Arvinas (ARVN) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		40,548,985

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 88,988,921	$ 9,211,057
Marketable securities	159,574,963	271,661,456
Account receivable	2,444,450
Other receivables	3,511,633	6,280,828
Prepaid expenses and other current assets	3,459,862	3,727,294
Total current assets	257,979,829	290,880,635
Property, equipment and leasehold improvements, net	11,712,403	8,455,411
Operating lease right of use assets	2,226,422	2,278,623
Other assets	28,777	26,757
Total assets	271,947,431	301,641,426
Current liabilities:
Accounts payable	5,088,034	4,556,827
Accrued expenses	12,143,734	7,602,904
Deferred revenue	21,358,989	19,979,525
Current portion of operating lease liability	939,761	673,896
Total current liabilities	39,530,518	32,813,152
Deferred revenue	23,945,470	38,427,882
Long term debt	2,000,000	2,000,000
Operating lease liability	1,351,476	1,714,111
Total liabilities	66,827,464	74,955,145
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 40,096,001 and 38,461,353 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	40,096	38,461
Accumulated deficit	(450,342,422)	(372,556,846)
Additional paid-in capital	654,342,486	599,097,090
Accumulated other comprehensive income	1,079,807	107,576
Total stockholders’ equity	205,119,967	226,686,281
Total liabilities and stockholders’ equity	$ 271,947,431	$ 301,641,426

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 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	40,096,001	38,461,353
Common Stock Shares Outstanding	40,096,001	38,461,353

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 7,596,776	$ 30,050,227	$ 19,584,085	$ 38,083,205
Operating expenses:
Research and development	30,012,918	16,588,050	75,155,694	46,779,047
General and administrative	9,331,925	7,957,364	26,072,404	20,038,772
Total operating expenses	39,344,843	24,545,414	101,228,098	66,817,819
Income (loss) from operations	(31,748,067)	5,504,813	(81,644,013)	(28,734,614)
Other income (expenses)
Other income, net	144,215	405,302	841,967	840,153
Interest income	800,236	1,112,415	3,065,220	3,394,269
Interest expense	(16,250)	(22,903)	(48,750)	(69,319)
Total other income	928,201	1,494,814	3,858,437	4,165,103
Loss from equity method investment	0	(24,675,000)	0	(24,675,000)
Net loss	$ (30,819,866)	$ (17,675,373)	$ (77,785,576)	$ (49,244,511)
Net loss per common share, basic and diluted	$ (0.79)	$ (0.54)	$ (2.01)	$ (1.54)
Weighted average common shares outstanding, basic and diluted	39,058,294	32,740,486	38,784,569	31,876,074

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (30,819,866)	$ (17,675,373)	$ (77,785,576)	$ (49,244,511)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	(584,317)	(103,505)	972,231	414,368
Comprehensive loss	$ (31,404,183)	$ (17,778,878)	$ (76,813,345)	$ (48,830,143)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($)	Total	At-the-Market Offering	Common Shares	Common SharesAt-the-Market Offering	Accumulated Deficit	Additional Paid-in Capital	Additional Paid-in CapitalAt-the-Market Offering	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	15,091,269					15,091,269
Issuance of common stock, net of offering costs	29,454,033		$ 1,346			29,452,687
Issuance of common stock, net of offering costs, Shares			1,346,313
Net loss	(49,244,511)				(49,244,511)
Restricted stock vesting			$ 383			(383)
Restricted stock vesting, Shares			383,695
Exercise of stock options	1,777,456		$ 111			1,777,345
Exercise of stock options, Shares			111,091
Unrealized gain (loss) on available-for-sale securities	414,368							414,368
Balance at Sep. 30, 2019	134,159,598		$ 33,076		(351,509,130)	485,439,007		196,645
Balance, Shares at Sep. 30, 2019			33,076,557
Balance at Jun. 30, 2019	116,505,261		$ 31,524		(333,833,757)	450,007,344		300,150
Balance, Shares at Jun. 30, 2019			31,523,474
Stock-based compensation	4,601,214					4,601,214
Issuance of common stock, net of offering costs	29,454,033		$ 1,346			29,452,687
Issuance of common stock, net of offering costs, Shares			1,346,313
Net loss	(17,675,373)				(17,675,373)
Restricted stock vesting			$ 120			(120)
Restricted stock vesting, Shares			120,647
Exercise of stock options	1,377,968		$ 86			1,377,882
Exercise of stock options, Shares			86,123
Unrealized gain (loss) on available-for-sale securities	(103,505)							(103,505)
Balance at Sep. 30, 2019	134,159,598		$ 33,076		(351,509,130)	485,439,007		196,645
Balance, Shares at Sep. 30, 2019			33,076,557
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	22,121,591					22,121,591
Issuance of common stock, net of offering costs		$ 29,918,502		$ 1,163			$ 29,917,339
Issuance of common stock, net of offering costs, Shares				1,163,074
Net loss	(77,785,576)				(77,785,576)
Restricted stock vesting			$ 295			(295)
Restricted stock vesting, Shares			295,065
Exercise of stock options	3,206,938		$ 177			3,206,761
Exercise of stock options, Shares			176,509
Unrealized gain (loss) on available-for-sale securities	972,231							972,231
Balance at Sep. 30, 2020	205,119,967		$ 40,096		(450,342,422)	654,342,486		1,079,807
Balance, Shares at Sep. 30, 2020			40,096,001
Balance at Jun. 30, 2020	197,781,424		$ 38,825		(419,522,556)	615,601,031		1,664,124
Balance, Shares at Jun. 30, 2020			38,825,190
Stock-based compensation	8,246,921					8,246,921
Issuance of common stock, net of offering costs		$ 29,918,502		$ 1,163			$ 29,917,339
Issuance of common stock, net of offering costs, Shares				1,163,074
Net loss	(30,819,866)				(30,819,866)
Restricted stock vesting			$ 82			(82)
Restricted stock vesting, Shares			82,156
Exercise of stock options	577,303		$ 26			577,277
Exercise of stock options, Shares			25,581
Unrealized gain (loss) on available-for-sale securities	(584,317)							(584,317)
Balance at Sep. 30, 2020	$ 205,119,967		$ 40,096		$ (450,342,422)	$ 654,342,486		$ 1,079,807
Balance, Shares at Sep. 30, 2020			40,096,001

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Common Shares | At-the-Market Offering
Issuance of common stock, offering costs	$ 0.9	$ 0.9

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (77,785,576)	$ (49,244,511)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	0	15,149
Depreciation and amortization	2,113,865	1,024,845
Net accretion of bond discounts/premiums	1,404,626	(109,870)
Gain on sale of marketable securities	(327,025)	0
Amortization of right to use assets	624,614	506,855
Stock-based compensation	22,121,591	15,091,269
Changes in operating assets and liabilities:
Account receivable	(2,444,450)	2,716,501
Other receivables	2,769,195	(2,886,261)
Prepaid expenses and other current assets	265,412	(1,282,866)
Accounts payable	(246,733)	(618,960)
Accrued expenses	4,540,830	2,225,695
Deferred revenue	(13,102,948)	8,513,945
Operating lease liabilities	(669,183)	(399,610)
Net cash used in operating activities	(60,735,782)	(24,447,819)
Cash flows from investing activities:
Purchase of marketable securities	(41,196,165)	(113,056,097)
Maturities of marketable securities	115,402,053	119,842,816
Sales of marketable securities	37,775,235	0
Purchase of property, equipment and leasehold improvements	(4,592,917)	(4,455,360)
Net cash provided by investing activities	107,388,206	2,331,359
Cash flows from financing activities:
Repayments of long-term debt	0	(169,610)
Proceeds from sale of common stock in at-the-market offering	30,835,206	0
Payment of common stock offering costs	(916,704)	0
Proceeds from issuance of common stock	0	29,454,033
Proceeds from exercise of stock options	3,206,938	1,777,456
Net cash provided by financing activities	33,125,440	31,061,879
Net increase in cash and cash equivalents	79,777,864	8,945,419
Cash and cash equivalents, beginning of the period	9,211,057	3,190,056
Cash and cash equivalents, end of the period	88,988,921	12,135,475
Supplemental disclosure of cash flow information:
Purchases of property, equipment and leasehold improvements unpaid at period end	777,940	138,600
Cash paid for interest	$ 48,750	$ 59,586

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 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 precautionary measures intended to help ensure the well-being of its employees and minimize business disruption. The Company temporarily shut down its laboratories in mid-March 2020 and initiated work with biology contract research organizations (CROs) but has since reopened its laboratories. The Company’s office-based employees continue to work remotely.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 During the three months ended September 30, 2020, there were no changes to the Company’s significant accounting policies as described in Note 2 to the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Research Collaboration and Lice

Research Collaboration and License Agreements	9 Months Ended
	Sep. 30, 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 the 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 March 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 has exercised options for $4.9 million as of September 30, 2020, of which $2.4 million was included in accounts receivable as of September 30, 2020. 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: September 30, December 31, 2020 2019 Contract liabilities $ 45,304,459 $ 58,407,407 Revenues recognized in the period from: Amounts included in deferred revenue in previous periods $ 17,318,637 $ 14,335,188 Changes in deferred revenue from December 31, 2019 to September 30, 2020 were due to additions to deferred revenue of $6.4 million related to the Bayer Collaboration Agreement and Pfizer Collaboration Agreement and $19.5 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 September 30, 2020 was $45.3 million, which is expected to be recognized as revenue for the years ending December 31 are (in millions): Remainder of 2020 $ 5.8 2021 20.6 2022 14.1 2023 4.8 $ 45.3

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019: September 30, 2020 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2020-2021 $ 135,813,140 $ 811,850 $ (1,204 ) $ 136,623,786 Corporate bonds 2021 22,682,016 269,161 — 22,951,177 $ 158,495,156 $ 1,081,011 $ (1,204 ) $ 159,574,963 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: September 30, 2020 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 159,574,963 $ — $ 159,574,963 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	9 Months Ended
	Sep. 30, 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: September 30, 2020 December 31, 2019 Laboratory equipment $ 10,677,953 $ 8,045,179 Office equipment 1,388,459 865,888 Leasehold improvements 5,006,458 2,809,205 Total 17,072,870 11,720,272 Less: accumulated depreciation and amortization (5,360,467 ) (3,264,861 ) Property, equipment and leasehold improvements, net $ 11,712,403 $ 8,455,411 Depreciation and amortization expense totaled $861,293 and $468,225 for the three months ended September 30, 2020 and 2019, respectively, and $2,113,865 and $1,024,845 for the nine months ended September 30, 2020 and 2019, respectively.

Right to Use Assets and Liabili

Right to Use Assets and Liabilities	9 Months Ended
	Sep. 30, 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 3.2-6.6%. 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 September 30, 2024. The leases have a weighted average remaining term of 2.2 years. The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Operating lease cost $ 262,045 $ 173,446 $ 731,477 $ 604,731 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 669,183 $ 399,610 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 572,413 $ 367,868 Maturities of lease liabilities for operating leases as of September 30, 2020, are as follows: Remainder of 2020 $ 189,472 2021 1,124,684 2022 1,108,066 Thereafter 12,041 Total lease payments 2,434,263 Less: imputed interest (143,026 ) Total $ 2,291,237

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2020
Payables And Accruals [Abstract]
Accrued Expenses	7. Accrued Expenses Accrued expenses consisted of the following at: September 30, 2020 December 31, 2019 Employee expenses $ 4,341,221 $ 5,810,723 Research and development expenses 6,939,941 1,186,935 Professional fees and other 862,572 605,246 $ 12,143,734 $ 7,602,904

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2019 was $7,210. In connection with an Assistance Agreement with the State of Connecticut entered into in 2014 (2014 Assistant Agreement) under which all the borrowings by the Company were forgiven in accordance with the 2014 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 September 30, 2020 and 2019, interest expense was $16,250 and $22,903, respectively. During the nine months ended September 30, 2020 and 2019, interest expense was $48,750 and $69,319, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity	9. Equity Common Stock In October 2019, the Company entered into an Equity Distribution Agreement, or Distribution Agreement, with Piper Sandler Companies, formerly Piper Jaffray & Co., or Piper Sandler, pursuant to which the Company may offer and sell from time-to-time in an “at-the-market offering,” at its option, up to an aggregate of $100.0 million of shares of the Company’s common stock through Piper Sandler, as sales agent. During the three and nine months ended September 30, 2020, the Company sold 1,163,074 shares of its common stock resulting in proceeds to the Company of $29.9 million, net of offering costs of $0.9 million. Share-based Compensation 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 the Company’s common stock. The number of shares of the Company’s 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 the Company’s then-outstanding common stock, effective as of January 1, 2019, and by an additional 390,371 shares, equal to 1% of the Company’s then-outstanding common stock, effective as of January 1, 2020. The first offering period under the 2018 ESPP commenced on January 1, 2020. During the three and nine months ended September 30, 2020, the Company issued 11,046 shares of common stock under the 2018 ESPP. As of September 30, 2020, there are 1,014,552 All of the Company’s 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 the Company’s 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 the Company’s 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 the Company’s board of directors for each offering period and will be at least 85% of the applicable closing price of the Company’s common stock. If the Company’s 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 the Company’s 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 During the nine months ended September 30, 2020, the Company recognized compensation expense of $22,121,591 relating to the issuance of incentive awards, and at September 30, 2020, there was $28,645,194 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 nine months ended September 30, 2020 was determined using the Black-Scholes option pricing model with the following assumptions: September 30, 2020 Expected volatility 70.3%-74.7% Expected term (years) 5.3-7.0 Risk free interest rate 0.3%-1.6% Expected dividend yield 0% Exercise price $24.75-$50.00 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 nine months ended September 30, 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 (249,719 ) $ 16.00 Forfeited (11,544 ) $ 16.00 Unvested restricted stock at September 30, 2020 314,811 $ 16.00 The following table provides a summary of the stock option activity under the 2018 Plan during the nine months ended September 30, 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 1,341,727 $ 28.20 Exercised (165,463 ) $ 10.76 Forfeited (79,855 ) $ 16.68 Outstanding at September 30, 2020 4,528,607 $ 16.25 Exercisable at September 30, 2020 1,721,470 $ 10.82 The following table provides a summary of the restricted stock unit activity under the 2018 Plan during the nine months ended September 30, 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 (45,346 ) $ 20.00 Forfeited (2,977 ) $ 19.36 Unvested restricted stock units at September 30, 2020 133,049 $ 20.01 At September 30, 2020, there were 281,820 restricted shares under the Incentive Plan, 4,215,253 stock options under the 2018 Plan, and 110,401 restricted stock units under the 2018 Plan that vested and are expected to vest.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company’s effective tax rate was 0.0% 21.0% 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 and nine months ended September 30, 2020 and 2019.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Net loss $ (30,819,866 ) $ (17,675,373 ) $ (77,785,576 ) $ (49,244,511 ) Weighted average number of common shares outstanding, basic and diluted 39,058,294 32,740,486 38,784,569 31,876,074 Net loss per common share $ (0.79 ) $ (0.54 ) $ (2.01 ) $ (1.54 ) 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 periods presented above: 2020 2019 Stock options 4,528,607 3,398,099 Restricted stock 314,811 671,895 Restricted stock units 133,049 181,372 4,976,467 4,251,366

Investment in Equity Method Inv

Investment in Equity Method Investee	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2020 and 2019 were insignificant. Total operating expenses and net loss of Oerth for the three months ended September 30, 2020 was $2.3 million. Total operating expenses and net loss of Oerth for the nine months ended September 30, 2020 was $4.9 million. 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 and, as a result, no additional losses were recorded against the carrying value of the investment during the three and nine months ended September 30, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 During the three months ended September 30, 2020, there were no changes to the Company’s significant accounting policies as described in Note 2 to the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Research Collaboration and Li_2

Research Collaboration and License Agreements (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2020 2019 Contract liabilities $ 45,304,459 $ 58,407,407 Revenues recognized in the period from: Amounts included in deferred revenue in previous periods $ 17,318,637 $ 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 September 30, 2020 was $45.3 million, which is expected to be recognized as revenue for the years ending December 31 are (in millions): Remainder of 2020 $ 5.8 2021 20.6 2022 14.1 2023 4.8 $ 45.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019: September 30, 2020 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2020-2021 $ 135,813,140 $ 811,850 $ (1,204 ) $ 136,623,786 Corporate bonds 2021 22,682,016 269,161 — 22,951,177 $ 158,495,156 $ 1,081,011 $ (1,204 ) $ 159,574,963 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: September 30, 2020 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 159,574,963 $ — $ 159,574,963 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)	9 Months Ended
	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements	Property, equipment and leasehold improvements consist of the following at: September 30, 2020 December 31, 2019 Laboratory equipment $ 10,677,953 $ 8,045,179 Office equipment 1,388,459 865,888 Leasehold improvements 5,006,458 2,809,205 Total 17,072,870 11,720,272 Less: accumulated depreciation and amortization (5,360,467 ) (3,264,861 ) Property, equipment and leasehold improvements, net $ 11,712,403 $ 8,455,411

Right to Use Assets and Liabi_2

Right to Use Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Operating lease cost $ 262,045 $ 173,446 $ 731,477 $ 604,731
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 669,183 $ 399,610 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 572,413 $ 367,868
Schedule of Maturities of Lease Liabilities for Operating Leases	Maturities of lease liabilities for operating leases as of September 30, 2020, are as follows: Remainder of 2020 $ 189,472 2021 1,124,684 2022 1,108,066 Thereafter 12,041 Total lease payments 2,434,263 Less: imputed interest (143,026 ) Total $ 2,291,237

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Payables And Accruals [Abstract]
Components of Accrued Expenses	Accrued expenses consisted of the following at: September 30, 2020 December 31, 2019 Employee expenses $ 4,341,221 $ 5,810,723 Research and development expenses 6,939,941 1,186,935 Professional fees and other 862,572 605,246 $ 12,143,734 $ 7,602,904

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2020
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted	The fair value of the stock options granted during the nine months ended September 30, 2020 was determined using the Black-Scholes option pricing model with the following assumptions: September 30, 2020 Expected volatility 70.3%-74.7% Expected term (years) 5.3-7.0 Risk free interest rate 0.3%-1.6% Expected dividend yield 0% Exercise price $24.75-$50.00
Summary of Restricted Stock Grant Activity	The following table provides a summary of the restricted stock grant activity under the Incentive Plan during the nine months ended September 30, 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 (249,719 ) $ 16.00 Forfeited (11,544 ) $ 16.00 Unvested restricted stock at September 30, 2020 314,811 $ 16.00
Summary of Stock Option Activity	The following table provides a summary of the stock option activity under the 2018 Plan during the nine months ended September 30, 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 1,341,727 $ 28.20 Exercised (165,463 ) $ 10.76 Forfeited (79,855 ) $ 16.68 Outstanding at September 30, 2020 4,528,607 $ 16.25 Exercisable at September 30, 2020 1,721,470 $ 10.82
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 nine months ended September 30, 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 (45,346 ) $ 20.00 Forfeited (2,977 ) $ 19.36 Unvested restricted stock units at September 30, 2020 133,049 $ 20.01

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Net loss $ (30,819,866 ) $ (17,675,373 ) $ (77,785,576 ) $ (49,244,511 ) Weighted average number of common shares outstanding, basic and diluted 39,058,294 32,740,486 38,784,569 31,876,074 Net loss per common share $ (0.79 ) $ (0.54 ) $ (2.01 ) $ (1.54 )
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 periods presented above: 2020 2019 Stock options 4,528,607 3,398,099 Restricted stock 314,811 671,895 Restricted stock units 133,049 181,372 4,976,467 4,251,366

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Research Collaboration and Li_3

Research Collaboration and License Agreements - Additional Information (Details)	1 Months Ended	4 Months Ended	9 Months Ended		12 Months Ended
	Nov. 30, 2017USD ($)Target	Dec. 31, 2015USD ($)	Sep. 30, 2020USD ($)Contract	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2022USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 31, 2019USD ($)
Research Collaboration And License Agreements [Line Items]
Account receivable			$ 2,444,450
Revenue recognized on research collaboration and license agreements			19,500,000
Changes in deferred revenue due to additions to deferred revenue			(13,102,948)	$ 8,513,945
Unsatisfied performance obligations expected to be recognized as revenue			45,300,000
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]
Contract revenue receivable if milestones achieved or options for all targets exercised							$ 1,000,000	$ 1,200,000
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			4,900,000
Account receivable			2,400,000
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
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			$ 6,400,000

Research Collaboration and Li_4

Research Collaboration and License Agreements - Summary of Contract Liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Contract liabilities	$ 45,304,459	$ 58,407,407
Amounts included in deferred revenue in previous periods	$ 17,318,637	$ 14,335,188

Research Collaboration and Li_5

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions	Sep. 30, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 45.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 5.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 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	$ 20.6
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	$ 14.1
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	Sep. 30, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Revenue, remaining performance obligation	$ 45.3

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Available for Sale Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 158,495,156	$ 271,553,880
Gross Unrealized Gains	1,081,011	107,576
Gross Unrealized Losses	(1,204)
Fair Value	159,574,963	$ 271,661,456
Corporate Bonds One Maturing 2020-2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	135,813,140
Gross Unrealized Gains	811,850
Gross Unrealized Losses	(1,204)
Fair Value	$ 136,623,786
Corporate Bonds One Maturing 2020-2021 | Minimum
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2020
Corporate Bonds One 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	$ 22,682,016	$ 126,194,004
Gross Unrealized Gains	269,161	57,854
Fair Value	$ 22,951,177	$ 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 ($)	Sep. 30, 2020	Dec. 31, 2019
Assets:
Fair value measurements of assets	$ 159,574,963	$ 271,661,456
Fair Value, Measurements, Recurring | Corporate Bonds
Assets:
Fair value measurements of assets	159,574,963	271,661,456
Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds
Assets:
Fair value measurements of assets	$ 159,574,963	$ 271,661,456

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 17,072,870	$ 11,720,272
Less: accumulated depreciation and amortization	(5,360,467)	(3,264,861)
Property, equipment and leasehold improvements, net	11,712,403	8,455,411
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	10,677,953	8,045,179
Office Equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	1,388,459	865,888
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 5,006,458	$ 2,809,205

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 861,293	$ 468,225	$ 2,113,865	$ 1,024,845

Right to Use Assets and Liabi_3

Right to Use Assets and Liabilities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
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 2 months 12 days
Operating lease expiration date	Sep. 30, 2024
Minimum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease Payments	3.20%
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 - Components of Lease Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 262,045	$ 173,446	$ 731,477	$ 604,731

Right to Use Assets and Liabi_5

Right to Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 669,183	$ 399,610
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$ 572,413	$ 367,868

Right to Use Assets and Liabi_6

Right to Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details)	Sep. 30, 2020USD ($)
Leases [Abstract]
Remainder of 2020	$ 189,472
2021	1,124,684
2022	1,108,066
Thereafter	12,041
Total lease payments	2,434,263
Less: imputed interest	(143,026)
Total	$ 2,291,237

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Employee expenses	$ 4,341,221	$ 5,810,723
Research and development expenses	6,939,941	1,186,935
Professional fees and other	862,572	605,246
Accrued expenses	$ 12,143,734	$ 7,602,904

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Aug. 31, 2013	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2014
Debt Instrument [Line Items]
Debt instrument, outstanding amount				$ 2,000,000		$ 2,000,000
Amortization of debt discount							$ 7,210
Interest expense, Debt				$ 16,250	$ 22,903	$ 48,750	$ 69,319
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)	Sep. 30, 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	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from sale of common stock						$ 30,835,206	$ 0
Common stock issued, offering costs						$ 916,704	$ 0
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					281,820	281,820
Incentive Plan | Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense						$ 22,121,591
Compensation expense not yet recognized					$ 28,645,194	$ 28,645,194
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					4,215,253	4,215,253
Restricted stock units vested and expected to vest					110,401	110,401
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
At-the-Market Offering | Piper Sandler
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock aggregate offering price										$ 100,000,000
Issuance of common stock, net of offering costs, Shares					1,163,074	1,163,074
Proceeds from sale of common stock					$ 29,900,000	$ 29,900,000
Common stock issued, offering costs					$ 900,000	$ 900,000
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%
Common stock, shares issued					11,046	11,046
Common stock, shares remained available for purchase					1,014,552	1,014,552
Amount used as multiplying factor to grant common stock					$ 2,083	$ 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	9 Months Ended
	Sep. 30, 2020$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	70.30%
Expected volatility, maximum	74.70%
Risk free interest rate, minimum	0.30%
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 3 months 18 days
Exercise price	$ 24.75
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years
Exercise price	$ 50

Equity - Summary of Restricted

Equity - Summary of Restricted Stock Grant Activity (Details) - Incentive Plan	9 Months Ended
	Sep. 30, 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	(249,719)
Restricted Shares, Forfeited | shares	(11,544)
Unvested Restricted Stock, Shares, Ending Balance | shares	314,811
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	(45,346)
Restricted Shares, Forfeited | shares	(2,977)
Unvested Restricted Stock, Shares, Ending Balance | shares	133,049
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 20
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares	20
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares	19.36
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 20.01

Equity - Summary of Stock Optio

Equity - Summary of Stock Option Activity (Details) - 2018 Plan	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Outstanding, Beginning Balance | shares	3,432,198
Options, Granted | shares	1,341,727
Options, Exercised | shares	(165,463)
Options, Forfeited | shares	(79,855)
Options, Outstanding, Ending Balance | shares	4,528,607
Options, Exercisable, Ending Balance | shares	1,721,470
Weighted Average Fair Value, Outstanding, Beginning Balance | $ / shares	$ 11.32
Weighted Average Fair Value, Granted | $ / shares	28.20
Weighted Average Fair Value, Exercised | $ / shares	10.76
Weighted Average Fair Value, Forfeited | $ / shares	16.68
Weighted Average Fair Value, Outstanding, Ending Balance | $ / shares	16.25
Weighted Average Fair Value, Exercisable, Ending Balance | $ / shares	$ 10.82

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Line Items]
Effective tax rate, percentage	0.00%	0.00%	0.00%	0.00%
Federal statutory rate, percentage	21.00%	21.00%	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	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (30,819,866)	$ (17,675,373)	$ (77,785,576)	$ (49,244,511)
Weighted average number of common shares outstanding, basic and diluted	39,058,294	32,740,486	38,784,569	31,876,074
Net loss per common share	$ (0.79)	$ (0.54)	$ (2.01)	$ (1.54)

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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 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	4,976,467	4,251,366
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	4,528,607	3,398,099
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	314,811	671,895
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	133,049	181,372

Investment in Equity Method I_2

Investment in Equity Method Investee - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Operating expenses	$ 39,344,843	$ 24,545,414	$ 101,228,098	$ 66,817,819
Net loss			77,785,576	$ 49,244,511
Deferred revenue	45,304,459		45,304,459		$ 58,407,407
Oerth
Schedule Of Equity Method Investments [Line Items]
Cash commitment	$ 49,400,000		$ 49,400,000
Future grant of incentive units to service providers, percentage	15.00%		15.00%
Deferred revenue	$ 24,700,000		$ 24,700,000
Equity method investments	0		0
Additional losses	0		0
Oerth | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule Of Equity Method Investments [Line Items]
Operating expenses	2,300,000		4,900,000
Net loss	2,300,000		4,900,000
Bayer LP | Oerth
Schedule Of Equity Method Investments [Line Items]
Cash commitment	$ 56,000,000		$ 56,000,000
Ownership interest in joint venture	50.00%		50.00%