Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 04, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CLXT | ||
Entity Registrant Name | Calyxt, Inc. | ||
Entity Central Index Key | 0001705843 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Common Stock, Shares Outstanding | 32,990,647 | ||
Entity Public Float | $ 125,417,099 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity File Number | 001-38161 | ||
Entity Tax Identification Number | 27-1967997 | ||
Entity Address, Address Line One | 2800 Mount Ridge Road | ||
Entity Address, City or Town | Roseville | ||
Entity Address, State or Province | MN | ||
Entity Address, Postal Zip Code | 55113-1127 | ||
City Area Code | 651 | ||
Local Phone Number | 683-2807 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock ($(0.0001 par value) | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders to be held in 2020, which definitive proxy statement shall be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 58,610 | $ 93,794 |
Restricted cash | 388 | 381 |
Trade accounts receivable | 1,122 | |
Due from related parties | 46 | |
Inventory | 2,594 | |
Prepaid expenses and other current assets | 808 | 1,301 |
Total current assets | 63,522 | 95,522 |
Non-current restricted cash | 1,040 | 1,113 |
Land, buildings and equipment | 23,212 | 21,850 |
Other non-current assets | 324 | 306 |
Total assets | 88,098 | 118,791 |
Current liabilities: | ||
Accounts payable | 1,077 | 818 |
Accrued expenses | 2,544 | 2,007 |
Accrued compensation and benefits | 2,181 | 1,305 |
Due to related parties | 977 | 1,905 |
Current portion of financing lease obligations | 356 | 258 |
Other current liabilities | 61 | 711 |
Total current liabilities | 7,196 | 7,004 |
Financing lease obligations | 18,244 | 18,227 |
Other non-current liabilities | 150 | 163 |
Total liabilities | 25,590 | 25,394 |
Stockholders’ equity: | ||
Common stock, $0.0001 par value; 275,000,000 shares authorized; 33,033,689 shares issued and 32,951,329 shares outstanding as of December 31, 2019 and 32,664,429 shares issued and 32,648,893 shares outstanding as of December 31, 2018 | 3 | 3 |
Additional paid-in capital | 185,588 | 176,069 |
Common stock in treasury, at cost, shares of 82,360 as of December 31, 2019 and 15,536 as of December 31, 2018 | (1,043) | (230) |
Accumulated deficit | (122,057) | (82,445) |
Accumulated other comprehensive income | 17 | |
Total stockholders’ equity | 62,508 | 93,397 |
Total liabilities and stockholders’ equity | $ 88,098 | $ 118,791 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 275,000,000 | 275,000,000 |
Common stock, shares issued | 33,033,689 | 32,664,429 |
Common stock, shares outstanding | 32,951,329 | 32,648,893 |
Treasury stock, shares | 82,360 | 15,536 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue | $ 7,296 | $ 236 | $ 508 |
Costs of goods sold | 9,280 | ||
Gross margin | (1,984) | 236 | 508 |
Operating expenses: | |||
Research and development | 12,213 | 10,358 | 11,508 |
Selling and supply chain | 5,172 | 2,352 | 1,241 |
General and administrative | 18,966 | 13,356 | 11,580 |
Management fees | 1,338 | 2,285 | 1,968 |
Total operating expenses | 37,689 | 28,351 | 26,297 |
Loss from operations | (39,673) | (28,115) | (25,789) |
Interest, net | 110 | 264 | (1) |
Foreign currency transaction (loss) | (49) | (46) | (190) |
Loss before income taxes | (39,612) | (27,897) | (25,980) |
Income taxes | 0 | 0 | 0 |
Net loss | $ (39,612) | $ (27,897) | $ (25,980) |
Basic and diluted loss per share | $ (1.21) | $ (0.91) | $ (1.12) |
Weighted average shares outstanding - basic and diluted | 32,805,684 | 30,683,421 | 23,153,661 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Shares in Treasury [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2016 | $ 13,119 | $ 2 | $ 41,685 | $ (28,568) | ||
Beginning balance, shares at Dec. 31, 2016 | 19,600,000 | |||||
Net loss | (25,980) | (25,980) | ||||
Issuance of common stock | 57,980 | $ 1 | 57,979 | |||
Issuance of common stock, shares | 8,050,000 | |||||
Stock-based compensation | 12,357 | 12,357 | ||||
Stock based compensation, shares | 68,780 | |||||
Ending balance at Dec. 31, 2017 | 57,476 | $ 3 | 112,021 | (54,548) | ||
Ending balance, shares at Dec. 31, 2017 | 27,718,780 | |||||
Net loss | (27,897) | (27,897) | ||||
Issuance of common stock | 57,041 | 57,041 | ||||
Issuance of common stock, shares | 4,057,500 | |||||
Stock-based compensation | 7,007 | 7,007 | ||||
Stock based compensation, shares | 888,149 | |||||
Shares withheld for net share settlement | (230) | $ (230) | ||||
Shares withheld for net share settlement, shares | (15,536) | |||||
Ending balance at Dec. 31, 2018 | 93,397 | $ 3 | 176,069 | (230) | (82,445) | |
Ending balance, shares at Dec. 31, 2018 | 32,648,893 | |||||
Net loss | (39,612) | (39,612) | ||||
Issuance of common stock | 344 | 344 | ||||
Stock-based compensation | 9,175 | 9,175 | ||||
Stock based compensation, shares | 369,260 | |||||
Shares withheld for net share settlement | (813) | (813) | ||||
Shares withheld for net share settlement, shares | (66,824,000) | |||||
Other comprehensive income | 17 | $ 17 | ||||
Ending balance at Dec. 31, 2019 | $ 62,508 | $ 3 | $ 185,588 | $ (1,043) | $ (122,057) | $ 17 |
Ending balance, shares at Dec. 31, 2019 | 32,951,329 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net loss | $ (39,612) | $ (27,897) | $ (25,980) |
Adjustments to reconcile net loss to net cash used by operating activities: | |||
Depreciation and amortization expenses | 1,607 | 1,081 | 551 |
Loss on disposal of land, buildings and equipment | 23 | ||
Stock-based compensation | 9,175 | 4,385 | 12,092 |
Unrealized foreign exchange loss | (12) | (34) | |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (1,122) | 110 | |
Due to/from related parties | (882) | 676 | (448) |
Inventory | (2,594) | ||
Prepaid expenses and other assets | 493 | (726) | (537) |
Accounts payable | 259 | (118) | 665 |
Accrued expenses | 537 | 985 | 86 |
Accrued compensation and benefits | 876 | 360 | 613 |
Other accrued liabilities | (670) | 940 | 97 |
Other non-current assets | (18) | 51 | |
Net cash used by operating activities | (31,951) | (20,252) | (12,785) |
Investing activities | |||
Purchases of land, buildings and equipment | (2,969) | (1,847) | (779) |
Other | 50 | ||
Net cash used by investing activities | (2,969) | (1,797) | (779) |
Financing activities | |||
Costs incurred related to the issuance of stock | (665) | (3,312) | |
Proceeds from common stock issuance | 57,706 | 61,292 | |
Repayments of financing lease obligations | (275) | ||
Advances from Cellectis | 3,000 | ||
Repayment of advances from Cellectis | (3,000) | ||
Proceeds from the exercise of stock options | 344 | 2,622 | 265 |
Costs incurred related to shares withheld for net settlement | (813) | (230) | |
Proceeds from sale and leaseback of land, buildings and equipment | 414 | 1,240 | 6,957 |
Net cash (used) provided by financing activities | (330) | 60,673 | 65,202 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (35,250) | 38,624 | 51,638 |
Cash, cash equivalents and restricted cash - beginning of period | 95,288 | 56,664 | 5,026 |
Cash, cash equivalents and restricted cash - end of period | $ 60,038 | $ 95,288 | $ 56,664 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Overview Calyxt, Inc., formerly known as Cellectis Plant Sciences, Inc. (the “Company” or “Calyxt”), was founded in 2010 and incorporated in Delaware. We are headquartered in Roseville, Minnesota. We are a technology company focused on delivering plant-based solutions that are healthy and sustainable. Prior to our initial public offering (IPO) on July 25, 2017, we were a wholly owned subsidiary of Cellectis S.A. (“Cellectis”). As of December 31, 2019, Cellectis owned 68.9% of our outstanding common stock. Certain prior year amounts have been reclassified to conform to current year presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes, including those related to revenue recognition, forward purchase contracts, stock-based compensation and valuation allowances on deferred tax assets. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash We consider all investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash, which we hold for the benefit of our counterparty on an equipment lease facility, is also invested in cash equivalents. Accounts Receivable Accounts receivable are unsecured and are recorded at net realizable value. We make judgments as to our ability to collect outstanding receivables based upon patterns of collectability, historical experience, and our evaluation of specific accounts and will provide an allowance for credit losses when collection becomes doubtful. We perform credit evaluations of our customers’ financial condition on an as-needed basis. Payment is generally due fifteen or thirty days from the invoice date depending upon the product, and accounts past 30 days are individually analyzed for collectability. When all collection efforts have been exhausted, the account is written off. Forward Purchase Contracts We enter into seed and grain production agreements (Forward Purchase Contracts) with seed producers and growers. The seed contracts often require us to pay prices for the seed produced at commodity futures market prices plus a premium. The grower contracts are also linked to commodity futures market prices plus a premium. The grower has the option to fix their price with us throughout the term of the agreement. The grower contracts allow for delivery of grain to us at harvest if so specified when the agreement is executed, otherwise delivery occurs on a date that we elect through August 31 of the following year. In all periods prior to January 1, 2019, we considered Forward Purchase Contracts to be derivatives and recorded the contracts at fair market value with changes in value reflected in earnings as R&D expense. Effective January 1, 2019, we designated all Forward Purchase Contracts as normal purchases and as a result no longer consider these agreements to be derivatives. As of that date any mark-to-market gains or losses associated with those contracts were fixed and were reflected in upon our purchase of the underlying grain. As of December 31, 2019, we had purchased all the underlying grain and all previously recorded gains and losses had been reflected in inventory. Inventory Inventories are recorded at the lower of cost or net realizable value and include all costs of seed production and grain we purchase as well as costs to store, transport and process the grain into finished products. Consideration we receive from growers when they purchase seed is recorded as a reduction of inventory. We evaluate inventory balances for obsolescence on a regular basis based on the age of the inventory and our sales forecasts. We also determine the net realizable value of our inventory balances using projected selling prices for our products, market prices for the underlying agricultural markets, the age of products our anticipated costs and other factors that take into consideration our limited operating history, and compare those prices to the current weighted average costs of our inventories. If our costs are higher than the projected selling prices a valuation adjustment is recorded. Prior to our commercialization of high oleic soybean products, all Grain Costs were expensed as R&D. Fair Value of Financial Instruments We record financial instruments at fair value with changes in those values reported in our results of operations each period. We determine values using readily available market prices, instruments with similar terms and underlying inputs that are quoted on exchanges, or other valuation techniques if no observable inputs are available. Land, Buildings and Equipment Land, buildings and equipment are stated at cost less accumulated depreciation. Assets under capital lease are stated at the lesser of their net present value of future lease payments or fair market value. Depreciation is computed based upon the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the assets. Repairs and maintenance costs are expensed as incurred. The cost and accumulated depreciation of property and equipment retired, or otherwise disposed of, are removed from the related accounts, and any residual values are charged to expense. Depreciation expense has been calculated using the following estimated useful lives: Buildings and other improvements 10–20 years Leasehold improvements 15 years Office furniture and equipment 7 years Assets under capital lease 4–20 years Computer equipment and software 3–5 years Vehicles 3–6 years We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If the impairment tests indicate that the carrying value of the asset, or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, further analysis is performed to determine the fair value of the asset or asset group. To the extent the fair value of the asset or asset group is less than its carrying value, an impairment loss is recognized equal to the amount the carrying value exceeds the fair value of the asset or asset group. Assets to be disposed of are carried at the lower of their carrying value or fair value less costs to sell. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. We have not recognized any impairment losses in these consolidated financial statements. Revenue Recognition – We recognize sales revenue at the point in time that title transfers to the customer, which is based on shipping terms. Sales include shipping and handling charges if billed to the customer and are reported net of trade promotion and other costs, including estimated allowances for returns, unsalable product and prompt pay discounts. Sales, use, value-added and other excise taxes are not recognized in revenue. Trade promotions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. Revenue Recognition – Out-licensing of Technology We recognize revenue from license agreements, which may consist of nonrefundable up-front payments, milestone payments, royalties and services. In addition, we may license our technology to third parties. Nonrefundable up-front payments are deferred and recognized as revenue over the term of the license agreement. If a license agreement is terminated before the original term of the agreement is fulfilled, all remaining deferred revenue is recognized at termination. Milestone payments represent amounts received from our licensees, the receipt of which is dependent upon the achievement of certain scientific, regulatory or commercial milestones. We recognize milestone payments when the triggering event has occurred, there are no further contingencies or services to be provided with respect to that event, and the counterparty has no right to refund of the payment. Advertising Costs We expense advertising costs as incurred. Research and Development (R&D) We recognize R&D expenses as incurred. These expenses consist of direct costs for R&D and R&D-related allocations of overhead costs such as facilities and information technology costs. Costs incurred in connection with collaborator-funded activities are expensed as incurred. Costs to acquire technologies that are utilized in R&D that have no alternative future use are expensed as incurred. Prior to the commercialization of a product, Grain Costs are expensed as R&D. Patents We expense patent costs, including related legal costs, as incurred. Costs to maintain, in-license, and defend patents are recorded as G&A expenses in the statements of operations. Costs to write and support the research for filing patents are recorded as R&D expenses in the statements of operations. Stock-Based Compensation We generally measure employee and nonemployee stock-based awards at grant-date fair value and record compensation expense over the vesting period of the award. Prior to our adoption of new accounting rules on January 1, 2019, stock-based awards issued to nonemployees were remeasured until the award vests. We use the Black-Scholes option pricing model to value our stock option awards. The expected term of stock options is estimated using the average of the vesting tranches and the contractual life of each grant for employee options as we have limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for our stock option grants. For options granted to nonemployees, we use the remaining contractual life. For stock price volatility, we use comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on United States Treasury notes with a term approximating the expected term of the option. We assume no dividend yield because dividends are not expected to be paid. We generally measure compensation expense for grants of restricted stock units using the value of a share of our stock on the date of grant. Prior to our adoption of new accounting rules on January 1, 2019, compensation expense for grants of stock awards to non-employees were initially measured using the share price on date of grant and remeasured quarterly. If an award is forfeited prior to vesting the associated reduction in expense is reflected net in stock-based compensation expense in that period. Stock-based compensation expense is recorded in R&D, selling and supply chain, or G&A expenses in our consolidated statements of operations. Income Taxes Current income taxes are recorded based on statutory obligations for the current operating period for the jurisdictions in which we have operations. Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when we believe it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Foreign Currency Transactions Transactions in foreign currencies are translated at the exchange rates effective on the transaction dates. Assets and liabilities denominated in foreign currencies are translated at the period-end exchange rate. Foreign currency gains and losses are recognized in G&A expenses in the consolidated statements of operations. Recently Adopted Accounting Pronouncements Effective January 1, 2019, we adopted new accounting requirements for share-based payment transactions for acquiring goods and services from nonemployees. The adoption did not have an impact on our consolidated financial statements as each of the share-based payment awards granted to nonemployees had a measurement date upon grant, and thus no cumulative adjustment to retained earnings was required. Effective January 1, 2019, we adopted new accounting requirements for recognition of revenue from contracts with customers. We adopted these requirements using the cumulative effect approach. The adoption did not have an impact on our consolidated financial statements. In the first quarter of 2019, we adopted new hedge accounting requirements that better aligned our risk management activities and financial reporting. The adoption did not have a material impact on our consolidated financial statements. |
Financial Instruments, Fair Val
Financial Instruments, Fair Value, and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Financial Instruments, Fair Value, and Concentrations of Credit Risk | 2. FINANCIAL INSTRUMENTS, FAIR VALUE, AND CONCENTRATIONS OF CREDIT RISK The carrying values of cash and cash equivalents, restricted cash, due from related parties, accounts payable, due to related parties, and all other current liabilities approximate fair value. The fair value of our financing lease obligations, including the current portion, are $15.7 million as of December 31, 2019, and $15.8 million as of December 31, 2018. The carrying amounts of our financing lease obligations, including the current portion, were $18.6 million as of December 31, 2019 and $18.5 million as of December 31, 2018. The fair value of our financing lease obligations was determined using discounted cash flow analysis based on market rates for similar types of borrowings. Financing lease obligations are a Level 2 liability in the fair value hierarchy. Fair Value Measurements and Financial Statement Presentation The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of December 31, 2019 and December 31, 2018, were as follows: December 31, 2019 December 31, 2019 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Commodity futures and options $ 62 $ — $ — $ 62 $ — $ — $ — $ — Total $ 62 $ — $ — $ 62 $ — $ — $ — $ — December 31, 2018 December 31, 2018 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Forward Purchase Contracts (a) $ — $ 1 $ — $ 1 $ — $ 248 $ — $ 248 Total $ — $ 1 $ — $ 1 $ — $ 248 $ — $ 248 (a) The fair value for forward purchase contracts is estimated based on commodity market future prices. Commodity Price Risk We enter Forward Purchase Contracts for grain with settlement values based on commodity futures market prices. These Forward Purchase Contracts allow our counterparty to fix their sale prices to us at various times as defined in the contract. We may enter hedging arrangements to either fix variable exposures or convert fixed prices to floating prices using commodity derivative contracts. As of December 31, 2019, we held commodity contracts with a notional amount of $4.8 million. We have designated all our commodity derivative contracts as cash flow hedges. As a result, all gains or losses associated with recording commodity derivative contracts at fair value are recorded as a component of accumulated other comprehensive gain (loss) (AOCI). We reclassify amounts from AOCI to cost of goods sold when we sell the underlying products to which those hedges relate. As of December 31, 2019, we expect the entire AOCI balance to be reclassified into earnings within the next six months. Certain amounts related to our hedging activities are as follows: Amount of Gain (Loss) Amount of Gain (Loss) Reclassified to Earnings Recognized in AOCI Year ended December 31, December 31, December 31, December 31, In thousands 2019 2018 2017 2019 2018 2017 Cash flow hedges: Commodity contracts $ 17 $ — $ — $ (81 ) $ — $ — Total $ 17 $ — $ — $ (81 ) $ — $ — Foreign Exchange Risk Foreign currency fluctuations affect our foreign currency cash flows related primarily to payments to Cellectis. Our principal foreign currency exposure is to the euro. We do not hedge these exposures, and we do not believe that the current level of foreign currency risk is significant to our operations. Concentrations of Credit Risk We invest our cash, cash equivalents and restricted cash in short-term investments and hold deposits at financial institutions that may exceed insured limits. We evaluate the creditworthiness of these institutions in determining the risk associated with these deposits. We have not experienced any losses on these deposits. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 3. RELATED-PARTY TRANSACTIONS We have several agreements that govern our relationship with Cellectis, some of which require us to make payments to Cellectis. Pursuant to our management services agreement with Cellectis, we incurred management fee expenses of $1.3 million in 2019, $2.3 million in 2018 and $2.0 million in 2017. Cellectis has also guaranteed the lease agreement for our headquarters. Cellectis’ guarantee of our obligations under the lease will terminate at the end of the second consecutive calendar year in which our tangible net worth exceeds $300 million. During the year ended December 31, 2018, Cellectis purchased 550,000 shares of common stock in our follow-on offering at the public offering price of $15.00 per share. In addition, in connection with the vesting on June 14, 2018, of restricted stock units for certain of our and Cellectis’ employees and nonemployees, Cellectis purchased 63,175 shares of our common stock at a price of $19.49 per share (the closing price reported on the NASDAQ Global Market on June 14, 2018) directly from such employees and nonemployees in private transactions pursuant to share purchase agreements dated June 13, 2018. TALEN ® ® ® |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | 4. STOCKHOLDERS’ EQUITY Preferred stock of 50.0 million shares, with a $0.0001 par value, is authorized but unissued. Initial Public Offering On July 25, 2017, we completed an IPO of our common stock, in which we sold an aggregate of 8,050,000 shares of our common stock at a price of $8.00 per share, including 1,050,000 shares of common stock pursuant to the exercise of the underwriters’ option to purchase additional shares. In the aggregate, we received net proceeds from the IPO and exercise of the overallotment of $58.0 million, after deducting underwriting discounts and commissions of $3.1 million and offering expenses totaling $3.3 million. As part of the IPO, Cellectis purchased 2,500,000 shares of our common stock for a value of $20.0 million, which is included in the net proceeds of $58.0 million. We used $5.7 million of the proceeds from Cellectis to pay a portion of our outstanding obligations to Cellectis. Follow-on Public Offering On May 22, 2018, we completed a follow-on offering of our common stock. We sold an aggregate of 4,057,500 shares of common stock at a price of $15.00 per share, including 457,500 shares of common stock pursuant to the exercise of the underwriters’ option to purchase additional shares. In the aggregate, we received net proceeds from the follow-on offering and exercise of the overallotment option of $57.0 million, after deducting underwriting discounts and commissions of $3.2 million and offering expenses totaling$0.7 million. As part of the follow-on offering, Cellectis purchased 550,000 shares of common stock for a value of $8.3 million, the proceeds of which are included in the net proceeds of $57.0 million. Stock Splits On June 14, 2017, we effected a stock split of our common stock at a ratio of 100-for-1 and increased the number of shares of common stock authorized for issuance to 30,000,000 by filing a Certificate of Amendment with the Secretary of State of the State of Delaware. On July 25, 2017, we increased our authorized capital stock to 325,000,000 shares of which 275,000,000 shares are designated common stock, par value $0.0001, and 50,000,000 shares are designated preferred stock, par value $0.0001. On July 25, 2017, concurrently with the closing of the IPO, we effected a stock split of our common stock at a ratio of 2.45-for-1. As a result of the stock split, each share of issued and outstanding common stock was converted into 2.45 shares of issued and outstanding common stock without changing the par value per share. Since the par value of the common stock remained at $0.0001 per share subsequent to each stock split, the value of common stock recorded to our balance sheets has been retroactively increased to reflect the par value of the increased number of outstanding shares, with a corresponding decrease to additional paid-in capital. All share and per share data for periods occurring prior to the stock split that are included in the consolidated financial statements and related notes have been retroactively restated to reflect the stock splits. We repurchased $813,000 of common stock in 2019 and $230,000 in 2018. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 5. NET LOSS PER SHARE Basic and diluted loss per share were calculated using the following: Year ended December 31, In Thousands, Except Share Data and Per Share Amounts 2019 2018 2017 Net loss $ (39,612 ) $ (27,897 ) $ (25,980 ) Weighted average shares outstanding - basic and diluted 32,805,684 30,683,421 23,153,661 Basic and diluted loss per share $ (1.21 ) $ (0.91 ) $ (1.12 ) Year ended December 31, 2019 2018 2017 Anti-dilutive stock options, restricted stock units and performance stock units 5,606,552 4,253,301 5,257,365 All outstanding stock options and restricted stock units are excluded from the calculation since they are anti-dilutive. We have not used the treasury method in determining the number of anti-dilutive stock options and restricted stock units in the table above. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. STOCK-BASED COMPENSATION We use broad-based stock plans to attract and retain highly qualified officers and employees and to help ensure that management’s interests are aligned with those of our shareholders. We have also granted equity-based awards to directors, nonemployees and certain employees of Cellectis. In December 2014, we adopted the Calyxt, Inc. Equity Incentive Plan (2014 Plan), which allowed for the grant of stock options, and in June 2017, we adopted the 2017 Omnibus Plan (2017 Plan), which allowed for the grant of stock options, performance shares and other types of equity awards. As of December 31, 2019, 1,977,594 shares were registered and available for grant under approved registration statements, while 2,544,107 shares were available for grant in the form of stock options, restricted stock, restricted stock units and performance stock units under the 2017 Plan. Stock-based awards now outstanding also include some granted under the 2014 Plan, under which no further awards will be granted. Stock Options The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option pricing model were as follows: 2019 2018 2017 Estimated fair values of stock options granted $ 10.18 $ 9.09 $ 2.42 Assumptions: Risk-free interest rate 1.7% - 2.5% 2.2% - 3.0% 1.3% - 2.4% Expected volatility 52.6% - 78.9% 40.9% - 57.2% 27.4% - 45.1% Expected term (in years) 6.8 - 10 5.6 - 10 1.2 - 10 We estimate the fair value of each option on the grant date or other measurement dates if applicable using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior and dividend yield. The risk-free interest rate for periods during the expected term of the options is based on the United States Treasury zero-coupon yield curve in effect at the date of grant. We estimate our future stock price volatility using the historical volatility of comparable public companies over the expected term of the option. Our expected term represents the period that options granted are expected to be outstanding determined using the simplified method. We have not paid dividends on our common stock and we do not currently plan to pay any cash dividends in the foreseeable future. Options may be priced at 100 percent or more of the fair market value on the date of grant and generally vest over six years after the date of grant. Options generally expire within 10 years after the date of grant. Information on stock option activity follows: Options Exercisable Weighted- Average Exercise Price Per Share Options Outstanding Weighted- Average Exercise Price Per Share Balance as of December 31, 2018 1,278,038 $ 7.45 3,201,887 $ 10.67 Granted 1,590,000 13.80 Exercised (95,327 ) 3.61 Forfeited or expired (227,696 ) 14.68 Other activity 12,495 13.29 Balance as of December 31, 2019 1,789,567 $ 8.73 4,481,359 $ 11.73 Stock-based compensation expense related to stock option awards was as follows: Year ended December 31, In Thousands 2019 2018 2017 Stock-based compensation expenses $ 6,035 $ 3,609 $ 9,291 The aggregate intrinsic value of options exercisable at December 31, 2019 was $3.3 million and the weighted average remaining contractual term was 6.8 years as of that date. Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Year ended December 31, In Thousands 2019 2018 2017 Net cash proceeds $ 344 $ 2,622 $ 265 Intrinsic value of options exercised $ 905 $ 7,569 $ 1,347 As of December 31, 2019, unrecognized compensation expense related to non-vested stock options was $13.1 million. This expense will be recognized over 56 months on average. Restricted Stock Units Units settled in stock subject to a restricted period may be granted to key employees under the 2017 Plan. Restricted stock units generally vest and become unrestricted over five years after the date of grant. Information on restricted stock unit activity follows: Number of Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Unvested balance at December 31, 2018 1,051,414 $ 10.15 Granted 100,000 12.48 Vested (324,043 ) 9.69 Cancelled (13,845 ) 12.72 Unvested balance at December 31, 2019 813,526 10.31 The total grant-date fair value of restricted stock unit awards that vested was as follows: Year ended December 31, In Thousands 2019 2018 2017 Grant-date fair value $ 3,141 $ 2,691 $ 314 Information on the weighted average grant date fair value of restricted stock units issued was as follows: Year ended December 31, In Thousands 2019 2018 2017 Weighted average grant date fair value $ 12.48 16.76 $ 8.00 Stock-based compensation expense related to restricted stock units was as follows: Year ended December 31, In Thousands 2019 2018 2017 Stock-based compensation expenses $ 2,910 $ 776 $ 2,429 We treat stock-based compensation awards granted to employees of Cellectis as deemed dividends. We recorded deemed dividends as follows. Year ended December 31, In Thousands 2019 2018 2017 Deemed dividends from grants to Cellectis employees $ 1,358 $ 2,253 $ 3,574 As of December 31, 2019, unrecognized compensation expense related to restricted stock units was $3.0 million. This expense will be recognized over 45 months on average. Performance Stock Units In June 2019, we granted 311,667 performance stock units under the 2017 Plan to three executive officers. The performance stock units will vest at 50%, 100% or 120% of the shares under the award at the end of a three-year performance period based upon increases in the value of our common stock from the grant price of $12.48. The performance stock units will be settled in restricted stock upon vesting, with restrictions on transfer lapsing on the second anniversary of the restricted stock issuance date. The estimated fair values of performance stock units granted and the assumptions used for the Monte Carlo simulation pricing model were as follows: Year ended December 31, 2019 Estimated fair values of performance stock units granted $ 7.06 Assumptions: Risk-free interest rate 1.71 % Expected volatility 75.0 % Expected term (in years) 3.0 Stock-based compensation expense related to performance stock unit awards was $225,000 for the year ended December 31, 2019. As of December 31, 2019, unrecognized compensation expense related to performance stock units was $2.0 million and will be recognized over 54 months. Cellectis Equity Incentive Plan Prior to 2018, Cellectis granted stock options to our employees. Compensation costs related to these grants have been recognized in the statements of operations with a corresponding credit to stockholders’ equity, representing the Cellectis’ capital contribution to us. The fair value of each stock option was estimated at the grant date using the Black-Scholes option pricing model. We recognized stock-based compensation expense related to our Cellectis’ grants of $100,000 in 2018 and $400,000 in 2017. Expenses in 2019 were immaterial and as of December 31, 2019, all expenses related to these awards had been recognized. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES The following table reconciles the United States statutory income tax rate with our effective income tax rate: Year ended December 31, 2019 2018 2017 United States statutory rate 21.0 % 21.0 % 34.0 % State Tax, net of Federal Benefit 1.0 % 0.7 % — % Stock-based compensation (1.6 %) 3.6 % 0.6 % Officers compensation (1.3 %) — % — % Deferred rate change — % 0.3 % (12.9 %) R&D credit 1.8 % 0.7 % — % Other 0.3 % 0.7 % — % Change in valuation allowance (21.2 %) (27.0 %) (21.7 %) Effective income tax rate — % — % — % Deferred assets and liabilities consist of the following: December 31, In Thousands 2019 2018 2017 Net operating losses $ 24,852 $ 16,372 $ 9,252 Stock-based compensation expenses 3,637 2,747 2,691 Financing lease obligations 4,640 4,009 2,131 Tax credit carry forwards 2,106 922 735 Compensation and employee benefits 97 474 576 Other 307 116 8 Gross deferred tax assets 35,639 24,640 15,393 Less valuation allowance (30,888 ) (20,329 ) (12,792 ) Net deferred tax assets 4,751 4,311 2,601 Fixed assets (4,746 ) (4,352 ) (2,600 ) Other (5 ) 41 (1 ) Gross deferred tax liabilities (4,751 ) (4,311 ) (2,601 ) Net deferred tax asset or liability $ — $ — $ — We provide for a valuation allowance when it is more likely than not that we will not realize a portion of the deferred tax assets. We have established a valuation allowance against our deferred tax assets described above as current evidence does not suggest we will realize enough taxable income of the appropriate character within the carryforward period to allow us to realize these deferred tax benefits. We have $141.2 million of tax loss carryforwards. Of this amount, $35.2 million is state operating loss carryforwards and $105.9 million is federal operating loss carryforwards. The federal carryforward periods are as follows: $64.0 million do not expire; zero expire in 2019 and 2020; and $41.9 million expire in 2032 and beyond. The state carryforward period is 20 years. On December 22, 2017, the TCJA was signed into law. The TCJA results in significant revisions to the United States corporate income tax system, including a reduction in the United States corporate income tax rate, implementation of a territorial system, and a one-time deemed repatriation tax on untaxed foreign earnings. The TCJA also results in a United States federal blended statutory rate of 21 percent for us in 2018. We completed the accounting for the income tax effects of the TCJA as of December 31, 2018. We are subject to federal income taxes in the United States as well as various state and local jurisdictions. Several years may elapse before an uncertain tax position is audited and finally resolved. While it is often difficult to predict the outcome or the timing of resolution of any uncertain tax position, we do not believe that we need to recognize any liabilities for uncertain tax positions as of December 31, 2019. The number of years with open tax audits varies depending on the tax jurisdiction. Our major taxing jurisdictions are the United States, both federal and state. Various tax examinations by United States state taxing authorities could be conducted for any open tax year, which vary by jurisdiction, but are generally from 3 to 5 years. |
Leases, Other Commitments, and
Leases, Other Commitments, and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Leases, Other Commitments, and Contingencies | 8. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES Litigation and Claims We are not currently a party to any material pending legal proceeding. Leases We lease our headquarters facility, office equipment, and other items. Our headquarters lease involved the sale of land and improvements to a third party who then constructed the facility. This lease is considered a financing lease. Sale-Leaseback of Headquarters and Lab Facility Our headquarters facility is composed of a 40,000 square-foot office and lab building, with greenhouses and outdoor research plots. We are deemed the owner for accounting purposes. The lease has a term of twenty years, with four options to extend its term for five years each, subject to there being no default under the lease terms beyond any cure period and us occupying the property at the time of extension. In 2017, we received $7.0 million in connection with the sale of the land and uncompleted facility. The lease commenced in May 2018. Under the lease, we pay an annual base rent of eight percent of the total project cost with scheduled increases in rent of 7.5 percent on the sixth, eleventh and sixteenth anniversaries of the start of the lease commencement as well as on the first day of each renewal term. Currently, we pay an annual base rent of $1.4 million. We are also responsible for all operating costs and expenses associated with the property. Beginning on the eighteenth month anniversary of the start of the lease, if the landlord decides to sell the property we have a right of first refusal to purchase the property on the same terms offered to any third party. Concurrent with entering the lease, Cellectis guaranteed all our obligations under the lease agreement. Cellectis’ guarantee of our obligations will terminate at the end of the second consecutive calendar year in which our tangible net worth exceeds $300 million, as determined in accordance with generally accepted accounting principles. At a point when Cellectis owns 50% or less of our outstanding common stock, we have agreed to indemnify Cellectis for any obligations incurred by Cellectis under its guaranty of our obligations under the lease. Sale-Leaseback of Equipment We also have an equipment financing arrangement that is considered a financing lease. This arrangement has a term of four years for each draw. We were required to deposit cash into a restricted account in an amount equal to the future rent payments required by the lease. As of December 31, 2019, this restricted cash totaled $1.4 million. We have the option to request the return of excess collateral annually in December. The equipment financing arrangement allows for a six-month renewal option or a repurchase option at the end of the lease term. Operating Leases As a lessee, we lease office equipment, storage facilities and vehicles under various operating leases. Rent expense from all operating leases was as follows: Year ended December 31, In Thousands 2019 2018 2017 Rent expense from operating leases $ 117 $ 200 $ 270 Noncancelable future lease commitments are as follows: In Thousands Operating Leases Capital Leases 2020 $ 419 $ 1,817 2021 59 1,787 2022 13 1,898 2023 — 1,561 2024 — 1,479 After fiscal 2024 — 21,428 Total noncancelable future lease commitments $ 491 $ 29,970 Other Commitments As of December 31, 2019, we have committed to purchase grain from growers and seed from third party producers at dates throughout 2020 and 2021 aggregating $50.9 million based on current commodity futures market prices, other payments to growers and estimated yields per acre. This amount is not recorded in the consolidated financial statements because we have not taken delivery of the grain or seed as of December 31, 2019. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | 9. EMPLOYEE BENEFIT PLAN We provide a 401(k) defined contribution plan for all regular full-time employees who have completed three months of service. We match employee contributions up to certain amounts and those matching contributions vest immediately. Year ended December 31, In Thousands 2019 2018 2017 Employee benefit plan expenses $ 228 $ 136 $ 93 |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Information | 10. SUPPLEMENTAL INFORMATION Certain balance sheet amounts are as follows: December 31, In Thousands 2019 2018 Inventory: Raw materials $ 2,211 $ — Work-in-process 272 — Finished goods 111 — Total $ 2,594 $ — December 31, In Thousands 2019 2018 Land, buildings and equipment: Land under capital lease $ 5,690 $ 5,690 Buildings 650 642 Buildings under capital lease 3,812 3,812 Leasehold improvements 130 52 Leasehold improvements under capital lease 10,023 10,023 Office furniture and equipment 4,174 1,789 Office furniture and equipment under capital lease 1,788 1,374 Computer equipment and software 8 2 Construction in progress 550 554 Vehicles 83 0 Total land, buildings and equipment 26,908 23,938 Less accumulated depreciation and amortization (3,696 ) (2,088 ) Total $ 23,212 $ 21,850 Certain statements of operations amounts are as follows: Year Ended December 31, In Thousands 2019 2018 2017 Revenue: Soybean oil $ 1,685 $ — $ — Soybean meal 5,604 — — Licensing of technology 7 236 508 Total $ 7,296 $ 236 $ 508 Year Ended December 31, In Thousands 2019 2018 2017 Stock-based compensation expense: Research and development $ 2,190 $ 629 $ 6,086 Selling and supply chain 767 408 529 General and administrative 6,218 3,348 5,477 Total $ 9,175 $ 4,385 $ 12,092 Year Ended December 31, In Thousands 2019 2018 2017 Interest, net: Interest expense $ (1,490 ) $ (1,257 ) $ (261 ) Interest income 1,600 1,521 260 Total $ 110 $ 264 $ (1 ) Year Ended December 31, In Thousands 2019 2018 2017 Depreciation and amortization expenses $ 1,607 $ 1,081 $ 551 Certain statements of cash flows amounts are as follows: Year Ended December 31, In Thousands 2019 2018 2017 Cash, cash equivalents and restricted cash: Cash and cash equivalents $ 58,610 $ 93,794 $ 56,664 Restricted cash 388 381 — Non-current restricted cash 1,040 1,113 — Total $ 60,038 $ 95,288 $ 56,664 Year Ended December 31, In Thousands 2019 2018 2017 Supplemental investing and financing transactions: Non-cash additions to land, buildings and equipment $ 414 $ 7,994 $ 3,130 Offering costs in accounts payable and accrued liabilities $ — $ 443 $ — Non-cash addition to financing lease obligations $ 25 $ — $ — Interest paid $ 1,472 $ 1,086 $ 200 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 11. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth certain unaudited quarterly financial data for the eight quarters ended December 31, 2019. The unaudited information set forth below has been prepared on the same basis as the audited information contained herein and includes all adjustments necessary to present fairly the information set forth. The operating results for any quarter are not indicative of results for any future period. All data is in thousands except per share data. 2019 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue $ 157 $ 408 $ 2,967 $ 3,764 $ 11 $ 196 $ 27 $ 2 Cost of goods sold $ (34 ) $ (303 ) $ (3,528 ) $ (5,415 ) $ — $ — $ — $ — Gross margin $ 123 $ 105 $ (561 ) $ (1,651 ) $ 11 $ 196 $ 27 $ 2 Operating expenses $ (7,646 ) $ (9,597 ) $ (10,132 ) $ (10,314 ) $ (4,307 ) $ (7,688 ) $ (7,726 ) $ (8,630 ) Net loss $ (7,375 ) $ (9,403 ) $ (10,669 ) $ (12,165 ) $ (4,370 ) $ (7,576 ) $ (7,483 ) $ (8,468 ) Net loss per share $ (0.23 ) $ (0.29 ) $ (0.32 ) $ (0.37 ) $ (0.16 ) $ (0.25 ) $ (0.23 ) $ (0.27 ) |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes, including those related to revenue recognition, forward purchase contracts, stock-based compensation and valuation allowances on deferred tax assets. Actual results could differ from those estimates. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents and Restricted Cash We consider all investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash, which we hold for the benefit of our counterparty on an equipment lease facility, is also invested in cash equivalents. |
Accounts Receivable | Accounts Receivable Accounts receivable are unsecured and are recorded at net realizable value. We make judgments as to our ability to collect outstanding receivables based upon patterns of collectability, historical experience, and our evaluation of specific accounts and will provide an allowance for credit losses when collection becomes doubtful. We perform credit evaluations of our customers’ financial condition on an as-needed basis. Payment is generally due fifteen or thirty days from the invoice date depending upon the product, and accounts past 30 days are individually analyzed for collectability. When all collection efforts have been exhausted, the account is written off. |
Forward Purchase Contracts | Forward Purchase Contracts We enter into seed and grain production agreements (Forward Purchase Contracts) with seed producers and growers. The seed contracts often require us to pay prices for the seed produced at commodity futures market prices plus a premium. The grower contracts are also linked to commodity futures market prices plus a premium. The grower has the option to fix their price with us throughout the term of the agreement. The grower contracts allow for delivery of grain to us at harvest if so specified when the agreement is executed, otherwise delivery occurs on a date that we elect through August 31 of the following year. In all periods prior to January 1, 2019, we considered Forward Purchase Contracts to be derivatives and recorded the contracts at fair market value with changes in value reflected in earnings as R&D expense. Effective January 1, 2019, we designated all Forward Purchase Contracts as normal purchases and as a result no longer consider these agreements to be derivatives. As of that date any mark-to-market gains or losses associated with those contracts were fixed and were reflected in upon our purchase of the underlying grain. As of December 31, 2019, we had purchased all the underlying grain and all previously recorded gains and losses had been reflected in inventory. |
Inventory | Inventory Inventories are recorded at the lower of cost or net realizable value and include all costs of seed production and grain we purchase as well as costs to store, transport and process the grain into finished products. Consideration we receive from growers when they purchase seed is recorded as a reduction of inventory. We evaluate inventory balances for obsolescence on a regular basis based on the age of the inventory and our sales forecasts. We also determine the net realizable value of our inventory balances using projected selling prices for our products, market prices for the underlying agricultural markets, the age of products our anticipated costs and other factors that take into consideration our limited operating history, and compare those prices to the current weighted average costs of our inventories. If our costs are higher than the projected selling prices a valuation adjustment is recorded. Prior to our commercialization of high oleic soybean products, all Grain Costs were expensed as R&D. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We record financial instruments at fair value with changes in those values reported in our results of operations each period. We determine values using readily available market prices, instruments with similar terms and underlying inputs that are quoted on exchanges, or other valuation techniques if no observable inputs are available. |
Land, Buildings, and Equipment | Land, Buildings and Equipment Land, buildings and equipment are stated at cost less accumulated depreciation. Assets under capital lease are stated at the lesser of their net present value of future lease payments or fair market value. Depreciation is computed based upon the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the assets. Repairs and maintenance costs are expensed as incurred. The cost and accumulated depreciation of property and equipment retired, or otherwise disposed of, are removed from the related accounts, and any residual values are charged to expense. Depreciation expense has been calculated using the following estimated useful lives: Buildings and other improvements 10–20 years Leasehold improvements 15 years Office furniture and equipment 7 years Assets under capital lease 4–20 years Computer equipment and software 3–5 years Vehicles 3–6 years We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If the impairment tests indicate that the carrying value of the asset, or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, further analysis is performed to determine the fair value of the asset or asset group. To the extent the fair value of the asset or asset group is less than its carrying value, an impairment loss is recognized equal to the amount the carrying value exceeds the fair value of the asset or asset group. Assets to be disposed of are carried at the lower of their carrying value or fair value less costs to sell. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. We have not recognized any impairment losses in these consolidated financial statements. |
Revenue Recognition | Revenue Recognition – We recognize sales revenue at the point in time that title transfers to the customer, which is based on shipping terms. Sales include shipping and handling charges if billed to the customer and are reported net of trade promotion and other costs, including estimated allowances for returns, unsalable product and prompt pay discounts. Sales, use, value-added and other excise taxes are not recognized in revenue. Trade promotions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. Revenue Recognition – Out-licensing of Technology We recognize revenue from license agreements, which may consist of nonrefundable up-front payments, milestone payments, royalties and services. In addition, we may license our technology to third parties. Nonrefundable up-front payments are deferred and recognized as revenue over the term of the license agreement. If a license agreement is terminated before the original term of the agreement is fulfilled, all remaining deferred revenue is recognized at termination. Milestone payments represent amounts received from our licensees, the receipt of which is dependent upon the achievement of certain scientific, regulatory or commercial milestones. We recognize milestone payments when the triggering event has occurred, there are no further contingencies or services to be provided with respect to that event, and the counterparty has no right to refund of the payment. |
Advertising Costs | Advertising Costs We expense advertising costs as incurred. |
Research and Development (R&D) | Research and Development (R&D) We recognize R&D expenses as incurred. These expenses consist of direct costs for R&D and R&D-related allocations of overhead costs such as facilities and information technology costs. Costs incurred in connection with collaborator-funded activities are expensed as incurred. Costs to acquire technologies that are utilized in R&D that have no alternative future use are expensed as incurred. Prior to the commercialization of a product, Grain Costs are expensed as R&D. |
Patents | Patents We expense patent costs, including related legal costs, as incurred. Costs to maintain, in-license, and defend patents are recorded as G&A expenses in the statements of operations. Costs to write and support the research for filing patents are recorded as R&D expenses in the statements of operations. |
Stock Based Compensation | Stock-Based Compensation We generally measure employee and nonemployee stock-based awards at grant-date fair value and record compensation expense over the vesting period of the award. Prior to our adoption of new accounting rules on January 1, 2019, stock-based awards issued to nonemployees were remeasured until the award vests. We use the Black-Scholes option pricing model to value our stock option awards. The expected term of stock options is estimated using the average of the vesting tranches and the contractual life of each grant for employee options as we have limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for our stock option grants. For options granted to nonemployees, we use the remaining contractual life. For stock price volatility, we use comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on United States Treasury notes with a term approximating the expected term of the option. We assume no dividend yield because dividends are not expected to be paid. We generally measure compensation expense for grants of restricted stock units using the value of a share of our stock on the date of grant. Prior to our adoption of new accounting rules on January 1, 2019, compensation expense for grants of stock awards to non-employees were initially measured using the share price on date of grant and remeasured quarterly. If an award is forfeited prior to vesting the associated reduction in expense is reflected net in stock-based compensation expense in that period. Stock-based compensation expense is recorded in R&D, selling and supply chain, or G&A expenses in our consolidated statements of operations. |
Income Taxes | Income Taxes Current income taxes are recorded based on statutory obligations for the current operating period for the jurisdictions in which we have operations. Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when we believe it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Foreign Currency Transactions | Foreign Currency Transactions Transactions in foreign currencies are translated at the exchange rates effective on the transaction dates. Assets and liabilities denominated in foreign currencies are translated at the period-end exchange rate. Foreign currency gains and losses are recognized in G&A expenses in the consolidated statements of operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2019, we adopted new accounting requirements for share-based payment transactions for acquiring goods and services from nonemployees. The adoption did not have an impact on our consolidated financial statements as each of the share-based payment awards granted to nonemployees had a measurement date upon grant, and thus no cumulative adjustment to retained earnings was required. Effective January 1, 2019, we adopted new accounting requirements for recognition of revenue from contracts with customers. We adopted these requirements using the cumulative effect approach. The adoption did not have an impact on our consolidated financial statements. In the first quarter of 2019, we adopted new hedge accounting requirements that better aligned our risk management activities and financial reporting. The adoption did not have a material impact on our consolidated financial statements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life of Assets Used to Compute Depreciation Using the Straight-line Method | Depreciation expense has been calculated using the following estimated useful lives: Buildings and other improvements 10–20 years Leasehold improvements 15 years Office furniture and equipment 7 years Assets under capital lease 4–20 years Computer equipment and software 3–5 years Vehicles 3–6 years |
Financial Instruments, Fair V_2
Financial Instruments, Fair Value, and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Fair Value Measurements and Financial Statement Presentation | The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of December 31, 2019 and December 31, 2018, were as follows: December 31, 2019 December 31, 2019 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Commodity futures and options $ 62 $ — $ — $ 62 $ — $ — $ — $ — Total $ 62 $ — $ — $ 62 $ — $ — $ — $ — December 31, 2018 December 31, 2018 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Forward Purchase Contracts (a) $ — $ 1 $ — $ 1 $ — $ 248 $ — $ 248 Total $ — $ 1 $ — $ 1 $ — $ 248 $ — $ 248 (a) The fair value for forward purchase contracts is estimated based on commodity market future prices. |
Summary of Certain Amounts Related to Hedging Activities | Certain amounts related to our hedging activities are as follows: Amount of Gain (Loss) Amount of Gain (Loss) Reclassified to Earnings Recognized in AOCI Year ended December 31, December 31, December 31, December 31, In thousands 2019 2018 2017 2019 2018 2017 Cash flow hedges: Commodity contracts $ 17 $ — $ — $ (81 ) $ — $ — Total $ 17 $ — $ — $ (81 ) $ — $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted loss per share were calculated using the following: Year ended December 31, In Thousands, Except Share Data and Per Share Amounts 2019 2018 2017 Net loss $ (39,612 ) $ (27,897 ) $ (25,980 ) Weighted average shares outstanding - basic and diluted 32,805,684 30,683,421 23,153,661 Basic and diluted loss per share $ (1.21 ) $ (0.91 ) $ (1.12 ) Year ended December 31, 2019 2018 2017 Anti-dilutive stock options, restricted stock units and performance stock units 5,606,552 4,253,301 5,257,365 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model | The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option pricing model were as follows: 2019 2018 2017 Estimated fair values of stock options granted $ 10.18 $ 9.09 $ 2.42 Assumptions: Risk-free interest rate 1.7% - 2.5% 2.2% - 3.0% 1.3% - 2.4% Expected volatility 52.6% - 78.9% 40.9% - 57.2% 27.4% - 45.1% Expected term (in years) 6.8 - 10 5.6 - 10 1.2 - 10 |
Summary of Stock Option Activity | Information on stock option activity follows: Options Exercisable Weighted- Average Exercise Price Per Share Options Outstanding Weighted- Average Exercise Price Per Share Balance as of December 31, 2018 1,278,038 $ 7.45 3,201,887 $ 10.67 Granted 1,590,000 13.80 Exercised (95,327 ) 3.61 Forfeited or expired (227,696 ) 14.68 Other activity 12,495 13.29 Balance as of December 31, 2019 1,789,567 $ 8.73 4,481,359 $ 11.73 |
Schedule of Net Cash Proceeds from Exercise of Stock Options Less Shares Used for Minimum Withholding Taxes and Intrinsic Value of Options Exercised | Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Year ended December 31, In Thousands 2019 2018 2017 Net cash proceeds $ 344 $ 2,622 $ 265 Intrinsic value of options exercised $ 905 $ 7,569 $ 1,347 |
Summary of Activity of Restricted Stock Units | Information on restricted stock unit activity follows: Number of Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Unvested balance at December 31, 2018 1,051,414 $ 10.15 Granted 100,000 12.48 Vested (324,043 ) 9.69 Cancelled (13,845 ) 12.72 Unvested balance at December 31, 2019 813,526 10.31 |
Summary of Grant Date Fair Value of Restricted Stock Unit Awards Vested | The total grant-date fair value of restricted stock unit awards that vested was as follows: Year ended December 31, In Thousands 2019 2018 2017 Grant-date fair value $ 3,141 $ 2,691 $ 314 |
Schedule of Weighted Average Grant Date Fair Value of Restricted Stock Units Issued | Information on the weighted average grant date fair value of restricted stock units issued was as follows: Year ended December 31, In Thousands 2019 2018 2017 Weighted average grant date fair value $ 12.48 16.76 $ 8.00 |
Summary of Stock-Based Compensation Granted As Deemed Dividends | We treat stock-based compensation awards granted to employees of Cellectis as deemed dividends. We recorded deemed dividends as follows. Year ended December 31, In Thousands 2019 2018 2017 Deemed dividends from grants to Cellectis employees $ 1,358 $ 2,253 $ 3,574 |
Summary of Fair Values of Performance Stock Units Granted and Assumptions used in Monte Carlo Simulation Pricing Model | The estimated fair values of performance stock units granted and the assumptions used for the Monte Carlo simulation pricing model were as follows: Year ended December 31, 2019 Estimated fair values of performance stock units granted $ 7.06 Assumptions: Risk-free interest rate 1.71 % Expected volatility 75.0 % Expected term (in years) 3.0 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to stock option awards was as follows Year ended December 31, In Thousands 2019 2018 2017 Stock-based compensation expenses $ 6,035 $ 3,609 $ 9,291 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to restricted stock units was as follows: Year ended December 31, In Thousands 2019 2018 2017 Stock-based compensation expenses $ 2,910 $ 776 $ 2,429 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of Statutory IncomeTax Rate | The following table reconciles the United States statutory income tax rate with our effective income tax rate: Year ended December 31, 2019 2018 2017 United States statutory rate 21.0 % 21.0 % 34.0 % State Tax, net of Federal Benefit 1.0 % 0.7 % — % Stock-based compensation (1.6 %) 3.6 % 0.6 % Officers compensation (1.3 %) — % — % Deferred rate change — % 0.3 % (12.9 %) R&D credit 1.8 % 0.7 % — % Other 0.3 % 0.7 % — % Change in valuation allowance (21.2 %) (27.0 %) (21.7 %) Effective income tax rate — % — % — % |
Schedule of Deferred Tax Assets And Liabilities | Deferred assets and liabilities consist of the following: December 31, In Thousands 2019 2018 2017 Net operating losses $ 24,852 $ 16,372 $ 9,252 Stock-based compensation expenses 3,637 2,747 2,691 Financing lease obligations 4,640 4,009 2,131 Tax credit carry forwards 2,106 922 735 Compensation and employee benefits 97 474 576 Other 307 116 8 Gross deferred tax assets 35,639 24,640 15,393 Less valuation allowance (30,888 ) (20,329 ) (12,792 ) Net deferred tax assets 4,751 4,311 2,601 Fixed assets (4,746 ) (4,352 ) (2,600 ) Other (5 ) 41 (1 ) Gross deferred tax liabilities (4,751 ) (4,311 ) (2,601 ) Net deferred tax asset or liability $ — $ — $ — |
Leases, Other Commitments, an_2
Leases, Other Commitments, and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Cost [Abstract] | |
Summary of Rent Expense from Operating Leases | Rent expense from all operating leases was as follows: Year ended December 31, In Thousands 2019 2018 2017 Rent expense from operating leases $ 117 $ 200 $ 270 |
Schedule of Noncancelable Future Lease Commitments | Noncancelable future lease commitments are as follows: In Thousands Operating Leases Capital Leases 2020 $ 419 $ 1,817 2021 59 1,787 2022 13 1,898 2023 — 1,561 2024 — 1,479 After fiscal 2024 — 21,428 Total noncancelable future lease commitments $ 491 $ 29,970 |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Summary of Defined Contribution Plan | Year ended December 31, In Thousands 2019 2018 2017 Employee benefit plan expenses $ 228 $ 136 $ 93 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Certain Balance Sheet Amounts | Certain balance sheet amounts are as follows: December 31, In Thousands 2019 2018 Inventory: Raw materials $ 2,211 $ — Work-in-process 272 — Finished goods 111 — Total $ 2,594 $ — December 31, In Thousands 2019 2018 Land, buildings and equipment: Land under capital lease $ 5,690 $ 5,690 Buildings 650 642 Buildings under capital lease 3,812 3,812 Leasehold improvements 130 52 Leasehold improvements under capital lease 10,023 10,023 Office furniture and equipment 4,174 1,789 Office furniture and equipment under capital lease 1,788 1,374 Computer equipment and software 8 2 Construction in progress 550 554 Vehicles 83 0 Total land, buildings and equipment 26,908 23,938 Less accumulated depreciation and amortization (3,696 ) (2,088 ) Total $ 23,212 $ 21,850 |
Schedule of Certain Statements of Operations Amounts | Certain statements of operations amounts are as follows: Year Ended December 31, In Thousands 2019 2018 2017 Revenue: Soybean oil $ 1,685 $ — $ — Soybean meal 5,604 — — Licensing of technology 7 236 508 Total $ 7,296 $ 236 $ 508 Year Ended December 31, In Thousands 2019 2018 2017 Stock-based compensation expense: Research and development $ 2,190 $ 629 $ 6,086 Selling and supply chain 767 408 529 General and administrative 6,218 3,348 5,477 Total $ 9,175 $ 4,385 $ 12,092 Year Ended December 31, In Thousands 2019 2018 2017 Interest, net: Interest expense $ (1,490 ) $ (1,257 ) $ (261 ) Interest income 1,600 1,521 260 Total $ 110 $ 264 $ (1 ) Year Ended December 31, In Thousands 2019 2018 2017 Depreciation and amortization expenses $ 1,607 $ 1,081 $ 551 |
Schedule of Statements of Certain Statements of Cash Flows Amounts | Certain statements of cash flows amounts are as follows: Year Ended December 31, In Thousands 2019 2018 2017 Cash, cash equivalents and restricted cash: Cash and cash equivalents $ 58,610 $ 93,794 $ 56,664 Restricted cash 388 381 — Non-current restricted cash 1,040 1,113 — Total $ 60,038 $ 95,288 $ 56,664 Year Ended December 31, In Thousands 2019 2018 2017 Supplemental investing and financing transactions: Non-cash additions to land, buildings and equipment $ 414 $ 7,994 $ 3,130 Offering costs in accounts payable and accrued liabilities $ — $ 443 $ — Non-cash addition to financing lease obligations $ 25 $ — $ — Interest paid $ 1,472 $ 1,086 $ 200 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table sets forth certain unaudited quarterly financial data for the eight quarters ended December 31, 2019. The unaudited information set forth below has been prepared on the same basis as the audited information contained herein and includes all adjustments necessary to present fairly the information set forth. The operating results for any quarter are not indicative of results for any future period. All data is in thousands except per share data. 2019 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue $ 157 $ 408 $ 2,967 $ 3,764 $ 11 $ 196 $ 27 $ 2 Cost of goods sold $ (34 ) $ (303 ) $ (3,528 ) $ (5,415 ) $ — $ — $ — $ — Gross margin $ 123 $ 105 $ (561 ) $ (1,651 ) $ 11 $ 196 $ 27 $ 2 Operating expenses $ (7,646 ) $ (9,597 ) $ (10,132 ) $ (10,314 ) $ (4,307 ) $ (7,688 ) $ (7,726 ) $ (8,630 ) Net loss $ (7,375 ) $ (9,403 ) $ (10,669 ) $ (12,165 ) $ (4,370 ) $ (7,576 ) $ (7,483 ) $ (8,468 ) Net loss per share $ (0.23 ) $ (0.29 ) $ (0.32 ) $ (0.37 ) $ (0.16 ) $ (0.25 ) $ (0.23 ) $ (0.27 ) |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Significant Accounting Policies [Line Items] | |
Entity Incorporation, State or Country Code | DE |
Impairment of long-lived assets | $ 0 |
Assumed dividend yield | 0.00% |
Cellectis [Member] | |
Significant Accounting Policies [Line Items] | |
Percentage of ownership in outstanding common stock | 68.90% |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Assets Used to Compute Depreciation Using the Straight-Line Method (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 20 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Office Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 7 years |
Assets under Capital Lease [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 4 years |
Assets under Capital Lease [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 20 years |
Computer Equipment and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Computer Equipment and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 6 years |
Financial Instruments, Fair V_3
Financial Instruments, Fair Value, and Concentrations of Credit Risk - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair value of financing leases | $ 15.7 | $ 15.8 |
Financing lease obligations | 18.6 | $ 18.5 |
Commodity Contracts [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Commodity derivative assets, notional amount | $ 4.8 |
Financial Instruments, Fair V_4
Financial Instruments, Fair Value, and Concentrations of Credit Risk - Summary of Fair Value Measurements and Financial Statement Presentation (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |||
Fair Values of Assets | $ 62 | $ 1 | |
Fair Values of Liabilities | 248 | ||
Forward Purchase Contracts [Member] | |||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |||
Fair Values of Assets | [1] | 1 | |
Fair Values of Liabilities | [1] | 248 | |
Commodity Futures and Options [Member] | |||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |||
Fair Values of Assets | 62 | ||
Level 1 [Member] | |||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |||
Fair Values of Assets | 62 | ||
Level 1 [Member] | Commodity Futures and Options [Member] | |||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |||
Fair Values of Assets | $ 62 | ||
Level 2 [Member] | |||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |||
Fair Values of Assets | 1 | ||
Fair Values of Liabilities | 248 | ||
Level 2 [Member] | Forward Purchase Contracts [Member] | |||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |||
Fair Values of Assets | [1] | 1 | |
Fair Values of Liabilities | [1] | $ 248 | |
[1] | The fair value for forward purchase contracts is estimated based on commodity market future prices. |
Financial Instruments, Fair V_5
Financial Instruments, Fair Value, and Concentrations of Credit Risk - Summary of Certain Amounts Related to Hedging Activities (Detail) - Cash Flow Hedges [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Amount of Gain (Loss) Recognized in AOCI | $ 17 |
Amount of Gain (Loss) Reclassified to Earnings | (81) |
Commodity Contracts [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Amount of Gain (Loss) Recognized in AOCI | 17 |
Amount of Gain (Loss) Reclassified to Earnings | $ (81) |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | May 22, 2018 | Jul. 25, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Follow-on Public Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock, issued and sold | 4,057,500 | ||||
Common stock issued price per share | $ 15 | ||||
Cellectis [Member] | |||||
Related Party Transaction [Line Items] | |||||
Minimum net worth required | $ 300,000,000 | ||||
Common stock, issued and sold | 2,500,000 | ||||
Cellectis [Member] | License and Royalty [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 328,000 | ||||
Cellectis [Member] | Restricted Stock Units [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock, issued and sold | 63,175 | ||||
Common stock issued price per share | $ 19.49 | ||||
Cellectis [Member] | Follow-on Public Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock, issued and sold | 550,000 | 550,000 | |||
Common stock issued price per share | $ 15 | ||||
General and Administrative Expense [Member] | Cellectis [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | $ 1,300,000 | $ 2,300,000 | $ 2,000,000 |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Detail) | May 22, 2018USD ($)$ / sharesshares | Jul. 25, 2017USD ($)$ / sharesshares | Jun. 14, 2017shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) |
Stockholders Equity [Line Items] | ||||||
Preferred stock share authorized | shares | 50,000,000 | |||||
Preferred stock share par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Net proceeds from issuance of common stock upon IPO and exercise of overallotment | $ 58,000,000 | |||||
Underwriting discounts and commissions | 3,100,000 | |||||
Offering expenses | $ 3,300,000 | |||||
Net proceeds from issuance of common stock and exercise of overallotment | $ 344,000 | $ 57,041,000 | $ 57,980,000 | |||
Stock split ratio | 0.0245 | 100 | ||||
Common stock, shares authorized | shares | 30,000,000 | 275,000,000 | 275,000,000 | |||
Authorised capital stock | shares | 325,000,000 | |||||
Common stock, shares designated | shares | 275,000,000 | |||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares designated | shares | 50,000,000 | |||||
Repurchase of Common Stock | $ 813,000 | $ 230,000 | ||||
Cellectis [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock, issued and sold | shares | 2,500,000 | |||||
Net proceeds from issuance of common stock and exercise of overallotment | $ 20,000,000 | |||||
Outstanding obligation paid to parent | $ 5,700,000 | |||||
IPO [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock, issued and sold | shares | 8,050,000 | |||||
IPO price per share | $ / shares | $ 8 | |||||
Underwriters Option to Purchase Additional Shares [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock, issued and sold | shares | 457,500 | 1,050,000 | ||||
Follow-on Public Offering [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock, issued and sold | shares | 4,057,500 | |||||
Underwriting discounts and commissions | $ 3,200,000 | |||||
Offering expenses | 700,000 | |||||
Net proceeds from issuance of common stock and exercise of overallotment | $ 57,000,000 | |||||
Common stock issued price per share | $ / shares | $ 15 | |||||
Follow-on Public Offering [Member] | Cellectis [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock, issued and sold | shares | 550,000 | 550,000 | ||||
Net proceeds from issuance of common stock and exercise of overallotment | $ 8,300,000 | |||||
Outstanding obligation paid to parent | $ 57,000,000 | |||||
Common stock issued price per share | $ / shares | $ 15 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss | $ (12,165) | $ (10,669) | $ (9,403) | $ (7,375) | $ (8,468) | $ (7,483) | $ (7,576) | $ (4,370) | $ (39,612) | $ (27,897) | $ (25,980) |
Weighted average shares outstanding - basic and diluted | 32,805,684 | 30,683,421 | 23,153,661 | ||||||||
Basic and diluted loss per share | $ (1.21) | $ (0.91) | $ (1.12) | ||||||||
Anti-dilutive stock options, restricted stock units and performance stock units | 5,606,552 | 4,253,301 | 5,257,365 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Dec. 31, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares registered and available for grant | 1,977,594 |
2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares registered and available for grant | 2,544,107 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model (Detail) - Stock Options [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated fair values of stock options granted | $ 10,180 | $ 9,090 | $ 2,420 |
Risk-free interest rate, minimum | 1.70% | 2.20% | 1.30% |
Risk-free interest rate, maximum | 2.50% | 3.00% | 2.40% |
Expected volatility, minimum | 52.60% | 40.90% | 27.40% |
Expected volatility, maximum | 78.90% | 57.20% | 45.10% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 9 months 18 days | 5 years 7 months 6 days | 1 year 2 months 12 days |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 10 years | 10 years | 10 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense related to non-vested stock options | $ 13,100,000 |
2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options priced at fair market value, percent | 100.00% |
Stock option expiration period | 10 years |
Stock option, vesting period | 6 years |
Weighted average remaining contractual term | 6 years 9 months 18 days |
Aggregate intrinsic value of options outstanding and exercisable | $ 3,300,000 |
Employee Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividends paid on common stock | $ 0 |
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 56 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options Exercisable, Beginning Balance | shares | 1,278,038 |
Options Exercisable, Ending Balance | shares | 1,789,567 |
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 7.45 |
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares | $ 8.73 |
Options Outstanding, Beginning Balance | shares | 3,201,887 |
Options Outstanding, Granted | shares | 1,590,000 |
Options Outstanding, Exercised | shares | (95,327) |
Options Outstanding, Forfeited or expired | shares | (227,696) |
Options Outstanding, Other activity | shares | 12,495 |
Options Outstanding, Ending Balance | shares | 4,481,359 |
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 10.67 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 13.80 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 3.61 |
Weighted-Average Exercise Price Per Share, Forfeited or expired | $ / shares | 14.68 |
Weighted-Average Exercise Price Per Share, Other activity | $ / shares | 13.29 |
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares | $ 11.73 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Stock Option Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expenses | $ 9,175 | $ 4,385 | $ 12,092 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expenses | $ 6,035 | $ 3,609 | $ 9,291 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Net Cash Proceeds from Exercise of Stock Options Less Shares Used for Minimum Withholding Taxes and Intrinsic Value of Options Exercised (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Net cash proceeds | $ 344 | $ 2,622 | $ 265 |
Intrinsic value of options exercised | $ 905 | $ 7,569 | $ 1,347 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 6 years |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense related to restricted stock units | $ 3 |
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 45 months |
Restricted Stock Units [Member] | 2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Activity of Restricted Stock Units (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units outstanding, Unvested beginning balance | 1,051,414 | ||
Number of restricted stock units outstanding, Granted | 100,000 | ||
Number of restricted stock units outstanding, Vested | (324,043) | ||
Number of restricted stock units outstanding, Cancelled | (13,845) | ||
Number of restricted stock units outstanding, Unvested ending balance | 813,526 | 1,051,414 | |
Weighted-average grant date fair value, Unvested beginning balance | $ 10.15 | ||
Weighted-average grant date fair value, Granted | 12.48 | $ 16.76 | $ 8 |
Weighted-average grant date fair value, Vested | 9.69 | ||
Weighted-average grant date fair value, Cancelled | 12.72 | ||
Weighted-average grant date fair value, Unvested ending balance | $ 10.31 | $ 10.15 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Grant Date Fair Value of Restricted Stock Unit Awards Vested (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant-date fair value | $ 3,141 | $ 2,691 | $ 314 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted Average Grant Date Fair Value of Restricted Stock Units Issued (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value, Granted | $ 12.48 | $ 16.76 | $ 8 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses Related to Restricted Stock Units (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expenses | $ 9,175 | $ 4,385 | $ 12,092 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expenses | $ 2,910 | $ 776 | $ 2,429 |
Stock-Based Compensation - Su_8
Stock-Based Compensation - Summary of Stock-Based Compensation Granted as Deemed Dividends (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Nonemployee Restricted Stock Units [Member] | Cellectis [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deemed dividends from grants to Cellectis employees | $ 1,358 | $ 2,253 | $ 3,574 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Stock Units - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance stock, shares granted | 1,977,594 | |||
Stock-based compensation expenses | $ 9,175,000 | $ 4,385,000 | $ 12,092,000 | |
2017 Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 6 years | |||
Performance stock, shares granted | 2,544,107 | |||
Performance Stock Units [Member] | 2017 Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Increase in common stock starting price | $ 12.48 | |||
Stock-based compensation expenses | $ 225,000 | |||
Unrecognized stock-based compensation expense related to performance stock units | $ 2,000,000 | |||
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 54 months | |||
Performance Stock Units [Member] | Tranche One [Member] | 2017 Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 50.00% | |||
Performance Stock Units [Member] | Tranche Two [Member] | 2017 Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100.00% | |||
Performance Stock Units [Member] | Tranche Three [Member] | 2017 Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 120.00% | |||
Performance Stock Units [Member] | Three Executive Officers [Member] | 2017 Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance stock, shares granted | 311,667 |
Stock-Based Compensation - Su_9
Stock-Based Compensation - Summary of Fair Values of Performance Stock Units Granted and Assumptions used in Monte Carlo Simulation Pricing Model (Detail) - Performance Stock Units [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair values of performance stock units granted | $ 7.06 |
Risk-free interest rate | 1.71% |
Expected volatility | 75.00% |
Expected term (in years) | 3 years |
Stock-Based Compensation - Cell
Stock-Based Compensation - Cellectis Equity Incentive Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expenses | $ 9,175,000 | $ 4,385,000 | $ 12,092,000 |
Cellectis [Member] | Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expenses | $ 100,000 | $ 400,000 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Statutory Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
United States statutory rate | 21.00% | 21.00% | 34.00% |
State Tax, net of Federal Benefit | 1.00% | 0.70% | |
Stock-based compensation | (1.60%) | 3.60% | 0.60% |
Officers compensation | (1.30%) | ||
Deferred rate change | 0.30% | (12.90%) | |
R&D credit | 1.80% | 0.70% | |
Other | 0.30% | 0.70% | |
Change in valuation allowance | (21.20%) | (27.00%) | (21.70%) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | |||
Net operating losses | $ 24,852 | $ 16,372 | $ 9,252 |
Stock-based compensation expenses | 3,637 | 2,747 | 2,691 |
Financing lease obligations | 4,640 | 4,009 | 2,131 |
Tax credit carry forwards | 2,106 | 922 | 735 |
Compensation and employee benefits | 97 | 474 | 576 |
Other | 307 | 116 | 8 |
Gross deferred tax assets | 35,639 | 24,640 | 15,393 |
Less valuation allowance | (30,888) | (20,329) | (12,792) |
Net deferred tax assets | 4,751 | 4,311 | 2,601 |
Fixed assets | (4,746) | (4,352) | (2,600) |
Other | (5) | 41 | (1) |
Gross deferred tax liabilities | $ (4,751) | $ (4,311) | $ (2,601) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Income tax operating loss carryforwards | $ 141.2 | ||
Income tax operating loss carryforwards not expired | 64 | ||
Operating loss carryforwards expiration, 2019 | 0 | ||
Operating loss carryforwards Expiration, 2020 | 0 | ||
Operating loss carryforwards expiration, 2032 and beyond | $ 41.9 | ||
Federal income tax rates | 21.00% | 21.00% | 34.00% |
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination year under examination | P3Y | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination year under examination | P5Y | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Income tax operating loss carryforwards | $ 35.2 | ||
State carryforward period | 20 years | ||
Federal and state [Member] | |||
Income Taxes [Line Items] | |||
Income tax operating loss carryforwards | $ 105.9 |
Leases, Other Commitments, an_3
Leases, Other Commitments, and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²Option | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Other Commitments [Line Items] | |||
Lease term | 20 years | ||
Number of lease extension options | Option | 4 | ||
Extension term of lease agreement | 5 years | ||
Proceeds from sale of land and uncompleted facility | $ 7,000,000 | ||
Annual base rent | $ 1,400,000 | ||
Percentage of annual base rent | 8.00% | ||
Increase in percentage of annual base rent on the sixth, eleventh and sixteenth anniversaries | 7.50% | ||
Forward purchase commitment amount | $ 50,900,000 | ||
Cellectis [Member] | |||
Other Commitments [Line Items] | |||
Minimum net worth required | $ 300,000,000 | ||
Cellectis [Member] | Maximum [Member] | |||
Other Commitments [Line Items] | |||
Threshold percentage of ownership in outstanding common stock to enact indemnification agreement | 50.00% | ||
Corporate Headquarters [Member] | |||
Other Commitments [Line Items] | |||
Office and lab building area | ft² | 40,000 | ||
Equipment [Member] | |||
Other Commitments [Line Items] | |||
Lease term | 4 years | ||
Extension term of lease agreement | 6 months | ||
Restricted cash | $ 1,400,000 |
Leases, Other Commitments, an_4
Leases, Other Commitments, and Contingencies - Summary of Rent Expense from Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases Rent Expense [Abstract] | |||
Rent expense from operating leases | $ 117 | $ 200 | $ 270 |
Leases, Other Commitments, an_5
Leases, Other Commitments, and Contingencies - Schedule of Noncancelable Future Lease Commitments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Noncancelable Operating Leases [Member] | |
2020 | $ 419 |
2021 | 59 |
2022 | 13 |
Total noncancelable future lease commitments | 491 |
Noncancelable Capital Leases [Member] | |
2020 | 1,817 |
2021 | 1,787 |
2022 | 1,898 |
2023 | 1,561 |
2024 | 1,479 |
After fiscal 2024 | 21,428 |
Total noncancelable future lease commitments | $ 29,970 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |
Defined contribution plan description | We provide a 401(k) defined contribution plan for all regular full-time employees who have completed three months of service. |
Employee Benefit Plan - Summary
Employee Benefit Plan - Summary of Defined Contribution Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Employee benefit plan expenses | $ 228 | $ 136 | $ 93 |
Condensed Financial Statements
Condensed Financial Statements - Summary of Certain Balance Sheet Amounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements Captions [Line Items] | ||
Raw materials | $ 2,211 | |
Work-in-process | 272 | |
Finished goods | 111 | |
Total | 2,594 | |
Land, buildings and equipment: | ||
Land, buildings, and equipment | 26,908 | $ 23,938 |
Less accumulated depreciation and amortization | (3,696) | (2,088) |
Land, buildings, and equipment | 23,212 | 21,850 |
Land Under Capital Lease [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 5,690 | 5,690 |
Buildings [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 650 | 642 |
Buildings Under Capital Lease [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 3,812 | 3,812 |
Leasehold Improvements [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 130 | 52 |
Leasehold Improvements Under Capital Lease [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 10,023 | 10,023 |
Office Furniture and Equipment [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 4,174 | 1,789 |
Office Furniture and Equipment Under Capital Lease [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 1,788 | 1,374 |
Computer Equipment and Software [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 8 | 2 |
Construction in Progress [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | 550 | 554 |
Vehicles [Member] | ||
Land, buildings and equipment: | ||
Land, buildings, and equipment | $ 83 | $ 0 |
Condensed Financial Statement_2
Condensed Financial Statements - Summary of Components of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 3,764 | $ 2,967 | $ 408 | $ 157 | $ 2 | $ 27 | $ 196 | $ 11 | $ 7,296 | $ 236 | $ 508 |
Soybean Oil [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,685 | ||||||||||
Soybean Meal [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,604 | ||||||||||
Licensing of Technology [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 7 | $ 236 | $ 508 |
Condensed Financial Statement_3
Condensed Financial Statements - Summary of Certain Statements of Operations Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock compensation expense | $ 9,175 | $ 4,385 | $ 12,092 |
Depreciation and amortization expenses | 1,607 | 1,081 | 551 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock compensation expense | 2,190 | 629 | 6,086 |
Selling and Supply Chain [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock compensation expense | 767 | 408 | 529 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock compensation expense | $ 6,218 | $ 3,348 | $ 5,477 |
Condensed Financial Statement_4
Condensed Financial Statements - Summary of Components of Interest, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||
Interest expense | $ (1,490) | $ (1,257) | $ (261) |
Interest income | 1,600 | 1,521 | 260 |
Total | $ 110 | $ 264 | $ (1) |
Condensed Financial Statement_5
Condensed Financial Statements - Summary of Statements of Certain Statements of Cash Flows Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 58,610 | $ 93,794 | $ 56,664 | |
Restricted cash | 388 | 381 | ||
Non-current restricted cash | 1,040 | 1,113 | ||
Total | 60,038 | 95,288 | 56,664 | $ 5,026 |
Non-cash additions to land, buildings and equipment | 414 | 7,994 | 3,130 | |
Offering costs in accounts payable and accrued liabilities | 443 | |||
Non-cash addition to financing lease obligations | 25 | |||
Interest paid | $ 1,472 | $ 1,086 | $ 200 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Uncategorized [Abstract] | |||||||||||
Revenue | $ 3,764 | $ 2,967 | $ 408 | $ 157 | $ 2 | $ 27 | $ 196 | $ 11 | $ 7,296 | $ 236 | $ 508 |
Cost of goods sold | (5,415) | (3,528) | (303) | (34) | (9,280) | ||||||
Gross margin | (1,651) | (561) | 105 | 123 | 2 | 27 | 196 | 11 | (1,984) | 236 | 508 |
Operating expenses | (10,314) | (10,132) | (9,597) | (7,646) | (8,630) | (7,726) | (7,688) | (4,307) | (37,689) | (28,351) | (26,297) |
Net loss | $ (12,165) | $ (10,669) | $ (9,403) | $ (7,375) | $ (8,468) | $ (7,483) | $ (7,576) | $ (4,370) | $ (39,612) | $ (27,897) | $ (25,980) |
Net loss per share | $ (0.37) | $ (0.32) | $ (0.29) | $ (0.23) | $ (0.27) | $ (0.23) | $ (0.25) | $ (0.16) |