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% |