Absci (ABSI) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40646
Entity Registrant Name	ABSCI CORP
Entity Incorporation, State	DE
Entity Tax Identification Number	85-3383487
Entity Address, Street	18105 SE Mill Plain Blvd
Entity Address, City	Vancouver
Entity Address, State	WA
Entity Address, Postal Zip Code	98683
City Area Code	360
Local Phone Number	949-1041
Title of each class	Common Stock. $0.0001 par value
Trading Symbol(s)	ABSI
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		92,710,954
Amendment Flag	false
Current Fiscal Year End	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001672688

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 61,048	$ 59,955
Restricted cash	15,066	15,023
Short-term investments	63,539	104,476
Receivables under development arrangements, net	3,157	1,550
Prepaid expenses and other current assets	5,227	5,859
Total current assets	148,037	186,863
Operating lease right-of-use assets	4,886	5,319
Property and equipment, net	47,850	52,723
Intangibles, net	49,938	51,622
Goodwill	0	21,335
Restricted cash, long-term	1,902	1,864
Other long-term assets	1,540	1,282
TOTAL ASSETS	254,153	321,008
Current liabilities:
Accounts payable	1,851	2,412
Accrued expenses	16,713	20,481
Long-term debt	3,145	2,946
Operating lease obligations	1,734	1,690
Financing lease obligations	1,541	2,296
Deferred revenue	500	445
Total current liabilities	25,484	30,270
Long-term debt - net of current portion	6,378	7,984
Operating lease obligations - net of current portion	6,423	7,317
Finance lease obligations - net of current portion	246	750
Deferred tax, net	223	238
Other long-term liabilities	0	35
TOTAL LIABILITIES	38,754	46,594
Commitments (See Note 8)
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 92,590,593 and 92,411,103 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	9	9
Additional paid-in capital	576,492	570,454
Accumulated deficit	(360,956)	(295,929)
Accumulated other comprehensive loss	(146)	(120)
TOTAL STOCKHOLDERS' EQUITY	215,399	274,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 254,153	$ 321,008

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	92,590,593	92,411,103
Common stock, shares, outstanding (in shares)	92,590,593	92,411,103

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Technology development revenue	$ 3,367	$ 636	$ 4,636	$ 1,090
Collaboration revenue	0	366	0	731
Total revenues	3,367	1,002	4,636	1,821
Operating expenses
Research and development	12,112	16,241	24,769	32,068
Selling, general and administrative	9,410	10,507	19,003	21,396
Depreciation and amortization	3,498	3,141	7,002	6,047
Goodwill impairment	21,335	0	21,335	0
Total operating expenses	46,355	29,889	72,109	59,511
Operating loss	(42,988)	(28,887)	(67,473)	(57,690)
Other income (expense)
Interest expense	(256)	(211)	(577)	(406)
Other income, net	1,583	148	3,041	273
Total other income (expense), net	1,327	(63)	2,464	(133)
Loss before income taxes	(41,661)	(28,950)	(65,009)	(57,823)
Income tax (expense) benefit	(11)	270	(18)	(351)
Net loss	$ (41,672)	$ (28,680)	$ (65,027)	$ (58,174)
Net loss per share: basic (in usd per share)	$ (0.45)	$ (0.32)	$ (0.71)	$ (0.64)
Net loss per share: diluted (in usd per share)	$ (0.45)	$ (0.32)	$ (0.71)	$ (0.64)
Weighted-average common shares outstanding: basic (in shares)	91,827,780	90,669,499	91,654,578	90,471,950
Weighted-average common shares outstanding: diluted (in shares)	91,827,780	90,669,499	91,654,578	90,471,950
Comprehensive loss:
Net loss	$ (41,672)	$ (28,680)	$ (65,027)	$ (58,174)
Foreign currency translation adjustments	(42)	(40)	(56)	(50)
Unrealized (loss) gain on investments	(9)	2	30	2
Comprehensive loss	$ (41,723)	$ (28,718)	$ (65,053)	$ (58,222)
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]			License and Service [Member]

UNAUDITED STATEMENTS OF CHANGES

UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		92,648,036
Beginning balance at Dec. 31, 2021	$ 366,107	$ 9	$ 557,136	$ (191,025)	$ (13)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		187,151
Issuance of shares under stock plans, net of shares withheld for tax payments	213		213
Stock-based compensation	3,680		3,680
Foreign currency translation adjustments	(10)				(10)
Net loss	(29,494)			(29,494)
Ending balance (in shares) at Mar. 31, 2022		92,835,187
Ending balance at Mar. 31, 2022	340,496	$ 9	561,029	(220,519)	(23)
Beginning balance (in shares) at Dec. 31, 2021		92,648,036
Beginning balance at Dec. 31, 2021	366,107	$ 9	557,136	(191,025)	(13)
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustments	(50)
Unrealized (loss) gain on investments	2
Net loss	(58,174)
Ending balance (in shares) at Jun. 30, 2022		92,780,988
Ending balance at Jun. 30, 2022	316,193	$ 9	565,444	(249,199)	(61)
Beginning balance (in shares) at Mar. 31, 2022		92,835,187
Beginning balance at Mar. 31, 2022	340,496	$ 9	561,029	(220,519)	(23)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		195,418
Issuance of shares under stock plans, net of shares withheld for tax payments	215		215
Stock-based compensation	4,200		4,200
Forfeiture of common stock (in shares)		(249,618)
Foreign currency translation adjustments	(40)				(40)
Unrealized (loss) gain on investments	2				2
Other (in shares)		1
Net loss	(28,680)			(28,680)
Ending balance (in shares) at Jun. 30, 2022		92,780,988
Ending balance at Jun. 30, 2022	$ 316,193	$ 9	565,444	(249,199)	(61)
Beginning balance (in shares) at Dec. 31, 2022	92,411,103	92,411,103
Beginning balance at Dec. 31, 2022	$ 274,414	$ 9	570,454	(295,929)	(120)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		171,899
Issuance of shares under stock plans, net of shares withheld for tax payments	229		229
Stock-based compensation	2,652		2,652
Forfeiture of common stock (in shares)		(101,030)
Foreign currency translation adjustments	(14)				(14)
Unrealized (loss) gain on investments	39				39
Net loss	(23,355)			(23,355)
Ending balance (in shares) at Mar. 31, 2023		92,481,972
Ending balance at Mar. 31, 2023	$ 253,965	$ 9	573,335	(319,284)	(95)
Beginning balance (in shares) at Dec. 31, 2022	92,411,103	92,411,103
Beginning balance at Dec. 31, 2022	$ 274,414	$ 9	570,454	(295,929)	(120)
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustments	(56)
Unrealized (loss) gain on investments	30
Net loss	$ (65,027)
Ending balance (in shares) at Jun. 30, 2023	92,590,593	92,590,593
Ending balance at Jun. 30, 2023	$ 215,399	$ 9	576,492	(360,956)	(146)
Beginning balance (in shares) at Mar. 31, 2023		92,481,972
Beginning balance at Mar. 31, 2023	253,965	$ 9	573,335	(319,284)	(95)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		108,621
Issuance of shares under stock plans, net of shares withheld for tax payments	116		116
Stock-based compensation	3,041		3,041
Foreign currency translation adjustments	(42)				(42)
Unrealized (loss) gain on investments	(9)				(9)
Net loss	$ (41,672)			(41,672)
Ending balance (in shares) at Jun. 30, 2023	92,590,593	92,590,593
Ending balance at Jun. 30, 2023	$ 215,399	$ 9	$ 576,492	$ (360,956)	$ (146)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash Flows From Operating Activities
Net loss	$ (41,672)	$ (23,355)	$ (28,680)	$ (29,494)	$ (65,027)	$ (58,174)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,498		3,141		7,002	6,047
Deferred income taxes					(15)	342
Stock-based compensation					5,693	7,949
Goodwill impairment	21,335		0		21,335	0
Accretion of discount on short-term investments					(1,646)	0
Other					(615)	645
Changes in operating assets and liabilities:
Receivables under development arrangements					(1,584)	1,115
Prepaid expenses and other current assets					632	1,701
Operating lease right-of-use assets and liabilities					(417)	(277)
Other long-term assets					(78)	(47)
Accounts payable					(885)	659
Accrued expenses and other liabilities					(3,803)	(5,132)
Deferred revenue					55	1,444
Net cash used in operating activities					(39,353)	(43,728)
Cash Flows From Investing Activities
Purchases of property and equipment					(536)	(10,745)
Acquisitions, net of cash acquired					0	(8,000)
Investment in short-term investments					(92,627)	0
Proceeds from maturities of short-term investments					135,897	0
Proceeds from sales of property and equipment					117	15
Proceeds from property insurance settlements					0	650
Net cash provided by (used in) investing activities					42,851	(18,080)
Cash Flows From Financing Activities
Proceeds from issuance of long-term debt					0	9,407
Principal payments on long-term debt					(1,407)	(3,698)
Principal payments on finance lease obligations					(1,262)	(1,372)
Proceeds from issuance of common stock, net of issuance costs					345	428
Net cash (used in) provided by financing activities					(2,324)	4,765
Net increase (decrease) in cash, cash equivalents, and restricted cash					1,174	(57,043)
Cash, cash equivalents and restricted cash - Beginning of year		$ 76,842		$ 279,926	76,842	279,926	$ 279,926
Cash, cash equivalents, and restricted cash - End of period	$ 78,016		$ 222,883		78,016	222,883	$ 76,842
Supplemental Disclosure of Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities					1,206	1,141
Property and equipment purchases included in accounts payable					267	1,990
Deferred offering costs included in accounts payable					$ 180	$ 0

Organization and nature of oper

Organization and nature of operations	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operations Absci Corporation (the “Company”) is a generative AI drug creation company harnessing deep learning and synthetic biology to expand the therapeutic potential of proteins. Absci leverages its integrated drug creation platform (the “Integrated Drug Creation Platform”) to identify novel drug targets and create promising biotherapeutic candidates. The Company was organized in the State of Oregon in August 2011 as a limited liability company and converted to a limited liability company (“LLC”) in Delaware in April 2016. In October 2020, the Company converted from a Delaware LLC to a Delaware corporation. The Company’s headquarters are located in Vancouver, Washington. Unaudited interim financial information The Company prepared its interim condensed consolidated financial statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in its Annual Report on Form 10-K for the year ended December 31, 2022. The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from its estimates. The interim financial information is unaudited and reflects all normal adjustments that are, in the Company’s opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 where the Company includes additional information about its critical accounting estimates.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The condensed consolidated financial statements are prepared in accordance with U.S. GAAP as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the Company’s wholly-owned subsidiaries and entities under its control. The Company has eliminated all intercompany transactions and accounts. There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 30, 2023.

Revenue recognition

Revenue recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition Contract balances Contract assets are generated when contractual billing schedules differ from revenue recognition timing and the Company records a contract asset when it has an unconditional right to consideration. As of June 30, 2023 and December 31, 2022, contract assets were $0.9 million and $1.1 million, respectively. Contract liabilities are recorded in deferred revenue when cash payments are received or due in advance of the satisfaction of performance obligations. As of June 30, 2023 and December 31, 2022, contract liabilities were $0.5 million and $0.4 million, respectively. During the three and six months ended June 30, 2023, the Company recognized $0.3 million and $0.4 million, respectively, as revenue that had been included in deferred revenue at the beginning of the period. During the three and six months ended June 30, 2022, the Company recognized $0.4 million and $0.8 million, respectively, as revenue that had been included in deferred revenue at the beginning of the period.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Investments	InvestmentsCash equivalents, marketable securities and deposits are classified as available-for-sale and are, therefore, recorded at fair value on the condensed consolidated balance sheet, with any unrealized gains and losses reported in accumulated other comprehensive income (loss), which is reflected as a separate component of stockholders’ equity in the Company’s condensed consolidated balance sheet, until realized. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The amortized cost and fair value of investments are as follows (in thousands): June 30, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 23 $ — $ — $ 23 U.S. treasury bills 63,550 3 (14) 63,539 Total $ 63,573 $ 3 $ (14) $ 63,562 Classified as: Cash equivalents $ 23 Short-term investments 63,539 Long-term investments — Total $ 63,562 December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 5,050 $ — $ — $ 5,050 Certificates of deposit 27,740 — — 27,740 U.S. treasury bills 76,777 2 (43) 76,736 Total $ 109,567 $ 2 $ (43) $ 109,526 Classified as: Cash equivalents $ 5,050 Short-term investments 104,476 Long-term investments — Total $ 109,526 Investments held as of June 30, 2023 consist of cash equivalents with contractual maturities of three months or less and U.S. treasury bills with original maturities between three and seven months. Proceeds from maturities of short-term investments were $93.9 million and $135.9 million for the three and six months ended June 30, 2023, respectively. There were no proceeds from maturities of short-term investments for the three and six months ended June 30, 2022. There were no realized gains and losses on securities for the three and six months ended June 30, 2023 and June 30, 2022. Unrealized gains and losses on securities were primarily due to changes in interest rates. The fair values of investments in an unrealized loss position are as follows (in thousands): June 30, 2023 Less than 12 Months 12 Months or Greater Fair value Unrealized loss Fair value Unrealized loss U.S. treasury bills $ 48,550 $ (14) $ — $ — Total $ 48,550 $ (14) $ — $ — December 31, 2022 Less than 12 Months 12 Months or Greater Fair value Unrealized loss Fair value Unrealized loss U.S. treasury bills $ 61,845 $ (43) $ — $ — Total $ 61,845 $ (43) $ — $ — The Company does not intend to sell securities that are in an unrealized loss position and believes that it is not more likely than not that it will be required to sell these securities before recovery of amortized cost.

Property and equipment, net

Property and equipment, net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and equipment, net	Property and equipment, net Property and equipment consist of the following (in thousands): June 30, December 31, 2023 2022 Construction in progress $ — $ 293 Lab Equipment 34,451 34,168 Software 298 298 Furniture, Fixtures and Other 6,378 6,307 Leasehold Improvements 27,048 26,860 Total Cost 68,175 67,926 Less accumulated depreciation and amortization (20,325) (15,203) Property and equipment, net $ 47,850 $ 52,723 Depreciation expense was $2.7 million and $5.3 million for the three and six months ended June 30, 2023, respectively. Depreciation expense was $2.3 million and $4.4 million for the three and six months ended June 30, 2022, respectively. For details regarding the interim impairment assessment performed for long-lived assets see Note 6: Goodwill and Intangibles, net.

Goodwill and intangibles, net

Goodwill and intangibles, net	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangibles, net	Goodwill and intangibles, net Goodwill is tested for impairment on an annual basis in the fourth quarter, or sooner if an indicator of impairment exists. The Company may elect to first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of goodwill at the reporting unit level is less than the carrying amount. The qualitative assessment includes consideration of relevant events and circumstances that would affect the Company’s single reporting unit, including macroeconomic, industry and market conditions, overall financial performance, and trends in the market price of the Company’s common stock. The Company performed an interim qualitative impairment assessment of goodwill as of June 30, 2023 and concluded that the duration and extent of the sustained decline in the Company’s stock price and resulting market capitalization below cash and short-term investments for a period of time within the three months ended June 30, 2023 are indicators of impairment that trigger a quantitative assessment. The Company performed a quantitative impairment evaluation of goodwill as of June 30, 2023 utilizing both income and market approaches. The income approach utilized the estimated discounted cash flows for the single reporting unit while the market approach utilized comparable company information. The fair value of equity was derived using a discount rate commensurate with the related risk and an estimate of a control premium applied to the Company’s implied enterprise value. The discounted cash flow method requires significant judgments, including estimation of future cash flows, which is dependent on internally developed forecasts, estimation of the long-term rate of growth for the business, and determination of weighted average cost of capital. The models used to estimate the fair value of the single reporting unit are reflective of significant assumptions, including the following: • Forecasted revenues from current and future programs; • Probability of the Company’s partners electing licensing options for clinical development, clinical success, and obtaining regulatory approval; • Forecasted research and development and general and administrative expenses to sustain forecasted program growth which are reflective of efficiencies gained as the business and platform evolve; • A discount rate reflecting the Company’s weighted average cost of capital and specific entity risk; and • A control premium based upon recently observed transactions in technology platform-based companies in the life science industry. The estimates and assumptions used to determine fair value include determinations that are categorized as Level 3 in the fair value hierarchy due to use of internal projections and unobservable measurement inputs. The assumptions used in our impairment analysis are inherently subject to uncertainty and the Company notes that small changes in these assumptions could have a significant impact on the concluded value. In order to further validate the reasonableness of the fair value concluded for the reporting unit, a reconciliation to market capitalization was performed by estimating a reasonable implied control premium and other market factors. The control premium was estimated based upon control premiums observed in recent comparable market transactions. The Company reconciled the estimated fair value of the reporting unit utilizing the market capitalization based on the stock price as of June 30, 2023. The Company concluded the fair value of the single reporting unit was less than its carrying value and that the Company’s recorded goodwill was fully impaired as of June 30, 2023. The Company recognized a non-cash, pre-tax goodwill impairment charge of $21.3 million during the three months ended June 30, 2023 reported as goodwill impairment on the unaudited condensed consolidated statement of operations and comprehensive loss. Goodwill assets are as follows (in thousands): June 30, 2023 December 31, 2022 Gross Assets Accumulated Impairment Net Gross Assets Accumulated Impairment Net Goodwill $ 21,335 $ (21,335) $ — $ 21,335 $ — $ 21,335 In conjunction with, and in advance of, the interim test of goodwill of the single reporting unit, the Company also performed an interim qualitative impairment assessment of long-lived assets as of June 30, 2023 which indicated that the carrying amount of the long-lived assets might not be recoverable. To test these long-lived assets for recoverability, the Company compared the estimated future cash flows (on an undiscounted basis) to be generated from the use and residual value of the entity-wide asset group to its carrying value and concluded that the long-lived assets were not impaired as of June 30, 2023. It is reasonably possible that changes in future operating results, cash flows, or market capitalization, as well as future changes related to the asset group may result in the need to write down the asset group to fair value. The Company will continue to monitor for events occurring or circumstances changing which may suggest that long-lived assets should be reevaluated. Intangible assets are as follows (in thousands): June 30, 2023 December 31, 2022 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Denovium Engine 2,507 (1,225) 1,282 2,507 (975) 1,532 Monoclonal antibody library 46,300 (4,797) 41,503 46,300 (3,640) 42,660 Developed software platform and the related methods patents 8,300 (1,147) 7,153 8,300 (870) 7,430 Intangible assets, net $ 57,107 $ (7,169) $ 49,938 $ 57,107 $ (5,485) $ 51,622 Amortization expense related to intangible assets was $0.8 million for the three months ended June 30, 2023 and 2022 and $1.7 million for the six months ended June 30, 2023 and 2022 and is reflected within depreciation and amortization expense on the condensed consolidated statement of operations and comprehensive loss. Future amortization expense for the Company’s intangible assets as of June 30, 2023 are estimated as follows (in thousands): Years Ending December 31: 2023 (six months remaining) $ 1,686 2024 3,370 2025 3,370 2026 2,897 2027 2,868

Long-term debt and other borrow

Long-term debt and other borrowings	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term debt and other borrowings	Long-term debt and other borrowings Equipment financing In 2022, the Company received a total of $12.0 million of proceeds from equipment financing arrangements. Terms of the agreements require monthly payments over 42-48 month maturities with imputed interest rates ranging from 8%-10%. All outstanding principal and accrued and unpaid interest are due and payable at maturity. These loans are secured by certain tangible assets of the Company, include certain financial covenants, and contain subjective acceleration clauses that allow for outstanding amounts under the agreement to become immediately due in the event of a material adverse change in the Company's business condition or change in control. The Company was in compliance with all applicable financial covenants as of June 30, 2023. The carrying amount of the long-term debt approximates fair value.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingenciesAs of June 30, 2023, future lease payments are secured by irrevocable standby letters of credit totaling $1.9 million. The irrevocable standby letters of credit are expected to be pledged for the full lease terms which extend through 2024 and 2028 for each of the Company’s facility leases.The Company is not currently party to any material claims or legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss or a potential range of loss is both probable and reasonably estimable.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation The Company grants stock options, restricted stock units, and stock appreciation rights (“SARs”) under the 2021 Stock Option and Incentive Plan (“2021 Plan”) as awards to incentivize employee service. On January 1, 2023, the number of shares of common stock reserved for future issuance under the 2021 Plan was increased by 4,620,555 shares pursuant to an automatic annual increase. As of June 30, 2023, 7,756,018 shares were available for issuance under the 2021 Plan. Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Research and development 1,243 1,697 $ 2,436 $ 3,120 Selling, general and administrative 1,811 2,550 3,284 4,906 Total stock-based compensation expense $ 3,054 $ 4,247 $ 5,720 $ 8,026 Stock options Stock options generally vest 25% after one year from the date of the grant with the remainder vesting monthly over the following three-year period. Certain options have alternative vesting schedules including ratably over 1-4 years and immediate vesting. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for stock options is shown below: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands $) Outstanding at December 31, 2022 11,429,399 $ 4.49 8.4 $ 2,949 Granted 7,244,685 2.03 Exercised (161,983) 1.10 86 Canceled/Forfeited (1,399,292) 4.13 Expired (91,939) 6.72 Outstanding at June 30, 2023 17,020,870 3.50 8.6 1,111 Exercisable at June 30, 2023 4,250,026 $ 4.07 6.7 $ 888 Vested and expected to vest as of June 30, 2023 17,020,870 $ 3.50 8.6 $ 1,111 The aggregate intrinsic value of outstanding stock options as of June 30, 2023 was calculated based on the fair value of common stock of $1.52 per share. The weighted-average grant date fair value of stock options granted during the three and six months ended June 30, 2023 was $1.18 and $1.44, respectively, per share. The weighted-average grant date fair value of stock options granted during the three and six months ended June 30, 2022 was $3.16 and $4.21, respectively, per share. The aggregate grant date fair value of options vested during the three and six months ended June 30, 2023 was $2.4 million and $6.0 million, respectively. The aggregate grant date fair value of options vested during the three and six months ended June 30, 2022 was $5.0 million and $5.8 million, respectively. As of June 30, 2023, total unrecognized stock-based compensation related to stock options was $26.8 million, which the Company expects to recognize over a remaining weighted average period of 2.8 years. Determination of fair value The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Expected term (in years) 5.5-6.1 5.5-6.8 5.3-6.1 5.5-7.0 Volatility 80% 63%-64% 79%-80% 63%-67% Risk-free interest rate 3.5%-4.0% 2.5%-3.0% 3.4%-4.2% 0.8%-3.0% Dividend Yield —% —% —% —% Restricted stock Activity for the shares of restricted stock is shown below: Number of shares Unvested as of December 31, 2022 1,013,308 Forfeitures (101,030) Vested (321,569) Unvested as of June 30, 2023 590,709 As of June 30, 2023, there was $1.3 million of unrecognized compensation expense related to the outstanding shares of restricted stock expected to be recognized over a remaining weighted-average period of 1.5 years. Stock appreciation rights In January 2021, the Company issued SARs that are contingent upon a liquidity event that is not probable of occurrence; accordingly, no compensation expense has been recognized for these awards. The aggregate intrinsic value of the 394,736 SARs outstanding as of June 30, 2023 is $0.6 million based on the Company’s closing stock price of $1.52 per share as reported on the Nasdaq Global Select Market on such date. Under the Company’s 2020 Stock Option and Grant Plan and 2021 Plan, the Company has also granted a limited quantity of cash-settled SARs to certain employees and consultants based outside the United States. As of June 30, 2023, 202,570 of these SARs were outstanding with a weighted average exercise price of $4.34 per share. The fair value is remeasured at the end of each reporting period based on the Company’s stock price, with remeasurements reflected as an adjustment to compensation expense in the condensed consolidated statements of operations and comprehensive loss for such period. As of June 30, 2023 and December 31, 2022, the Company had recognized no liability for SARs classified within other long-term liabilities on the condensed consolidated balance sheets. Employee stock purchase plan In July 2021, the Company’s Board of Directors adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”), which was subsequently approved by the Company’s stockholders and became effective in connection with the Company’s initial public offering. The ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their regular compensation at a discount of 85% of the fair market value of the Company’s common stock on the first day or last day, whichever is less, of the applicable offering period, subject to any plan limitations. A total of 903,750 shares of common stock were reserved for issuance under the 2021 ESPP. On January 1, 2023, the number of shares of common stock reserved for issuance under the 2021 ESPP was increased by 924,111 shares pursuant to an automatic annual increase. As of June 30, 2023, 1,713,090 shares were available for issuance under the 2021 ESPP.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Financial Accounting Standards Board (“FASB”) has defined fair value to establish a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Debt Securities: Money market funds $ 23 $ — $ — $ 23 U.S. treasury bills 63,539 — — 63,539 Total assets $ 63,562 $ — $ — $ 63,562 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Debt Securities: Money market funds $ 5,050 $ — $ — $ 5,050 Certificates of deposit 27,740 — — 27,740 U.S. treasury bills 76,736 — — 76,736 Total assets $ 109,526 $ — $ — $ 109,526 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750 The following table provides reconciliation for all liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 (in thousands): Contingent consideration Total liabilities Balance at December 31, 2022 $ 12,750 $ 12,750 Change in fair value during 2023 — — Balance at June 30, 2023 $ 12,750 $ 12,750 We review trading activity and pricing for our available-for-sale securities as of the measurement date. The contingent consideration liability is related to the acquisition of Totient, Inc. and is included in accrued expenses on the condensed consolidated balance sheet as of June 30, 2023. The fair value estimate is based on a probability-weighted approach. Changes in fair value of the contingent consideration liability are included within research and development expense on the condensed consolidated statement of operations. The contingent consideration of $15.0 million held in escrow shall be paid upon the achievement of specific milestones and is included in restricted cash on the condensed consolidated balance sheet as of June 30, 2023. There are significant judgments, assumptions and estimates inherent in the determination of the fair value of each of the instruments described above. In the future, depending on the valuation approaches used and the expected timing and weighting of each, the inputs described above, or other inputs, may have a greater or lesser impact on the Company’s estimates of fair value.

Net loss per share

Net loss per share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss per share	Net loss per share Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (41,672) $ (28,680) $ (65,027) $ (58,174) Denominator: Weighted-average common shares outstanding 91,827,780 90,669,499 91,654,578 90,471,950 Net loss per share, basic and diluted $ (0.45) $ (0.32) $ (0.71) $ (0.64) The common stock issuable upon the conversion or exercise of the following dilutive securities has been excluded from the diluted net loss per share calculation because their effect would have been anti-dilutive. Diluted net loss per share, therefore, does not differ from basic net loss per share for the periods presented. Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Stock options 17,200,138 10,785,909 15,494,819 10,139,442 Restricted stock units 22,415 68,175 28,447 48,589 Unvested restricted stock 706,279 2,123,409 791,097 2,296,359 Employee stock purchase plan 63,299 — 83,823 —

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The Company's effective income tax rate from continuing operations was 0.0% and 0.6% for the six months ended June 30, 2023 and 2022, respectively. The difference between the effective rate and the statutory rate is primarily attributed to the change in the valuation allowance against net deferred tax assets. The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. When applicable, the income tax provision also includes adjustments for discrete tax items. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. The Company recognizes the effect of income tax positions only if those positions are “more likely than not” of being sustained. As of June 30, 2023, the Company has $1.8 million of unrecognized tax benefits. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense within the condensed consolidated financial statements. The Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits within the next twelve months.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The condensed consolidated financial statements are prepared in accordance with U.S. GAAP as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the Company’s wholly-owned subsidiaries and entities under its control. The Company has eliminated all intercompany transactions and accounts. There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 30, 2023.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Amortized and Fair Value of our Investments	The amortized cost and fair value of investments are as follows (in thousands): June 30, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 23 $ — $ — $ 23 U.S. treasury bills 63,550 3 (14) 63,539 Total $ 63,573 $ 3 $ (14) $ 63,562 Classified as: Cash equivalents $ 23 Short-term investments 63,539 Long-term investments — Total $ 63,562 December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 5,050 $ — $ — $ 5,050 Certificates of deposit 27,740 — — 27,740 U.S. treasury bills 76,777 2 (43) 76,736 Total $ 109,567 $ 2 $ (43) $ 109,526 Classified as: Cash equivalents $ 5,050 Short-term investments 104,476 Long-term investments — Total $ 109,526
Schedule of Fair Values of Investments in an Unrealized Loss Position	The fair values of investments in an unrealized loss position are as follows (in thousands): June 30, 2023 Less than 12 Months 12 Months or Greater Fair value Unrealized loss Fair value Unrealized loss U.S. treasury bills $ 48,550 $ (14) $ — $ — Total $ 48,550 $ (14) $ — $ — December 31, 2022 Less than 12 Months 12 Months or Greater Fair value Unrealized loss Fair value Unrealized loss U.S. treasury bills $ 61,845 $ (43) $ — $ — Total $ 61,845 $ (43) $ — $ —

Property and equipment, net (Ta

Property and equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Components of Property and Equipment	Property and equipment consist of the following (in thousands): June 30, December 31, 2023 2022 Construction in progress $ — $ 293 Lab Equipment 34,451 34,168 Software 298 298 Furniture, Fixtures and Other 6,378 6,307 Leasehold Improvements 27,048 26,860 Total Cost 68,175 67,926 Less accumulated depreciation and amortization (20,325) (15,203) Property and equipment, net $ 47,850 $ 52,723

Goodwill and intangibles, net (

Goodwill and intangibles, net (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill assets are as follows (in thousands): June 30, 2023 December 31, 2022 Gross Assets Accumulated Impairment Net Gross Assets Accumulated Impairment Net Goodwill $ 21,335 $ (21,335) $ — $ 21,335 $ — $ 21,335
Schedule of Finite-Lived Intangible Assets	Intangible assets are as follows (in thousands): June 30, 2023 December 31, 2022 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Denovium Engine 2,507 (1,225) 1,282 2,507 (975) 1,532 Monoclonal antibody library 46,300 (4,797) 41,503 46,300 (3,640) 42,660 Developed software platform and the related methods patents 8,300 (1,147) 7,153 8,300 (870) 7,430 Intangible assets, net $ 57,107 $ (7,169) $ 49,938 $ 57,107 $ (5,485) $ 51,622
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future amortization expense for the Company’s intangible assets as of June 30, 2023 are estimated as follows (in thousands): Years Ending December 31: 2023 (six months remaining) $ 1,686 2024 3,370 2025 3,370 2026 2,897 2027 2,868

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Allocation of Share-based Compensation	Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Research and development 1,243 1,697 $ 2,436 $ 3,120 Selling, general and administrative 1,811 2,550 3,284 4,906 Total stock-based compensation expense $ 3,054 $ 4,247 $ 5,720 $ 8,026
Schedule of Stock Option Activity	Activity for stock options is shown below: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands $) Outstanding at December 31, 2022 11,429,399 $ 4.49 8.4 $ 2,949 Granted 7,244,685 2.03 Exercised (161,983) 1.10 86 Canceled/Forfeited (1,399,292) 4.13 Expired (91,939) 6.72 Outstanding at June 30, 2023 17,020,870 3.50 8.6 1,111 Exercisable at June 30, 2023 4,250,026 $ 4.07 6.7 $ 888 Vested and expected to vest as of June 30, 2023 17,020,870 $ 3.50 8.6 $ 1,111
Schedule of Determination of Fair Value	The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Expected term (in years) 5.5-6.1 5.5-6.8 5.3-6.1 5.5-7.0 Volatility 80% 63%-64% 79%-80% 63%-67% Risk-free interest rate 3.5%-4.0% 2.5%-3.0% 3.4%-4.2% 0.8%-3.0% Dividend Yield —% —% —% —%
Schedule of Non-vested Share Activity	Activity for the shares of restricted stock is shown below: Number of shares Unvested as of December 31, 2022 1,013,308 Forfeitures (101,030) Vested (321,569) Unvested as of June 30, 2023 590,709

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Debt Securities: Money market funds $ 23 $ — $ — $ 23 U.S. treasury bills 63,539 — — 63,539 Total assets $ 63,562 $ — $ — $ 63,562 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Debt Securities: Money market funds $ 5,050 $ — $ — $ 5,050 Certificates of deposit 27,740 — — 27,740 U.S. treasury bills 76,736 — — 76,736 Total assets $ 109,526 $ — $ — $ 109,526 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750
Schedule of Fair Value Using Significant Unobservable Inputs (Level 3)	The following table provides reconciliation for all liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 (in thousands): Contingent consideration Total liabilities Balance at December 31, 2022 $ 12,750 $ 12,750 Change in fair value during 2023 — — Balance at June 30, 2023 $ 12,750 $ 12,750

Net loss per share (Tables)

Net loss per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Company’s Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (41,672) $ (28,680) $ (65,027) $ (58,174) Denominator: Weighted-average common shares outstanding 91,827,780 90,669,499 91,654,578 90,471,950 Net loss per share, basic and diluted $ (0.45) $ (0.32) $ (0.71) $ (0.64)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Stock options 17,200,138 10,785,909 15,494,819 10,139,442 Restricted stock units 22,415 68,175 28,447 48,589 Unvested restricted stock 706,279 2,123,409 791,097 2,296,359 Employee stock purchase plan 63,299 — 83,823 —

Revenue recognition (Details)

Revenue recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0.9		$ 0.9		$ 1.1
Contract liabilities	0.5		0.5		$ 0.4
Revenue recognized from customer contract liability	$ 0.3	$ 0.4	$ 0.4	$ 0.8

Investments -Amortized and Fair

Investments -Amortized and Fair Value of our Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Amortized cost	$ 63,573	$ 109,567
Gross unrealized gains	3	2
Gross unrealized losses	(14)	(43)
Fair market value	63,562	109,526
Cash equivalents
Assets
Fair market value	23	5,050
Short-term investments
Assets
Fair market value	63,539	104,476
Long-term investments
Assets
Fair market value	0	0
Money market funds
Assets
Amortized cost	23	5,050
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair market value	23	5,050
Certificates of deposit
Assets
Amortized cost		27,740
Gross unrealized gains		0
Gross unrealized losses		0
Fair market value		27,740
U.S. treasury bills
Assets
Amortized cost	63,550	76,777
Gross unrealized gains	3	2
Gross unrealized losses	(14)	(43)
Fair market value	$ 63,539	$ 76,736

Investments- Narratives (Detail

Investments- Narratives (Details) - U.S. treasury bills - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Assets
Proceeds from maturities, prepayments and calls of debt securities	$ 93,900,000	$ 0	$ 135,900,000	$ 0
Realized gain (loss)	$ 0	$ 0	$ 0	$ 0

Investments- Fair Values of Inv

Investments- Fair Values of Investments in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position
Fair value, less than 12 months	$ 48,550	$ 61,845
Unrealized loss, less than 12 months	(14)	(43)
Fair value, 12 months or greater	0	0
Unrealized loss, 12 months or greater	0	0
U.S. treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position
Fair value, less than 12 months	48,550	61,845
Unrealized loss, less than 12 months	(14)	(43)
Fair value, 12 months or greater	0	0
Unrealized loss, 12 months or greater	$ 0	$ 0

Property and equipment, net - S

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total Cost	$ 68,175	$ 67,926
Less accumulated depreciation and amortization	(20,325)	(15,203)
Property and equipment, net	47,850	52,723
Construction in progress
Property, Plant and Equipment
Total Cost	0	293
Lab Equipment
Property, Plant and Equipment
Total Cost	34,451	34,168
Software
Property, Plant and Equipment
Total Cost	298	298
Furniture, Fixtures and Other
Property, Plant and Equipment
Total Cost	6,378	6,307
Leasehold Improvements
Property, Plant and Equipment
Total Cost	$ 27,048	$ 26,860

Property and equipment, net - N

Property and equipment, net - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.7	$ 2.3	$ 5.3	$ 4.4

Goodwill and intangibles, net -

Goodwill and intangibles, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 21,335	$ 0	$ 21,335	$ 0
Amortization expense related to intangible assets	$ 800	$ 800	$ 1,700	$ 1,700

Goodwill and intangibles, net_2

Goodwill and intangibles, net - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill
Gross Assets	$ 21,335	$ 21,335
Accumulated Impairment	(21,335)	0
Goodwill	$ 0	$ 21,335

Goodwill and intangibles, net_3

Goodwill and intangibles, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net
Gross Assets	$ 57,107	$ 57,107
Accumulated Amortization	(7,169)	(5,485)
Net	49,938	51,622
Denovium Engine
Finite-Lived Intangible Assets, Net
Gross Assets	2,507	2,507
Accumulated Amortization	(1,225)	(975)
Net	1,282	1,532
Monoclonal antibody library
Finite-Lived Intangible Assets, Net
Gross Assets	46,300	46,300
Accumulated Amortization	(4,797)	(3,640)
Net	41,503	42,660
Developed software platform and the related methods patents
Finite-Lived Intangible Assets, Net
Gross Assets	8,300	8,300
Accumulated Amortization	(1,147)	(870)
Net	$ 7,153	$ 7,430

Goodwill and intangibles, net_4

Goodwill and intangibles, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Years Ending December 31:
2023 (six months remaining)	$ 1,686
2024	3,370
2025	3,370
2026	2,897
2027	$ 2,868

Long-term debt and other borr_2

Long-term debt and other borrowings (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument
Proceeds from financing arrangements	$ 0	$ 9,407
Equipment Financing | Secured Debt
Debt Instrument
Proceeds from financing arrangements			$ 12,000
Equipment Financing | Secured Debt | Minimum
Debt Instrument
Debt instrument term (in months)			42 months
Imputed interest rate (as a percent)			8%
Equipment Financing | Secured Debt | Maximum
Debt Instrument
Debt instrument term (in months)			48 months
Imputed interest rate (as a percent)			10%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2023 USD ($)
Standby Letters of Credit
Line of Credit Facility
Maximum borrowing capacity	$ 1,900,000

Stock-based compensation - Narr

Stock-based compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jul. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Issuance price (in usd per share)			$ 1.52		$ 1.52
Fair value of vested options			$ 2.4	$ 5	$ 6	$ 5.8
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)			17,020,870		17,020,870		11,429,399
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)			$ 3.50		$ 3.50		$ 4.49
Deferred compensation expense			$ 0		$ 0		$ 0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized for issuance (in shares)	4,620,555
Shares available for grant (in shares)			7,756,018		7,756,018
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation, maximum annual contributions per employee (as a percent)		15%
Share based compensation, discount on fair market value (as a percent)		85%
Shares authorized (in shares)	924,111	903,750	1,713,090		1,713,090
Stock options | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value of shares granted (in usd per share)			$ 1.18	$ 3.16	$ 1.44	$ 4.21
Share based compensation expense not yet recognized, options			$ 26.8		$ 26.8
Share based compensation expense not yet recognized, recognition period (in years)					2 years 9 months 18 days
Stock options | 2020 Plan | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)					25%
Certain Options | 2020 Plan | Tranche Two | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)					1 year
Certain Options | 2020 Plan | Tranche Two | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)					4 years
SARs | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)			394,736		394,736
Intrinsic value, shares outstanding			$ 0.6		$ 0.6
SARs | 2020 And 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)			202,570		202,570
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)			$ 4.34		$ 4.34
Unvested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)			590,709		590,709		1,013,308
Unvested restricted stock | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense not yet recognized other than options			$ 1.3		$ 1.3
Share based compensation expense not yet recognized, recognition period (in years)					1 year 6 months

Stock-based compensation - Allo

Stock-based compensation - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 3,054	$ 4,247	$ 5,720	$ 8,026
Research and development
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	1,243	1,697	2,436	3,120
Selling, general and administrative
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 1,811	$ 2,550	$ 3,284	$ 4,906

Stock-based compensation - Stoc

Stock-based compensation - Stock Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	11,429,399
Granted (in shares)	7,244,685
Exercised (in shares)	(161,983)
Canceled/Forfeited (in shares)	(1,399,292)
Expired (in shares)	(91,939)
Ending balance (in shares)	17,020,870	11,429,399
Exercisable (in shares)	4,250,026
Vested and expected to vest (in shares)	17,020,870
Weighted Average Exercise Price per Share
Beginning balance (in usd per share)	$ 4.49
Granted (usd per share)	2.03
Exercised (usd per share)	1.10
Canceled/Forfeited (usd per share)	4.13
Expired (usd per share)	6.72
Ending balance (in usd per share)	3.50	$ 4.49
Exercisable, weighted average price (in usd per share)	4.07
Vested and expected to vest weighted average price (in usd per share)	$ 3.50
Weighted Average Remaining Contractual Term (in years)	8 years 7 months 6 days	8 years 4 months 24 days
Exercisable, weighted average remaining contractual term (in years)	6 years 8 months 12 days
Vested and expected to vest, contractual term (in years)	8 years 7 months 6 days
Intrinsic value, shares outstanding	$ 1,111	$ 2,949
Intrinsic value, exercised	86
Exercisable, aggregate intrinsic value	888
Vested and expected to vest, aggregate intrinsic value	$ 1,111

Stock-based compensation - Dete

Stock-based compensation - Determination of Fair Value (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assumptions and Methodology
Risk-free interest rate, minimum (as a percent)	3.50%	2.50%	3.40%	0.80%
Risk-free interest rate, maximum (as a percent)	4%	3%	4.20%	3%
Dividend Yield	0%	0%	0%	0%
Minimum
Fair Value Assumptions and Methodology
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 3 months 18 days	5 years 6 months
Volatility (as a percent)	80%	63%	79%	63%
Maximum
Fair Value Assumptions and Methodology
Expected term (in years)	6 years 1 month 6 days	6 years 9 months 18 days	6 years 1 month 6 days	7 years
Volatility (as a percent)		64%	80%	67%

Stock-based compensation - Unve

Stock-based compensation - Unvested Rollforward (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2023 shares
Nonvested, Number of Shares
Beginning balance, unvested (in shares)	1,013,308
Forfeitures (in shares)	(101,030)
Vested (in shares)	(321,569)
Ending balance, unvested (in shares)	590,709

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Debt Securities:	$ 63,562	$ 109,526
Money market funds
Assets:
Debt Securities:	23	5,050
Certificates of deposit
Assets:
Debt Securities:		27,740
U.S. treasury bills
Assets:
Debt Securities:	63,539	76,736
Fair Value, Recurring
Assets:
Total assets	63,562	109,526
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	23	5,050
Fair Value, Recurring | Certificates of deposit
Assets:
Debt Securities:		27,740
Fair Value, Recurring | U.S. treasury bills
Assets:
Debt Securities:	63,539	76,736
Level 1 | Fair Value, Recurring
Assets:
Total assets	63,562	109,526
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 1 | Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	23	5,050
Level 1 | Fair Value, Recurring | Certificates of deposit
Assets:
Debt Securities:		27,740
Level 1 | Fair Value, Recurring | U.S. treasury bills
Assets:
Debt Securities:	63,539	76,736
Level 2 | Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 2 | Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	0	0
Level 2 | Fair Value, Recurring | Certificates of deposit
Assets:
Debt Securities:		0
Level 2 | Fair Value, Recurring | U.S. treasury bills
Assets:
Debt Securities:	0	0
Level 3 | Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Level 3 | Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	0	0
Level 3 | Fair Value, Recurring | Certificates of deposit
Assets:
Debt Securities:		0
Level 3 | Fair Value, Recurring | U.S. treasury bills
Assets:
Debt Securities:	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - Fair Value, Recurring $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 12,750
Change in the fair value	0
Ending balance	12,750
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	12,750
Change in the fair value	0
Ending balance	$ 12,750

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Escrow deposit	$ 15

Net loss per share - Company_s

Net loss per share - Company’s Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss, basic	$ (41,672)	$ (28,680)	$ (65,027)	$ (58,174)
Net loss, diluted	$ (41,672)	$ (28,680)	$ (65,027)	$ (58,174)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	91,827,780	90,669,499	91,654,578	90,471,950
Weighted-average common shares outstanding, diluted (in shares)	91,827,780	90,669,499	91,654,578	90,471,950
Net loss per share, basic (in usd per share)	$ (0.45)	$ (0.32)	$ (0.71)	$ (0.64)
Net loss per share, diluted (in usd per share)	$ (0.45)	$ (0.32)	$ (0.71)	$ (0.64)

Net loss per share - Anti-dilut

Net loss per share - Anti-dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	17,200,138	10,785,909	15,494,819	10,139,442
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	22,415	68,175	28,447	48,589
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	706,279	2,123,409	791,097	2,296,359
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	63,299	0	83,823	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, continuing operations (as a percent)	(0.00%)	0.60%
Unrecognized tax benefits	$ 1.8