Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38672 | |
Entity Registrant Name | ARVINAS, INC. | |
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 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | ARVN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,205,299 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001655759 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 93.2 | $ 108.3 |
Restricted cash | 4.5 | 4.5 |
Marketable securities | 1,250 | 1,394.3 |
Accounts receivable | 1.4 | 15 |
Other receivables | 6.7 | 10.7 |
Prepaid expenses and other current assets | 20.6 | 19.7 |
Total current assets | 1,376.4 | 1,552.5 |
Property, equipment and leasehold improvements, net | 13.6 | 12.7 |
Operating lease right of use assets | 5.3 | 3.9 |
Collaboration contract asset and other assets | 11.7 | 12.5 |
Total assets | 1,407 | 1,581.6 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 42.1 | 54.4 |
Deferred revenue | 194.4 | 206.2 |
Current portion of operating lease liability | 1.7 | 1.1 |
Total current liabilities | 238.2 | 261.7 |
Deferred revenue | 493.6 | 534.3 |
Long term debt | 1 | 1 |
Operating lease liability | 3.6 | 2.9 |
Total liabilities | 736.4 | 799.9 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 53.2 and 53.0 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 0.1 | 0 |
Accumulated deficit | (816.3) | (682.9) |
Additional paid-in capital | 1,508.8 | 1,469.2 |
Accumulated other comprehensive loss | (22) | (4.6) |
Total stockholders’ equity | 670.6 | 781.7 |
Total liabilities and stockholders’ equity | $ 1,407 | $ 1,581.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares shares in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 53.2 | 53 |
Common stock, shares outstanding (in shares) | 53.2 | 53 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Consolidated Statements of Operations | ||||
Revenue | $ 31,300,000 | $ 5,500,000 | $ 55,500,000 | $ 11,100,000 |
Operating expenses: | ||||
Research and development | 75,300,000 | 43,000,000 | 139,200,000 | 77,900,000 |
General and administrative | 24,300,000 | 14,400,000 | 44,500,000 | 26,700,000 |
Total operating expenses | 99,600,000 | 57,400,000 | 183,700,000 | 104,600,000 |
Loss from operations | (68,300,000) | (51,900,000) | (128,200,000) | (93,500,000) |
Other income (expenses) | ||||
Other (expense) income, net | (100,000) | 1,200,000 | (200,000) | 1,400,000 |
Interest income, net | 1,800,000 | 400,000 | 2,900,000 | 800,000 |
Total other income | 1,700,000 | 1,600,000 | 2,700,000 | 2,200,000 |
Net loss before income taxes | (66,600,000) | (50,300,000) | (125,500,000) | (91,300,000) |
Income tax expense | (3,400,000) | 0 | (7,900,000) | 0 |
Net loss | $ (70,000,000) | $ (50,300,000) | $ (133,400,000) | $ (91,300,000) |
Net loss per common share, basic (in dollars per share) | $ (1.32) | $ (1.03) | $ (2.51) | $ (1.87) |
Net loss per common share, diluted (in dollars per share) | $ (1.32) | $ (1.03) | $ (2.51) | $ (1.87) |
Weighted average common shares outstanding, basic (in shares) | 53.2 | 48.9 | 53.1 | 48.7 |
Weighted average common shares outstanding, diluted (in shares) | 53.2 | 48.9 | 53.1 | 48.7 |
Condensed Consolidated Statements of Comprehensive Loss | ||||
Net loss | $ (70,000,000) | $ (50,300,000) | $ (133,400,000) | $ (91,300,000) |
Other comprehensive loss: | ||||
Unrealized loss on available-for-sale securities | (3,300,000) | (200,000) | (17,400,000) | (1,000,000) |
Comprehensive loss | $ (73,300,000) | $ (50,500,000) | $ (150,800,000) | $ (92,300,000) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common | Accumulated Deficit | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income |
Beginning balance (in shares) at Dec. 31, 2020 | 48.5 | ||||
Beginning balance at Dec. 31, 2020 | $ 642.2 | $ 0 | $ (491.9) | $ 1,133.5 | $ 0.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 24.9 | 24.9 | |||
Net loss | (91.3) | (91.3) | |||
Restricted stock vesting (in shares) | 0.1 | ||||
Restricted stock vesting | 0 | ||||
Proceeds from exercise of stock options (in shares) | 0.4 | ||||
Proceeds from exercise of stock options | 8.1 | 8.1 | |||
Unrealized loss on available-for-sale securities | (1) | (1) | |||
Ending balance (in shares) at Jun. 30, 2021 | 49 | ||||
Ending balance at Jun. 30, 2021 | 582.9 | $ 0 | (583.2) | 1,166.5 | (0.4) |
Beginning balance (in shares) at Mar. 31, 2021 | 48.8 | ||||
Beginning balance at Mar. 31, 2021 | 615.2 | $ 0 | (532.9) | 1,148.3 | (0.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 14.6 | 14.6 | |||
Net loss | (50.3) | (50.3) | |||
Restricted stock vesting (in shares) | 0.1 | ||||
Restricted stock vesting | 0 | ||||
Proceeds from exercise of stock options (in shares) | 0.1 | ||||
Proceeds from exercise of stock options | 3.6 | 3.6 | |||
Unrealized loss on available-for-sale securities | (0.2) | (0.2) | |||
Ending balance (in shares) at Jun. 30, 2021 | 49 | ||||
Ending balance at Jun. 30, 2021 | $ 582.9 | $ 0 | (583.2) | 1,166.5 | (0.4) |
Beginning balance (in shares) at Dec. 31, 2021 | 53 | 53 | |||
Beginning balance at Dec. 31, 2021 | $ 781.7 | $ 0 | (682.9) | 1,469.2 | (4.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 36.6 | 36.6 | |||
Net loss | (133.4) | (133.4) | |||
Proceeds from exercise of stock options (in shares) | 0.2 | ||||
Proceeds from exercise of stock options | 3.1 | $ 0.1 | 3 | ||
Unrealized loss on available-for-sale securities | $ (17.4) | (17.4) | |||
Ending balance (in shares) at Jun. 30, 2022 | 53.2 | 53.2 | |||
Ending balance at Jun. 30, 2022 | $ 670.6 | $ 0.1 | (816.3) | 1,508.8 | (22) |
Beginning balance (in shares) at Mar. 31, 2022 | 53.1 | ||||
Beginning balance at Mar. 31, 2022 | 723.3 | $ 0 | (746.3) | 1,488.3 | (18.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 20 | 20 | |||
Net loss | (70) | (70) | |||
Proceeds from exercise of stock options (in shares) | 0.1 | ||||
Proceeds from exercise of stock options | 0.6 | $ 0.1 | 0.5 | ||
Unrealized loss on available-for-sale securities | $ (3.3) | (3.3) | |||
Ending balance (in shares) at Jun. 30, 2022 | 53.2 | 53.2 | |||
Ending balance at Jun. 30, 2022 | $ 670.6 | $ 0.1 | $ (816.3) | $ 1,508.8 | $ (22) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (133.4) | $ (91.3) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3 | 2.3 |
Net accretion of bond discounts/premiums | 5.8 | 2.7 |
Forgiveness of debt income | 0 | (1) |
Loss on sale of marketable securities | 0.1 | 0 |
Amortization of right-of-use assets | 1 | 0.6 |
Amortization of collaboration contract asset | 0.8 | 0 |
Stock-based compensation | 36.6 | 24.9 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 13.6 | 1 |
Other receivables | 4 | 0 |
Prepaid expenses and other current assets | (1) | (9.1) |
Accounts payable and accrued liabilities | (12.7) | (7.8) |
Operating lease liability | (1) | (0.6) |
Deferred revenue | (52.5) | (8.1) |
Net cash used in operating activities | (135.7) | (86.4) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (469.1) | (538) |
Maturities of marketable securities | 555.9 | 82.6 |
Sales of marketable securities | 34.3 | 0 |
Purchases of property, equipment and leasehold improvements | (3.5) | (1.5) |
Net cash provided by (used in) investing activities | 117.6 | (456.9) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 3 | 8.1 |
Net cash provided by financing activities | 3 | 8.1 |
Net decrease in cash, cash equivalents and restricted cash | (15.1) | (535.2) |
Cash, cash equivalents and restricted cash, beginning of the period | 112.8 | 588.4 |
Cash, cash equivalents and restricted cash, end of the period | 97.7 | 53.2 |
Supplemental disclosure of cash flow information: | ||
Purchases of property, equipment and leasehold improvements unpaid at period end | $ 0.5 | $ 0.3 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Nature of Business and Basis of Presentation Arvinas, Inc. and subsidiaries (“Arvinas” or “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 accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2021 has been derived from the Company's audited consolidated financial statements at that date. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, forming part of Arvinas’ 2021 Annual Report on Form 10-K filed with the SEC on February 28, 2022. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation. Accounts payable and Accrued expenses have been condensed into Accounts payable and accrued liabilities. The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates. Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability. To date, the Company has not generated any revenue from product sales and expects to incur additional operating losses and negative operating cash flows for the foreseeable future. The Company has financed its operations primarily through sales of equity interests, proceeds from collaborations, grant funding and debt financing. The Company had cash, cash equivalents, restricted cash and marketable securities totaling $1.3 billion as of June 30, 2022. Impact of the Coronavirus (“COVID-19”) Pandemic As a result of the COVID-19 pandemic, many companies have experienced disruptions in their operations and in the markets they serve. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s financial position and results of operations as of and for the six months ended June 30, 2022. The full extent of the future impacts of COVID-19 on the Company’s operations remains uncertain. A prolonged outbreak could have a material adverse impact on the Company's financial results and business operations, including the timing and ability of the Company to complete certain clinical trials and other efforts required to advance its preclinical pipeline. |
Accounting Pronouncements and S
Accounting Pronouncements and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Accounting Pronouncements and Significant Accounting Policies | Accounting Pronouncements and Significant Accounting Policies The Company reviews new accounting standards as issued. As of June 30, 2022, the Company has not identified any new standards that it believes will have a material impact on the Company’s financial statements. There were no changes to the Company’s significant accounting policies during the six months ended June 30, 2022. |
Research Collaboration and Lice
Research Collaboration and License Agreements | 6 Months Ended |
Jun. 30, 2022 | |
Research Collaboration And License Agreements [Abstract] | |
Research Collaboration and License Agreements | Research Collaboration and License Agreements ARV-471 Collaboration Agreement In July 2021, the Company entered into a Collaboration Agreement with Pfizer Inc. (“Pfizer”) (the “ARV-471 Collaboration Agreement”) pursuant to which the Company granted Pfizer worldwide co-exclusive rights to develop and commercialize products containing the Company’s proprietary compound ARV-471 (the “Licensed Products”). Under the ARV-471 Collaboration Agreement, the Company received an upfront, non-refundable payment of $650.0 million. In addition, the Company will be eligible to receive up to an additional $1.4 billion in contingent payments based on specific regulatory and sales-based milestones for the Licensed Products. Of the total contingent payments, $400.0 million in regulatory milestones are related to marketing approvals and $1.0 billion are related to sales-based milestones. The Company and Pfizer will share equally all development costs, including costs of conducting clinical trials, for the Licensed Products, subject to certain exceptions. Except for certain regions described below, the parties will also share equally all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions. The Company will be the marketing authorization holder in the United States and, subject to marketing approval, book sales in the United States, while Pfizer will hold marketing authorizations outside the United States. The parties will determine which, if any, regions within the world will be solely commercialized by one party, and in such region the parties will adjust their share of profits and losses for the Licensed Products based on the role each party will be performing. As a direct result of the Company’s entry into the ARV-471 Collaboration Agreement, the Company incurred direct and incremental costs to obtain the contract totaling $12.9 million. In accordance with ASC 340, Other Assets and Deferred Costs , the Company recognized an asset of $12.9 million in collaboration contract asset and other assets on the condensed consolidated balance sheet at inception of the agreement, which is being amortized as general and administrative expense over the total estimated period of performance under the ARV-471 Collaboration Agreement. Bayer Collaboration Agreement In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (the “Bayer Collaboration Agreement”) setting forth the Company’s collaboration with Bayer AG to identify or optimize proteolysis targeting chimeras ("PROTAC® targeted protein degraders") that mediate the degradation of target proteins. 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. Bayer is committed to fund an additional $12.0 million through 2023, of which of $10.5 million was received through June 30, 2022. 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. There were no development or sales-based milestone payments or royalties received as of June 30, 2022. Pfizer Research Collaboration Agreement In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer (the “Pfizer Research Collaboration Agreement”). Under the terms of the Pfizer Research 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 Pfizer Research Collaboration Agreement. These payments are being recognized as revenue over the total estimated period of performance. The Company is 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 Pfizer Research Collaboration Agreement. The Company is also entitled to receive up to $225.0 million in development milestone payments and up to $550.0 million in sales-based milestone payments for all designated targets under the Pfizer Research Collaboration Agreement, as well as tiered royalties based on sales. During the six months ended June 30, 2022, the Company received payments totaling $3.5 million, which was included in accounts receivable at December 31, 2021, for an additional target and additional services which are being recognized as revenue over the total period of performance. There were no sales-based milestone payments or royalties received as of June 30, 2022. Genentech Modification In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement (the “Genentech Modification”) with Genentech, Inc. and F. Hoffman-La Roche Ltd. (together "Genentech"), amending a previous Genentech agreement. Under the Genentech Modification, the Company received additional upfront, non-refundable payments of $34.5 million (in addition to $11.0 million received under the previous agreement) to fund Genentech-related research. Under the Genentech Modification, 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 milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received as of June 30, 2022. Information about changes in the Company's contract balances for the six months ended June 30, 2022 and 2021 is as follows: (dollars in millions) June 30, June 30, Accounts receivable Beginning balance $ 15.0 $ — Additions 1.4 — Payments received (15.0) — Ending balance $ 1.4 $ — Contract assets: Collaboration contract asset Beginning balance $ 12.5 $ — Amortization (0.8) — Ending balance $ 11.7 $ — Contract liabilities: Deferred revenue Beginning balance $ 740.5 $ 45.1 Revenue recognized from balances held at the beginning of the period (55.5) (11.1) Additions to collaboration agreements 3.0 3.0 Ending balance $ 688.0 $ 37.0 The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2022 was $688.0 million, which is expected to be recognized in the following periods: (dollars in millions) Remainder of 2022 $ 101.1 2023 190.0 2024 136.5 2025 100.4 2026 63.4 2027 34.1 Thereafter 62.5 Total $ 688.0 |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities and Fair Value Measurements | Marketable Securities and Fair Value Measurements The Company’s marketable securities consist of corporate bonds and government securities 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 marketable securities measured at fair value on a recurring basis. June 30, 2022 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 - 2023 $ 824.5 $ — $ (8.0) $ 816.5 Corporate bonds Level 2 2023 - 2025 363.3 — (13.0) 350.3 Government securities Level 2 2022 - 2023 79.9 — (0.8) 79.1 Government securities Level 2 2023 - 2024 4.3 — (0.2) 4.1 Total $ 1,272.0 $ — $ (22.0) $ 1,250.0 December 31, 2021 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 $ 784.0 $ — $ (0.7) $ 783.3 Corporate bonds Level 2 2023 - 2024 582.5 — (3.8) 578.7 Government securities Level 2 2022 32.4 — (0.1) 32.3 Total $ 1,398.9 $ — $ (4.6) $ 1,394.3 The carrying values of accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these assets and liabilities. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements consist of the following at: (dollars in millions) June 30, December 31, Laboratory equipment $ 15.8 $ 13.6 Leasehold improvements 10.0 8.4 Office equipment 1.5 1.4 Total property, equipment and leasehold improvements 27.3 23.4 Less: accumulated depreciation and amortization (13.7) (10.7) Property, equipment and leasehold improvements, net $ 13.6 $ 12.7 Depreciation and amortization expense totaled $1.5 million and $1.2 million for the three months ended June 30, 2022 and 2021, respectively, and $3.0 million and $2.3 million for the six months ended June 30, 2022 and 2021, respectively. |
Right-of-Use Assets and Liabili
Right-of-Use Assets and Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Right-of-Use Assets and Liabilities | Right-of-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 lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate ranges from 3.0% - 4.1%. Lease expense 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 such options. In May 2021, the Company entered into a lease for approximately 160,000 square feet of laboratory and office space to be occupied in 2024. In connection with the signing of the lease, and at the Company’s election to increase the landlord’s contribution to the tenant improvement allowance, the Company issued a letter of credit for $4.5 million, collateralized by a certificate of deposit in the same amount, which is presented as restricted cash at June 30, 2022. Once occupied, the base rent will range from $7.7 million to $8.8 million annually over a ten-year lease term. The Company has operating leases for its corporate office, laboratories and certain equipment, which expire no later than January 31, 2026. The leases have a weighted average remaining term of 2.6 years. The components of lease expense were as follows: Three Months Ended Six Months Ended (dollars in millions) 2022 2021 2022 2021 Operating lease cost $ 0.5 $ 0.3 $ 1.1 $ 0.7 Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1.0 $ 0.6 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 2.4 $ 3.2 Maturities of lease liabilities for operating leases as of June 30, 2022, are as follows: (dollars in millions) Remainder of 2022 $ 0.8 2023 2.1 2024 2.1 2025 0.5 2026 — Total lease payments 5.5 Less: imputed interest (0.2) Total $ 5.3 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following: (dollars in millions) June 30, December 31, Accounts payable $ 12.3 $ 31.3 Accrued liabilities Research and development expenses 18.9 9.5 Employee expenses 8.7 12.4 Professional fees and other 2.2 1.2 Total accounts payable and accrued liabilities $ 42.1 $ 54.4 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt In June 2018, the Company entered into an additional Assistance Agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through 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. At June 30, 2022, $1.0 million remains outstanding under the 2018 Assistance Agreement. In connection with an Assistance Agreement with the State of Connecticut entered into in 2014 (the “2014 Assistant Agreement”) under which all the borrowings by the Company were forgiven, 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%. Minimum future principal payments on long-term debt for the years ending December 31 are as follows: (dollars in millions) 2023 $ — 2024 0.2 2025 0.2 2026 0.2 2027 0.2 2028 0.2 Total $ 1.0 During the three and six months ended June 30, 2022 and 2021, interest expense was immaterial. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity | Equity Equity Distribution Agreements In August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Company (“Piper Sandler”) and Cantor Fitzgerald & Co. (“Cantor”), as agents, pursuant to which the Company may offer and sell from time to time, through the agents, up to $300.0 million of the common stock registered under the Company's universal shelf registration statement pursuant to one or more “at-the-market" offering. During the six months ended June 30, 2022, no shares were issued under this agreement. Share-based Compensation 2018 Employee Stock Purchase Plan In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), with the first offering period under the 2018 ESPP commencing on January 1, 2020, by 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 increase, pursuant to the terms of the 2018 ESPP, by additional shares equal to 1% of the Company’s then-outstanding common stock, effective as of January 1 of each year. As of June 30, 2022, 2,005,714 shares remained available for purchase. During the six months ended June 30, 2022 and 2021, the Company issued 5,749 and 12,050 shares, respectively, of common stock under the 2018 ESPP. Incentive Share Plan 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 terms of 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 2018 Stock Incentive Plan In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Stock Incentive Plan (the “2018 Plan”), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s initial public offering. The number of common shares initially available for issuance under the 2018 Plan equaled the sum of (1) 4,067,007 shares of common stock; plus (2) the number of shares of common stock (up to 1,277,181) issued in respect of incentive units granted under the Incentive Plan that were subject to vesting immediately prior to the effectiveness of the registration statement expired, terminated or were otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ended December 31, 2019 and continuing to, and including, the fiscal year ending December 31, 2028, equal to the lesser of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or an amount determined by the Company’s board of directors. As of June 30, 2022, 2,589,218 shares remained available for issuance under the 2018 Plan. Common shares subject to outstanding equity awards that expire or are terminated, surrendered, or canceled without having been fully exercised or are forfeited in whole or in part are available for future grants of awards. Compensation Expense During the three months ended June 30, 2022 and 2021, the Company recognized compensation expense of $20.0 million and $14.6 million, respectively, relating to the issuance of incentive awards. During the six months ended June 30, 2022 and 2021, the Company recognized compensation expense of $36.6 million and $24.9 million, respectively. At June 30, 2022, there was $84.3 million of unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately two years. Stock Options The fair value of the stock options granted during the six months ended June 30, 2022 and 2021 was determined using the Black-Scholes option pricing model with the following assumptions: June 30, June 30, Expected volatility 73.2 - 76.0% 75.9 - 78.0% Expected term (years) 5.5 - 7.0 5.5 - 7.0 Risk free interest rate 1.5% - 3.3% 0.5% - 1.2% Expected dividend yield 0 % 0 % Exercise price $36.79 - $78.91 $66.82 - $82.21 Given the Company’s common stock has not been trading for a sufficient period of time, the Company calculates volatility of its common stock by utilizing a weighted average of a collection of peer company volatilities and its own common stock volatility. The expected term is calculated utilizing the simplified method. A summary of the stock option activity under the 2018 Plan during the six months ended June 30, 2022 is presented below. These amounts include stock options granted to employees and directors. (dollars in millions, Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2021 5,343,254 $ 44.98 Granted 1,464,743 $ 62.88 Exercised (147,409) $ 17.61 Forfeited (123,827) $ 58.27 Outstanding at June 30, 2022 6,536,761 $ 49.36 8.1 $ 54.2 Exercisable at June 30, 2022 3,071,122 $ 33.89 7.1 $ 47.1 The weighted-average grant date fair value of options granted during the six months ended June 30, 2022 was $41.41. The total intrinsic value of options exercised during the six months ended June 30, 2022 was $7.1 million. At June 30, 2022, there were 6,211,843 stock options under the 2018 Plan that have vested or are expected to vest. Restricted Stock Awards A summary of restricted stock award activity under the Incentive Plan during the six months ended June 30, 2022 is presented below. These amounts include restricted stock granted to employees and directors. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock at December 31, 2021 30,625 $ 16.00 Vested (29,305) $ 16.00 Cancelled (1,320) $ 16.00 Unvested restricted stock at June 30, 2022 — $ 16.00 Restricted Stock Units A summary of restricted stock unit activity under the 2018 Plan during the six months ended June 30, 2022 is presented below. 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, 2021 88,307 $ 20.02 Granted 222,213 $ 63.03 Vested (38,490) $ 19.36 Cancelled (5,114) $ 35.21 Unvested restricted stock units at June 30, 2022 266,916 $ 55.63 At June 30, 2022, there were 221,552 restricted stock units under the 2018 Plan that have vested or are expected to vest. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended June 30, 2022, the Company recognized income tax expense of $3.4 million resulting in an effective tax rate of 5.2%, as compared to income tax expense of zero resulting in an effective tax rate of 0.0% in the same period for 2021. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended June 30, 2022 and the Company’s overall effective tax rate of 5.2% was the effect of equity compensation, generation of tax credits, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended June 30, 2021 and the Company’s overall effective tax rate of 0.0% was the effect of equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets. For the six months ended June 30, 2022, the Company recognized income tax expense of $7.9 million resulting in an effective tax rate of 6.3%, as compared to income tax expense of zero resulting in an effective tax rate of 0.0% in the same period for 2021. The primary reconciling items between the federal statutory rate of 21.0% for the six months ended June 30, 2022 and the Company’s overall effective tax rate of 6.3% was the effect of equity compensation, generation of tax credits, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic and diluted loss per common share was calculated as follows: For the Three Months Ended For the Six Months Ended (dollars and shares in millions, except per common share amounts) 2022 2021 2022 2021 Net loss $ (70.0) $ (50.3) $ (133.4) $ (91.3) Weighted average number of common shares outstanding - basic and diluted 53.2 48.9 53.1 48.7 Net loss per common share - basic and diluted $ (1.32) $ (1.03) $ (2.51) $ (1.87) The Company reported net losses for each of the three and six months ended June 30, 2022 and 2021, and therefore excluded all stock options, restricted stock awards and restricted stock units from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below: For the For the Three and Six Months Ended (shares in millions) 2022 2021 Stock options 6.5 5.4 Restricted stock awards — 0.1 Restricted stock units 0.3 0.1 6.8 5.6 |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method InvestmentsIn July 2019, the Company and Bayer CropScience LP (“Bayer LP”) formed a joint venture, Oerth Bio LLC (“Oerth”), to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. 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 also provides to Oerth compensated research and development services and administrative services through a separate agreement. The services rendered by the Company during the three and six months ended June 30, 2022 and 2021 were immaterial. Operating expenses and net loss of Oerth for the three months ended June 30, 2022 and 2021 totaled $5.3 million and $3.4 million, respectively. Operating expenses and net loss of Oerth for the six months ended June 30, 2022 and 2021 totaled $10.2 million and $6.1 million, respectively. The carrying value of t he investment has been reduced to zero and, as a result, no additional losses were recorded against the carrying value of the investment during the three and six months ended June 30, 2022 and 2021. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On June 4, 2022, the Company entered into a Master In Vitro Diagnostics Agreement, effective as of June 4, 2022 with Foundation Medicine, Inc. (the "FMI Agreement") for the development and commercialization of one or more of Foundation Medicine’s companion in vitro diagnostic assays for use with one or more of the Company's therapeutic products, including FoundationOne® Liquid CDx for use with bavdegalutamide for the diagnosis and treatment of mCRPC androgen receptor AR mutations. In exchange for the development of FoundationOne® Liquid CDx as a companion diagnostic for use with bavdegalutamide for AR mCRPC in the United States and European Union, pursuant to the terms of the FMI Agreement, the Company is subject to success-based milestone payments of up to low to mid tens of millions of dollars in addition to certain validation fees per sample and related pass-through costs. |
Research Collaboration and Li_2
Research Collaboration and License Agreements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Research Collaboration And License Agreements [Abstract] | |
Summary of Contract Balances | Information about changes in the Company's contract balances for the six months ended June 30, 2022 and 2021 is as follows: (dollars in millions) June 30, June 30, Accounts receivable Beginning balance $ 15.0 $ — Additions 1.4 — Payments received (15.0) — Ending balance $ 1.4 $ — Contract assets: Collaboration contract asset Beginning balance $ 12.5 $ — Amortization (0.8) — Ending balance $ 11.7 $ — Contract liabilities: Deferred revenue Beginning balance $ 740.5 $ 45.1 Revenue recognized from balances held at the beginning of the period (55.5) (11.1) Additions to collaboration agreements 3.0 3.0 Ending balance $ 688.0 $ 37.0 |
Transaction Price Allocated to Performance Obligations | The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2022 was $688.0 million, which is expected to be recognized in the following periods: (dollars in millions) Remainder of 2022 $ 101.1 2023 190.0 2024 136.5 2025 100.4 2026 63.4 2027 34.1 Thereafter 62.5 Total $ 688.0 |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Available-for-Sale Marketable Securities | The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis. June 30, 2022 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 - 2023 $ 824.5 $ — $ (8.0) $ 816.5 Corporate bonds Level 2 2023 - 2025 363.3 — (13.0) 350.3 Government securities Level 2 2022 - 2023 79.9 — (0.8) 79.1 Government securities Level 2 2023 - 2024 4.3 — (0.2) 4.1 Total $ 1,272.0 $ — $ (22.0) $ 1,250.0 December 31, 2021 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 $ 784.0 $ — $ (0.7) $ 783.3 Corporate bonds Level 2 2023 - 2024 582.5 — (3.8) 578.7 Government securities Level 2 2022 32.4 — (0.1) 32.3 Total $ 1,398.9 $ — $ (4.6) $ 1,394.3 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Leasehold Improvements | Property, equipment and leasehold improvements consist of the following at: (dollars in millions) June 30, December 31, Laboratory equipment $ 15.8 $ 13.6 Leasehold improvements 10.0 8.4 Office equipment 1.5 1.4 Total property, equipment and leasehold improvements 27.3 23.4 Less: accumulated depreciation and amortization (13.7) (10.7) Property, equipment and leasehold improvements, net $ 13.6 $ 12.7 |
Right-of-Use Assets and Liabi_2
Right-of-Use Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended Six Months Ended (dollars in millions) 2022 2021 2022 2021 Operating lease cost $ 0.5 $ 0.3 $ 1.1 $ 0.7 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1.0 $ 0.6 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 2.4 $ 3.2 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities for operating leases as of June 30, 2022, are as follows: (dollars in millions) Remainder of 2022 $ 0.8 2023 2.1 2024 2.1 2025 0.5 2026 — Total lease payments 5.5 Less: imputed interest (0.2) Total $ 5.3 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consisted of the following: (dollars in millions) June 30, December 31, Accounts payable $ 12.3 $ 31.3 Accrued liabilities Research and development expenses 18.9 9.5 Employee expenses 8.7 12.4 Professional fees and other 2.2 1.2 Total accounts payable and accrued liabilities $ 42.1 $ 54.4 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Minimum Future Payments on Long-Term Debt | Minimum future principal payments on long-term debt for the years ending December 31 are as follows: (dollars in millions) 2023 $ — 2024 0.2 2025 0.2 2026 0.2 2027 0.2 2028 0.2 Total $ 1.0 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted | The fair value of the stock options granted during the six months ended June 30, 2022 and 2021 was determined using the Black-Scholes option pricing model with the following assumptions: June 30, June 30, Expected volatility 73.2 - 76.0% 75.9 - 78.0% Expected term (years) 5.5 - 7.0 5.5 - 7.0 Risk free interest rate 1.5% - 3.3% 0.5% - 1.2% Expected dividend yield 0 % 0 % Exercise price $36.79 - $78.91 $66.82 - $82.21 |
Summary of Stock Option Activity | A summary of the stock option activity under the 2018 Plan during the six months ended June 30, 2022 is presented below. These amounts include stock options granted to employees and directors. (dollars in millions, Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2021 5,343,254 $ 44.98 Granted 1,464,743 $ 62.88 Exercised (147,409) $ 17.61 Forfeited (123,827) $ 58.27 Outstanding at June 30, 2022 6,536,761 $ 49.36 8.1 $ 54.2 Exercisable at June 30, 2022 3,071,122 $ 33.89 7.1 $ 47.1 |
Summary of Restricted Stock Grant Activity | A summary of restricted stock award activity under the Incentive Plan during the six months ended June 30, 2022 is presented below. These amounts include restricted stock granted to employees and directors. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock at December 31, 2021 30,625 $ 16.00 Vested (29,305) $ 16.00 Cancelled (1,320) $ 16.00 Unvested restricted stock at June 30, 2022 — $ 16.00 A summary of restricted stock unit activity under the 2018 Plan during the six months ended June 30, 2022 is presented below. 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, 2021 88,307 $ 20.02 Granted 222,213 $ 63.03 Vested (38,490) $ 19.36 Cancelled (5,114) $ 35.21 Unvested restricted stock units at June 30, 2022 266,916 $ 55.63 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss per Common Share | Basic and diluted loss per common share was calculated as follows: For the Three Months Ended For the Six Months Ended (dollars and shares in millions, except per common share amounts) 2022 2021 2022 2021 Net loss $ (70.0) $ (50.3) $ (133.4) $ (91.3) Weighted average number of common shares outstanding - basic and diluted 53.2 48.9 53.1 48.7 Net loss per common share - basic and diluted $ (1.32) $ (1.03) $ (2.51) $ (1.87) |
Securities Excluded From Computation of Diluted Net Loss Per Common Share | The Company reported net losses for each of the three and six months ended June 30, 2022 and 2021, and therefore excluded all stock options, restricted stock awards and restricted stock units from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below: For the For the Three and Six Months Ended (shares in millions) 2022 2021 Stock options 6.5 5.4 Restricted stock awards — 0.1 Restricted stock units 0.3 0.1 6.8 5.6 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Details) $ in Billions | Jun. 30, 2022 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, cash equivalents, restricted cash and marketable securities | $ 1.3 |
Research Collaboration and Li_3
Research Collaboration and License Agreements - Additional Information (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2017 USD ($) Target | Jun. 30, 2022 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2019 USD ($) | |
Research Collaboration And License Agreements [Line Items] | |||||||||
Collaboration contract asset and other assets | $ 11,700,000 | $ 12,500,000 | $ 0 | $ 0 | |||||
Pfizer, Inc. | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Upfront non-refundable payment and certain additional payments received | 3,500,000 | $ 28,000,000 | |||||||
Pfizer, Inc. | Collaboration Agreement | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Contract revenue receivable if milestones achieved or options for all targets exercised | $ 650,000,000 | ||||||||
Collaboration agreement direct and incremental costs incurred | 12,900,000 | ||||||||
Collaboration contract asset and other assets | 12,900,000 | ||||||||
Pfizer, Inc. | Regulatory and Sales-Based Milestones | Maximum | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Contract revenue receivable if milestones achieved or options for all targets exercised | 1,400,000,000 | ||||||||
Pfizer, Inc. | Regulatory Milestone Related to Marketing Approvals | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Contract revenue receivable if milestones achieved or options for all targets exercised | 400,000,000 | ||||||||
Pfizer, Inc. | Sales-Based Milestones | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Contract revenue receivable if milestones achieved or options for all targets exercised | $ 1,000,000,000 | ||||||||
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 | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Upfront non-refundable payment and certain additional payments received | 0 | ||||||||
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 Payments To License Agreement | Maximum | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Contract revenue receivable if milestones achieved or options for all targets exercised | 37,500,000 | ||||||||
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 | 10,500,000 | ||||||||
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 | $ 12,000,000 | ||||||||
Bayer Collaboration Agreement | Development Milestone Payments | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Upfront non-refundable payment and certain additional payments received | 0 | ||||||||
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 | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Upfront non-refundable payment and certain additional payments received | 0 | ||||||||
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 | ||||||||
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 | ||||||||
Additional upfront non-refundable amount received under previous agreement | $ 11,000,000 | ||||||||
Number of designated targets | Target | 10 | ||||||||
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Regulatory Milestone Related to Marketing Approvals | |||||||||
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. | 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 To License Agreement | 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. | Commercial Milestones | |||||||||
Research Collaboration And License Agreements [Line Items] | |||||||||
Contract revenue receivable if milestones achieved or options for all targets exercised | 60,000,000 | ||||||||
Upfront non-refundable payment and certain additional payments received | $ 0 |
Research Collaboration and Li_4
Research Collaboration and License Agreements - Summary of Contract Balances (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounts receivable | ||
Beginning balance | $ 15 | $ 0 |
Additions | 1.4 | 0 |
Payments received | (15) | 0 |
Ending balance | 1.4 | 0 |
Contract assets: Collaboration contract asset | ||
Beginning balance | 12.5 | 0 |
Amortization | (0.8) | 0 |
Ending balance | 11.7 | 0 |
Contract liabilities: Deferred revenue | ||
Beginning balance | 740.5 | 45.1 |
Revenue recognized from balances held at the beginning of the period | (55.5) | (11.1) |
Additions to collaboration agreements | 3 | 3 |
Ending balance | $ 688 | $ 37 |
Research Collaboration and Li_5
Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 688 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 101.1 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 6 months |
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 | $ 190 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 136.5 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 100.4 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 63.4 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 34.1 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 62.5 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements - Summary of Available-for-Sale Marketable Securities (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 1,272 | $ 1,398.9 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (22) | (4.6) |
Fair Value | 1,250 | 1,394.3 |
Corporate Bonds Maturing 2022-2023 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 824.5 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (8) | |
Fair Value | 816.5 | |
Corporate Bonds Maturing 2023-2025 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 363.3 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (13) | |
Fair Value | 350.3 | |
Corporate Bonds Maturing 2022 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 784 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (0.7) | |
Fair Value | 783.3 | |
Corporate Bonds Maturing 2023-2024 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 582.5 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (3.8) | |
Fair Value | 578.7 | |
Government Securities Maturing 2022-2023 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 79.9 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (0.8) | |
Fair Value | 79.1 | |
Government Securities Maturing 2023-2024 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 4.3 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (0.2) | |
Fair Value | $ 4.1 | |
Government Securities Maturing 2022 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 32.4 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (0.1) | |
Fair Value | $ 32.3 |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 27.3 | $ 23.4 |
Less: accumulated depreciation and amortization | (13.7) | (10.7) |
Property, equipment and leasehold improvements, net | 13.6 | 12.7 |
Laboratory equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | 15.8 | 13.6 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | 10 | 8.4 |
Office equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 1.5 | $ 1.4 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 1.5 | $ 1.2 | $ 3 | $ 2.3 |
Right-of-Use Assets and Liabi_3
Right-of-Use Assets and Liabilities - Additional Information (Details) ft² in Thousands, $ in Millions | 1 Months Ended | |
May 31, 2021 USD ($) ft² | Jun. 30, 2022 | |
Lessee Lease Description [Line Items] | ||
Lease for laboratory and office space | ft² | 160 | |
Base rent lease term (in years) | 10 years | |
Operating lease, weighted average remaining lease term (in years) | 2 years 7 months 6 days | |
Letter of Credit | Asset Pledged as Collateral | ||
Lessee Lease Description [Line Items] | ||
Letter of credit for collateralized by certificate of deposit | $ 4.5 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Percentage of incremental borrowing for lease payments | 3% | |
Base rent | 7.7 | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Percentage of incremental borrowing for lease payments | 4.10% | |
Base rent | $ 8.8 |
Right-of-Use Assets and Liabi_4
Right-of-Use Assets and Liabilities - Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 0.5 | $ 0.3 | $ 1.1 | $ 0.7 |
Right-of-Use Assets and Liabi_5
Right-of-Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1 | $ 0.6 |
Supplemental non-cash information: | ||
Right-of-use assets obtained in exchange for new lease obligations | $ 2.4 | $ 3.2 |
Right-of-Use Assets and Liabi_6
Right-of-Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 0.8 |
2023 | 2.1 |
2024 | 2.1 |
2025 | 0.5 |
2026 | 0 |
Total lease payments | 5.5 |
Less: imputed interest | (0.2) |
Total | $ 5.3 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 12.3 | $ 31.3 |
Accrued liabilities | ||
Research and development expenses | 18.9 | 9.5 |
Employee expenses | 8.7 | 12.4 |
Professional fees and other | 2.2 | 1.2 |
Total accounts payable and accrued liabilities | $ 42.1 | $ 54.4 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2014 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Loan forgiveness | $ 0 | $ 1 | |||
Long term debt | $ 1 | $ 1 | |||
2018 Assistance Agreement | State of Connecticut | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 2 | ||||
Loan forgiveness | $ 1 | ||||
Debt instrument bearing interest rate | 3.25% | ||||
Debt instrument interest payments term (in months) | 60 months | ||||
Percentage of liquidated damages | 7.50% | ||||
2014 Assistance Agreement | State of Connecticut | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 2.5 | ||||
Percentage of liquidated damages | 7.50% |
Long-Term Debt - Schedule of Mi
Long-Term Debt - Schedule of Minimum Future Payments on Long-Term Debt (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 0 |
2024 | 0.2 |
2025 | 0.2 |
2026 | 0.2 |
2027 | 0.2 |
2028 | 0.2 |
Total | $ 1 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jan. 01, 2022 | Jan. 01, 2021 | Jan. 01, 2020 | Mar. 31, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | Aug. 31, 2021 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Weighted-average grant date fair value of options (in dollars per share) | $ 41.41 | ||||||||||
Intrinsic value of options exercised | $ 7.1 | ||||||||||
Incentive Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Incentive units authorized for issuance (in shares) | 6,199,477 | ||||||||||
Incentive Plan | Employee | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Compensation expense | $ 20 | $ 14.6 | 36.6 | $ 24.9 | |||||||
Compensation expense not yet recognized | $ 84.3 | $ 84.3 | |||||||||
Compensation expense not yet recognized, period of recognition (in years) | 2 years | ||||||||||
2018 Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock reserved for issuance (in shares) | 4,067,007 | ||||||||||
Common stock, shares remained available for purchase (in shares) | 2,589,218 | 2,589,218 | |||||||||
Annual increase in reserved shares as percentage of outstanding common stock | 4% | ||||||||||
Stock options vested and expected to vest (in shares) | 6,211,843 | 6,211,843 | |||||||||
Restricted stock units vested and expected to vest (in shares) | 221,552 | 221,552 | |||||||||
Minimum | Incentive Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Share-based award, vesting period (in years) | 1 year | ||||||||||
Minimum | 2018 Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Annual increase in reserved shares of common stock (in shares) | 4,989,593 | ||||||||||
Maximum | Incentive Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock reserved for issuance (in shares) | 1,277,181 | ||||||||||
Share-based award, vesting period (in years) | 4 years | ||||||||||
2018 ESPP | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock reserved for issuance (in shares) | 311,850 | ||||||||||
Common stock reserved for issuance represented as percentage on outstanding common stock | 1% | 1% | 1% | ||||||||
Common stock, shares remained available for purchase (in shares) | 2,005,714 | 2,005,714 | |||||||||
Common stock, shares issued (in shares) | 5,749 | 12,050 | |||||||||
Common | Equity Distribution Agreement | At-the-Market Offering | Piper Sandler and Cantor | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock aggregate offering price | $ 300 | ||||||||||
Shares issued and sold (in shares) | 0 |
Equity - Schedule of Assumption
Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock options - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility, minimum | 73.20% | 75.90% |
Expected volatility, maximum | 76% | 78% |
Risk free interest rate, minimum | 1.50% | 0.50% |
Risk free interest rate, maximum | 3.30% | 1.20% |
Expected dividend yield | 0% | 0% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years 6 months | 5 years 6 months |
Exercise price (in dollars per share) | $ 36.79 | $ 66.82 |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 7 years | 7 years |
Exercise price (in dollars per share) | $ 78.91 | $ 82.21 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Option Activity (Details) - 2018 Plan - Employees and Directors - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2022 | |
Options | |
Beginning balance (in shares) | 5,343,254 |
Granted (in shares) | 1,464,743 |
Exercised (in shares) | (147,409) |
Forfeited (in shares) | (123,827) |
Ending balance (in shares) | 6,536,761 |
Exercisable, ending balance (in shares) | 3,071,122 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ 44.98 |
Granted (in dollars per share) | 62.88 |
Exercised (in dollars per share) | 17.61 |
Forfeited (in dollars per share) | 58.27 |
Ending balance (in dollars per share) | 49.36 |
Exercisable (in dollars per share) | $ 33.89 |
Weighted Average Remaining Contractual Term (Years) | |
Outstanding (in years) | 8 years 1 month 6 days |
Exercisable (in years) | 7 years 1 month 6 days |
Aggregate Intrinsic Value | |
Outstanding | $ 54.2 |
Exercisable | $ 47.1 |
Equity - Summary of Restricted
Equity - Summary of Restricted Stock Grant Activity (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Incentive Plan | Restricted stock awards | Employees and Directors | |
Shares | |
Beginning balance (in shares) | shares | 30,625 |
Vested (in shares) | shares | (29,305) |
Cancelled (in shares) | shares | (1,320) |
Ending balance (in shares) | shares | 0 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 16 |
Vested (in dollars per share) | $ / shares | 16 |
Cancelled (in dollars per share) | $ / shares | 16 |
Ending balance (in dollars per share) | $ / shares | $ 16 |
2018 Plan | Restricted stock units | Employees | |
Shares | |
Beginning balance (in shares) | shares | 88,307 |
Granted (in shares) | shares | 222,213 |
Vested (in shares) | shares | (38,490) |
Cancelled (in shares) | shares | (5,114) |
Ending balance (in shares) | shares | 266,916 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 20.02 |
Granted (in dollars per share) | $ / shares | 63.03 |
Vested (in dollars per share) | $ / shares | 19.36 |
Cancelled (in dollars per share) | $ / shares | 35.21 |
Ending balance (in dollars per share) | $ / shares | $ 55.63 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 3.4 | $ 0 | $ 7.9 | $ 0 |
Effective tax rate, percentage | 5.20% | 0% | 6.30% | 0% |
Federal statutory rate, percentage | 21% | 21% | 21% | 21% |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (70) | $ (50.3) | $ (133.4) | $ (91.3) |
Weighted average number of common shares outstanding, basic (in shares) | 53.2 | 48.9 | 53.1 | 48.7 |
Weighted average number of common shares outstanding, diluted (in shares) | 53.2 | 48.9 | 53.1 | 48.7 |
Net loss per common share - basic (in dollars per share) | $ (1.32) | $ (1.03) | $ (2.51) | $ (1.87) |
Net loss per common share - diluted (in dollars per share) | $ (1.32) | $ (1.03) | $ (2.51) | $ (1.87) |
Net Loss Per Share - Securities
Net Loss Per Share - Securities Excluded From Computation of Diluted Net Loss Per Common Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per common share (in shares) | 6.8 | 5.6 | 6.8 | 5.6 |
Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per common share (in shares) | 6.5 | 5.4 | 6.5 | 5.4 |
Restricted stock awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per common share (in shares) | 0 | 0.1 | 0 | 0.1 |
Restricted stock units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per common share (in shares) | 0.3 | 0.1 | 0.3 | 0.1 |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Net loss | $ 133,400,000 | $ 91,300,000 | |||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Net loss | $ 5,300,000 | $ 3,400,000 | 10,200,000 | 6,100,000 | |
Oerth | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investments | 0 | 0 | 0 | 0 | |
Loss from equity method investment | 0 | 0 | 0 | 0 | |
Oerth | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Operating expenses | $ 5,300,000 | $ 3,400,000 | $ 10,200,000 | $ 6,100,000 | |
Bayer LP | Oerth | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest in joint venture | 50% |