 1,273,035 $ 707,520 $ 565,515 $ -
Schedule of Change in Fair Value of the Contingent Consideration Liabilities	The following table reconciles the change in fair value of the contingent consideration liability based on the level 3 inputs listed below (in thousands): For the three months ended March 31, 2023 Balance at December 31, 2022 $ 24,026 Change in fair value 100 Payment of contingent consideration ( 24,126 ) Balance at March 31, 2023 $ - December 31, 2022 Discount rate 10.1 % Probability of achievement 100 % Projected year of achievement 2023

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: March 31, December 31, 2023 2022 (In thousands) Accrued research and development $ 26,230 $ 32,684 Employee compensation and benefits 10,061 21,778 Accrued legal and professional expenses 2,833 1,457 Accrued other 5,698 4,957 Total accrued expenses $ 44,822 $ 60,876

Collaborations and Other Arra_2

Collaborations and Other Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Changes in Accounts Receivable and Contract Liabilities	The following table presents changes in the Company’s accounts receivable and contract liabilities during the three months ended March 31, 2023 and 2022 (in thousands): Balance at Additions Deductions Balance at End Three Months Ended March 31, 2023 Accounts receivable $ 3,768 $ 4,488 $ ( 3,350 ) $ 4,906 Contract liabilities - deferred revenue $ 63,771 $ - $ ( 14,566 ) $ 49,205 Balance at Additions Deductions Balance at End Three Months Ended March 31, 2022 Accounts receivable $ 2,031 $ 1,801 $ ( 2,031 ) $ 1,801 Contract liabilities - deferred revenue $ 127,235 $ - $ ( 13,995 ) $ 113,240
Summary of Revenues Recognized Resulting from Changes in Contract Liability Balance	During the three months ended March 31, 2023 and 2022, the Company recognized the following revenues as a result of changes in the contract liability balance (in thousands): Three Months Ended March 31, Revenue recognized in the period from: 2023 2022 Amounts included in the contract liability at the beginning of the period $ 11,753 $ 11,183

Rewrite Acquisition (Tables)

Rewrite Acquisition (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Summary of Transaction Price on Rewrite Merger Agreement Date Determined and Allocated	The transaction price on the Rewrite Merger Agreement Date was determined and allocated as follows (in thousands): Transaction Price Upfront cash consideration $ 43,730 Research contingent consideration liabilities 10,541 Transaction costs 1,838 Total transaction price $ 56,109 Transaction Price Allocated In-process research and development $ 55,990 Cash acquired 287 Other current assets acquired 153 Other liabilities assumed ( 321 ) Total transaction price $ 56,109

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Equity-Based Compensation Expense	Equity-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended March 31, 2023 2022 (In thousands) Research and development $ 16,931 $ 10,274 General and administrative 10,324 8,217 Total $ 27,255 $ 18,491
Summary of Restricted Stock Activity	The following table summarizes the Company’s RSU activity for the three months ended March 31, 2023: Number of Weighted Unvested restricted stock units as of December 31, 2022 1,941,379 $ 70.70 Granted 2,482,686 42.78 Vested ( 342,025 ) 77.89 Cancelled ( 27,553 ) 59.57 Unvested restricted stock units as of March 31, 2023 4,054,487 $ 53.07
Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted	Weighted average assumptions used to apply this pricing model were as follows: Three Months Ended March 31, 2023 2022 Risk-free interest rate 4.4 % 1.6 % Expected life of options 6.0 years 6.0 years Expected volatility of underlying stock 78.7 % 75.9 % Expected dividend yield 0.0 % 0.0 %
Summary of Stock Option Activity	The following is a summary of stock option activity for the three months ended March 31, 2023: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding at December 31, 2022 5,471,675 $ 49.86 Granted 513,605 40.75 Exercised ( 48,353 ) 15.61 Forfeited ( 31,838 ) 100.62 Outstanding at March 31, 2023 5,905,089 $ 49.08 7.37 $ 59,380 Exercisable at March 31, 2023 3,533,700 $ 39.25 6.70 $ 48,649
2016 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted	The fair value of the awards issued to employees under the 2016 Plan was estimated at the beginning of the offering period using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended March 31, 2023 2022 Risk-free interest rate 4.70 % 0.22 % Expected term (in years) 0.5 years 0.5 years Expected volatility of underlying stock 69.2 % 63.6 % Expected dividend yield 0.0 % 0.0 %

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	Basic and diluted loss per share was calculated as follows: Three Months Ended March 31, 2023 2022 (In thousands) Net loss $ ( 103,126 ) $ ( 146,872 ) Weighted average shares outstanding, basic 87,772 74,751 Net loss per share, basic and diluted $ ( 1.17 ) $ ( 1.96 )
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share	The following common stock equivalents were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive: Three Months Ended March 31, 2023 2022 (In thousands) Unvested restricted stock units 4,055 1,361 Stock options 5,905 5,939 9,960 7,300

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Changes in Stockholders’ Equity	The following tables present changes in stockholders’ equity for the three-month periods ended March 31, 2023 and 2022 (in thousands, except share data): Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital Loss Deficit Equity Balance at December 31, 2022 87,103,007 $ 9 $ 2,420,223 $ ( 7,461 ) $ ( 1,177,187 ) $ 1,235,584 Issuance of common stock through 62 35,349 - 1,466 - 1,466 Contingent consideration paid to Rewrite holders 567,045 - 24,126 - 24,126 Exercise of stock options 48,353 - 755 - 755 Vesting of restricted stock units 342,025 - - - - Equity-based compensation - - 27,255 - 27,255 Other comprehensive loss - unrealized gain on marketable securities - - - 2,989 2,989 Other comprehensive loss - equity method investment - - - 1,794 1,794 Net loss - - - ( 103,126 ) ( 103,126 ) Balance at March 31, 2023 88,095,779 $ 9 $ 2,473,825 $ ( 2,678 ) $ ( 1,280,313 ) $ 1,190,843 Additional Accumulated Other Total Common Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Capital Loss Deficit Equity Balance at December 31, 2021 74,485,883 $ 7 $ 1,745,870 $ ( 2,632 ) $ ( 703,001 ) $ 1,040,244 Issuance of common stock through 164 579,788 1 38,885 - - 38,886 Exercise of stock options 503,830 - 8,435 - - 8,435 Vesting of restricted stock units 54,666 - - - - - Equity-based compensation - - 18,491 - - 18,491 Other comprehensive loss - unrealized loss on marketable securities - - - ( 5,128 ) - ( 5,128 ) Other comprehensive loss - equity method investment - - - ( 302 ) - ( 302 ) Net loss - - - - ( 146,872 ) ( 146,872 ) Balance at March 31, 2022 75,624,167 $ 8 $ 1,811,681 $ ( 8,062 ) $ ( 849,873 ) $ 953,754

Overview and Basis of Present_2

Overview and Basis of Presentation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Proceeds from common stock offering	$ 2,400.1

Marketable Securities - Summary

Marketable Securities - Summary of Available -for-sale Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 865,203	$ 742,215
Gross Unrealized Gains	789	62
Gross Unrealized Losses	(1,562)	(3,823)
Estimated Fair Value	864,430	738,454
U.S. Treasury and Other Government Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	261,410	244,562
Gross Unrealized Gains	587	62
Gross Unrealized Losses	(460)	(1,938)
Estimated Fair Value	261,537	242,686
Financial Institution Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	460,173	380,891
Gross Unrealized Gains	69	0
Gross Unrealized Losses	(740)	(1,030)
Estimated Fair Value	459,502	379,861
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	107,111	102,059
Gross Unrealized Gains	52	0
Gross Unrealized Losses	(140)	(509)
Estimated Fair Value	107,023	101,550
Other Asset Backed Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	36,509	14,703
Gross Unrealized Gains	81	0
Gross Unrealized Losses	(222)	(346)
Estimated Fair Value	$ 36,368	$ 14,357

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Realized gains or losses on marketable securities	$ 0	$ 0
Investments that matured beyond five years	$ 0	$ 0
Minimum
Marketable Securities [Line Items]
Available-for-sales Securities, non-current, maturity period	1 year
Maximum
Marketable Securities [Line Items]
Available-for-sales Securities, non-current, maturity period	5 years

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Recognized at Fair Value on Recurring Basis (Detail) - Fair Value on Recurring Basis [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash equivalents and restricted cash equivalents	$ 278,233	$ 534,581
Marketable securities:
Marketable securities	864,430	738,454
Total Assets	1,142,663	1,273,035
U.S. Treasury and Other Government Securities [Member]
Marketable securities:
Marketable securities	261,537	242,686
Financial Institution Debt Securities [Member]
Marketable securities:
Marketable securities	459,502	379,861
Corporate Debt Securities [Member]
Marketable securities:
Marketable securities	107,023	101,550
Other Asset Backed Securities [Member]
Marketable securities:
Marketable securities	36,368	14,357
Level 1 [Member]
Assets
Cash equivalents and restricted cash equivalents	278,233	534,581
Marketable securities:
Marketable securities	124,059	172,939
Total Assets	402,292	707,520
Level 1 [Member] | U.S. Treasury and Other Government Securities [Member]
Marketable securities:
Marketable securities	124,059	172,939
Level 2 [Member]
Marketable securities:
Marketable securities	740,371	565,515
Total Assets	740,371	565,515
Level 2 [Member] | U.S. Treasury and Other Government Securities [Member]
Marketable securities:
Marketable securities	137,478	69,747
Level 2 [Member] | Financial Institution Debt Securities [Member]
Marketable securities:
Marketable securities	459,502	379,861
Level 2 [Member] | Corporate Debt Securities [Member]
Marketable securities:
Marketable securities	107,023	101,550
Level 2 [Member] | Other Asset Backed Securities [Member]
Marketable securities:
Marketable securities	$ 36,368	$ 14,357

Fair Value Measurements - Addit

Fair Value Measurements - Additional information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Cash and Cash Equivalents [Line Items]
Research milestone payments	$ 25
Cash
Cash and Cash Equivalents [Line Items]
Research milestone payments	$ 0.9

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Change in Fair Value of the Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance	$ 24,026
Change in fair value	100
Payment of contingent consideration	(24,126)
Balance	$ 0	$ 24,026
Discount rate		10.10%
Probability of achievement		100%
Projected year of achievement		2023

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development	$ 26,230	$ 32,684
Employee compensation and benefits	10,061	21,778
Accrued legal and professional expenses	2,833	1,457
Accrued other	5,698	4,957
Total accrued expenses	$ 44,822	$ 60,876

Collaborations and Other Arra_3

Collaborations and Other Arrangements - Summary of Changes in Accounts Receivable and Contract Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts receivable:
Accounts receivable, Balance at Beginning of Period	$ 3,768	$ 2,031
Accounts receivable, Additions	4,488	1,801
Accounts receivable, Deductions	(3,350)	(2,031)
Accounts receivable, Balance at End of Period	4,906	1,801
Contract liabilities:
Deferred revenue, Balance at Beginning of Period	63,771	127,235
Deferred revenue, Deductions	(14,566)	(13,995)
Deferred revenue, Balance at End of Period	$ 49,205	$ 113,240

Collaborations and Other Arra_4

Collaborations and Other Arrangements - Summary of Revenues Recognized Resulting from Changes in Contract Liability Balance (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Amounts included in the contract liability at the beginning of the period	$ 11,753	$ 11,183

Collaborations and Other Arra_5

Collaborations and Other Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended	84 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2023	Dec. 31, 2021
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Costs to obtain or fulfill contract capitalized	$ 0			$ 0
Collaboration revenue	12,606,000	$ 11,252,000
Deferred revenue	49,205,000	113,240,000	$ 63,771,000	49,205,000	$ 127,235,000
Collaboration agreement payment made	56,109,000
Revenue	2,800,000	2,800,000
Regeneron Pharmaceuticals Inc. [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Aggregate transaction price remaining to be recognized	23,300,000			23,300,000
Accounts receivable	4,200,000		3,200,000	4,200,000
Deferred revenue	23,300,000		28,800,000	23,300,000
Regeneron Pharmaceuticals Inc. [Member] | Hemophilia Co Co Agreements
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue	2,900,000	1,500,000
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue additions	145,000,000
Collaboration revenue	$ 6,800,000	5,900,000		179,900,000
Aggregate transaction price remaining to be recognized, period	Through March 31, 2023
Payments due	$ 4,200,000	1,800,000
Regeneron Pharmaceuticals Inc. [Member] | Regeneron Agreement [Member] | Research and Development Services [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue	40,700,000
ONK Therapeutics [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable	100,000		100,000	100,000
ONK Therapeutics [Member] | Research Materials Shippmet Services [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue	100,000	0
Kyverna Therapeutics Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable	0		0	0
Deferred revenue			400,000
Revenue	400,000	0
Sparing Vision [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue	400,000	0
Accounts receivable	200,000		100,000	200,000
Deferred revenue	14,500,000		14,700,000	14,500,000
AvenCell [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue additions	2,800,000	2,800,000
Collaboration revenue	5,600,000	5,600,000
Accounts receivable	300,000		300,000	300,000
Deferred revenue	11,400,000		19,900,000	$ 11,400,000
AvenCell [Member] | AvenCell Co Co Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue	$ 700,000	$ 200,000
AvenCell [Member] | Co-Development and Co-Funding Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration agreement payment made			$ 30,000,000

Equity-Method Investment and _2

Equity-Method Investment and Other Investments - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 30, 2021
Schedule of Equity Method Investments [Line Items]
Loss from equity method investment		$ (3,048)	$ (2,745)
Equity method investment		28,389		$ 32,455
Preferred Stock Purchase Agreement [Member] | Joint Venture Aven Cell [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					33.33%
Preferred Stock Purchase Agreement [Member] | Cellex and BXLS [Member] | Joint Venture Aven Cell [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					66.67%
AvenCell [Member]
Schedule of Equity Method Investments [Line Items]
Investment Owned, at Fair Value					$ 62,900
Investments in and Advances to Affiliates, at Fair Value, Gross Reductions		1,300
Loss from equity method investment		2,800
Equity method investment		28,400
Sparing Vision [Member]
Schedule of Equity Method Investments [Line Items]
Investment Owned, at Fair Value	$ 14,800
Sparing Vision [Member] | Series A2 Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	83,316
Kyverna Therapeutics Inc [Member]
Schedule of Equity Method Investments [Line Items]
Investment Owned, at Fair Value		$ 10,000
Kyverna Therapeutics Inc [Member] | Series B Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		3,739,515
Fair value of stock received		$ 7,000
Number of stock additionally invested		1,602,649
Cash consideration received on sale of common stock		$ 3,000

Rewrite Acquisition - Additiona

Rewrite Acquisition - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 02, 2022	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Feb. 28, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Research and development			$ 97,116	$ 133,095
Common stock, shares issued			88,095,779			87,103,007
Rewrite Therapeutics Delaware Corporation Member
Business Acquisition [Line Items]
Upfront consideration payable in cash	$ 45,000
Research and development	56,000
Milestone payments	155,000
Cash	$ 130,000
Common stock, shares issued	25,000,000
Liability for milestone payment	$ 10,500	$ 25,000
Rewrite Therapeutics Delaware Corporation Member | Rewrite Acquisition [Member]
Business Acquisition [Line Items]
Cash					$ 900
Common stock, shares issued in connection with research milestone		567,045

Rewrite Acquisition - Summary o

Rewrite Acquisition - Summary of Transaction Price Determined and Allocated (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Transaction Price
Upfront cash consideration	$ 43,730
Research contingent consideration liabilities	10,541
Transaction costs	1,838
Total transaction price	56,109
Transaction Price Allocated
In-process research and development	55,990
Cash acquired	287
Other current assets acquired	153
Other liabilities assumed	(321)
Total transaction price	$ 56,109

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 28, 2022 ft²	Feb. 28, 2022 ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee Lease Description [Line Items]
Operating lease right-of-use assets | $			$ 128,265	$ 133,076
Albany Lease [Member]
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend			true
840 Winter Street Lease [Member]
Lessee Lease Description [Line Items]
Area of space leased | ft²	140,000
Operating lease, description			In February 2022, the Company entered into an agreement to lease approximately 140,000 square feet of manufacturing space located at 840 Winter Street, Waltham, Massachusetts (the “840 Winter Lease”), which will provide the Company with the ability to manufacture its own products in a good manufacturing practice (“GMP”) compliant facility as well as to supplement the Company’s current leased premises in Cambridge, Massachusetts. The 840 Winter Lease, including the obligation to pay rent, is expected to commence in 2024 for an
Term of lease	12 years	12 years
Base rent per square foot for first year | ft²		73.50
Operating lease, options to extend			The Company has the option to extend the 840 Winter Lease for two five-year terms.
Percentage of Annual Increase			3%
MemorialDrive640Member
Lessee Lease Description [Line Items]
Operating lease, description			n January 2023, the Company performed a remeasurement of their lease for office and laboratory space located at 640 Memorial Drive, Cambridge, Massachusetts, as the Company’s rentable square footage had been modified. This remeasurement included an update to the incremental borrowing rate from 7.99% to 8.4%, and resulted in a decrease in the right of use asset and lease liability of $0.2 million.
Operating lease right-of-use assets | $			$ 200
Maximum
Lessee Lease Description [Line Items]
Incremental borrowing rate			8.40%
Minimum
Lessee Lease Description [Line Items]
Incremental borrowing rate			7.99%

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Equity-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	$ 27,255	$ 18,491
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	16,931	10,274
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	$ 10,324	$ 8,217

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 Tranche shares	May 31, 2016	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued	88,095,779			88,095,779		87,103,007
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares	$ 40.75			$ 42.78	$ 83.64
Total fair value amount, Vested | $				$ 12,100	$ 6,500
Number of Shares, Granted				2,482,686
Number of Shares, Vested				(342,025)
Risk-free interest rate				4.40%	1.60%
Number of tranches | Tranche		2
Expected dividend yield				0%	0%
Expected volatility				78.70%	75.90%
Expected term				6 years	6 years
Equity-based compensation expense | $				$ 27,255	$ 18,491
Weighted average period of unrecognized compensation costs				2 years 1 month 6 days
Weighted average grant date fair value per share | $ / shares				$ 28.82	$ 63.67
Total intrinsic value of stock options exercised | $				$ 1,100	$ 29,800
Unrecognized compensation cost related to stock options | $	$ 94,800			94,800
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized equity-based compensation expense related to restricted stock | $	$ 187,900			$ 187,900
Weighted average period of unrecognized compensation costs				2 years 3 months 18 days
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period	3 years
Number of Shares, Granted	2,195,135
PSUs [Member] | Senior Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period	3 years
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares	$ 68.55
Number of Shares, Granted	181,743
Risk-free interest rate	4.60%
Expected dividend yield	0%
Expected volatility	84.34%
Expected term	2 years 10 months 2 days
PSUs [Member] | Non-executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted		66,296
First Anniversary of Original Vesting Date [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted		21,878
2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of stock options granted under the Plan				Stock options granted under the 2015 Plan generally vest as to one-third on the first anniversary of the original vesting date, with the balance vesting monthly over the remaining two years, unless they contain specific performance-based vesting provisions. The maximum term of stock options granted under the 2015 Plan is ten years.
Shares available for future issuance	4,088,522			4,088,522
Percentage of cumulative increase in number of shares for future issuance				4%
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of stock options granted under the Plan			The 2016 Plan allows eligible employees to purchase shares of the Company’s common stock on the last day of each predetermined six-month offering period at 85% of the lower of the fair market value per share at the beginning or end of the applicable offering period.
Percentage of fair market value of common stock			85%
Shares available for future issuance	1,219,584			1,219,584
Risk-free interest rate				4.70%	0.22%
Expected dividend yield				0%	0%
Expected volatility				69.20%	63.60%
Expected term				6 months	6 months
Maximum | 2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued	500,000			500,000

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock Activity (Detail) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Shares, Unvested, Beginning balance		1,941,379
Number of Shares, Granted		2,482,686
Number of Shares, Vested		(342,025)
Number of Shares, Cancelled		27,553
Number of Shares, Unvested, Ending balance	4,054,487	4,054,487
Weighted Average Grant Date Fair Value per Share, Unvested, Beginning balance		$ 70.70
Weighted Average Grant Date Fair Value per Share, Granted	$ 40.75	42.78	$ 83.64
Weighted Average Grant Date Fair Value per Share, Vested		77.89
Weighted Average Grant Date Fair Value per Share, Cancelled		59.57
Weighted Average Grant Date Fair Value per Share, Unvested, Ending balance	$ 53.07	$ 53.07

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted (Detail)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.40%	1.60%
Expected term	6 years	6 years
Expected volatility of underlying stock	78.70%	75.90%
Expected dividend yield	0%	0%
2016 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.70%	0.22%
Expected term	6 months	6 months
Expected volatility of underlying stock	69.20%	63.60%
Expected dividend yield	0%	0%

Equity-Based Compensation - S_3

Equity-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning Balance | shares	5,471,675
Number of options, Granted | shares	513,605
Number of options, Exercised | shares	(48,353)
Number of options, Forfeited | shares	(31,838)
Number of Options, Outstanding, Ending Balance | shares	5,905,089
Number of Options, Exercisable | shares	3,533,700
Weighted Average Exercise Price per Share, Outstanding, Beginning Balance | $ / shares	$ 49.86
Weighted Average Exercise Price per Share, Granted | $ / shares	40.75
Weighted Average Exercise Price per Share, Exercised | $ / shares	15.61
Weighted Average Exercise Price per Share, Forfeited | $ / shares	100.62
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $ / shares	49.08
Weighted Average Exercise Price per Share, Exercisable | $ / shares	$ 39.25
Weighted Average Remaining Contractual Term, Outstanding	7 years 4 months 13 days
Weighted Average Remaining Contractual Term, Exercisable	6 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding | $	$ 59,380
Aggregate Intrinsic Value, Exercisable | $	$ 48,649

Loss Per Share - Schedule of Ba

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (103,126)	$ (146,872)
Weighted average shares outstanding, basic	87,772	74,751
Weighted average shares outstanding, diluted	87,772	74,751
Net loss per share, basic	$ (1.17)	$ (1.96)
Net loss per share, diluted	$ (1.17)	$ (1.96)

Loss Per Share - Potential Dilu

Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	9,960	7,300
Unvested Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	4,055	1,361
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	5,905	5,939

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Beginning balance	$ 1,235,584	$ 1,040,244	$ 1,040,244
Beginning balance, shares	87,103,007
Exercise of stock options		8,435
Exercise of stock options, shares	48,353
Equity-based compensation		18,491
Other comprehensive loss - unrealized loss on marketable securities		(5,128)
Other comprehensive gain (loss) from equity method investment	$ 1,794	(302)
Net loss	(103,126)	(146,872)
Ending balance	$ 1,190,843	953,754	$ 1,235,584
Ending balance, shares	88,095,779		87,103,007
At The Market Offerings [Member]
Class Of Stock [Line Items]
Beginning balance	$ 1,235,584
Issuance of common stock	1,466	38,886
Contingent consideration paid to Rewrite holders	24,126
Exercise of stock options	755
Equity-based compensation	27,255
Other comprehensive loss - unrealized loss on marketable securities	2,989
Other comprehensive gain (loss) from equity method investment	1,794
Ending balance	1,190,843		$ 1,235,584
Common Stock [Member]
Class Of Stock [Line Items]
Beginning balance	$ 9	$ 7	$ 7
Beginning balance, shares	87,103,007	74,485,883	74,485,883
Contingent consideration paid to Rewrite holders	$ 567,045
Exercise of stock options, shares	48,353	503,830
Vesting of restricted stock units, shares	342,025	54,666
Ending balance	$ 9	$ 8	$ 9
Ending balance, shares	88,095,779	75,624,167	87,103,007
Common Stock [Member] | At The Market Offerings [Member]
Class Of Stock [Line Items]
Issuance of common stock		$ 1
Number of stock additionally invested	35,349	579,788
Additional Paid-In Capital [Member]
Class Of Stock [Line Items]
Beginning balance	$ 2,420,223	$ 1,745,870	$ 1,745,870
Issuance of common stock	1,466
Contingent consideration paid to Rewrite holders	24,126
Exercise of stock options	755	8,435
Equity-based compensation	27,255	18,491
Ending balance	2,473,825	1,811,681	2,420,223
Additional Paid-In Capital [Member] | At The Market Offerings [Member]
Class Of Stock [Line Items]
Issuance of common stock		38,885
Accumulated Other Comprehensive Loss [Member]
Class Of Stock [Line Items]
Beginning balance	7,461	(2,632)	(2,632)
Other comprehensive loss - unrealized loss on marketable securities	2,989	(5,128)
Other comprehensive gain (loss) from equity method investment	1,794	(302)
Ending balance	(2,678)	(8,062)	7,461
Accumulated Deficit [Member]
Class Of Stock [Line Items]
Beginning balance	(1,177,187)	(703,001)	(703,001)
Net loss	(103,126)	(146,872)
Ending balance	(1,280,313)	$ (849,873)	$ (1,177,187)
Accumulated Deficit [Member] | At The Market Offerings [Member]
Class Of Stock [Line Items]
Net loss	$ (103,126)

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class Of Stock [Line Items]
Stock issuance cost, net	$ 62	$ 164

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2022	Aug. 31, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
2019 Sales Agreement [Member]
Class Of Stock [Line Items]
Proceeds from common stock offering				$ 38,900,000
Percentage of gross proceeds from common stock as sales agent cash commission		3%
Stock Issued During Period, Shares, New Issues				579,788
Common stock price per share	$ 69.43			$ 69.43
2019 Sales Agreement [Member] | General and Administrative Expenses [Member]
Class Of Stock [Line Items]
Legal accounting and other fees				$ 200,000
2019 Sales Agreement [Member] | Maximum
Class Of Stock [Line Items]
Proceeds from common stock offering		$ 150,000,000
2022 Sales Agreement [Member]
Class Of Stock [Line Items]
Proceeds from common stock offering			$ 1,500,000		$ 189,000,000
Percentage of gross proceeds from common stock as sales agent cash commission	3%
Stock Issued During Period, Shares, New Issues			35,349		3,395,339
Common stock price per share			$ 44.58		$ 57.43
Proceeds from common stock offering			$ 203,400,000
2022 Sales Agreement [Member] | General and Administrative Expenses [Member]
Class Of Stock [Line Items]
Legal accounting and other fees			$ 100,000		$ 100
2022 Sales Agreement [Member] | Maximum
Class Of Stock [Line Items]
Proceeds from common stock offering	$ 400,000,000

Related Party Transaction - Add

Related Party Transaction - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue	$ 2,800	$ 2,800
Deferred revenue current	35,343		$ 43,839
AvenCell Co Co Agreement [Member]
Related Party Transaction [Line Items]
Deferred revenue current	$ 11,400
Avencelllca | Joint Venture AvenCell [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	33.33%
Avencellcoco
Related Party Transaction [Line Items]
Revenue	$ 5,600	5,600
Contra Revenue	$ 700	$ 200