Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Title of 12(b) Security | Common Shares, nominal value CHF 0.03 | |
Trading Symbol | CRSP | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | CRISPR THERAPEUTICS AG | |
Entity Central Index Key | 0001674416 | |
Entity Tax Identification Number | 00-0000000 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 79,411,450 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-37923 | |
Entity Address, Address Line One | Baarerstrasse 14 | |
Entity Address, City or Town | Zug | |
Entity Address, Country | CH | |
Entity Address, Postal Zip Code | 6300 | |
City Area Code | 41 (0)41 | |
Local Phone Number | 561 32 77 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | V8 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 444,796 | $ 211,885 |
Marketable securities | 1,323,307 | 1,603,433 |
Accounts receivable | 70,000 | 0 |
Prepaid expenses and other current assets | 21,469 | 37,708 |
Total current assets | 1,859,572 | 1,853,026 |
Property and equipment, net | 159,172 | 163,634 |
Marketable securities, non-current | 4,901 | 53,130 |
Intangible assets, net | 43 | 71 |
Restricted cash | 11,799 | 11,635 |
Operating lease assets | 159,352 | 156,921 |
Other non-current assets | 2,175 | 4,640 |
Total assets | 2,197,014 | 2,243,057 |
Current liabilities: | ||
Accounts payable | 27,588 | 27,428 |
Accrued expenses | 89,838 | 77,682 |
Accrued tax liabilities | 558 | 135 |
Operating lease liabilities | 14,833 | 15,842 |
Other current liabilities | 20 | 20 |
Total current liabilities | 132,837 | 121,107 |
Deferred revenue, non-current | 12,323 | 12,323 |
Operating lease liabilities, net of current portion | 230,342 | 228,179 |
Other non-current liabilities | 5,484 | 5,969 |
Total liabilities | 380,986 | 367,578 |
Commitments and contingencies, see Note 7 | ||
Shareholders’ equity: | ||
Common shares, CHF 0.03 par value, 79,552,682 and 78,692,766 shares issued at June 30, 2023 and December 31, 2022, respectively, 79,372,366 and 78,512,450 shares outstanding at June 30, 2023 and December 31, 2022, respectively | 2,474 | 2,441 |
Treasury shares, at cost, 180,316 shares at June 30, 2023 and at December 31, 2022 | (63) | (63) |
Additional paid-in capital | 2,799,420 | 2,734,838 |
Accumulated deficit | (976,895) | (846,090) |
Accumulated other comprehensive loss | (8,908) | (15,647) |
Total shareholders' equity | 1,816,028 | 1,875,479 |
Total liabilities and shareholders’ equity | $ 2,197,014 | $ 2,243,057 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.03 | $ 0.03 |
Common stock, shares issued | 79,552,682 | 78,692,766 |
Common stock, shares outstanding | 79,372,366 | 78,512,450 |
Treasury stock, shares | 180,316 | 180,316 |
Condensed Consolidated Statemen
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 | |
Revenue: | ||||
Total revenue | $ 70,000 | $ 158 | $ 170,000 | $ 1,098 |
Operating expenses: | ||||
Research and development | 101,555 | 123,223 | 201,490 | 241,468 |
General and administrative | 19,032 | 26,273 | 41,392 | 54,294 |
Collaboration expense, net | 44,636 | 33,922 | 86,828 | 64,568 |
Total operating expenses | 165,223 | 183,418 | 329,710 | 360,330 |
Loss from operations | (95,223) | (183,260) | (159,710) | (359,232) |
Other income: | ||||
Other income, net | 18,406 | 3,544 | 31,148 | 3,907 |
Total other income, net | 18,406 | 3,544 | 31,148 | 3,907 |
Net loss before income taxes | (76,817) | (179,716) | (128,562) | (355,325) |
Provision for income taxes | (923) | (6,118) | (2,243) | (9,726) |
Net loss | (77,740) | (185,834) | (130,805) | (365,051) |
Foreign currency translation adjustment | 28 | (69) | 60 | (95) |
Unrealized gain (loss) on marketable securities | 452 | (3,380) | 6,679 | (15,180) |
Comprehensive loss | $ (77,260) | $ (189,283) | $ (124,066) | $ (380,326) |
Net loss per common share - basic | $ (0.98) | $ (2.4) | $ (1.66) | $ (4.72) |
Basic weighted-average common shares outstanding | 79,091,061 | 77,513,327 | 78,885,168 | 77,306,970 |
Net loss per common share - diluted | $ (0.98) | $ (2.4) | $ (1.66) | $ (4.72) |
Diluted weighted-average common shares outstanding | 79,091,061 | 77,513,327 | 78,885,168 | 77,306,970 |
Collaboration Revenue [Member] | ||||
Revenue: | ||||
Total revenue | $ 70,000 | $ 158 | $ 170,000 | $ 336 |
Grant Revenue [Member] | ||||
Revenue: | ||||
Total revenue | $ 0 | $ 0 | $ 0 | $ 762 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2021 | $ 2,399,460 | $ 2,391 | $ (63) | $ 2,598,114 | $ (195,915) | $ (5,067) |
Beginning balance (in shares) at Dec. 31, 2021 | 76,990,066 | 180,316 | ||||
Vesting of restricted shares | 4 | $ 4 | ||||
Vesting of restricted shares (in shares) | 123,564 | |||||
Exercise of vested options, net of issuance costs, value | 10,010 | $ 12 | 9,998 | |||
Exercise of vested options, net of issuance costs (in shares) | 261,280 | |||||
Purchase of common stock under ESPP | 740 | 740 | ||||
Purchase of common stock under ESPP (in shares) | 11,495 | |||||
Stock-based compensation expense | 25,745 | 25,745 | ||||
Other comprehensive income (loss) | (11,826) | (11,826) | ||||
Net Income (Loss) | (179,217) | (179,217) | ||||
Ending balance at Mar. 31, 2022 | 2,244,916 | $ 2,407 | $ (63) | 2,634,597 | (375,132) | (16,893) |
Ending balance (in shares) at Mar. 31, 2022 | 77,386,405 | 180,316 | ||||
Beginning balance at Dec. 31, 2021 | 2,399,460 | $ 2,391 | $ (63) | 2,598,114 | (195,915) | (5,067) |
Beginning balance (in shares) at Dec. 31, 2021 | 76,990,066 | 180,316 | ||||
Net Income (Loss) | (365,051) | |||||
Ending balance at Jun. 30, 2022 | 2,090,831 | $ 2,420 | $ (63) | 2,669,782 | (560,966) | (20,342) |
Ending balance (in shares) at Jun. 30, 2022 | 77,792,163 | 180,316 | ||||
Beginning balance at Mar. 31, 2022 | 2,244,916 | $ 2,407 | $ (63) | 2,634,597 | (375,132) | (16,893) |
Beginning balance (in shares) at Mar. 31, 2022 | 77,386,405 | 180,316 | ||||
Vesting of restricted shares (in shares) | 14,705 | |||||
Exercise of vested options, net of issuance costs, value | 10,346 | $ 13 | 10,333 | |||
Exercise of vested options, net of issuance costs (in shares) | 391,053 | |||||
Stock-based compensation expense | 24,852 | 24,852 | ||||
Other comprehensive income (loss) | (3,449) | (3,449) | ||||
Net Income (Loss) | (185,834) | (185,834) | ||||
Ending balance at Jun. 30, 2022 | 2,090,831 | $ 2,420 | $ (63) | 2,669,782 | (560,966) | (20,342) |
Ending balance (in shares) at Jun. 30, 2022 | 77,792,163 | 180,316 | ||||
Beginning balance at Dec. 31, 2022 | 1,875,479 | $ 2,441 | $ (63) | 2,734,838 | (846,090) | (15,647) |
Beginning balance (in shares) at Dec. 31, 2022 | 78,512,450 | 180,316 | ||||
Vesting of restricted shares | 5 | $ 5 | ||||
Vesting of restricted shares (in shares) | 172,995 | |||||
Exercise of vested options, net of issuance costs, value | 4,683 | $ 6 | 4,677 | |||
Exercise of vested options, net of issuance costs (in shares) | 159,184 | |||||
Purchase of common stock under ESPP | 660 | 660 | ||||
Purchase of common stock under ESPP (in shares) | 19,105 | |||||
Stock-based compensation expense | 20,875 | 20,875 | ||||
Other comprehensive income (loss) | 6,259 | 6,259 | ||||
Net Income (Loss) | (53,065) | (53,065) | ||||
Ending balance at Mar. 31, 2023 | 1,854,896 | $ 2,452 | $ (63) | 2,761,050 | (899,155) | (9,388) |
Ending balance (in shares) at Mar. 31, 2023 | 78,863,734 | 180,316 | ||||
Beginning balance at Dec. 31, 2022 | $ 1,875,479 | $ 2,441 | $ (63) | 2,734,838 | (846,090) | (15,647) |
Beginning balance (in shares) at Dec. 31, 2022 | 78,512,450 | 180,316 | ||||
Exercise of vested options, net of issuance costs (in shares) | 570,185 | |||||
Net Income (Loss) | $ (130,805) | |||||
Ending balance at Jun. 30, 2023 | 1,816,028 | $ 2,474 | $ (63) | 2,799,420 | (976,895) | (8,908) |
Ending balance (in shares) at Jun. 30, 2023 | 79,372,366 | 180,316 | ||||
Beginning balance at Mar. 31, 2023 | 1,854,896 | $ 2,452 | $ (63) | 2,761,050 | (899,155) | (9,388) |
Beginning balance (in shares) at Mar. 31, 2023 | 78,863,734 | 180,316 | ||||
Vesting of restricted shares | 4 | $ 4 | ||||
Vesting of restricted shares (in shares) | 97,631 | |||||
Exercise of vested options, net of issuance costs, value | 16,623 | $ 18 | 16,605 | |||
Exercise of vested options, net of issuance costs (in shares) | 411,001 | |||||
Stock-based compensation expense | 21,765 | 21,765 | ||||
Other comprehensive income (loss) | 480 | 480 | ||||
Net Income (Loss) | (77,740) | (77,740) | ||||
Ending balance at Jun. 30, 2023 | $ 1,816,028 | $ 2,474 | $ (63) | $ 2,799,420 | $ (976,895) | $ (8,908) |
Ending balance (in shares) at Jun. 30, 2023 | 79,372,366 | 180,316 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Employee Stock Option | ||||
Issuance costs | $ 0.3 | $ 0.2 | $ 0.2 | $ 0.2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities: | ||
Net loss | $ (130,805) | $ (365,051) |
Reconciliation of net loss to net cash used in operating activities: | ||
Depreciation and amortization | 10,012 | 13,308 |
Equity-based compensation | 42,640 | 50,597 |
Other non-cash items, net | (5,620) | 9,671 |
Acquired in-process research and development | 1,500 | 0 |
Changes in: | ||
Accounts receivable | (70,000) | 239 |
Prepaid expenses and other assets | 15,952 | 2,032 |
Accounts payable and accrued expenses | 13,637 | 8,303 |
Deferred revenue | 0 | (1,011) |
Operating lease assets and liabilities | (1,277) | 5,865 |
Other liabilities, net | (485) | (1,148) |
Net cash used in operating activities | (124,446) | (277,195) |
Investing activities: | ||
Purchase of property, plant and equipment | (6,614) | (24,980) |
Purchase of in-process research and development | (1,500) | 0 |
Purchases of marketable securities | (452,363) | (597,136) |
Maturities of marketable securities | 795,229 | 451,529 |
Net cash provided by (used in) investing activities | 334,752 | (170,587) |
Financing activities: | ||
Proceeds from exercise of options and ESPP contributions, net of issuance costs | 22,169 | 21,002 |
Net cash provided by financing activities | 22,169 | 21,002 |
Effect of exchange rate changes on cash | 60 | (95) |
Increase (decrease) in cash | 232,535 | (426,875) |
Cash, cash equivalents and restricted cash, beginning of period | 224,060 | 939,944 |
Cash, cash equivalents and restricted cash, end of period | 456,595 | 513,069 |
Supplemental disclosure of non-cash investing and financing activities | ||
Property and equipment purchases in accounts payable and accrued expenses | 1,029 | 5,016 |
Equity issuance costs in accounts payable and accrued expenses | 293 | 241 |
Leasehold improvements paid directly by landlord | $ 0 | $ 19,252 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 444,796 | $ 211,885 | $ 496,893 | |
Prepaid expenses and other current assets | 0 | 4,053 | ||
Restricted cash | 11,799 | 11,635 | 12,123 | |
Cash, cash equivalents and restricted cash at end of period | $ 456,595 | $ 224,060 | $ 513,069 | $ 939,944 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (77,740) | $ (53,065) | $ (185,834) | $ (179,217) | $ (130,805) | $ (365,051) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On June 16, 2023 , Dr. Rodger Novak , our President and Chairman , adopted a trading arrangement intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement") with respect to the sale of 100,000 common shares of the Company pursuant to the terms of the plan. Dr. Novak’s Rule 10b5-1 trading arrangement is active through April 30, 2024. |
Name | Dr. Rodger Novak |
Title | President and Chairman |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 16, 2023 |
Aggregate Available | 100,000 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 1. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing therapies derived from or incorporating genome-editing technology. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the three and six-month interim periods ended June 30, 2023 and 2022. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022, which are contained in the 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on February 21, 2023 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Changes in estimates are reflected in reported results in the period in which they become known. Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2023 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s 2022 Annual Report on Form 10-K filed with the SEC on February 21, 2023. New Accounting Pronouncements – Recently Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 2. Marketable Securities The following table summarizes cash equivalents and marketable securities held at June 30, 2023 and December 31, 2022 (in thousands), which are recorded at fair value. The table below excludes $ 331.4 million and $ 159.3 million of cash at June 30, 2023 and December 31, 2022, respectively. Amortized Gross Gross Fair Value June 30, 2023 Cash equivalents: Money market funds $ 84,224 $ — $ — $ 84,224 Corporate debt securities 3,026 1 — 3,027 Commercial paper 2,075 — — 2,075 U.S. Treasury securities 24,030 4 — 24,034 Total cash equivalents 113,355 5 — 113,360 Marketable securities: Corporate debt securities 862,612 512 ( 7,650 ) 855,474 Certificates of deposit 70,797 — — 70,797 Government-sponsored enterprise securities 193,549 1 ( 1,518 ) 192,032 Commercial paper 210,179 — ( 274 ) 209,905 Total marketable securities 1,337,137 513 ( 9,442 ) 1,328,208 Total cash equivalents and marketable securities $ 1,450,492 $ 518 $ ( 9,442 ) $ 1,441,568 December 31, 2022 Cash equivalents: Money market funds $ 17,766 $ — $ — $ 17,766 Corporate debt securities 2,151 — ( 2 ) 2,149 Commercial paper 32,675 — — 32,675 Total cash equivalents 52,592 — ( 2 ) 52,590 Marketable securities: Corporate debt securities 1,236,770 615 ( 15,006 ) 1,222,379 Certificates of deposit 92,417 — — 92,417 Government-sponsored enterprise securities 79,746 11 ( 712 ) 79,045 Commercial paper 263,231 — ( 509 ) 262,722 Total marketable securities 1,672,164 626 ( 16,227 ) 1,656,563 Total cash equivalents and marketable securities $ 1,724,756 $ 626 $ ( 16,229 ) $ 1,709,153 As of June 30, 2023 and December 31, 2022 , marketable securities were in a net unrealized loss position of $ 8.9 million and $ 15.6 million, respectively. The Company has recorded a net unrealized gain of $ 0.5 million and $ 6.7 million during the three and six months ended June 30, 2023 , respectively, related to its debt securities, which is included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss. The Company recorded a net unrealized loss of $ 3.4 million and $ 15.2 million during the three and six months ended June 30, 2022, respectively, related to its debt securities, which is included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2023 and December 31, 2022, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $ 820.2 million and $ 628.4 million, respectively. As of June 30, 2023 and December 31, 2022, the aggregate fair value of marketable securities that were in an unrealized loss position for more than twelve months was $ 298.5 million and $ 619.2 million, respectively. Of this amount, securities totaling $ 4.9 million and $ 53.1 million as of June 30, 2023 and December 31, 2022, respectively, will mature beyond one year. The Company determined that there is no material credit risk associated with the above investments as of June 30, 2023. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the three and six months ended June 30, 2023 and 2022 . No available-for-sale debt securities held as of June 30, 2023 had remaining maturities greater than thirty months. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of June 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurements at June 30, 2023 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 331,436 $ 331,436 $ — $ — Money market funds 84,224 84,224 — — Corporate debt securities 3,027 — 3,027 — Commercial paper 2,075 — 2,075 — U.S. Treasury securities 24,034 — 24,034 — Marketable securities: Corporate debt securities 855,474 — 855,474 — Certificates of deposit 70,797 — 70,797 — Government-sponsored enterprise securities 192,032 — 192,032 — Commercial paper 209,905 — 209,905 — Total $ 1,773,004 $ 415,660 $ 1,357,344 $ — Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 159,295 $ 159,295 $ — $ — Money market funds 17,766 17,766 — — Corporate debt securities 2,149 — 2,149 — Commercial paper 32,675 — 32,675 — Marketable securities: Corporate debt securities 1,222,379 — 1,222,379 — Certificates of deposit 92,417 — 92,417 — Government-sponsored enterprise securities 79,045 — 79,045 — Commercial paper 262,722 — 262,722 — Other non-current assets 2,212 — — 2,212 Total $ 1,870,660 $ 177,061 $ 1,691,387 $ 2,212 Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. treasury securities and government agency securities, certificates of deposit, corporate bonds and commercial paper. The Company estimates the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 4. Property and Equipment, net Property and equipment, net, consists of the following (in thousands): As of June 30, December 31, 2023 2022 Computer equipment $ 3,645 $ 3,618 Furniture, fixtures and other 8,109 8,109 Laboratory equipment 40,953 37,897 Leasehold improvements 143,343 141,680 Construction work in process 6,938 6,162 Total property and equipment, gross 202,988 197,466 Accumulated depreciation ( 43,816 ) ( 33,832 ) Total property and equipment, net $ 159,172 $ 163,634 Depreciation expense for the three and six months ended June 30, 2023 was $ 5.0 million and $ 10.0 million, respectively. Depreciation expense for the three and six months ended June 30, 2022 was $ 7.3 million and $ 13.3 million, respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following (in thousands): As of June 30, December 31, 2023 2022 Payroll and employee-related costs $ 12,583 $ 19,241 Research costs 20,197 35,010 Collaboration costs 45,901 11,177 Licensing fees 2,055 983 Professional fees 4,391 4,927 Intellectual property costs 2,714 3,936 Accrued property and equipment 836 1,244 Other 1,161 1,164 Total $ 89,838 $ 77,682 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Leases Refer to Note 7 to the consolidated financial statements in the Company’s 2022 Annual Report on Form 10-K filed with the SEC on February 21, 2023 for discussion of the Company’s lease arrangements. Litigation In the ordinary course of business, the Company is from time to time involved in lawsuits, investigations, proceedings and threats of litigation related to, among other things, the Company’s intellectual property estate (including certain in-licensed intellectual property), commercial arrangements and other matters. Such proceedings may include quasi-litigation, inter partes administrative proceedings in the U.S. Patent and Trademark Office and the European Patent Office involving the Company’s intellectual property estate including certain in-licensed intellectual property. The outcome of any of the foregoing, regardless of the merits, is inherently uncertain. In addition, litigation and related matters are costly and may divert the attention of Company’s management and other resources that would otherwise be engaged in other activities. If the Company is unable to prevail in any such proceedings, the Company’s business, results of operations, liquidity and financial condition could be adversely affected. Letters of Credit As of June 30, 2023, the Company had restricted cash of $ 11.8 million, representing letters of credit securing the Company’s obligations under certain leased facilities. The letters of credit are secured by cash held in a restricted depository account and included in “Restricted cash” on the Company's condensed consolidated balance sheets as of June 30, 2023. Research, Manufacturing, License and Intellectual Property Agreements The Company has engaged several research institutions and companies to identify new delivery strategies and applications of the Company’s gene editing technology. The Company is also a party to a number of license agreements which require significant upfront payments and may be required to make future royalty payments and potential milestone payments from time to time. In addition, the Company is also a party to intellectual property agreements, which require maintenance and milestone payments from time to time. Further, the Company is a party to a number of manufacturing agreements that require upfront payments for the future performance of services. In association with these agreements, on a product-by-product basis, the counterparties are eligible to receive up to low eight-digit potential payments upon specified research, development and regulatory milestones. In addition, on a product-by-product basis, the counterparties are eligible to receive potential commercial milestone payments based on specified annual sales thresholds. The potential payments are low-single digit percentages of the specified annual sales thresholds. The counterparties are also eligible to receive low single-digit royalties on future net sales. Under certain circumstances and if certain contingent future events occur, Vertex is eligible to receive up to $ 395.0 million in potential specified research, development, regulatory and commercial milestones and tiered single-digit percentage royalties on future net sales related to a specified target under an amendment to the 2015 Collaboration Agreement (as such term is defined in Note 6 above). In addition, Vertex has the option to conduct research at its own cost in certain defined areas that, if beneficial to the exa-cel program and ultimately achieves regulatory approval, could result in the Company owing Vertex certain milestone payments aggregating to high eight digits, subject to certain limitations on the profitability of the exa-cel program. Under the A&R Vertex JDCA, the Company has an option to defer specified costs on the exa-cel program in excess of $ 110.3 million for the years ended December 31, 2023 and 2024. The Company deferred $ 36.1 million of its share of costs incurred under the arrangement for the year ended December 31, 2022. Any deferred amounts are only payable to Vertex as an offset against future profitability of the exa-cel program and the amounts payable are capped at a specified maximum amount per year. These deferred costs on the exa-cel program will be accrued for when it is probable that a liability has been incurred and the amount can be reasonably estimated. As of June 30, 2023 , no contingent payments have been accrued to date. Refer to Note 6 for further discussion of the Company’s arrangements with Vertex. |
Significant Contracts
Significant Contracts | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Contracts | 6. Significant Contracts Agreements with Vertex 2015 collaboration In 2015, the Company entered into a strategic collaboration, option and license agreement, or the 2015 Collaboration Agreement, with Vertex. The 2015 Collaboration Agreement is focused on the use of the Company’s CRISPR/Cas9 gene editing technology to discover and develop potential new treatments aimed at the underlying genetic causes of human disease. The Company and Vertex amended the 2015 Collaboration Agreement in 2017 and 2019 with Amendment No. 1 and Amendment No. 2, respectively, namely to clarify Vertex’s option rights under the 2015 Collaboration Agreement and to modify certain definitions and provisions of the 2015 Collaboration Agreement to make them consistent with the JDA (as defined below) and the 2019 Collaboration Agreement (as defined below). In 2017, Vertex exercised an option granted to it under the 2015 Collaboration Agreement to obtain a co-exclusive license to develop and commercialize hemoglobinopathy and beta-globin targets, and in 2019, Vertex exercised the remaining options granted to it under the 2015 Collaboration Agreement to exclusively license certain collaboration targets developed under the 2015 Collaboration Agreement. Exa-cel collaboration In 2017, following Vertex's exercise of its option to obtain a co-exclusive license to develop and commercialize hemoglobinopathy and beta-globin targets, the Company and Vertex entered into a joint development and commercialization agreement, or the JDA, and agreed for potential hemoglobinopathy treatments, including exagamglogene autotemcel, or exa-cel (formerly CTX001), the Company and Vertex would share equally all research and development costs and worldwide revenues. I n 2021, the Company and Vertex amended and restated the JDA, or the A&R Vertex JDCA, pursuant to which the parties agreed to, among other things, (a) adjust the governance structure for the collaboration and adjust the responsibilities of each party thereunder, whereby Vertex leads and has all decision making (i.e., control) in relation to the exa-cel program prospectively; (b) adjust the allocation of net profits and net losses between the parties with respect to exa-cel only, which will be allocated 40 % to the Company and 60 % to Vertex, prospectively; and (c) exclusively license (subject to the Company’s reserved rights to conduct certain activities) certain intellectual property rights to Vertex relating to the specified product candidates and products (including exa-cel) that may be researched, developed, manufactured and commercialized on a worldwide basis under the A&R Vertex JDCA. Additionally, the A&R Vertex JDCA allows the Company to defer a portion of its share of costs under the arrangement if spending on the exa-cel program exceeds specified amounts. Any deferred amounts are only payable to Vertex as an offset against future profitability of the exa-cel program and the amounts payable are capped at a specified maximum amount per year. DMD and DM1 exclusive license In 2019, the Company and Vertex entered into a series of agreements, including a strategic collaboration and license agreement, or the 2019 Collaboration Agreement, for the development and commercialization of products for the treatment of Duchenne muscular dystrophy, or DMD, and myotonic dystrophy Type 1, or DM1. For the DMD and DM1 programs, Vertex is responsible for all research, development, manufacturing and commercialization activities and all related costs. Upon IND filing, the Company has the option to forego the DM1 milestones and royalties, and instead, co-develop and co-commercialize all DM1 products globally in exchange for payment of 50 % of research and development costs incurred by Vertex from the effective date of the agreement through IND filing. Collaboration in the field of diabetes In 2021, CRISPR and ViaCyte, Inc., or ViaCyte, entered into a joint development and commercialization agreement, or the ViaCyte JDCA, to jointly develop and commercialize product candidates and shared products for the diagnosis, treatment or prevention of diabetes type 1, diabetes type 2 or insulin dependent / requiring diabetes throughout the world. In the third quarter of 2022, Vertex acquired ViaCyte, and ViaCyte became a wholly-owned subsidiary of Vertex. In March 2023, (1) the Company and ViaCyte entered into an amendment to the ViaCyte JDCA, or the ViaCyte JDCA Amendment, and adjusted certain rights and obligations of the Company and ViaCyte under the ViaCyte JDCA, and (2) the Company and Vertex entered into a non-exclusive license agreement, or the Non-Ex License Agreement, pursuant to which the Company agreed to license to Vertex, on a non-exclusive basis, certain of its gene editing intellectual property to exploit certain products for the diagnosis, treatment or prevention of diabetes type 1, diabetes type 2 or insulin dependent / requiring diabetes throughout the world. In connection with entering into these agreements, the Company received a $ 100.0 million up front payment from Vertex. Under the Non-Ex License Agreement, the Company is eligible to receive milestone payments from Vertex of up to $ 230.0 million, in the aggregate and inclusive of the $ 70.0 million research milestone described below, depending on the achievement of pre-determined research, development and commercial milestones for certain products utilizing the licensed intellectual property. In the second quarter of 2023, a research milestone of $ 70.0 million under the Non-Ex License Agreement was achieved. Additionally, the Company is eligible to receive tiered royalties on the sales of certain products in the low to mid-single digits. Accounting Analysis For purposes of this Note 6, the 2015 Collaboration Agreement, Amendment No. 1, Amendment No. 2, A&R Vertex JDCA, and 2019 Collaboration Agreement are collectively referred to as the “Vertex Agreements” and the Non-Ex License Agreement and ViaCyte JDCA Amendment are collectively referred to as the “March 2023 Agreements.” The Vertex Agreements and the March 2023 Agreements include components of a customer-vendor relationship as defined under ASC 606, Revenue from Contracts with Customers , or ASC 606, collaborative arrangements as defined under ASC 808, Collaborative Agreements , or ASC 808, and research and development costs as defined under ASC 730, Research and Development , or ASC 730. Specifically, with regards to the March 2023 Agreements, the Company concluded that the non-exclusive license is a performance obligation under ASC 606 and the ongoing research and development services under the ViaCyte JDCA Amendment are a unit of account under ASC 808. Accounting Analysis Under ASC 606 March 2023 Agreements Identification of the contract The March 2023 Agreements were negotiated as a package with a single commercial objective and, as such, the March 2023 Agreements were combined for accounting purposes and treated as a single arrangement. The Company determined for accounting purposes that the combined contract terminates the original ViaCyte JDCA and created a new contract. Identification of performance obligations The Company concluded the transfer of the non-exclusive license, including certain modified rights and obligations provided as part of the ViaCyte JDCA Amendment to support the delivery of the license, was both capable of being distinct and distinct within the context of the contract. Determination of transaction price The transaction price was comprised of the upfront payment of $ 100.0 million. In the second quarter of 2023, the Company adjusted the transaction price to include $ 70.0 million in previously constrained variable consideration related to a research milestone which was achieved in the second quarter of 2023. The Company determined that all other possible variable consideration resulting from milestones and royalties discussed below was fully constrained as of June 30, 2023. The Company will re-evaluate the transaction price in each reporting period. Allocation of transaction price to performance obligations The Company identified one performance obligation for the March 2023 Agreements and, as a result, no allocation of the transaction price was required. Recognition of revenue The Company determined the non-exclusive license, including certain modified rights and obligations provided as part of the ViaCyte JDCA Amendment to support the delivery of the license, represented functional intellectual property, as the intellectual property provides Vertex with the ability to perform a function or task in the form of research and development in the field of diabetes. The Company recognized revenue for the non-exclusive license at the onset of the arrangement, as this was the point in time in which the non-exclusive license was delivered. In the second quarter of 2023, revenue from variable consideration of $ 70.0 million was recognized related to a research milestone that was achieved during the second quarter of 2023. This amount is recorded within accounts receivable on the condensed consolidated balance sheet. Revenue recognized under the March 2023 Agreements for the three months ended June 30, 2023 was $ 70.0 million. Revenue recognized under the March 2023 Agreements for six months ended June 30, 2023 was $ 170.0 million. Milestones under the Non-Ex License Agreement As of June 30, 2023, the Company is eligible to receive milestone payments from Vertex of up to $ 230.0 million in the aggregate under the Non-Ex License Agreement, inclusive of the $ 70.0 million milestone recognized in revenue in the second quarter of 2023, depending on the achievement of pre-determined research, development and commercial milestones for certain products utilizing the licensed intellectual property. The $ 70.0 million milestone was achieved in the second quarter of 2023. Additionally, the Company is eligible to receive tiered royalties on the sales of certain products in the low to mid-single digits. Each of the remaining milestones under the Non-Ex License Agreement are fully constrained as of June 30, 2023. There is uncertainty as to whether the events to obtain the research and developmental milestones will be achieved given the nature of clinical development and the stage of the CRISPR/Cas9 technology. The remaining research, development and regulatory milestones will be constrained until it is probable that a significant revenue reversal will not occur. Commercial milestones and royalties relate predominantly to a license of intellectual property and are determined by sales or usage-based thresholds. The commercial milestones and royalties are accounted for under the royalty recognition constraint and will be accounted for as constrained variable consideration. The Company applies the royalty recognition constraint for each commercial milestone and will not recognize revenue for each until the subsequent sale of a licensed product (achievement of each) occurs. Vertex Agreements Deferred revenue As of June 30, 2023 and December 31, 2022, there was no current deferred revenue related to the Vertex Agreements. As of June 30, 2023 , there was $ 12.3 million of non-current deferred revenue related to the Vertex Agreements, which is unchanged from December 31, 2022. The transaction price allocated to the remaining performance obligations was $ 12.3 million. Milestones The Company has evaluated the milestones that may be received in connection with the Vertex Agreements. Under the 2015 Collaboration Agreement and subsequent amendments, the Company is eligible to receive up to $ 410.0 million in additional development, regulatory and commercial milestones and royalties on net product sales for each of the three collaboration targets that Vertex licensed in 2019. Each milestone is payable only once per collaboration target, regardless of the number of products directed to such collaboration target that achieve the relevant milestone event. The Company is eligible to receive potential future payments of up to $ 775.0 million under the 2019 Collaboration Agreement based upon the successful achievement of specified development, regulatory and commercial milestones for the DMD and DM1 programs. The Company is also eligible to receive tiered royalties on future net sales on any products that may result from this collaboration; however, the Company has the option to forego the DM1 milestones and royalties to co-develop and co-commercialize all DM1 products globally. The Company is eligible to receive potential future payments of up to $ 200.0 million under the A&R Vertex JDCA upon receipt by Vertex of the first marketing approval of the initial product candidate from the FDA or the European Commission. In addition, the Company has the option to conduct research at their own cost in certain defined areas that, if beneficial to the exa-cel program and exa-cel ultimately achieves regulatory approval in such areas, then the Company could be entitled to certain milestone payments aggregating to high eight digits from Vertex. Each of the remaining milestones described above are fully constrained as of June 30, 2023. There is uncertainty that the events to obtain the research and developmental milestones will be achieved given the nature of clinical development and the stage of the CRISPR/Cas9 technology. The remaining research, development and regulatory milestones will be constrained until it is probable that a significant revenue reversal will not occur. Commercial milestones and royalties relate predominantly to a license of intellectual property and are determined by sales or usage-based thresholds. The commercial milestones and royalties are accounted for under the royalty recognition constraint and will be accounted for as constrained variable consideration. The Company applies the royalty recognition constraint for each commercial milestone and will not recognize revenue for each until the subsequent sale of a licensed product (achievement of each) occurs. Accounting Analysis under ASC 808 Vertex Agreements In connection with the Vertex Agreements, the Company identified the following collaborative elements, which are accounted for under ASC 808: (i) development and commercialization services for shared products, including any transition services related to exa-cel under the A&R Vertex JDCA; (ii) R&D Services for follow-on products; and (iii) committee participation. The related impact of the cost sharing is included within collaboration expense, net, in the condensed consolidated statements of operations and comprehensive loss. During the three and six months ended June 30, 2023 , the Company recognized $ 44.6 million and $ 86.8 million of collaboration expense, net, related to the exa-cel program, respectively. Collaboration expense, net, was net of $ 2.4 million and $ 5.2 million of reimbursements from Vertex related to the exa-cel program, respectively. During the three and six months ended June 30, 2022 , the Company recognized $ 33.9 million and $ 64.6 million of collaboration expense, net, related to the exa-cel program, respectively. Collaboration expense, net, was net of $ 9.1 million and $1 6.5 million of reimbursements from Vertex related to the exa-cel program, respectively. |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Share Capital | 8. Share Capital All of the Company's common shares are authorized under Swiss corporate law with a par value of 0.03 CHF per share. Though the par value of common shares is stated in Swiss francs, the Company continues to use U.S. dollars as its reporting currency for preparing the condensed consolidated financial statements. As of June 30, 2023, the Company's share capital consists of 83,538,347 registered common shares with a par value of CHF 0.03 per share, 8,202,832 registered common shares reserved for potential issuance of bonds or similar instruments, and 20,989,313 registered common shares reserved for the Company's employee equity incentive plans. In addition, the Board of Directors is authorized to conduct one or more increases of the share capital at any time until June 8, 2028, or the expiry of the capital band if earlier, within a lower limit of CHF 2,506,150.41 and an upper limit of CHF 2,920,321.14 , corresponding to 13,805,691 registered common shares with a nominal value of CHF 0.03 each to be fully paid in. Common Share Issuances At-the-Market Offering In August 2019, the Company entered into an Open Market Sale Agreement SM with Jefferies LLC, or Jefferies, under which the Company was able to offer and sell, from time to time at its sole discretion through Jefferies, as its sales agent, its common shares, or the August 2019 Sales Agreement. In January 2021, in connection with the August 2019 Sales Agreement, the Company filed a prospectus supplement with the SEC to offer and sell, from time to time, common shares having aggregate gross proceeds of up to $ 600.0 million. In July 2021, the Company filed a new prospectus supplement with the SEC, which replaced the previous prospectus supplement filed in January 2021, to offer and sell, from time to time, the common shares remaining under the original prospectus supplement having aggregate gross proceeds of up to $ 419.8 million, or, together with the January 2021 prospectus supplement, the 2021 ATM. As of June 30, 2023 , the Company has issued and sold an aggregate of 1.1 million common shares under the 2021 ATM at an average price of $ 168.79 per share for aggregate proceeds of $ 178.8 million, which were net of equity issuance costs of $ 2.4 million. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation During the three and six months ended June 30, 2023 and 2022, the Company recognized the following stock-based compensation expense (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 13,322 $ 13,829 $ 24,998 $ 28,419 General and administrative 8,443 11,023 17,642 22,178 Total $ 21,765 $ 24,852 $ 42,640 $ 50,597 Stock option activity The following table summarizes stock option activity for the six months ended June 30, 2023: Shares Weighted- Outstanding at December 31, 2022 7,230,233 $ 60.22 Granted 1,358,782 45.58 Exercised ( 570,185 ) 38.11 Cancelled or forfeited ( 690,798 ) 86.70 Outstanding at June 30, 2023 7,328,032 $ 56.73 Exercisable at June 30, 2023 4,637,268 $ 53.23 Vested and expected to vest at June 30, 2023 7,328,032 $ 56.73 As of June 30, 2023, total unrecognized compensation expense related to stock options was $ 101.7 million, which the Company expects to recognize over a remaining weighted-average period of 2.5 years. Restricted stock activity The following table summarizes restricted stock activity for the six months ended June 30, 2023: Shares Weighted- Unvested balance at December 31, 2022 1,325,185 $ 80.13 Granted 655,674 44.00 Vested ( 270,626 ) 96.57 Cancelled or forfeited ( 185,246 ) 77.89 Unvested balance at June 30, 2023 1,524,987 $ 61.96 As of June 30, 2023, total unrecognized compensation expense related to unvested restricted common shares was $ 70.5 million, which the Company expects to recognize over a remaining weighted-average vesting period of 2.6 years. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Shareholders | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Shareholders | 10. Net Loss Per Share Attributable to Common Shareholders Basic net loss per share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the net loss attributable to common shareholders by the weighted-average number of common share equivalents outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method. The Company’s net loss is net loss attributable to common shareholders for all periods presented. The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding options 7,328,032 7,801,649 7,328,032 7,801,649 Unvested restricted common shares 1,524,987 1,085,869 1,524,987 1,085,869 ESPP 34,177 24,947 34,177 24,947 Total 8,887,196 8,912,465 8,887,196 8,912,465 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes During the three and six months ended June 30, 2023 , the Company recorded an income tax provision of $ 0.9 million and $ 2.2 million, respectively, representing an effective tax rate of ( 1.2 %) and ( 1.7 %), respectively. During the three and six months ended June 30, 2022 , the Company recorded an income tax provision of $ 6.1 million and $ 9.7 million, respectively, representing an effective tax rate of - 3.4 % and - 2.7 %, respectively. The income tax provision for the three and six months ended June 30, 2023 is primarily attributable to the Company's U.S. subsidiaries. The change in the rate for the three and six months ended June 30, 2023 is primarily attributable to reduced forecasted capitalized R&D expense addback offset by an increase in forecasted interest income in the United States. The difference in the statutory tax rate a nd effective tax rate is primarily a result of the jurisdictional mix of earnings, research credits generated, and the valuation allowance recorded against certain deferred tax assets. The Company maintains a valuation allowance against certain deferred tax assets that are not more-likely-than-not realizable. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing therapies derived from or incorporating genome-editing technology. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the three and six-month interim periods ended June 30, 2023 and 2022. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022, which are contained in the 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on February 21, 2023 . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Changes in estimates are reflected in reported results in the period in which they become known. |
New Accounting Pronouncements - Recently Adopted | New Accounting Pronouncements – Recently Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value | The following table summarizes cash equivalents and marketable securities held at June 30, 2023 and December 31, 2022 (in thousands), which are recorded at fair value. The table below excludes $ 331.4 million and $ 159.3 million of cash at June 30, 2023 and December 31, 2022, respectively. Amortized Gross Gross Fair Value June 30, 2023 Cash equivalents: Money market funds $ 84,224 $ — $ — $ 84,224 Corporate debt securities 3,026 1 — 3,027 Commercial paper 2,075 — — 2,075 U.S. Treasury securities 24,030 4 — 24,034 Total cash equivalents 113,355 5 — 113,360 Marketable securities: Corporate debt securities 862,612 512 ( 7,650 ) 855,474 Certificates of deposit 70,797 — — 70,797 Government-sponsored enterprise securities 193,549 1 ( 1,518 ) 192,032 Commercial paper 210,179 — ( 274 ) 209,905 Total marketable securities 1,337,137 513 ( 9,442 ) 1,328,208 Total cash equivalents and marketable securities $ 1,450,492 $ 518 $ ( 9,442 ) $ 1,441,568 December 31, 2022 Cash equivalents: Money market funds $ 17,766 $ — $ — $ 17,766 Corporate debt securities 2,151 — ( 2 ) 2,149 Commercial paper 32,675 — — 32,675 Total cash equivalents 52,592 — ( 2 ) 52,590 Marketable securities: Corporate debt securities 1,236,770 615 ( 15,006 ) 1,222,379 Certificates of deposit 92,417 — — 92,417 Government-sponsored enterprise securities 79,746 11 ( 712 ) 79,045 Commercial paper 263,231 — ( 509 ) 262,722 Total marketable securities 1,672,164 626 ( 16,227 ) 1,656,563 Total cash equivalents and marketable securities $ 1,724,756 $ 626 $ ( 16,229 ) $ 1,709,153 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of June 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurements at June 30, 2023 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 331,436 $ 331,436 $ — $ — Money market funds 84,224 84,224 — — Corporate debt securities 3,027 — 3,027 — Commercial paper 2,075 — 2,075 — U.S. Treasury securities 24,034 — 24,034 — Marketable securities: Corporate debt securities 855,474 — 855,474 — Certificates of deposit 70,797 — 70,797 — Government-sponsored enterprise securities 192,032 — 192,032 — Commercial paper 209,905 — 209,905 — Total $ 1,773,004 $ 415,660 $ 1,357,344 $ — Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 159,295 $ 159,295 $ — $ — Money market funds 17,766 17,766 — — Corporate debt securities 2,149 — 2,149 — Commercial paper 32,675 — 32,675 — Marketable securities: Corporate debt securities 1,222,379 — 1,222,379 — Certificates of deposit 92,417 — 92,417 — Government-sponsored enterprise securities 79,045 — 79,045 — Commercial paper 262,722 — 262,722 — Other non-current assets 2,212 — — 2,212 Total $ 1,870,660 $ 177,061 $ 1,691,387 $ 2,212 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net, consists of the following (in thousands): As of June 30, December 31, 2023 2022 Computer equipment $ 3,645 $ 3,618 Furniture, fixtures and other 8,109 8,109 Laboratory equipment 40,953 37,897 Leasehold improvements 143,343 141,680 Construction work in process 6,938 6,162 Total property and equipment, gross 202,988 197,466 Accumulated depreciation ( 43,816 ) ( 33,832 ) Total property and equipment, net $ 159,172 $ 163,634 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): As of June 30, December 31, 2023 2022 Payroll and employee-related costs $ 12,583 $ 19,241 Research costs 20,197 35,010 Collaboration costs 45,901 11,177 Licensing fees 2,055 983 Professional fees 4,391 4,927 Intellectual property costs 2,714 3,936 Accrued property and equipment 836 1,244 Other 1,161 1,164 Total $ 89,838 $ 77,682 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | During the three and six months ended June 30, 2023 and 2022, the Company recognized the following stock-based compensation expense (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 13,322 $ 13,829 $ 24,998 $ 28,419 General and administrative 8,443 11,023 17,642 22,178 Total $ 21,765 $ 24,852 $ 42,640 $ 50,597 |
Summary of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2023: Shares Weighted- Outstanding at December 31, 2022 7,230,233 $ 60.22 Granted 1,358,782 45.58 Exercised ( 570,185 ) 38.11 Cancelled or forfeited ( 690,798 ) 86.70 Outstanding at June 30, 2023 7,328,032 $ 56.73 Exercisable at June 30, 2023 4,637,268 $ 53.23 Vested and expected to vest at June 30, 2023 7,328,032 $ 56.73 |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity for the six months ended June 30, 2023: Shares Weighted- Unvested balance at December 31, 2022 1,325,185 $ 80.13 Granted 655,674 44.00 Vested ( 270,626 ) 96.57 Cancelled or forfeited ( 185,246 ) 77.89 Unvested balance at June 30, 2023 1,524,987 $ 61.96 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Shareholders (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities not Include in Computation of Net (Loss) Income per Share | The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding options 7,328,032 7,801,649 7,328,032 7,801,649 Unvested restricted common shares 1,524,987 1,085,869 1,524,987 1,085,869 ESPP 34,177 24,947 34,177 24,947 Total 8,887,196 8,912,465 8,887,196 8,912,465 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Marketable Securities [Line Items] | |||||
Marketable securities | $ 331,400,000 | $ 331,400,000 | $ 159,300,000 | ||
Marketable securities unrealized loss, Less than twelve months | 820,200,000 | 820,200,000 | 628,400,000 | ||
Marketable securities unrealized loss, more than twelve months | 298,500,000 | 298,500,000 | 619,200,000 | ||
Marketable securities totaling | 4,901,000 | 4,901,000 | 53,130,000 | ||
Marketable securities unrealized loss | 8,900,000 | 8,900,000 | $ 15,600,000 | ||
Available-for-sale debt securities remaining maturities greater than thirty months | 0 | 0 | |||
Other Comprehensive Income (Loss) [Member] | |||||
Marketable Securities [Line Items] | |||||
Unrealized Gain | 500,000 | $ 3,400,000 | 6,700,000 | $ 15,200,000 | |
Unrealized loss, net | $ 500,000 | $ 3,400,000 | $ 6,700,000 | $ 15,200,000 |
Marketable Securities - Summary
Marketable Securities - Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Cash equivalents, amortized cost | $ 113,355 | $ 52,592 |
Cash equivalents, gross unrealized gains | 5 | 0 |
Cash equivalents, gross unrealized losses | 0 | (2) |
Cash equivalents, fair value | 113,360 | 52,590 |
Marketable securities, amortized cost | 1,337,137 | 1,672,164 |
Marketable securities, gross unrealized gains | 513 | 626 |
Marketable securities, gross unrealized losses | (9,442) | (16,227) |
Marketable securities, fair value | 1,328,208 | 1,656,563 |
Cash equivalents and marketable securities, amortized cost | 1,450,492 | 1,724,756 |
Cash equivalents and marketable securities, gross unrealized gains | 518 | 626 |
Cash equivalents and marketable securities, gross unrealized losses | (9,442) | (16,229) |
Cash equivalents and marketable securities, fair value | 1,441,568 | 1,709,153 |
Money Market Funds [Member] | ||
Marketable Securities [Line Items] | ||
Cash equivalents, amortized cost | 84,224 | 17,766 |
Cash equivalents, gross unrealized gains | 0 | 0 |
Cash equivalents, gross unrealized losses | 0 | 0 |
Cash equivalents, fair value | 84,224 | 17,766 |
Certificates of Deposit [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities, amortized cost | 70,797 | 92,417 |
Marketable securities, gross unrealized gains | 0 | 0 |
Marketable securities, gross unrealized losses | 0 | 0 |
Marketable securities, fair value | 70,797 | 92,417 |
Commercial Paper [Member] | ||
Marketable Securities [Line Items] | ||
Cash equivalents, amortized cost | 2,075 | 32,675 |
Cash equivalents, gross unrealized gains | 0 | 0 |
Cash equivalents, gross unrealized losses | 0 | 0 |
Cash equivalents, fair value | 2,075 | 32,675 |
Marketable securities, amortized cost | 210,179 | 263,231 |
Marketable securities, gross unrealized gains | 0 | 0 |
Marketable securities, gross unrealized losses | (274) | (509) |
Marketable securities, fair value | 209,905 | 262,722 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Cash equivalents, amortized cost | 24,030 | |
Cash equivalents, gross unrealized gains | 4 | |
Cash equivalents, gross unrealized losses | 0 | |
Cash equivalents, fair value | 24,034 | |
Corporate Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Cash equivalents, amortized cost | 3,026 | 2,151 |
Cash equivalents, gross unrealized gains | 1 | 0 |
Cash equivalents, gross unrealized losses | 0 | 2 |
Cash equivalents, fair value | 3,027 | 2,149 |
Marketable securities, amortized cost | 862,612 | 1,236,770 |
Marketable securities, gross unrealized gains | 512 | 615 |
Marketable securities, gross unrealized losses | (7,650) | (15,006) |
Marketable securities, fair value | 855,474 | 1,222,379 |
Government-sponsored Enterprise Securities [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities, amortized cost | 193,549 | 79,746 |
Marketable securities, gross unrealized gains | 1 | 11 |
Marketable securities, gross unrealized losses | (1,518) | (712) |
Marketable securities, fair value | $ 192,032 | $ 79,045 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, fair value | $ 1,328,208 | $ 1,656,563 |
Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other non-current assets | 2,212 | |
Total | 1,773,004 | 1,870,660 |
Recurring Basis [Member] | Cash [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 331,436 | 159,295 |
Recurring Basis [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 84,224 | 17,766 |
Recurring Basis [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 3,027 | 2,149 |
Marketable securities, fair value | 855,474 | 1,222,379 |
Recurring Basis [Member] | Certificates of Deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, fair value | 70,797 | 92,417 |
Recurring Basis [Member] | Commercial Paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,075 | 32,675 |
Marketable securities, fair value | 209,905 | 262,722 |
Recurring Basis [Member] | US Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 24,034 | |
Recurring Basis [Member] | Government-sponsored Enterprise Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, fair value | 192,032 | 79,045 |
Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 415,660 | 177,061 |
Recurring Basis [Member] | Level 1 [Member] | Cash [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 331,436 | 159,295 |
Recurring Basis [Member] | Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 84,224 | 17,766 |
Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 1,357,344 | 1,691,387 |
Recurring Basis [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 3,027 | 2,149 |
Marketable securities, fair value | 855,474 | 1,222,379 |
Recurring Basis [Member] | Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, fair value | 70,797 | 92,417 |
Recurring Basis [Member] | Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,075 | 32,675 |
Marketable securities, fair value | 209,905 | 262,722 |
Recurring Basis [Member] | Level 2 [Member] | US Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 24,034 | |
Recurring Basis [Member] | Level 2 [Member] | Government-sponsored Enterprise Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, fair value | $ 192,032 | 79,045 |
Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other non-current assets | 2,212 | |
Total | $ 2,212 |
Property and Equipment, net - S
Property and Equipment, net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 202,988 | $ 197,466 |
Accumulated depreciation | (43,816) | (33,832) |
Total property and equipment, net | 159,172 | 163,634 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 3,645 | 3,618 |
Furniture, Fixtures and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 8,109 | 8,109 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 40,953 | 37,897 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 143,343 | 141,680 |
Construction Work in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 6,938 | $ 6,162 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Detail) - 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 | $ 5 | $ 7.3 | $ 10 | $ 13.3 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Payroll and employee-related costs | $ 12,583 | $ 19,241 |
Research costs | 20,197 | 35,010 |
Collaboration costs | 45,901 | 11,177 |
Licensing fees | 2,055 | 983 |
Professional fees | 4,391 | 4,927 |
Intellectual property costs | 2,714 | 3,936 |
Accrued property and equipment | 836 | 1,244 |
Other | 1,161 | 1,164 |
Total | $ 89,838 | $ 77,682 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Contingencies And Commitments [Line Items] | |||||
Letters of credit secured by cash held in restricted depository account | $ 0 | $ 4,053 | |||
Deferred Finance Costs, Share Lending Arrangement, Issuance Costs | $ 36,100 | ||||
Scenario Forecast [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Defer Option Specified cost | $ 110,300 | $ 110,300 | |||
Letter of Credit [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Letters of credit secured by cash held in restricted depository account | 11,800 | ||||
2015 Collaboration Agreement [Member] | Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Milestone payment receivable | $ 395,000 |
Significant Contracts - Additio
Significant Contracts - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2022 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 70,000,000 | $ 70,000,000 | $ 0 | ||||
Non-current deferred revenue | 12,323,000 | 12,323,000 | 12,323,000 | ||||
Research and development expense | 101,555,000 | $ 123,223,000 | 201,490,000 | $ 241,468,000 | |||
General and Administrative Expense | 19,032,000 | 26,273,000 | 41,392,000 | 54,294,000 | |||
Collaboration Expense | 44,636,000 | 33,922,000 | 86,828,000 | 64,568,000 | |||
A&R JDCA [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Percentage of net profits and net losses | 40% | ||||||
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Business Combination, Consideration Transferred | 70,000,000 | ||||||
Milestone payments received | 70,000,000 | ||||||
Research milestone payment | 70,000,000 | ||||||
Collaboration Expense | 44,600,000 | 33,900,000 | 86,800,000 | 64,600,000 | |||
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] | Collaboration Target Options [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Milestone payment receivable | 410,000,000 | 410,000,000 | |||||
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] | 2019 Collaboration Agreement [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Percentage of exchange payment of research and development costs | 50% | ||||||
Maximum potential future payments | 775,000,000 | ||||||
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] | 2015 Collaboration Agreement [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Milestone payment receivable | 395,000,000 | 395,000,000 | |||||
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] | A&R JDCA [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Up-front payment received | 100,000,000 | ||||||
Percentage of net profits and net losses | 60% | ||||||
Revenue | 70,000,000 | 170,000,000 | |||||
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] | Non Ex License Agreement [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Up-front payment received | $ 100,000,000 | ||||||
Milestone payment receivable | 230,000,000 | 230,000,000 | 230,000,000 | ||||
Milestone payments received | 70,000,000 | ||||||
Research milestone payment | 70,000,000 | $ 70,000,000 | |||||
Vertex Pharmaceuticals Inc [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Non-current deferred revenue | 12,300,000 | 12,300,000 | |||||
Transaction price allocated to remaining performance obligations | 12,300,000 | 12,300,000 | |||||
Current deferred revenue | 0 | 0 | $ 0 | ||||
Reimbursements from research and license agreements | $ 2,400,000 | $ 9,100,000 | 5,200,000 | $ 6,500,000 | |||
Vertex Pharmaceuticals Inc [Member] | A&R JDCA [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Maximum potential future payments | $ 200,000,000 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||||
Jul. 31, 2021 USD ($) | Jan. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 08, 2023 $ / shares | Jun. 08, 2023 CHF (SFr) shares | Dec. 31, 2022 $ / shares | |
Class of Stock [Line Items] | ||||||
Common shares, par value | $ / shares | $ 0.03 | $ 0.03 | ||||
Common shares employee equity incentive plans | 20,989,313 | |||||
Bond [Member] | ||||||
Class of Stock [Line Items] | ||||||
Registered common shares | 8,202,832 | |||||
Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common shares, par value | $ / shares | $ 0.03 | $ 0.03 | ||||
Registered share capital | 83,538,347 | 13,805,691 | ||||
Maximum [Member] | Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock Share Capital Value | SFr | SFr 2,920,321.14 | |||||
Minimum [Member] | Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock Share Capital Value | SFr | SFr 2,506,150.41 | |||||
Sales Agreement With Jefferies LLC [Member] | 2021 ATM [Member] | ||||||
Class of Stock [Line Items] | ||||||
Average issue price of common shares | $ / shares | $ 168.79 | |||||
Proceeds from issuance of common shares | $ | $ 178.8 | |||||
Equity issuance costs | $ | $ 2.4 | |||||
Shares, Issued | 1,100,000 | |||||
Sales Agreement With Jefferies LLC [Member] | Maximum [Member] | 2021 ATM [Member] | ||||||
Class of Stock [Line Items] | ||||||
Aggregate estimated gross proceeds | $ | $ 419.8 | $ 600 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 21,765 | $ 24,852 | $ 42,640 | $ 50,597 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 13,322 | 13,829 | 24,998 | 28,419 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 8,443 | $ 11,023 | $ 17,642 | $ 22,178 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | |
Shares, Outstanding, Beginning Balance | 7,230,233 |
Shares, Granted | 1,358,782 |
Shares, Exercised | (570,185) |
Shares, Cancelled or forfeited | (690,798) |
Shares, Outstanding, Ending Balance | 7,328,032 |
Shares, Exercisable | 4,637,268 |
Shares, Vested or expected to vest | 7,328,032 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 60.22 |
Weighted-Average Exercise Price, Granted | 45.58 |
Weighted-Average Exercise Price, Exercised | 38.11 |
Weighted-Average Exercise Price, Cancelled or forfeited | 86.7 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 56.73 |
Weighted-Average Exercise Price, Exercisable | 53.23 |
Weighted-Average Exercise Price, Vested or expected to vest | $ 56.73 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation expense related to stock options | $ 101.7 |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense, remaining weighted-average period for recognition | 2 years 6 months |
Restricted Common Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense, remaining weighted-average period for recognition | 2 years 7 months 6 days |
Total unrecognized compensation expense | $ 70.5 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted common shares, Number of Shares, Beginning Balance | shares | 1,325,185 |
Unvested restricted common shares, Number of Shares, Granted | shares | 655,674 |
Unvested restricted common shares, Number of Shares, Vested | shares | (270,626) |
Unvested restricted common shares, Number of Shares, Cancelled or forfeited | shares | (185,246) |
Unvested restricted common shares, Number of Shares, Ending Balance | shares | 1,524,987 |
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 80.13 |
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Granted | $ / shares | 44 |
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Vested | $ / shares | 96.57 |
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Cancelled or forfeited | $ / shares | 77.89 |
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares | $ 61.96 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Shareholders - Schedule of Antidilutive Securities not Include in Computation of Net (Loss) Income per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not include in computation of net income (loss) per share | 8,887,196 | 8,912,465 | 8,887,196 | 8,912,465 |
Outstanding Options [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not include in computation of net income (loss) per share | 7,328,032 | 7,801,649 | 7,328,032 | 7,801,649 |
Unvested Restricted Common Shares [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not include in computation of net income (loss) per share | 1,524,987 | 1,085,869 | 1,524,987 | 1,085,869 |
ESPP [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not include in computation of net income (loss) per share | 34,177 | 24,947 | 34,177 | 24,947 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ 923 | $ 6,118 | $ 2,243 | $ 9,726 |
Effective income tax rate | (1.20%) | (3.40%) | (1.70%) | (2.70%) |