Arvinas (ARVN) 10-Q 28 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 24, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	ARVN
Entity Registrant Name	ARVINAS, INC.
Entity Central Index Key	0001655759
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity File Number	001-38672
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2566120
Entity Address, Address Line One	5 Science Park
Entity Address, Address Line Two	395 Winchester Ave
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06511
City Area Code	203
Local Phone Number	535-1456
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		39,149,567

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 36,106,323	$ 9,211,057
Marketable securities	226,728,165	271,661,456
Other receivables	3,878,438	6,280,828
Prepaid expenses and other current assets	3,482,238	3,727,294
Total current assets	270,195,164	290,880,635
Property, equipment and leasehold improvements, net	9,575,768	8,455,411
Operating lease right of use assets	2,650,090	2,278,623
Other assets	28,777	26,757
Total assets	282,449,799	301,641,426
Current liabilities:
Accounts payable	3,020,794	4,556,827
Accrued expenses	6,783,724	7,602,904
Deferred revenue	22,464,819	19,979,525
Current portion of operating lease liability	899,653	673,896
Total current liabilities	33,168,990	32,813,152
Deferred revenue	33,730,795	38,427,882
Long term debt	2,000,000	2,000,000
Operating lease liability	1,842,901	1,714,111
Total liabilities	70,742,686	74,955,145
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 38,672,433 and 38,461,353 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	38,672	38,461
Accumulated deficit	(394,296,017)	(372,556,846)
Additional paid-in capital	606,567,072	599,097,090
Accumulated other comprehensive income (loss)	(602,614)	107,576
Total stockholders’ equity	211,707,113	226,686,281
Total liabilities and stockholders’ equity	$ 282,449,799	$ 301,641,426

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Issued	38,672,433	38,461,353
Common Stock Shares Outstanding	38,672,433	38,461,353

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 6,239,628	$ 4,016,489
Operating expenses:
Research and development	21,726,686	14,190,359
General and administrative	7,925,005	5,640,629
Total operating expenses	29,651,691	19,830,988
Income (loss) from operations	(23,412,063)	(15,814,499)
Other income (expenses)
Other income, net	390,009	243,122
Interest income	1,299,133	1,190,523
Interest expense	(16,250)	(23,638)
Total other income	1,672,892	1,410,007
Net loss	$ (21,739,171)	$ (14,404,492)
Net loss per common share, basic and diluted	$ (0.56)	$ (0.46)
Weighted average common shares outstanding, basic and diluted	38,548,483	31,325,516

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (21,739,171)	$ (14,404,492)
Other comprehensive gain (loss):
Unrealized gain (loss) on available-for-sale securities	(710,190)	297,754
Comprehensive loss	$ (22,449,361)	$ (14,106,738)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($)	Total	Common Shares	Accumulated Deficit	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2018	$ 136,666,983	$ 31,236	$ (302,264,619)	$ 439,118,089	$ (217,723)
Balance, Shares at Dec. 31, 2018		31,235,458
Stock-based compensation	5,177,448			5,177,448
Net loss	(14,404,492)		(14,404,492)
Restricted stock vesting		$ 133		(133)
Restricted stock vesting, Shares		133,406
Unrealized gain (loss) on available-for-sale securities	297,754				297,754
Balance at Mar. 31, 2019	127,737,693	$ 31,369	(316,669,111)	444,295,404	80,031
Balance, Shares at Mar. 31, 2019		31,368,864
Balance at Dec. 31, 2019	226,686,281	$ 38,461	(372,556,846)	599,097,090	107,576
Balance, Shares at Dec. 31, 2019		38,461,353
Stock-based compensation	6,119,711			6,119,711
Net loss	(21,739,171)		(21,739,171)
Restricted stock vesting		$ 129		(129)
Restricted stock vesting, Shares		128,732
Proceeds from exercise of stock options	1,350,482	$ 82		1,350,400
Proceeds from exercise of stock options, Shares		82,348
Unrealized gain (loss) on available-for-sale securities	(710,190)				(710,190)
Balance at Mar. 31, 2020	$ 211,707,113	$ 38,672	$ (394,296,017)	$ 606,567,072	$ (602,614)
Balance, Shares at Mar. 31, 2020		38,672,433

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (21,739,171)	$ (14,404,492)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	0	4,491
Depreciation and amortization	617,469	246,159
Net accretion of bond discounts/premiums	366,132	5,383
Amortization of right to use assets	169,904	180,398
Stock-based compensation	6,119,711	5,177,448
Changes in operating assets and liabilities:
Account receivable	0	2,775,831
Other receivables	2,402,390	(213,548)
Prepaid expenses and other current assets	243,036	363,434
Accounts payable	(1,911,635)	(1,704,241)
Accrued expenses	(819,180)	(1,053,720)
Deferred revenue	(2,211,793)	(4,016,489)
Operating lease liabilities	(186,824)	(93,023)
Net cash used in operating activities	(16,949,961)	(12,732,369)
Cash flows from investing activities:
Purchase of marketable securities	(8,605,116)	(3,261,254)
Maturities of marketable securities	52,462,085	42,016,000
Purchase of property, equipment and leasehold improvements	(1,362,224)	(380,644)
Net cash provided by investing activities	42,494,745	38,374,102
Cash flows from financing activities:
Repayments of long-term debt	0	(45,542)
Proceeds from exercise of stock options	1,350,482	0
Net cash provided by (used in) financing activities	1,350,482	(45,542)
Net increase in cash and cash equivalents	26,895,266	25,596,191
Cash and cash equivalents, beginning of the period	9,211,057	3,190,056
Cash and cash equivalents, end of the period	36,106,323	28,786,247
Supplemental disclosure of cash flow information:
Purchases of property, equipment and leasehold improvements unpaid at period end	375,602	509,966
Cash paid for interest	$ 16,250	$ 24,563

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Arvinas, Inc. and subsidiaries (the Company) is a clinical-stage biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development and commercialization of therapies that degrade disease-causing proteins. The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company has instated some and may take additional temporary precautionary measures intended to help ensure the well-being of its employees and minimize business disruption.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Financial Statements The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2019 and 2018 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 16, 2020 (the Annual Report). The condensed consolidated financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13 , Financial Instruments – Credit Losses In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2018, the FASB issued ASU No. 2018-07 , Improvements in Nonemployee Share-Based Payment Accounting The Company adopted ASU 2018-07 in the first quarter of 2019. During the three months ended March 31, 2020, there were no changes to the Company’s significant accounting policies as described in Note 2 to the financial statements included in the Company’s condensed consolidated financial statements as of December 31, 2019 and 2018 and for the years then ended included in the Annual Report.

Research Collaboration and Lice

Research Collaboration and License Agreements	3 Months Ended
	Mar. 31, 2020
Research Collaboration And License Agreements [Abstract]
Research Collaboration and License Agreements	3. Research Collaboration and License Agreements In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (Bayer Collaboration Agreement) setting forth the Company’s collaboration with Bayer AG to identify or optimize proteolysis targeting chimeras, or PROTAC® targeted protein degraders, that mediate for degradation of target proteins (Targets), using the Company’s proprietary platform technology, which Targets will be selected by Bayer AG, subject to certain exclusions and limitations. The Bayer Collaboration Agreement became effective in July 2019. Under the terms of the Bayer Collaboration Agreement, the Company received an upfront non-refundable payment of $17.5 million in exchange for the use of the Company’s technology license and a $1.5 million payment to fund research activities. Bayer is committed to fund an additional $10.5 million through 2022, of which $3.0 million was received in the three months ended March 31, 2020. These payments are being recognized over the total estimated period of performance. The Company is also eligible to receive up to $197.5 million in development milestone payments and up to $490.0 million in sales-based milestone payments for all designated Targets. In addition, the Company is eligible to receive, on net sales of PROTAC targeted protein degrader-related products, mid-single digit to low-double digit tiered royalties, which may be subject to reductions. The Company determined that the Bayer Collaboration Agreement and a Stock Purchase Agreement entered into with Bayer AG at the same time should be evaluated as a combined contract in accordance with ASC 606, Revenue from Contracts with Customers Contracts in Entity’s Own Equity In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer, Inc. (Pfizer) (the Pfizer Collaboration Agreement). Under the terms of the Pfizer Collaboration Agreement, the Company received an upfront non-refundable payment and certain additional payments totaling $28.0 million in 2018 in exchange for use of the Company’s technology license and to fund Pfizer-related research as defined within the agreement. These payments are being recognized as revenue over the total estimated period of performance. The Company is also eligible to receive up to an additional $37.5 million in non-refundable option payments if Pfizer exercises its options for all targets under the agreement. Pfizer exercised an option for $2.5 million in December 2018 and the amount was included in accounts receivable at December 31, 2018. The option will be recognized as revenue over the estimated period of performance. In September 2015, the Company entered into an Option and License Agreement with Genentech, Inc. and F. Hoffman-La Roche Ltd. (together, Genentech) (the Genentech Agreement). During 2015, the Company received an upfront non-refundable payment of $11.0 million in exchange for use of the Company’s technology license and to fund Genentech-related research as defined within the Genentech Agreement. In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement with Genentech, Inc. and F. Hoffman-La Roche Ltd. (the Genentech Modification), amending the Genentech Agreement. Under the Genentech Modification, the Company received additional upfront non-refundable payments of $34.5 million to fund Genentech-related research and Genentech has the right to designate up to ten targets. The Company is eligible to receive up to $27.5 million in additional expansion target payments if Genentech exercises its options on all remaining targets. Upfront non-refundable payments are recognized as revenue over the total estimated period of performance. The Company is eligible to receive up to $44.0 million per target in development milestone payments, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestones based on sales as well as tiered royalties based on sales. Information about contract liabilities, which are recorded as deferred revenue on the condensed consolidated balance sheets, is as follows: March 31, December 31, 2020 2019 Contract liabilities $ 56,195,615 $ 58,407,408 Revenues recognized in the period from Amounts included in deferred revenue in previous periods $ 5,182,381 $ 14,335,188 Changes in deferred revenue from December 31, 2019 to March 31, 2020 were due to additions to deferred revenue of $4.0 million related to the Bayer Collaboration Agreement and Pfizer Collaboration Agreement and $6.2 million of revenue recognized on the research collaboration and license agreements. The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2020 was $56.2 million, which is expected to be recognized as revenue for the years ending December 31 are (in millions): Remainder of 2020 $ 17.2 2021 20.2 2022 14.0 2023 4.8 $ 56.2

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments Level 1—Inputs are based upon observable or quoted prices for identical instruments traded in active markets. Level 2—Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 investments consist primarily of corporate notes and bonds and U.S. government and agency securities. Level 3—Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The Company’s marketable securities consist of corporate bonds which are adjusted to fair value at each balance sheet date, based on quoted prices, which are considered Level 2 inputs. The following is a summary of the Company’s available-for-sale securities as of March 31, 2020 and December 31, 2019: March 31, 2020 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2020-2021 $ 139,683,150 $ 83,222 $ (389,777 ) $ 139,376,595 Corporate bonds 2021 87,647,629 76,525 (372,584 ) 87,351,570 $ 227,330,779 $ 159,747 $ (762,361 ) $ 226,728,165 December 31, 2019 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2020 $ 145,359,876 $ 49,722 $ — $ 145,409,598 Corporate bonds 2021 126,194,004 57,854 — 126,251,858 $ 271,553,880 $ 107,576 $ — $ 271,661,456 The following tables summarize the fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis: March 31, 2020 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 226,728,165 $ — $ 226,728,165 December 31, 2019 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 271,661,456 $ — $ 271,661,456

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property, Equipment and Leasehold Improvements	5. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements consist of the following at: March 31, 2020 December 31, 2019 Laboratory equipment $ 8,840,539 $ 8,045,179 Office equipment 915,129 865,888 Leasehold improvements 3,695,443 2,809,205 Total 13,451,111 11,720,272 Less: accumulated depreciation and amortization (3,875,343 ) (3,264,861 ) Property, equipment and leasehold improvements, net $ 9,575,768 $ 8,455,411 Depreciation and amortization expense totaled $617,469 and $246,159 for the three months ended March 31, 2020 and 2019, respectively.

Right to Use Assets and Liabili

Right to Use Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Right to Use Assets and Liabilities	6. Right to Use Assets and Liabilities The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the condensed consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate ranges from 5.1-6.6%. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Some of the Company’s leases include options to extend or terminate the lease. The Company includes these options in the recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. The Company has operating leases for its corporate office and certain equipment, which expire no later than December 31, 2022. The leases have a weighted average remaining term of 2.7 years. Maturities of lease liabilities for the years ending December 31 are: Remainder of 2020 $ 739,049 2021 1,115,850 2022 1,099,232 Total lease payments 2,954,131 Less: imputed interest (211,577 ) Total $ 2,742,554 The operating lease cost for the three months ended March 31, 2020 and 2019 was $207,107 and $211,509, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued Expenses	7. Accrued Expenses Accrued expenses consisted of the following at: March 31, 2020 December 31, 2019 Employee expenses $ 1,973,511 $ 5,810,723 Research and development expenses 3,907,224 1,186,935 Professional fees and other 902,989 605,246 $ 6,783,724 $ 7,602,904

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	8. Long-Term Debt In August 2013, the Company entered into a Loan Agreement (Loan) and a Stock Subscription Warrant, with Connecticut Innovations, Incorporated (CII). Under the Loan, the Company could draw up to $750,000 for the purpose of purchasing laboratory equipment, information technology equipment and leasehold improvements. Leasehold improvements were limited to $100,000. Interest on the Loan was compounded on a monthly basis at a rate of 7.50% per annum and was required to be paid on a monthly basis beginning on the date of the first draw of funds for 10 months, then with principal payments beginning on June 1, 2015 and payable monthly until the maturity date of July 31, 2019. The Company had the ability to prepay the amount due at any time prior to the maturity date without premium or penalty. The Loan was secured by substantially all of the Company’s assets. The Company paid the loan in full in July 2019. Interest expense recorded related to the amortization of the debt discount in the three months ended March 31, 2019 was $3,090. In connection with an Assistance Agreement with the State of Connecticut (Assistance Agreement) entered into in 2014, under which all the borrowings by the Company were forgiven in accordance with the Assistance Agreement, the Company is required to be located in the State of Connecticut through January 2024, with a default penalty of repayment of the full original funding amount of $2.5 million plus liquidated damages of 7.5%. In June 2018, the Company entered into an Assistance Agreement with the State of Connecticut (2018 Assistance Agreement) to provide funding for the expansion and renovation of laboratory and office space (Project). Under the terms of the 2018 Assistance Agreement, the Company could borrow from the State of Connecticut a maximum of $2.0 million, provided that the funding does not exceed more than 50% of the total Project costs. In September 2018, the Company borrowed $2.0 million under the 2018 Assistance Agreement, bearing interest at 3.25% per annum and interest payments will be required for the first 60 months from the funding date. Thereafter, the loan begins to fully amortize through month 120, maturing in September 2028. According to the terms of the 2018 Assistance Agreement, up to $1.0 million of the funding thereunder can be forgiven if the Company meets certain employment conditions, as defined therein. The Company may also be required to prepay a portion of the loan if the employment conditions are not met. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through September 2028 with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received. Anticipated future minimum payments on long-term debt for the years ending December 31 are: 2023 $ 92,480 2024 377,516 Beyond 1,530,004 Total $ 2,000,000 During the three months ended March 31, 2020 and 2019, interest expense was $16,250 and $23,638, respectively.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity	9. Equity In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the 2018 ESPP) initially providing participating employees with the opportunity to purchase an aggregate of 311,850 shares of our common stock. The number of shares of our common stock reserved for issuance under the 2018 ESPP increased, pursuant to the terms of the 2018 ESPP, by an additional 323,377 shares, equal to 1% of our then-outstanding common stock, effective as of January 1, 2019, and by an additional 390,371 shares, equal to 1% of our then-outstanding common stock, effective as of January 1, 2020. The first offering period under our 2018 ESPP commenced on January 1, 2020. All of our employees are eligible to participate in the 2018 ESPP, provided they meet certain employment requirements. On each offering commencement date, each participant will be granted the right to purchase, on the last business day of the offering period, a number of shares of our common stock determined by multiplying $2,083 by the number of full months in the offering period and dividing that product by the closing price of our common stock on the first day of the offering period. On the commencement date of each offering period, each eligible employee may authorize up to a maximum of 15% of the compensation he or she receives during the offering period to be deducted by us during the offering period. Under the terms of the 2018 ESPP, the purchase price shall be determined by our board of directors for each offering period and will be at least 85% of the applicable closing price of our common stock. If our board of directors does not make a determination of the purchase price, the purchase price will be 85% of the lesser of the closing price of our common stock on the first business day of the offering period or the last business day of the offering period. In the Fourth Amendment to the Company’s Incentive Share Plan (the Incentive Plan) adopted in March 2018, the Company was authorized to issue up to an aggregate of 6,199,477 incentive units pursuant to the Incentive Plan. Generally, incentive units were granted at no less than fair value as determined by the board of managers and had vesting periods ranging from one to four years. The Incentive Plan was terminated in September 2018. In September 2018, the Company’s board of directors adopted and the Company’s stockholders approved the 2018 Stock Incentive Plan (the 2018 Plan), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s initial public offering. The number of common shares initially available for issuance under the 2018 Plan is the sum of (1) 4,067,007 shares of common stock; plus (2) the number of shares of common stock (up to 1,277,181) issued in respect of incentive units granted under the Incentive Plan that are subject to vesting immediately prior to the effectiveness of the registration statement that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ending December 31, 2019 and continuing to, and including, the fiscal year ending December 31, 2028, equal to the lowest of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the fiscal year and an amount determined by the Company’s board of directors. The increase in the number of authorized shares for the fiscal years ending December 31, 2020 and 2019 was 1,561,485 and 1,293,510, respectively. Common shares subject to outstanding equity awards that expire or are terminated, surrendered, or canceled without having been fully exercised or are forfeited in whole or in part shall be available for future grants of awards. During the three months ended March 31, 2020, the Company recognized compensation expense of $6,119,711 relating to the issuance of incentive awards, and at March 31, 2020, there was $38,479,111 of compensation expense that is expected to be amortized over a weighted average period of approximately two years. The fair value of the stock options granted during the three months ended March 31, 2020 was determined using the Black-Scholes option pricing model with the following assumptions: March 31, 2020 Expected volatility 70.3-71.4% Expected term (years) 5.6-7.0 Risk free interest rate 0.8-1.6% Expected dividend yield 0 % Exercise price $41.62-49.97 Given the Company’s common stock has not been trading for a sufficient period of time, the Company utilizes a collection of volatilities of peer companies to estimate the expected volatility of its common stock. The expected term is calculated utilizing the simplified method. The following table provides a summary of the restricted stock grant activity under the Incentive Plan during the three months ended March 31, 2020. These amounts include restricted stock granted to employees, directors and consultants. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock at December 31, 2019 576,074 $ 16.00 Vested (87,336 ) $ 16.00 Forfeited (4,114 ) $ 16.00 Unvested restricted stock at March 31, 2020 484,624 $ 16.00 The following table provides a summary of the stock option activity under the 2018 Plan during the three months ended March 31, 2020. These amounts include stock options granted to employees, directors and consultants. Options Weighted Average Fair Value Outstanding at December 31, 2019 3,432,198 $ 11.32 Granted 1,093,642 $ 29.77 Exercised (82,348 ) $ 10.00 Forfeited (10,648 ) $ 10.56 Outstanding at March 31, 2020 4,432,844 $ 15.90 Exercisable at March 31, 2020 1,295,014 $ 10.45 The following table provides a summary of the restricted stock unit activity under the 2018 Plan during the three months ended March 31, 2020. These amounts include restricted stock units granted to employees. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock units at December 31, 2019 181,372 $ 20.00 Vested (41,336 ) $ 19.36 Unvested restricted stock units at March 31, 2020 140,036 $ 20.19 At March 31, 2020, there were 418,697 restricted shares under the Incentive Plan, 4,020,181 stock options under the 2018 Plan, and 109,434 restricted stock units under the 2018 Plan that vested and are expected to vest.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company’s effective tax rate was 0.0% for the three months ended March 31, 2020 and 2019. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended March 31, 2020 and 2019 and the Company’s overall effective tax rate of 0.0% was the effect of equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets. Valuation allowance is established when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company is subject to tax in the U.S. Federal jurisdiction and the states of Connecticut and Massachusetts. The Company pays franchise tax in the states mentioned above due to its loss position. As a result, there is no state income tax provision recorded for the three months ended March 31, 2020 and 2019.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss Per Common Share	11. Net Loss Per Common Share Basic and diluted loss per common share were calculated as follows: For the Three Months Ended March 31, 2020 2019 Net loss $ (21,739,171 ) $ (14,404,492 ) Weighted average number of common shares outstanding, basic and diluted 38,548,483 31,325,516 Net loss per common share $ (0.56 ) $ (0.46 ) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per common share as the effect would be to reduce the net loss per common share. The following common share equivalents have been excluded from the calculations of diluted loss per common share because their inclusion would have been antidilutive for the three months ended March 31: 2020 2019 Stock options 4,432,844 3,300,578 Restricted stock 484,624 957,385 Restricted stock units 140,036 176,841 5,057,504 4,434,804

Investment in Equity Method Inv

Investment in Equity Method Investee	3 Months Ended
	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investment in Equity Method Investee	12. Investment in Equity Method Investee In June 2019, the Company entered into an agreement to establish a joint venture (Commitment Agreement) with Bayer CropScience LP (Bayer LP) to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture Pursuant to the terms of the Commitment Agreement, the Company made an in-kind intellectual property contribution to Oerth in the form of a license to certain of the Company’s proprietary technology. Bayer LP has made a $56.0 million total cash commitment to Oerth and an in-kind intellectual property contribution. The Company and Bayer LP each hold an ownership interest in Oerth initially representing 50% of the ownership interests. A 15% ownership interest of Oerth is reserved for the future grant of incentive units to employees and service providers of Oerth. Under the Commitment Agreement, the Company has no obligation to provide any additional funding and the Company’s ownership interest will not be diluted from future contributions from Bayer LP. The Company has no exposure to future losses of Oerth. The activities of Oerth are controlled by a management board under the joint control of the Company and Bayer LP. As Oerth is jointly controlled by the Company and Bayer LP, the Company accounts for its 50% interest using the equity method of accounting. The Company determined that Oerth is a variable interest entity and, accordingly, the Company has evaluated the significant activities of Oerth under the variable interest entity model and concluded that the significant activities consist primarily of research and development activities and, as the Company does not have the sole power to direct such activities, the Company is not the primary beneficiary. The Company will also provide to Oerth compensated research and development services and administrative services through a separate agreement. The services rendered by the Company during the three months ended March 31, 2020 were insignificant. Total operating expenses and net loss of Oerth for the three months ended March 31, 2020 was $1.2 million and $1.1 million, respectively. The Company’s initial investment in Oerth was $49.4 million which represented the fair value of shares received in exchange for the contribution of the license. The elimination of the intra-entity profit component of the revenue resulted in a reduction in the balance of the investment in Oerth, bringing its initial carrying value of the investment to $24.7 million. After recognition of its proportionate share of Oerth’s losses for the period the carrying value of the investment is now $0.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2019 and 2018 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 16, 2020 (the Annual Report). The condensed consolidated financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13 , Financial Instruments – Credit Losses In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2018, the FASB issued ASU No. 2018-07 , Improvements in Nonemployee Share-Based Payment Accounting The Company adopted ASU 2018-07 in the first quarter of 2019. During the three months ended March 31, 2020, there were no changes to the Company’s significant accounting policies as described in Note 2 to the financial statements included in the Company’s condensed consolidated financial statements as of December 31, 2019 and 2018 and for the years then ended included in the Annual Report.

Research Collaboration and Li_2

Research Collaboration and License Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
Research Collaboration And License Agreements [Abstract]
Summary of Contract Liabilities	Information about contract liabilities, which are recorded as deferred revenue on the condensed consolidated balance sheets, is as follows: March 31, December 31, 2020 2019 Contract liabilities $ 56,195,615 $ 58,407,408 Revenues recognized in the period from Amounts included in deferred revenue in previous periods $ 5,182,381 $ 14,335,188
Transaction Price Allocated to Performance Obligations	The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2020 was $56.2 million, which is expected to be recognized as revenue for the years ending December 31 are (in millions): Remainder of 2020 $ 17.2 2021 20.2 2022 14.0 2023 4.8 $ 56.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary of Company's Available for Sale Securities	The following is a summary of the Company’s available-for-sale securities as of March 31, 2020 and December 31, 2019: March 31, 2020 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2020-2021 $ 139,683,150 $ 83,222 $ (389,777 ) $ 139,376,595 Corporate bonds 2021 87,647,629 76,525 (372,584 ) 87,351,570 $ 227,330,779 $ 159,747 $ (762,361 ) $ 226,728,165 December 31, 2019 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2020 $ 145,359,876 $ 49,722 $ — $ 145,409,598 Corporate bonds 2021 126,194,004 57,854 — 126,251,858 $ 271,553,880 $ 107,576 $ — $ 271,661,456
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize the fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis: March 31, 2020 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 226,728,165 $ — $ 226,728,165 December 31, 2019 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 271,661,456 $ — $ 271,661,456

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements	Property, equipment and leasehold improvements consist of the following at: March 31, 2020 December 31, 2019 Laboratory equipment $ 8,840,539 $ 8,045,179 Office equipment 915,129 865,888 Leasehold improvements 3,695,443 2,809,205 Total 13,451,111 11,720,272 Less: accumulated depreciation and amortization (3,875,343 ) (3,264,861 ) Property, equipment and leasehold improvements, net $ 9,575,768 $ 8,455,411

Right to Use Assets and Liabi_2

Right to Use Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities for the years ending December 31 are Remainder of 2020 $ 739,049 2021 1,115,850 2022 1,099,232 Total lease payments 2,954,131 Less: imputed interest (211,577 ) Total $ 2,742,554

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Components of Accrued Expenses	Accrued expenses consisted of the following at: March 31, 2020 December 31, 2019 Employee expenses $ 1,973,511 $ 5,810,723 Research and development expenses 3,907,224 1,186,935 Professional fees and other 902,989 605,246 $ 6,783,724 $ 7,602,904

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Anticipated Future Minimum Payments on Long-Term Debt Excluding Discount on Debt	Anticipated future minimum payments on long-term debt for the years ending December 31 are: 2023 $ 92,480 2024 377,516 Beyond 1,530,004 Total $ 2,000,000

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted	The fair value of the stock options granted during the three months ended March 31, 2020 was determined using the Black-Scholes option pricing model with the following assumptions: March 31, 2020 Expected volatility 70.3-71.4% Expected term (years) 5.6-7.0 Risk free interest rate 0.8-1.6% Expected dividend yield 0 % Exercise price $41.62-49.97
Summary of Restricted Stock Grant Activity	The following table provides a summary of the restricted stock grant activity under the Incentive Plan during the three months ended March 31, 2020. These amounts include restricted stock granted to employees, directors and consultants. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock at December 31, 2019 576,074 $ 16.00 Vested (87,336 ) $ 16.00 Forfeited (4,114 ) $ 16.00 Unvested restricted stock at March 31, 2020 484,624 $ 16.00
Summary of Stock Option Activity	The following table provides a summary of the stock option activity under the 2018 Plan during the three months ended March 31, 2020. These amounts include stock options granted to employees, directors and consultants. Options Weighted Average Fair Value Outstanding at December 31, 2019 3,432,198 $ 11.32 Granted 1,093,642 $ 29.77 Exercised (82,348 ) $ 10.00 Forfeited (10,648 ) $ 10.56 Outstanding at March 31, 2020 4,432,844 $ 15.90 Exercisable at March 31, 2020 1,295,014 $ 10.45
Restricted Stock Units
Summary of Restricted Stock Grant Activity	The following table provides a summary of the restricted stock unit activity under the 2018 Plan during the three months ended March 31, 2020. These amounts include restricted stock units granted to employees. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock units at December 31, 2019 181,372 $ 20.00 Vested (41,336 ) $ 19.36 Unvested restricted stock units at March 31, 2020 140,036 $ 20.19

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Loss per Common Share	Basic and diluted loss per common share were calculated as follows: For the Three Months Ended March 31, 2020 2019 Net loss $ (21,739,171 ) $ (14,404,492 ) Weighted average number of common shares outstanding, basic and diluted 38,548,483 31,325,516 Net loss per common share $ (0.56 ) $ (0.46 )
Common Share Equivalents Excluded from the Calculations of Diluted Loss Per Common Share	The following common share equivalents have been excluded from the calculations of diluted loss per common share because their inclusion would have been antidilutive for the three months ended March 31: 2020 2019 Stock options 4,432,844 3,300,578 Restricted stock 484,624 957,385 Restricted stock units 140,036 176,841 5,057,504 4,434,804

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Right-of-use assets	$ 2,650,090	$ 2,278,623
Lease liabilities	$ 2,742,554
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Right-of-use assets			$ 2,400,000
Lease liabilities			$ 2,400,000

Research Collaboration and Li_3

Research Collaboration and License Agreements - Additional Information (Details)	1 Months Ended	3 Months Ended		4 Months Ended	12 Months Ended
	Nov. 30, 2017USD ($)Target	Mar. 31, 2020USD ($)Contract	Mar. 31, 2019USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2022USD ($)	Dec. 31, 2019USD ($)	Jul. 31, 2019USD ($)
Research Collaboration And License Agreements [Line Items]
Revenue recognized on research collaboration and license agreements		$ 6,200,000
Changes in deferred revenue due to additions to deferred revenue		(2,211,793)	$ (4,016,489)
Unsatisfied performance obligations expected to be recognized as revenue		56,200,000
Bayer Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised								$ 17,500,000
Bayer Collaboration Agreement | Research Funding Payments
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		3,000,000						1,500,000
Bayer Collaboration Agreement | Research Funding Payments | Scenario Forecast
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised						$ 10,500,000
Bayer Collaboration Agreement | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised								197,500,000
Bayer Collaboration Agreement | Sales-based Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised								$ 490,000,000
Bayer Collaboration Agreement | Stock Purchase Agreement
Research Collaboration And License Agreements [Line Items]
Fair value of the shares sold		2,900,000
Additional consideration received		$ 2,900,000
Number of contracts to be combined | Contract		2
Pfizer, Inc.
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received					$ 28,000,000
Pfizer, Inc. | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		$ 225,000,000
Pfizer, Inc. | Sales-based Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		550,000,000
Pfizer, Inc. | Option Exercised
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised					$ 2,500,000
Pfizer, Inc. | Option Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		37,500,000
Pfizer, Inc. | Substitution Target Payments
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		1,000,000					$ 1,200,000
Genentech, Inc. and F. Hoffman-La Roche Ltd.
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received	$ 34,500,000			$ 11,000,000
Number of designated targets | Target	10
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	$ 44,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Option Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	27,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Regulatory Milestone Payments
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	52,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Commercial Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	$ 60,000,000
Bayer and Pfizer Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Changes in deferred revenue due to additions to deferred revenue		$ 4,000,000

Research Collaboration and Li_4

Research Collaboration and License Agreements - Summary of Contract Liabilities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Contract liabilities	$ 56,195,615	$ 58,407,408
Amounts included in deferred revenue in previous periods	$ 5,182,381	$ 14,335,188

Research Collaboration and Li_5

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions	Mar. 31, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 56.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 17.2
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 20.2
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 14
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 4.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Research Collaboration and Li_6

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details1) $ in Millions	Mar. 31, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Revenue, remaining performance obligation	$ 56.2

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Available for Sale Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 227,330,779	$ 271,553,880
Gross Unrealized Gains	159,747	107,576
Gross Unrealized Losses	(762,361)
Fair Value	226,728,165	$ 271,661,456
Corporate Bonds Maturing 2020-2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	139,683,150
Gross Unrealized Gains	83,222
Gross Unrealized Losses	(389,777)
Fair Value	$ 139,376,595
Corporate Bonds Maturing 2020-2021 | Minimum
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2020
Corporate Bonds Maturing 2020-2021 | Maximum
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2021
Corporate Bonds Maturing 2021
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2021	2021
Amortized Cost	$ 87,647,629	$ 126,194,004
Gross Unrealized Gains	76,525	57,854
Gross Unrealized Losses	(372,584)
Fair Value	$ 87,351,570	$ 126,251,858
Corporate Bonds Maturing 2020
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity		2020
Amortized Cost		$ 145,359,876
Gross Unrealized Gains		49,722
Fair Value		$ 145,409,598

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets:
Fair value measurements of assets	$ 226,728,165	$ 271,661,456
Fair Value, Measurements, Recurring | Corporate Bonds
Assets:
Fair value measurements of assets	226,728,165	271,661,456
Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds
Assets:
Fair value measurements of assets	$ 226,728,165	$ 271,661,456

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 13,451,111	$ 11,720,272
Less: accumulated depreciation and amortization	(3,875,343)	(3,264,861)
Property, equipment and leasehold improvements, net	9,575,768	8,455,411
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	8,840,539	8,045,179
Office Equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	915,129	865,888
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 3,695,443	$ 2,809,205

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 617,469	$ 246,159

Right to Use Assets and Liabi_3

Right to Use Assets and Liabilities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Operating lease, existence of option to terminate	true
Operating lease, weighted average remaining lease term	2 years 8 months 12 days
Operating lease expiration date	Dec. 31, 2022
Operating lease cost	$ 207,107	$ 211,509
Operating cash flows used for operating leases	186,824	93,023
Amortization of right to use assets	$ 169,904	$ 180,398
Minimum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease Payments	5.10%
Maximum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease Payments	6.60%

Right to Use Assets and Liabi_4

Right to Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details)	Mar. 31, 2020USD ($)
Leases [Abstract]
Remainder of 2020	$ 739,049
2021	1,115,850
2022	1,099,232
Total lease payments	2,954,131
Less: imputed interest	(211,577)
Lease liabilities	$ 2,742,554

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Employee expenses	$ 1,973,511	$ 5,810,723
Research and development expenses	3,907,224	1,186,935
Professional fees and other	902,989	605,246
Accrued expenses	$ 6,783,724	$ 7,602,904

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Aug. 31, 2013	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2014
Debt Instrument [Line Items]
Debt instrument, outstanding amount				$ 2,000,000
Amortization of debt discount					$ 3,090
Interest expense, Debt				$ 16,250	$ 23,638
2014 Assistance Agreement | State of Connecticut
Debt Instrument [Line Items]
Debt instrument maturity month and year						2024-01
Debt instrument face amount						$ 2,500,000
Percentage of liquidated damages						7.50%
2018 Assistance Agreement | State of Connecticut
Debt Instrument [Line Items]
Debt instrument, interest rate per annum	3.25%
Debt instrument maturity month and year	2028-09
Debt instrument face amount	$ 2,000,000
Percentage of liquidated damages	7.50%
Percentage of maximum funding on total project costs		50.00%
Debt instrument interest payments term	60 months
Debt instrument amortization period after interest payments period	120 months
2018 Assistance Agreement | State of Connecticut | Maximum
Debt Instrument [Line Items]
Debt instrument face amount		$ 2,000,000
Forgiveness of funding on achieving certain employment conditions	$ 1,000,000
Loan Agreement | Connecticut Innovations, Inc. | Secured Debt
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity			$ 750,000
Debt instrument, frequency of periodic payment				monthly
Debt instrument, interest rate per annum			7.50%
Debt instrument, interest only payment period upon first draw of funds			10 months
Debt instrument, date of first required payment			Jun. 1, 2015
Debt instrument, maturity date			Jul. 31, 2019
Loan Agreement | Connecticut Innovations, Inc. | Secured Debt | Leasehold Improvements
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity			$ 100,000

Long-Term Debt - Schedule of An

Long-Term Debt - Schedule of Anticipated Future Minimum Payments on Long-Term Debt Excluding Discount on Debt (Details)	Mar. 31, 2020USD ($)
Long Term Debt By Maturity [Abstract]
2023	$ 92,480
2024	377,516
Beyond	1,530,004
Total	$ 2,000,000

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	Jan. 01, 2020	Jan. 01, 2019	Sep. 30, 2018	Mar. 31, 2018	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive units authorized for issuance				6,199,477
Share-based award, expiration date				Sep. 30, 2018
Incentive units authorized for issuance							1,293,510
Incentive Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vested and expected to vest					418,697
Incentive Plan | Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense					$ 6,119,711
Compensation expense not yet recognized					$ 38,479,111
Compensation expense not yet recognized, period of recognition					2 years
Incentive Plan | Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive units authorized for issuance						1,561,485
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance			4,067,007
Annual increase in reserved shares as percentage of outstanding common stock			4.00%
Stock options vested and expected to vest					4,020,181
Restricted stock units vested and expected to vest					109,434
Minimum | Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, vesting period				1 year
Minimum | 2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase in reserved shares of common stock			4,989,593
Maximum | Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance			1,277,181
Share-based award, vesting period				4 years
2018 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	390,371	323,377	311,850
Common stock reserved for issuance represented as percentage on outstanding common stock	1.00%	1.00%
Amount used as multiplying factor to grant common stock					$ 2,083
Maximum percentage of compensation receivable by employee					15.00%
2018 ESPP | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price under ESPP as percentage of closing price of common stock					85.00%

Equity - Schedule of Assumption

Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock Options	3 Months Ended
	Mar. 31, 2020$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	70.30%
Expected volatility, maximum	71.40%
Risk free interest rate, minimum	0.80%
Risk free interest rate, maximum	1.60%
Expected dividend yield	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months
Exercise price	$ 41.62
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years
Exercise price	$ 49.97

Equity - Summary of Restricted

Equity - Summary of Restricted Stock Grant Activity (Details) - Incentive Plan	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Restricted Stock | Employees, Directors and Consultants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Restricted Stock, Shares, Beginning Balance | shares	576,074
Restricted Shares, Vested | shares	(87,336)
Restricted Shares, Forfeited | shares	(4,114)
Unvested Restricted Stock, Shares, Ending Balance | shares	484,624
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 16
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares	16
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares	16
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 16
Restricted Stock Units | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Restricted Stock, Shares, Beginning Balance | shares	181,372
Restricted Shares, Vested | shares	(41,336)
Unvested Restricted Stock, Shares, Ending Balance | shares	140,036
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 20
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares	19.36
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 20.19

Equity - Summary of Stock Optio

Equity - Summary of Stock Option Activity (Details) - 2018 Plan	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Outstanding, Beginning Balance | shares	3,432,198
Options, Granted | shares	1,093,642
Options, Exercised | shares	(82,348)
Options, Forfeited | shares	(10,648)
Options, Outstanding, Ending Balance | shares	4,432,844
Options, Exercisable, Ending Balance | shares	1,295,014
Weighted Average Fair Value, Outstanding, Beginning Balance | $ / shares	$ 11.32
Weighted Average Fair Value, Granted | $ / shares	29.77
Weighted Average Fair Value, Exercised | $ / shares	10
Weighted Average Fair Value, Forfeited | $ / shares	10.56
Weighted Average Fair Value, Outstanding, Ending Balance | $ / shares	15.90
Weighted Average Fair Value, Exercisable, Ending Balance | $ / shares	$ 10.45

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Line Items]
Effective tax rate, percentage	0.00%	0.00%
Federal statutory rate, percentage	21.00%	21.00%
Effect of equity compensation valuation allowance recorded against net deferred tax assets, percentage	0.00%
State
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 0	$ 0

Net Loss Per Common Share - Bas

Net Loss Per Common Share - Basic and Diluted Loss per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (21,739,171)	$ (14,404,492)
Weighted average number of common shares outstanding, basic and diluted	38,548,483	31,325,516
Net loss per common share	$ (0.56)	$ (0.46)

Net Loss Per Common Share - Com

Net Loss Per Common Share - Common Share Equivalents Excluded from the Calculations of Diluted Loss Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common share equivalents excluded from the calculations of diluted loss per common share	5,057,504	4,434,804
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common share equivalents excluded from the calculations of diluted loss per common share	4,432,844	3,300,578
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common share equivalents excluded from the calculations of diluted loss per common share	484,624	957,385
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common share equivalents excluded from the calculations of diluted loss per common share	140,036	176,841

Investment in Equity Method I_2

Investment in Equity Method Investee - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Deferred revenue	$ 56,195,615	$ 58,407,408
Oerth
Schedule Of Equity Method Investments [Line Items]
Cash commitment	$ 49,400,000
Future grant of incentive units to service providers, percentage	15.00%
Operating expenses	$ 1,200,000
Net loss	1,100,000
Deferred revenue	24,700,000
Equity method investments	0
Bayer LP | Oerth
Schedule Of Equity Method Investments [Line Items]
Cash commitment	$ 56,000,000
Ownership interest in joint venture	50.00%